EXHIBIT 99.3(B) - -------------------------------------------------------------------------------- CONVERSION APPRAISAL UPDATE REPORT HERITAGE FINANCIAL CORPORATION, M.H.C. PROPOSED HOLDING COMPANY FOR HERITAGE BANK OLYMPIA, WASHINGTON STOCK PRICES AS OF: OCTOBER 10, 1997 - -------------------------------------------------------------------------------- PREPARED BY: RP FINANCIAL, LC. 1700 NORTH MOORE STREET SUITE 2210 ARLINGTON, VIRGINIA 22209 [Letterhead Appears Here] October 10, 1997 Boards of Directors Heritage Financial Corporation, M.H.C Heritage Bank 201 5th Avenue Olympia, Washington 98501 Gentlemen: We have completed and hereby provide an updated appraisal of the estimated pro forma market value of the common stock which is to be issued by Heritage Financial Corporation, Olympia, Washington (the "Holding Company"), in connection with the mutual-to-stock conversion of Heritage Financial Corporation, a Washington-chartered mutual holding company (the "Mutual Holding Company"). The Mutual Holding Company currently has a majority ownership interest in, and its principal asset consists of, the common stock of Heritage Bank ("Heritage" or the "Bank"). We understand that the Board of Directors of the Mutual Holding Company and the Bank, have adopted a Plan of Conversion, incorporated herein by reference, in which the Mutual Holding Company will be combined with the Bank simultaneously with the Mutual Holding Company's conversion to stock form and a newly-formed Washington stock corporation, to be known as Heritage Financial Corporation, will become the holding company of the Bank. Pursuant to the reorganization, the Mutual Holding Company will cease to exist and the outstanding shares of Common Stock held by the Mutual Holding Company will be cancelled (67.82 percent of the outstanding Common Stock as of the date hereof adjusted for the impact of waived dividends and the value of Mutual Holding Company assets), and the outstanding Minority Shares (32.18 percent of the outstanding Common Stock as of the date hereof) will be converted into the Exchange Shares pursuant to the Exchange Ratio. The Exchange Ratio will result in the holders of the outstanding Minority Shares owning in the aggregate approximately the same percentage of the Common Stock to be outstanding upon the completion of the Conversion and Reorganization (i.e., the Conversion Shares and the Exchange Shares). Specifically, minority shareholders of the Bank will own the same percentage of Heritage Common Stock as owned by them immediately before consummation of the Conversion and Reorganization adjusted for the impact of waived dividends and the value of Mutual Holding Company assets but before giving effect to any (i) payment of cash in lieu of issuing fractional Exchange Shares and (ii) shares of Conversion Stock purchased by the Bank's stockholders in the Conversion Offerings. Other than shares of the Bank, the only material asset of the Mutual Holding Company is approximately $120,000 of cash that will be merged with the Bank's assets upon completion of the reorganization. This appraisal is furnished pursuant to the requirements of 563b.7 and has been prepared in accordance with the "Guidelines for Appraisal Reports for the Valuation of Savings and Loan Associations Converting from Mutual to Stock Form of Organization" (Valuation Guidelines) of the Office of Thrift Supervision ("OTS"), including the most recent revisions as of October 21, 1994, and applicable regulatory interpretations thereof. Such Valuation Guidelines are relied upon by the Washington Department of Financial Institutions, Division of Banks (the "Division") and the Federal Deposit Insurance Corporation ("FDIC") in evaluating conversion appraisals in the absence of separate written valuation guidelines by the respective agencies. ________________________________________________________________________________ RP Financial, LC. Boards of Directors October 10, 1997 Page 2 This updated appraisal reflects the following: (1) a review of recent developments in the Bank's financial condition, including updated financial data through September 30, 1997; (2) an updated comparison of Heritage's financial condition and operating results versus the Peer Group companies identified in the Original Appraisal; (3) a review of stock market conditions since the Original Appraisal date, along with updated stock prices as of October 10, 1997; and (4) and incorporates the impact of revised pro forma assumptions including a reduction in the ESOP stock purchases from 8 percent to 2 percent of the offering and a reduction in purchases by the Recognition Plans from 4 percent to 1 percent of the offering. Pro forma market value is defined as the price at which Heritage's stock, immediately upon completion of the conversion offering, would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. Our valuation is not intended, and must not be construed, as a recommendation of any kind as to the advisability of purchasing shares of the common stock. Moreover, because such valuation is necessarily based upon estimates and projections of a number of matters, all of which are subject to change from time to time, no assurance can be given that persons who purchase shares of common stock in the conversion will thereafter be able to buy or sell such shares at prices related to the foregoing valuation of the pro forma market value thereof. RP Financial is not a seller of securities within the meaning of any federal and state securities laws and any report prepared by RP Financial shall not be used as an offer or solicitation with respect to the purchase or sale of any securities. RP Financial maintains a policy which prohibits the company, its principals or employees from purchasing stock of its client institutions. Discussion of Relevant Considerations - ------------------------------------- 1. Financial Results ----------------- Table 1 presents summary balance sheet details as of June 30, 1997, and updated unaudited financial information through September 30, 1997. The overall composition of Heritage's September 30, 1997 balance sheet changed modestly to the June 30, 1997 data, with the Bank posting a moderate increase in assets consistent with recent trends. Updated earnings for the Bank reflect a slight decline, although net income adjusted to exclude the special SAIF assessment and gains on the sale of premises on a tax-effected basis increased modestly. Heritage's total assets increased moderately by $6.5 million, or 2.7 percent, from June 30, 1997 to September 30, 1997. The composition of the Bank's interest-earning assets ("IEA") reflected modest change. While the loan portfolio continued to grow, primarily in the area of permanent residential mortgage loans and commercial loans, the concentration of loans equaled 81.2 percent of assets as of September 30, 1997, which reflects a decrease from the 82.2 percent ratio reported as of June 30, 1997. The balance of interest-earning assets consisted of cash, investments and mortgage-backed securities ("MBS"). Heritage's portfolio of cash, investments, and MBS reflects modest overall growth, primarily as a result of a modest increase noted in the cash and interest-bearing deposit account, which increased from $7.6 million as of June 30, 1997, to $12.4 million as of September 30, 1997. The cash and investment portfolio increased primarily as a result of an influx of deposits, and somewhat lower loan origination volumes as well as some unanticipated loan repayments. The Bank's philosophy with respect to the management of cash and investments has been to maintain the portfolio at relatively modest levels in short- to intermediate-term high quality securities. No major changes to the composition and practices with respect to the management of the investment portfolio are anticipated over the near term and, accordingly, the level of cash and investments is expected to remain at low to moderate levels. The level of cash and investments is RP Financial, LC. Boards of Directors October 10, 1997 Page 3 expected to increase initially following conversion although it is management's expectation that such funds at the Bank level will gradually be redeployed into lending activities. Asset quality ratios remained favorable for the Bank, with the ratio of non-performing assets to total assets equaling 0.20 percent as of September 30, 1997, as compared to 0.19 percent as of June 30, 1997. Furthermore, allowances for loan losses as a percent of non-performing loans equaled 564.37 percent while allowances for loan losses as a percent of total loans remained unchanged at 1.32 percent as of September 30, 1997. Table 1 Heritage Bank Summary Balance Sheet Data At June 30, 1997 At Sept. 30, 1997 ---------------- ----------------- (% of (% of Amount Assets) Amount Assets) ------ ------ ------ ------ ($000) (%) ($000) (%) Balance Sheet Data - ------------------ Total Assets $242,164 100.0% $248,704 100.0% Loans Receivable, Net 199,032 82.2 202,028 81.2 Loans Held for Sale 6,409 2.6 5,451 2.2 Mortgage-Backed Securities 5,159 2.1 4,927 2.0 Cash & Interest-Bearing Deposits 7,587 3.1 12,397 5.0 Investment Securities 8,506 3.5 9,483 3.8 Deposits 209,781 86.6 216,948 87.2 FHLB Advances 890 0.4 0 0.00 Stockholders' Equity 27,714 11.4 28,324 11.4 Source: Heritage's prospectus and internal financial reports. Heritage's operations continued to be funded primarily with retail deposits, and deposits increased modestly to equal $216.9 million as of September 30, 1997. Deposit growth in recent periods has been facilitated by the opening of five new retail branch offices since the beginning of fiscal 1995. In the future, the Bank will be seeking to continue to increase retail deposits by offering a competitive array of products and services, with the objective of growing the deposit base in conjunction with the overall growth in its southern Puget Sound markets. The employment of borrowed funds by Heritage has been relatively limited over the last five fiscal years as the Bank has preferred to build its franchise through the expansion of the retail deposit base; the Bank retired its small balance of outstanding FHLB advances during the quarter ended September 30, 1997 given the increase in deposits. Positive earnings during the quarter ended September 30, 1997 supported the increase in the Bank's capital to $28.3 million at September 30, 1997, versus a comparative balance of $27.7 million at June 30, 1997. Asset growth during the quarter resulted in the Bank's capital ratio remaining unchanged at 11.4 percent of assets. Table 2 presents summary information pertaining to the Bank's operating results for the twelve months ended June 30, 1997, and updated unaudited financial information for the twelve months ended RP Financial,LC. Boards of Directors October 10, 1997 Page 4 Table 2 Heritage Bank Summary Operating Results 12 Months Ended 12 Months Ended June 30, 1996 Sept. 30, 1997 --------------- --------------- (% of (% of Avg. Avg. Amount Assets) Amount Assets) ------ ------- ------ ------ ($000) (%) ($000) (%) Summary Income Statement - ------------------------ Interest Income $ 18,512 8.00% $ 19,104 8.11% Interest Expense (9,000) (3.89) (9,161) (3.89) -------- -------- ----- Net Interest Income $ 9,512 4.11% $ 9,944 4.22% Provision for Loan Losses 270 0.12 240 0.10 -------- ------ -------- ----- Net Interest Income After Provisions $ 9,782 4.22% $ 10,184 4.32% Other Non-Interest Income 1,257 0.54 1,281 0.54 Operating Expense (10,016) (4.33) (10,254) (4.35) ------- ------ -------- ----- Net Operating Income $ 1,023 0.44% $ 1,210 0.51% Gain on the Sale of Loans 2,006 0.87 1,972 0.84 Special SAIF Assessment (1,089) (0.47) 0 0.00 Gains on the Sale of Premises 84 0.04 120 0.05 -------- ------ -------- ----- Net Non-Operating Income ($1,005) (0.43)% $ 120 0.05% Net Income Before Tax 2,024 1.39 3,302 1.40 Income Taxes 245 0.11 (1,141) (0.48) -------- ------ -------- ----- Net Income (Loss) $ 2,269 0.98% $ 2,162 0.92% Adjusted Net Income Calculations - -------------------------------- Net Operating Income $ 1,023 0.44% $ 1,210 0.51% Tax Effect (348) (0.15) (411) (0.17) -------- ----- -------- ----- Adjusted Net Income $ 675 0.29% $ 798 0.34% Net Oper. Inc. & Gains on Sale of Loans $ 3,029 1.31% $ 3,182 1.35% Tax Effect (1,030) (0.44) (1,082) (0.46) -------- ----- -------- ----- Adjusted Net Income $ 1,999 0.86% $ 2,100 0.89% Efficiency Ratio Excluding Gains on the Sale of Loans 93.01% 91.36% Including Gains on the Sale of Loans 78.40 77.71 Effective Tax Rate (12.10)(1) 34.56 (1) Excluding the reversal of the deferred tax liability of $938,000, the effective tax rate would have equaled 34.2 percent. Sources: Heritage's prospectus, data provided by Heritage and RP Financial calculations. RP Financial, LC. Boards of Directors October 10, 1997 Page 5 September 30, 1997. Updated earnings for the Bank declined slightly, to equal $2.2 million, or 0.92 percent of assets, for the twelve months ended September 30, 1997. Earnings adjusted to exclude gains on sale and the impact of the special SAIF assessment increased modestly, primarily as a result of growth in net operating income. The Bank's updated net interest income increased to $9.9 million as of September 30, 1997 from $9.5 million as of June 30, 1997, and the ratio of net interest income to average increased to 4.22 percent from 4.11 percent, respectively. Net interest income increased principally as a result of higher interest income as measured as a percent of average assets, as interest expense as a percent of average assets remained substantially unchanged. Operating expenses were also higher as the larger asset size and higher level of business activity increased overall operating costs. For the twelve months ended September 30, 1997, Heritage's operating expenses equaled $10.3 million, equal to 4.34 percent of average assets, as compared to $10.0 million, or 4.33 percent of average assets, for the twelve months ended June 30, 1997. Heritage's operating expenses remain inflated relative to thrift industry averages by its diversification into construction and commercial lending, as well as its mortgage banking activities. Additionally, the Bank's operating expenses have been subject to upward pressures owing to the doubling of Heritage's branch offices to a total of ten over the last three fiscal years and the implementation of the business banking strategy and the employment of a total of seven additional commercial loan officers since 1993. As discussed in the Original Appraisal, management believes the Bank is making the requisite investment in fixed assets and personnel to realize growth in the Bank's franchise value and future earnings over the longer term. Heritage expects that operating expenses will continue to increase in the future as the Bank continues to grow and expand. In this regard, management believes it will continue to open new branches over time and/or acquire other branches or smaller financial institutions which will also serve to increase operating expenses (no new branches or acquisitions are planned at this time). Furthermore, Heritage expects to experience upward pressure on expense levels due to inflation, the cost of stock based benefit plans resulting from the second step conversion and the costs of an expanded shareholder base. Heritage's diversified lending operations coupled with its various fee generating activities (i.e., secondary market loan sales) continue to support non-interest income. For both periods shown in Table 1, non-interest income equaled $1.3 million, or 0.54 percent of average assets. Gains on the sale of loans has been a regular contributor to the Bank's revenues over the last five fiscal years and declined modestly over the most recent twelve month period to equal $1.2 million, or 0.54 percent of average assets. Non-operating expenses declined substantially based on updated financial data as the special SAIF assessment, recorded during the quarter ended September 30, 1996, was eliminated from trailing twelve month earnings. At the same time, gains on the sale of premises increased modestly to equal $120,000, or 0.05 percent of assets, for the twelve months ended September 30, 1997. Asset quality for the Bank remained relatively strong, and the Bank posted loan loss recoveries as a result, equal to $240,000, or 0.10 percent of assets. As discussed in the Original Appraisal, Heritage reported an income tax benefit for the twelve months ended June 30, 1997, equal to $245,000, primarily as a result of a $938,000 deferred tax liability established at the time of the mutual holding company reorganization for the potential recapture of pre-1988 tax bad debt reserves. Heritage reported a $1.1 million tax expenses for the twelve months ended September 30, 1997, as the reversal of the deferred tax liability was eliminated from trailing twelve month earnings. RP Financial, LC. Boards of Directors October 10, 1997 Page 6 2. Peer Group Financial Comparisons -------------------------------- Tables 3 and 4 present the financial characteristics and operating results for Heritage, the Peer Group and all publicly-traded SAIF-insured thrifts. Heritage's financial information is based on results through September 30, 1997, while financial data for the Peer Group is as of June 30, 1997, which is the latest data which is publicly available. 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 lower levels of MBS and investments. Furthermore, as discussed in the Original Appraisal: (1) both Heritage and the Peer Group are primarily mortgage lenders; and (2) Heritage has diversified its loan portfolio to include a greater proportion of high risk weight loans including construction, multi-family and commercial mortgage loans and commercial business loans. Overall, Bank's interest-earning assets amounted to 94.2 percent of assets, which was below the Peer Group ratio of 96.6 percent. The mix of deposits and borrowings maintained by Heritage and the Peer Group also did not change significantly. Heritage's funding composition continued to reflect a higher concentration of deposits and a lower level of borrowed funds. Updated interest-bearing liabilities to assets ratios equaled 87.2 percent and 84.2 percent for the Bank and the Peer Group, respectively, with Heritage's higher ratio continuing to be largely attributable to the maintenance of a lower capital position. Heritage posted an updated equity-to- assets ratio of 11.4 percent, versus a comparative ratio of 14.3 percent for the Peer Group. Overall, Heritage's updated interest-earning assets to interest- bearing liabilities ("IEA/IBL") ratio equaled 108.0 percent, which remained below the comparative Peer Group average of 114.7 percent. As noted in the Original Appraisal, the additional capital realized from the stock conversion should serve to largely address the lower IEA/IBL ratio currently maintained by the Bank. Updated growth rates for Heritage and the Peer Group growth rates reflect growth for the twelve months ended September 30, 1997 and June 30, 1997. Asset growth rates of positive 8.7 percent and 20.3 percent were posted by the Bank and the Peer Group, respectively. The Bank's asset growth measures reflect that strong loan growth was recorded during the period (positive growth rate of 20.4 percent), with funding for the loan portfolio being largely provided by the cash and investments portfolio (shrinkage of 29.3 percent). The Peer Group's stronger asset growth was skewed upward by the strong growth posted by First Savings Bancorp of Washington and WesterFed of Montana which completed acquisitions during the year. (The median growth rate for the Peer Group equaled 14.8 percent which more closely approximated the average for the Bank.) Paralleling growth trends observed with respect to Heritage's operations, the Peer Group's growth was primarily realized in the loan and MBS portfolio while growth in the cash and investments portfolio was nominal. Heritage's operations were funded both through growth of deposits, which increased by 9.7 percent for the twelve months ended September 30, 1997. The Peer Group's deposit growth was skewed somewhat by the aforementioned institutions that completed an acquisition, but the median deposit growth nonetheless exceeded the level posted by Heritage. Despite recording a relatively comparable return on average assets ratio, Bank posted a stronger capital growth rate than the Peer Group (positive 8.3 percent 2.9 percent for the Peer Group). Higher dividend payments and stock repurchases (the Peer Group is comprised of full stock companies) contributed to the Peer Group's capital shrinkage. Following the increase in capital realized from conversion proceeds, the Bank's capital growth rate will be depressed by (1) a higher pro forma capital position and comparatively lower marginal returns, (2) dividends which will be paid on all outstanding shares (dividends on shares owned by the mutual holding company have been waived to date) and (3) potential capital management programs. RP FINANCIAL, LC. - --------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 3 Balance Sheet Composition and Growth Rates Comparable Institution Analysis As of June 30, 1997 Balance Sheet as a Percent of Assets ---------------------------------------------------------------------------------------- Cash and Borrowed Subd. Net Goodwill Tng Net MEMO: Investments Loans MBS Deposits Funds Debt Worth & Intang Worth Pref.Stock ----------- ----- ------ -------- -------- ------ ------ --------- ------- ---------- Heritage Bank ------------- September 30, 1997 8.8 83.4 2.0 87.2 0.0 0.0 11.4 0.0 11.4 0.0 SAIF-Insured Thrifts 18.0 67.2 11.5 70.8 14.6 0.2 12.7 0.2 12.5 0.0 State of WA 16.1 69.1 11.0 68.7 19.6 0.1 10.1 0.5 9.6 0.2 Comparable Group Average 21.0 67.6 8.0 66.6 17.6 0.0 14.3 0.4 13.9 0.0 Mid-West Companies 22.1 74.5 0.0 57.4 25.1 0.0 16.5 0.0 16.5 0.0 North-West Companies 17.2 71.1 8.9 67.5 18.2 0.0 12.7 0.3 12.4 0.0 Western Companies (Excl CA) 26.5 57.4 11.7 71.1 11.6 0.0 15.5 0.8 14.7 0.0 Comparable Group ---------------- Mid-West Companies ------------------ CMRN Cameron Fin. Corp. of MO 11.4 84.0 0.0 60.0 16.9 0.0 21.7 0.0 21.7 0.0 FFHH FSF Financial Corp. of MN 32.7 65.1 0.0 54.7 33.3 0.0 11.4 0.0 11.4 0.0 North-West Companies -------------------- FMSB First Mutual SB of Bellevue WA 3.5 79.9 14.4 79.8 12.0 0.0 6.8 0.0 6.8 0.0 FWWB First Savings Bancorp of WA(1) 29.2 64.1 3.1 54.1 29.1 0.0 14.8 1.2 13.6 0.0 HRZB Horizon Financial Corp. of WA 9.2 78.1 10.5 82.6 0.0 0.0 15.6 0.0 15.6 0.0 IWBK Interwest SB of Oak Harbor WA 29.6 60.1 6.4 64.1 28.5 0.0 6.8 0.1 6.6 0.0 KFBI Klamath First Bancorp of OR 14.7 73.0 10.3 57.2 21.4 0.0 19.5 0.0 19.5 0.0 Western Companies (Excl CA) --------------------------- FFBA First Colorado Bancorp of Co 20.6 73.1 3.7 75.9 9.4 0.0 12.9 0.2 12.7 0.0 UBMT United Fin. Corp. of MT(1) 42.7 33.1 20.6 71.5 4.6 0.0 22.6 0.0 22.6 0.0 WSTR WesterFed Fin. Corp. of MT 16.3 66.0 10.8 66.0 20.8 0.0 10.9 2.2 8.7 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. ------ ----------- ----- -------- -------- ----- -------- -------- ----- -------- Heritage Bank ------------- September 30, 1997 8.68 -29.26 20.35 9.68 NM 8.33 8.33 11.68 11.68 16.90 SAIF-Insured Thrifts 12.28 8.85 13.00 8.32 17.66 0.85 0.09 11.01 11.07 23.21 State of WA 14.74 15.73 12.70 17.00 7.65 9.62 9.14 8.59 9.85 19.21 Comparable Group Average 20.32 7.58 22.17 20.34 20.81 2.86 -0.49 11.84 11.89 23.09 Mid-West Companies 16.24 1.98 20.23 5.58 34.25 -6.22 -6.22 13.71 13.71 22.85 North-West Companies 19.53 -1.64 18.76 22.12 -1.33 5.97 4.59 11.84 11.90 25.61 Western Companies (Excl CA) 24.35 23.61 29.12 27.22 36.23 3.74 -5.14 9.98 10.05 18.32 Comparable Group ---------------- Mid-West Companies ------------------ CMRN Cameron Fin. Corp. of MO 18.35 2.30 18.47 1.28 NM -2.59 -2.59 17.11 17.11 25.59 FFHH FSF Financial Corp. of MN 14.13 1.66 22.00 9.88 34.25 -9.85 -9.85 10.30 10.30 20.10 North-West Companies -------------------- FMSB First Mutual SB of Bellevue W 11.82 4.10 11.49 21.47 -26.73 15.38 15.38 6.90 6.90 11.94 FWWB First Savings Bancorp of WA(1) 35.58 19.16 41.09 45.69 NM -3.57 -11.30 NM 13.65 24.77 HRZB Horizon Financial Corp. of WA 5.10 -17.96 8.40 5.49 NM 1.19 1.19 NM 15.38 30.39 IWBK Interwest SB of Oak Harbor WA 29.61 NM 11.06 32.30 24.07 28.92 29.75 NM 6.79 NM KFBI Klamath First Bancorp of OR 15.55 -11.85 21.78 5.64 NM -12.07 -12.07 16.77 16.77 35.32 Western Companies (Excl CA) --------------------------- FFBA First Colorado Bancorp of Co 0.57 -10.68 4.44 3.82 14.14 -20.54 -20.68 11.41 11.56 22.10 UBMT United Fin. Corp. of MT(1) 3.01 -14.65 24.34 -2.31 NM -0.86 -0.86 NM NM NM WSTR WesterFed Fin. Corp. of MT 69.46 96.17 58.59 80.14 58.33 32.63 6.12 8.54 8.54 14.54 (1) Financial information is for the quarter ending March 31, 1997. Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. RP FINANCIAL, LC. - --------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 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 June 30, 1997 Net Interest Income Other Income ---------------------------- -------------------- Loss NII Total Net Provis. After Loan R.E. Other Other Income Income Expense NII on IEA Provis. Fees Oper. Income Income ------ ------ ------- ----- ------- ------- ---- ----- ------ ------ Heritage Bank - ------------- September 30, 1997 0.92 8.11 3.89 4.22 -0.10 4.32 0.00 0.00 0.54 0.54 SAIF-Insured Thrifts 0.65 7.38 4.09 3.29 0.13 3.16 0.12 0.01 0.29 0.42 State of WA 0.83 7.58 4.28 3.30 0.14 3.16 0.12 0.00 0.40 0.52 Comparable Group Average 0.96 7.53 4.11 3.43 0.12 3.31 0.18 0.01 0.19 0.37 Mid-West Companies 0.86 7.70 4.17 3.53 0.13 3.39 0.06 0.00 0.18 0.24 North-West Companies 1.06 7.78 4.31 3.47 0.15 3.32 0.14 0.01 0.18 0.34 Western Companies (Excl CA) 0.86 7.01 3.72 3.29 0.05 3.24 0.31 0.01 0.20 0.52 Comparable Group - ---------------- Mid-West Companies - ------------------ CMRN Cameron Fin. Corp. of MO 1.06 8.01 3.99 4.03 0.24 3.78 0.08 0.00 0.02 0.10 FFHH FSF Financial Corp. of MN 0.66 7.39 4.36 3.03 0.03 3.00 0.05 0.00 0.33 0.38 North-West Companies - -------------------- FMSB First Mutual SB of Bellevue WA 1.02 8.29 4.71 3.58 0.37 3.21 0.21 0.00 0.14 0.36 FWWB First Savings Bancorp of WA(1) 1.05 7.58 4.10 3.48 0.16 3.32 0.09 0.00 0.19 0.28 HRZB Horizon Financial Corp. of WA 1.56 7.73 4.16 3.56 0.03 3.53 0.21 0.00 0.05 0.27 IWBK Interwest SB of Oak Harbor WA 0.87 7.89 4.55 3.34 0.12 3.23 0.21 0.05 0.47 0.73 KFBI Klamath First Bancorp of OR 0.81 7.42 4.03 3.38 0.05 3.33 0.00 0.01 0.06 0.06 Western Companies (Excl CA) - --------------------------- FFBA First Colorado Bancorp of Co 0.86 7.02 3.89 3.13 0.09 3.04 0.00 0.01 0.34 0.35 UBMT United Fin. Corp. of MT(1) 1.09 6.86 3.30 3.56 0.00 3.56 0.41 0.00 0.23 0.64 WSTR WesterFed Fin. Corp. of MT 0.63 7.16 3.97 3.19 0.06 3.13 0.52 0.00 0.04 0.56 G&A/Other Exp. Non-Op. Items Yields, Costs, and Spreads -------------- ------------- -------------------------- MEMO: MEMO: G&A Goodwill Net Extrao. Yield Cost Yld-Cost Assets/ Effective Expense Amort. Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate ------- ------- ----- -------- --------- -------- ------ -------- -------- Heritage Bank - ------------- September 30, 1997 4.35 0.00 0.05 0.00 8.85 4.67 4.18 1,789 34.56 SAIF-Insured Thrifts 2.22 0.02 -0.31 0.00 7.41 4.65 2.76 4,443 37.03 State of WA 2.19 0.06 -0.15 0.00 7.16 4.45 2.71 3,907 35.10 Comparable Group Average 1.96 0.01 -0.22 0.00 7.79 4.98 2.80 4,130 35.48 Mid-West Companies 1.89 0.00 -0.34 0.00 7.94 5.19 2.75 4,102 38.67 North-West Companies 1.86 0.01 -0.19 0.00 8.00 5.16 2.84 4,256 34.23 Western Companies (Excl CA) 2.18 0.03 -0.20 0.00 7.32 4.55 2.76 3,936 35.44 Comparable Group - ---------------- Mid-West Companies - ------------------ CMRN Cameron Fin. Corp. of MO 1.78 0.00 -0.41 0.00 8.33 5.36 2.97 4,002 37.23 FFHH FSF Financial Corp. of MN 2.01 0.00 -0.27 0.00 7.56 5.02 2.54 4,203 40.12 North-West Companies - -------------------- FMSB First Mutual SB of Bellevue WA 1.98 0.00 0.03 0.00 8.52 5.14 3.38 3,823 32.92 FWWB First Savings Bancorp of WA(1) 2.15 0.04 0.08 0.00 7.82 5.40 2.42 3,463 29.64 HRZB Horizon Financial Corp. of WA 1.47 0.00 0.04 0.00 7.91 5.05 2.86 4,322 33.89 IWBK Interwest SB of Oak Harbor WA 2.24 0.01 -0.47 0.00 8.22 4.92 3.30 3,117 34.31 KFBI Klamath First Bancorp of OR 1.47 0.00 -0.63 0.00 7.55 5.29 2.26 6,558 40.38 Western Companies (Excl CA) - --------------------------- FFBA First Colorado Bancorp of Co 2.01 0.02 0.02 0.00 7.21 4.66 2.55 5,153 37.75 UBMT United Fin. Corp. of MT(1) 2.09 0.00 -0.38 0.00 7.15 4.36 2.79 3,715 37.16 WSTR WesterFed Fin. Corp. of MT 2.45 0.07 -0.25 0.00 7.59 4.65 2.95 2,940 31.40 (1) Financial information is for the quarter ending March 31, 1997. Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. RP Financial, LC. Boards of Directors October 10, 1997 Page 9 Table 4 displays the latest trailing 12 month operating results for Heritage and the Peer Group. Updated earnings for the Bank relative to the Peer Group did not change significantly from the Original Appraisal, and thus, the return on average assets for the Bank and the Peer Group continued to compare closely. Specifically, the Peer Group's return on average assets ratio equaled 0.96 percent versus 0.92 percent for Heritage. The Bank's operations continue to compare favorably to the Peer Group with respect to net interest income and non- interest income, which is partially reflective of the higher yields and fee income generated by Heritage's construction and commercial lending operations. The benefits of the Bank's higher revenues, however, are offset by its higher operating expenses. Heritage's net interest margin equaled 4.22 percent based on updated financial data and continued to exceed the Peer Group average 3.43 percent. A number of factors contribute to Heritage's favorable level of net interest income including a strong spread supported by higher yields and lower cost of funds. Asset yields are supported by Heritage's greater proportionate investment in higher yielding loans and the composition of the loan portfolio which is heavily weighted toward comparatively higher yielding loans including commercial and construction loans. Consistent with the financial data reported in the Original Appraisal, Heritage's operating expenses remain well above the Peer Group average, equal to 4.35 percent and 1.96 percent, respectively. The Bank's higher operating expense ratio can in part be explained by its higher risk weight lending emphasis, which are personnel intensive but which also generate notably higher yields and fee revenues. Additionally, the Bank's secondary market activities generate gains on sale and compensation expense without a corresponding level of assets reflected on the books. The Bank also maintains a relatively large number of branches for its asset size, as the number of branches has doubled over the last three years as Heritage has sought to expand its franchise. Overall, the relatively high level of personnel maintained by the Bank is indicated by an assets per full time equivalent employee measure of $1.8 million, which was well below the Peer Group average of $4.1 million. Non-operating items, including gains on the sale of loans, continued to have a greater impact on the Bank's operations relative to the Peer Group. Overall, gains on the sale of loans and premises combined to equal 0.89 percent for Heritage while non-operating expenses averaged 0.22 percent for the Peer Group. As discussed previously, the impact of the special SAIF assessment has been eliminated from Heritage's trailing twelve month earnings through September 30, 1997 (the Peer Group reflects the special assessment since the latest reported data is through June 30, 1997). Both the Bank and the Peer Group companies are currently in a fully taxable position with effective tax rates in the range of 34 to 36 percent. 3. Stock Market Conditions ----------------------- Since the date of the Original Appraisal, the overall stock market has strengthened in volatile trading. The DJIA moved at least 100 points for five consecutive days from August 18, 1997 through August 21, 1997, which set a record for volatility. Profit worries among some of the large blue chip companies and mixed inflation readings were factors contributing to the roller- coaster performance of the stock market. Despite strengthening bond prices, stocks traded lower through the end of August. Bond prices moved higher on inflation data which showed that prices stayed low during the second quarter, even though second quarter GDP growth was revised upward to annual rate of 3.6 percent compared to an original estimate of 2.2 percent. Volatility returned to the stock market in early-September, with the DJIA posting a record breaking point increase of 257.36 on September 2, 1997. The rally was sparked by economic data that indicated manufacturing growth slowed in August, thereby easing investors' inflation worries. However, the rally was not sustained, as RP Financial, LC. Boards of Directors October 10, 1997 Page 10 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. Stocks traded in a narrow at the end of September 1997 in anticipation of third quarter earnings, while the stable inflation environment pushed bond prices to their highest level in two years. The release of September employment data on October 10, 1997 caused bond and stock prices to soar in early trading activity, as the September unemployment rate was unchanged at 4.9 percent and fewer jobs than expected were added to the economy during September. However, most of the initial gains were erased by news of rising tensions between Iraq and Iran. On October 10, 1997, the DJIA closed at 8045.21, an increase of 4.6 percent since the date of the Original Appraisal. Since the date of the Original Appraisal, thrift issues in general have outperformed the overall stock market. Generally favorable second quarter earnings and the 30-year U.S. Treasury bond yield declining supported a generally positive trend in thrift prices since mid-August. Thrift stock prices were supported 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. During late-September and early-October, interest rate-sensitive issues in general continued to benefit from the declining interest rate environment and expectations of strong third quarter earnings. Prices of thrift and bank stocks also continued to be positively influenced by industry consolidation and the rising acquisition multiples being paid for thrift and bank franchises. On October 10, 1997, the SNL Index for all publicly-traded thrifts closed at 762.9, an increase of 15.7 percent since the date of the Original Appraisal. Consistent with the SNL index, the pricing measures for all publicly- traded SAIF-insured thrifts and the Peer Group generally increased since the date of the Original Appraisal. Overall, the increases posted by all publicly- traded SAIF-insured thrifts were below the comparative increases posted by the Peer Group. More detailed pricing information for all publicly-traded SAIF- insured institutions, as well as the Peer Group and recent conversions, is shown on the following page. 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. In general, the pace of conversion activity has been relatively strong and investor reception to these offerings has been strong with most offerings oversubscribed. In initial trading activity, all of the new issues traded higher. The two second steps which had completed their conversion offerings over the last three months increased by a much lesser amount, equal to 25.7 percent after one week. RP Financial, LC. Boards of Directors October 10, 1997 Page 11 Average Pricing Characteristics At Aug. 15, Oct. 10, % 1997 1997 Change ---- ---- ------ Peer Group - ---------- Price/Earnings(x) 21.71x 23.73x 9.3% Price/Core Earnings (x) 19.61 21.53 9.8 Price/Book (%) 151.65% 173.22% 14.2 Price/Tangible Book(%) 156.63 179.15 14.4 Price/Assets (%) 19.95 22.61 13.3 Avg. Market Capitalization ($Mil) $148.05 167.20 12.9 Price/Share 21.84 24.72 13.2 SAIF-Insured Thrifts - -------------------- Price/Earnings(x) 21.03x 22.53x 7.1% Price/Core Earnings (x) 18.56 19.94 7.4 Price/Book (%) 138.23% 155.64% 12.6 Price/Tangible Book (%) 142.95 159.27 11.4 Price/Assets (%) 17.28 19.17 10.9 Avg. Market Capitalization ($Mil) 147.75 172.95 17.1 Price/Share 21.88 24.63 12.6 Recent Conversions Last Three Months(1) - --------------------------------------- Price/Core Earnings (x) 27.98x 26.43x (5.5)% Price/Tangible Book (%) 118.89% 129.84 9.2 Second Step Conversions Last Three Months(1) - -------------------------------------------- Price/Core Earnings 27.98x 26.43x (5.5)% Price/Tangible Book Value 104.72 138.10 31.9 (1) Ratios based on conversions completed for prior three months. Shown in Table 5 is a summary of recently completed conversions which closed in the last three months. Relative to the date of the Original Appraisal, which reflected pricing ratios as of August 15, 1997, the newly converted companies increased in value by 6.9 percent on a price-to-book basis, from an average 118.89 percent pro forma P/TB ratio at August 15, 1997, to 129.84 percent as of October 10, 1997. We consider the P/E multiple to be less meaningful given the characteristics of conversion pricing coupled with the fact that most companies reported not meaningful pro forma P/E ratios (i.e., in excess of 30 times annual earnings) Table 6 reflects the pricing characteristics and after-market trends for second step conversions of mutual holding companies. Heritage's P/B ratio is priced at a premium relative to these transactions reflecting today's strong market for thrift issues generally as well as new issues. RP FINANCIAL, LC. - ------------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 5 Market Pricing Comparatives Prices As of October 10, 1997 Market Per Share Data ------------------ Capitalization Core Book Pricing Ratios(3) Dividends(4) -------------- -------------------------------- -------------------------- 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) ($) (%) (%) SAIF-insured Thrifts 24.63 172.95 1.14 15.58 22.53 155.64 19.17 159.59 19.94 0.37 1.57 30.29 Special Selection Grouping(B) 14.75 72.77 0.38 11.55 26.43 129.84 23.93 129.84 26.43 0.30 0.76 14.29 Comparable Group - ---------------- Special Comparative Group(B) - ---------------------------- FSNJ Bayonne Banchsares of NJ 12.81 115.20 -0.04 9.91 NM 129.26 18.64 129.26 NM 0.17 1.33 NM OTFC Oregon Trail Fin. Corp of OR 16.44 77.19 0.59 13.29 27.86 123.70 29.71 123.70 27.86 0.00 0.00 0.00 RVSB Riverview Bancrop of WA 14.00 85.79 0.56 9.18 25.00 152.51 32.99 152.51 25.00 0.24 1.71 42.86 SHSB SHS Bancorp, Inc. of PA 15.75 12.92 0.41 13.83 NM 113.88 14.39 113.88 NM 0.00 0.00 0.00 Financial characteristics(6) ----------------------------------------------- Total Equity/ NPAs/ Reported Core ------------ ------------- Financial Institution Assets Assets Assets ROA ROE ROA ROE - --------------------- ------ ------- ------ ------ ----- ------ ------ ($Mil) (%) (%) (%) (%) (%) (%) SAIF-insured Thrifts 1,152 12.93 0.79 0.64 5.47 0.85 7.45 Special Selection Grouping(B) 307 18.18 0.73 0.60 2.77 0.68 3.28 Comparable Group - ---------------- Special Comparative Group(B) - ---------------------------- FSNJ Bayonne Banchsares of NJ 618 14.42 1.22 -0.35 -2.42 -0.06 -0.40 OTFC Oregon Trail Fin. Corp of OR 260 24.02 0.10 1.07 4.44 1.07 4.44 RVSB Riverview Bancrop of WA 260 21.63 0.14 1.32 6.10 1.32 6.10 SHSB SHS Bancorp, Inc. of PA 90 12.64 1.44 0.37 2.96 0.37 2.96 (1) Average of High/Low or Bid/Ask price per share. (2) EPS (estimate core basis) is based on actual trailing twelve month data, adjusted to omit non-operating items (including the SAIF assessment) on a tax effected basis. (3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/CORE = Price to estimated core earnings. (4) Indicated twelve month dividend, based on last quarterly dividend declared. (5) Indicated dividend as a percent of trailing twelve month estimated core earnings. (6) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month earnings and average equity and assets balances. (7) Excludes from averages those companies the subject of actual or rumored acquisition activities or unusual operating characteristics. (8) Includes Converted Last 3 Mths (no MHC); Source: Corporate reports, offering circulars, and RP Financial, LC. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. RP Financial, LC. October 10, 1997 -------------------------------------------------------------- Table 6 Recent Conversions (Last Three Months) Conversion Pricing Characteristics: Sorted Chronologically -------------------------------------------------------------- Institutional Information Pre-Conversion Data Offering Insider Purchases ------------------------------- Financial Info. Asset Quality Information - --------------------------------------------------------------------------------------------------------------------------------- Benefit Plans ---------------- Conversion Equity/ NPAs/ Res. Gross % of Exp./ Recog. Mgmt. Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc. ESOP Plans & Dirs. - ----------- ------ ----- ------ ------- ------- ------- ----- ------- ----- ------ ---------------------------- ($Mil) (%) (%)(2) (%) ($Mil) (%) (%) (%) (%) (%)(3) - --------------------------------------------------------------------------------------------------------------------------------- Oregon Trail Financial Corp. OR 10/06/97 OTFC 220 10.08% 0.12% 280% 46.9 132% 2.3% 8.0% 4.0% 3.9% Riverview Bancorp, Inc. (8) WA *10/01/97 RVSB 230 11.24% 0.14% 245% 35.7 132% 2.8% 8.0% 4.0% 2.9% SHS Bancorp, Inc. PA 10/01/97 SHSB 83 5.52% 1.41% 36% 8.2 132% 5.7% 8.0% 4.0% 5.2% Ohio State Financial Serv OH *09/29/97 P. Sheet 34 14.45% 0.47% 86% 6.3 94% 5.7% 8.0% 4.0% 8.3% Citizens Bancorp IN 09/19/97 P. Sheet 46 12.28% 0.45% 84% 10.6 132% 4.6% 8.0% 4.0% 16.1% WSB Holding Company PA 08/29/97 P. Sheet 33 6.04% 2.34% 26% 3.3 132% 8.5% 8.0% 4.0% 31.0% Bayonne Bancshares (8) NJ 08/22/97 FSNJ 577 8.33% 0.81% 53% 48.7 132% 3.8% 8.0% 4.0% 10.0% Averages: $186 10.29% 0.81% 109% 28.0 127% 4.6% 8.0% 4.0% 9.7% Medians: $89 11.53% 0.61% 68% 16.5 132% 4.3% 8.0% 4.0% 6.8% Averages, Excluding 2nd Step $83 9.67% 0.96% 128% $15.1 125% 5.3% 8.0% 4.0% 12.9% Medians, Excluding 2nd Steps 46 10.08% 0.47% 84% 8.2 132% 5.7% 8.0% 4.0% 8.3% Institutional Information Pro Forma Data ----------------------------------- Pricing Ratios(Fin. Characteristics - -------------------------------------------------------------------------------------------------- Conversion Institution State Date Ticker P/TB P/E(5) P/A ROA TE/A ROE - -------------------------------------------------------------------------------------------------- (%) (x) (%) (%) (%) (%) - -------------------------------------------------------------------------------------------------- Oregon Trail Financial Corp. OR 10/06/97 OTFC 75.3% 13.6 18.1% 1.0% 20.7% 5.1% Riverview Bancorp, Inc. (8) WA *10/01/97 RVSB 109.0% 17.7 23.6% 1.3% 21.6% 6.2% SHS Bancorp, Inc. PA 10/01/97 SHSB 72.3% 24.5 9.1% 0.4% 12.6% 3.0% Ohio State Financial Serv OH *09/29/97 P. Sheet 62.3% 13.4 16.0% 1.2% 25.7% 4.6% Citizens Bancorp IN 09/19/97 P. Sheet 72.9% 14.8 14.8% 1.1% 46.3% 2.4% WSB Holding Company PA 08/29/97 P. Sheet 71.4% 16.6 9.2% 0.6% 12.9% 4.3% Bayonne Bancshares (8) NJ 08/22/97 FSNJ 100.9% NM 14.6% NM 14.4% NM Averages: 79.2% 15.9 15.8% 0.8% 23.4% 3.5% Medians: 72.5% 17.3 15.4% 1.1% 23.7% 4.2% Averages, Excluding 2nd Step 70.8% 20.7 13.4% 1.1% 23.6% 3.9% Medians, Excluding 2nd Steps 72.3% 14.8 14.8% 1.0% 20.7% 4.3% Institutional Information Post-IPO Pricing Trends - ------------------------------------------------------------------------------------------------------------ Closing Price: - ------------------------------------------------------------------------------------------------------------ First After After Conversion IPO Trading % First % First % Institution State Date Ticker Price Day Chg. Week(6) Chg. Month(7) Chg. ----- ---- ------ ----- ------- ---- ------- ---- -------- ---- ($) ($) (%) ($) (%) ($) (%) - ------------------------------------------------------------------------------------------------------------ Oregon Trail Financial Corp. OR 10/06/97 OTFC 10.00 $16.75 67.5% $16.75 67.5% N.A. N.A. Riverview Bancorp, Inc. (8) WA *10/01/97 RVSB 10.00 13.25 32.5% 13.63 36.2% 13.63 36.2% SHS Bancorp, Inc. PA 10/01/97 SHSB 10.00 14.75 47.5% 16.25 62.5% 16.25 62.5% Ohio State Financial Serv OH *09/29/97 P. Sheet 10.00 15.50 55.0% 15.50 55.0% 14.88 48.7% Citizens Bancorp IN 09/19/97 P. Sheet 10.00 14.00 40.0% 14.00 40.0% 14.75 47.5% WSB Holding Company PA 08/29/97 P. Sheet 10.00 13.50 35.0% 14.50 45.0% 13.75 37.5% Bayonne Bancshares (8) NJ 08/22/97 FSNJ 10.00 11.75 17.5% 11.88 18.8% 12.38 23.8% Averages:$11.25 $16.76 44.6% $17.06 47.7% $17.73 47.6% Medians:$10.00 $14.31 43.1% $14.63 46.3% $14.56 45.6% Averages, Excluding 2nd Step$10.00 $14.90 49.0% $15.40 54.0% $14.91 49.1% Medians, Excluding 2nd Steps 10.00 14.75 47.5% 15.50 55.0% 14.81 48.1% Note: * - Appraisal performed by RP Financial; "NT" - Not Traded; "NA" - Not Applicable, Not Available. (1) Non-OTS regulated thrifts. October 10, 1997 (2) As reported in summary pages of prospectus. (3) As reported in prospectus. (4) Does not take into account the adoption of SOP 93-6. (5) Excludes impact of special SAIF assessment on earnings (6) Latest price if offering less than one week old. (7) Latest price if offering more than one week but less than one month old. (8) Second-step conversions. (9) Simultaneously converted to commercial bank charter. - ------------------------------------------------------------------------------- RP Financial, LC. October 13, 1997 ------------------------------------------------ Pricing Characteristics and After-Market Trends Second Step Conversions ------------------------------------------------ - --------------------------------------------------------------------------------------------------------------------------------- Institutional Information Pre-Conversion Data Offering Insider Purchases ----------------------------- Financial Info. Asset Quality Information - --------------------------------------------------------------------------------------------------------------------------------- Benefit Plans ------------- Conversion Equity/ NPAs/ Res. Gross % of Exp./ Recog. Mgmt. Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc. ESOP Plans & Dirs. P/TB ($Mil (%) (%)(2 (%) ($Mil) (%) (%) (%) (%) (%)(3) (%) - --------------------------------------------------------------------------------------------------------------------------------- Riverview Bancorp, Inc. WA 10/01/97 RVSB $230 11.24% 0.14% 245% $35.7 132% 2.8% 8.0% 4.0% 2.9% 109.0% Bayonne Bancshares NJ 08/22/97 FSNJ 577 8.33% 0.81% 53% 48.7 132% 3.8% 8.0% 4.0% 10.0% 100.9% Montgomery Fin. Corp. IN 07/01/97 MONT 94 9.83% 0.91% 20% 11.9 132% 4.5% 8.0% 4.0% 4.6% 89.1% Cumberland Mtn. Bncshrs. KY *04/01/97 P. Sheet 92 5.14% 1.31% 19% 4.4 132% 8.0% 6.2% 4.0% 4.5% 81.2% Kenwood Bancorp OH *07/01/96 P. Sheet 48 6.88% 0.00% NM 1.6 102% 22.2% 8.0% 4.0% 6.4% 67.6% Commonwealth Bancorp PA *06/17/96 CMSB 2,054 6.71% 0.51% 109% 98.7 110% 1.9% 8.0% 4.0% 0.1% 109.3% Westwood Financial Corp. NJ 06/07/96 WWFC 85 7.05% 0.00% NM 3.9 99% 9.9% 0.0% 0.0% 2.5% 80.0% Jacksonville Bancorp TX 04/01/96 JXVL 198 10.47% 1.41% 36% 16.2 106% 4.4% 8.0% 4.0% 2.0% 77.7% North Central Bancshares IA 03/21/96 FFFD 180 16.47% 0.17% 562% 26 106% 3.5% 3.2% 0.0% 0.5% 74.2% Fidelity Financial of Ohio OH *03/04/96 FFOH 227 13.23% 0.50% 69% 22.8 132% 3.2% 8.0% 4.0% 5.6% 82.6% First Colorado Bancorp CO *01/02/96 FFBA 1,400 12.71% 0.31% 20% 134.1 105% 1.9% 10.0% 2.0% 2.0% 87.0% Charter Financial IL *12/29/95 CBSB 293 12.17% 0.27% 281% 29.2 116% 3.4% 3.3% 0.0% 0.1% 81.4% American Nat'l Bancorp MD *11/03/95 ANBK 426 6.80% 2.23% 67% 21.8 132% 3.3% 8.0% 4.0% 0.6% 83.9% First Defiance Fin. Corp. OH *10/02/95 FDEF 476 15.27% 0.24% 135% 64.8 132% 2.3% 8.0% 4.0% 0.9% 85.6% Community Bank Shares IN *04/10/95 CBIN 205 7.00% 0.33% 80% 10.1 132% 4.4% 8.0% 0.0% 17.9% 85.5% Fed One Bancorp WV *01/19/95 FOBC 305 9.2% 0.32% 142% 16.1 85% 7.7% 7.0% 4.0% 0.9% 67.9% Home Financial Corp. FL *10/25/94 HOFL 1,005 13.4% 0.91% 44% 175.6 112% 3.1% 8.0% 4.0% 0.6% 86.4% Jefferson Bancorp LA *08/18/94 JEBC 257 6.3% 0.9% 25% 16.1 107% 3.9% 7.0% 3.0% 1.5% 71.7% Average:$426 9.11% 0.59% 112% $38.7 106% 4.9% 6.6% 2.8% 3.3% 76.5% Medians: 257 9.83% 0.50% 69% $22.8 116% 3.8% 8.0% 4.0% 2.0% 83.9% Pro Forma Data Post-IPO Pricing Trends --------------------------------------------------------------------------------------- Pricing Ratios(4) Fin. Characteristics Closing Price: ------------------------------------------- --------------------------------------- First After After IPO Trading % First % First % P/E(7)P/Core P/A ROA TE/A ROE Price Day Chg. Week(5) Chg. Month(6) Chg. (x) (x) (%) (%) (%) (%) ($) ($) (%) ($) (%) ($) (%) ---------------------------------------------------------------------------------------------------- Riverview Bancorp, Inc. 17.7 17.7 23.6% 1.3% 21.6% 6.2% $10.00 $13.25 32.5% $13.63 36.3% NA NA Bayonne Bancshares NM NM 14.6% -0.5% 14.4% -6.6% $10.00 11.75 17.5% 11.94 19.4% $12.38 23.8% Montgomery Fin. Corp. 24.1 24.1 16.0% 0.7% 17.9% 3.7% 10.00 11.13 11.3% 11.25 12.5% 12.13 21.3% Cumberland Mtn. Bncshrs. 13.8 13.8 7.1% 0.5% 8.8% 5.9% 10.00 11.88 18.8% 12.25 22.5% 12.63 26.3% Kenwood Bancorp NM NM 6.0% 0.1% 8.8% 1.7% 10.00 NT NA NT NA NT NA Commonwealth Bancorp 12.1 12.5 8.4% 0.7% 6.7% 10.4% 10.00 10.50 5.0% 10.75 7.5% 10.00 0.0% Westwood Financial Corp. 10.1 10.1 7.3% 0.7% 9.2% 7.9% 10.00 10.75 7.5% 10.38 3.8% 10.62 6.2% Jacksonville Bancorp 14.9 14.9 12.6% 0.8% 16.2% 5.2% 10.00 9.75 -2.5% 9.63 -3.8% 9.88 -1.2% North Central Bancshares 12.1 12.5 19.7% 1.6% 26.5% 6.1% 10.00 10.88 8.8% 10.69 6.9% 10.44 4.4% Fidelity Financial of Ohio 18.1 18.1 16.6% 0.9% 20.0% 4.6% 10.00 10.50 5.0% 10.00 0.0% 10.13 1.3% First Colorado Bancorp 12.7 13.4 13.2% 1.0% 15.2% 6.9% 10.00 11.44 14.4% 11.63 16.3% 12.00 20.0% Charter Financial 12.3 12.3 15.5% 1.3% 19.1% 6.6% 10.00 10.81 8.1% 10.88 8.8% 11.38 13.8% American Nat'l Bancorp 17.7 17.7 9.0% 0.5% 10.7% 4.7% 10.00 9.38 -6.3% 9.75 -2.5% 9.88 -1.3% First Defiance Fin. Corp. 18.2 18.2 20.6% 1.1% 24.1% 4.7% 10.00 10.38 3.8% 10.31 3.1% 10.13 1.3% Community Bank Shares 10.3 9.0 9.3% 0.9% 10.9% 8.3% 10.00 12.00 20.0% 12.75 27.5% 12.25 22.5% Fed One Bancorp 9.0 9.0 8.8% 1.0% 13.0% 7.6% 10.00 11.00 10.0% 11.00 10.0% 11.62 16.2% Home Financial Corp. 10.6 12.4 21.3% 2.0% 24.6% 8.2% 10.00 9.59 -4.1% 10.00 0.0% 10.31 3.1% Jefferson Bancorp 10.2 10.2 7.9% 0.8% 11.1% 7.0% 10.00 13.00 30.0% 14.25 42.5% 14.25 42.5% 13.2 13.3 12.2% 0.9% 14.3% 5.9% $8.95 10.44 8.8% $10.60 9.5% $9.86 10.4% 12.7 13.4 13.2% 0.9% 15.2% 6.2%$10.00 $10.94 8.4% $10.94 8.1% $10.62 6.2% October 13, 1997 Note:"NT" -- Not Traded; "NA" -- Not Applicable, Not Avaibable. (1) Non-OTS regulated thrifts. (2) As reported in summary pages of prospectus. (3) As reported in prospectus. (4) Does not take into account the adoption of SOP 93-6. (5) Latest price if offering less than one week old. (6) Latest price if offering more than one week but less than one month old. (7) Price to core earnings if converted after 9/30/96 due to impact of SAIF assessment. - ------------------------------------------------------------------------------ RP Financial, LC. Boards of Directors October 10, 1997 Page 15 Summary of Adjustments - ---------------------- We have changed only one key valuation parameter since the Original Appraisal, as shown below. Previous Current Key Valuation Parameters: Valuation Adjustment Valuation Adjustment - ------------------------ -------------------- -------------------- Financial Condition No Adjustment No Change Profitability, Growth and Viability of Earnings Moderate Downward No Change Asset Growth No Adjustment No Change Primary Market Area No Adjustment No Change Dividends No Adjustment No Change Liquidity of the Shares Slight Downward No Change Marketing of the Issue No Adjustment Moderate Upward Management No Adjustment No Change Effect of Government Regulations & Regulatory Reform No Adjustment No Change There were no material changes in the updated financial condition of the Bank and the Peer Group and in their updated operating results. Heritage's balance sheet remained substantially unchanged while reported and adjusted earnings also remained relatively consistent in relation to the Peer Group. The factors concerning the valuation parameters of asset growth, primary market area, dividends, liquidity of the shares, management and effect of government regulation and regulatory reform did not change since the Original Appraisal date. Accordingly, those parameters were not discussed further in this update. The new issue market for thrift stocks remains strong with all the recent issues being oversubscribed and trading above their IPO price. Additionally, we also considered the increase in the Peer Group prices in the range of 9 to 14 percent coupled with the continued retention of earnings by Heritage through the quarter ended September 30, 1997. We have also considered the results of recent second step offerings of mutual holding companies including the offering of Riverview Bancorp, Inc., Camas, Washington, which was oversubscribed and increased by more than 30 percent in aftermarket trading. 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 Heritage's to-be-issued stock -- the price/earnings ("P/E"), price/book ("P/B"), and price/assets ("P/A") approaches --all performed on a pro forma basis including the effects of the conversion proceeds from selling the MHC's interest to the public. In computing the pro forma impact of the conversion and the related pricing ratios, the valuation parameters for effective tax rate, reinvestment rate, offering expenses and stock benefit plan assumptions have been derived from the assumptions set forth in the prospectus. In this regard, Heritage has reduced the anticipated level of ESOP and Recognition Plan purchases from 8 percent and 4 percent of the total offering, respectively, to 2 percent and 1 percent, respectively. The amortization of the ESOP remains unchanged at 15 years and the recognition plan will continue to be amortized over 5 years. The pro assumptions are summarized in Exhibits 3 and 4. 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. To capture the anticipated aftermarket trading of Heritage's stock, the updated appraisal RP Financial, LC. Boards of Directors October 10, 1997 Page 16 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 Heritage's stock is subject to an increase. Therefore, as of October 10, 1997, the pro forma market value of Heritage's conversion stock has been increased from $53,034,770 to $73,713,700 (please note that this figure reflects rounding of the stock offering amount). This updated midpoint value reflects a 39 percent increase in value relative to the Original Appraisal, and incorporates the valuation impact of the reduction of the stock benefit plans and the strength of the new issue market, including the market for second step conversions. The Bank has adopted Statement of Position ("SOP" 93-6) which will cause earnings per share computations to be based on shares issued and outstanding excluding shares owned by an ESOP where there is not a commitment to release such shares. For the purpose of preparing the pro forma pricing tables and exhibits, we have reflected all shares issued in the offering including shares purchased by the ESOP as outstanding to capture the full dilutive impact of such stock to the Bank's shareholders. However, we have considered the impact of the Bank's adoption of SOP 93-6 in the determination of Heritage's pro forma value. 1. P/TB Approach. Based on the updated midpoint value of $73.7 ------------- million, Heritage's pro forma P/TB ratio at the midpoint equaled 97.24 percent. The resulting discount relative to the Peer Group's average and median P/TB ratio equaled 43.9 and 45.7 percent, respectively, versus 42.2 percent and 35.9 percent, respectively in the Original Appraisal. RP Financial considered the discount under the P/TB approach to be reasonable in light of the valuation adjustments discussed previously, the nature of the calculation of the pro forma P/TB ratio which mathematically results in a ratio discounted to book value, comparatively lower ROE and the resulting pricing ratios under the earnings and assets approaches. 2. P/E Approach. The application of the P/E valuation method ------------ requires calculating the Bank's pro forma market value by applying a valuation P/E multiple times the pro forma earnings base. Ideally, the pro forma earnings base is composed principally of the Bank's recurring earnings base, that is, earnings adjusted to exclude any one-time non-operating items, plus the estimated after-tax earnings benefit of the reinvestment of net conversion proceeds. The typical financial institution's earnings are more heavily influenced by standard sources of profitability rather than on gains, and thus we look to base the valuation primarily on "core" profitability. In the case of Heritage, however, gains on sale of loans stemming from the Bank's mortgage banking activities have represented approximately 80 percent of pre-tax profits on average over the last five fiscal years. In Table 2, we evaluated the Bank's adjusted earnings inclusive and exclusive of the gains on sale of loans, both excluding non-operating items (the gain on the sale of premises). In evaluating the Peer Group, we have computed core earnings, which excludes all gains/losses as well as the impact of the SAIF assessment and extraordinary items. (Note: the adjustments applied to the Peer Group's earnings in the calculation of core earnings are shown in Exhibit 2, including the SAIF assessment.) The same adjustments applied to the Bank would result in "core" earnings being very low, given the Bank's earnings composition. For these reasons, we have considered both reported earnings of $2.162 million and "core" earnings of $0.798 million (computed in the same fashion as the Peer Group's core earnings) in reaching a valuation conclusion. We have also considered the Bank's adjusted earnings to account only for the non-operating items (the gain on sale of premises), approximating $2.1 million. In comparison, the Bank's business plan indicates an annual earnings rate of $2.26 million on a pre-conversion basis. Based on Heritage's reported and core earnings, and incorporating the impact of the pro forma assumptions discussed previously, including the revised benefit plan assumptions, as well as the revised $73,713,700 midpoint value, the indicated pro forma P/E multiples at the midpoint and supermaximum relative to the Peer Group medians are as follows: RP Financial, LC. Boards of Directors October 10, 1997 Page 17 Peer Heritage Heritage Group Midpoint Supermax Median Reported Earnings 17.72x 20.27x 20.58x "Core" Earnings (excludes gain on sale of loans) 26.37x 28.29x 18.04x Adjusted Earnings (includes gains on sale of loans) 17.99x 20.53x N/A RP Financial also considered the impact of SOP 936 in examining the Bank's P/E ratios. The implied conversion pricing ratios relative to the Peer Group's pricing ratios are indicated in Table 8, and the updated pro forma calculations are detailed in Exhibits 3 and 4. 3. P/A Approach. P/A ratios are generally not as a reliable ------------ indicator of market value, as investors do not place significant weight on total assets as a determinant of market value. Investors place significantly greater weight on book value and earnings -- which have received greater weight in our valuation analysis. At the $73.7 million midpoint value, Heritage exhibited a pro forma P/A ratio of 24.89 percent. In comparison to the Peer Group's median P/A ratio of 23.53 percent, Heritage's P/A ratio indicated a premium of 5.8 percent (versus a discount of 2.6 percent at the midpoint valuation in the Original Appraisal). Summary - ------- We have concluded that the Bank's estimated pro forma market value should be increased since the date of the Original Appraisal based on the revised benefit plan assumptions (i.e., the ESOP and Recognition Plans are purchasing 2 percent and 1 percent of the offering, respectively), trends exhibited in the market for thrift stocks and the growth of the Bank's capital and earnings based on updated financial data. Accordingly, it is our opinion, as of October 10, 1997 the aggregate pro forma market value of the Bank, inclusive of the sale of the MHC's ownership interest in the Subscription and Community Offering was $73,713,700 at the midpoint. Based on this valuation and the approximate 67.83 percent ownership interest being sold in the Subscription and Community Offerings, the midpoint value of the Holding Company's stock offering was $50,000,000 (i.e., 0.6783 x $73,713,700), equal to 5,000,000 shares at a per share value of $10.00. Pursuant to regulatory conversion guidelines, the 15 percent offering range includes a minimum offering value of $42,500,000 and a maximum value of $57,500,000. Based on the $10.00 per share offering price, this range equates to an offering of 4,250,000 shares at the minimum to 5,750,000 shares at the maximum. The Holding Company's offering also includes a provision for a superrange, which if exercised, would result in an offering size of $66,125,000, equal to 6,612,500 shares at the $10.00 per share offering price. The comparative pro forma valuation ratios relative to the Peer Group are shown in Table 8, and the key valuation assumptions are detailed in Exhibit 3. The pro forma calculations for the range are detailed in Exhibit 4. Establishment of Exchange Ratio - ------------------------------- The conversion regulations provide that in a conversion of a mutual holding company, the minority stockholders are entitled to exchange their shares of the Bank's common stock for common stock of the Holding Company. The Board of Trustees of the Mutual Holding Company has independently established a formula to determine the exchange ratio. The formula has been designed to preserve the current aggregate percentage ownership in the Bank represented by the Minority Shares, adjusted for the impact of waived dividends and Mutual Holding Company assets, which is an approximate 32.17 percent ownership interest. RP Financial, LC. Boards of Directors October 10, 1997 Page 18 Pursuant to the formula, the Exchange Ratio will be determined at the end of the Holding Company's stock offering based on the total number of shares sold in the Subscription and Community offerings. Based upon this formula, and the valuation conclusion and offering range concluded above, the Exchange Ratio would be 3.3064 shares, 3.8899 shares, 4.4734 shares and 5.1444 shares of Heritage Financial Corp. stock issued for each Minority Share, at the minimum, midpoint, maximum and supermaximum of the offering, respectively. The Exchange Ratio formula and share exchange procedures were determined independently by the Board of Directors. RP Financial expresses no opinion on the proposed exchange of Holding Company shares for the Minority Shares or on the proposed Exchange Ratio. Table 9 Heritage Bank Calculation of Exchange Ratios Shares Price/ Exchange Implied Offered Share Shares(1) Exch. Ratio(2) --------- -------- ----------- -------------- Super Maximum 6,612,500 $10.00 3,136,136 5.1444 Maximum 5,750,000 10.00 2,727,075 4.4734 Midpoint 5,000,000 10.00 2,371,369 3.8899 Minimum 4,250,000 10.00 2,015,664 3.3064 (1) Calculated to preserve the Minority Shares percentage ownership in the Holding Company at 32.17 percent. (2) Calculated as pro forma exchange shares divided by 609,616 existing Minority Shares outstanding. Respectfully submitted, RP FINANCIAL, LC. /s/ Ronald S. Riggins Ronald S. Riggins /s/ James P. Hennessey James P. Hennessey Senior Vice President RP FINANCIAL, L.C. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 8 Public Market Pricing Heritage Bank and the Comparables As of October 10, 1997 Market Per Share Data -------------- Capitalization Core Book Pricing Ratios(3) Dividends(4) -------------- ----------------- ----------- Price/ Market 12-Mth Value/ Amount/ Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share -------- ----- ------ ----- --- --- --- ---- ----- ----- ($) ($Mil) ($) ($) (X) (%) (%) (%) (X) ($) Heritage Bank - ------------- Superrange 10.00 97.49 0.49 9.36 20.27 106.86 31.28 106.86 28.29 0.08 Range Maximum 10.00 84.77 0.53 9.79 19.00 102.16 27.94 102.16 27.36 0.08 Range Midpoint 10.00 73.71 0.56 10.28 17.72 97.24 24.89 97.24 26.37 0.10 Range Minimum 10.00 62.66 0.62 10.95 16.24 91.29 21.68 91.29 25.13 0.12 SAIF-Insured Thrifts(7) - ----------------------- Averages 24.63 172.95 1.14 15.58 22.53 155.64 19.17 159.27 19.94 0.37 Medians -- -- -- -- 22.85 149.53 17.30 151.38 19.96 -- All Non-MHC State of WA(7) - -------------------------- Averages 24.70 318.65 1.24 12.71 21.39 192.40 22.09 200.84 19.29 0.34 Medians -- -- -- -- 20.58 177.98 23.54 198.56 18.04 -- Comparable Group Averages - ------------------------- Averages 24.72 167.20 1.16 14.74 23.73 173.22 22.61 179.15 21.53 0.45 Medians -- -- -- -- 25.11 161.19 23.53 168.11 20.52 -- State of WA - ----------- CASB Cascade SB of Everett WA(7) 13.75 35.34 0.71 8.78 29.26 156.61 9.60 156.61 19.37 0.00 FMSB First Mutual SB of Bellevue WA 29.50 79.71 1.52 10.91 18.91 270.39 18.45 270.39 19.41 0.20 FWWB First Savings Bancorp of WA 26.25 276.12 0.84 14.13 29.49 185.77 27.40 201.92 NM 0.28 FBHW FirstBank Corp. of Clarkson WA 17.12 33.97 0.44 14.00 NM 122.29 22.06 122.29 NM 0.00 HRZB Horizon Financial Corp. of WA 17.50 129.80 1.05 10.91 16.36 160.40 25.03 160.40 16.67 0.44 IWBK Interwest SB of Oak Harbor WA 40.50 325.46 2.47 15.46 22.25 261.97 17.76 267.86 16.40 0.64 RVSB Riverview Bancorp of WA 14.00 85.79 0.56 9.18 25.00 152.51 32.99 152.51 25.00 0.24 STSA Sterling Financial Corp. of WA 21.12 117.58 0.90 12.41 NM 170.19 6.97 195.19 23.47 0.00 WFSL Washington FS&LA of Seattle WA 31.62 1500.75 2.14 14.66 16.30 215.69 26.05 236.15 14.78 0.92 WAHU Washington Mutual Inc. of WA(7) 67.87 8575.85 2.42 19.30 NM NM 17.59 NM 28.05 1.08 Comparable Group - ---------------- CMRN Cameron Fin. Corp. of MO 19.25 50.57 0.97 17.18 24.68 112.05 24.30 112.05 19.85 0.28 FFHH FSF Financial Corp. of MN 20.31 61.60 0.99 14.16 26.04 143.43 16.29 143.43 20.52 0.50 FFBA First Colorado Bancorp of CO 20.75 343.64 0.77 11.76 26.60 176.45 22.76 178.88 26.95 0.48 FMSB First Mutual SB of Bellevue WA 29.50 79.71 1.52 10.91 18.91 270.39 18.45 270.39 19.41 0.20 FWWB First Savings Bancorp of WA 26.25 276.12 0.84 14.13 29.49 185.77 27.40 201.92 NM 0.28 HRZB Horizon Financial Corp. of WA 17.50 129.80 1.05 10.91 16.36 160.40 25.03 160.40 16.67 0.44 IWBK Interwest SB of Oak Harbor WA 40.50 325.46 2.47 15.46 22.25 261.97 17.76 267.86 16.40 0.64 KFBI Klamath First Bancorp of OR 23.00 230.44 0.83 14.20 NM 161.97 31.66 161.97 27.71 0.30 UBMT United Fin. Corp. of MT 24.00 29.35 1.16 19.95 25.53 120.30 27.25 120.30 20.69 0.98 WSTR Westerfed Fin. Corp. of NT 26.12 145.36 1.02 18.73 NM 139.46 15.21 174.25 25.61 0.44 Dividends(4) Financial Charateristics(6) MEMO: ----------- --------------------------- Payout Total Equity/ NPAs/ Reported Core Exchange Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE Ratio ----- ------- ------ ------ ------ --- --- --- --- (%) (%) ($Mil) (%) (%) (%) (%) (%) (%) Heritage Bank - ------------- Superrange 0.78 15.76 312 29.28 0.16 1.54 5.27 1.11 3.78 5.1444 Range Maximum 0.84 16.02 303 27.35 0.16 1.47 5.38 1.02 3.73 4.7434 Range Midpoint 1.03 18.22 296 25.59 0.17 1.40 5.49 0.94 3.69 3.8899 Range Minimum 1.21 19.65 289 23.75 0.17 1.33 5.62 0.86 3.63 3.3064 SAIF-Insured Thrifts(7) - ----------------------- Averages 1.57 30.29 1,152 12.93 0.79 0.64 5.47 0.85 7.45 Medians -- -- -- -- -- -- -- -- -- All Non-MHC State of WA(7) - -------------------------- Averages 1.31 25.02 1,456 12.47 0.64 1.04 8.91 1.09 10.15 Medians -- -- -- -- -- -- -- -- -- Comparable Group Averages - ------------------------- Averages 1.91 37.26 768 14.30 0.28 0.96 7.36 1.11 8.40 Medians -- -- -- -- -- -- -- -- -- State of WA - ----------- CASB Cascade SB of Everett WA(7) 0.00 0.00 368 6.13 0.41 0.35 5.65 0.52 8.53 FMSB First Mutual SB of Bellevue WA 0.68 13.16 432 6.82 0.01 1.02 15.34 1.00 14.95 FWWB First Savings Bancorp of WA 1.07 33.33 1,008 14.75 0.30 1.05 6.25 1.00 5.90 FBHW FirstBank Corp. of Clarkson WA 0.00 0.00 154 18.04 2.07 0.70 3.86 0.57 3.14 HRZB Horizon Financial Corp. of WA 2.51 41.90 519 15.60 NA 1.57 9.99 1.54 9.80 IWBK Interwest SB of Oak Harbor WA 1.58 25.91 1,833 6.78 0.64 0.87 12.91 1.18 17.52 RVSB Riverview Bancorp of WA 1.71 42.86 260 21.63 0.14 1.32 6.10 1.32 6.10 STSA Sterling Financial Corp. of WA 0.00 0.00 1,686 4.10 0.61 0.10 2.46 0.3 7.91 WFSL Washington FS&LA of Seattle WA 2.91 22.99 5,660 12.08 0.73 1.67 14.37 1.84 15.85 WAHU Washington Mutual Inc. of WA(7) 1.59 44.63 48,764 5.00 0.81 0.35 6.81 0.74 14.45 Comparable Group - ---------------- CMRN Cameron Fin. Corp. of MO 1.45 28.87 208 21.69 0.73 1.07 4.43 1.33 5.51 FFHH FSF Financial Corp. of MN 2.46 50.51 378 11.35 0.03 0.66 5.22 0.84 6.63 FFBA First Colorado Bancorp of CO 2.31 62.34 1,510 12.90 0.23 0.86 6.02 0.84 5.94 FMSB First Mutual SB of Bellevue WA 0.68 13.16 432 6.82 0.01 1.02 15.34 1.00 14.95 FWWB First Savings Bancorp of WA 1.07 33.33 1,008 14.75 0.30 1.05 6.25 1.00 5.90 HRZB Horizon Financial Corp. of WA 2.51 41.90 519 15.60 NA 1.57 9.99 1.54 9.80 IWBK Interwest SB of Oak Harbor WA 1.58 25.91 1,833 6.78 0.64 0.87 12.91 1.18 17.52 KFBI Klamath First Bancorp of OR 1.30 36.14 728 19.55 0.08 0.81 3.67 1.23 5.54 UBMT United Fin. Corp. of MT 4.08 NM 108 22.65 NA 1.09 4.70 1.34 5.80 WSTR Westerfed Fin. Corp. of NT 1.68 43.14 956 10.91 0.25 0.63 5.09 0.79 6.41 MEMO: Offering ($Mil) Heritage Bank - ------------- Superrange 66.1 Range Maximum 57.5 Range Midpoint 50.0 Range Minimum 42.5 RP FINANCIAL, LC. - --------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (701) 528-1700 Table 8 Public Marketing Pricing Heritage Bank and the Comparables As of October 10, 1997 Market Per Share Data ------------------- Capitalization Core Book Pricing Ratios(3) Dividends(4) ---------------- ----------------------------------- ------------------------ Price/ Market 12-Mth Value/ Amount/ Payout Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5) -------- ------ ------ ----- --- ---- ---- ---- ------ ------- ----- -------- ($) ($Mil) ($) ($) (K) (%) (%) (%) (X) ($) (%) (%) Financial Characteristics(6) ------------------------------------------------------------------------ Total Equity/ NPAs/ Reported Core --------------------- --------------- Assets Assets Assets ROA ROE ROA ROE ------ ------- ------ ------ -------- ----- ------ ($Mil) (%) (%) (%) (%) (%) (%) (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; 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. Sources: 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 - ------- ----------- 1 Stock Prices: As of October 10, 1997 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 October 10, 1997 RP FINANCIAL, LC. ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) Market Averages. SAIF-Insured Thrifts(no MHC) --------------------------------------------- SAIF-Insured Thrifts(302) 24.36 5,521 178.7 25.15 15.54 23.85 2.14 238.02 43.47 NYSE Traded Companies(9) 45.41 36,632 1,885.2 46.55 25.75 44.17 3.22 342.18 51.61 AMEX Traded Companies(17) 20.12 3,580 84.8 21.79 13.80 19.84 1.42 303.95 32.66 NASDAQ Listed OTC Companies(276) 23.89 4,563 125.4 24.62 15.30 23.39 2.14 224.22 43.84 California Companies(21) 30.37 18,905 853.5 31.12 17.56 29.67 2.57 164.06 51.06 Florida Companies(5) 31.74 13,095 447.4 32.18 16.92 28.52 7.96 205.30 56.86 Mid-Atlantic Companies(60) 25.64 6,318 175.1 26.19 15.71 25.20 1.75 217.97 53.27 Mid-West Companies(144) 22.75 3,422 99.2 23.48 14.85 22.23 2.30 262.77 39.27 New England Companies(9) 30.35 5,009 186.0 30.83 17.58 29.65 2.72 421.94 57.18 North-West Companies(8) 23.97 11,479 333.1 25.26 17.14 23.68 1.17 184.69 38.11 South-East Companies(42) 23.73 3,527 81.4 25.34 16.30 23.66 0.81 208.65 36.26 South-West Companies(7) 20.63 1,898 44.5 21.12 12.79 20.16 2.93 25.93 46.64 Western Companies (Excl CA)(6) 22.50 5,288 116.5 22.85 15.78 21.82 3.16 337.62 33.43 Thrift Strategy(240) 23.26 3,648 93.8 24.01 15.16 22.79 2.09 213.51 41.65 Mortgage Banker Strategy(37) 29.30 14,018 588.7 30.26 17.51 28.90 1.47 307.33 53.72 Real Estate Strategy(10) 26.59 7,817 242.0 27.46 15.32 25.95 1.81 230.40 51.57 Diversified Strategy(11) 37.88 25,590 1,043.1 39.02 21.15 35.80 5.98 227.26 51.47 Retail Banking Strategy(4) 18.03 3,472 72.9 19.22 12.00 17.50 2.79 410.71 32.23 Companies Issuing Dividends(255) 24.56 5,375 177.6 25.39 15.72 24.09 2.05 251.12 42.14 Companies Without Dividends(47) 23.19 6,367 184.9 23.76 14.49 22.43 2.64 150.33 52.75 Equity/Assets less than 6%(23) 28.83 17,625 619.4 29.64 16.48 27.97 2.62 200.64 53.18 Equity/Assets 6-12%(142) 27.47 5,885 214.5 28.16 16.51 26.81 2.66 254.04 51.00 Equity/Assets >12%(137) 20.62 3,183 71.9 21.51 14.45 20.32 1.56 192.41 33.69 Converted Last 3 Mths (no MHC)(3) 15.00 4,836 68.4 15.35 12.16 14.96 0.26 0.00 63.39 Actively Traded Companies(41) 34.04 17,298 735.9 34.97 20.13 33.15 3.19 263.43 54.97 Market Value Below $20 Million(50) 18.60 835 14.4 18.94 12.77 17.88 3.97 266.50 38.39 Holding Company Structure(267) 24.40 5,315 178.0 25.18 15.67 23.86 2.28 223.00 42.54 Assets Over $1 Billion(60) 35.88 17,646 698.1 36.76 21.12 34.96 2.46 279.61 50.17 Assets $500 Million-$1 Billion(49) 23.84 5,718 120.6 24.75 14.39 23.61 1.35 264.60 51.68 Assets $250-$500 Million(66) 24.53 2,624 60.5 25.20 15.63 24.06 1.90 219.20 48.71 Assets less than $250 Million(127) 19.27 1,452 26.5 20.04 13.42 18.81 2.41 144.09 34.18 Goodwill Companies(124) 28.66 9,073 309.5 29.42 17.22 28.00 2.32 270.53 49.01 Non-Goodwill Companies(177) 21.45 3,127 90.5 22.27 14.42 21.05 1.95 189.25 39.41 Acquirors of FSLIC Cases(10) 39.33 33,589 1,695.9 40.25 22.86 38.14 4.35 328.81 55.97 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share --------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) Market Averages. SAIF-Insured Thrifts(no MHC) --------------------------------------------- SAIF-Insured Thrifts(302) 0.85 1.16 15.77 15.45 153.86 NYSE Traded Companies(9) 1.96 2.77 20.08 19.19 358.54 AMEX Traded Companies(17) 0.55 0.84 15.60 15.41 109.57 NASDAQ Listed OTC Companies(276) 0.84 1.12 15.63 15.33 149.50 California Companies(21) 0.96 1.43 17.01 16.41 262.00 Florida Companies(5) 0.98 0.88 13.59 12.87 185.74 Mid-Atlantic Companies(60) 0.98 1.36 16.19 15.55 168.74 Mid-West Companies(144) 0.82 1.08 15.71 15.38 135.55 New England Companies(9) 0.81 1.39 17.48 16.28 242.59 North-West Companies(8) 0.87 1.12 14.11 19.67 128.61 South-East Companies(42) 0.76 0.99 15.03 14.70 119.15 South-West Companies(7) 0.62 1.09 14.77 14.00 192.60 Western Companies (Excl CA)(6) 0.89 1.05 15.96 15.27 106.34 Thrift Strategy(240) 0.80 1.10 15.97 15.76 139.46 Mortgage Banker Strategy(37) 1.12 1.48 15.48 14.45 229.08 Real Estate Strategy(10) 0.90 1.39 14.35 14.06 220.82 Diversified Strategy(11) 1.60 1.86 14.01 13.46 198.90 Retail Banking Strategy(4) 0.18 0.00 13.14 12.70 169.23 Companies Issuing Dividends(255) 0.91 1.22 15.88 15.38 150.76 Companies Without Dividends(47) 0.51 0.79 15.11 15.89 171.81 Equity/Assets less than 6%(23) 0.96 1.57 13.78 12.91 286.16 Equity/Assets 6-12%(142) 1.04 1.39 16.12 15.40 194.07 Equity/Assets >12%(137) 0.66 0.87 15.76 15.92 93.44 Converted Last 3 Mths (no MHC)(3) 0.25 0.32 12.34 26.38 77.83 Actively Traded Companies(41) 1.46 2.00 17.37 16.73 234.07 Market Value Below $20 Million(50) 0.52 0.82 15.27 15.23 121.47 Holding Company Structure(267) 0.83 1.13 16.01 15.73 150.93 Assets Over $1 Billion(60) 1.33 1.85 17.82 16.52 253.25 Assets $500 Million-$1 Billion(49) 0.91 1.11 14.07 13.60 153.29 Assets $250-$500 Million(66) 0.87 1.18 16.43 16.61 161.24 Assets less than $250 Million(127) 0.62 0.85 15.15 15.09 105.53 Goodwill Companies(124) 1.07 1.42 16.38 15.23 201.11 Non-Goodwill Companies(177) 0.71 0.99 15.36 15.61 122.15 Acquirors of FSLIC Cases(10) 1.66 2.43 18.85 17.79 305.74 (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. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. (9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. RP FINANCIAL, LC. ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) Market Averages. BIF-Insured Thrifts(no MHC) -------------------------------------------- BIF-Insured Thrifts(64) 26.88 8,048 237.4 27.59 15.94 26.52 1.53 249.51 53.23 NYSE Traded Companies(2) 43.81 74,382 2,666.3 45.09 27.69 43.47 3.06 134.79 47.44 AMEX Traded Companies(6) 25.52 4,007 97.8 26.23 15.05 25.41 0.23 128.73 56.75 NASDAQ Listed OTC Companies(56) 26.35 5,835 155.4 27.05 15.57 25.96 1.62 270.86 53.04 California Companies(4) 21.62 6,822 159.4 22.16 12.37 21.75 -0.70 513.78 48.96 Mid-Atlantic Companies(15) 28.52 17,788 561.8 29.34 16.57 28.20 1.46 178.46 52.90 Mid-West Companies(2) 12.75 942 12.0 12.75 9.50 12.37 3.07 0.00 25.99 New England Companies(34) 26.50 4,649 129.9 27.27 15.35 26.12 1.66 263.14 57.25 North-West Companies(4) 24.42 6,879 161.9 24.42 13.31 23.00 5.75 166.94 59.13 South-East Companies(5) 31.70 2,083 46.4 32.42 22.60 31.65 -0.56 0.00 34.57 Thrift Strategy(44) 27.10 4,980 169.0 27.83 16.32 26.72 1.76 242.17 52.64 Mortgage Banker Strategy(8) 27.86 25,700 622.4 28.35 15.76 27.31 2.17 273.89 60.17 Real Estate Strategy(6) 20.50 4,200 85.3 21.53 11.85 20.81 -1.48 357.07 42.48 Diversified Strategy(6) 29.19 13,224 433.5 29.84 16.34 28.69 0.94 182.86 59.79 Companies Issuing Dividends(52) 28.16 8,449 256.9 28.90 16.82 27.81 1.27 240.20 51.73 Companies Without Dividends(12) 19.01 5,594 117.9 19.60 10.53 18.61 3.10 342.57 62.25 Equity/Assets less than 6%(5) 18.86 30,528 695.6 19.12 9.53 18.23 3.48 174.55 88.30 Equity/Assets 6-12%(43) 28.77 6,271 223.0 29.61 16.49 28.40 1.52 264.03 55.06 Equity/Assets >12%(16) 23.88 6,576 146.5 24.40 16.25 23.63 0.99 53.24 36.98 Actively Traded Companies(19) 29.04 11,777 323.7 29.72 16.55 28.41 2.85 302.83 55.61 Market Value Below $20 Million(6) 16.82 940 15.4 17.12 10.80 16.32 2.91 320.00 38.47 Holding Company Structure(42) 26.57 6,929 189.7 27.34 16.02 26.34 0.96 247.46 50.17 Assets Over $1 Billion(15) 31.84 22,938 743.6 32.51 18.44 31.57 1.00 242.04 55.79 Assets $500 Million-$1 Billion(16) 29.06 5,024 121.9 29.81 17.13 28.61 1.45 227.52 54.59 Assets $250-$500 Million(15) 22.51 2,968 62.5 23.37 12.94 22.12 2.18 276.69 51.53 Assets less than $250 Million(18) 23.94 1,478 29.9 24.53 15.16 23.62 1.48 260.93 51.11 Goodwill Companies(30) 28.53 12,019 377.5 29.23 16.92 28.13 1.62 237.99 53.47 Non-Goodwill Companies(34) 25.39 4,474 111.3 26.12 15.06 25.07 1.44 269.67 53.03 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share --------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) Market Averages. BIF-Insured Thrifts(no MHC) -------------------------------------------- BIF-Insured Thrifts(64) 1.57 1.56 15.61 14.79 155.54 NYSE Traded Companies(2) 2.11 2.21 20.33 13.43 244.47 AMEX Traded Companies(6) 1.14 1.11 16.02 13.92 167.23 NASDAQ Listed OTC Companies(56) 1.60 1.59 15.37 14.96 150.47 California Companies(4) 1.37 1.27 12.48 12.46 155.24 Mid-Atlantic Companies(15) 1.22 1.30 15.94 14.08 167.40 Mid-West Companies(2) 0.21 0.32 12.77 12.04 50.95 New England Companies(34) 1.89 1.83 14.36 13.80 167.32 North-West Companies(4) 1.17 1.14 11.98 11.61 108.54 South-East Companies(5) 1.29 1.33 26.77 26.77 98.52 Thrift Strategy(44) 1.53 1.52 16.49 15.55 149.68 Mortgage Banker Strategy(8) 1.51 1.57 14.44 14.00 187.42 Real Estate Strategy(6) 1.52 1.45 11.02 11.01 129.69 Diversified Strategy(6) 2.12 2.08 13.04 12.03 187.10 Companies Issuing Dividends(52) 1.53 1.52 16.32 15.38 160.69 Companies Without Dividends(12) 1.81 1.77 11.28 11.18 123.96 Equity/Assets less than 6%(5) 1.13 1.04 7.41 7.19 136.87 Equity/Assets 6-12%(43) 1.88 1.85 15.32 14.20 182.24 Equity/Assets >12%(16) 0.82 0.88 18.77 18.63 86.48 Actively Traded Companies(19) 1.87 1.81 15.29 14.53 179.62 Market Value Below $20 Million(6) 1.44 1.50 13.44 13.25 85.19 Holding Company Structure(42) 1.50 1.49 15.91 15.22 141.22 Assets Over $1 Billion(15) 1.79 1.80 15.24 13.73 182.56 Assets $500 Million-$1 Billion(16) 1.85 1.78 16.33 15.03 183.85 Assets $250-$500 Million(15) 1.20 1.20 13.19 12.91 133.59 Assets less than $250 Million(18) 1.42 1.43 17.63 17.48 120.12 Goodwill Companies(30) 1.61 1.59 15.69 13.97 188.18 Non-Goodwill Companies(34) 1.53 1.53 15.54 15.54 126.16 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. (9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) Market Averages. MHC Institutions --------------------------------- SAIF-Insured Thrifts(20) 29.80 5,158 63.8 30.22 13.87 27.34 8.46 369.88 99.98 BIF-Insured Thrifts(2) 33.12 32,163 451.4 33.12 12.75 28.38 17.67 358.96 139.04 NASDAQ Listed OTC Companies(22) 30.19 8,335 109.4 30.56 13.73 27.46 9.55 366.24 105.56 Florida Companies(3) 34.75 5,931 97.7 35.38 16.25 33.22 4.66 0.00 81.42 Mid-Atlantic Companies(10) 30.60 6,470 73.1 30.82 12.57 27.21 11.53 345.00 145.29 Mid-West Companies(7) 26.45 2,109 24.6 27.05 14.32 24.60 7.61 394.75 71.11 New England Companies(1) 36.12 61,054 883.2 36.12 16.25 32.50 11.14 358.96 87.64 Thrift Strategy(21) 29.82 5,040 61.0 30.21 13.58 27.15 9.45 369.88 106.94 Diversified Strategy(1) 36.12 61,054 883.2 36.12 16.25 32.50 11.14 358.96 87.64 Companies Issuing Dividends(21) 31.00 8,683 114.9 31.37 13.74 28.10 10.14 366.24 105.56 Companies Without Dividends(1) 17.25 2,760 21.4 17.50 13.62 17.25 0.00 0.00 0.00 Equity/Assets 6-12%(16) 31.79 10,134 135.6 32.13 13.99 28.46 11.38 366.24 111.94 Equity/Assets >12%(6) 25.00 2,487 24.2 25.44 12.91 24.22 3.60 0.00 82.17 Actively Traded Companies(1) 44.50 7,990 151.5 44.50 14.05 36.00 23.61 345.00 164.57 Holding Company Structure(1) 44.50 7,990 151.5 44.50 14.05 36.00 23.61 345.00 164.57 Assets Over $1 Billion(5) 41.34 25,911 351.2 41.34 14.29 35.83 15.26 351.98 144.77 Assets $500 Million-$1 Billion(3) 34.75 5,931 97.7 35.38 16.25 33.22 4.66 0.00 81.42 Assets $250-$500 Million(5) 30.42 2,845 37.1 31.42 15.69 28.08 8.55 394.75 76.63 Assets less than $250 Million(9) 23.39 2,207 18.5 23.64 12.09 21.61 8.28 0.00 101.20 Goodwill Companies(8) 38.31 18,874 258.2 38.65 15.61 33.79 13.02 366.24 120.96 Non-Goodwill Companies(14) 25.76 2,586 28.2 26.15 12.71 24.01 7.65 0.00 94.00 MHC Institutions(22) 30.19 8,335 109.4 30.56 13.73 27.46 9.55 366.24 105.56 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share --------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) Market Averages. MHC Institutions --------------------------------- SAIF-Insured Thrifts(20) 0.50 0.79 11.86 11.60 110.67 BIF-Insured Thrifts(2) 0.81 0.73 9.79 9.78 101.80 NASDAQ Listed OTC Companies(22) 0.54 0.78 11.61 11.39 109.62 Florida Companies(3) 0.62 0.94 13.91 13.87 142.53 Mid-Atlantic Companies(10) 0.45 0.69 11.05 10.65 101.45 Mid-West Companies(7) 0.49 0.84 11.84 11.81 107.32 New England Companies(1) 1.39 1.03 10.93 10.92 128.90 Thrift Strategy(21) 0.48 0.77 11.66 11.42 108.42 Diversified Strategy(1) 1.39 1.03 10.93 10.92 128.90 Companies Issuing Dividends(21) 0.55 0.80 11.73 11.49 111.30 Companies Without Dividends(1) 0.36 0.54 9.71 9.71 82.81 Equity/Assets 6-12%(16) 0.54 0.81 11.68 11.38 122.04 Equity/Assets >12%(6) 0.52 0.69 11.41 11.41 69.26 Actively Traded Companies(1) 0.72 1.14 12.18 10.86 129.26 Holding Company Structure(1) 0.72 1.14 12.18 10.86 129.26 Assets Over $1 Billion(5) 0.87 1.00 11.55 10.64 132.45 Assets $500 Million-$1 Billion(3) 0.62 0.94 13.91 13.87 142.53 Assets $250-$500 Million(5) 0.57 0.96 12.57 12.53 120.57 Assets less than $250 Million(9) 0.34 0.57 10.71 10.71 85.88 Goodwill Companies(8) 0.78 0.99 12.05 11.41 140.51 Non-Goodwill Companies(14) 0.41 0.67 11.38 11.38 92.77 MHC Institutions(22) 0.54 0.78 11.61 11.39 109.62 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. (9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. RP FINANCIAL, LC. ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) --------------------- ------- ------- ------- ------- ------ ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NYSE Traded Companies --------------------- AHM Ahmanson and Co. H.F. of CA 57.31 97,336 5,578.3 59.31 29.00 57.12 0.33 205.65 76.34 CSA Coast Savings Financial of CA 57.37 18,616 1,068.0 58.87 31.37 54.00 6.24 396.28 56.66 CFB Commercial Federal Corp. of NE 50.37 21,553 1,085.6 50.37 27.92 49.00 2.80 ***.** 57.41 DME Dime Bancorp, Inc. of NY* 23.62 103,719 2,449.8 23.62 14.25 21.94 7.66 134.79 60.14 DSL Downey Financial Corp. of CA 25.94 26,733 693.5 25.94 15.87 24.87 4.30 138.86 38.79 FED FirstFed Fin. Corp. of CA 36.56 10,575 386.6 37.50 20.50 36.37 0.52 126.38 66.18 GSB Glendale Fed. Bk, FSB of CA 33.37 50,349 1,680.1 33.94 17.50 32.00 4.28 105.35 43.53 GDW Golden West Fin. Corp. of CA 90.56 56,739 5,138.3 93.81 59.87 90.44 0.13 245.78 43.47 GPT GreenPoint Fin. Corp. of NY* 64.00 45,044 2,882.8 66.56 41.12 65.00 -1.54 N.A. 34.74 NYB New York Bancorp, Inc. of NY 35.06 21,591 757.0 35.37 16.44 30.50 14.95 394.50 81.00 WES Westcorp Inc. of Orange CA 22.12 26,195 579.4 23.87 13.25 23.19 -4.61 201.77 1.10 AMEX Traded Companies --------------------- ANA Acadiana Bancshares of LA* 24.62 2,731 67.2 24.75 13.75 23.75 3.66 N.A. 65.57 BKC American Bank of Waterbury CT* 41.62 2,306 96.0 41.62 27.00 40.75 2.13 121.97 48.64 BFD BostonFed Bancorp of MA 21.75 5,947 129.3 22.25 13.12 21.37 1.78 N.A. 47.46 CFX CFX Corp of NH* 22.00 13,144 289.2 22.87 13.81 22.62 -2.74 84.87 41.94 CNY Carver Bancorp, Inc. of NY 12.75 2,314 29.5 13.37 7.37 12.87 -0.93 104.00 54.55 CBK Citizens First Fin.Corp. of IL 18.62 2,594 48.3 19.00 11.62 18.25 2.03 N.A. 29.58 ESX Essex Bancorp of VA(8) 4.31 1,057 4.6 7.94 1.00 4.62 -6.71 -74.27 96.80 FCB Falmouth Co-Op Bank of MA* 20.50 1,455 29.8 21.25 12.00 20.62 -0.58 N.A. 56.25 FAB FirstFed America Bancorp of MA 21.62 8,707 188.2 22.12 13.62 21.94 -1.46 N.A. N.A. GAF GA Financial Corp. of PA 19.50 7,985 155.7 19.50 12.87 18.69 4.33 N.A. 28.97 JSB JSB Financial, Inc. of NY 48.75 9,845 479.9 49.44 35.62 49.31 -1.14 323.91 28.29 KNK Kankakee Bancorp of IL 33.75 1,425 48.1 33.75 21.88 32.62 3.46 237.50 36.36 KYF Kentucky First Bancorp of KY 14.06 1,319 18.5 15.12 10.56 14.25 -1.33 N.A. 29.35 MBB MSB Bancorp of Middletown NY* 27.44 2,844 78.0 28.87 15.50 27.75 -1.12 174.40 39.86 PDB Piedmont Bancorp of NC 10.87 2,751 29.9 19.12 9.25 11.12 -2.25 N.A. 3.52 SSB Scotland Bancorp of NC 12.00 1,914 23.0 19.25 12.00 12.69 -5.44 N.A. -15.01 SZB SouthFirst Bancshares of AL 20.87 848 17.7 20.87 12.25 20.37 2.45 N.A. 57.51 SRN Southern Banc Company of AL 17.00 1,230 20.9 17.37 12.25 16.25 4.62 N.A. 29.57 SSM Stone Street Bancorp of NC 21.00 1,898 39.9 27.25 18.12 21.00 0.00 N.A. 2.44 TSH Teche Holding Company of LA 22.62 3,438 77.8 23.50 13.00 22.25 1.66 N.A. 57.41 FTF Texarkana Fst. Fin. Corp of AR 26.81 1,790 48.0 26.81 13.62 24.37 10.01 N.A. 71.53 THR Three Rivers Fin. Corp. of MI 18.62 824 15.3 18.62 12.87 16.44 13.26 N.A. 33.00 TBK Tolland Bank of CT* 16.94 1,560 26.4 18.00 8.25 16.94 0.00 133.66 88.22 WSB Washington SB, FSB of MD 8.13 4,247 34.5 8.13 4.38 8.00 1.63 550.40 66.94 NASDAQ Listed OTC Companies --------------------------- FBCV 1st Bancorp of Vincennes IN 37.00 698 25.8 41.00 27.14 37.00 0.00 N.A. 29.82 AFED AFSALA Bancorp, Inc. of NY 19.00 1,455 27.6 19.00 11.37 18.00 5.56 N.A. 58.33 ALBK ALBANK Fin. Corp. of Albany NY 45.00 12,825 577.1 45.87 27.50 44.37 1.42 93.55 43.45 AMFC AMB Financial Corp. of IN 16.50 964 15.9 16.50 12.50 15.81 4.36 N.A. 24.53 ASBP ASB Financial Corp. of OH 13.37 1,721 23.0 18.25 11.50 13.12 1.91 N.A. 2.85 ABBK Abington Savings Bank of MA* 32.50 1,852 60.2 33.00 18.25 32.00 1.56 390.94 66.67 AABC Access Anytime Bancorp of NM 8.50 1,193 10.1 8.50 5.25 8.37 1.55 25.93 54.55 AFBC Advance Fin. Bancorp of WV 17.75 1,084 19.2 17.75 12.75 17.12 3.68 N.A. N.A. AADV Advantage Bancorp of WI 57.75 3,234 186.8 58.00 31.25 55.50 4.05 527.72 79.07 AFCB Affiliated Comm BC, Inc of MA 31.25 6,465 202.0 32.12 16.00 28.75 8.70 N.A. 82.75 ALBC Albion Banc Corp. of Albion NY 29.12 250 7.3 29.25 16.50 26.50 9.89 124.00 73.85 ABCL Allied Bancorp of IL 26.75 8,017 214.5 28.37 15.50 24.25 10.31 301.05 60.47 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share --------------------- ------- ------- ----- -------- ------ ($) ($) ($) ($) ($) NYSE Traded Companies --------------------- AHM Ahmanson and Co. H.F. of CA 1.98 3.16 20.35 17.34 488.33 CSA Coast Savings Financial of CA 0.99 2.48 24.06 23.76 488.97 CFB Commercial Federal Corp. of NE 2.05 2.89 19.77 17.53 329.27 DME Dime Bancorp, Inc. of NY* 1.05 1.33 10.21 9.74 193.67 DSL Downey Financial Corp. of CA 0.86 1.43 15.26 15.05 220.16 FED FirstFed Fin. Corp. of CA 1.13 2.07 19.14 18.93 396.52 GSB Glendale Fed. Bk, FSB of CA 0.79 1.85 17.81 15.83 322.12 GDW Golden West Fin. Corp. of CA 6.74 8.22 43.90 43.90 689.03 GPT GreenPoint Fin. Corp. of NY* 3.17 3.09 30.44 17.11 295.27 NYB New York Bancorp, Inc. of NY 1.98 2.32 7.73 7.73 152.08 WES Westcorp Inc. of Orange CA 1.11 0.55 12.71 12.67 140.42 AMEX Traded Companies --------------------- ANA Acadiana Bancshares of LA* 0.47 0.47 16.70 16.70 95.82 BKC American Bank of Waterbury CT* 3.13 2.69 21.77 20.90 262.73 BFD BostonFed Bancorp of MA 0.74 0.96 14.42 13.94 164.10 CFX CFX Corp of NH* 1.10 1.31 10.52 9.84 141.44 CNY Carver Bancorp, Inc. of NY -0.74 0.01 14.93 14.32 178.81 CBK Citizens First Fin.Corp. of IL 0.30 0.59 14.74 14.74 104.69 ESX Essex Bancorp of VA(8) -0.05 0.05 0.49 0.31 179.83 FCB Falmouth Co-Op Bank of MA* 0.52 0.49 15.40 15.40 64.49 FAB FirstFed America Bancorp of MA -0.21 0.50 14.26 14.26 117.25 GAF GA Financial Corp. of PA 0.80 1.02 14.25 14.10 93.89 JSB JSB Financial, Inc. of NY 2.78 2.65 35.54 35.54 155.52 KNK Kankakee Bancorp of IL 1.62 2.02 26.59 24.99 239.77 KYF Kentucky First Bancorp of KY 0.58 0.75 11.17 11.17 67.44 MBB MSB Bancorp of Middletown NY* 0.49 0.51 21.15 10.38 286.18 PDB Piedmont Bancorp of NC -0.19 0.30 7.42 7.42 44.62 SSB Scotland Bancorp of NC 0.51 0.62 13.44 13.44 36.30 SZB SouthFirst Bancshares of AL -0.03 0.25 16.06 16.06 114.72 SRN Southern Banc Company of AL 0.12 0.43 14.58 14.43 85.72 SSM Stone Street Bancorp of NC 0.80 0.96 16.13 16.13 55.91 TSH Teche Holding Company of LA 0.78 1.08 15.53 15.53 118.17 FTF Texarkana Fst. Fin. Corp of AR 1.31 1.62 15.03 15.03 95.73 THR Three Rivers Fin. Corp. of MI 0.62 0.90 15.54 15.48 115.45 TBK Tolland Bank of CT* 1.11 1.16 10.60 10.30 152.71 WSB Washington SB, FSB of MD 0.30 0.44 5.05 5.05 60.83 NASDAQ Listed OTC Companies --------------------------- FBCV 1st Bancorp of Vincennes IN 1.18 0.50 32.00 31.34 387.52 AFED AFSALA Bancorp, Inc. of NY 0.82 0.82 14.74 14.74 109.40 ALBK ALBANK Fin. Corp. of Albany NY 2.29 2.82 25.85 22.59 280.88 AMFC AMB Financial Corp. of IN 0.66 0.73 14.61 14.61 97.70 ASBP ASB Financial Corp. of OH 0.39 0.56 10.29 10.29 65.35 ABBK Abington Savings Bank of MA* 2.16 1.92 18.73 16.87 270.66 AABC Access Anytime Bancorp of NM -0.45 -0.11 6.53 6.53 87.72 AFBC Advance Fin. Bancorp of WV 0.51 0.77 14.88 14.88 96.46 AADV Advantage Bancorp of WI 1.27 2.81 29.05 27.16 315.25 AFCB Affiliated Comm BC, Inc of MA 1.53 1.74 16.49 16.40 168.67 ALBC Albion Banc Corp. of Albion NY 0.27 0.96 23.96 23.96 274.51 ABCL Allied Bancorp of IL 0.61 0.89 15.60 15.41 175.16 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- --------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) --------------------- ------- ------- -------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) --------------------------------------- ATSB AmTrust Capital Corp. of IN 14.25 526 7.5 14.25 9.12 13.50 5.56 N.A. 42.50 AHCI Ambanc Holding Co., Inc. of NY* 17.12 4,392 75.2 17.37 10.00 17.00 0.71 N.A. 52.18 ASBI Ameriana Bancorp of IN 21.88 3,230 70.7 22.00 14.00 20.50 6.73 137.05 36.75 AFFFZ America First Fin. Fund of CA(8) 42.62 6,011 256.2 43.12 28.00 42.62 0.00 127.31 40.89 ANBK American Nat'l Bancorp of MD(8) 20.12 3,613 72.7 20.50 11.37 20.12 0.00 N.A. 66.01 ABCW Anchor Bancorp Wisconsin of WI 31.75 9,049 287.3 31.75 17.25 30.00 5.83 116.13 77.67 ANDB Andover Bancorp, Inc. of MA* 36.37 5,148 187.2 37.50 21.41 36.50 -0.36 238.33 41.96 ASFC Astoria Financial Corp. of NY 56.50 20,978 1,185.3 56.50 32.25 55.87 1.13 115.24 53.24 AVND Avondale Fin. Corp. of IL 18.37 3,495 64.2 18.87 12.75 17.50 4.97 N.A. 7.30 BKCT Bancorp Connecticut of CT* 31.75 2,534 80.5 36.00 21.25 35.25 -9.93 262.86 41.11 BPLS Bank Plus Corp. of CA 13.31 19,308 257.0 13.75 9.62 13.44 -0.97 N.A. 15.74 BWFC Bank West Fin. Corp. of MI 21.25 1,753 37.3 21.25 10.25 20.87 1.82 N.A. 100.09 BANC BankAtlantic Bancorp of FL 15.25 22,473 342.7 17.12 12.12 15.50 -1.61 266.59 14.06 BKUNA BankUnited SA of FL 13.25 8,869 117.5 13.31 8.00 13.12 0.99 144.01 32.50 BVCC Bay View Capital Corp. of CA 28.62 12,979 371.5 28.69 17.62 28.37 0.88 44.91 35.06 FSNJ Bayonne Banchsares of NJ 12.81 8,993 115.2 13.06 5.37 12.87 -0.47 N.A. 63.39 BFSB Bedford Bancshares of VA 24.50 1,142 28.0 25.25 16.75 24.50 0.00 133.33 39.05 BFFC Big Foot Fin. Corp. of IL 19.50 2,513 49.0 19.62 12.31 18.62 4.73 N.A. 50.00 BSBC Branford SB of CT(8)* 5.75 6,559 37.7 6.31 3.19 6.00 -4.17 171.23 48.58 BYFC Broadway Fin. Corp. of CA 11.75 835 9.8 11.75 9.00 11.37 3.34 N.A. 27.03 CBES CBES Bancorp of MO 21.50 1,025 22.0 21.50 13.25 21.25 1.18 N.A. 50.88 CCFH CCF Holding Company of GA 19.50 820 16.0 19.50 13.12 17.12 13.90 N.A. 32.20 CENF CENFED Financial Corp. of CA 39.00 5,729 223.4 39.75 22.95 37.25 4.70 148.72 46.67 CFSB CFSB Bancorp of Lansing MI 29.69 5,096 151.3 31.00 16.36 28.75 3.27 229.89 67.46 CKFB CKF Bancorp of Danville KY 18.50 925 17.1 20.75 17.50 19.00 -2.63 N.A. -8.64 CNSB CNS Bancorp of MO 18.00 1,653 29.8 20.00 13.00 20.00 -10.00 N.A. 19.05 CSBF CSB Financial Group Inc of IL* 12.75 942 12.0 12.75 9.50 12.37 3.07 N.A. 25.99 CBCI Calumet Bancorp of Chicago IL 48.94 2,111 103.3 48.94 27.75 48.00 1.96 141.68 47.19 CAFI Camco Fin. Corp. of OH 22.87 3,214 73.5 22.87 14.05 22.50 1.64 N.A. 51.26 CMRN Cameron Fin. Corp. of MO 19.25 2,627 50.6 19.25 14.50 18.87 2.01 N.A. 20.31 CAPS Capital Savings Bancorp of MO 17.50 1,892 33.1 18.25 11.12 16.75 4.48 32.08 34.62 CFNC Carolina Fincorp of NC* 17.12 1,851 31.7 17.87 13.00 17.75 -3.55 N.A. 28.05 CASB Cascade SB of Everett WA(8) 13.75 2,570 35.3 16.80 10.40 13.25 3.77 7.42 6.59 CATB Catskill Fin. Corp. of NY* 16.50 4,720 77.9 17.25 12.37 16.87 -2.19 N.A. 17.86 CNIT Cenit Bancorp of Norfolk VA 65.00 1,650 107.3 67.87 38.50 67.25 -3.35 309.32 56.63 CEBK Central Co-Op. Bank of MA* 24.00 1,965 47.2 24.87 14.75 23.00 4.35 357.14 37.14 CENB Century Bancshares of NC* 80.75 407 32.9 82.12 62.00 80.00 0.94 N.A. 24.23 CBSB Charter Financial Inc. of IL 20.75 4,150 86.1 21.56 12.50 21.37 -2.90 N.A. 66.00 COFI Charter One Financial of OH 63.25 46,186 2,921.3 65.00 38.75 63.25 0.00 261.43 50.60 CVAL Chester Valley Bancorp of PA 23.25 2,162 50.3 23.25 13.90 23.25 0.00 105.21 64.89 CTZN CitFed Bancorp of Dayton OH 54.25 8,638 468.6 54.25 28.08 52.25 3.83 502.78 64.39 CLAS Classic Bancshares of KY 16.25 1,305 21.2 16.25 11.25 15.75 3.17 N.A. 39.85 CMSB Cmnwealth Bancorp of PA 19.00 17,096 324.8 19.50 11.75 18.37 3.43 N.A. 26.67 CBSA Coastal Bancorp of Houston TX 31.00 4,972 154.1 33.25 21.25 32.00 -3.13 N.A. 35.55 CFCP Coastal Fin. Corp. of SC 24.37 4,641 113.1 27.75 14.25 24.25 0.49 143.70 54.73 CMSV Commty. Svgs, MHC of FL (48.5) 38.00 5,090 93.9 39.25 16.75 36.50 4.11 N.A. 85.37 CFTP Community Fed. Bancorp of MS 17.50 4,629 81.0 20.00 13.50 17.50 0.00 N.A. 2.94 CFFC Community Fin. Corp. of VA 23.50 1,275 30.0 23.50 20.50 23.00 2.17 235.71 13.25 CFBC Community First Bnkg Co. of GA 39.25 2,414 94.7 40.00 31.87 40.00 -1.88 N.A. N.A. CIBI Community Inv. Bancorp of OH 15.25 929 14.2 16.00 10.33 15.25 0.00 N.A. 34.60 COOP Cooperative Bk.for Svgs. of NC 15.50 2,983 46.2 17.00 9.25 16.87 -8.12 210.00 53.16 CRZY Crazy Woman Creek Bncorp of WY 15.12 955 14.4 15.12 11.25 15.12 0.00 N.A. 26.00 DNFC D&N Financial Corp. of MI 23.75 8,191 194.5 24.00 13.75 22.75 4.40 171.43 41.79 DCBI Delphos Citizens Bancorp of OH 17.75 2,039 36.2 18.00 11.75 17.75 0.00 N.A. 47.92 DIME Dime Community Bancorp of NY 22.50 13,093 294.6 23.12 13.25 22.00 2.27 N.A. 52.54 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 - --------------------- -------- ------- ------- ------- -------- ($) ($) ($) ($) ($) NASDAQ Listed OTC Companies (continued) - ---------------------------------------- ATSB AmTrust Capital Corp. of IN 0.25 0.41 14.19 14.05 137.35 AHCI Ambanc Holding Co., Inc. of NY* -0.64 -0.67 14.29 14.29 110.42 ASBI Ameriana Bancorp of IN 0.75 1.05 13.49 13.48 123.14 AFFFZ America First Fin. Fund of CA(8) 5.51 6.76 30.76 30.38 364.44 ANBK American Nat'l Bancorp of MD(8) 0.37 0.86 12.54 12.54 139.86 ABCW Anchor Bancorp Wisconsin of WI 1.55 2.00 13.24 13.00 212.83 ANDB Andover Bancorp, Inc. of MA* 2.57 2.65 19.59 19.59 243.00 ASFC Astoria Financial Corp. of NY 1.96 2.80 28.59 24.01 365.36 AVND Avondale Fin. Corp. of IL -0.85 -2.63 15.85 15.85 173.75 BKCT Bancorp Connecticut of CT* 2.15 2.03 17.32 17.32 169.05 BPLS Bank Plus Corp. of CA -0.46 0.04 9.27 9.26 183.03 BWFC Bank West Fin. Corp. of MI 0.53 0.47 12.89 12.89 88.80 BANC BankAtlantic Bancorp of FL 0.98 0.71 6.83 5.61 121.50 BKUNA BankUnited SA of FL 0.29 0.48 7.59 6.15 203.77 BVCC Bay View Capital Corp. of CA 0.97 1.58 15.12 12.69 238.56 FSNJ Bayonne Banchsares of NJ -0.24 -0.04 9.91 9.91 68.72 BFSB Bedford Bancshares of VA 1.14 1.46 16.80 16.80 118.61 BFFC Big Foot Fin. Corp. of IL 0.04 0.35 14.34 14.34 84.46 BSBC Branford SB of CT(8)* 0.32 0.32 2.64 2.64 28.44 BYFC Broadway Fin. Corp. of CA -0.19 0.29 14.65 14.65 146.40 CBES CBES Bancorp of MO 0.84 1.03 17.34 17.34 98.61 CCFH CCF Holding Company of GA 0.05 0.07 14.36 14.36 122.93 CENF CENFED Financial Corp. of CA 1.98 2.82 20.85 20.81 400.68 CFSB CFSB Bancorp of Lansing MI 1.37 1.73 12.65 12.65 165.90 CKFB CKF Bancorp of Danville KY 1.17 0.86 15.75 15.75 65.74 CNSB CNS Bancorp of MO 0.25 0.46 14.84 14.84 59.50 CSBF CSB Financial Group Inc of IL* 0.21 0.32 12.77 12.04 50.95 CBCI Calumet Bancorp of Chicago IL 2.72 3.45 36.46 36.46 235.23 CAFI Camco Fin. Corp. of OH 1.11 1.24 14.58 13.45 152.41 CMRN Cameron Fin. Corp. of MO 0.78 0.97 17.18 17.18 79.22 CAPS Capital Savings Bancorp of MO 0.82 1.15 11.28 11.28 128.18 CFNC Carolina Fincorp of NC* 0.68 0.65 13.75 13.75 60.24 CASB Cascade SB of Everett WA(8) 0.47 0.71 8.78 8.78 143.24 CATB Catskill Fin. Corp. of NY* 0.85 0.86 15.08 15.08 60.22 CNIT Cenit Bancorp of Norfolk VA 3.75 3.44 31.12 28.58 430.03 CEBK Central Co-Op. Bank of MA* 1.44 1.46 17.07 15.20 163.33 CENB Century Bancshares of NC* 4.33 4.36 74.45 74.45 247.27 CBSB Charter Financial Inc. of IL 1.05 1.47 13.71 12.13 94.76 COFI Charter One Financial of OH 2.98 3.73 21.15 19.80 315.35 CVAL Chester Valley Bancorp of PA 0.89 1.27 12.52 12.52 149.71 CTZN CitFed Bancorp of Dayton OH 1.94 2.73 22.83 20.57 358.59 CLAS Classic Bancshares of KY 0.45 0.63 14.84 12.52 100.81 CMSB Cmnwealth Bancorp of PA 0.69 0.88 12.89 10.08 133.89 CBSA Coastal Bancorp of Houston TX 1.45 2.52 19.85 16.50 596.15 CFCP Coastal Fin. Corp. of SC 0.95 1.04 6.68 6.68 108.33 CMSV Commty. Svgs, MHC of FL (48.5) 0.73 1.09 15.46 15.46 137.48 CFTP Community Fed. Bancorp of MS 0.59 0.72 12.40 12.40 45.16 CFFC Community Fin. Corp. of VA 1.32 1.67 18.86 18.86 137.58 CFBC Community First Bnkg Co. of GA 1.05 1.06 28.74 28.35 186.68 CIBI Community Inv. Bancorp of OH 0.63 0.96 11.96 11.96 99.36 COOP Cooperative Bk.for Svgs. of NC -0.90 0.22 9.02 9.02 118.15 CRZY Crazy Woman Creek Bncorp of WY 0.58 0.71 14.67 14.67 56.83 DNFC D&N Financial Corp. of MI 1.10 1.45 10.95 10.84 196.42 DCBI Delphos Citizens Bancorp of OH 0.72 0.72 14.93 14.93 52.56 DIME Dime Community Bancorp of NY 0.94 1.01 14.58 12.56 100.44 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ------------------------ ----------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) ---------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) ------------------------------------------ DIBK Dime Financial Corp. of CT* 31.25 5,147 160.8 31.75 16.50 30.50 2.46 197.62 81.16 EGLB Eagle BancGroup of IL 19.00 1,238 23.5 19.00 13.12 18.50 2.70 N.A. 27.77 EBSI Eagle Bancshares of Tucker GA 19.37 5,660 109.6 20.94 13.62 19.37 0.00 167.17 24.97 EGFC Eagle Financial Corp. of CT 40.25 6,279 252.7 40.25 26.50 39.50 1.90 360.00 31.97 ETFS East Texas Fin. Serv. of TX 21.37 1,025 21.9 21.37 14.75 20.50 4.24 N.A. 30.54 EMLD Emerald Financial Corp of OH 17.00 5,062 86.1 17.00 10.50 16.50 3.03 N.A. 51.11 EIRE Emerald Island Bancorp, MA* 25.00 2,246 56.2 25.87 12.40 25.50 -1.96 228.08 56.25 EFBC Empire Federal Bancorp of MT 18.00 2,592 46.7 18.25 12.50 18.00 0.00 N.A. N.A. EFBI Enterprise Fed. Bancorp of OH 25.50 1,985 50.6 27.37 14.00 25.25 0.99 N.A. 75.86 EQSB Equitable FSB of Wheaton MD 43.75 602 26.3 43.75 26.25 42.50 2.94 N.A. 54.87 FCBF FCB Fin. Corp. of Neenah WI 27.50 4,073 112.0 28.13 18.25 27.50 0.00 N.A. 48.65 FFBS FFBS Bancorp of Columbus MS 23.00 1,557 35.8 26.00 21.00 21.25 8.24 N.A. 0.00 FFDF FFD Financial Corp. of OH 18.37 1,455 26.7 18.37 11.50 17.37 5.76 N.A. 38.64 FFLC FFLC Bancorp of Leesburg FL 34.12 2,301 78.5 34.12 18.25 30.75 10.96 N.A. 58.70 FFFC FFVA Financial Corp. of VA 33.00 4,521 149.2 34.75 17.75 33.62 -1.84 N.A. 60.98 FFWC FFW Corporation of Wabash IN 32.25 711 22.9 32.25 20.25 30.25 6.61 N.A. 47.39 FFYF FFY Financial Corp. of OH 27.62 4,145 114.5 28.25 24.00 27.87 -0.90 N.A. 9.13 FMCO FMS Financial Corp. of NJ 29.00 2,388 69.3 31.50 15.63 27.25 6.42 222.22 58.90 FFHH FSF Financial Corp. of MN 20.31 3,033 61.6 21.00 13.62 19.75 2.84 N.A. 34.33 FOBC Fed One Bancorp of Wheeling WV 25.87 2,373 61.4 27.00 15.37 26.00 -0.50 158.70 64.25 FBCI Fidelity Bancorp of Chicago IL 25.00 2,792 69.8 25.62 16.37 25.62 -2.42 N.A. 47.06 FSBI Fidelity Bancorp, Inc. of PA 23.50 1,550 36.4 23.50 16.82 22.25 5.62 204.01 29.26 FFFL Fidelity FSB, MHC of FL (47.7) 31.50 6,771 101.6 31.50 15.75 29.94 5.21 N.A. 77.46 FFED Fidelity Fed. Bancorp of IN 9.25 2,487 23.0 11.75 7.50 9.38 -1.39 31.21 -5.13 FFOH Fidelity Financial of OH 15.50 5,579 86.5 16.37 10.12 15.75 -1.59 N.A. 34.78 FIBC Financial Bancorp, Inc. of NY 22.50 1,722 38.7 23.94 14.00 22.75 -1.10 N.A. 50.00 FBSI First Bancshares of MO 25.50 1,096 27.9 25.50 15.00 23.00 10.87 100.00 53.43 FBBC First Bell Bancorp of PA 17.25 6,511 112.3 17.50 13.12 17.25 0.00 N.A. 30.19 FBER First Bergen Bancorp of NJ 17.87 3,000 53.6 19.50 11.00 18.75 -4.69 N.A. 55.39 SKBO First Carnegie,MHC of PA(45.0) 19.00 2,300 19.7 19.50 11.62 19.12 -0.63 N.A. N.A. FSTC First Citizens Corp of GA 35.25 1,833 64.6 35.25 21.25 35.00 0.71 182.00 39.60 FCME First Coastal Corp. of ME* 14.37 1,359 19.5 15.75 6.62 14.25 0.84 N.A. 85.42 FFBA First Colorado Bancorp of Co 20.75 16,561 343.6 21.50 15.00 21.00 -1.19 528.79 22.06 FDEF First Defiance Fin.Corp. of OH 16.00 9,366 149.9 16.00 10.87 15.75 1.59 N.A. 29.35 FESX First Essex Bancorp of MA* 19.12 7,527 143.9 20.50 11.75 20.00 -4.40 218.67 45.73 FFES First FS&LA of E. Hartford CT 35.75 2,676 95.7 37.12 18.75 36.75 -2.72 450.00 55.43 FFSX First FS&LA. MHC of IA (46.1) 33.00 2,828 43.0 35.00 20.75 29.50 11.86 394.75 69.23 BDJI First Fed. Bancorp. of MN 23.75 683 16.2 23.75 16.00 22.00 7.95 N.A. 28.38 FFBH First Fed. Bancshares of AR 21.75 4,896 106.5 21.75 15.50 21.50 1.16 N.A. 37.05 FTFC First Fed. Capital Corp. of WI 28.00 9,141 255.9 29.00 15.00 28.50 -1.75 273.33 78.69 FFKY First Fed. Fin. Corp. of KY 21.25 4,170 88.6 23.00 17.75 21.00 1.19 34.92 4.94 FFBZ First Federal Bancorp of OH 18.75 1,572 29.5 20.50 13.25 20.50 -8.54 87.50 17.19 FFCH First Fin. Holdings Inc. of SC 38.00 6,357 241.6 39.25 19.50 38.50 -1.30 210.20 68.89 FFBI First Financial Bancorp of IL 19.50 415 8.1 19.50 15.50 19.50 0.00 N.A. 22.87 FFHC First Financial Corp. of WI(8) 35.50 36,209 1,285.4 36.87 20.40 35.25 0.71 125.40 44.90 FFHS First Franklin Corp. of OH 23.00 1,192 27.4 23.75 14.25 23.00 0.00 75.30 39.39 FGHC First Georgia Hold. Corp of GA 8.50 3,052 25.9 9.50 4.17 9.00 -5.56 121.93 49.91 FSPG First Home Bancorp of NJ 23.25 2,708 63.0 23.25 13.50 23.25 0.00 287.50 67.63 FFSL First Independence Corp. of KS 14.62 997 14.6 14.75 9.81 14.75 -0.88 N.A. 40.98 FISB First Indiana Corp. of IN 24.00 10,561 253.5 26.00 17.37 24.75 -3.03 77.78 12.15 FKFS First Keystone Fin. Corp of PA 32.75 1,228 40.2 33.25 18.25 32.25 1.55 N.A. 70.13 FLKY First Lancaster Bncshrs of KY 16.12 959 15.5 16.25 14.00 15.87 1.58 N.A. 10.26 FLFC First Liberty Fin. Corp. of GA 25.25 7,725 195.1 25.50 16.50 25.25 0.00 397.05 37.45 CASH First Midwest Fin. Corp. of IA 19.87 2,734 54.3 20.75 15.00 19.87 0.00 N.A. 29.62 FMBD First Mutual Bancorp of IL 19.50 3,507 68.4 19.75 13.50 19.00 2.63 N.A. 30.00 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share --------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) NASDAQ Listed OTC Companies (continued) --------------------------------------- DIBK Dime Financial Corp. of CT* 2.82 2.83 13.52 13.08 169.78 EGLB Eagle BancGroup of IL -0.12 0.27 16.69 16.69 140.80 EBSI Eagle Bancshares of Tucker GA 0.64 0.87 12.45 12.45 149.91 EGFC Eagle Financial Corp. of CT 0.19 1.08 22.02 17.19 320.65 ETFS East Texas Fin. Serv. of TX 0.34 0.70 19.97 19.97 109.95 EMLD Emerald Financial Corp of OH 0.81 1.00 9.03 8.89 119.14 EIRE Emerald Island Bancorp, MA* 1.52 1.60 13.39 13.39 189.23 EFBC Empire Federal Bancorp of MT 0.35 0.46 14.76 14.76 42.30 EFBI Enterprise Fed. Bancorp of OH 0.82 0.92 15.94 15.92 129.32 EQSB Equitable FSB of Wheaton MD 2.20 3.51 25.80 25.80 511.96 FCBF FCB Fin. Corp. of Neenah WI 0.60 0.71 11.65 11.65 66.58 FFBS FFBS Bancorp of Columbus MS 0.95 1.20 16.15 16.15 83.98 FFDF FFD Financial Corp. of OH 0.98 0.55 14.76 14.76 60.48 FFLC FFLC Bancorp of Leesburg FL 1.07 1.54 22.68 22.68 168.23 FFFC FFVA Financial Corp. of VA 1.32 1.60 16.29 15.95 123.62 FFWC FFW Corporation of Wabash IN 1.89 2.36 24.11 21.72 253.24 FFYF FFY Financial Corp. of OH 1.28 1.82 19.82 19.82 144.57 FMCO FMS Financial Corp. of NJ 1.56 2.29 15.24 14.97 232.38 FFHH FSF Financial Corp. of MN 0.78 0.99 14.16 14.16 124.71 FOBC Fed One Bancorp of Wheeling WV 0.99 1.41 16.63 15.86 150.32 FBCI Fidelity Bancorp of Chicago IL 0.95 1.33 18.22 18.18 175.45 FSBI Fidelity Bancorp, Inc. of PA 1.08 1.72 15.83 15.83 234.39 FFFL Fidelity FSB, MHC of FL (47.7) 0.50 0.79 12.36 12.27 147.58 FFED Fidelity Fed. Bancorp of IN 0.05 0.31 5.20 5.20 96.50 FFOH Fidelity Financial of OH 0.51 0.75 12.17 10.74 94.06 FIBC Financial Bancorp, Inc. of NY 0.87 1.55 15.35 15.28 164.04 FBSI First Bancshares of MO 1.29 1.56 20.26 20.23 149.61 FBBC First Bell Bancorp of PA 1.06 1.23 10.78 10.78 109.72 FBER First Bergen Bancorp of NJ 0.38 0.66 13.47 13.47 94.92 SKBO First Carnegie,MHC of PA(45.0) 0.33 0.33 10.52 10.52 63.97 FSTC First Citizens Corp of GA 1.45 1.43 16.26 12.20 178.05 FCME First Coastal Corp. of ME* 4.50 4.36 10.35 10.35 112.13 FFBA First Colorado Bancorp of Co 0.78 0.77 11.76 11.60 91.17 FDEF First Defiance Fin.Corp. of OH 0.43 0.59 12.57 12.57 58.96 FESX First Essex Bancorp of MA* 1.32 1.15 11.54 10.02 165.46 FFES First FS&LA of E. Hartford CT 1.52 2.50 23.63 23.63 367.56 FFSX First FS&LA. MHC of IA (46.1) 0.69 1.19 13.74 13.63 165.69 BDJI First Fed. Bancorp. of MN 0.47 1.00 17.60 17.60 161.92 FFBH First Fed. Bancshares of AR 0.81 1.11 16.36 16.36 109.31 FTFC First Fed. Capital Corp. of WI 1.18 1.37 10.64 9.97 167.40 FFKY First Fed. Fin. Corp. of KY 1.14 1.36 12.39 11.66 90.50 FFBZ First Federal Bancorp of OH 0.88 1.23 9.66 9.65 128.03 FFCH First Fin. Holdings Inc. of SC 1.43 2.10 16.03 16.03 262.26 FFBI First Financial Bancorp of IL -0.85 0.94 17.63 17.63 203.69 FFHC First Financial Corp. of WI(8) 1.51 2.03 11.67 11.37 163.81 FFHS First Franklin Corp. of OH 0.36 1.21 17.17 17.06 190.39 FGHC First Georgia Hold. Corp of GA 0.32 0.25 4.21 3.86 51.24 FSPG First Home Bancorp of NJ 1.64 2.14 12.85 12.64 192.91 FFSL First Independence Corp. of KS 0.47 0.75 11.60 11.60 111.21 FISB First Indiana Corp. of IN 1.17 1.43 13.77 13.60 144.00 FKFS First Keystone Fin. Corp of PA 1.35 1.93 19.09 19.09 261.24 FLKY First Lancaster Bncshrs of KY 0.47 0.57 14.71 14.71 44.64 FLFC First Liberty Fin. Corp. of GA 1.32 1.08 12.30 11.09 166.85 CASH First Midwest Fin. Corp. of IA 1.00 1.27 15.62 13.84 137.10 FMBD First Mutual Bancorp of IL 0.10 0.32 15.30 11.59 119.10 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data --------------------- ---------------------------------------- Shares Market 52 Week (1) % Change From ------------ ---------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ------- ------ --------- -------- ------ ------ ----- ------ ------ ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- FMSB First Mutual SB of Bellevue WA* 29.50 2,702 79.7 29.50 12.73 27.25 8.26 280.65 85.42 FNGB First Northern Cap. Corp of WI 13.00 8,834 114.8 14.00 8.00 13.62 -4.55 79.06 59.90 FFPB First Palm Beach Bancorp of FL 40.25 5,031 202.5 40.56 22.75 39.37 2.24 N.A. 70.41 FSLA First SB SLA MHC of NJ (47.5) 44.50 7,990 151.5 44.50 14.05 36.00 23.61 345.00 164.57 SOPN First SB, SSB, Moore Co. of NC 23.94 3,679 88.1 25.00 17.50 24.50 -2.29 N.A. 27.68 FWWB First Savings Bancorp of WA* 26.25 10,519 276.1 26.25 16.56 24.75 6.06 N.A. 42.90 SHEN First Shenango Bancorp of PA 32.50 2,072 67.3 33.37 20.50 32.87 -1.13 N.A. 44.44 FSFC First So.east Fin. Corp. of SC(8) 16.00 4,388 70.2 16.75 9.25 16.25 -1.54 N.A. 70.58 FBNW FirstBank Corp of Clarkston WA 17.12 1,984 34.0 19.00 15.50 17.00 0.71 N.A. N.A. FFDB FirstFed Bancorp of AL 19.75 1,148 22.7 19.75 12.50 17.75 11.27 N.A. 58.00 FSPT FirstSpartan Fin. Corp. of SC 38.50 4,430 170.6 39.00 35.00 38.75 -0.65 N.A. N.A. FLAG Flag Financial Corp of GA 17.50 2,037 35.6 18.00 10.25 16.75 4.48 78.57 62.79 FLGS Flagstar Bancorp, Inc of MI 19.50 13,670 266.6 21.50 13.00 20.50 -4.88 N.A. N.A. FFIC Flushing Fin. Corp. of NY* 23.06 7,979 184.0 24.00 17.37 23.00 0.26 N.A. 27.26 FBHC Fort Bend Holding Corp. of TX 23.00 1,654 38.0 24.00 9.38 22.50 2.22 N.A. 80.39 FTSB Fort Thomas Fin. Corp. of KY 14.37 1,495 21.5 14.75 9.25 14.00 2.64 N.A. -1.71 FKKY Frankfort First Bancorp of KY 10.25 3,280 33.6 12.25 8.00 10.00 2.50 N.A. -9.85 FTNB Fulton Bancorp of MO 23.00 1,719 39.5 26.50 12.50 22.50 2.22 N.A. 49.64 GFSB GFS Bancorp of Grinnell IA 16.44 988 16.2 16.44 10.12 14.75 11.46 N.A. 54.80 GUPB GFSB Bancorp of Gallup NM 21.88 801 17.5 22.00 13.75 21.75 0.60 N.A. 37.87 GSLA GS Financial Corp. of LA 17.00 3,438 58.4 17.00 13.37 16.37 3.85 N.A. N.A. GOSB GSB Financial Corp. of NY 15.50 2,248 34.8 16.75 14.25 16.25 -4.62 N.A. N.A. GWBC Gateway Bancorp of KY(8) 19.00 1,076 20.4 19.00 13.75 18.00 5.56 N.A. 33.33 GBCI Glacier Bancorp of MT 22.00 6,812 149.9 22.50 15.33 19.37 13.58 355.49 34.72 GFCO Glenway Financial Corp. of OH 32.00 1,140 36.5 32.00 18.25 30.25 5.79 N.A. 56.10 GTPS Great American Bancorp of IL 19.00 1,760 33.4 19.50 13.87 18.50 2.70 N.A. 28.29 GTFN Great Financial Corp. of KY(8) 43.75 13,791 603.4 43.75 28.25 43.00 1.74 N.A. 50.24 GSBC Great Southern Bancorp of MO 21.50 8,105 174.3 21.50 15.21 19.75 8.86 636.30 20.72 GDVS Greater DV SB,MHC of PA (19.9)* 30.12 3,272 19.6 30.12 9.25 24.25 24.21 N.A. 190.45 GSFC Green Street Fin. Corp. of NC 20.12 4,298 86.5 20.75 14.87 20.25 -0.64 N.A. 29.81 GFED Guarnty FS&LA,MHC of MO (31.0)(8) 26.75 3,125 25.9 27.87 10.50 24.75 8.08 N.A. 121.81 HCBB HCB Bancshares of AR 13.87 2,645 36.7 14.12 12.62 13.62 1.84 N.A. N.A. HEMT HF Bancorp of Hemet CA 16.50 6,282 103.7 17.12 10.50 17.12 -3.62 N.A. 48.38 HFFC HF Financial Corp. of SD 25.87 2,979 77.1 27.00 15.00 26.50 -2.38 417.40 49.45 HFNC HFNC Financial Corp. of NC 16.62 17,192 285.7 22.06 14.87 15.87 4.73 N.A. -6.99 HMNF HMN Financial, Inc. of MN 25.25 4,212 106.4 25.75 17.00 25.50 -0.98 N.A. 39.35 HALL Hallmark Capital Corp. of WI 29.25 1,443 42.2 29.25 17.00 27.00 8.33 N.A. 64.79 HARB Harbor FSB, MHC of FL (46.6)(8) 65.75 4,970 152.3 65.75 29.50 55.87 17.68 N.A. 83.92 HRBF Harbor Federal Bancorp of MD 23.00 1,693 38.9 23.50 15.00 23.50 -2.13 130.00 46.03 HFSA Hardin Bancorp of Hardin MO 18.06 859 15.5 18.50 12.00 18.12 -0.33 N.A. 44.48 HARL Harleysville SA of PA 26.12 1,652 43.2 28.00 14.00 26.12 0.00 47.15 65.32 HFGI Harrington Fin. Group of IN 13.25 3,257 43.2 13.50 9.75 13.50 -1.85 N.A. 23.26 HARS Harris SB, MHC of PA (24.3) 53.50 11,223 145.7 53.50 15.00 47.06 13.68 N.A. 193.15 HFFB Harrodsburg 1st Fin Bcrp of KY 16.12 2,025 32.6 19.00 14.75 16.12 0.00 N.A. -14.57 HHFC Harvest Home Fin. Corp. of OH 13.00 915 11.9 13.00 9.25 12.75 1.96 N.A. 33.33 HAVN Haven Bancorp of Woodhaven NY 44.75 4,377 195.9 44.75 26.62 43.00 4.07 N.A. 56.36 HTHR Hawthorne Fin. Corp. of CA 20.00 3,035 60.7 20.00 6.62 19.00 5.26 -27.27 146.00 HMLK Hemlock Fed. Fin. Corp. of IL 17.37 2,076 36.1 17.37 12.50 16.50 5.27 N.A. N.A. HBNK Highland Federal Bank of CA 31.50 2,300 72.5 31.50 14.75 31.00 1.61 N.A. 85.29 HIFS Hingham Inst. for Sav. of MA* 29.00 1,303 37.8 29.00 15.50 27.75 4.50 535.96 54.67 HBEI Home Bancorp of Elgin IL 18.06 6,856 123.8 19.31 12.25 17.75 1.75 N.A. 33.78 HBFW Home Bancorp of Fort Wayne IN 24.25 2,525 61.2 24.75 16.75 24.50 -1.02 N.A. 27.63 HBBI Home Building Bancorp of IN 23.25 312 7.3 23.25 17.00 22.00 5.68 N.A. 17.72 HCFC Home City Fin. Corp. of OH 16.00 952 15.2 16.25 12.00 15.75 1.59 N.A. 20.75 HOMF Home Fed Bancorp of Seymour IN 32.50 3,396 110.4 34.25 19.83 33.00 -1.52 223.38 26.21 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) - --------------------------------------- FMSB First Mutual SB of Bellevue WA* 1.56 1.52 10.91 10.91 159.89 FNGB First Northern Cap. Corp of WI 0.44 0.63 8.14 8.14 72.19 FFPB First Palm Beach Bancorp of FL -0.09 0.08 21.76 21.23 331.23 FSLA First SB SLA MHC of NJ (47.5) 0.72 1.14 12.18 10.86 129.26 SOPN First SB, SSB, Moore Co. of NC 1.06 1.27 18.26 18.26 79.97 FWWB First Savings Bancorp of WA* 0.89 0.84 14.13 13.00 95.79 SHEN First Shenango Bancorp of PA 1.69 2.20 21.75 21.75 198.56 FSFC First So.east Fin. Corp. of SC(8) 0.53 0.80 7.99 7.99 79.43 FBNW FirstBank Corp of Clarkston WA 0.54 0.44 14.00 14.00 77.62 FFDB FirstFed Bancorp of AL 0.95 1.45 14.48 13.20 153.77 FSPT FirstSpartan Fin. Corp. of SC 1.00 1.16 27.63 27.63 104.97 FLAG Flag Financial Corp of GA -0.03 0.17 10.44 10.44 108.95 FLGS Flagstar Bancorp, Inc of MI 0.00 0.00 6.07 6.07 111.13 FFIC Flushing Fin. Corp. of NY* 0.93 0.97 16.68 16.68 107.79 FBHC Fort Bend Holding Corp. of TX 0.37 0.86 11.62 10.82 192.67 FTSB Fort Thomas Fin. Corp. of KY 0.33 0.50 10.40 10.40 64.84 FKKY Frankfort First Bancorp of KY -0.11 0.22 6.81 6.81 40.26 FTNB Fulton Bancorp of MO 0.51 0.61 14.69 14.69 58.50 GFSB GFS Bancorp of Grinnell IA 0.88 1.08 10.66 10.66 93.18 GUPB GFSB Bancorp of Gallup NM 0.79 1.00 17.41 17.41 117.09 GSLA GS Financial Corp. of LA 0.34 0.34 16.36 16.36 35.85 GOSB GSB Financial Corp. of NY 0.52 0.44 13.78 13.78 50.92 GWBC Gateway Bancorp of KY(8) 0.52 0.72 16.04 16.04 59.32 GBCI Glacier Bancorp of MT 1.10 1.23 8.12 7.90 83.33 GFCO Glenway Financial Corp. of OH 1.06 1.78 23.89 23.57 251.83 GTPS Great American Bancorp of IL 0.19 0.24 16.68 16.68 77.83 GTFN Great Financial Corp. of KY(8) 1.59 1.51 20.40 19.53 220.89 GSBC Great Southern Bancorp of MO 1.15 1.30 7.45 7.45 87.33 GDVS Greater DV SB,MHC of PA (19.9)* 0.23 0.42 8.64 8.64 74.69 GSFC Green Street Fin. Corp. of NC 0.56 0.68 14.73 14.73 40.62 GFED Guarnty FS&LA,MHC of MO (31.0)(8) 0.37 0.56 8.80 8.80 63.83 HCBB HCB Bancshares of AR 0.09 0.10 14.27 13.73 75.75 HEMT HF Bancorp of Hemet CA -0.40 -2.74 12.87 10.53 156.71 HFFC HF Financial Corp. of SD 1.23 1.67 17.78 17.78 188.54 HFNC HFNC Financial Corp. of NC 0.43 0.59 9.37 9.37 52.08 HMNF HMN Financial, Inc. of MN 0.94 1.17 19.42 19.42 134.58 HALL Hallmark Capital Corp. of WI 1.33 1.68 20.56 20.56 284.01 HARB Harbor FSB, MHC of FL (46.6)(8) 2.05 2.64 18.85 18.23 224.69 HRBF Harbor Federal Bancorp of MD 0.58 0.90 16.48 16.48 127.80 HFSA Hardin Bancorp of Hardin MO 0.58 0.89 15.69 15.69 125.75 HARL Harleysville SA of PA 1.46 2.00 13.31 13.31 203.79 HFGI Harrington Fin. Group of IN 0.61 0.51 7.67 7.67 137.18 HARS Harris SB, MHC of PA (24.3) 0.79 0.99 14.59 12.76 182.15 HFFB Harrodsburg 1st Fin Bcrp of KY 0.55 0.73 14.49 14.49 53.80 HHFC Harvest Home Fin. Corp. of OH 0.23 0.50 11.35 11.35 90.82 HAVN Haven Bancorp of Woodhaven NY 2.09 3.11 24.20 24.12 407.02 HTHR Hawthorne Fin. Corp. of CA 0.64 1.38 13.07 13.07 284.38 HMLK Hemlock Fed. Fin. Corp. of IL 0.10 0.55 14.88 14.88 79.26 HBNK Highland Federal Bank of CA 0.96 1.41 16.39 16.39 219.30 HIFS Hingham Inst. for Sav. of MA* 1.86 1.86 15.62 15.62 166.99 HBEI Home Bancorp of Elgin IL 0.25 0.43 13.73 13.73 51.43 HBFW Home Bancorp of Fort Wayne IN 0.72 1.15 17.62 17.62 132.62 HBBI Home Building Bancorp of IN 0.29 0.74 18.51 18.51 144.44 HCFC Home City Fin. Corp. of OH 0.61 0.80 15.00 15.00 73.49 HOMF Home Fed Bancorp of Seymour IN 2.02 2.35 17.05 16.53 201.06 RP FINANCIAL, LC. - --------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ---------------------------- ------------------------------------------------- Shares Market 52 Week (1) % Change From ---------------- ------------------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ---------- ------ ---------- --------- ------ ------ ------ ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- HWEN Home Financial Bancorp of IN 17.00 470 8.0 17.25 12.00 16.75 1.49 N.A. 33.33 HPBC Home Port Bancorp, Inc. of MA* 24.50 1,842 45.1 24.50 15.75 24.12 1.58 206.25 48.48 HMCI Homecorp, Inc. of Rockford IL 19.25 1,693 32.6 19.25 11.83 17.50 10.00 92.50 50.98 HZFS Horizon Fin'l. Services of IA 26.00 426 11.1 26.00 14.50 20.00 30.00 N.A. 71.96 HRZB Horizon Financial Corp. of WA* 17.50 7,417 129.8 17.50 10.65 17.00 2.94 53.24 49.06 IBSF IBS Financial Corp. of NJ 17.87 11,012 196.8 18.75 12.94 17.12 4.38 N.A. 31.49 ISBF ISB Financial Corp. of LA 26.75 6,901 184.6 27.75 15.63 26.87 -0.45 N.A. 48.61 ITLA Imperial Thrift & Loan of CA* 20.62 7,836 161.6 21.12 14.00 20.75 -0.63 N.A. 37.47 IFSB Independence FSB of DC 15.00 1,281 19.2 15.00 7.00 14.50 3.45 650.00 87.50 INCB Indiana Comm. Bank, SB of IN 15.00 922 13.8 19.00 14.50 15.25 -1.64 N.A. -7.69 INBI Industrial Bancorp of OH 18.00 5,277 95.0 18.00 12.00 17.50 2.86 N.A. 41.18 IWBK Interwest SB of Oak Harbor WA 40.50 8,036 325.5 43.25 27.62 40.31 0.47 305.00 25.58 IPSW Ipswich SB of Ipswich MA* 13.50 2,376 32.1 14.12 4.87 12.75 5.88 N.A. 125.00 JXVL Jacksonville Bancorp of TX 18.94 2,490 47.2 19.00 12.62 18.25 3.78 N.A. 29.55 JXSB Jcksnville SB,MHC of IL (45.6) 22.50 1,272 13.1 23.25 11.50 22.00 2.27 N.A. 69.81 JSBA Jefferson Svgs Bancorp of MO 42.00 5,005 210.2 43.00 22.25 40.87 2.76 N.A. 61.54 JOAC Joachim Bancorp of MO 15.63 722 11.3 15.63 14.00 15.00 4.20 N.A. 7.79 KSAV KS Bancorp of Kenly NC 20.50 885 18.1 20.50 14.06 18.75 9.33 N.A. 37.49 KSBK KSB Bancorp of Kingfield ME(8)* 14.00 1,238 17.3 16.00 7.08 13.12 6.71 N.A. 82.53 KFBI Klamath First Bancorp of OR 23.00 10,019 230.4 24.25 13.94 24.25 -5.15 N.A. 46.03 LSBI LSB Fin. Corp. of Lafayette IN 26.75 932 24.9 26.75 16.43 26.00 2.88 N.A. 44.05 LVSB Lakeview SB of Paterson NJ 43.25 2,302 99.6 44.50 21.48 42.75 1.17 N.A. 73.90 LARK Landmark Bancshares of KS 26.50 1,711 45.3 27.25 16.00 25.25 4.95 N.A. 47.22 LARL Laurel Capital Group of PA 25.00 1,443 36.1 25.00 15.00 24.87 0.52 95.31 51.52 LSBX Lawrence Savings Bank of MA* 15.81 4,274 67.6 15.81 6.75 13.00 21.62 359.59 94.46 LFED Leeds FSB, MHC of MD (36.3) 31.25 3,455 39.2 32.25 13.50 30.50 2.46 N.A. 95.31 LXMO Lexington B&L Fin. Corp. of MO 16.75 1,138 19.1 16.75 11.50 16.50 1.52 N.A. 24.07 LIFB Life Bancorp of Norfolk VA 24.94 9,847 245.6 26.62 16.75 26.25 -4.99 N.A. 38.56 LFBI Little Falls Bancorp of NJ 18.50 2,745 50.8 18.75 11.50 18.50 0.00 N.A. 45.10 LOGN Logansport Fin. Corp. of IN 16.00 1,260 20.2 16.00 11.12 15.75 1.59 N.A. 42.22 LONF London Financial Corp. of OH 18.00 515 9.3 18.00 11.25 16.00 12.50 N.A. 27.48 LISB Long Island Bancorp, Inc of NY 46.56 23,968 1,116.0 47.50 28.25 45.75 1.77 N.A. 33.03 MAFB MAF Bancorp of IL 33.00 15,393 508.0 34.75 17.50 33.25 -0.75 288.24 42.43 MBLF MBLA Financial Corp. of MO 26.25 1,298 34.1 27.00 19.00 26.25 0.00 N.A. 38.16 MFBC MFB Corp. of Mishawaka IN 23.75 1,690 40.1 23.75 15.50 23.75 0.00 N.A. 42.90 MLBC ML Bancorp of Villanova PA(8) 29.00 11,293 327.5 29.00 13.75 28.25 2.65 N.A. 105.38 MSBF MSB Financial Corp. of MI 16.00 1,249 20.0 18.00 9.12 17.25 -7.25 N.A. 68.42 MGNL Magna Bancorp of MS(8) 31.50 13,754 433.3 32.31 16.75 30.00 5.00 530.00 80.00 MARN Marion Capital Holdings of IN 26.87 1,768 47.5 28.00 19.25 26.25 2.36 N.A. 39.58 MRKF Market Fin. Corp. of OH 14.75 1,336 19.7 15.25 12.25 14.75 0.00 N.A. N.A. MFCX Marshalltown Fin. Corp. of IA(8) 17.06 1,411 24.1 17.25 14.25 17.00 0.35 N.A. 14.73 MFSL Maryland Fed. Bancorp of MD 47.62 3,210 152.9 50.50 30.71 46.50 2.41 353.52 37.04 MASB MassBank Corp. of Reading MA* 47.50 3,575 169.8 47.75 24.84 46.00 3.26 381.74 66.14 MFLR Mayflower Co-Op. Bank of MA* 21.00 890 18.7 21.00 14.75 20.00 5.00 320.00 23.53 MECH Mechanics SB of Hartford CT* 25.87 5,290 136.9 27.25 15.37 25.62 0.98 N.A. 64.25 MDBK Medford Bank of Medford, MA* 36.12 4,541 164.0 36.50 24.00 35.50 1.75 416.00 40.27 MERI Meritrust FSB of Thibodaux LA 47.25 774 36.6 48.00 30.75 48.00 -1.56 N.A. 49.43 MWBX MetroWest Bank of MA* 8.37 13,953 116.8 9.00 4.00 8.25 1.45 103.16 55.87 MCBS Mid Continent Bancshares of KS(8) 41.50 1,958 81.3 41.50 18.75 40.00 3.75 N.A. 77.58 MIFC Mid Iowa Financial Corp. of IA 10.50 1,676 17.6 10.50 6.00 10.12 3.75 110.00 64.84 MCBN Mid-Coast Bancorp of ME 26.50 233 6.2 27.00 18.00 27.00 -1.85 364.10 39.47 MWBI Midwest Bancshares, Inc. of IA 42.50 348 14.8 42.50 25.50 41.00 3.66 325.00 60.38 MWFD Midwest Fed. Fin. Corp of WI 24.75 1,628 40.3 26.50 16.75 26.00 -4.81 395.00 33.78 MFFC Milton Fed. Fin. Corp. of OH 15.00 2,310 34.7 16.00 12.75 14.50 3.45 N.A. 3.45 MIVI Miss. View Hold. Co. of MN 18.50 819 15.2 18.50 11.75 18.25 1.37 N.A. 54.17 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) - --------------------------------------- HWEN Home Financial Bancorp of IN 0.54 0.68 15.31 15.31 90.44 HPBC Home Port Bancorp, Inc. of MA* 1.72 1.71 11.39 11.39 107.90 HMCI Homecorp, Inc. of Rockford IL 0.27 0.85 12.81 12.81 195.87 HZFS Horizon Fin'l. Services of IA 0.65 1.04 19.75 19.75 201.81 HRZB Horizon Financial Corp. of WA* 1.07 1.05 10.91 10.91 69.93 IBSF IBS Financial Corp. of NJ 0.33 0.58 11.59 11.59 66.59 ISBF ISB Financial Corp. of LA 0.77 1.04 16.58 14.06 136.06 ITLA Imperial Thrift & Loan of CA* 1.45 1.45 11.92 11.87 108.50 IFSB Independence FSB of DC 0.29 0.66 13.38 11.73 205.12 INCB Indiana Comm. Bank, SB of IN 0.19 0.53 12.37 12.37 101.63 INBI Industrial Bancorp of OH 0.45 0.88 11.63 11.63 65.68 IWBK Interwest SB of Oak Harbor WA 1.82 2.47 15.46 15.12 228.05 IPSW Ipswich SB of Ipswich MA* 0.84 0.66 4.55 4.55 79.70 JXVL Jacksonville Bancorp of TX 0.90 1.18 13.55 13.55 90.84 JXSB Jcksnville SB,MHC of IL (45.6) 0.36 0.79 13.43 13.43 127.94 JSBA Jefferson Svgs Bancorp of MO 0.69 1.63 21.24 16.18 259.13 JOAC Joachim Bancorp of MO 0.23 0.38 13.63 13.63 48.39 KSAV KS Bancorp of Kenly NC 1.08 1.40 16.22 16.21 119.91 KSBK KSB Bancorp of Kingfield ME(8)* 1.04 1.08 8.10 7.62 113.08 KFBI Klamath First Bancorp of OR 0.55 0.83 14.20 14.20 72.65 LSBI LSB Fin. Corp. of Lafayette IN 1.51 1.33 18.44 18.44 208.28 LVSB Lakeview SB of Paterson NJ 2.78 1.93 19.91 15.92 209.23 LARK Landmark Bancshares of KS 1.13 1.33 18.38 18.38 133.31 LARL Laurel Capital Group of PA 1.61 2.03 14.73 14.73 146.91 LSBX Lawrence Savings Bank of MA* 1.40 1.38 7.45 7.45 85.71 LFED Leeds FSB, MHC of MD (36.3) 0.68 0.95 13.53 13.53 83.07 LXMO Lexington B&L Fin. Corp. of MO 0.55 0.71 14.74 14.74 52.05 LIFB Life Bancorp of Norfolk VA 1.01 1.23 15.94 15.49 151.14 LFBI Little Falls Bancorp of NJ 0.29 0.51 14.51 13.40 109.29 LOGN Logansport Fin. Corp. of IN 0.74 0.96 12.67 12.67 65.99 LONF London Financial Corp. of OH 0.48 0.73 14.60 14.60 74.25 LISB Long Island Bancorp, Inc of NY 1.44 1.67 22.17 21.95 246.53 MAFB MAF Bancorp of IL 1.84 2.43 16.79 14.67 215.78 MBLF MBLA Financial Corp. of MO 1.11 1.42 21.98 21.98 180.91 MFBC MFB Corp. of Mishawaka IN 0.77 1.16 20.05 20.05 146.89 MLBC ML Bancorp of Villanova PA(8) 1.27 1.15 12.70 12.48 183.32 MSBF MSB Financial Corp. of MI 0.65 0.80 10.16 10.16 59.81 MGNL Magna Bancorp of MS(8) 1.35 1.49 10.06 9.79 98.39 MARN Marion Capital Holdings of IN 1.38 1.65 22.10 22.10 98.02 MRKF Market Fin. Corp. of OH 0.32 0.32 14.82 14.82 42.35 MFCX Marshalltown Fin. Corp. of IA(8) 0.30 0.65 14.23 14.23 90.38 MFSL Maryland Fed. Bancorp of MD 2.17 3.14 30.22 29.84 360.57 MASB MassBank Corp. of Reading MA* 2.73 2.59 26.94 26.94 253.26 MFLR Mayflower Co-Op. Bank of MA* 1.39 1.31 13.67 13.44 141.20 MECH Mechanics SB of Hartford CT* 2.76 2.76 15.93 15.93 155.69 MDBK Medford Bank of Medford, MA* 2.45 2.29 21.24 19.79 236.19 MERI Meritrust FSB of Thibodaux LA 1.99 3.10 24.22 24.22 295.20 MWBX MetroWest Bank of MA* 0.52 0.52 3.02 3.02 40.60 MCBS Mid Continent Bancshares of KS(8) 1.87 2.12 19.59 19.59 208.68 MIFC Mid Iowa Financial Corp. of IA 0.71 1.00 7.00 7.00 74.91 MCBN Mid-Coast Bancorp of ME 1.06 1.66 22.06 22.06 256.39 MWBI Midwest Bancshares, Inc. of IA 1.81 3.01 29.09 29.09 421.10 MWFD Midwest Fed. Fin. Corp of WI 1.79 1.37 11.21 10.81 127.18 MFFC Milton Fed. Fin. Corp. of OH 0.39 0.54 11.37 11.37 86.68 MIVI Miss. View Hold. Co. of MN 0.59 0.88 16.08 16.08 85.20 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- -------- ------ ---------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- MBSP Mitchell Bancorp of NC* 17.25 931 16.1 17.37 12.12 17.25 0.00 N.A. 21.05 MBBC Monterey Bay Bancorp of CA 20.00 3,242 64.8 20.50 14.50 20.00 0.00 N.A. 35.59 MONT Montgomery Fin. Corp. of IN 13.00 1,653 21.5 14.00 11.00 12.37 5.09 N.A. 0.00 MSBK Mutual SB, FSB of Bay City MI 13.62 4,274 58.2 14.62 5.12 14.12 -3.54 55.66 147.64 NHTB NH Thrift Bancshares of NH 22.00 2,048 45.1 22.00 11.62 21.00 4.76 376.19 74.33 NSLB NS&L Bancorp of Neosho MO 19.50 707 13.8 19.50 13.00 19.00 2.63 N.A. 43.17 NMSB Newmil Bancorp. of CT* 12.75 3,834 48.9 14.25 7.50 14.00 -8.93 100.16 30.77 NASB North American SB of MO 52.00 2,229 115.9 55.00 30.75 51.00 1.96 ***.** 51.82 NBSI North Bancshares of Chicago IL 24.12 997 24.0 24.50 15.75 24.50 -1.55 N.A. 46.18 FFFD North Central Bancshares of IA 18.87 3,258 61.5 19.25 12.37 19.25 -1.97 N.A. 39.16 NBN Northeast Bancorp of ME* 21.25 1,275 27.1 21.25 13.00 19.75 7.59 80.85 51.79 NEIB Northeast Indiana Bncrp of IN 20.12 1,763 35.5 20.25 12.87 19.50 3.18 N.A. 47.72 NWEQ Northwest Equity Corp. of WI 17.50 839 14.7 17.50 11.25 16.12 8.56 N.A. 44.39 NWSB Northwest SB, MHC of PA (30.7) 31.25 23,376 224.3 31.25 11.87 27.75 12.61 N.A. 133.73 NSSY Norwalk Savings Society of CT* 36.25 2,410 87.4 37.00 22.75 35.00 3.57 N.A. 55.11 NSSB Norwich Financial Corp. of CT* 31.25 5,413 169.2 31.25 18.00 29.62 5.50 346.43 59.28 NTMG Nutmeg FS&LA of CT 11.75 738 8.7 11.75 7.00 10.75 9.30 N.A. 56.67 OHSL OHSL Financial Corp. of OH 27.25 1,196 32.6 27.25 19.50 26.00 4.81 N.A. 27.52 OCFC Ocean Fin. Corp. of NJ 36.25 8,606 312.0 36.50 24.00 36.44 -0.52 N.A. 42.16 OCN Ocwen Financial Corp. of FL 55.81 26,800 1,495.7 55.81 23.50 43.87 27.22 N.A. 108.64 OTFC Oregon Trail Fin. Corp of OR 16.44 4,695 77.2 16.75 16.37 16.50 -0.36 N.A. N.A. OFCP Ottawa Financial Corp. of MI 27.25 5,402 147.2 28.00 14.66 28.00 -2.68 N.A. 78.22 PFFB PFF Bancorp of Pomona CA 20.50 18,716 383.7 21.12 12.50 19.25 6.49 N.A. 37.86 PSFI PS Financial of Chicago IL 17.06 2,182 37.2 18.00 11.62 17.12 -0.35 N.A. 45.19 PVFC PVF Capital Corp. of OH 19.06 2,556 48.7 21.75 13.18 19.00 0.32 333.18 33.10 PCCI Pacific Crest Capital of CA* 16.62 2,938 48.8 17.75 8.25 16.87 -1.48 N.A. 44.52 PAMM PacificAmerica Money Ctr of CA(8)* 26.50 3,799 100.7 27.00 11.75 26.75 -0.93 N.A. 82.76 PALM Palfed, Inc. of Aiken SC(8) 25.37 5,284 134.1 26.50 13.00 25.75 -1.48 65.06 81.21 PBCI Pamrapo Bancorp, Inc. of NJ 25.75 2,843 73.2 26.75 18.50 24.75 4.04 357.37 28.75 PFED Park Bancorp of Chicago IL 17.25 2,431 41.9 18.12 11.37 17.75 -2.82 N.A. 32.69 PVSA Parkvale Financial Corp of PA 33.75 4,055 136.9 33.75 23.60 32.50 3.85 307.61 29.81 PEEK Peekskill Fin. Corp. of NY 17.12 3,193 54.7 17.25 13.25 17.00 0.71 N.A. 20.14 PFSB PennFed Fin. Services of NJ 33.50 4,822 161.5 33.50 18.87 33.00 1.52 N.A. 65.43 PWBC PennFirst Bancorp of PA 18.50 5,306 98.2 19.50 12.27 19.00 -2.63 131.83 49.31 PWBK Pennwood SB of PA* 18.75 580 10.9 18.75 11.00 17.75 5.63 N.A. 36.36 PBKB People's SB of Brockton MA* 19.87 3,595 71.4 20.00 10.12 19.87 0.00 234.51 87.10 PFDC Peoples Bancorp of Auburn IN 32.00 2,274 72.8 32.50 19.25 29.25 9.40 82.86 58.02 PBCT Peoples Bank, MHC of CT (40.1)* 36.12 61,054 883.2 36.12 16.25 32.50 11.14 358.96 87.64 PFFC Peoples Fin. Corp. of OH 14.44 1,491 21.5 19.00 12.00 14.00 3.14 N.A. 6.96 PHBK Peoples Heritage Fin Grp of ME* 42.19 27,371 1,154.8 43.12 22.62 41.50 1.66 175.57 50.68 PSFC Peoples Sidney Fin. Corp of OH 16.37 1,785 29.2 17.25 12.56 16.50 -0.79 N.A. N.A. PERM Permanent Bancorp of IN 24.87 2,011 50.0 26.50 16.75 24.06 3.37 N.A. 22.81 PMFI Perpetual Midwest Fin. of IA 23.81 1,883 44.8 25.00 18.25 23.25 2.41 N.A. 23.69 PERT Perpetual of SC, MHC (46.8)(8) 57.50 1,505 40.5 58.00 20.25 56.00 2.68 N.A. 137.11 PCBC Perry Co. Fin. Corp. of MO 21.37 828 17.7 22.25 17.00 20.87 2.40 N.A. 25.71 PHFC Pittsburgh Home Fin. of PA 19.62 1,969 38.6 19.62 11.50 19.37 1.29 N.A. 46.75 PFSL Pocahnts Fed, MHC of AR (47.0)(8) 34.75 1,632 26.7 35.00 14.25 32.50 6.92 N.A. 98.57 PTRS Potters Financial Corp of OH 28.50 487 13.9 28.50 17.00 26.00 9.62 N.A. 42.50 PKPS Poughkeepsie Fin. Corp. of NY 9.87 12,595 124.3 9.94 5.00 9.00 9.67 27.35 88.00 PHSB Ppls Home SB, MHC of PA (45.0) 17.25 2,760 21.4 17.50 13.62 17.25 0.00 N.A. N.A. PRBC Prestige Bancorp of PA 19.25 915 17.6 19.37 12.00 19.25 0.00 N.A. 42.59 PETE Primary Bank of NH(8)* 27.50 2,089 57.4 29.00 12.14 27.25 0.92 N.A. 80.45 PFNC Progress Financial Corp. of PA 14.62 4,005 58.6 15.12 7.02 14.50 0.83 32.79 83.21 PSBK Progressive Bank, Inc. of NY* 35.25 3,821 134.7 38.00 20.83 35.00 0.71 163.65 54.95 PROV Provident Fin. Holdings of CA 20.62 4,920 101.5 21.12 12.50 19.75 4.41 N.A. 47.29 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) - --------------------------------------- MBSP Mitchell Bancorp of NC* 0.51 0.60 15.39 15.39 35.49 MBBC Monterey Bay Bancorp of CA 0.29 0.55 14.43 13.30 127.33 MONT Montgomery Fin. Corp. of IN 0.36 0.36 11.72 11.72 62.55 MSBK Mutual SB, FSB of Bay City MI 0.18 0.07 9.57 9.57 157.56 NHTB NH Thrift Bancshares of NH 0.54 0.80 11.78 10.03 153.95 NSLB NS&L Bancorp of Neosho MO 0.41 0.64 16.52 16.52 84.46 NMSB Newmil Bancorp. of CT* 0.68 0.65 8.27 8.27 84.26 NASB North American SB of MO 4.10 3.86 25.37 24.52 330.46 NBSI North Bancshares of Chicago IL 0.58 0.81 16.96 16.96 119.95 FFFD North Central Bancshares of IA 1.02 1.18 14.81 14.81 65.34 NBN Northeast Bancorp of ME* 1.10 1.06 14.04 12.30 205.33 NEIB Northeast Indiana Bncrp of IN 0.98 1.15 15.19 15.19 100.01 NWEQ Northwest Equity Corp. of WI 0.88 1.11 13.22 13.22 115.48 NWSB Northwest SB, MHC of PA (30.7) 0.58 0.82 8.49 8.00 89.47 NSSY Norwalk Savings Society of CT* 2.42 2.76 20.64 19.90 256.17 NSSB Norwich Financial Corp. of CT* 1.42 1.35 14.70 13.27 131.66 NTMG Nutmeg FS&LA of CT 0.33 0.45 7.72 7.72 138.80 OHSL OHSL Financial Corp. of OH 1.12 1.57 21.21 21.21 192.34 OCFC Ocean Fin. Corp. of NJ 0.04 1.49 27.35 27.35 168.27 OCN Ocwen Financial Corp. of FL 2.65 1.60 9.10 8.69 103.99 OTFC Oregon Trail Fin. Corp of OR 0.59 0.59 13.29 55.39 55.34 OFCP Ottawa Financial Corp. of MI 0.74 1.20 13.92 11.17 159.45 PFFB PFF Bancorp of Pomona CA 0.21 0.61 14.51 14.36 140.60 PSFI PS Financial of Chicago IL 0.70 0.71 14.66 14.66 37.88 PVFC PVF Capital Corp. of OH 1.43 1.83 10.28 10.28 145.96 PCCI Pacific Crest Capital of CA* 1.11 1.04 8.95 8.95 126.32 PAMM PacificAmerica Money Ctr of CA(8)* 1.82 1.82 6.63 6.63 29.57 PALM Palfed, Inc. of Aiken SC(8) 0.13 0.76 10.37 10.37 125.83 PBCI Pamrapo Bancorp, Inc. of NJ 1.16 1.60 16.62 16.49 130.49 PFED Park Bancorp of Chicago IL 0.62 0.86 16.27 16.27 72.22 PVSA Parkvale Financial Corp of PA 1.72 2.54 18.54 18.40 244.45 PEEK Peekskill Fin. Corp. of NY 0.57 0.75 14.71 14.71 57.18 PFSB PennFed Fin. Services of NJ 1.43 2.09 20.17 16.87 274.11 PWBC PennFirst Bancorp of PA 0.63 0.91 12.44 11.63 153.97 PWBK Pennwood SB of PA* 0.57 0.92 15.04 15.04 86.17 PBKB People's SB of Brockton MA* 1.16 0.69 8.56 8.20 152.65 PFDC Peoples Bancorp of Auburn IN 1.39 1.82 19.23 19.23 126.46 PBCT Peoples Bank, MHC of CT (40.1)* 1.39 1.03 10.93 10.92 128.90 PFFC Peoples Fin. Corp. of OH 0.53 0.53 15.78 15.78 58.01 PHBK Peoples Heritage Fin Grp of ME* 2.36 2.39 15.77 13.29 204.27 PSFC Peoples Sidney Fin. Corp of OH 0.32 0.48 14.40 14.40 57.78 PERM Permanent Bancorp of IN 0.72 1.30 19.74 19.45 215.43 PMFI Perpetual Midwest Fin. of IA 0.25 0.61 18.00 18.00 210.96 PERT Perpetual of SC, MHC (46.8)(8) 1.00 1.41 20.13 20.13 170.24 PCBC Perry Co. Fin. Corp. of MO 0.90 1.04 18.80 18.80 97.95 PHFC Pittsburgh Home Fin. of PA 0.69 0.88 14.21 14.06 130.15 PFSL Pocahnts Fed, MHC of AR (47.0)(8) 1.39 1.93 14.76 14.76 232.05 PTRS Potters Financial Corp of OH 1.16 2.06 21.97 21.97 248.85 PKPS Poughkeepsie Fin. Corp. of NY 0.24 0.37 5.85 5.85 69.88 PHSB Ppls Home SB, MHC of PA (45.0) 0.36 0.54 9.71 9.71 82.81 PRBC Prestige Bancorp of PA 0.47 0.83 16.51 16.51 148.33 PETE Primary Bank of NH(8)* 1.24 1.47 14.33 14.31 206.65 PFNC Progress Financial Corp. of PA 0.52 0.62 5.50 4.86 104.53 PSBK Progressive Bank, Inc. of NY* 2.30 2.26 19.67 17.56 230.00 PROV Provident Fin. Holdings of CA 0.39 0.34 17.37 17.37 125.10 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ------------------------ ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- PULB Pulaski SB, MHC of MO (29.8) 28.25 2,094 17.6 28.25 13.75 28.00 0.89 N.A. 94.83 PLSK Pulaski SB, MHC of NJ (46.0) 21.75 2,070 20.7 21.75 11.50 18.00 20.83 N.A. N.A. PULS Pulse Bancorp of S. River NJ 29.50 3,071 90.6 29.50 15.50 28.75 2.61 138.48 87.30 QCFB QCF Bancorp of Virginia MN 25.00 1,426 35.7 26.25 15.75 25.00 0.00 N.A. 36.99 QCBC Quaker City Bancorp of CA 23.87 4,703 112.3 24.56 12.40 22.75 4.92 218.27 57.04 QCSB Queens County Bancorp of NY* 37.25 15,271 568.8 37.50 17.45 37.06 0.51 N.A. 76.96 RARB Raritan Bancorp. of Raritan NJ* 28.00 2,412 67.5 28.62 14.17 28.00 0.00 334.78 80.65 REDF RedFed Bancorp of Redlands CA 19.47 7,174 139.7 20.25 11.50 17.62 10.50 N.A. 44.22 RELY Reliance Bancorp, Inc. of NY 33.00 8,776 289.6 33.44 17.50 33.00 0.00 N.A. 69.23 RELI Reliance Bancshares Inc of WI(8)* 8.87 2,528 22.4 10.12 6.50 8.56 3.62 N.A. 31.41 FRBK Republic First Bancorp of CA* 27.62 9,693 267.7 27.62 14.87 27.62 0.00 513.78 64.90 RIVR River Valley Bancorp of IN 17.50 1,190 20.8 17.50 13.25 17.00 2.94 N.A. 27.27 RVSB Riverview Bancorp of WA 14.00 6,128 85.8 13.50 10.00 14.00 0.00 N.A. 122.22 RSLN Roslyn Bancorp, Inc. of NY* 23.44 43,642 1,023.0 24.31 15.00 23.25 0.82 N.A. N.A. SCCB S. Carolina Comm. Bnshrs of SC 24.00 700 16.8 25.25 15.00 23.62 1.61 N.A. 60.00 SBFL SB Fngr Lakes MHC of NY (33.1) 26.75 1,785 15.8 27.00 12.75 25.00 7.00 N.A. 94.55 SFED SFS Bancorp of Schenectady NY 22.53 1,236 27.8 23.00 14.75 22.50 0.13 N.A. 52.75 SGVB SGV Bancorp of W. Covina CA 19.00 2,342 44.5 19.00 9.38 18.50 2.70 N.A. 68.89 SHSB SHS Bancorp, Inc. of PA 15.75 820 12.9 16.25 14.75 15.50 1.61 N.A. N.A. SISB SIS Bancorp Inc of MA* 37.00 5,577 206.3 37.00 22.12 34.87 6.11 N.A. 61.78 SWCB Sandwich Co-Op. Bank of MA* 37.50 1,915 71.8 39.00 21.75 38.00 -1.32 335.03 26.05 SFSL Security First Corp. of OH 18.50 7,574 140.1 19.25 9.83 19.00 -2.63 77.88 53.15 SFNB Security First Netwrk Bk of GA(8) 10.12 8,620 87.2 23.75 5.50 11.00 -8.00 N.A. -1.27 SMFC Sho-Me Fin. Corp. of MO(8) 47.75 1,499 71.6 47.75 18.87 43.25 10.40 N.A. 119.54 SOBI Sobieski Bancorp of S. Bend IN 18.75 760 14.3 19.25 13.00 18.87 -0.64 N.A. 29.31 SOSA Somerset Savings Bank of MA(8)* 5.19 16,652 86.4 5.25 1.94 5.00 3.80 1.37 163.45 SSFC South Street Fin. Corp. of NC* 18.75 4,496 84.3 20.00 12.12 19.50 -3.85 N.A. 33.93 SCBS Southern Commun. Bncshrs of AL 18.25 1,137 20.8 18.25 13.00 16.75 8.96 N.A. 37.74 SMBC Southern Missouri Bncrp of MO 18.00 1,633 29.4 18.00 14.00 17.62 2.16 N.A. 20.00 SWBI Southwest Bancshares of IL 24.12 2,657 64.1 24.12 17.92 20.75 16.24 141.20 32.16 SVRN Sovereign Bancorp of PA 18.87 70,010 1,321.1 19.00 9.64 18.56 1.67 322.15 72.49 STFR St. Francis Cap. Corp. of WI 40.25 5,308 213.6 40.25 25.00 38.75 3.87 N.A. 54.81 SPBC St. Paul Bancorp, Inc. of IL 28.00 33,988 951.7 28.50 13.73 25.87 8.23 151.57 78.69 SFFC StateFed Financial Corp. of IA 26.75 784 21.0 26.87 16.44 25.75 3.88 N.A. 62.12 SFIN Statewide Fin. Corp. of NJ 22.50 4,710 106.0 22.62 12.62 21.88 2.83 N.A. 56.58 STSA Sterling Financial Corp. of WA 21.12 5,567 117.6 22.00 13.00 19.75 6.94 132.34 49.58 SFSB SuburbFed Fin. Corp. of IL 33.25 1,262 42.0 33.25 17.75 32.00 3.91 398.50 75.00 ROSE T R Financial Corp. of NY* 32.37 17,519 567.1 33.00 14.37 33.00 -1.91 N.A. 82.37 THRD TF Financial Corp. of PA 25.50 4,083 104.1 25.69 14.75 25.37 0.51 N.A. 56.92 TPNZ Tappan Zee Fin., Inc. of NY 20.75 1,497 31.1 20.75 13.00 18.37 12.96 N.A. 52.35 ESBK The Elmira SB FSB of Elmira NY* 30.00 706 21.2 31.00 14.75 29.62 1.28 108.77 64.38 TSBS Trenton SB,FSB MHC of NJ(35.9)(8) 39.12 9,037 127.0 39.12 14.00 34.50 13.39 N.A. 144.50 TRIC Tri-County Bancorp of WY 27.00 609 16.4 27.37 18.00 25.94 4.09 N.A. 50.00 TWIN Twin City Bancorp of TN 14.50 1,280 18.6 14.50 11.25 13.50 7.41 N.A. 26.09 UFRM United FS&LA of Rocky Mount NC 12.25 3,074 37.7 12.75 7.50 12.25 0.00 276.92 44.12 UBMT United Fin. Corp. of MT 24.00 1,223 29.4 24.25 18.50 23.75 1.05 128.57 24.68 VABF Va. Beach Fed. Fin. Corp of VA 16.25 4,976 80.9 17.25 8.62 17.12 -5.08 246.48 72.14 VFFC Virginia First Savings of VA(8) 24.25 5,810 140.9 24.50 12.37 24.06 0.79 ***.** 90.20 WHGB WHG Bancshares of MD 15.75 1,462 23.0 16.50 12.62 16.25 -3.08 N.A. 20.05 WSFS WSFS Financial Corp. of DE* 18.44 12,421 229.0 18.75 8.87 18.37 0.38 154.34 80.96 WVFC WVS Financial Corp. of PA* 32.50 1,747 56.8 32.50 21.50 29.37 10.66 N.A. 32.01 WRNB Warren Bancorp of Peabody MA* 19.75 3,781 74.7 21.37 12.75 20.12 -1.84 486.05 31.67 WFSL Washington FS&LA of Seattle WA 31.62 47,462 1,500.7 33.31 21.02 29.94 5.61 116.72 31.26 WAMU Washington Mutual Inc. of WA(8)* 67.87 126,357 8,575.8 70.25 38.12 67.87 0.00 265.68 56.71 WYNE Wayne Bancorp of NJ 22.50 2,120 47.7 24.87 13.69 24.00 -6.25 N.A. 47.54 Current Per Share Financial ---------------------------------------- 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) - --------------------------------------- PULB Pulaski SB, MHC of MO (29.8) 0.59 0.82 11.04 11.04 84.92 PLSK Pulaski SB, MHC of NJ (46.0) 0.21 0.51 10.20 10.20 85.68 PULS Pulse Bancorp of S. River NJ 1.20 1.80 13.63 13.63 169.39 QCFB QCF Bancorp of Virginia MN 1.41 1.41 19.23 19.23 109.91 QCBC Quaker City Bancorp of CA 0.60 0.98 14.94 14.93 170.40 QCSB Queens County Bancorp of NY* 1.43 1.45 11.39 11.39 96.06 RARB Raritan Bancorp. of Raritan NJ* 1.46 1.55 12.48 12.27 157.31 REDF RedFed Bancorp of Redlands CA 0.31 0.80 10.75 10.71 127.16 RELY Reliance Bancorp, Inc. of NY 1.25 1.85 18.54 13.36 225.25 RELI Reliance Bancshares Inc of WI(8)* 0.16 0.17 9.08 9.08 18.60 FRBK Republic First Bancorp of CA* 1.56 1.33 16.56 16.55 230.89 RIVR River Valley Bancorp of IN 0.46 0.62 14.63 14.41 118.02 RVSB Riverview Bancorp of WA 0.56 0.56 9.18 9.18 42.44 RSLN Roslyn Bancorp, Inc. of NY* 0.59 0.93 14.58 14.51 72.39 SCCB S. Carolina Comm. Bnshrs of SC 0.60 0.79 17.09 17.09 66.57 SBFL SB Fngr Lakes MHC of NY (33.1) 0.15 0.50 11.63 11.63 121.93 SFED SFS Bancorp of Schenectady NY 0.60 1.07 17.44 17.44 139.85 SGVB SGV Bancorp of W. Covina CA 0.31 0.75 12.77 12.56 174.78 SHSB SHS Bancorp, Inc. of PA 0.41 0.41 13.83 13.83 109.44 SISB SIS Bancorp Inc of MA* 3.31 3.29 18.52 18.52 257.23 SWCB Sandwich Co-Op. Bank of MA* 2.34 2.39 20.83 19.94 262.09 SFSL Security First Corp. of OH 0.88 1.10 8.13 7.99 86.25 SFNB Security First Netwrk Bk of GA(8) -3.30 -3.38 3.02 2.97 9.12 SMFC Sho-Me Fin. Corp. of MO(8) 2.08 2.35 19.81 19.81 219.35 SOBI Sobieski Bancorp of S. Bend IN 0.32 0.62 16.26 16.26 107.54 SOSA Somerset Savings Bank of MA(8)* 0.25 0.24 1.96 1.96 30.90 SSFC South Street Fin. Corp. of NC* 0.45 0.57 13.58 13.58 53.77 SCBS Southern Commun. Bncshrs of AL 0.19 0.47 13.54 13.54 61.66 SMBC Southern Missouri Bncrp of MO 0.65 0.63 16.17 16.17 98.22 SWBI Southwest Bancshares of IL 1.04 1.44 15.66 15.66 142.39 SVRN Sovereign Bancorp of PA 0.62 0.96 6.25 4.71 155.67 STFR St. Francis Cap. Corp. of WI 1.77 1.95 24.43 21.59 310.01 SPBC St. Paul Bancorp, Inc. of IL 0.93 1.34 11.67 11.64 135.68 SFFC StateFed Financial Corp. of IA 1.17 1.42 19.43 19.43 109.28 SFIN Statewide Fin. Corp. of NJ 0.76 1.29 13.90 13.88 142.93 STSA Sterling Financial Corp. of WA 0.28 0.90 12.41 10.82 302.93 SFSB SuburbFed Fin. Corp. of IL 1.23 1.79 21.92 21.84 338.12 ROSE T R Financial Corp. of NY* 1.84 1.66 12.58 12.58 202.74 THRD TF Financial Corp. of PA 0.84 1.13 17.44 15.30 156.93 TPNZ Tappan Zee Fin., Inc. of NY 0.53 0.49 14.35 14.35 80.07 ESBK The Elmira SB FSB of Elmira NY* 1.13 1.10 20.32 19.48 322.70 TSBS Trenton SB,FSB MHC of NJ(35.9)(8) 0.86 0.73 11.79 10.81 69.82 TRIC Tri-County Bancorp of WY 1.10 1.40 22.50 22.50 146.89 TWIN Twin City Bancorp of TN 0.44 0.62 10.78 10.78 83.86 UFRM United FS&LA of Rocky Mount NC 0.19 0.33 6.70 6.70 89.63 UBMT United Fin. Corp. of MT 0.94 1.16 19.95 19.95 88.08 VABF Va. Beach Fed. Fin. Corp of VA 0.26 0.58 8.50 8.50 124.16 VFFC Virginia First Savings of VA(8) 1.81 1.66 11.34 10.95 140.67 WHGB WHG Bancshares of MD 0.34 0.34 14.16 14.16 68.56 WSFS WSFS Financial Corp. of DE* 1.47 1.48 6.32 6.27 121.45 WVFC WVS Financial Corp. of PA* 1.69 2.12 18.83 18.83 168.69 WRNB Warren Bancorp of Peabody MA* 2.01 1.71 9.82 9.82 94.69 WFSL Washington FS&LA of Seattle WA 1.94 2.14 14.66 13.39 121.37 WAMU Washington Mutual Inc. of WA(8)* 1.14 2.42 19.30 18.32 385.92 WYNE Wayne Bancorp of NJ 0.50 0.50 16.44 16.44 123.13 RP FINANCIAL, LC. - --------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part One Prices As Of October 10, 1997 Market Capitalization Price Change Data ------------------------ ----------------------------------------------- Shares Market 52 Week (1) % Change From ---------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) --------------------- -------- ------ --------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) --------------------------------------- WAYN Wayne S&L Co. MHC of OH (47.8) 27.00 2,251 29.0 27.00 12.83 24.25 11.34 N.A. 65.34 WCFB Wbstr Cty FSB MHC of IA (45.2) 21.50 2,100 20.4 21.75 12.75 19.25 11.69 N.A. 56.36 WBST Webster Financial Corp. of CT 62.25 11,985 746.1 62.87 33.62 59.81 4.08 559.43 69.39 WEFC Wells Fin. Corp. of Wells MN 16.62 1,959 32.6 17.50 12.50 17.50 -5.03 N.A. 26.68 WCBI WestCo Bancorp of IL 28.75 2,474 71.1 29.25 20.00 26.25 9.52 187.50 33.72 WSTR WesterFed Fin. Corp. of MT 26.12 5,565 145.4 26.37 16.62 25.75 1.44 N.A. 43.12 WOFC Western Ohio Fin. Corp. of OH 28.75 2,339 67.2 29.25 19.62 28.00 2.68 N.A. 32.18 WWFC Westwood Fin. Corp. of NJ(8) 27.50 645 17.7 27.62 13.00 27.50 0.00 N.A. 66.67 WEHO Westwood Hmstd Fin Corp of OH 17.25 2,795 48.2 18.00 10.37 17.50 -1.43 N.A. 42.33 WFI Winton Financial Corp. of OH 19.25 1,986 38.2 19.25 11.25 18.12 6.24 N.A. 67.39 FFWD Wood Bancorp of OH 17.00 2,119 36.0 18.00 10.50 18.00 -5.56 N.A. 50.04 YFCB Yonkers Fin. Corp. of NY 20.37 3,036 61.8 20.50 12.12 20.00 1.85 N.A. 58.28 YFED York Financial Corp. of PA 25.75 7,008 180.5 26.75 16.00 25.75 0.00 172.49 58.46 Current Per Share Financials ----------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ EPS(3) EPS(3) Share Share(4) Share -------- ------- ------ -------- ------- ($) ($) ($) ($) ($) NASDAQ Listed OTC Companies (continued) - --------------------------------------- WAYN Wayne S&L Co. MHC of OH (47.8) 0.35 0.74 10.44 10.44 112.94 WCFB Wbstr Cty FSB MHC of IA (45.2) 0.48 0.64 10.53 10.53 45.09 WBST Webster Financial Corp. of CT 1.60 2.86 24.91 21.28 495.93 WEFC Wells Fin. Corp. of Wells MN 0.73 1.08 14.64 14.64 103.13 WCBI WestCo Bancorp of IL 1.41 1.78 19.20 19.20 125.96 WSTR WesterFed Fin. Corp. of MT 0.81 1.02 18.73 14.99 171.72 WOFC Western Ohio Fin. Corp. of OH 0.52 0.72 23.38 21.79 169.51 WWFC Westwood Fin. Corp. of NJ(8) 0.78 1.34 15.76 14.04 172.70 WEHO Westwood Hmstd Fin Corp of OH 0.30 0.45 14.17 14.17 48.18 WFI Winton Financial Corp. of OH 1.60 1.34 11.36 11.12 159.81 FFWD Wood Bancorp of OH 0.79 0.94 9.52 9.52 77.36 YFCB Yonkers Fin. Corp. of NY 0.76 1.02 14.14 14.14 94.89 YFED York Financial Corp. of PA 1.01 1.29 14.28 14.28 165.87 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Equity/ Equity/ Reported Earnings Core Earnings 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(302) 12.99 13.02 0.64 5.52 3.22 0.85 7.47 0.80 131.30 0.82 NYSE Traded Companies(9) 5.88 5.64 0.61 10.41 4.01 0.80 14.37 1.25 74.44 1.28 AMEX Traded Companies(17) 16.09 15.99 0.55 2.87 2.14 0.87 5.21 0.65 149.41 0.69 NASDAQ Listed OTC Companies(276) 13.05 13.09 0.65 5.51 3.25 0.85 7.37 0.79 132.43 0.81 California Companies(21) 7.44 7.18 0.30 4.48 2.19 0.43 6.99 1.88 70.98 1.33 Florida Companies(5) 7.63 7.18 0.92 11.46 3.26 0.74 9.13 1.53 85.76 0.81 Mid-Atlantic Companies(60) 11.07 10.73 0.62 6.30 3.50 0.85 8.73 0.90 93.57 0.92 Mid-West Companies(144) 14.09 13.90 0.69 5.40 3.41 0.89 7.11 0.63 157.79 0.71 New England Companies(9) 7.87 7.46 0.36 4.81 2.65 0.63 8.55 0.63 116.41 1.00 North-West Companies(8) 17.06 27.69 0.86 6.30 3.29 1.04 8.22 0.61 146.76 0.58 South-East Companies(42) 16.10 15.90 0.70 4.83 2.76 0.94 6.61 0.83 128.84 0.83 South-West Companies(7) 10.60 10.34 0.38 2.97 2.25 0.66 6.49 0.64 102.37 0.70 Western Companies (Excl CA)(6) 16.22 15.79 0.98 6.62 3.95 1.15 7.68 0.29 169.72 0.72 Thrift Strategy(240) 14.22 14.33 0.66 5.05 3.22 0.89 6.95 0.72 134.33 0.74 Mortgage Banker Strategy(37) 7.36 6.90 0.48 7.03 3.17 0.64 9.49 0.99 111.38 1.02 Real Estate Strategy(10) 7.34 7.14 0.55 6.98 3.61 0.76 10.25 1.42 97.09 1.35 Diversified Strategy(11) 7.66 7.42 1.06 13.44 4.18 1.08 14.25 1.31 120.54 1.12 Retail Banking Strategy(4) 8.35 8.13 0.11 2.31 0.80 0.04 1.83 1.42 211.39 1.87 Companies Issuing Dividends(255) 13.29 13.03 0.69 5.92 3.49 0.91 7.88 0.70 134.93 0.77 Companies Without Dividends(47) 11.26 12.96 0.38 3.21 1.61 0.50 5.11 1.42 109.57 1.07 Equity/Assets less than 6%(23) 4.96 4.66 0.37 7.44 3.06 0.56 11.41 1.43 85.24 1.04 Equity/Assets greater than 6-12%(142) 8.62 8.28 0.57 6.66 3.40 0.75 8.85 0.91 125.91 0.94 Equity/Assets greater than 12%(137) 18.52 18.95 0.76 4.11 3.06 0.99 5.49 0.57 145.10 0.66 Converted Last 3 Mths (no MHC)(3) 17.02 42.38 0.36 1.66 1.44 0.46 2.33 0.92 112.16 0.84 Actively Traded Companies(41) 8.66 8.42 0.72 8.69 4.02 0.95 11.96 1.14 117.94 0.98 Market Value Below $20 Million(50) 15.00 14.98 0.55 3.39 2.66 0.79 5.42 0.77 114.85 0.66 Holding Company Structure(267) 13.48 13.56 0.64 5.28 3.15 0.85 7.22 0.80 126.41 0.80 Assets Over $1 Billion(60) 7.82 7.30 0.62 8.12 3.49 0.81 10.96 0.97 100.59 0.98 Assets $500 Million-$1 Billion(49) 10.28 9.99 0.63 6.46 3.38 0.79 8.02 0.95 170.38 1.06 Assets $250-$500 Million(66) 11.42 12.32 0.60 5.35 3.26 0.82 7.47 0.75 127.51 0.74 Assets less than $250 Million(127) 17.14 17.09 0.68 4.08 3.01 0.91 5.68 0.69 133.23 0.69 Goodwill Companies(124) 9.08 8.48 0.62 7.06 3.58 0.79 9.11 0.86 112.24 0.88 Non-Goodwill Companies(177) 15.62 16.07 0.66 4.48 2.97 0.89 6.37 0.75 144.92 0.77 Acquirors of FSLIC Cases(10) 7.19 6.79 0.57 7.79 3.63 0.82 11.71 1.54 51.84 0.89 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Earning Book Assets Book Earnings Share Yield Ratio(7) ------- ------- ------- ------ -------- ------- ------- --------- (X) (%) (%) (%) (x) ($) (%) (%) Market Averages. SAIF-Insured Thrifts(no MHCs - --------------------------------------------- SAIF-Insured Thrifts(302) 22.53 152.81 18.69 156.55 19.86 0.36 1.56 34.98 NYSE Traded Companies(9) 20.92 212.94 13.56 212.28 17.33 0.32 0.81 18.69 AMEX Traded Companies(17) 24.70 130.00 20.33 131.25 19.70 0.40 1.97 45.49 NASDAQ Listed OTC Companies(276) 22.44 152.36 18.77 156.61 19.97 0.36 1.56 35.19 California Companies(21) 22.30 170.53 11.98 170.64 19.15 0.15 0.47 12.75 Florida Companies(5) 18.31 183.32 21.03 206.83 23.75 0.24 0.75 14.53 Mid-Atlantic Companies(60) 23.01 154.87 16.69 159.68 18.89 0.39 1.49 37.17 Mid-West Companies(144) 21.90 146.18 19.28 148.58 19.74 0.36 1.67 35.29 New England Companies(9) 24.58 170.56 13.13 185.31 20.89 0.46 1.39 34.62 North-West Companies(8) 22.14 168.25 25.25 162.16 22.04 0.31 1.07 22.86 South-East Companies(42) 23.69 156.10 23.33 161.02 21.38 0.44 1.95 44.15 South-West Companies(7) 22.73 141.88 14.09 150.39 18.12 0.33 1.48 50.80 Western Companies (Excl CA)(6) 24.55 155.03 22.77 162.50 21.95 0.56 2.52 56.60 Thrift Strategy(240) 22.72 144.61 19.59 148.66 19.87 0.38 1.67 37.55 Mortgage Banker Strategy(37) 22.82 188.55 13.54 197.00 20.49 0.31 1.03 27.16 Real Estate Strategy(10) 16.56 181.63 13.07 184.89 18.09 0.13 0.66 12.64 Diversified Strategy(11) 21.84 238.62 22.39 234.89 18.04 0.46 1.31 30.22 Retail Banking Strategy(4) 21.59 141.54 11.18 146.03 22.47 0.20 1.18 18.18 Companies Issuing Dividends(255) 22.52 154.16 19.09 158.39 19.74 0.43 1.82 41.39 Companies Without Dividends(47) 22.64 144.74 16.36 145.68 20.89 0.00 0.00 0.00 Equity/Assets less than 6%(23) 21.60 194.54 10.77 198.20 19.77 0.22 0.75 15.26 Equity/Assets greater than 6-12%(142) 22.01 169.04 14.68 176.55 18.53 0.38 1.40 33.52 Equity/Assets greater than 12%(137) 23.38 131.51 23.85 132.46 21.43 0.37 1.84 40.90 Converted Last 3 Mths (no MHC)(3) 27.86 122.28 20.91 90.94 27.86 0.06 0.44 0.00 Actively Traded Companies(41) 21.95 194.71 16.31 196.38 18.16 0.49 1.53 32.11 Market Value Below $20 Million(50) 22.80 122.42 18.03 122.78 20.77 0.33 1.79 40.59 Holding Company Structure(267) 22.92 150.43 19.15 153.28 20.00 0.37 1.60 36.30 Assets Over $1 Billion(60) 22.29 194.52 15.78 207.35 19.05 0.43 1.19 29.99 Assets $500 Million-$1 Billion(49) 22.18 169.57 17.20 175.22 19.80 0.35 1.43 36.72 Assets $250-$500 Million(66) 22.72 153.65 17.12 156.17 19.36 0.37 1.53 32.46 Assets less than $250 Million(127) 22.71 128.76 21.36 129.46 20.62 0.34 1.78 38.70 Goodwill Companies(124) 21.98 173.11 15.43 183.93 19.21 0.40 1.41 33.12 Non-Goodwill Companies(177) 22.98 139.05 20.87 138.48 20.38 0.34 1.65 36.44 Acquirors of FSLIC Cases(10) 22.48 199.72 13.93 201.48 19.09 0.38 1.21 23.87 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances; ROI (return on investment) is current EPS divided by current price. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Equity/ Equity/ Reported Earnings Core Earnings 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(64) 11.70 11.33 1.12 11.06 5.92 1.12 10.90 0.83 160.24 1.43 NYSE Traded Companies(2) 7.79 5.41 0.81 10.28 4.70 0.87 11.56 2.23 29.91 1.08 AMEX Traded Companies(6) 11.89 11.10 0.74 7.96 4.22 0.74 8.04 0.99 209.73 1.25 NASDAQ Listed OTC Companies(56) 11.84 11.60 1.17 11.48 6.17 1.18 11.23 0.75 159.41 1.47 California Companies(4) 8.41 8.40 1.07 12.37 6.45 1.01 11.55 1.32 77.71 1.37 Mid-Atlantic Companies(15) 11.42 10.75 0.83 8.44 4.03 0.91 9.04 0.84 164.21 1.37 Mid-West Companies(2) 25.06 23.63 0.43 1.59 1.65 0.66 2.42 0.56 57.14 0.57 New England Companies(34) 8.98 8.69 1.27 13.80 7.48 1.23 13.21 0.87 165.32 1.66 North-West Companies(4) 12.39 12.00 1.21 10.53 4.93 1.18 10.22 0.16 215.39 1.03 South-East Companies(5) 27.80 27.80 1.14 4.44 3.32 1.23 4.76 0.63 179.97 0.75 Thrift Strategy(44) 12.92 12.50 1.12 9.98 5.74 1.13 9.77 0.81 170.29 1.38 Mortgage Banker Strategy(8) 8.83 8.62 0.86 11.23 5.23 0.95 11.87 0.71 135.17 1.41 Real Estate Strategy(6) 8.88 8.87 1.37 15.11 7.49 1.29 14.24 1.08 103.33 1.46 Diversified Strategy(6) 6.77 6.23 1.23 17.81 7.35 1.21 17.45 1.03 155.58 2.06 Companies Issuing Dividends(52) 11.91 11.50 1.04 10.54 5.25 1.04 10.40 0.76 167.72 1.37 Companies Without Dividends(12) 10.46 10.27 1.60 14.68 9.98 1.59 14.42 1.21 119.09 1.84 Equity/Assets less than 6%(5) 5.45 5.32 0.97 17.27 6.12 0.87 15.46 1.41 68.96 1.56 Equity/Assets 6-12%(43) 8.62 8.15 1.20 12.95 6.96 1.18 12.73 0.88 150.11 1.53 Equity/Assets greater than 12%(16) 22.10 21.90 0.92 4.15 2.95 1.03 4.63 0.52 215.58 1.12 Actively Traded Companies(19) 8.86 8.44 1.18 13.70 6.58 1.13 13.05 0.80 147.19 1.51 Market Value Below $20 Million(6) 20.96 20.64 1.55 4.88 9.12 1.69 5.70 1.31 63.72 1.25 Holding Company Structure(42) 13.20 12.84 1.17 10.25 5.82 1.19 10.19 0.72 171.02 1.49 Assets Over $1 Billion(15) 9.09 8.43 1.06 12.66 5.62 1.09 12.80 0.96 131.86 1.50 Assets $500 Million-$1 Billion(16) 9.48 8.95 1.16 12.71 6.31 1.12 12.15 0.84 142.79 1.54 Assets $250-$500 Million(15) 10.85 10.70 0.98 10.53 5.29 0.97 10.34 0.67 198.56 1.59 Assets less than $250 Million(18) 17.55 17.40 1.26 8.00 6.42 1.30 8.00 0.86 167.74 1.10 Goodwill Companies(30) 9.26 8.47 0.93 11.23 5.56 0.94 11.10 0.99 126.82 1.49 Non-Goodwill Companies(34) 13.90 13.90 1.28 10.90 6.24 1.28 10.71 0.69 191.18 1.38 Pricing Ratios Dividend Data(6) ----------------------------------------- ---------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Earning Book Assets Book Earnings Share Yield Ratio(7) ------- ------- ------- ------- -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) Market Averages. BIF-Insured Thrifts(no MHCs) - --------------------------------------------- BIF-Insured Thrifts(64) 16.88 180.21 19.35 185.15 17.52 0.46 1.60 27.61 NYSE Traded Companies(2) 21.34 220.80 16.94 242.51 19.24 0.58 1.12 23.39 AMEX Traded Companies(6) 16.19 161.73 18.26 188.68 15.62 0.61 2.21 34.16 NASDAQ Listed OTC Companies(56) 16.72 180.83 19.58 183.48 17.57 0.44 1.55 27.36 California Companies(4) 15.63 175.16 14.71 175.43 16.99 0.00 0.00 0.00 Mid-Atlantic Companies(15) 20.31 178.37 19.57 189.81 20.07 0.46 1.53 34.48 Mid-West Companies(2) 0.00 99.84 25.02 105.90 0.00 0.00 0.00 0.00 New England Companies(34) 14.88 190.74 16.63 194.32 15.67 0.51 1.81 27.34 North-West Companies(4) 21.59 205.52 23.63 210.91 18.04 0.31 1.42 28.47 South-East Companies(5) 21.91 126.11 34.05 126.11 24.54 0.68 1.96 40.74 Thrift Strategy(44) 17.36 171.29 20.41 178.08 18.00 0.51 1.72 31.47 Mortgage Banker Strategy(8) 18.05 199.66 16.79 206.17 18.65 0.37 1.35 18.95 Real Estate Strategy(6) 13.87 186.63 16.56 186.81 14.34 0.20 0.94 11.07 Diversified Strategy(6) 14.02 231.19 15.44 228.23 14.50 0.45 1.46 21.37 Companies Issuing Dividends(52) 17.73 180.44 19.81 186.05 18.34 0.54 1.86 32.74 Companies Without Dividends(12) 11.90 178.82 16.53 179.97 12.51 0.00 0.00 0.00 Equity/Assets less than 6%(5) 17.06 262.99 14.33 268.91 19.87 0.18 0.95 16.86 Equity/Assets 6-12%(43) 16.00 188.88 16.60 195.47 16.26 0.51 1.70 26.82 Equity/Assets greater than 12%(16) 22.31 133.04 28.42 134.68 22.35 0.40 1.50 34.81 Actively Traded Companies(19) 15.89 194.03 16.86 197.97 16.86 0.52 1.73 27.19 Market Value Below $20 Million(6) 9.15 125.81 24.62 127.55 17.11 0.28 1.45 26.27 Holding Company Structure(42) 17.23 173.90 21.09 179.66 17.70 0.48 1.67 27.97 Assets Over $1 Billion(15) 18.35 207.83 19.14 209.69 17.99 0.50 1.55 26.13 Assets $500 Million-$1 Billion(16) 15.94 186.18 17.19 202.14 17.02 0.53 1.69 27.04 Assets $250-$500 Million(15) 16.56 175.66 17.77 178.69 16.53 0.36 1.49 25.28 Assets less than $250 Million(18) 16.65 152.72 23.44 154.13 18.69 0.46 1.67 32.19 Goodwill Companies(30) 17.53 185.72 16.38 196.84 17.93 0.49 1.63 27.12 Non-Goodwill Companies(34) 16.23 175.08 22.01 175.08 17.15 0.44 1.57 28.07 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances; ROI (return on investment) is current EPS divided by current price. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. RP FINANCIAL, LC. ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios ---------------------------------------------------------- Tang. Equity/ Equity/ Reported Earnings Core Earnings ---------------------- --------------- Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) --------------------- ------- ------- ------- ------- ------- ------- ------- (%) (%) (%) (%) (%) (%) (%) Market Averages. MHC Institutions --------------------------------- SAIF-Insured Thrifts(20) 11.79 11.61 0.51 4.47 1.69 0.79 7.04 BIF-Insured Thrifts(2) 10.02 10.02 0.72 8.22 2.31 0.71 7.56 NASDAQ Listed OTC Companies(22) 11.58 11.42 0.54 4.91 1.76 0.78 7.10 Florida Companies(3) 9.81 9.78 0.47 4.51 1.75 0.72 6.91 Mid-Atlantic Companies(10) 11.60 11.31 0.47 4.37 1.47 0.72 6.75 Mid-West Companies(7) 12.88 12.86 0.56 4.28 1.86 0.89 7.17 New England Companies(1) 8.48 8.47 1.12 13.72 3.85 0.83 10.17 Thrift Strategy(21) 11.77 11.61 0.50 4.36 1.63 0.77 6.91 Diversified Strategy(1) 8.48 8.47 1.12 13.72 3.85 0.83 10.17 Companies Issuing Dividends(21) 11.57 11.40 0.54 4.98 1.74 0.78 7.19 Companies Without Dividends(1) 11.73 11.73 0.43 3.71 2.09 0.65 5.56 Equity/Assets 6-12%(16) 9.83 9.62 0.46 4.91 1.67 0.70 7.33 Equity/Assets >12%(6) 17.27 17.27 0.78 4.91 2.06 1.02 6.34 Actively Traded Companies(1) 9.42 8.40 0.58 6.17 1.62 0.91 9.77 Holding Company Structure(1) 9.42 8.40 0.58 6.17 1.62 0.91 9.77 Assets Over $1 Billion(5) 8.85 8.21 0.72 8.18 2.20 0.84 9.29 Assets $500 Million-$1 Billion(3) 9.81 9.78 0.47 4.51 1.75 0.72 6.91 Assets $250-$500 Million(5) 11.27 11.25 0.53 4.61 1.85 0.86 7.83 Assets less than $250 Million(9) 13.50 13.50 0.46 3.49 1.50 0.73 5.77 Goodwill Companies(8) 8.68 8.23 0.62 7.01 2.08 0.78 8.78 Non-Goodwill Companies(14) 13.16 13.16 0.49 3.76 1.58 0.77 6.18 MHC Institutions(22) 11.58 11.42 0.54 4.91 1.76 0.78 7.10 Asset Quality Ratios Pricing Ratios ----------------------- ----------------------------------------- Price/ Price/ NPAs Resvs/ Resvs/ Price/ Price/ Price/ Tang. Core Financial Institution Assets NPAs Loans Earning Book Assets Book Earnings --------------------- ------- ------- ------- ------- ------- ------- ------- ------- (%) (%) (%) (X) (%) (%) (%) (x) Market Averages. MHC Institutions --------------------------------- SAIF-Insured Thrifts(20) 0.51 145.36 0.72 0.00 221.63 28.37 221.94 28.11 BIF-Insured Thrifts(2) 1.85 82.27 1.77 25.99 0.00 34.17 0.00 0.00 NASDAQ Listed OTC Companies(22) 0.70 136.35 0.84 25.99 221.63 29.05 221.94 28.11 Florida Companies(3) 0.45 64.99 0.46 0.00 250.32 24.49 251.26 0.00 Mid-Atlantic Companies(10) 0.89 148.38 1.02 0.00 206.49 30.50 206.49 0.00 Mid-West Companies(7) 0.44 154.71 0.52 0.00 225.28 28.47 225.67 28.11 New England Companies(1) 0.90 121.39 1.60 25.99 0.00 28.02 0.00 0.00 Thrift Strategy(21) 0.68 137.50 0.80 0.00 221.63 29.12 221.94 28.11 Diversified Strategy(1) 0.90 121.39 1.60 25.99 0.00 28.02 0.00 0.00 Companies Issuing Dividends(21) 0.70 136.35 0.81 25.99 225.62 29.57 225.97 28.11 Companies Without Dividends(1) 0.00 0.00 1.40 0.00 177.65 20.83 177.65 0.00 Equity/Assets 6-12%(16) 0.79 95.58 0.95 25.99 223.48 26.59 223.96 28.11 Equity/Assets >12%(6) 0.15 380.97 0.50 0.00 217.91 37.07 217.91 0.00 Actively Traded Companies(1) 0.68 83.02 1.06 0.00 0.00 34.43 0.00 0.00 Holding Company Structure(1) 0.68 83.02 1.06 0.00 0.00 34.43 0.00 0.00 Assets Over $1 Billion(5) 0.74 89.86 1.13 25.99 0.00 31.69 0.00 0.00 Assets $500 Million-$1 Billion(3) 0.45 64.99 0.46 0.00 250.32 24.49 251.26 0.00 Assets $250-$500 Million(5) 0.29 334.04 0.43 0.00 243.25 27.15 243.90 27.73 Assets less than $250 Million(9) 1.01 83.46 0.95 0.00 204.16 29.59 204.16 28.48 Goodwill Companies(8) 0.57 127.39 0.89 25.99 247.51 28.00 249.42 27.73 Non-Goodwill Companies(14) 0.80 143.06 0.82 0.00 216.45 29.63 216.45 28.48 MHC Institutions(22) 0.70 136.35 0.84 25.99 221.63 29.05 221.94 28.11 Dividend Data(6) ----------------------- Ind. Divi- Div./ dend Payout Financial Institution Share Yield Ratio(7) --------------------- ------- ------- ------- ($) (%) (%) Market Averages. MHC Institutions --------------------------------- SAIF-Insured Thrifts(20) 0.55 1.89 51.85 BIF-Insured Thrifts(2) 0.52 1.54 48.92 NASDAQ Listed OTC Companies(22) 0.55 1.85 51.36 Florida Companies(3) 0.90 2.61 0.00 Mid-Atlantic Companies(10) 0.38 1.24 47.43 Mid-West Companies(7) 0.68 2.63 69.57 New England Companies(1) 0.68 1.88 48.92 Thrift Strategy(21) 0.54 1.85 51.85 Diversified Strategy(1) 0.68 1.88 48.92 Companies Issuing Dividends(21) 0.58 1.96 61.64 Companies Without Dividends(1) 0.00 0.00 0.00 Equity/Assets 6-12%(16) 0.49 1.52 51.36 Equity/Assets >12%(6) 0.74 2.91 0.00 Actively Traded Companies(1) 0.44 0.99 61.11 Holding Company Structure(1) 0.44 0.99 61.11 Assets Over $1 Billion(5) 0.51 1.24 59.66 Assets $500 Million-$1 Billion(3) 0.90 2.61 0.00 Assets $250-$500 Million(5) 0.62 2.06 69.57 Assets less than $250 Million(9) 0.46 1.88 0.00 Goodwill Companies(8) 0.57 1.55 61.64 Non-Goodwill Companies(14) 0.54 2.01 0.00 MHC Institutions(22) 0.55 1.85 51.36 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances; ROI (return on investment) is current EPS divided by current price. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. RP FINANCIAL, LC. ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios ---------------------------------------------------------- Tang. Equity/ Equity/ Reported Earnings Core Earnings ---------------------- --------------- Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) --------------------- ------- ------- ------- ------- ------- ------- ------- (%) (%) (%) (%) (%) (%) (%) NYSE Traded Companies --------------------- AHM Ahmanson and Co. H.F. of CA 4.17 3.55 0.39 9.68 3.45 0.62 15.44 CSA Coast Savings Financial of CA 4.92 4.86 0.21 4.28 1.73 0.53 10.73 CFB Commercial Federal Corp. of NE 6.00 5.32 0.65 11.03 4.07 0.91 15.55 DME Dime Bancorp, Inc. of NY* 5.27 5.03 0.56 10.57 4.45 0.71 13.39 DSL Downey Financial Corp. of CA 6.93 6.84 0.44 5.82 3.32 0.73 9.68 FED FirstFed Fin. Corp. of CA 4.83 4.77 0.29 6.19 3.09 0.53 11.34 GSB Glendale Fed. Bk, FSB of CA 5.53 4.91 0.26 4.71 2.37 0.61 11.03 GDW Golden West Fin. Corp. of CA 6.37 6.37 1.02 16.09 7.44 1.24 19.62 GPT GreenPoint Fin. Corp. of NY* 10.31 5.79 1.06 9.99 4.95 1.03 9.74 NYB New York Bancorp, Inc. of NY 5.08 5.08 1.38 26.83 5.65 1.62 31.44 WES Westcorp Inc. of Orange CA 9.05 9.02 0.87 9.10 5.02 0.43 4.51 AMEX Traded Companies --------------------- ANA Acadiana Bancshares of LA* 17.43 17.43 0.50 3.67 1.91 0.50 3.67 BKC American Bank of Waterbury CT* 8.29 7.95 1.27 15.35 7.52 1.10 13.19 BFD BostonFed Bancorp of MA 8.79 8.49 0.51 5.08 3.40 0.66 6.58 CFX CFX Corp of NH* 7.44 6.96 0.94 11.53 5.00 1.12 13.73 CNY Carver Bancorp, Inc. of NY 8.35 8.01 -0.44 -4.95 -5.80 0.01 0.07 CBK Citizens First Fin.Corp. of IL 14.08 14.08 0.29 1.95 1.61 0.58 3.84 ESX Essex Bancorp of VA(8) 0.27 0.17 -0.03 -16.67 -1.16 0.03 16.67 FCB Falmouth Co-Op Bank of MA* 23.88 23.88 0.84 3.43 2.54 0.79 3.23 FAB FirstFed America Bancorp of MA 12.16 12.16 -0.20 -2.35 -0.97 0.47 5.61 GAF GA Financial Corp. of PA 15.18 15.02 1.00 5.26 4.10 1.27 6.71 JSB JSB Financial, Inc. of NY 22.85 22.85 1.80 8.12 5.70 1.71 7.74 KNK Kankakee Bancorp of IL 11.09 10.42 0.66 6.35 4.80 0.82 7.92 KYF Kentucky First Bancorp of KY 16.56 16.56 0.87 4.64 4.13 1.12 6.00 MBB MSB Bancorp of Middletown NY* 7.39 3.63 0.17 2.40 1.79 0.18 2.50 PDB Piedmont Bancorp of NC 16.63 16.63 -0.42 -1.94 -1.75 0.66 3.07 SSB Scotland Bancorp of NC 37.02 37.02 1.41 3.88 4.25 1.72 4.72 SZB SouthFirst Bancshares of AL 14.00 14.00 -0.03 -0.19 -0.14 0.23 1.62 SRN Southern Banc Company of AL 17.01 16.83 0.14 0.79 0.71 0.50 2.84 SSM Stone Street Bancorp of NC 28.85 28.85 1.43 4.18 3.81 1.71 5.02 TSH Teche Holding Company of LA 13.14 13.14 0.69 5.03 3.45 0.96 6.96 FTF Texarkana Fst. Fin. Corp of AR 15.70 15.70 1.41 8.40 4.89 1.74 10.38 THR Three Rivers Fin. Corp. of MI 13.46 13.41 0.57 4.02 3.33 0.82 5.83 TBK Tolland Bank of CT* 6.94 6.74 0.75 11.37 6.55 0.78 11.89 WSB Washington SB, FSB of MD 8.30 8.30 0.50 6.00 3.69 0.73 8.80 NASDAQ Listed OTC Companies --------------------------- FBCV 1st Bancorp of Vincennes IN 8.26 8.09 0.31 3.80 3.19 0.13 1.61 AFED AFSALA Bancorp, Inc. of NY 13.47 13.47 0.79 6.46 4.32 0.79 6.46 ALBK ALBANK Fin. Corp. of Albany NY 9.20 8.04 0.84 9.16 5.09 1.04 11.28 AMFC AMB Financial Corp. of IN 14.95 14.95 0.73 4.14 4.00 0.81 4.57 ASBP ASB Financial Corp. of OH 15.75 15.75 0.60 3.24 2.92 0.86 4.66 ABBK Abington Savings Bank of MA* 6.92 6.23 0.82 12.05 6.65 0.73 10.71 AABC Access Anytime Bancorp of NM 7.44 7.44 -0.50 -8.75 -5.29 -0.12 -2.14 AFBC Advance Fin. Bancorp of WV 15.43 15.43 0.56 4.60 2.87 0.85 6.94 AADV Advantage Bancorp of WI 9.21 8.62 0.40 4.49 2.20 0.89 9.94 AFCB Affiliated Comm BC, Inc of MA 9.78 9.72 0.96 9.78 4.90 1.09 11.12 ALBC Albion Banc Corp. of Albion NY 8.73 8.73 0.11 1.14 0.93 0.38 4.07 ABCL Allied Bancorp of IL 8.91 8.80 0.52 5.89 2.28 0.76 8.60 ATSB AmTrust Capital Corp. of IN 10.33 10.23 0.18 1.81 1.75 0.30 2.96 Asset Quality Ratios Pricing Ratios ----------------------- ----------------------------------------- Price/ Price/ NPAs Resvs/ Resvs/ Price/ Price/ Price/ Tang. Core Financial Institution Assets NPAs Loans Earning Book Assets Book Earnings --------------------- ------- ------- ------- ------- ------- ------- ------- ------- (%) (%) (%) (X) (%) (%) (%) (x) NYSE Traded Companies --------------------- AHM Ahmanson and Co. H.F. of CA 1.90 42.90 1.25 28.94 281.62 11.74 NM 18.14 CSA Coast Savings Financial of CA 1.40 65.70 1.37 NM 238.45 11.73 241.46 23.13 CFB Commercial Federal Corp. of NE 0.89 76.36 0.91 24.57 254.78 15.30 287.34 17.43 DME Dime Bancorp, Inc. of NY* 1.57 31.98 0.85 22.50 231.34 12.20 242.51 17.76 DSL Downey Financial Corp. of CA 0.95 55.76 0.58 NM 169.99 11.78 172.36 18.14 FED FirstFed Fin. Corp. of CA 1.39 134.39 2.46 NM 191.01 9.22 193.13 17.66 GSB Glendale Fed. Bk, FSB of CA 1.46 69.38 1.36 NM 187.37 10.36 210.80 18.04 GDW Golden West Fin. Corp. of CA 1.31 42.43 0.68 13.44 206.29 13.14 206.29 11.02 GPT GreenPoint Fin. Corp. of NY* 2.89 27.84 1.30 20.19 210.25 21.68 NM 20.71 NYB New York Bancorp, Inc. of NY 1.22 48.76 0.97 17.71 NM 23.05 NM 15.11 WES Westcorp Inc. of Orange CA 0.74 134.25 1.95 19.93 174.04 15.75 174.59 NM AMEX Traded Companies --------------------- ANA Acadiana Bancshares of LA* 0.52 190.96 1.35 NM 147.43 25.69 147.43 NM BKC American Bank of Waterbury CT* 1.81 48.13 1.45 13.30 191.18 15.84 199.14 15.47 BFD BostonFed Bancorp of MA 0.52 114.29 0.74 29.39 150.83 13.25 156.03 22.66 CFX CFX Corp of NH* 0.72 120.07 1.23 20.00 209.13 15.55 223.58 16.79 CNY Carver Bancorp, Inc. of NY 1.37 42.60 1.02 NM 85.40 7.13 89.04 NM CBK Citizens First Fin.Corp. of IL 0.59 37.65 0.26 NM 126.32 17.79 126.32 NM ESX Essex Bancorp of VA(8) 2.63 42.63 1.34 NM NM 2.40 NM NM FCB Falmouth Co-Op Bank of MA* 0.07 806.45 0.98 NM 133.12 31.79 133.12 NM FAB FirstFed America Bancorp of MA 0.40 235.98 1.10 NM 151.61 18.44 151.61 NM GAF GA Financial Corp. of PA 0.12 132.49 0.43 24.38 136.84 20.77 138.30 19.12 JSB JSB Financial, Inc. of NY 1.08 33.98 0.62 17.54 137.17 31.35 137.17 18.40 KNK Kankakee Bancorp of IL 0.94 67.06 0.92 20.83 126.93 14.08 135.05 16.71 KYF Kentucky First Bancorp of KY 0.07 630.51 0.75 24.24 125.87 20.85 125.87 18.75 MBB MSB Bancorp of Middletown NY* 0.71 38.66 0.63 NM 129.74 9.59 264.35 NM PDB Piedmont Bancorp of NC 0.91 71.58 0.79 NM 146.50 24.36 146.50 NM SSB Scotland Bancorp of NC NA NA 0.50 23.53 89.29 33.06 89.29 19.35 SZB SouthFirst Bancshares of AL 0.75 39.15 0.40 NM 129.95 18.19 129.95 NM SRN Southern Banc Company of AL NA NA 0.21 NM 116.60 19.83 117.81 NM SSM Stone Street Bancorp of NC 0.27 187.50 0.62 26.25 130.19 37.56 130.19 21.88 TSH Teche Holding Company of LA 0.27 304.97 0.96 29.00 145.65 19.14 145.65 20.94 FTF Texarkana Fst. Fin. Corp of AR 0.46 145.12 0.79 20.47 178.38 28.01 178.38 16.55 THR Three Rivers Fin. Corp. of MI 1.15 44.56 0.78 NM 119.82 16.13 120.28 20.69 TBK Tolland Bank of CT* 2.13 54.09 1.87 15.26 159.81 11.09 164.47 14.60 WSB Washington SB, FSB of MD NA NA 0.92 27.10 160.99 13.37 160.99 18.48 NASDAQ Listed OTC Companies --------------------------- FBCV 1st Bancorp of Vincennes IN 0.94 45.77 0.66 NM 115.63 9.55 118.06 NM AFED AFSALA Bancorp, Inc. of NY 0.45 150.77 1.43 23.17 128.90 17.37 128.90 23.17 ALBK ALBANK Fin. Corp. of Albany NY 0.91 78.77 0.99 19.65 174.08 16.02 199.20 15.96 AMFC AMB Financial Corp. of IN 0.81 49.41 0.53 25.00 112.94 16.89 112.94 22.60 ASBP ASB Financial Corp. of OH 1.02 71.62 1.09 NM 129.93 20.46 129.93 23.88 ABBK Abington Savings Bank of MA* 0.20 211.97 0.69 15.05 173.52 12.01 192.65 16.93 AABC Access Anytime Bancorp of NM 1.60 29.31 0.92 NM 130.17 9.69 130.17 NM AFBC Advance Fin. Bancorp of WV 0.58 60.53 0.43 NM 119.29 18.40 119.29 23.05 AADV Advantage Bancorp of WI 0.44 128.03 1.01 NM 198.80 18.32 212.63 20.55 AFCB Affiliated Comm BC, Inc of MA 0.39 191.75 1.20 20.42 189.51 18.53 190.55 17.96 ALBC Albion Banc Corp. of Albion NY 0.72 53.94 0.54 NM 121.54 10.61 121.54 NM ABCL Allied Bancorp of IL 0.15 257.09 0.53 NM 171.47 15.27 173.59 NM ATSB AmTrust Capital Corp. of IN 3.63 19.92 1.02 NM 100.42 10.37 101.42 NM Dividend Data(6) ----------------------- Ind. Divi- Div./ dend Payout Financial Institution Share Yield Ratio(7) --------------------- ------- ------- ------- ($) (%) (%) NYSE Traded Companies --------------------- AHM Ahmanson and Co. H.F. of CA 0.88 1.54 44.44 CSA Coast Savings Financial of CA 0.00 0.00 0.00 CFB Commercial Federal Corp. of NE 0.28 0.56 13.66 DME Dime Bancorp, Inc. of NY* 0.16 0.68 15.24 DSL Downey Financial Corp. of CA 0.32 1.23 37.21 FED FirstFed Fin. Corp. of CA 0.00 0.00 0.00 GSB Glendale Fed. Bk, FSB of CA 0.00 0.00 0.00 GDW Golden West Fin. Corp. of CA 0.44 0.49 6.53 GPT GreenPoint Fin. Corp. of NY* 1.00 1.56 31.55 NYB New York Bancorp, Inc. of NY 0.60 1.71 30.30 WES Westcorp Inc. of Orange CA 0.40 1.81 36.04 AMEX Traded Companies --------------------- ANA Acadiana Bancshares of LA* 0.36 1.46 NM BKC American Bank of Waterbury CT* 1.44 3.46 46.01 BFD BostonFed Bancorp of MA 0.28 1.29 37.84 CFX CFX Corp of NH* 0.88 4.00 NM CNY Carver Bancorp, Inc. of NY 0.20 1.57 NM CBK Citizens First Fin.Corp. of IL 0.00 0.00 0.00 ESX Essex Bancorp of VA(8) 0.00 0.00 NM FCB Falmouth Co-Op Bank of MA* 0.20 0.98 38.46 FAB FirstFed America Bancorp of MA 0.00 0.00 NM GAF GA Financial Corp. of PA 0.48 2.46 60.00 JSB JSB Financial, Inc. of NY 1.40 2.87 50.36 KNK Kankakee Bancorp of IL 0.48 1.42 29.63 KYF Kentucky First Bancorp of KY 0.50 3.56 NM MBB MSB Bancorp of Middletown NY* 0.60 2.19 NM PDB Piedmont Bancorp of NC 0.40 3.68 NM SSB Scotland Bancorp of NC 0.30 2.50 58.82 SZB SouthFirst Bancshares of AL 0.50 2.40 NM SRN Southern Banc Company of AL 0.35 2.06 NM SSM Stone Street Bancorp of NC 0.45 2.14 56.25 TSH Teche Holding Company of LA 0.50 2.21 64.10 FTF Texarkana Fst. Fin. Corp of AR 0.56 2.09 42.75 THR Three Rivers Fin. Corp. of MI 0.40 2.15 64.52 TBK Tolland Bank of CT* 0.20 1.18 18.02 WSB Washington SB, FSB of MD 0.10 1.23 33.33 NASDAQ Listed OTC Companies --------------------------- FBCV 1st Bancorp of Vincennes IN 0.40 1.08 33.90 AFED AFSALA Bancorp, Inc. of NY 0.16 0.84 19.51 ALBK ALBANK Fin. Corp. of Albany NY 0.72 1.60 31.44 AMFC AMB Financial Corp. of IN 0.24 1.45 36.36 ASBP ASB Financial Corp. of OH 0.40 2.99 NM ABBK Abington Savings Bank of MA* 0.40 1.23 18.52 AABC Access Anytime Bancorp of NM 0.00 0.00 NM AFBC Advance Fin. Bancorp of WV 0.32 1.80 62.75 AADV Advantage Bancorp of WI 0.40 0.69 31.50 AFCB Affiliated Comm BC, Inc of MA 0.48 1.54 31.37 ALBC Albion Banc Corp. of Albion NY 0.32 1.10 NM ABCL Allied Bancorp of IL 0.44 1.64 72.13 ATSB AmTrust Capital Corp. of IN 0.20 1.40 NM RP FINANCIAL, LC. ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- --------------------- Tang. Reported Earnings Core Earnings Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs --------------------- ------ ------ ----- ----- ----- ----- ----- ------ ----- (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) --------------------------------------- AHCI Ambanc Holding Co., Inc. of NY* 12.94 12.94 -0.59 -4.26 -3.74 -0.62 -4.45 0.63 124.04 ASBI Ameriana Bancorp of IN 10.96 10.95 0.61 5.52 3.43 0.85 7.73 0.40 71.19 AFFFZ America First Fin. Fund of CA(8) 8.44 8.34 1.49 19.31 12.93 1.83 23.69 0.40 81.55 ANBK American Nat'l Bancorp of MD(8) 8.97 8.97 0.28 2.90 1.84 0.65 6.74 0.74 102.82 ABCW Anchor Bancorp Wisconsin of WI 6.22 6.11 0.75 12.06 4.88 0.96 15.56 0.92 126.05 ANDB Andover Bancorp, Inc. of MA* 8.06 8.06 1.10 13.91 7.07 1.13 14.34 1.01 99.08 ASFC Astoria Financial Corp. of NY 7.83 6.57 0.56 7.09 3.47 0.79 10.12 0.51 37.96 AVND Avondale Fin. Corp. of IL 9.12 9.12 -0.49 -5.19 -4.63 -1.51 -16.06 3.18 96.19 BKCT Bancorp Connecticut of CT* 10.25 10.25 1.32 12.60 6.77 1.24 11.90 1.19 100.82 BPLS Bank Plus Corp. of CA 5.06 5.06 -0.26 -5.31 -3.46 0.02 0.46 2.88 58.99 BWFC Bank West Fin. Corp. of MI 14.52 14.52 0.64 3.91 2.49 0.57 3.47 0.28 51.72 BANC BankAtlantic Bancorp of FL 5.62 4.62 0.90 14.98 6.43 0.65 10.86 0.97 102.98 BKUNA BankUnited SA of FL 3.72 3.02 0.21 4.55 2.19 0.34 7.54 0.66 26.19 BVCC Bay View Capital Corp. of CA 6.34 5.32 0.39 6.37 3.39 0.63 10.37 0.83 137.32 FSNJ Bayonne Banchsares of NJ 14.42 14.42 -0.35 -2.42 -1.87 -0.06 -0.40 1.22 43.59 BFSB Bedford Bancshares of VA 14.16 14.16 1.01 6.98 4.65 1.29 8.94 0.60 79.85 BFFC Big Foot Fin. Corp. of IL 16.98 16.98 0.05 0.28 0.21 0.42 2.45 0.09 151.52 BSBC Branford SB of CT(8)* 9.28 9.28 1.16 12.75 5.57 1.16 12.75 1.42 141.26 BYFC Broadway Fin. Corp. of CA 10.01 10.01 -0.14 -1.23 -1.62 0.21 1.88 2.06 39.74 CBES CBES Bancorp of MO 17.58 17.58 0.91 5.54 3.91 1.11 6.80 NA NA CCFH CCF Holding Company of GA 11.68 11.68 0.05 0.30 0.26 0.07 0.42 0.18 325.68 CENF CENFED Financial Corp. of CA 5.20 5.19 0.51 10.04 5.08 0.73 14.30 1.28 58.93 CFSB CFSB Bancorp of Lansing MI 7.63 7.63 0.85 10.96 4.61 1.07 13.84 0.17 308.01 CKFB CKF Bancorp of Danville KY 23.96 23.96 1.81 7.25 6.32 1.33 5.33 1.26 14.79 CNSB CNS Bancorp of MO 24.94 24.94 0.42 1.70 1.39 0.77 3.13 0.53 72.14 CSBF CSB Financial Group Inc of IL* 25.06 23.63 0.43 1.59 1.65 0.66 2.42 0.56 57.14 CBCI Calumet Bancorp of Chicago IL 15.50 15.50 1.15 7.22 5.56 1.46 9.16 1.16 102.51 CAFI Camco Fin. Corp. of OH 9.57 8.82 0.82 9.11 4.85 0.92 10.18 0.49 54.74 CMRN Cameron Fin. Corp. of MO 21.69 21.69 1.07 4.43 4.05 1.33 5.51 0.73 111.82 CAPS Capital Savings Bancorp of MO 8.80 8.80 0.67 7.61 4.69 0.93 10.68 0.31 97.24 CFNC Carolina Fincorp of NC* 22.83 22.83 1.14 4.92 3.97 1.09 4.70 0.18 194.17 CASB Cascade SB of Everett WA(8) 6.13 6.13 0.35 5.65 3.42 0.52 8.53 0.41 191.64 CATB Catskill Fin. Corp. of NY* 25.04 25.04 1.43 5.21 5.15 1.45 5.27 0.47 140.85 CNIT Cenit Bancorp of Norfolk VA 7.24 6.65 0.87 12.05 5.77 0.80 11.05 0.51 103.23 CEBK Central Co-Op. Bank of MA* 10.45 9.31 0.88 8.78 6.00 0.90 8.90 0.85 97.49 CENB Century Bancshares of NC* 30.11 30.11 1.76 5.85 5.36 1.77 5.89 0.13 423.08 CBSB Charter Financial Inc. of IL 14.47 12.80 1.13 7.49 5.06 1.59 10.49 0.56 104.84 COFI Charter One Financial of OH 6.71 6.28 0.98 14.64 4.71 1.23 18.32 0.27 164.80 CVAL Chester Valley Bancorp of PA 8.36 8.36 0.65 7.42 3.83 0.93 10.59 0.23 381.68 CTZN CitFed Bancorp of Dayton OH 6.37 5.74 0.58 9.12 3.58 0.82 12.83 0.41 143.79 CLAS Classic Bancshares of KY 14.72 12.42 0.55 3.05 2.77 0.77 4.27 0.94 65.45 CMSB Cmnwealth Bancorp of PA 9.63 7.53 0.55 5.26 3.63 0.70 6.71 0.50 86.54 CBSA Coastal Bancorp of Houston TX 3.33 2.77 0.25 7.57 4.68 0.44 13.16 0.58 39.81 CFCP Coastal Fin. Corp. of SC 6.17 6.17 0.94 15.22 3.90 1.03 16.67 0.21 436.85 CMSV Commty. Svgs, MHC of FL (48.5) 11.25 11.25 0.56 4.87 1.92 0.84 7.27 0.55 67.15 CFTP Community Fed. Bancorp of MS 27.46 27.46 1.33 4.15 3.37 1.62 5.07 0.30 91.63 CFFC Community Fin. Corp. of VA 13.71 13.71 1.01 7.32 5.62 1.28 9.26 0.39 148.67 CFBC Community First Bnkg Co. of GA 15.40 15.19 0.56 3.65 2.68 0.57 3.69 2.02 26.10 CIBI Community Inv. Bancorp of OH 12.04 12.04 0.62 5.22 4.13 0.94 7.95 0.63 82.56 COOP Cooperative Bk.for Svgs. of NC 7.63 7.63 -0.80 -10.08 -5.81 0.19 2.46 0.46 50.09 CRZY Crazy Woman Creek Bncorp of WY 25.81 25.81 1.06 3.69 3.84 1.30 4.52 0.39 136.15 DNFC D&N Financial Corp. of MI 5.57 5.52 0.61 10.68 4.63 0.80 14.08 0.34 198.09 DCBI Delphos Citizens Bancorp of OH 28.41 28.41 1.45 6.45 4.06 1.45 6.45 0.35 27.76 DIME Dime Community Bancorp of NY 14.52 12.50 0.96 5.96 4.18 1.04 6.41 0.73 112.22 DIBK Dime Financial Corp. of CT* 7.96 7.70 1.90 23.27 9.02 1.91 23.35 0.40 355.33 EGLB Eagle BancGroup of IL 11.85 11.85 -0.09 -0.77 -0.63 0.20 1.73 1.48 35.83 Pricing Ratios Dividend Data(6) ------------------------------------------ --------------------------- Price/ Price/ Ind. Divi- Resvs/ Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Loans Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- -------- ------ -------- ----- --------- ------- ------ -------- (%) (X) (%) (%) (%) (x) ($) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- AHCI Ambanc Holding Co., Inc. of NY* 1.40 NM 119.80 15.50 119.80 NM 0.20 1.17 NM ASBI Ameriana Bancorp of IN 0.38 29.17 162.19 17.77 162.31 20.84 0.64 2.93 NM AFFFZ America First Fin. Fund of CA(8) 0.49 7.74 138.56 11.69 140.29 6.30 1.60 3.75 29.04 ANBK American Nat'l Bancorp of MD(8) 1.17 NM 160.45 14.39 160.45 23.40 0.12 0.60 32.43 ABCW Anchor Bancorp Wisconsin of WI 1.48 20.48 239.80 14.92 244.23 15.88 0.32 1.01 20.65 ANDB Andover Bancorp, Inc. of MA* 1.41 14.15 185.66 14.97 185.66 13.72 0.68 1.87 26.46 ASFC Astoria Financial Corp. of NY 0.48 28.83 197.62 15.46 235.32 20.18 0.60 1.06 30.61 AVND Avondale Fin. Corp. of IL 5.33 NM 115.90 10.57 115.90 NM 0.00 0.00 NM BKCT Bancorp Connecticut of CT* 1.98 14.77 183.31 18.78 183.31 15.64 1.00 3.15 46.51 BPLS Bank Plus Corp. of CA 2.11 NM 143.58 7.27 143.74 NM 0.00 0.00 NM BWFC Bank West Fin. Corp. of MI 0.20 NM 164.86 23.93 164.86 NM 0.32 1.51 60.38 BANC BankAtlantic Bancorp of FL 1.39 15.56 223.28 12.55 271.84 21.48 0.13 0.85 13.27 BKUNA BankUnited SA of FL 0.21 NM 174.57 6.50 215.45 27.60 0.00 0.00 0.00 BVCC Bay View Capital Corp. of CA 1.51 29.51 189.29 12.00 225.53 18.11 0.32 1.12 32.99 FSNJ Bayonne Banchsares of NJ 1.36 NM 129.26 18.64 129.26 NM 0.17 1.33 NM BFSB Bedford Bancshares of VA 0.56 21.49 145.83 20.66 145.83 16.78 0.56 2.29 49.12 BFFC Big Foot Fin. Corp. of IL 0.34 NM 135.98 23.09 135.98 NM 0.00 0.00 0.00 BSBC Branford SB of CT(8)* 3.06 17.97 217.80 20.22 217.80 17.97 0.08 1.39 25.00 BYFC Broadway Fin. Corp. of CA 1.01 NM 80.20 8.03 80.20 NM 0.20 1.70 NM CBES CBES Bancorp of MO NA 25.60 123.99 21.80 123.99 20.87 0.40 1.86 47.62 CCFH CCF Holding Company of GA 0.72 NM 135.79 15.86 135.79 NM 0.55 2.82 NM CENF CENFED Financial Corp. of CA 1.10 19.70 187.05 9.73 187.41 13.83 0.36 0.92 18.18 CFSB CFSB Bancorp of Lansing MI 0.61 21.67 234.70 17.90 234.70 17.16 0.68 2.29 49.64 CKFB CKF Bancorp of Danville KY 0.20 15.81 117.46 28.14 117.46 21.51 0.50 2.70 42.74 CNSB CNS Bancorp of MO 0.58 NM 121.29 30.25 121.29 NM 0.24 1.33 NM CSBF CSB Financial Group Inc of IL* 0.57 NM 99.84 25.02 105.90 NM 0.00 0.00 0.00 CBCI Calumet Bancorp of Chicago IL 1.57 17.99 134.23 20.81 134.23 14.19 0.00 0.00 0.00 CAFI Camco Fin. Corp. of OH 0.32 20.60 156.86 15.01 170.04 18.44 0.52 2.27 46.85 CMRN Cameron Fin. Corp. of MO 0.97 24.68 112.05 24.30 112.05 19.85 0.28 1.45 35.90 CAPS Capital Savings Bancorp of MO 0.39 21.34 155.14 13.65 155.14 15.22 0.24 1.37 29.27 CFNC Carolina Fincorp of NC* 0.51 25.18 124.51 28.42 124.51 26.34 0.24 1.40 35.29 CASB Cascade SB of Everett WA(8) 0.94 29.26 156.61 9.60 156.61 19.37 0.00 0.00 0.00 CATB Catskill Fin. Corp. of NY* 1.48 19.41 109.42 27.40 109.42 19.19 0.28 1.70 32.94 CNIT Cenit Bancorp of Norfolk VA 0.76 17.33 208.87 15.12 227.43 18.90 1.00 1.54 26.67 CEBK Central Co-Op. Bank of MA* 1.21 16.67 140.60 14.69 157.89 16.44 0.32 1.33 22.22 CENB Century Bancshares of NC* 0.87 18.65 108.46 32.66 108.46 18.52 2.00 2.48 46.19 CBSB Charter Financial Inc. of IL 0.79 19.76 151.35 21.90 171.06 14.12 0.32 1.54 30.48 COFI Charter One Financial of OH 0.73 21.22 299.05 20.06 NM 16.96 1.00 1.58 33.56 CVAL Chester Valley Bancorp of PA 1.10 26.12 185.70 15.53 185.70 18.31 0.42 1.81 47.19 CTZN CitFed Bancorp of Dayton OH 0.95 27.96 237.63 15.13 263.73 19.87 0.36 0.66 18.56 CLAS Classic Bancshares of KY 0.93 NM 109.50 16.12 129.79 25.79 0.28 1.72 62.22 CMSB Cmnwealth Bancorp of PA 0.79 27.54 147.40 14.19 188.49 21.59 0.28 1.47 40.58 CBSA Coastal Bancorp of Houston TX 0.51 21.38 156.17 5.20 187.88 12.30 0.48 1.55 33.10 CFCP Coastal Fin. Corp. of SC 1.15 25.65 NM 22.50 NM 23.43 0.36 1.48 37.89 CMSV Commty. Svgs, MHC of FL (48.5) 0.63 NM 245.80 27.64 245.80 NM 0.90 2.37 NM CFTP Community Fed. Bancorp of MS 0.46 29.66 141.13 38.75 141.13 24.31 0.30 1.71 50.85 CFFC Community Fin. Corp. of VA 0.65 17.80 124.60 17.08 124.60 14.07 0.56 2.38 42.42 CFBC Community First Bnkg Co. of GA 0.83 NM 136.57 21.03 138.45 NM 0.60 1.53 57.14 CIBI Community Inv. Bancorp of OH 0.62 24.21 127.51 15.35 127.51 15.89 0.32 2.10 50.79 COOP Cooperative Bk.for Svgs. of NC 0.29 NM 171.84 13.12 171.84 NM 0.00 0.00 NM CRZY Crazy Woman Creek Bncorp of WY 1.04 26.07 103.07 26.61 103.07 21.30 0.40 2.65 68.97 DNFC D&N Financial Corp. of MI 0.93 21.59 216.89 12.09 219.10 16.38 0.20 0.84 18.18 DCBI Delphos Citizens Bancorp of OH 0.13 24.65 118.89 33.77 118.89 24.65 0.00 0.00 0.00 DIME Dime Community Bancorp of NY 1.43 23.94 154.32 22.40 179.14 22.28 0.24 1.07 25.53 DIBK Dime Financial Corp. of CT* 3.17 11.08 231.14 18.41 238.91 11.04 0.40 1.28 14.18 EGLB Eagle BancGroup of IL 0.76 NM 113.84 13.49 113.84 NM 0.00 0.00 NM RP FINANCIAL, LC. ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios Asset Quality Ratios --------------------------------------------------------- ----------------------- Tang. Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ ---------------------- --------------- Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs ---------------------- ------- ------- ------ ------- ------- ------- ------- ------- -------- (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) --------------------------------------- EBSI Eagle Bancshares of Tucker GA 8.30 8.30 0.43 5.14 3.30 0.58 6.99 1.07 63.66 EGFC Eagle Financial Corp. of CT 6.87 5.36 0.08 1.08 0.47 0.44 6.15 0.52 94.68 ETFS East Texas Fin. Serv. of TX 18.16 18.16 0.31 1.65 1.59 0.63 3.40 0.17 141.97 EMLD Emerald Financial Corp of OH 7.58 7.46 0.72 9.43 4.76 0.89 11.64 0.24 106.84 EIRE Emerald Island Bancorp, MA* 7.08 7.08 0.85 12.35 6.08 0.89 13.00 0.40 151.40 EFBC Empire Federal Bancorp of MT 34.89 34.89 0.83 2.37 1.94 1.09 3.12 0.06 312.50 EFBI Enterprise Fed. Bancorp of OH 12.33 12.31 0.70 5.12 3.22 0.79 5.74 NA NA EQSB Equitable FSB of Wheaton MD 5.04 5.04 0.46 9.09 5.03 0.74 14.50 0.49 36.72 FCBF FCB Fin. Corp. of Neenah WI 17.50 17.50 0.92 5.20 2.18 1.09 6.16 0.15 412.16 FFBS FFBS Bancorp of Columbus MS 19.23 19.23 1.16 5.96 4.13 1.47 7.53 0.37 118.76 FFDF FFD Financial Corp. of OH 24.40 24.40 1.68 6.68 5.33 0.94 3.75 0.07 421.88 FFLC FFLC Bancorp of Leesburg FL 13.48 13.48 0.70 4.58 3.14 1.01 6.60 0.18 226.46 FFFC FFVA Financial Corp. of VA 13.18 12.90 1.11 7.86 4.00 1.34 9.52 0.18 318.63 FFWC FFW Corporation of Wabash IN 9.52 8.58 0.84 8.39 5.86 1.05 10.48 0.16 203.56 FFYF FFY Financial Corp. of OH 13.71 13.71 0.90 5.84 4.63 1.27 8.31 0.67 74.18 FMCO FMS Financial Corp. of NJ 6.56 6.44 0.69 10.76 5.38 1.02 15.79 1.06 48.50 FFHH FSF Financial Corp. of MN 11.35 11.35 0.66 5.22 3.84 0.84 6.63 0.03 636.64 FOBC Fed One Bancorp of Wheeling WV 11.06 10.55 0.68 5.85 3.83 0.97 8.33 0.40 101.18 FBCI Fidelity Bancorp of Chicago IL 10.38 10.36 0.55 5.34 3.80 0.78 7.48 0.80 21.76 FSBI Fidelity Bancorp, Inc. of PA 6.75 6.75 0.51 7.35 4.60 0.81 11.71 0.43 115.46 FFFL Fidelity FSB, MHC of FL (47.7) 8.38 8.31 0.38 4.15 1.59 0.60 6.56 0.34 62.82 FFED Fidelity Fed. Bancorp of IN 5.39 5.39 0.05 0.95 0.54 0.30 5.90 0.14 519.24 FFOH Fidelity Financial of OH 12.94 11.42 0.70 4.68 3.29 1.02 6.89 0.08 381.04 FIBC Financial Bancorp, Inc. of NY 9.36 9.31 0.56 5.74 3.87 1.00 10.23 1.81 26.91 FBSI First Bancshares of MO 13.54 13.52 0.91 6.15 5.06 1.10 7.44 0.56 52.51 FBBC First Bell Bancorp of PA 9.83 9.83 1.07 7.64 6.14 1.24 8.87 0.07 147.42 FBER First Bergen Bancorp of NJ 14.19 14.19 0.44 2.73 2.13 0.77 4.74 0.83 129.82 SKBO First Carnegie,MHC of PA(45.0) 16.45 16.45 0.52 4.42 1.74 0.52 4.42 NA NA FSTC First Citizens Corp of GA 9.13 6.85 1.12 11.27 4.11 1.11 11.11 NA NA FCME First Coastal Corp. of ME* 9.23 9.23 4.21 NM 31.32 4.08 NM 2.01 85.72 FFBA First Colorado Bancorp of Co 12.90 12.72 0.86 6.02 3.76 0.84 5.94 0.23 121.82 FDEF First Defiance Fin.Corp. of OH 21.32 21.32 0.75 3.36 2.69 1.03 4.62 0.45 96.96 FESX First Essex Bancorp of MA* 6.97 6.06 0.96 13.04 6.90 0.84 11.36 NA NA FFES First FS&LA of E. Hartford CT 6.43 6.43 0.42 6.80 4.25 0.70 11.19 0.37 71.33 FFSX First FS&LA. MHC of IA (46.1) 8.29 8.23 0.43 5.21 2.09 0.73 8.99 0.11 342.10 BDJI First Fed. Bancorp. of MN 10.87 10.87 0.30 2.56 1.98 0.63 5.44 0.27 137.04 FFBH First Fed. Bancshares of AR 14.97 14.97 0.77 4.84 3.72 1.06 6.63 0.19 119.50 FTFC First Fed. Capital Corp. of WI 6.36 5.96 0.74 11.34 4.21 0.86 13.16 0.12 408.79 FFKY First Fed. Fin. Corp. of KY 13.69 12.88 1.30 9.45 5.36 1.55 11.28 0.46 99.48 FFBZ First Federal Bancorp of OH 7.55 7.54 0.73 9.58 4.69 1.02 13.38 0.53 163.59 FFCH First Fin. Holdings Inc. of SC 6.11 6.11 0.57 9.30 3.76 0.84 13.65 1.66 41.99 FFBI First Financial Bancorp of IL 8.66 8.66 -0.38 -4.73 -4.36 0.42 5.23 0.41 142.00 FFHC First Financial Corp. of WI(8) 7.12 6.94 0.96 13.35 4.25 1.28 17.95 0.26 148.86 FFHS First Franklin Corp. of OH 9.02 8.96 0.19 2.14 1.57 0.65 7.20 0.52 82.31 FGHC First Georgia Hold. Corp of GA 8.22 7.53 0.66 7.98 3.76 0.51 6.23 3.10 20.52 FSPG First Home Bancorp of NJ 6.66 6.55 0.89 13.61 7.05 1.16 17.76 0.64 114.23 FFSL First Independence Corp. of KS 10.43 10.43 0.43 3.84 3.21 0.69 6.12 0.87 69.37 FISB First Indiana Corp. of IN 9.56 9.44 0.83 8.86 4.88 1.01 10.83 1.50 91.12 FKFS First Keystone Fin. Corp of PA 7.31 7.31 0.54 7.21 4.12 0.77 10.30 1.60 30.58 FLKY First Lancaster Bncshrs of KY 32.95 32.95 1.13 3.29 2.92 1.38 3.99 1.93 15.10 FLFC First Liberty Fin. Corp. of GA 7.37 6.65 0.88 12.11 5.23 0.72 9.91 0.81 110.00 CASH First Midwest Fin. Corp. of IA 11.39 10.09 0.74 6.46 5.03 0.94 8.21 0.85 75.48 FMBD First Mutual Bancorp of IL 12.85 9.73 0.10 0.57 0.51 0.31 1.84 0.19 182.28 FMSB First Mutual SB of Bellevue WA* 6.82 6.82 1.02 15.34 5.29 1.00 14.95 0.01 NA FNGB First Northern Cap. Corp of WI 11.28 11.28 0.64 5.50 3.38 0.91 7.88 0.06 798.69 FFPB First Palm Beach Bancorp of FL 6.57 6.41 -0.03 -0.42 -0.22 0.03 0.37 0.73 55.75 Asset Quality Ratios Pricing Ratios Dividend Data(6) ------------------------ ----------------------------------- ------------------- Price/ Price/ Ind. Divi- Resvs/ Price/ Price/ Price/ Tang. Core Div./ dend Payout Loans Earning Book Assets Book Earnings Share Yield Ratio(7) ------- ---------- ----- ------- ----- --------- ----- ------ ------- (%) (%) (%) (X) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) --------------------------------------- EBSI Eagle Bancshares of Tucker GA 0.95 NM 155.58 12.92 155.58 22.26 0.60 3.10 NM EGFC Eagle Financial Corp. of CT 0.86 NM 182.79 12.55 234.15 NM 1.00 2.48 NM ETFS East Texas Fin. Serv. of TX 0.50 NM 107.01 19.44 107.01 NM 0.20 0.94 58.82 EMLD Emerald Financial Corp of OH 0.35 20.99 188.26 14.27 191.23 17.00 0.24 1.41 29.63 EIRE Emerald Island Bancorp, MA* 0.89 16.45 186.71 13.21 186.71 15.63 0.28 1.12 18.42 EFBC Empire Federal Bancorp of MT 0.46 NM 121.95 42.55 121.95 NM 0.30 1.67 NM EFBI Enterprise Fed. Bancorp of OH 0.28 NM 159.97 19.72 160.18 27.72 1.00 3.92 NM EQSB Equitable FSB of Wheaton MD 0.26 19.89 169.57 8.55 169.57 12.46 0.00 0.00 0.00 FCBF FCB Fin. Corp. of Neenah WI 0.82 NM 236.05 41.30 236.05 NM 0.80 2.91 NM FFBS FFBS Bancorp of Columbus MS 0.62 24.21 142.41 27.39 142.41 19.17 0.50 2.17 52.63 FFDF FFD Financial Corp. of OH 0.48 18.74 124.46 30.37 124.46 NM 0.30 1.63 30.61 FFLC FFLC Bancorp of Leesburg FL 0.52 NM 150.44 20.28 150.44 22.16 0.48 1.41 44.86 FFFC FFVA Financial Corp. of VA 0.98 25.00 202.58 26.69 206.90 20.63 0.48 1.45 36.36 FFWC FFW Corporation of Wabash IN 0.50 17.06 133.76 12.73 148.48 13.67 0.72 2.23 38.10 FFYF FFY Financial Corp. of OH 0.64 21.58 139.35 19.10 139.35 15.18 0.70 2.53 54.69 FMCO FMS Financial Corp. of NJ 0.92 18.59 190.29 12.48 193.72 12.66 0.28 0.97 17.95 FFHH FSF Financial Corp. of MN 0.34 26.04 143.43 16.29 143.43 20.52 0.50 2.46 64.10 FOBC Fed One Bancorp of Wheeling WV 0.93 26.13 155.56 17.21 163.11 18.35 0.62 2.40 62.63 FBCI Fidelity Bancorp of Chicago IL 0.22 26.32 137.21 14.25 137.51 18.80 0.32 1.28 33.68 FSBI Fidelity Bancorp, Inc. of PA 1.01 21.76 148.45 10.03 148.45 13.66 0.36 1.53 33.33 FFFL Fidelity FSB, MHC of FL (47.7) 0.29 NM 254.85 21.34 256.72 NM 0.90 2.86 NM FFED Fidelity Fed. Bancorp of IN 0.87 NM 177.88 9.59 177.88 29.84 0.40 4.32 NM FFOH Fidelity Financial of OH 0.37 NM 127.36 16.48 144.32 20.67 0.28 1.81 54.90 FIBC Financial Bancorp, Inc. of NY 0.89 25.86 146.58 13.72 147.25 14.52 0.40 1.78 45.98 FBSI First Bancshares of MO 0.36 19.77 125.86 17.04 126.05 16.35 0.20 0.78 15.50 FBBC First Bell Bancorp of PA 0.13 16.27 160.02 15.72 160.02 14.02 0.40 2.32 37.74 FBER First Bergen Bancorp of NJ 2.50 NM 132.67 18.83 132.67 27.08 0.20 1.12 52.63 SKBO First Carnegie,MHC of PA(45.0) 0.68 NM 180.61 29.70 180.61 NM 0.30 1.58 NM FSTC First Citizens Corp of GA 1.47 24.31 216.79 19.80 288.93 24.65 0.44 1.25 30.34 FCME First Coastal Corp. of ME* 2.52 3.19 138.84 12.82 138.84 3.30 0.00 0.00 0.00 FFBA First Colorado Bancorp of Co 0.38 26.60 176.45 22.76 178.88 26.95 0.48 2.31 61.54 FDEF First Defiance Fin.Corp. of OH 0.56 NM 127.29 27.14 127.29 27.12 0.32 2.00 74.42 FESX First Essex Bancorp of MA* 1.43 14.48 165.68 11.56 190.82 16.63 0.48 2.51 36.36 FFES First FS&LA of E. Hartford CT 1.42 23.52 151.29 9.73 151.29 14.30 0.60 1.68 39.47 FFSX First FS&LA. MHC of IA (46.1) 0.52 NM 240.17 19.92 242.11 27.73 0.48 1.45 69.57 BDJI First Fed. Bancorp. of MN 0.76 NM 134.94 14.67 134.94 23.75 0.00 0.00 0.00 FFBH First Fed. Bancshares of AR 0.30 26.85 132.95 19.90 132.95 19.59 0.24 1.10 29.63 FTFC First Fed. Capital Corp. of WI 0.65 23.73 263.16 16.73 280.84 20.44 0.48 1.71 40.68 FFKY First Fed. Fin. Corp. of KY 0.52 18.64 171.51 23.48 182.25 15.63 0.56 2.64 49.12 FFBZ First Federal Bancorp of OH 1.01 21.31 194.10 14.65 194.30 15.24 0.24 1.28 27.27 FFCH First Fin. Holdings Inc. of SC 0.84 26.57 237.06 14.49 237.06 18.10 0.72 1.89 50.35 FFBI First Financial Bancorp of IL 0.91 NM 110.61 9.57 110.61 20.74 0.00 0.00 NM FFHC First Financial Corp. of WI(8) 0.64 23.51 NM 21.67 NM 17.49 0.60 1.69 39.74 FFHS First Franklin Corp. of OH 0.62 NM 133.95 12.08 134.82 19.01 0.32 1.39 NM FGHC First Georgia Hold. Corp of GA 0.75 26.56 201.90 16.59 220.21 NM 0.05 0.59 15.63 FSPG First Home Bancorp of NJ 1.39 14.18 180.93 12.05 183.94 10.86 0.40 1.72 24.39 FFSL First Independence Corp. of KS 0.91 NM 126.03 13.15 126.03 19.49 0.25 1.71 53.19 FISB First Indiana Corp. of IN 1.62 20.51 174.29 16.67 176.47 16.78 0.48 2.00 41.03 FKFS First Keystone Fin. Corp of PA 0.84 24.26 171.56 12.54 171.56 16.97 0.20 0.61 14.81 FLKY First Lancaster Bncshrs of KY 0.33 NM 109.59 36.11 109.59 28.28 0.50 3.10 NM FLFC First Liberty Fin. Corp. of GA 1.29 19.13 205.28 15.13 227.68 23.38 0.40 1.58 30.30 CASH First Midwest Fin. Corp. of IA 0.93 19.87 127.21 14.49 143.57 15.65 0.36 1.81 36.00 FMBD First Mutual Bancorp of IL 0.46 NM 127.45 16.37 168.25 NM 0.32 1.64 NM FMSB First Mutual SB of Bellevue WA* 1.27 18.91 270.39 18.45 270.39 19.41 0.20 0.68 12.82 FNGB First Northern Cap. Corp of WI 0.53 29.55 159.71 18.01 159.71 20.63 0.32 2.46 72.73 FFPB First Palm Beach Bancorp of FL 0.60 NM 184.97 12.15 189.59 NM 0.60 1.49 NM RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Reported Earnings Core Earnings Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/ Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- FSLA First SB SLA MHC of NJ (47.5) 9.42 8.40 0.58 6.17 1.62 0.91 9.77 0.68 83.02 1.06 SOPN First SB, SSB, Moore Co. of NC 22.83 22.83 1.44 5.83 4.43 1.73 6.99 0.08 241.60 0.31 FWWB First Savings Bancorp of WA* 14.75 13.57 1.05 6.25 3.39 1.00 5.90 0.30 215.39 0.97 SHEN First Shenango Bancorp of PA 10.95 10.95 0.89 7.82 5.20 1.16 10.18 0.53 137.62 1.15 FSFC First So.east Fin. Corp. of SC(8) 10.06 10.06 0.70 6.85 3.31 1.05 10.34 0.06 655.50 0.50 FBNW FirstBank Corp of Clarkston WA 18.04 18.04 0.70 3.86 3.15 0.57 3.14 2.07 31.12 0.78 FFDB FirstFed Bancorp of AL 9.42 8.58 0.62 6.31 4.81 0.94 9.63 0.84 49.36 0.59 FSPT FirstSpartan Fin. Corp. of SC 26.32 26.32 0.95 3.62 2.60 1.11 4.20 0.44 61.30 0.49 FLAG Flag Financial Corp of GA 9.58 9.58 -0.03 -0.29 -0.17 0.15 1.65 4.27 47.62 2.91 FLGS Flagstar Bancorp, Inc of MI 5.46 5.46 0.00 0.00 0.00 0.00 0.00 3.41 8.26 0.32 FFIC Flushing Fin. Corp. of NY* 15.47 15.47 0.93 5.55 4.03 0.97 5.78 0.29 223.21 1.15 FBHC Fort Bend Holding Corp. of TX 6.03 5.62 0.19 3.18 1.61 0.45 7.40 0.37 141.08 1.03 FTSB Fort Thomas Fin. Corp. of KY 16.04 16.04 0.54 2.94 2.30 0.81 4.45 1.48 32.73 0.54 FKKY Frankfort First Bancorp of KY 16.92 16.92 -0.28 -1.14 -1.07 0.56 2.28 0.09 86.21 0.08 FTNB Fulton Bancorp of MO 25.11 25.11 0.89 4.03 2.22 1.07 4.83 0.81 112.62 1.03 GFSB GFS Bancorp of Grinnell IA 11.44 11.44 1.00 8.59 5.35 1.22 10.55 1.00 70.07 0.82 GUPB GFSB Bancorp of Gallup NM 14.87 14.87 0.76 4.35 3.61 0.96 5.50 0.15 247.45 0.65 GSLA GS Financial Corp. of LA 45.63 45.63 1.08 3.63 2.00 1.08 3.63 0.11 293.18 0.84 GOSB GSB Financial Corp. of NY 27.06 27.06 1.02 3.77 3.35 0.86 3.19 NA NA NA GWBC Gateway Bancorp of KY(8) 27.04 27.04 0.83 3.23 2.74 1.15 4.47 0.90 14.14 0.38 GBCI Glacier Bancorp of MT 9.74 9.48 1.44 15.09 5.00 1.61 16.87 0.27 229.89 0.85 GFCO Glenway Financial Corp. of OH 9.49 9.36 0.43 4.51 3.31 0.72 7.57 0.31 91.62 0.34 GTPS Great American Bancorp of IL 21.43 21.43 0.26 1.09 1.00 0.32 1.37 0.23 140.69 0.44 GTFN Great Financial Corp. of KY(8) 9.24 8.84 0.75 7.89 3.63 0.71 7.50 3.06 15.68 0.72 GSBC Great Southern Bancorp of MO 8.53 8.53 1.38 14.76 5.35 1.56 16.69 1.91 114.73 2.59 GDVS Greater DV SB,MHC of PA (19.9)* 11.57 11.57 0.32 2.71 0.76 0.58 4.95 2.79 43.15 1.93 GSFC Green Street Fin. Corp. of NC 36.26 36.26 1.37 3.84 2.78 1.66 4.66 0.16 83.63 0.18 GFED Guarnty FS&LA,MHC of MO (31.0)(8) 13.79 13.79 0.61 4.30 1.38 0.92 6.51 0.74 148.40 1.36 HCBB HCB Bancshares of AR 18.84 18.13 0.13 0.92 0.65 0.14 1.02 0.43 173.49 1.49 HEMT HF Bancorp of Hemet CA 8.21 6.72 -0.27 -3.07 -2.42 -1.88 -21.03 NA NA NA HFFC HF Financial Corp. of SD 9.43 9.43 0.66 7.12 4.75 0.89 9.66 0.33 244.25 1.01 HFNC HFNC Financial Corp. of NC 17.99 17.99 0.86 3.47 2.59 1.19 4.76 0.87 97.22 1.14 HMNF HMN Financial, Inc. of MN 14.43 14.43 0.71 4.79 3.72 0.88 5.96 0.08 531.97 0.71 HALL Hallmark Capital Corp. of WI 7.24 7.24 0.48 6.83 4.55 0.61 8.62 0.16 274.03 0.64 HARB Harbor FSB, MHC of FL (46.6)(8) 8.39 8.11 0.95 11.52 3.12 1.23 14.84 0.46 222.68 1.37 HRBF Harbor Federal Bancorp of MD 12.90 12.90 0.46 3.52 2.52 0.71 5.46 0.05 379.63 0.28 HFSA Hardin Bancorp of Hardin MO 12.48 12.48 0.52 3.53 3.21 0.79 5.41 0.09 179.21 0.32 HARL Harleysville SA of PA 6.53 6.53 0.75 11.71 5.59 1.03 16.04 0.03 NA 0.77 HFGI Harrington Fin. Group of IN 5.59 5.59 0.39 8.22 4.60 0.33 6.87 0.25 18.93 0.23 HARS Harris SB, MHC of PA (24.3) 8.01 7.01 0.49 5.78 1.48 0.62 7.24 0.65 64.15 0.97 HFFB Harrodsburg 1st Fin Bcrp of KY 26.93 26.93 1.03 3.77 3.41 1.36 5.01 0.47 59.81 0.38 HHFC Harvest Home Fin. Corp. of OH 12.50 12.50 0.27 1.87 1.77 0.58 4.07 0.11 117.00 0.26 HAVN Haven Bancorp of Woodhaven NY 5.95 5.93 0.56 9.27 4.67 0.83 13.79 0.74 86.28 1.15 HTHR Hawthorne Fin. Corp. of CA 4.60 4.60 0.23 5.32 3.20 0.51 11.47 7.17 19.99 1.67 HMLK Hemlock Fed. Fin. Corp. of IL 18.77 18.77 0.13 0.98 0.58 0.73 5.40 NA NA 1.30 HBNK Highland Federal Bank of CA 7.47 7.47 0.46 6.25 3.05 0.68 9.17 3.09 55.00 2.13 HIFS Hingham Inst. for Sav. of MA* 9.35 9.35 1.21 12.60 6.41 1.21 12.60 0.41 165.13 0.89 HBEI Home Bancorp of Elgin IL 26.70 26.70 0.49 1.99 1.38 0.85 3.42 0.41 69.84 0.36 HBFW Home Bancorp of Fort Wayne IN 13.29 13.29 0.56 3.93 2.97 0.89 6.27 0.05 835.54 0.51 HBBI Home Building Bancorp of IN 12.82 12.82 0.20 1.59 1.25 0.52 4.05 0.38 47.98 0.29 HCFC Home City Fin. Corp. of OH 20.41 20.41 0.91 5.48 3.81 1.19 7.18 0.59 106.97 0.79 HOMF Home Fed Bancorp of Seymour IN 8.48 8.22 1.05 12.65 6.22 1.22 14.72 0.46 117.33 0.62 HWEN Home Financial Bancorp of IN 16.93 16.93 0.64 3.78 3.18 0.80 4.76 1.76 30.84 0.67 HPBC Home Port Bancorp, Inc. of MA* 10.56 10.56 1.67 15.78 7.02 1.66 15.69 0.08 NA 1.56 HMCI Homecorp, Inc. of Rockford IL 6.54 6.54 0.14 2.17 1.40 0.43 6.83 3.35 14.24 0.59 HZFS Horizon Fin'l. Services of IA 9.79 9.79 0.36 3.35 2.50 0.57 5.36 1.22 33.30 0.66 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 SB SLA MHC of NJ (47.5) NM NM 34.43 NM NM 0.44 0.99 61.11 SOPN First SB, SSB, Moore Co. of NC 22.58 131.11 29.94 131.11 18.85 0.88 3.68 NM FWWB First Savings Bancorp of WA* 29.49 185.77 27.40 201.92 NM 0.28 1.07 31.46 SHEN First Shenango Bancorp of PA 19.23 149.43 16.37 149.43 14.77 0.60 1.85 35.50 FSFC First So.east Fin. Corp. of SC(8) NM 200.25 20.14 200.25 20.00 0.24 1.50 45.28 FBNW FirstBank Corp of Clarkston WA NM 122.29 22.06 122.29 NM 0.00 0.00 0.00 FFDB FirstFed Bancorp of AL 20.79 136.40 12.84 149.62 13.62 0.50 2.53 52.63 FSPT FirstSpartan Fin. Corp. of SC NM 139.34 36.68 139.34 NM 0.00 0.00 0.00 FLAG Flag Financial Corp of GA NM 167.62 16.06 167.62 NM 0.34 1.94 NM FLGS Flagstar Bancorp, Inc of MI NM NM 17.55 NM NM 0.00 0.00 NM FFIC Flushing Fin. Corp. of NY* 24.80 138.25 21.39 138.25 23.77 0.24 1.04 25.81 FBHC Fort Bend Holding Corp. of TX NM 197.93 11.94 212.57 26.74 0.20 0.87 54.05 FTSB Fort Thomas Fin. Corp. of KY NM 138.17 22.16 138.17 28.74 0.25 1.74 NM FKKY Frankfort First Bancorp of KY NM 150.51 25.46 150.51 NM 0.36 3.51 NM FTNB Fulton Bancorp of MO NM 156.57 39.32 156.57 NM 0.20 0.87 39.22 GFSB GFS Bancorp of Grinnell IA 18.68 154.22 17.64 154.22 15.22 0.26 1.58 29.55 GUPB GFSB Bancorp of Gallup NM 27.70 125.67 18.69 125.67 21.88 0.40 1.83 50.63 GSLA GS Financial Corp. of LA NM 103.91 47.42 103.91 NM 0.28 1.65 NM GOSB GSB Financial Corp. of NY 29.81 112.48 30.44 112.48 NM 0.00 0.00 0.00 GWBC Gateway Bancorp of KY(8) NM 118.45 32.03 118.45 26.39 0.40 2.11 NM GBCI Glacier Bancorp of MT 20.00 270.94 26.40 278.48 17.89 0.48 2.18 43.64 GFCO Glenway Financial Corp. of OH NM 133.95 12.71 135.77 17.98 0.80 2.50 NM GTPS Great American Bancorp of IL NM 113.91 24.41 113.91 NM 0.40 2.11 NM GTFN Great Financial Corp. of KY(8) 27.52 214.46 19.81 224.01 28.97 0.60 1.37 37.74 GSBC Great Southern Bancorp of MO 18.70 288.59 24.62 288.59 16.54 0.44 2.05 38.26 GDVS Greater DV SB,MHC of PA (19.9)* NM NM 40.33 NM NM 0.36 1.20 NM GSFC Green Street Fin. Corp. of NC NM 136.59 49.53 136.59 29.59 0.44 2.19 NM GFED Guarnty FS&LA,MHC of MO (31.0)(8) NM NM 41.91 NM NM 0.44 1.64 NM HCBB HCB Bancshares of AR NM 97.20 18.31 101.02 NM 0.00 0.00 0.00 HEMT HF Bancorp of Hemet CA NM 128.21 10.53 156.70 NM 0.00 0.00 NM HFFC HF Financial Corp. of SD 21.03 145.50 13.72 145.50 15.49 0.42 1.62 34.15 HFNC HFNC Financial Corp. of NC NM 177.37 31.91 177.37 28.17 0.28 1.68 65.12 HMNF HMN Financial, Inc. of MN 26.86 130.02 18.76 130.02 21.58 0.00 0.00 0.00 HALL Hallmark Capital Corp. of WI 21.99 142.27 10.30 142.27 17.41 0.00 0.00 0.00 HARB Harbor FSB, MHC of FL (46.6)(8) NM NM 29.26 NM 24.91 1.40 2.13 68.29 HRBF Harbor Federal Bancorp of MD NM 139.56 18.00 139.56 25.56 0.48 2.09 NM HFSA Hardin Bancorp of Hardin MO NM 115.11 14.36 115.11 20.29 0.48 2.66 NM HARL Harleysville SA of PA 17.89 196.24 12.82 196.24 13.06 0.40 1.53 27.40 HFGI Harrington Fin. Group of IN 21.72 172.75 9.66 172.75 25.98 0.12 0.91 19.67 HARS Harris SB, MHC of PA (24.3) NM NM 29.37 NM NM 0.58 1.08 73.42 HFFB Harrodsburg 1st Fin Bcrp of KY 29.31 111.25 29.96 111.25 22.08 0.40 2.48 72.73 HHFC Harvest Home Fin. Corp. of OH NM 114.54 14.31 114.54 26.00 0.44 3.38 NM HAVN Haven Bancorp of Woodhaven NY 21.41 184.92 10.99 185.53 14.39 0.60 1.34 28.71 HTHR Hawthorne Fin. Corp. of CA NM 153.02 7.03 153.02 14.49 0.00 0.00 0.00 HMLK Hemlock Fed. Fin. Corp. of IL NM 116.73 21.92 116.73 NM 0.24 1.38 NM HBNK Highland Federal Bank of CA NM 192.19 14.36 192.19 22.34 0.00 0.00 0.00 HIFS Hingham Inst. for Sav. of MA* 15.59 185.66 17.37 185.66 15.59 0.48 1.66 25.81 HBEI Home Bancorp of Elgin IL NM 131.54 35.12 131.54 NM 0.40 2.21 NM HBFW Home Bancorp of Fort Wayne IN NM 137.63 18.29 137.63 21.09 0.20 0.82 27.78 HBBI Home Building Bancorp of IN NM 125.61 16.10 125.61 NM 0.30 1.29 NM HCFC Home City Fin. Corp. of OH 26.23 106.67 21.77 106.67 20.00 0.32 2.00 52.46 HOMF Home Fed Bancorp of Seymour IN 16.09 190.62 16.16 196.61 13.83 0.50 1.54 24.75 HWEN Home Financial Bancorp of IN NM 111.04 18.80 111.04 25.00 0.20 1.18 37.04 HPBC Home Port Bancorp, Inc. of MA* 14.24 215.10 22.71 215.10 14.33 0.80 3.27 46.51 HMCI Homecorp, Inc. of Rockford IL NM 150.27 9.83 150.27 22.65 0.00 0.00 0.00 HZFS Horizon Fin'l. Services of IA NM 131.65 12.88 131.65 25.00 0.32 1.23 49.23 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-I(continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Reported Earnings Core Earnings Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/ Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Listed OTC Companies (continued) - --------------------------------------- HRZB Horizon Financial Corp. of WA* 15.60 15.60 1.57 9.99 6.11 1.54 9.80 NA NA 0.84 IBSF IBS Financial Corp. of NJ 17.41 17.41 0.49 2.68 1.85 0.86 4.71 0.08 171.10 0.52 ISBF ISB Financial Corp. of LA 12.19 10.33 0.69 4.59 2.88 0.93 6.20 NA NA 0.80 ITLA Imperial Thrift & Loan of CA* 10.99 10.94 1.47 12.75 7.03 1.47 12.75 1.47 84.20 1.50 IFSB Independence FSB of DC 6.52 5.72 0.14 2.19 1.93 0.33 4.98 2.02 9.82 0.32 INCB Indiana Comm. Bank, SB of IN 12.17 12.17 0.19 1.55 1.27 0.54 4.31 0.13 541.46 0.90 INBI Industrial Bancorp of OH 17.71 17.71 0.72 3.87 2.50 1.42 7.57 0.30 156.98 0.55 IWBK Interwest SB of Oak Harbor WA 6.78 6.63 0.87 12.91 4.49 1.18 17.52 0.64 73.79 0.78 IPSW Ipswich SB of Ipswich MA* 5.71 5.71 1.21 20.39 6.22 0.95 16.02 1.52 56.87 1.18 JXVL Jacksonville Bancorp of TX 14.92 14.92 1.02 6.45 4.75 1.34 8.46 0.78 67.63 0.70 JXSB Jcksnville SB,MHC of IL (45.6) 10.50 10.50 0.30 2.72 1.60 0.66 5.97 0.66 72.96 0.61 JSBA Jefferson Svgs Bancorp of MO 8.20 6.24 0.30 3.91 1.64 0.70 9.25 0.46 140.15 0.84 JOAC Joachim Bancorp of MO 28.17 28.17 0.47 1.59 1.47 0.77 2.62 0.20 109.86 0.32 KSAV KS Bancorp of Kenly NC 13.53 13.52 0.96 6.86 5.27 1.25 8.89 0.35 80.53 0.33 KSBK KSB Bancorp of Kingfield ME(8)* 7.16 6.74 0.96 13.72 7.43 1.00 14.25 1.78 43.20 1.03 KFBI Klamath First Bancorp of OR 19.55 19.55 0.81 3.67 2.39 1.23 5.54 0.08 213.23 0.23 LSBI LSB Fin. Corp. of Lafayette IN 8.85 8.85 0.77 8.34 5.64 0.68 7.35 1.17 63.71 0.84 LVSB Lakeview SB of Paterson NJ 9.52 7.61 1.37 13.73 6.43 0.95 9.53 0.98 66.74 1.50 LARK Landmark Bancshares of KS 13.79 13.79 0.89 5.95 4.26 1.05 7.01 0.31 123.70 0.57 LARL Laurel Capital Group of PA 10.03 10.03 1.14 10.88 6.44 1.43 13.72 0.43 212.35 1.31 LSBX Lawrence Savings Bank of MA* 8.69 8.69 1.75 20.90 8.86 1.73 20.60 0.30 328.94 2.29 LFED Leeds FSB, MHC of MD (36.3) 16.29 16.29 0.84 5.20 2.18 1.18 7.27 0.03 609.09 0.31 LXMO Lexington B&L Fin. Corp. of MO 28.32 28.32 1.03 3.49 3.28 1.33 4.50 0.48 78.37 0.49 LIFB Life Bancorp of Norfolk VA 10.55 10.25 0.71 6.60 4.05 0.87 8.03 0.39 166.43 1.48 LFBI Little Falls Bancorp of NJ 13.28 12.26 0.27 1.94 1.57 0.48 3.41 1.04 33.93 0.82 LOGN Logansport Fin. Corp. of IN 19.20 19.20 1.17 5.64 4.63 1.52 7.31 0.61 44.88 0.38 LONF London Financial Corp. of OH 19.66 19.66 0.66 3.18 2.67 1.00 4.83 0.80 61.11 0.63 LISB Long Island Bancorp, Inc of NY 8.99 8.90 0.61 6.58 3.09 0.71 7.63 1.03 55.02 0.92 MAFB MAF Bancorp of IL 7.78 6.80 0.88 11.34 5.58 1.16 14.98 0.45 120.51 0.71 MBLF MBLA Financial Corp. of MO 12.15 12.15 0.67 5.10 4.23 0.85 6.52 0.25 109.19 0.50 MFBC MFB Corp. of Mishawaka IN 13.65 13.65 0.57 3.66 3.24 0.86 5.52 0.08 177.07 0.19 MLBC ML Bancorp of Villanova PA(8) 6.93 6.81 0.74 10.25 4.38 0.67 9.28 0.46 163.34 1.71 MSBF MSB Financial Corp. of MI 16.99 16.99 1.19 6.43 4.06 1.47 7.91 0.66 61.34 0.44 MGNL Magna Bancorp of MS(8) 10.22 9.95 1.39 14.23 4.29 1.53 15.70 2.92 26.42 1.11 MARN Marion Capital Holdings of IN 22.55 22.55 1.39 6.09 5.14 1.67 7.28 0.81 144.01 1.35 MRKF Market Fin. Corp. of OH 34.99 34.99 0.84 3.14 2.17 0.84 3.14 0.75 12.24 0.20 MFCX Marshalltown Fin. Corp. of IA(8) 15.74 15.74 0.34 2.15 1.76 0.73 4.66 NA NA 0.19 MFSL Maryland Fed. Bancorp of MD 8.38 8.28 0.61 7.41 4.56 0.89 10.72 0.47 85.38 0.46 MASB MassBank Corp. of Reading MA* 10.64 10.64 1.10 10.79 5.75 1.04 10.24 0.16 149.80 0.87 MFLR Mayflower Co-Op. Bank of MA* 9.68 9.52 1.03 10.64 6.62 0.97 10.03 0.96 92.14 1.52 MECH Mechanics SB of Hartford CT* 10.23 10.23 1.92 19.45 10.67 1.92 19.45 1.13 152.02 2.58 MDBK Medford Bank of Medford, MA* 8.99 8.38 1.08 12.07 6.78 1.01 11.29 0.27 219.01 1.12 MERI Meritrust FSB of Thibodaux LA 8.20 8.20 0.67 8.71 4.21 1.05 13.56 0.37 83.87 0.58 MWBX MetroWest Bank of MA* 7.44 7.44 1.38 18.37 6.21 1.38 18.37 0.91 126.64 1.48 MCBS Mid Continent Bancshares of KS(8) 9.39 9.39 1.02 9.79 4.51 1.16 11.10 0.15 71.76 0.19 MIFC Mid Iowa Financial Corp. of IA 9.34 9.34 1.00 10.76 6.76 1.40 15.15 0.02 NA 0.45 MCBN Mid-Coast Bancorp of ME 8.60 8.60 0.43 4.92 4.00 0.67 7.71 0.73 70.32 0.62 MWBI Midwest Bancshares, Inc. of IA 6.91 6.91 0.45 6.61 4.26 0.75 10.99 0.77 63.17 0.81 MWFD Midwest Fed. Fin. Corp of WI 8.81 8.50 1.43 16.39 7.23 1.09 12.55 0.12 658.13 1.05 MFFC Milton Fed. Fin. Corp. of OH 13.12 13.12 0.49 3.07 2.60 0.68 4.25 0.32 86.42 0.46 MIVI Miss. View Hold. Co. of MN 18.87 18.87 0.69 3.74 3.19 1.03 5.57 0.33 370.39 1.91 MBSP Mitchell Bancorp of NC* 43.36 43.36 1.40 3.24 2.96 1.64 3.81 2.03 26.19 0.62 MBBC Monterey Bay Bancorp of CA 11.33 10.45 0.25 2.04 1.45 0.47 3.87 0.33 111.47 0.60 MONT Montgomery Fin. Corp. of IN 18.74 18.74 0.60 4.17 2.77 0.60 4.17 0.59 29.46 0.21 MSBK Mutual SB, FSB of Bay City MI 6.07 6.07 0.11 1.93 1.32 0.04 0.75 0.11 272.91 0.67 NHTB NH Thrift Bancshares of NH 7.65 6.52 0.39 5.25 2.45 0.58 7.77 0.70 125.20 1.05 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) - --------------------------------------- HRZB Horizon Financial Corp. of WA* 16.36 160.40 25.03 160.40 16.67 0.44 2.51 41.12 IBSF IBS Financial Corp. of NJ NM 154.18 26.84 154.18 NM 0.40 2.24 NM ISBF ISB Financial Corp. of LA NM 161.34 19.66 190.26 25.72 0.50 1.87 64.94 ITLA Imperial Thrift & Loan of CA* 14.22 172.99 19.00 173.72 14.22 0.00 0.00 0.00 IFSB Independence FSB of DC NM 112.11 7.31 127.88 22.73 0.22 1.47 NM INCB Indiana Comm. Bank, SB of IN NM 121.26 14.76 121.26 28.30 0.36 2.40 NM INBI Industrial Bancorp of OH NM 154.77 27.41 154.77 20.45 0.56 3.11 NM IWBK Interwest SB of Oak Harbor WA 22.25 261.97 17.76 267.86 16.40 0.64 1.58 35.16 IPSW Ipswich SB of Ipswich MA* 16.07 296.70 16.94 296.70 20.45 0.12 0.89 14.29 JXVL Jacksonville Bancorp of TX 21.04 139.78 20.85 139.78 16.05 0.50 2.64 55.56 JXSB Jcksnville SB,MHC of IL (45.6) NM 167.54 17.59 167.54 28.48 0.40 1.78 NM JSBA Jefferson Svgs Bancorp of MO NM 197.74 16.21 259.58 25.77 0.40 0.95 57.97 JOAC Joachim Bancorp of MO NM 114.67 32.30 114.67 NM 0.50 3.20 NM KSAV KS Bancorp of Kenly NC 18.98 126.39 17.10 126.47 14.64 0.60 2.93 55.56 KSBK KSB Bancorp of Kingfield ME(8)* 13.46 172.84 12.38 183.73 12.96 0.08 0.57 7.69 KFBI Klamath First Bancorp of OR NM 161.97 31.66 161.97 27.71 0.30 1.30 54.55 LSBI LSB Fin. Corp. of Lafayette IN 17.72 145.07 12.84 145.07 20.11 0.34 1.27 22.52 LVSB Lakeview SB of Paterson NJ 15.56 217.23 20.67 271.67 22.41 0.25 0.58 8.99 LARK Landmark Bancshares of KS 23.45 144.18 19.88 144.18 19.92 0.40 1.51 35.40 LARL Laurel Capital Group of PA 15.53 169.72 17.02 169.72 12.32 0.52 2.08 32.30 LSBX Lawrence Savings Bank of MA* 11.29 212.21 18.45 212.21 11.46 0.00 0.00 0.00 LFED Leeds FSB, MHC of MD (36.3) NM 230.97 37.62 230.97 NM 0.76 2.43 NM LXMO Lexington B&L Fin. Corp. of MO NM 113.64 32.18 113.64 23.59 0.30 1.79 54.55 LIFB Life Bancorp of Norfolk VA 24.69 156.46 16.50 161.01 20.28 0.48 1.92 47.52 LFBI Little Falls Bancorp of NJ NM 127.50 16.93 138.06 NM 0.20 1.08 68.97 LOGN Logansport Fin. Corp. of IN 21.62 126.28 24.25 126.28 16.67 0.40 2.50 54.05 LONF London Financial Corp. of OH NM 123.29 24.24 123.29 24.66 0.24 1.33 50.00 LISB Long Island Bancorp, Inc of NY NM 210.01 18.89 212.12 27.88 0.60 1.29 41.67 MAFB MAF Bancorp of IL 17.93 196.55 15.29 224.95 13.58 0.28 0.85 15.22 MBLF MBLA Financial Corp. of MO 23.65 119.43 14.51 119.43 18.49 0.40 1.52 36.04 MFBC MFB Corp. of Mishawaka IN NM 118.45 16.17 118.45 20.47 0.32 1.35 41.56 MLBC ML Bancorp of Villanova PA(8) 22.83 228.35 15.82 232.37 25.22 0.40 1.38 31.50 MSBF MSB Financial Corp. of MI 24.62 157.48 26.75 157.48 20.00 0.28 1.75 43.08 MGNL Magna Bancorp of MS(8) 23.33 NM 32.02 NM 21.14 0.60 1.90 44.44 MARN Marion Capital Holdings of IN 19.47 121.58 27.41 121.58 16.28 0.88 3.28 63.77 MRKF Market Fin. Corp. of OH NM 99.53 34.83 99.53 NM 0.28 1.90 NM MFCX Marshalltown Fin. Corp. of IA(8) NM 119.89 18.88 119.89 26.25 0.00 0.00 0.00 MFSL Maryland Fed. Bancorp of MD 21.94 157.58 13.21 159.58 15.17 0.84 1.76 38.71 MASB MassBank Corp. of Reading MA* 17.40 176.32 18.76 176.32 18.34 0.96 2.02 35.16 MFLR Mayflower Co-Op. Bank of MA* 15.11 153.62 14.87 156.25 16.03 0.68 3.24 48.92 MECH Mechanics SB of Hartford CT* 9.37 162.40 16.62 162.40 9.37 0.00 0.00 0.00 MDBK Medford Bank of Medford, MA* 14.74 170.06 15.29 182.52 15.77 0.72 1.99 29.39 MERI Meritrust FSB of Thibodaux LA 23.74 195.09 16.01 195.09 15.24 0.70 1.48 35.18 MWBX MetroWest Bank of MA* 16.10 277.15 20.62 277.15 16.10 0.12 1.43 23.08 MCBS Mid Continent Bancshares of KS(8) 22.19 211.84 19.89 211.84 19.58 0.40 0.96 21.39 MIFC Mid Iowa Financial Corp. of IA 14.79 150.00 14.02 150.00 10.50 0.08 0.76 11.27 MCBN Mid-Coast Bancorp of ME 25.00 120.13 10.34 120.13 15.96 0.52 1.96 49.06 MWBI Midwest Bancshares, Inc. of IA 23.48 146.10 10.09 146.10 14.12 0.60 1.41 33.15 MWFD Midwest Fed. Fin. Corp of WI 13.83 220.79 19.46 228.95 18.07 0.34 1.37 18.99 MFFC Milton Fed. Fin. Corp. of OH NM 131.93 17.31 131.93 27.78 0.60 4.00 NM MIVI Miss. View Hold. Co. of MN NM 115.05 21.71 115.05 21.02 0.16 0.86 27.12 MBSP Mitchell Bancorp of NC* NM 112.09 48.61 112.09 28.75 0.40 2.32 NM MBBC Monterey Bay Bancorp of CA NM 138.60 15.71 150.38 NM 0.12 0.60 41.38 MONT Montgomery Fin. Corp. of IN NM 110.92 20.78 110.92 NM 0.22 1.69 61.11 MSBK Mutual SB, FSB of Bay City MI NM 142.32 8.64 142.32 NM 0.00 0.00 0.00 NHTB NH Thrift Bancshares of NH NM 186.76 14.29 219.34 27.50 0.50 2.27 NM RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ------------------------ Tang. Reported Earnings Core Earnings Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/ Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- NSLB NS&L Bancorp of Neosho MO 19.56 19.56 0.49 2.37 2.10 0.77 3.71 0.03 210.00 0.13 NMSB Newmil Bancorp. of CT* 9.81 9.81 0.83 8.14 5.33 0.79 7.78 1.11 152.08 3.18 NASB North American SB of MO 7.68 7.42 1.26 17.18 7.88 1.19 16.18 3.11 27.16 0.98 NBSI North Bancshares of Chicago IL 14.14 14.14 0.49 3.27 2.40 0.68 4.57 NA NA 0.27 FFFD North Central Bancshares of IA 22.67 22.67 1.64 6.41 5.41 1.90 7.41 0.12 814.90 1.19 NBN Northeast Bancorp of ME* 6.84 5.99 0.58 8.14 5.18 0.56 7.84 1.11 86.32 1.22 NEIB Northeast Indiana Bncrp of IN 15.19 15.19 1.04 6.33 4.87 1.22 7.42 0.40 158.86 0.71 NWEQ Northwest Equity Corp. of WI 11.45 11.45 0.78 6.47 5.03 0.98 8.16 1.26 38.04 0.59 NWSB Northwest SB, MHC of PA (30.7) 9.49 8.94 0.69 7.05 1.86 0.98 9.96 0.72 90.87 0.88 NSSY Norwalk Savings Society of CT* 8.06 7.77 0.97 12.53 6.68 1.11 14.29 NA NA 1.54 NSSB Norwich Financial Corp. of CT* 11.17 10.08 1.09 10.08 4.54 1.04 9.58 1.29 151.12 2.83 NTMG Nutmeg FS&LA of CT 5.56 5.56 0.26 4.60 2.81 0.35 6.28 1.19 40.69 0.55 OHSL OHSL Financial Corp. of OH 11.03 11.03 0.61 5.29 4.11 0.85 7.42 0.14 161.25 0.31 OCFC Ocean Fin. Corp. of NJ 16.25 16.25 0.03 0.16 0.11 0.98 5.97 0.55 79.68 0.87 OCN Ocwen Financial Corp. of FL 8.75 8.36 2.81 33.59 4.75 1.69 20.28 5.11 17.43 1.34 OTFC Oregon Trail Fin. Corp of OR 24.02 100.09 1.07 4.44 3.59 1.07 4.44 0.10 257.62 0.41 OFCP Ottawa Financial Corp. of MI 8.73 7.01 0.48 5.21 2.72 0.78 8.44 0.34 105.17 0.42 PFFB PFF Bancorp of Pomona CA 10.32 10.21 0.16 1.41 1.02 0.46 4.09 1.73 60.66 1.46 PSFI PS Financial of Chicago IL 38.70 38.70 1.94 4.74 4.10 1.96 4.81 0.79 28.66 0.51 PVFC PVF Capital Corp. of OH 7.04 7.04 1.04 15.23 7.50 1.33 19.49 1.24 57.99 0.78 PCCI Pacific Crest Capital of CA* 7.09 7.09 1.04 13.26 6.68 0.97 12.43 1.29 79.26 1.67 PAMM PacificAmerica Money Ctr of CA(8)* 22.42 22.42 5.63 41.65 6.87 5.63 41.65 4.97 27.75 2.34 PALM Palfed, Inc. of Aiken SC(8) 8.24 8.24 0.10 1.29 0.51 0.61 7.54 2.12 51.22 1.32 PBCI Pamrapo Bancorp, Inc. of NJ 12.74 12.64 0.90 6.37 4.50 1.24 8.78 2.77 26.10 1.29 PFED Park Bancorp of Chicago IL 22.53 22.53 0.87 4.19 3.59 1.21 5.81 0.25 115.74 0.73 PVSA Parkvale Financial Corp of PA 7.58 7.53 0.73 9.76 5.10 1.08 14.42 0.27 537.53 1.97 PEEK Peekskill Fin. Corp. of NY 25.73 25.73 0.98 3.54 3.33 1.29 4.65 1.22 27.98 1.35 PFSB PennFed Fin. Services of NJ 7.36 6.15 0.57 7.43 4.27 0.84 10.86 0.59 33.53 0.28 PWBC PennFirst Bancorp of PA 8.08 7.55 0.46 6.31 3.41 0.67 9.12 0.65 93.15 1.49 PWBK Pennwood SB of PA* 17.45 17.45 0.70 4.05 3.04 1.12 6.54 0.98 57.43 1.03 PBKB People's SB of Brockton MA* 5.61 5.37 0.80 14.41 5.84 0.47 8.57 0.82 91.19 1.57 PFDC Peoples Bancorp of Auburn IN 15.21 15.21 1.12 7.33 4.34 1.47 9.59 0.36 83.87 0.38 PBCT Peoples Bank, MHC of CT (40.1)* 8.48 8.47 1.12 13.72 3.85 0.83 10.17 0.90 121.39 1.60 PFFC Peoples Fin. Corp. of OH 27.20 27.20 0.90 3.32 3.67 0.90 3.32 NA NA 0.39 PHBK Peoples Heritage Fin Grp of ME* 7.72 6.51 1.28 15.68 5.59 1.29 15.88 0.91 126.66 1.66 PSFC Peoples Sidney Fin. Corp of OH 24.92 24.92 0.61 4.54 1.95 0.92 6.81 0.84 45.79 0.44 PERM Permanent Bancorp of IN 9.16 9.03 0.34 3.64 2.90 0.62 6.57 1.09 45.43 0.99 PMFI Perpetual Midwest Fin. of IA 8.53 8.53 0.12 1.38 1.05 0.29 3.36 0.48 155.74 0.95 PERT Perpetual of SC, MHC (46.8)(8) 11.82 11.82 0.67 5.44 1.74 0.94 7.68 0.12 502.32 0.87 PCBC Perry Co. Fin. Corp. of MO 19.19 19.19 0.93 4.93 4.21 1.07 5.70 0.03 104.17 0.19 PHFC Pittsburgh Home Fin. of PA 10.92 10.80 0.62 4.71 3.52 0.79 6.00 1.60 32.18 0.76 PFSL Pocahnts Fed, MHC of AR (47.0)(8) 6.36 6.36 0.60 9.75 4.00 0.84 13.54 0.15 308.72 1.12 PTRS Potters Financial Corp of OH 8.83 8.83 0.48 5.37 4.07 0.85 9.54 0.69 252.21 2.78 PKPS Poughkeepsie Fin. Corp. of NY 8.37 8.37 0.35 4.21 2.43 0.54 6.49 4.29 25.19 1.45 PHSB Ppls Home SB, MHC of PA (45.0) 11.73 11.73 0.43 3.71 2.09 0.65 5.56 NA NA 1.40 PRBC Prestige Bancorp of PA 11.13 11.13 0.37 2.84 2.44 0.65 5.01 0.30 85.33 0.38 PETE Primary Bank of NH(8)* 6.93 6.92 0.61 9.35 4.51 0.73 11.09 0.82 75.47 1.08 PFNC Progress Financial Corp. of PA 5.26 4.65 0.54 10.30 3.56 0.65 12.28 2.03 37.35 1.08 PSBK Progressive Bank, Inc. of NY* 8.55 7.63 0.99 12.02 6.52 0.98 11.81 0.85 131.46 1.65 PROV Provident Fin. Holdings of CA 13.88 13.88 0.32 2.24 1.89 0.28 1.95 NA NA 1.31 PULB Pulaski SB, MHC of MO (29.8) 13.00 13.00 0.69 5.42 2.09 0.96 7.53 NA NA 0.33 PLSK Pulaski SB, MHC of NJ (46.0) 11.90 11.90 0.25 2.97 0.97 0.61 7.21 0.65 71.47 0.81 PULS Pulse Bancorp of S. River NJ 8.05 8.05 0.72 9.24 4.07 1.08 13.86 0.69 65.20 1.93 QCFB QCF Bancorp of Virginia MN 17.50 17.50 1.34 7.33 5.64 1.34 7.33 0.17 499.62 2.10 QCBC Quaker City Bancorp of CA 8.77 8.76 0.37 4.12 2.51 0.60 6.74 1.31 74.10 1.19 QCSB Queens County Bancorp of NY* 11.86 11.86 1.60 10.77 3.84 1.62 10.92 0.68 95.23 0.74 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) - --------------------------------------- NSLB NS&L Bancorp of Neosho MO NM 118.04 23.09 118.04 NM 0.50 2.56 NM NMSB Newmil Bancorp. of CT* 18.75 154.17 15.13 154.17 19.62 0.24 1.88 35.29 NASB North American SB of MO 12.68 204.97 15.74 212.07 13.47 0.80 1.54 19.51 NBSI North Bancshares of Chicago IL NM 142.22 20.11 142.22 29.78 0.48 1.99 NM FFFD North Central Bancshares of IA 18.50 127.41 28.88 127.41 15.99 0.25 1.32 24.51 NBN Northeast Bancorp of ME* 19.32 151.35 10.35 172.76 20.05 0.32 1.51 29.09 NEIB Northeast Indiana Bncrp of IN 20.53 132.46 20.12 132.46 17.50 0.32 1.59 32.65 NWEQ Northwest Equity Corp. of WI 19.89 132.38 15.15 132.38 15.77 0.52 2.97 59.09 NWSB Northwest SB, MHC of PA (30.7) NM NM 34.93 NM NM 0.32 1.02 55.17 NSSY Norwalk Savings Society of CT* 14.98 175.63 14.15 182.16 13.13 0.40 1.10 16.53 NSSB Norwich Financial Corp. of CT* 22.01 212.59 23.74 235.49 23.15 0.56 1.79 39.44 NTMG Nutmeg FS&LA of CT NM 152.20 8.47 152.20 26.11 0.00 0.00 0.00 OHSL OHSL Financial Corp. of OH 24.33 128.48 14.17 128.48 17.36 0.88 3.23 NM OCFC Ocean Fin. Corp. of NJ NM 132.54 21.54 132.54 24.33 0.80 2.21 NM OCN Ocwen Financial Corp. of FL 21.06 NM 53.67 NM NM 0.00 0.00 0.00 OTFC Oregon Trail Fin. Corp of OR 27.86 123.70 29.71 29.68 27.86 0.00 0.00 0.00 OFCP Ottawa Financial Corp. of MI NM 195.76 17.09 243.96 22.71 0.36 1.32 48.65 PFFB PFF Bancorp of Pomona CA NM 141.28 14.58 142.76 NM 0.00 0.00 0.00 PSFI PS Financial of Chicago IL 24.37 116.37 45.04 116.37 24.03 0.32 1.88 45.71 PVFC PVF Capital Corp. of OH 13.33 185.41 13.06 185.41 10.42 0.00 0.00 0.00 PCCI Pacific Crest Capital of CA* 14.97 185.70 13.16 185.70 15.98 0.00 0.00 0.00 PAMM PacificAmerica Money Ctr of CA(8)* 14.56 NM 89.62 NM 14.56 0.00 0.00 0.00 PALM Palfed, Inc. of Aiken SC(8) NM 244.65 20.16 244.65 NM 0.12 0.47 NM PBCI Pamrapo Bancorp, Inc. of NJ 22.20 154.93 19.73 156.16 16.09 1.00 3.88 NM PFED Park Bancorp of Chicago IL 27.82 106.02 23.89 106.02 20.06 0.00 0.00 0.00 PVSA Parkvale Financial Corp of PA 19.62 182.04 13.81 183.42 13.29 0.65 1.93 37.79 PEEK Peekskill Fin. Corp. of NY NM 116.38 29.94 116.38 22.83 0.36 2.10 63.16 PFSB PennFed Fin. Services of NJ 23.43 166.09 12.22 198.58 16.03 0.28 0.84 19.58 PWBC PennFirst Bancorp of PA 29.37 148.71 12.02 159.07 20.33 0.36 1.95 57.14 PWBK Pennwood SB of PA* NM 124.67 21.76 124.67 20.38 0.32 1.71 56.14 PBKB People's SB of Brockton MA* 17.13 232.13 13.02 242.32 28.80 0.44 2.21 37.93 PFDC Peoples Bancorp of Auburn IN 23.02 166.41 25.30 166.41 17.58 0.64 2.00 46.04 PBCT Peoples Bank, MHC of CT (40.1)* 25.99 NM 28.02 NM NM 0.68 1.88 48.92 PFFC Peoples Fin. Corp. of OH 27.25 91.51 24.89 91.51 27.25 0.50 3.46 NM PHBK Peoples Heritage Fin Grp of ME* 17.88 267.53 20.65 NM 17.65 0.76 1.80 32.20 PSFC Peoples Sidney Fin. Corp of OH NM 113.68 28.33 113.68 NM 0.28 1.71 NM PERM Permanent Bancorp of IN NM 125.99 11.54 127.87 19.13 0.40 1.61 55.56 PMFI Perpetual Midwest Fin. of IA NM 132.28 11.29 132.28 NM 0.30 1.26 NM PERT Perpetual of SC, MHC (46.8)(8) NM 285.64 33.78 285.64 NM 1.40 2.43 NM PCBC Perry Co. Fin. Corp. of MO 23.74 113.67 21.82 113.67 20.55 0.40 1.87 44.44 PHFC Pittsburgh Home Fin. of PA 28.43 138.07 15.07 139.54 22.30 0.24 1.22 34.78 PFSL Pocahnts Fed, MHC of AR (47.0)(8) 25.00 235.43 14.98 235.43 18.01 0.90 2.59 64.75 PTRS Potters Financial Corp of OH 24.57 129.72 11.45 129.72 13.83 0.36 1.26 31.03 PKPS Poughkeepsie Fin. Corp. of NY NM 168.72 14.12 168.72 26.68 0.10 1.01 41.67 PHSB Ppls Home SB, MHC of PA (45.0) NM 177.65 20.83 177.65 NM 0.00 0.00 0.00 PRBC Prestige Bancorp of PA NM 116.60 12.98 116.60 23.19 0.12 0.62 25.53 PETE Primary Bank of NH(8)* 22.18 191.91 13.31 192.17 18.71 0.00 0.00 0.00 PFNC Progress Financial Corp. of PA 28.12 265.82 13.99 NM 23.58 0.11 0.75 21.15 PSBK Progressive Bank, Inc. of NY* 15.33 179.21 15.33 200.74 15.60 0.68 1.93 29.57 PROV Provident Fin. Holdings of CA NM 118.71 16.48 118.71 NM 0.00 0.00 0.00 PULB Pulaski SB, MHC of MO (29.8) NM 255.89 33.27 255.89 NM 1.10 3.89 NM PLSK Pulaski SB, MHC of NJ (46.0) NM 213.24 25.39 213.24 NM 0.30 1.38 NM PULS Pulse Bancorp of S. River NJ 24.58 216.43 17.42 216.43 16.39 0.70 2.37 58.33 QCFB QCF Bancorp of Virginia MN 17.73 130.01 22.75 130.01 17.73 0.00 0.00 0.00 QCBC Quaker City Bancorp of CA NM 159.77 14.01 159.88 24.36 0.00 0.00 0.00 QCSB Queens County Bancorp of NY* 26.05 NM 38.78 NM 25.69 0.67 1.80 46.85 RP FINANCIAL, LC. - --------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ------------------------ Tang. Reported Earnings Core Earnings Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/ Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- RARB Raritan Bancorp. of Raritan NJ* 7.93 7.80 0.96 12.55 5.21 1.02 13.33 0.29 297.45 1.29 REDF RedFed Bancorp of Redlands CA 8.45 8.42 0.25 3.24 1.59 0.65 8.37 2.19 45.70 1.15 RELY Reliance Bancorp, Inc. of NY 8.23 5.93 0.58 7.07 3.79 0.86 10.46 0.79 33.33 0.57 RELI Reliance Bancshares Inc of WI(8)* 48.82 48.82 0.86 1.78 1.80 0.92 1.89 NA NA 0.53 FRBK Republic First Bancorp of CA* 7.17 7.17 0.70 11.10 5.65 0.60 9.46 1.19 69.68 0.94 RIVR River Valley Bancorp of IN 12.40 12.21 0.46 4.24 2.63 0.62 5.72 0.49 170.62 1.03 RVSB Riverview Bancorp of WA 21.63 21.63 1.32 6.10 4.00 1.32 6.10 0.14 278.46 0.56 RSLN Roslyn Bancorp, Inc. of NY* 20.14 20.04 0.86 4.12 2.52 1.35 6.49 0.27 278.21 3.46 SCCB S. Carolina Comm. Bnshrs of SC 25.67 25.67 0.93 3.47 2.50 1.22 4.56 1.06 59.43 0.81 SBFL SB Fngr Lakes MHC of NY (33.1) 9.54 9.54 0.13 1.32 0.56 0.44 4.40 0.69 76.89 1.16 SFED SFS Bancorp of Schenectady NY 12.47 12.47 0.44 3.41 2.66 0.79 6.09 0.73 57.17 0.57 SGVB SGV Bancorp of W. Covina CA 7.31 7.19 0.20 2.37 1.63 0.47 5.74 NA NA 0.44 SHSB SHS Bancorp, Inc. of PA 12.64 12.64 0.37 2.96 2.60 0.37 2.96 1.44 35.26 0.75 SISB SIS Bancorp Inc of MA* 7.20 7.20 1.38 18.82 8.95 1.37 18.70 0.47 244.29 2.48 SWCB Sandwich Co-Op. Bank of MA* 7.95 7.61 0.95 11.65 6.24 0.97 11.90 0.83 92.55 1.09 SFSL Security First Corp. of OH 9.43 9.26 1.07 11.49 4.76 1.34 14.36 0.28 273.91 0.85 SFNB Security First Netwrk Bk of GA(8) 33.11 32.57 -29.36 NM NM -30.07 NM NA NA 1.28 SMFC Sho-Me Fin. Corp. of MO(8) 9.03 9.03 1.04 10.44 4.36 1.17 11.79 0.14 425.11 0.66 SOBI Sobieski Bancorp of S. Bend IN 15.12 15.12 0.30 1.83 1.71 0.59 3.55 0.17 145.99 0.33 SOSA Somerset Savings Bank of MA(8)* 6.34 6.34 0.81 13.81 4.82 0.78 13.26 6.28 22.01 1.81 SSFC South Street Fin. Corp. of NC* 25.26 25.26 0.92 4.51 2.40 1.17 5.71 0.27 65.44 0.39 SCBS Southern Commun. Bncshrs of AL 21.96 21.96 0.32 2.52 1.04 0.79 6.23 2.48 46.17 1.94 SMBC Southern Missouri Bncrp of MO 16.46 16.46 0.66 4.10 3.61 0.64 3.97 0.89 49.20 0.65 SWBI Southwest Bancshares of IL 11.00 11.00 0.74 6.89 4.31 1.03 9.54 NA NA NA SVRN Sovereign Bancorp of PA 4.01 3.03 0.44 11.07 3.29 0.68 17.14 0.57 78.85 0.72 STFR St. Francis Cap. Corp. of WI 7.88 6.96 0.64 7.35 4.40 0.70 8.09 0.19 181.58 0.80 SPBC St. Paul Bancorp, Inc. of IL 8.60 8.58 0.72 8.22 3.32 1.03 11.84 0.32 232.75 1.09 SFFC StateFed Financial Corp. of IA 17.78 17.78 1.11 6.16 4.37 1.35 7.47 1.55 16.68 0.32 SFIN Statewide Fin. Corp. of NJ 9.73 9.71 0.54 5.46 3.38 0.91 9.26 0.43 95.58 0.83 STSA Sterling Financial Corp. of WA 4.10 3.57 0.10 2.46 1.33 0.32 7.91 0.61 79.43 0.82 SFSB SuburbFed Fin. Corp. of IL 6.48 6.46 0.39 5.87 3.70 0.56 8.55 0.48 41.27 0.31 ROSE T R Financial Corp. of NY* 6.20 6.20 0.98 15.73 5.68 0.89 14.19 0.46 90.99 0.80 THRD TF Financial Corp. of PA 11.11 9.75 0.55 4.76 3.29 0.74 6.40 0.33 92.84 0.62 TPNZ Tappan Zee Fin., Inc. of NY 17.92 17.92 0.70 4.22 2.55 0.65 3.90 1.73 31.27 1.18 ESBK The Elmira SB FSB of Elmira NY* 6.30 6.04 0.36 5.66 3.77 0.35 5.51 0.66 96.75 0.85 TSBS Trenton SB,FSB MHC of NJ(35.9)(8) 16.89 15.48 1.34 7.53 2.20 1.14 6.39 0.73 55.92 0.67 TRIC Tri-County Bancorp of WY 15.32 15.32 0.80 5.14 4.07 1.02 6.55 NA NA 1.11 TWIN Twin City Bancorp of TN 12.85 12.85 0.53 4.13 3.03 0.75 5.82 0.16 130.95 0.29 UFRM United FS&LA of Rocky Mount NC 7.48 7.48 0.22 2.87 1.55 0.38 4.98 0.58 135.44 0.98 UBMT United Fin. Corp. of MT 22.65 22.65 1.09 4.70 3.92 1.34 5.80 NA NA 0.22 VABF Va. Beach Fed. Fin. Corp of VA 6.85 6.85 0.21 3.15 1.60 0.47 7.02 1.26 56.59 0.93 VFFC Virginia First Savings of VA(8) 8.06 7.78 1.36 17.16 7.46 1.25 15.73 2.30 47.12 1.19 WHGB WHG Bancshares of MD 20.65 20.65 0.51 2.23 2.16 0.51 2.23 0.15 160.96 0.29 WSFS WSFS Financial Corp. of DE* 5.20 5.16 1.31 23.71 7.97 1.32 23.87 1.71 95.78 2.65 WVFC WVS Financial Corp. of PA* 11.16 11.16 1.07 8.59 5.20 1.35 10.77 0.09 733.21 1.25 WRNB Warren Bancorp of Peabody MA* 10.37 10.37 2.13 22.09 10.18 1.81 18.79 1.15 98.45 1.79 WFSL Washington FS&LA of Seattle WA 12.08 11.03 1.67 14.37 6.14 1.84 15.85 0.73 59.65 0.60 WAMU Washington Mutual Inc. of WA(8)* 5.00 4.75 0.35 6.81 1.68 0.74 14.45 0.81 93.26 1.12 WYNE Wayne Bancorp of NJ 13.35 13.35 0.44 2.94 2.22 0.44 2.94 0.91 83.50 1.15 WAYN Wayne S&L Co. MHC of OH (47.8) 9.24 9.24 0.31 3.42 1.30 0.66 7.23 0.73 50.94 0.45 WCFB Wbstr Cty FSB MHC of IA (45.2) 23.35 23.35 1.06 4.61 2.23 1.42 6.15 0.26 152.85 0.69 WBST Webster Financial Corp. of CT 5.02 4.29 0.41 8.14 2.57 0.74 14.55 0.85 103.47 1.45 WEFC Wells Fin. Corp. of Wells MN 14.20 14.20 0.72 5.07 4.39 1.06 7.49 0.28 121.72 0.37 WCBI WestCo Bancorp of IL 15.24 15.24 1.12 7.28 4.90 1.42 9.19 0.21 139.06 0.37 WSTR WesterFed Fin. Corp. of MT 10.91 8.73 0.63 5.09 3.10 0.79 6.41 0.25 191.01 0.73 WOFC Western Ohio Fin. Corp. of OH 13.79 12.85 0.33 2.24 1.81 0.45 3.10 NA NA 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) - --------------------------------------- RARB Raritan Bancorp. of Raritan NJ* 19.18 224.36 17.80 228.20 18.06 0.48 1.71 32.88 REDF RedFed Bancorp of Redlands CA NM 181.12 15.31 181.79 24.34 0.00 0.00 0.00 RELY Reliance Bancorp, Inc. of NY 26.40 177.99 14.65 247.01 17.84 0.64 1.94 51.20 RELI Reliance Bancshares Inc of WI(8)* NM 97.69 47.69 97.69 NM 0.00 0.00 0.00 FRBK Republic First Bancorp of CA* 17.71 166.79 11.96 166.89 20.77 0.00 0.00 0.00 RIVR River Valley Bancorp of IN NM 119.62 14.83 121.44 28.23 0.16 0.91 34.78 RVSB Riverview Bancorp of WA 25.00 152.51 32.99 152.51 25.00 0.24 1.71 42.86 RSLN Roslyn Bancorp, Inc. of NY* NM 160.77 32.38 161.54 25.20 0.24 1.02 40.68 SCCB S. Carolina Comm. Bnshrs of SC NM 140.43 36.05 140.43 NM 0.60 2.50 NM SBFL SB Fngr Lakes MHC of NY (33.1) NM 230.01 21.94 230.01 NM 0.40 1.50 NM SFED SFS Bancorp of Schenectady NY NM 129.19 16.11 129.19 21.06 0.28 1.24 46.67 SGVB SGV Bancorp of W. Covina CA NM 148.79 10.87 151.27 25.33 0.00 0.00 0.00 SHSB SHS Bancorp, Inc. of PA NM 113.88 14.39 113.88 NM 0.00 0.00 0.00 SISB SIS Bancorp Inc of MA* 11.18 199.78 14.38 199.78 11.25 0.56 1.51 16.92 SWCB Sandwich Co-Op. Bank of MA* 16.03 180.03 14.31 188.06 15.69 1.20 3.20 51.28 SFSL Security First Corp. of OH 21.02 227.55 21.45 231.54 16.82 0.32 1.73 36.36 SFNB Security First Netwrk Bk of GA(8) NM NM 110.96 NM NM 0.00 0.00 NM SMFC Sho-Me Fin. Corp. of MO(8) 22.96 241.04 21.77 241.04 20.32 0.00 0.00 0.00 SOBI Sobieski Bancorp of S. Bend IN NM 115.31 17.44 115.31 NM 0.32 1.71 NM SOSA Somerset Savings Bank of MA(8)* 20.76 264.80 16.80 264.80 21.63 0.00 0.00 0.00 SSFC South Street Fin. Corp. of NC* NM 138.07 34.87 138.07 NM 0.40 2.13 NM SCBS Southern Commun. Bncshrs of AL NM 134.79 29.60 134.79 NM 0.30 1.64 NM SMBC Southern Missouri Bncrp of MO 27.69 111.32 18.33 111.32 28.57 0.50 2.78 NM SWBI Southwest Bancshares of IL 23.19 154.02 16.94 154.02 16.75 0.76 3.15 73.08 SVRN Sovereign Bancorp of PA NM NM 12.12 NM 19.66 0.08 0.42 12.90 STFR St. Francis Cap. Corp. of WI 22.74 164.76 12.98 186.43 20.64 0.48 1.19 27.12 SPBC St. Paul Bancorp, Inc. of IL NM 239.93 20.64 240.55 20.90 0.40 1.43 43.01 SFFC StateFed Financial Corp. of IA 22.86 137.67 24.48 137.67 18.84 0.40 1.50 34.19 SFIN Statewide Fin. Corp. of NJ 29.61 161.87 15.74 162.10 17.44 0.44 1.96 57.89 STSA Sterling Financial Corp. of WA NM 170.19 6.97 195.19 23.47 0.00 0.00 0.00 SFSB SuburbFed Fin. Corp. of IL 27.03 151.69 9.83 152.24 18.58 0.32 0.96 26.02 ROSE T R Financial Corp. of NY* 17.59 257.31 15.97 257.31 19.50 0.60 1.85 32.61 THRD TF Financial Corp. of PA NM 146.22 16.25 166.67 22.57 0.40 1.57 47.62 TPNZ Tappan Zee Fin., Inc. of NY NM 144.60 25.91 144.60 NM 0.28 1.35 52.83 ESBK The Elmira SB FSB of Elmira NY* 26.55 147.64 9.30 154.00 27.27 0.64 2.13 56.64 TSBS Trenton SB,FSB MHC of NJ(35.9)(8) NM NM 56.03 NM NM 0.35 0.89 40.70 TRIC Tri-County Bancorp of WY 24.55 120.00 18.38 120.00 19.29 0.60 2.22 54.55 TWIN Twin City Bancorp of TN NM 134.51 17.29 134.51 23.39 0.40 2.76 NM UFRM United FS&LA of Rocky Mount NC NM 182.84 13.67 182.84 NM 0.24 1.96 NM UBMT United Fin. Corp. of MT 25.53 120.30 27.25 120.30 20.69 0.98 4.08 NM VABF Va. Beach Fed. Fin. Corp of VA NM 191.18 13.09 191.18 28.02 0.20 1.23 NM VFFC Virginia First Savings of VA(8) 13.40 213.84 17.24 221.46 14.61 0.10 0.41 5.52 WHGB WHG Bancshares of MD NM 111.23 22.97 111.23 NM 0.20 1.27 58.82 WSFS WSFS Financial Corp. of DE* 12.54 291.77 15.18 294.10 12.46 0.00 0.00 0.00 WVFC WVS Financial Corp. of PA* 19.23 172.60 19.27 172.60 15.33 0.80 2.46 47.34 WRNB Warren Bancorp of Peabody MA* 9.83 201.12 20.86 201.12 11.55 0.52 2.63 25.87 WFSL Washington FS&LA of Seattle WA 16.30 215.69 26.05 236.15 14.78 0.92 2.91 47.42 WAMU Washington Mutual Inc. of WA(8)* NM NM 17.59 NM 28.05 1.08 1.59 NM WYNE Wayne Bancorp of NJ NM 136.86 18.27 136.86 NM 0.20 0.89 40.00 WAYN Wayne S&L Co. MHC of OH (47.8) NM 258.62 23.91 258.62 NM 0.62 2.30 NM WCFB Wbstr Cty FSB MHC of IA (45.2) NM 204.18 47.68 204.18 NM 0.80 3.72 NM WBST Webster Financial Corp. of CT NM 249.90 12.55 292.53 21.77 0.80 1.29 50.00 WEFC Wells Fin. Corp. of Wells MN 22.77 113.52 16.12 113.52 15.39 0.48 2.89 65.75 WCBI WestCo Bancorp of IL 20.39 149.74 22.82 149.74 16.15 0.60 2.09 42.55 WSTR WesterFed Fin. Corp. of MT NM 139.46 15.21 174.25 25.61 0.44 1.68 54.32 WOFC Western Ohio Fin. Corp. of OH NM 122.97 16.96 131.94 NM 1.00 3.48 NM RP FINANCIAL, LC. _________________________________________ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-1 (continued) Weekly Thrift Market Line - Part Two Prices As Of October 10, 1997 Key Financial Ratios Asset Quality Ratios __________________________________________________________ ________________________ Tang. Reported Earnings Core Earnings Equity/ Equity/ ______________________ _______________ NPAs Resvs/ Resvs/ Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans _____________________ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) _______________________________________ WWFC Westwood Fin. Corp. of NJ(8) 9.13 8.13 0.49 5.12 2.84 0.85 8.80 0.13 159.15 0.55 WEHO Westwood Hmstd Fin Corp of OH 29.41 29.41 0.70 2.41 1.74 1.04 3.62 0.06 255.81 0.21 WFI Winton Financial Corp. of OH 7.11 6.96 1.00 14.08 8.31 0.84 11.80 0.35 78.21 0.32 FFWD Wood Bancorp of OH 12.31 12.31 1.07 8.25 4.65 1.27 9.81 0.24 143.64 0.44 YFCB Yonkers Fin. Corp. of NY 14.90 14.90 0.86 5.06 3.73 1.16 6.79 0.57 65.19 1.02 YFED York Financial Corp. of PA 8.61 8.61 0.62 7.41 3.92 0.79 9.46 2.39 23.05 0.64 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) _______________________________________ WWFC Westwood Fin. Corp. of NJ(8) NM 174.49 15.92 195.87 20.52 0.20 0.73 25.64 WEHO Westwood Hmstd Fin Corp of OH NM 121.74 35.80 121.74 NM 0.28 1.62 NM WFI Winton Financial Corp. of OH 12.03 169.45 12.05 173.11 14.37 0.46 2.39 28.75 FFWD Wood Bancorp of OH 21.52 178.57 21.98 178.57 18.09 0.40 2.35 50.63 YFCB Yonkers Fin. Corp. of NY 26.80 144.06 21.47 144.06 19.97 0.24 1.18 31.58 YFED York Financial Corp. of PA 25.50 180.32 15.52 180.32 19.96 0.60 2.33 59.41 EXHIBIT 2 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 June 30, 1997 Estimated Net Income Less: Net Tax Effect Less: Extd Core Income Estimated to Common Gains(Loss) @ 34% Items to Common Shares Core EPS ---------- ----------- ---------- ---------- ----------- --------- -------- ($000) ($000) $000) ($000) ($000) ($000) ($) Comparable Group ---------------- CMRN Cameron Fin. Corp. of MO 2,037 793 -270 0 2,560 2,627 0.97 FFHH FSF Financial Corp. of MN 2,373 977 -332 0 3,018 3,033 0.99 FFBA First Colorado Bancorp of Co 12,948 -251 85 0 12,782 16,561 0.77 FMSB First Mutual SB of Bellevue WA 4,210 -137 47 0 4,120 2,702 1.52 FWWB First Savings Bancorp of WA(1) 9,314 -701 238 0 8,851 10,519 0.84 HRZB Horizon Financial Corp. of WA 7,912 -208 71 0 7,775 7,417 1.05 IWBK Interwest SB of Oak Harbor WA 14,629 7,910 -2,689 0 19,850 8,036 2.47 KFBI Klamath First Bancorp of OR 5,494 4,252 -1,446 0 8,300 10,019 0.83 UBMT United Fin. Corp. of MT(1) 1,150 400 -136 0 1,414 1,223 1.16 WSTR WesterFed Fin. Corp. of MT 4,507 1,784 -607 0 5,684 5,565 1.02 (1) Financial information is for the quarter ending March 31, 1997. Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1997 by RP Financial, LC. EXHIBIT 3 Pro Forma Analysis Sheet Exhibit 3 PRO FORMA ANALYSIS SHEET Heritage Bank Prices as of October 10, 1997 Peer Group Washington Companies All SAIF Insured ---------------------- ---------------------- -------------------- Price Multiple Symbol Subject (1) Mean Median Mean Median Mean Median - -------------- ------ ----------- ---- ------ ---- ------ ---- ------ Price-earnings ratio = P/E 17.72x 23.73x 25.11x 21.39x 20.58x 22.53x 22.85x Price-book ratio = P/B 97.24% 173.22% 161.19% 192.40% 177.98% 155.64% 149.53% Price-tangible book ratio = P/TB 97.24% 179.15% 168.11% 200.84% 198.56% 159.27% 151.83% Price-assets ratio = P/A 24.89% 22.61% 23.53% 22.09% 19.29% 19.17% 17.30% Valuation Parameters Pre-Conversion Earnings (Y) $ 2,162,000 ESOP Stock Purchases (E) 2.00% Pre-Conversion Book Value (B) $ 28,444,000 Cost of ESOP Borrowings (S) 0.00% (4) Pre-Conv. Tang. Book Value (TB) $ 28,444,000 ESOP Amortization (T) 15.00 years Pre-Conversion Assets (A) $248,824,000 RRP Amount (M) 1.00% Reinvestment Rate (2)(R) 4.45% RRP Vesting (N) 5.00 years Est. Conversion Expenses (3)(X) 2.27% Percentage Sold (PCT) 67.83% Tax rate (TAX) 34.00% Calculation of Pro Forma Value After Conversion 1. V= P/E * Y V= $73,713,696 ----------------------------------------------------- 1 - P/E * PCT * ((1-X-E-M)*R - (1-TAX)*E/T - (1-TAX)*M/N) 2. V= P/B * B V= $73,713,696 ------------------------------------- 1 - P/B * PCT * (1-X-E-M) 3. V= P/TB * TB V= $73,713,696 --------------------------------------- 1 - P/TB * PCT * (1-X-E-M) 4. V= P/A * A V= $73,713,696 --------------------------------------- 1 - P/A * PCT * (1-X-E-M) Full Gross Exchange Conversion Conclusion Proceeds Ratio Value - ---------- -------- ----- ----- Minimum $42,500,000 3.3064 $62,656,642 Midpoint $50,000,000 3.8899 $73,713,696 Maximum $57,500,000 4.4734 $84,770,750 Supermaximum Value $66,125,000 5.1444 $97,486,363 (1) Pricing ratios shown reflect the midpoint of the offering. (2) Net return reflects a reinvestment rate of 6.74 percent, and a tax rate of 34.00 percent. (3) Estimated offering expenses based on prospectus. (4) No cost is applicable since holding company will fund the ESOP loan. EXHIBIT 4 Pro Forma Effect of Conversion Proceeds Exhibit 4 PRO FORMA EFFECT OF CONVERSION PROCEEDS Heritage Bank At the Minimum Value 1. Conversion Proceeds Full Conversion Value $62,656,642 Exchange Ratio 3.3064 Offering Proceeds $42,500,000 Less: Estimated Offering Expenses 1,031,500 ----------- Net Conversion Proceeds $41,468,500 2. Estimated Additional Income from Conversion Proceeds Net Conversion Proceeds $41,468,500 Less: Non-Cash Stock Purchases (1) 1,275,000 ----------- Net Proceeds Reinvested $40,193,500 Estimated net incremental rate of return 4.45% Earnings Increase $ 1,788,611 Less: Estimated cost of ESOP borrowings (2) 0 Less: Amortization of ESOP borrowings (3) 37,400 Less: Recognition Plan Vesting (4) 56,100 ----------- Net Earnings Increase $ 1,695,111 Net Before Earnings After 3. Pro Forma Earnings Conversion Increase Conversion ---------- -------- ---------- 12 Months ended September 30, 1997 (reported) $ 2,162,000 $ 1,695,111 $ 3,857,111 12 Months ended September 30, 1997 (core) $ 798,000 $ 1,695,111 $ 2,493,111 Before Net Cash After 4. Pro Forma Net Worth Conversion Proceeds Conversion ---------- -------- ---------- Reported as of September 30, 1997 $ 28,444,000 $40,193,500 $ 68,637,500 Tangible as of September 30, 1997 $ 28,444,000 $40,193,500 $ 68,637,500 5. Pro Forma Assets Conversion Proceeds Conversion ---------- -------- ---------- Reported as of September 30, 1997 $248,824,000 $40,193,500 $289,017,500 (1) Includes ESOP and Recognition Plan stock purchases equal to 2.0 percent and 1.0 percent of the offering, respectively. (2) ESOP stock purchases are internally financed by a loan from the holding company. (3) ESOP borrowings are amortized over 15 years, amortization expense is tax-effected at a 34.00 percent rate. (4) Recognition plan is vested over five years, amortization expense is tax-effected at a 34.00 percent rate. Exhibit 4 PRO FORMA EFFECT OF CONVERSION PROCEEDS Heritage Bank At the Midpoint Value 1. Conversion Proceeds $73,713,696 Full Conversion Value 3.8899 Exchange Ratio Offering Proceeds $50,000,000 Less: Estimated Offering Expenses 1,135,000 ----------- Net Conversion Proceeds $48,865,000 2. Estimated Additional Income from Conversion Proceeds Net Conversion Proceeds $48,865,000 Less: Non-Cash Stock Purchases (1) 1,500,000 ----------- Net Proceeds Reinvested $47,365,000 Estimated net incremental rate of return 4.45% Earnings Increase $ 2,107,743 Less: Estimated cost of ESOP borrowings (2) 0 Less: Amortization of ESOP borrowings (3) 44,000 Less: Recognition Plan Vesting (4) 66,000 ----------- Net Earnings Increase $ 1,997,743 Net Before Earnings After 3. Pro Forma Earnings Conversion Increase Conversion ---------- -------- ---------- 12 Months ended September 30, 1997 (reported) $ 2,162,000 $ 1,997,743 $ 4,159,743 12 Months ended September 30, 1997 (core) $ 798,000 $ 1,997,743 $ 2,795,743 Before Net Cash After 4. Pro Forma Net Worth Conversion Proceeds Conversion ---------- -------- ---------- Reported as of September 30, 1997 $ 28,444,000 $47,365,000 $ 75,809,000 Tangible as of September 30, 1997 $ 28,444,000 $47,365,000 $ 75,809,000 5. Pro Forma Assets Conversion Proceeds Conversion ---------- -------- ---------- Reported as of September 30, 1997 $248,824,000 $47,365,000 $296,189,000 (1) Includes ESOP and Recognition Plan stock purchases equal to 2.0 percent and 1.0 percent of the offering, respectively. (2) ESOP stock purchases are internally financed by a loan from the holding company. (3) ESOP borrowings are amortized over 15 years, amortization expense is tax-effected at a 34.00 percent rate. (4) Recognition plan is vested over five years, amortization expense is tax-effected at a 34.00 percent rate. Exhibit 4 PRO FORMA EFFECT OF CONVERSION PROCEEDS Heritage Bank At the Maximum Value 1. Conversion Proceeds Full Conversion Value $84,770,750 Exchange Ratio 4.4734 Offering Proceeds $57,500,000 Less: Estimated Offering Expenses 1,238,500 ----------- Net Conversion Proceeds $56,261,500 2. Estimated Additional Income from Conversion Proceeds Net Conversion Proceeds $56,261,500 Less: Non-Cash Stock Purchases (1) 1,725,000 ----------- Net Proceeds Reinvested $54,536,500 Estimated net incremental rate of return 4.45 % Earnings Increase $ 2,426,874 Less: Estimated cost of ESOP borrowings (2) 0 Less: Amortization of ESOP borrowings (3) 50,600 Less: Recognition Plan Vesting (4) 75,900 ----------- Net Earnings Increase $ 2,300,374 Net Before Earnings After 3. Pro Forma Earnings Conversion Increase Conversion ---------- -------- ---------- 12 Months ended September 30, 1997 (reported) $ 2,162,000 $ 2,300,374 $ 4,462,374 12 Months ended September 30, 1997 (core) $ 798,000 $ 2,300,374 $ 3,098,374 Before Net Cash After 4. Pro Forma Net Worth Conversion Proceeds Conversion ---------- -------- ---------- Reported as of September 30, 1997 $ 28,444,000 $54,536,500 $ 82,980,500 Tangible as of September 30, 1997 $ 28,444,000 $54,536,500 $ 82,980,500 5. Pro Forma Assets Conversion Proceeds Conversion ---------- -------- ---------- Reported as of September 30, 1997 $248,824,000 $54,536,500 $303,360,500 (1) Includes ESOP and Recognition Plan stock purchases equal to 2.0 percent and 1.0 percent of the offering, respectively. (2) ESOP stock purchases are internally financed by a loan from the holding company. (3) ESOP borrowings are amortized over 15 years, amortization expense is tax-effected at a 34.00 percent rate. (4) Recognition plan is vested over five years, amortization expense is tax-effected at a 34.00 percent rate. Exhibit 4 PRO FORMA EFFECT OF CONVERSION PROCEEDS Heritage Bank At the Supermaximum Value 1. Conversion Proceeds Full Conversion Value $97,486,363 Exchange Ratio 5.1444 Offering Proceeds $66,125,000 Less: Estimated Offering Expenses 1,357,525 ----------- Net Conversion Proceeds $64,767,475 2. Estimated Additional Income from Conversion Proceeds Net Conversion Proceeds $64,767,475 Less: Non-Cash Stock Purchases (1) 1,983,750 ----------- Net Proceeds Reinvested $62,783,725 Estimated net incremental rate of return % 4.45 Earnings Increase $ 2,793,876 Less: Estimated cost of ESOP borrowings (2) 0 Less: Amortization of ESOP borrowings (3) 58,190 Less: Recognition Plan Vesting (4) 87,285 ----------- Net Earnings Increase $ 2,648,401 Net Before Earnings After 3. Pro Forma Earnings Conversion Increase Conversion ---------- -------- ---------- 12 Months ended September 30, 1997 (reported) $ 2,162,000 $ 2,648,401 $ 4,810,401 12 Months ended September 30, 1997 (core) $ 798,000 $ 2,648,401 $ 3,446,401 Before Net Cash After 4. Pro Forma Net Worth Conversion Proceeds Conversion ---------- -------- ---------- Reported as of September 30, 1997 $ 28,444,000 $62,783,725 $ 91,227,725 Tangible as of September 30, 1997 $ 28,444,000 $62,783,725 $ 91,227,725 5. Pro Forma Assets Conversion Proceeds Conversion ---------- -------- ---------- September 30, 1997 $248,824,000 $62,783,725 $311,607,725 (1) Includes ESOP and Recognition Plan stock purchases equal to 2.0 percent and 1.0 percent of the offering, respectively. (2) ESOP stock purchases are internally financed by a loan from the holding company. (3) ESOP borrowings are amortized over 15 years, amortization expense is tax-effected at a 34.00 percent rate. (4) Recognition plan is vested over five years, amortization expense is tax-effected at a 34.00 percent rate. 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 (17) William E. Pommerening, Managing Director (13) Gregory E. Dunn, Senior Vice President (15) James P. Hennessey, Senior Vice President (12) James J. Oren, Vice President (10) ________________________________________________________________________________ WASHINGTON HEADQUARTERS