UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13E-3/A Rule 13e-3 Transaction Statement under Section 13(e) of the Securities Act of 1934 (Amendment No. 2) First Banks America, Inc. - ------------------------------------------------------------------------------- (Name of Issuer) First Banks, Inc. First Banks America, Inc. FBA Acquisition Corporation James F. Dierberg - ------------------------------------------------------------------------------- (Name of Person(s) Filing Statement) Common - ------------------------------------------------------------------------------- (Title of Class of Securities) 31928N10 - ------------------------------------------------------------------------------- (CUSIP Number of Class of Securities) Allen H. Blake First Banks, Inc. 600 James S. McDonnell Boulevard Hazelwood, Missouri 63042 (314) 592-5000 - ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Persons Filing Statement) Copy to: John S. Daniels 6440 North Central Expressway, Suite 503 Dallas, Texas 75206 (214) 368-9405 This Statement is filed in connection with (check the appropriate box): 1. [X] The filing of solicitation materials or an information statement subject to Regulation 14A (Sections 240.14a-1 through 240.14b-2), Regulation 14C (Sections 240.14c-1 through 240.14c-101 or Rule 13e(c) (Section 240.13e-3(c) under the Securities Exchange Act of 1934 ("the Act"). 2. [ ] The filing of a registration statement under the Securities Act of 1933. 3. [ ] A tender offer. 4. [ ] None of the above. Check the following box if the soliciting materials or information statement referred to in checking box (1) are preliminary copies: [ X ] Check the following box if the filing is a final amendment reporting the results of the transaction: [ ] CALCULATION OF FILING FEE -------------------------------------------------------------------------------------------- Transaction valuation* Amount of filing fee -------------------------------------------------------------------------------------------- Transaction valuation is $32,381,446.62. Fee was calculated based upon $92.00 per million of value of the securities being acquired. $2,979.09 -------------------------------------------------------------------------------------------- <FN> * Set forth the amount on which the filing fee is calculated and state how it was determined. [X] Check the box if any part of the fee is offset as provided by Section 240.0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1. Amount Previously Paid: $2,979.09 ---------------------------------------------- 2. Form or Registration No: Schedule 13E-3 --------------------------------------------- 3. Filing Party: First Banks, Inc. -------------------------------------------------------- 4. Date Filed: October 8, 2002 ---------------------------------------------------------- JOHN S. DANIELS ATTORNEY AT LAW 6440 NORTH CENTRAL EXPRESSWAY SUITE 503 DALLAS, TEXAS 75206 (214) 368-9405 November 26, 2002 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 RE: AMENDMENT NO. 2 TO SCHEDULE 13E-3 FILED BY FIRST BANKS, INC., FIRST BANKS AMERICA, INC., FBA ACQUISITION CORPORATION AND JAMES F. DIERBERG Ladies and Gentlemen: Enclosed on behalf of First Banks, Inc., First Banks America, Inc. ("FBA"), FBA Acquisition Corporation and James F. Dierberg is Amendment No. 2 to Schedule 13E-3 relating to a proposed merger in which First Banks, Inc. proposes to acquire all of the outstanding stock of First Banks America, Inc. FBA is also filing Amendment No. 2 to its preliminary proxy statement for the same transaction today. The filing fee reflected on the cover sheet was previously paid in accordance with Commission procedures. If you require additional information regarding this filing, please contact the undersigned at (214) 368-9405. Sincerely, /s/ John S. Daniels ------------------- John S. Daniels Introduction This Amendment No. 2 to Schedule 13E-3 amends and supplements the Statement on Schedule 13E-3 filed with the Securities and Exchange Commission (the "SEC") on October 8, 2002 and Amendment No. 1 to Schedule 13E-3 filed with the SEC on November 19, 2002 (as amended and supplemented, the "Schedule 13E-3"), by First Banks, Inc., a Missouri Corporation ("First Banks"), First Banks America, Inc., a Delaware corporation which is the subject company of the transaction contemplated hereby ("FBA"), FBA Acquisition Corporation, a Delaware corporation organized and wholly-owned by First Banks solely for the purpose of engaging in the transaction ("FBA Acquisition") and James F. Dierberg. This Schedule 13E-3 relates to the Agreement and Plan of Merger, dated September 23, 2002, by and among First Banks, FBA Acquisition and FBA (the "Merger Agreement"), pursuant to which FBA Acquisition will be merged with and into FBA, with FBA as the surviving corporation. Concurrently with the filing of this Schedule 13E-3, FBA is filing with the SEC Amendment No. 2 to the preliminary proxy statement (the "Proxy Statement") under Regulation 14A of the Securities Exchange Act of 1934, as amended, relating to the annual meeting of stockholders of FBA at which the Merger will be voted on. A copy of the Merger Agreement is attached to the Proxy Statement as Appendix A. The information in the Proxy Statement, including all appendices thereto, is expressly incorporated herein by reference in response to all items of this Schedule l3E-3. The Proxy Statement is in preliminary form and is subject to completion or amendment. Capitalized terms used but not defined in this statement shall have the meanings given to them in the Proxy Statement. Except as amended hereby, the responses set forth in the original Schedule 13E-3 filed on October 8, 2002 and Amendment No. 1 to Schedule 13-E3 filed on November 19, 2002, are reaffirmed by all of the filing persons. ITEM 16. EXHIBITS. (REGULATION M-A ITEM 1016) (a)(2) Amendment No. 2 to Preliminary Proxy Statement and form of proxy card, including the appendices thereto (filed by FBA concurrently with this Amendment No. 2 to Schedule 13E-3) is incorporated by reference herein. (c)(1) First Banks America Valuation Report prepared by Baxter Fentriss & Company as of July 22, 2002. (c)(2) First Banks America Valuation Report prepared by Baxter Fentriss & Company as of August 3, 2002. (c)(3) First Banks America, Inc. Opinion Support prepared by Baxter Fentriss & Company in conjunction with the issuance of its fairness opinion, dated September 23, 2002. (c)(4) First Banks America, Inc. Valuation Summary prepared by Stifel, Nicolaus & Company, Incorporated as of July 24, 2002. After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. FIRST BANKS, INC. Date: November 26, 2002 By: /s/ Allen H. Blake ------------------------------- Allen H. Blake President FIRST BANKS AMERICA, INC. Date: November 26, 2002 By: /s/ Terrance M. McCarthy ------------------------------- Terrance M. McCarthy Executive Vice President FBA ACQUISITION CORPORATION Date: November 26, 2002 By: /s/ Lisa K. Vansickle ------------------------------- Lisa K. Vansickle President Date: November 26, 2002 By: /s/ James F. Dierberg ------------------------------- James F. Dierberg 1 Exhibit (c)(1) BAXTER FENTRISS AND COMPANY 9100 ARBORETUM PKWY., SUITE 280 RICHMOND, VIRGINIA 23236 FIRST BANKS AMERICA VALUATION AS OF JULY 22, 2002 PERSONAL AND CONFIDENTIAL =============================================================BAXTER FENTRISS 2 ============================================================================== FIRST BANKS AMERICA, INC. SAN FRANCISCO, CALIFORNIA VALUATION OF MINORITY INTEREST CONFIDENTIAL ------------ ============================================================================== BAXTER FENTRISS & COMPANY JULY 22, 2002 3 ============================================================================== FIRST BANKS AMERICA, INC. SAN FRANCISCO, CALIFORNIA VALUATION OF MINORITY INTEREST TABLE OF CONTENTS TAB --- PURPOSE OF VALUATION . . . . . 1 LIMITATIONS MINORITY INTEREST RIGHTS OFFERING OVERVIEW OF FIRST BANKS AMERICA, INC. . . . 2 SELECT FINANCIAL INFORMATION VALUATION SUMMARY . . . . . . 3 COMPARABLE TRADING VALUES . . . . 3A DISCOUNTED CASH FLOW / NET PRESENT VALUE . . 3B POTENTIAL ACQUISITION VALUATION ANALYSIS . . 3C NORMALIZED 2001 & 2002 EARNINGS . . . . 4 PEER GROUP COMPARISON . . . . . 5 APPENDIX . . . . . . . 6 2001 ANNUAL REPORT . . . . 6A MARCH 31, 2002 QUARTERLY REPORT . . . 6B DETAILED PEER GROUP INFORMATION . . . 6C PRESS RELEASE . . . . . 6D QUALIFICATIONS OF BAXTER FENTRISS & COMPANY . . . 7 ============================================================================== BAXTER FENTRISS & COMPANY 4 Tab 1 BAXTER FENTRISS & COMPANY ============================= 5 FIRST BANKS AMERICA, INC. * PURPOSE OF VALUATION * LIMITATIONS * MINORITY INTEREST * RIGHTS OFFERING 6 ============================================================================== FIRST BANKS AMERICA, INC. VALUATION OF MINORITY STOCK AS OF JULY 5, 2002 PURPOSE AND LIMITATIONS - ----------------------- The purpose of this valuation is to determine the fair market value of the minority interest position in the common stock of First Banks America, Inc. of San Francisco, California ("FBA" or the "Bank") on a "GOING CONCERN" basis. As of April 30, 2002, the Bank has 15,000,000 shares of Common stock authorized and 10,416,460 shares issued and 4,000,000 shares of Class B Common stock authorized of which 2,500,000 were issued and outstanding. The Bank has reacquired 60,400 shares of its common stock which are being held as treasury shares. The rights of Class B common stock are in most respects, including voting rights, equivalent to the rights of the Common stock, except the Common stock has a dividend preference over the Class B Common stock, and the Class B Common stock is unregistered and transferable only in certain limited circumstances. The outstanding shares of Class B Common stock became convertible on August 31, 1999 at the option of the holder, into an equal number of shares of Common stock. For the purposes of this valuation, we have assumed that the economic interests of the two different classes are equal, and therefore any differences would have an immaterial impact to their valuation. FBA's Common stock and Class B Common stock will be collectively referred to hereinafter as "common stock." FBA's shares of common stock trade on the New York Stock Exchange with the ticker symbol "FBA". As of March 22, 2002 there were approximately 1,250 registered common shareholders of record. This number does not include any persons or entities that hold their stock in nominee or "street" name through various brokerage firms. As of July 5, 2002, the date of this valuation, the closing price of FBA's shares was $41.42. The market value of the 811,217 shares held in minority interest is approximately $33.6 million. FBA's total market capitalization as of the same date was approximately $532.5 million. This valuation is being performed in connection with the proposed acquisition by First Banks, Inc., St. Louis, Missouri ("First Banks") the majority shareholder of FBA, of the remaining shares of common stock outstanding not already held by First Banks. At the time of this valuation First Banks owned 93.69% of the outstanding shares of common stock of FBA. The majority shareholder of FBA has proposed the purchase of the remaining 6.31% or 811,217 outstanding shares. Baxter Fentriss and Company has been engaged by a Special Committee of independent directors to assist and to perform a valuation of the minority shares. Our analysis was conducted for these purposes only, and is not valid for any other purpose or at any other date. ============================================================================== BAXTER FENTRISS & COMPANY 7 ============================================================================== In arriving at a market value for the common stock of a company such as FBA, our analysis takes into account the guidelines established by IRS revenue ruling 59-60 for determining the value of a corporation's securities. These factors include but are not limited to: 1. The nature of the business and the history of the enterprise. 2. The general economic environment and its expected impact on FBA. 3. The tangible book value of FBA and its financial condition. 4. The earnings ability of FBA. 5. The dividend paying capacity of FBA. 6. Recent sales of large quantities of the stock. 7. The market price of similar institutions. The primary determinant of value is the price at which the property would change hands between a "willing buyer" and a "willing seller" when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of the relevant facts. This valuation is based on the information and representations provided to Baxter Fentriss and Company by the officers and management of FBA. More specifically, this valuation is based on the December 31, 2001 and 2000 audited financial statements of FBA included in the Form 10-K Annual Report for the year ended December 31, 2001, the March 31, 2002 unaudited financial statements of FBA included in the Form 10-Q Quarterly Report for the quarterly period ended March 31, 2002, and other miscellaneous internal and external financial information. Baxter Fentriss and Company is relying solely upon the accuracy of these reports and in no way makes any representation or warranty, expressed or implied, as to the accuracy of the financial information provided. Baxter Fentriss has made certain other assumptions regarding FBA's financial statements. We have no reason to believe there are any material unfunded liabilities (such as environmental problems, significant lawsuits, major loan deterioration), or substantial off-balance sheet assets that could impact our conclusions. The valuation of the securities portfolio is subject to changing market conditions over time, although adjustments for "available for sale securities" are captured in the March 31, 2002 shareholders' equity account. An additional adjustment has been made for changes in "securities held to maturity." We have also assumed that there has been no impairment to the value of FBA's intangibles. We have also relied on certain publicly available information about other publicly or non-publicly traded financial institutions. We make no representations as to the accuracy of such ============================================================================== BAXTER FENTRISS & COMPANY 8 ============================================================================== financial information, however, we have no reason to believe such information is not accurate and complete. Our valuation is based on market conditions as they are known to us as of the date herein. Furthermore, the valuation of securities are subject to changing market conditions and therefore the valuation of FBA common stock is subject to the same market fluctuations over time. Our valuation has relied on a "GOING CONCERN" premise. This premise assumes that FBA is an ongoing business enterprise with management operating in a rational manner with a goal of maximizing shareholder value. The analysis considers only those facts and circumstances that were known to us at the valuation date. Certain methodologies and projections have been used in the valuation which, in our judgment, represent the most appropriate for use in this evaluation. The valuation could be different if another valuation date, other estimates, methodologies, or projections were used. We have used public data as provided by various sources and data provided by FBA. We have relied on the accuracy of such data without independent verification. We have no reason to believe such data is not accurate. The fees received for the preparation of this report are not dependent or contingent upon any transaction, and were not related to, or based upon, the result of the evaluation. MINORITY INTEREST - ----------------- The common stock of FBA subject to this valuation is a minority interest, as the holders of these shares of FBA do not have the unilateral ability to determine the following: 1. Appoint or remove management or determine their compensation; 2. Set policy or change the course of business: 3. Acquire or liquidate assets; 4. Make acquisitions of other companies; 5. Liquidate, dissolve, sell, or recapitalize the Bank; or 6. Determine the amount and timing of any distributions to shareholders. The minority shareholder in a company benefits from his/her ownership by receiving dividends and from price appreciation of his/her shares. A comparison to the public market pricing models is appropriate as publicly-traded shares are minority interests in their respective companies. The publicly-traded markets for stocks listed on an exchange, traded on NASDAQ, or over-the-counter are for minority shares in all cases, except where control bids are outstanding and the market is reacting to those bids. Valuation methods utilizing a comparison to traded shares, such as the publicly-traded peer market approach and the discounted cash flow model result in a minority value. Valuation methods that relate to the value of the company taken as a whole, such as merger models, result directly in a control value. An adjustment is necessary to determine the value of a single share or a "minority interest." The extent or size of a minority discount is based upon relationships between numerous factors. Generally, court decisions have supported discounts in ============================================================================== BAXTER FENTRISS & COMPANY 9 ============================================================================== the range of 10% to 65%. Appraisers ultimately develop a discount based on their judgment of the facts and circumstances. Baxter Fentriss considers these factors in its valuation of FBA common stock. FBA SHAREHOLDER RIGHTS OFFERING - ------------------------------- On April, 25, 2002, FBA announced its intent to conduct a rights offering whereby minority shareholders would be given the right to acquire shares at a price of $32.50. In October of 2001, First Banks, Inc. purchased approximately 804,000 shares in order to provide the capital necessary for FBA to complete the BYL Bancorp acquisition. This rights offering was performed in order to allow the minority shareholders of FBA the opportunity to acquire newly issued shares at the same price of $32.50 price at which shares were issued to First Banks. This rights offering is tentatively available to all FBA shareholders except First Banks. The offering will generally allow shareholders the right to purchase 7.15 shares of FBA Common stock for every 100 shares already owned or .0715 shares for every share held. If all minority shareholders execute the rights offering, the result is the issuance of 58,002 shares for total consideration of $1,885,065. Using April 24, 2002's closing price of $40.15 per share, the net gain to the minority shareholders is approximately $443,715 ($.547 per outstanding minority share), calculated by subtracting $32.50 from $40.15 and multiplying the total by 58,002. In our opinion, this amount is immaterial given FBA's common equity base of over $285 million. No adjustment will be made to the Bank's financial statements for the proposed rights offering. ============================================================================== BAXTER FENTRISS & COMPANY 10 Tab 2 BAXTER FENTRISS AND COMPANY =============================== 11 FIRST BANKS AMERICA, INC. * OVERVIEW OF FIRST BANKS AMERICA, INC. * SELECT FINANCIAL INFORMATION 12 ============================================================================== OVERVIEW FIRST BANKS AMERICA, INC. ------------------------- COMPANY PROFILE First Banks America, Inc. is a registered bank holding company incorporated in Delaware and headquartered in San Francisco, California. The Bank offers a broad array of financial services to consumer and commercial customers. The organization has grown significantly over the years, primarily as a result of acquisitions, as well as through internal growth. FBA currently operates one banking subsidiary that operates 56 branch offices in northern and southern California and Houston, Dallas, Irving and McKinney, Texas. At March 31, 2002, the Bank had total assets of $2.987 billion, loans, net of unearned discount, of $2.293 billion, total deposits of $2.477 billion and total stockholders' equity of $285.5 million. FBA offers a broad range of commercial and personal deposit products, including demand, savings, money market and time deposit accounts. In addition, the Bank markets combined basic services for various customer groups, including packaged accounts for more affluent customers, and sweep account, lock-box deposits and cash management products for commercial customers. The Bank also offers both consumer and commercial loans. Consumer lending includes residential real estate, home equity and installment lending. Commercial lending includes commercial, financial and agricultural loans, real estate construction and development loans, commercial real estate loans, commercial leasing and trade financing. Other financial services include mortgage banking, debit cards, brokerage services, credit-related insurance, internet banking, automated teller machines, telephone banking, safe deposit boxes, escrow and bankruptcy deposit services, stock option services and trust and private banking services. FBA operates through its wholly owned subsidiary bank holding company, The San Francisco Company headquartered in San Francisco, California, and its wholly owned bank subsidiary First Bank & Trust, or "FB&T", also headquartered in San Francisco, California. The Bank is majority owned by First Banks, Inc., or "First Banks," headquartered in St. Louis County, Missouri. At March 31, 2002, First Banks owned 2,500,000 shares of FBA's Class B common stock and 9,545,107 shares of its common stock, which represented 93.69% of total outstanding voting stock. Accordingly, First Banks has effective control over FBA's management, policies, and the election of directors. The primary responsibility for managing FB&T rests with its officers and directors. However, the overall corporate policies, procedures, administrative functions, and operational support functions are controlled by First Banks, Inc. ACQUISITIONS Acquisitions have provided FBA with entry into several major market areas and, accordingly, an opportunity for future growth and profitability. In the recent development of its franchise, FBA has made numerous acquisitions of other financial institutions as one means of achieving its growth objectives. Acquisitions usually serve one of two purposes; to enhance presence in a given market; or to expand the extent of FBA's market area into new or noncontiguous markets. ============================================================================== BAXTER FENTRISS & COMPANY 13 ============================================================================== FBA's acquisition activities have been sporadic over the last few years. Periods of high transaction activity are followed with periods of low or no activity. This has allowed the Bank to digest and integrate its acquisitions and to allow some level of capital replenishment. After the consummation of an acquisition, FBA enhances the franchise of the acquired entity by supplementing its marketing and business development efforts to broaden the customer bases, strengthening particular segments of the business or filling voids in the overall market coverage. In addition, FBA's acquisition program enables it to further leverage the operational support services available through First Banks and its affiliates and to provide products and services typically available only through a larger organization. FBA has primarily utilized cash, voting stock, borrowings and the issuance of trust preferred securities to meet its growth objectives under its acquisition program. Although in the past FBA has issued voting stock as consideration in some acquisitions, the majority of recent acquisitions have been for cash, and present intentions are to seek cash transactions. FBA's ability to consummate additional acquisitions is dependent, in part, on access to cash resources with which to fund such transactions, and the maintenance of capital levels which are adequate to satisfy regulatory requirements and internal policies. During the three years ended December 31, 2001, FBA completed ten bank acquisitions and one branch office purchase. Acquisitions during the three years ended December 31, 2001 have served to increase FBA's presence in the California markets that were originally entered during 1995, and to further augment FBA's presence in existing markets. In the second quarter of 2002, FBA acquired two branches from Union Planters Corporation of Memphis, Tennessee. The branches were located in the Dallas Ft./Worth MSA and had total deposits in the amount of approximately $65.1 million. See the table on the next page for a summary of FBA's most recent acquisitions. ============================================================================== BAXTER FENTRISS & COMPANY 14 ================================================================================================================================== FBA ACQUISITIONS FROM 1999 TO 2002 - ---------------------------------- TOTAL NET YEAR ENTITY DATE ASSETS LOANS DEPOSITS OFFICES - ---------------------------------------------------------------------------------------------------------------------------------- 2002 Jefferson Heritage/Union Planters 06/21/2002 $1,663 622 65,100 2 Garland and Denton Branches 2001 BYL Bancorp Orange, California 10/31/2001 $ 281,500 175,000 251,800 7 Charter Pacific Bank Agoura Hills, California 10/16/2001 101,500 70,200 89,000 2 ---------- --------- --------- -- $383,000 245,200 340,800 9 2000 The San Francisco Company San Francisco, California 12/31/2000 $183,800 115,700 137,700 1 Millennium Bank San Francisco, California 12/29/2000 117,000 81,700 104,200 2 Commercial Bank of San Francisco San Francisco, California 12/31/2000 155,600 97,700 109,400 1 First Bank & Trust Newport Beach, California 10/31/2000 1,104,000 894,200 959,400 27 Bank of Ventura Ventura, California 08/31/2000 63,800 39,400 57,300 1 Lippo Bank San Francisco, California 02/29/2000 85,300 40,900 76,400 3 ---------- --------- --------- -- $1,709,500 1,269,600 1,444,400 35 1999 Brentwood Bank of California Malibu, California branch office 09/17/1999 $23,600 6,300 17,300 1 Century Bank Beverly Hills, California 08/31/1999 156,000 94,800 132,000 6 Redwood Bancorp San Francisco, California 03/04/1999 183,900 134,400 162,900 4 ---------- --------- --------- -- $363,500 235,500 312,200 11 ================================================================================================================================== BAXTER FENTRISS & COMPANY 15 - ------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. SELECTED FINANCIAL INFORMATION DATA IN ($000'S) - ------------------------------------------------------------------------------------------------------------------------------- HEADQUARTERS LOCATION SAN FRANCISCO, CA MARKET AREAS CALIFORNIA AND TEXAS INSTITUTION TYPE NATIONAL COMMERCIAL BANK HOLDING COMPANY YES OFFICES 56 - ------------------------------------------------------------------------------------------------------------------------------- 1998-2001 YTD ANNUAL KEY BALANCES 1998Y 1999Y 2000Y 2001Y 03/31/2002 GROWTH ================================== CASH & SECURITIES $346,389 $293,470 $488,429 $487,304 $450,872 12.05% LOANS, NET $1,065,018 $1,438,899 $2,020,747 $2,280,542 $2,255,159 28.89% DEPOSITS $1,297,859 $1,584,999 $2,306,356 $2,555,261 $2,477,184 25.33% EQUITY $143,194 $174,513 $196,909 $285,317 $285,524 25.83% ASSETS $1,513,276 $1,861,862 $2,741,379 $3,060,988 $2,987,524 26.47% PROFITABILITY ================================== NET INCOME $10,074 $17,599 $27,797 $39,615 $5,202 57.84% ROAA 0.72% 1.04% 1.32% 1.44% 0.69% ROAE 8.43% 11.36% 15.86% 17.14% 7.14% STOCKHOLDERS ================================== BOOK VALUE PER SHARE $11.69 $15.34 $16.27 $22.19 $22.21 23.82% BASIC EARNINGS PER SHARE $0.86 $1.44 $2.29 $3.29 $0.40 56.40% DIVIDENDS PER SHARE $0.00 $0.00 $0.00 $0.00 $0.00 WEIGHTED AVG. SHARES 11,679 12,240 12,130 12,204 12,856 COMMON SHARES 12,252 11,378 12,106 12,856 12,856 OPERATING RATIOS AVERAGES ================================== NET INTEREST INCOME / AVG. ASSETS 4.25% 4.80% 5.02% 4.56% 4.17% 4.59% INTEREST INCOME / AVG. ASSETS 7.77% 7.82% 8.43% 7.58% 6.22% 7.56% INTEREST EXPENSE / AVG. ASSETS 3.52% 3.02% 3.41% 3.02% 2.05% 3.00% NET CHARGE-OFF'S / AVG. LOANS 0.06% 0.15% 0.01% 0.27% 2.08% 0.51% RESERVE / LOANS 2.29% 2.06% 1.84% 1.84% 1.67% 1.94% NON-INTEREST INCOME / AVG. ASSETS 0.51% 0.51% 0.57% 1.00% 0.73% 0.66% NON-INTEREST EXPENSE / AVG. ASSETS 3.46% 3.44% 3.33% 3.40% 2.76% 3.28% EQUITY / ASSETS 9.46% 9.37% 7.18% 9.32% 9.56% 8.98% NET LOANS / DEPOSITS 83.98% 92.69% 89.26% 90.92% 92.58% 89.89% - ------------------------------------------------------------------------------------------------------------------------------- 16 - ------------------------------------------------------------------------------ 2002 FBI ORG. CHART AS OF 04/10/02 Note: These are the correct legal names. Any other variation is for internal purposes only. Disclaimer: This chart does not include any grantor or business type trusts where FBI or any of its affiliates are grantors, beneficiaries or security owners. - ------------------------------------------------------------------------------ [2002 FBI Organization Chart] ............................................................................... 2002 ACQUISITION/MERGER ACTIVITY January 15 - Effective close of business, acqusition of Plains Financial Corporation and its subsidiary Plains Bank of Illinois with subsequent merger of Plains Financial Corporation with and into Union Financial Group, LTD and Plains Bank of Illinois with and into First Bank. For Tax purposes, the acquisition is effective close of business January 14, 2002. February 9 - Merger of Eucalyptus Financial Corporation with and into Bank of San Francisco Realty Investors, Inc. February 21 - Merger of Charter Pacific Financial Services with and into Bank of San Francisco Realty Investors, Inc. April 10 - Merger of First Capital Group, Inc. with and into Union Financial Group, Ltd. YEAR 2002 PENDING TRANSACTIONS ............................................................................... 17 FBA STOCK PRICE HISTORY [GRAPH] Date Volume Open High Low Close Adj. Close* 8-Apr-02 700 40.8 41.2 40.8 41.2 41.2 9-Apr-02 600 41.3 41.35 41.2 41.35 41.35 10-Apr-02 4,300 41.15 41.55 41.04 41.55 41.55 11-Apr-02 2,000 41.6 41.6 40.9 40.9 40.9 12-Apr-02 5,200 40.7 40.8 40.25 40.61 40.61 15-Apr-02 3,600 40.8 41 40.3 40.4 40.4 16-Apr-02 7,000 40.15 40.75 39.8 40.75 40.75 17-Apr-02 500 40.75 40.9 40.75 40.9 40.9 18-Apr-02 200 40.7 40.7 40.7 40.7 40.7 19-Apr-02 600 40.6 40.8 40.6 40.8 40.8 22-Apr-02 600 41 41 41 41 41 23-Apr-02 3,500 41.1 41.1 40.85 40.85 40.85 24-Apr-02 5,700 40.7 40.9 40.15 40.15 40.15 25-Apr-02 1,000 40 40.01 39.99 40 40 26-Apr-02 2,700 39.6 39.6 39.15 39.21 39.21 29-Apr-02 11,300 38.81 39.7 38.7 39.7 39.7 30-Apr-02 3,500 39.8 39.8 39.52 39.62 39.62 1-May-02 14,700 39.55 40.99 39.37 39.51 39.51 2-May-02 400 39.7 39.7 39.6 39.6 39.6 3-May-02 9,300 39.5 40.8 39.5 40.25 40.25 6-May-02 4,000 40.25 41.2 40.25 40.9 40.9 7-May-02 12,100 40.98 41.75 40.98 41.35 41.35 8-May-02 700 41.27 41.27 41.27 41.27 41.27 9-May-02 1,800 41.1 41.1 40.2 40.41 40.41 10-May-02 1,000 40.45 40.45 40.3 40.4 40.4 13-May-02 8,000 40.4 40.4 39.5 40 40 14-May-02 1,300 39.9 39.99 39.71 39.99 39.99 15-May-02 3,600 39.9 40.91 39.9 40.41 40.41 16-May-02 200 40.21 40.21 40.21 40.21 40.21 17-May-02 500 40.26 40.5 40.2 40.2 40.2 20-May-02 1,000 40 40 39.8 39.8 39.8 21-May-02 4,100 39.7 39.9 38.6 38.6 38.6 22-May-02 1,500 38.4 38.4 38 38 38 23-May-02 1,300 38.2 38.5 38.2 38.3 38.3 24-May-02 2,500 38.05 38.05 37.05 37.05 37.05 28-May-02 5,600 37 37.45 36.6 36.6 36.6 29-May-02 3,000 36.73 37 36.6 36.6 36.6 30-May-02 1,700 36.68 36.93 36.68 36.93 36.93 31-May-02 6,800 36.9 37.4 35.72 35.72 35.72 3-Jun-02 14,500 35.5 36.35 35.3 36.26 36.26 4-Jun-02 1,700 36.4 36.7 36.35 36.7 36.7 5-Jun-02 2,500 36.7 37.3 36.7 37.1 37.1 6-Jun-02 100 37 37 37 37 37 7-Jun-02 2,000 37.05 37.5 37.05 37.5 37.5 10-Jun-02 2,100 37.7 37.85 37.5 37.7 37.7 11-Jun-02 6,200 37.7 39 37.65 39 39 12-Jun-02 1,500 39 39.38 39 39.38 39.38 13-Jun-02 5,300 39.45 39.85 39.1 39.1 39.1 14-Jun-02 3,600 38.9 38.9 38.19 38.19 38.19 17-Jun-02 500 38.3 38.3 37.9 37.9 37.9 18-Jun-02 400 37.9 37.9 37.89 37.89 37.89 19-Jun-02 200 37.8 37.8 37.72 37.72 37.72 20-Jun-02 700 37.84 37.97 37.84 37.97 37.97 21-Jun-02 700 38.1 38.2 38.1 38.2 38.2 24-Jun-02 1,600 38.1 38.13 37.9 37.9 37.9 26-Jun-02 100 38.1 38.1 38.1 38.1 38.1 27-Jun-02 1,300 38 38.3 38 38.3 38.3 28-Jun-02 4,500 38.4 39.25 38.4 39.15 39.15 1-Jul-02 3,300 39.2 39.6 39.2 39.4 39.4 2-Jul-02 300 39.3 39.3 39.3 39.3 39.3 3-Jul-02 800 39.15 39.15 39 39 39 5-Jul-02 8,600 39.01 41.42 39 41.42 41.42 8-Jul-02 400 41.1 41.2 41 41 41 9-Jul-02 500 40.8 40.8 40.5 40.5 40.5 18 Historical Prices Page 1 of 7 [YAHOO! FINANCE LOGO] HISTORICAL PRICES - FBA (FIRST BANKS AMERICA INC) AS OF 05-JUL-02 MORE INFO: Quote | Chart | News | Profile | Research | SEC | Msgs | Profile ----- ----- ---- ------- -------- --- ---- ------- ================================================================== Month Day Year * Daily Start: Jul 05 01 o Weekly End: Jul 05 02 o Monthly o Dividends ================================================================== Ticker Symbol: fba Get Data ================================================================== ==================================================================================================== DATE OPEN HIGH LOW CLOSE VOLUME ADJ. CLOSE* ==================================================================================================== Jul-05-02 39.01 41.42 39.00 41.42 8,600 41.42 Jul-03-02 39.15 39.15 39.00 39.00 800 39.00 Jul-02-02 39.30 39.30 39.30 39.30 300 39.30 Jul-01-02 39.20 39.60 39.20 39.40 3,300 39.40 Jun-28-02 38.40 39.25 38.40 39.15 4,500 39.15 Jun-27-02 38.00 38.30 38.00 38.30 1,300 38.30 Jun-26-02 38.10 38.10 38.10 38.10 100 38.10 Jun-24-02 38.10 38.13 37.90 37.90 1,600 37.90 Jun-21-02 38.10 38.20 38.10 38.20 700 38.20 Jun-20-02 37.84 37.97 37.84 37.97 700 37.97 Jun-19-02 37.80 37.80 37.72 37.72 200 37.72 Jun-18-02 37.90 37.90 37.89 37.89 400 37.89 Jun-17-02 38.30 38.30 37.90 37.90 500 37.90 Jun-14-02 38.90 38.90 38.19 38.19 3,600 38.19 Jun-13-02 39.45 39.85 39.10 39.10 5,300 39.10 Jun-12-02 39.00 39.38 39.00 39.38 1,500 39.38 Jun-11-02 37.70 39.00 37.65 39.00 6,200 39.00 Jun-10-02 37.70 37.85 37.50 37.70 2,100 37.70 Jun-07-02 37.05 37.50 37.05 37.50 2,000 37.50 Jun-06-02 37.00 37.00 37.00 37.00 100 37.00 19 Historical Prices Page 2 of 7 Jun-05-02 36.70 37.30 36.70 37.10 2,500 37.10 Jun-04-02 36.40 36.70 36.35 36.70 1,700 36.70 Jun-03-02 35.50 36.35 35.30 36.26 14,500 36.26 May-31-02 36.90 37.40 35.72 35.72 6,800 35.72 May-30-02 36.68 36.93 36.68 36.93 1,700 36.93 May-29-02 36.73 37.00 36.60 36.60 3,000 36.60 May-28-02 37.00 37.45 36.60 36.60 5,600 36.60 May-24-02 38.05 38.05 37.05 37.05 2,500 37.05 May-23-02 38.20 38.50 38.20 38.30 1,300 38.30 May-22-02 38.40 38.40 38.00 38.00 1,500 38.00 May-21-02 39.70 39.90 38.60 38.60 4,100 38.60 May-20-02 40.00 40.00 39.80 39.80 1,000 39.80 May-17-02 40.26 40.50 40.20 40.20 500 40.20 May-16-02 40.21 40.21 40.21 40.21 200 40.21 May-15-02 39.90 40.91 39.90 40.41 3,600 40.41 May-14-02 39.90 39.99 39.71 39.99 1,300 39.99 May-13-02 40.40 40.40 39.50 40.00 8,000 40.00 May-10-02 40.45 40.45 40.30 40.40 1,000 40.40 May-09-02 41.10 41.10 40.20 40.41 1,800 40.41 May-08-02 41.27 41.27 41.27 41.27 700 41.27 May-07-02 40.98 41.75 40.98 41.35 12,100 41.35 May-06-02 40.25 41.20 40.25 40.90 4,000 40.90 May-03-02 39.50 40.80 39.50 40.25 9,300 40.25 May-02-02 39.70 39.70 39.60 39.60 400 39.60 May-01-02 39.55 40.99 39.37 39.51 14,700 39.51 Apr-30-02 39.80 39.80 39.52 39.62 3,500 39.62 Apr-29-02 38.81 39.70 38.70 39.70 11,300 39.70 Apr-26-02 39.60 39.60 39.15 39.21 2,700 39.21 Apr-25-02 40.00 40.01 39.99 40.00 1,000 40.00 Apr-24-02 40.70 40.90 40.15 40.15 5,700 40.15 Apr-23-02 41.10 41.10 40.85 40.85 3,500 40.85 Apr-22-02 41.00 41.00 41.00 41.00 600 41.00 20 Historical Prices Page 3 of 7 Apr-19-02 40.60 40.80 40.60 40.80 600 40.80 Apr-18-02 40.70 40.70 40.70 40.70 200 40.70 Apr-17-02 40.75 40.90 40.75 40.90 500 40.90 Apr-16-02 40.15 40.75 39.80 40.75 7,000 40.75 Apr-15-02 40.80 41.00 40.30 40.40 3,600 40.40 Apr-12-02 40.70 40.80 40.25 40.61 5,200 40.61 Apr-11-02 41.60 41.60 40.90 40.90 2,000 40.90 Apr-10-02 41.15 41.55 41.04 41.55 4,300 41.55 Apr-09-02 41.30 41.35 41.20 41.35 600 41.35 Apr-08-02 40.80 41.20 40.80 41.20 700 41.20 Apr-05-02 39.81 41.40 39.31 41.00 9,300 41.00 Apr-04-02 42.00 42.00 40.00 40.01 9,400 40.01 Apr-03-02 41.65 42.50 41.60 42.09 6,500 42.09 Apr-02-02 41.00 41.90 41.00 41.59 2,800 41.59 Apr-01-02 40.98 41.00 40.68 41.00 4,500 41.00 Mar-28-02 40.50 40.98 40.20 40.98 2,300 40.98 Mar-27-02 40.50 40.70 40.50 40.70 400 40.70 Mar-26-02 40.00 40.80 40.00 40.40 7,300 40.40 Mar-25-02 40.25 40.28 39.65 39.80 3,400 39.80 Mar-22-02 40.00 40.38 40.00 40.38 700 40.38 Mar-21-02 40.20 40.20 40.00 40.20 900 40.20 Mar-20-02 41.00 41.50 40.40 40.40 3,500 40.40 Mar-19-02 41.40 42.00 40.80 40.80 16,400 40.80 Mar-18-02 41.05 43.00 41.05 41.30 44,400 41.30 Mar-15-02 40.85 42.10 40.85 41.01 22,100 41.01 Mar-14-02 39.20 42.90 38.40 41.00 70,500 41.00 Mar-13-02 37.55 42.60 36.50 39.40 146,800 39.40 Mar-12-02 38.95 40.20 34.50 37.80 101,900 37.80 Mar-11-02 39.65 42.10 38.50 39.20 59,800 39.20 Mar-08-02 41.50 43.20 36.85 39.75 155,100 39.75 Mar-07-02 37.75 42.10 37.75 41.40 41,300 41.40 Mar-06-02 36.05 38.00 36.05 37.70 15,500 37.70 21 Historical Prices Page 4 of 7 Mar-05-02 35.40 36.00 35.40 35.91 4,700 35.91 Mar-04-02 33.80 35.30 33.75 35.30 13,500 35.30 Mar-01-02 33.45 33.90 33.45 33.90 3,000 33.90 Feb-28-02 33.10 33.35 33.10 33.35 1,700 33.35 Feb-27-02 32.70 33.10 32.70 33.10 2,100 33.10 Feb-26-02 33.15 33.15 32.76 32.76 1,500 32.76 Feb-25-02 32.90 33.15 32.90 33.15 2,400 33.15 Feb-22-02 31.45 32.85 31.45 32.75 14,900 32.75 Feb-21-02 31.75 31.75 31.55 31.55 1,100 31.55 Feb-19-02 31.65 31.66 31.65 31.66 600 31.66 Feb-15-02 31.80 31.80 31.80 31.80 100 31.80 Feb-14-02 31.80 31.80 31.80 31.80 300 31.80 Feb-13-02 31.70 31.75 31.70 31.75 900 31.75 Feb-11-02 31.49 31.60 31.49 31.60 700 31.60 Feb-08-02 31.50 31.50 31.46 31.46 1,200 31.46 Feb-06-02 31.83 31.83 31.57 31.65 1,300 31.65 Feb-05-02 31.85 31.85 31.85 31.85 200 31.85 Feb-04-02 31.80 31.80 31.80 31.80 700 31.80 Feb-01-02 31.60 32.10 31.60 32.00 1,600 32.00 Jan-31-02 31.73 31.73 31.55 31.56 1,500 31.56 Jan-30-02 31.86 31.90 31.80 31.80 1,600 31.80 Jan-29-02 32.08 32.08 31.90 31.90 800 31.90 Jan-28-02 32.80 32.96 32.08 32.10 13,600 32.10 Jan-25-02 32.88 32.88 32.88 32.88 300 32.88 Jan-24-02 32.90 32.95 32.90 32.95 500 32.95 Jan-23-02 33.00 33.00 33.00 33.00 200 33.00 Jan-22-02 32.76 33.24 32.76 33.10 3,200 33.10 Jan-18-02 32.45 32.45 32.45 32.45 100 32.45 Jan-17-02 32.45 32.55 32.45 32.55 1,000 32.55 Jan-16-02 32.60 32.65 32.45 32.50 2,800 32.50 Jan-15-02 32.73 32.73 32.50 32.57 3,700 32.57 Jan-14-02 32.68 32.75 32.68 32.75 400 32.75 22 Historical Prices Page 5 of 7 Jan-11-02 32.70 32.80 32.50 32.60 4,400 32.60 Jan-10-02 32.61 32.61 32.58 32.60 1,700 32.60 Jan-09-02 32.55 32.60 32.55 32.60 500 32.60 Jan-08-02 32.30 32.50 32.30 32.50 1,500 32.50 Jan-07-02 31.80 32.23 31.80 32.23 5,000 32.23 Jan-04-02 31.70 31.75 31.70 31.75 1,500 31.75 Jan-03-02 31.60 31.65 31.57 31.65 900 31.65 Jan-02-02 31.60 31.60 31.52 31.52 800 31.52 Dec-31-01 31.22 31.65 31.15 31.52 4,300 31.52 Dec-28-01 31.30 31.30 31.30 31.30 100 31.30 Dec-27-01 31.20 31.30 31.20 31.30 300 31.30 Dec-26-01 31.25 31.35 31.20 31.25 1,100 31.25 Dec-24-01 31.40 31.40 31.40 31.40 800 31.40 Dec-21-01 31.10 31.40 31.10 31.40 2,600 31.40 Dec-20-01 31.20 31.30 31.11 31.20 800 31.20 Dec-19-01 31.30 31.30 31.30 31.30 100 31.30 Dec-18-01 31.20 31.20 31.20 31.20 700 31.20 Dec-17-01 30.60 31.15 30.55 31.15 5,700 31.15 Dec-14-01 30.65 30.70 30.65 30.70 4,500 30.70 Dec-13-01 30.50 30.65 30.50 30.65 700 30.65 Dec-11-01 30.45 30.45 30.45 30.45 100 30.45 Dec-10-01 30.38 30.53 30.31 30.40 2,100 30.40 Dec-07-01 30.30 30.40 30.22 30.40 2,000 30.40 Dec-06-01 30.10 30.41 30.10 30.41 1,700 30.41 Dec-05-01 30.15 30.15 30.00 30.00 3,600 30.00 Dec-04-01 30.55 30.55 30.25 30.26 1,100 30.26 Dec-03-01 30.41 30.45 30.40 30.45 3,200 30.45 Nov-30-01 30.50 30.50 30.40 30.40 700 30.40 Nov-29-01 29.90 30.50 29.90 30.50 1,700 30.50 Nov-28-01 30.00 30.00 30.00 30.00 100 30.00 Nov-27-01 30.30 30.30 30.13 30.13 600 30.13 Nov-23-01 30.30 30.40 30.30 30.40 600 30.40 23 Historical Prices Page 6 of 7 Nov-21-01 30.30 30.30 30.24 30.24 400 30.24 Nov-20-01 30.40 30.40 30.40 30.40 400 30.40 Nov-19-01 30.38 30.38 30.20 30.33 4,000 30.33 Nov-16-01 30.63 30.63 30.63 30.63 300 30.63 Nov-15-01 30.65 30.70 30.65 30.68 1,200 30.68 Nov-14-01 31.10 31.11 30.78 30.82 2,100 30.82 Nov-13-01 31.00 31.10 31.00 31.00 1,500 31.00 Nov-12-01 31.24 31.24 31.05 31.05 1,500 31.05 Nov-09-01 31.35 31.40 31.11 31.15 4,200 31.15 Nov-08-01 31.50 31.52 31.50 31.52 2,100 31.52 Nov-07-01 30.60 31.45 30.60 31.45 7,400 31.45 Nov-06-01 29.85 30.50 29.84 30.46 7,000 30.46 Nov-05-01 29.50 29.90 29.50 29.85 6,400 29.85 Nov-02-01 30.05 30.05 29.65 29.65 2,700 29.65 Nov-01-01 30.35 30.35 30.01 30.05 1,800 30.05 Oct-31-01 31.80 31.80 30.45 30.45 11,500 30.45 Oct-30-01 31.95 32.10 31.58 31.95 8,700 31.95 Oct-29-01 32.30 32.30 32.07 32.07 7,200 32.07 Oct-26-01 32.30 32.50 32.30 32.35 2,100 32.35 Oct-25-01 32.20 32.34 32.20 32.29 1,600 32.29 Oct-24-01 32.45 32.45 32.18 32.19 2,100 32.19 Oct-23-01 32.45 32.54 32.45 32.45 1,500 32.45 Oct-22-01 32.45 32.50 32.45 32.45 2,000 32.45 Oct-19-01 32.45 32.50 32.45 32.50 700 32.50 Oct-18-01 32.45 32.50 32.45 32.45 1,400 32.45 Oct-17-01 32.45 32.53 32.45 32.50 3,200 32.50 Oct-16-01 32.60 32.60 32.50 32.60 1,100 32.60 Oct-15-01 32.60 32.70 32.60 32.70 800 32.70 Oct-12-01 32.53 32.55 32.53 32.55 1,100 32.55 Oct-11-01 32.65 32.69 32.50 32.55 1,100 32.55 Oct-10-01 32.50 32.65 32.32 32.65 3,300 32.65 Oct-09-01 32.78 32.90 32.65 32.65 1,500 32.65 24 Historical Prices Page 7 of 7 Oct-08-01 32.90 32.95 32.90 32.93 1,400 32.93 Oct-05-01 32.90 32.90 32.70 32.85 3,100 32.85 Oct-04-01 32.80 33.19 32.80 32.85 14,900 32.85 Oct-03-01 31.15 32.60 31.15 32.40 15,200 32.40 Oct-02-01 31.45 31.55 31.10 31.10 3,600 31.10 Oct-01-01 30.75 31.40 30.75 31.35 6,200 31.35 Sep-28-01 30.00 30.70 30.00 30.65 4,000 30.65 Sep-27-01 29.50 30.01 29.50 29.90 6,400 29.90 Sep-26-01 28.35 29.50 28.35 29.50 5,200 29.50 Sep-25-01 28.46 28.46 28.10 28.25 7,600 28.25 Sep-24-01 27.75 28.31 27.75 28.31 4,100 28.31 Sep-21-01 28.10 28.10 27.65 27.70 2,600 27.70 Sep-20-01 28.75 28.75 28.10 28.10 3,800 28.10 Sep-19-01 29.00 29.00 28.70 28.70 1,300 28.70 Sep-18-01 28.95 29.05 28.91 29.00 1,100 29.00 Sep-17-01 29.10 29.10 28.74 28.90 3,800 28.90 Sep-10-01 28.29 29.25 28.19 29.24 7,300 29.24 Sep-07-01 28.00 28.50 27.99 28.49 7,900 28.49 Sep-06-01 27.35 28.11 27.35 28.00 2,000 28.00 Sep-05-01 28.05 28.05 27.24 27.31 7,100 27.31 ===================================================================================================== <FN> * adjusted for dividends and splits, please see FAQ. -------------- Questions or Comments? ---------------------- Copyright (c) 2002 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service -------------- ---------------- Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). ------------------------------ Data and information is provided for informational purposes only, and is not intended for trading purposes. Neither Yahoo nor any of its data or content providers (such as CSI) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. 25 Historical Prices Page 1 of 4 [YAHOO! FINANCE LOGO] HISTORICAL PRICES - FBA (FIRST BANKS AMERICA INC) AS OF 05-JUL-02 MORE INFO: Quote | Chart | News | Profile | Research | SEC | Msgs | Profile ----- ----- ---- ------- -------- --- ---- ------- ================================================================== Month Day Year o Daily Start: Jul 05 00 * Weekly End: Jul 05 02 o Monthly o Dividends ================================================================== Ticker Symbol: fba Get Data ================================================================== ==================================================================================================== DATE OPEN HIGH LOW CLOSE VOLUME ADJ. CLOSE* ==================================================================================================== Jul-01-02 39.20 41.42 39.00 41.42 3,300 41.42 Jun-24-02 38.10 39.25 37.90 39.15 1,600 39.15 Jun-17-02 38.30 38.30 37.72 38.20 500 38.20 Jun-10-02 37.70 39.85 37.50 38.19 2,100 38.19 Jun-03-02 35.50 37.50 35.30 37.50 14,500 37.50 May-28-02 37.00 37.45 35.72 35.72 5,600 35.72 May-20-02 40.00 40.00 37.05 37.05 1,000 37.05 May-13-02 40.40 40.91 39.50 40.20 8,000 40.20 May-06-02 40.25 41.75 40.20 40.40 4,000 40.40 Apr-29-02 38.81 40.99 38.70 40.25 11,300 40.25 Apr-22-02 41.00 41.10 39.15 39.21 600 39.21 Apr-15-02 40.80 41.00 39.80 40.80 3,600 40.80 Apr-08-02 40.80 41.60 40.25 40.61 700 40.61 Apr-01-02 40.98 42.50 39.31 41.00 4,500 41.00 Mar-25-02 40.25 40.98 39.65 40.98 3,400 40.98 Mar-18-02 41.05 43.00 40.00 40.38 44,400 40.38 Mar-11-02 39.65 42.90 34.50 41.01 59,800 41.01 Mar-04-02 33.80 43.20 33.75 39.75 13,500 39.75 Feb-25-02 32.90 33.90 32.70 33.90 2,400 33.90 Feb-19-02 31.65 32.85 31.45 32.75 600 32.75 26 Historical Prices Page 2 of 4 Feb-11-02 31.49 31.80 31.49 31.80 700 31.80 Feb-04-02 31.80 31.85 31.46 31.46 700 31.46 Jan-28-02 32.80 32.96 31.55 32.00 13,600 32.00 Jan-22-02 32.76 33.24 32.76 32.88 3,200 32.88 Jan-14-02 32.68 32.75 32.45 32.45 400 32.45 Jan-07-02 31.80 32.80 31.80 32.60 5,000 32.60 Dec-31-01 31.22 31.75 31.15 31.75 4,300 31.75 Dec-24-01 31.40 31.40 31.20 31.30 800 31.30 Dec-17-01 30.60 31.40 30.55 31.40 5,700 31.40 Dec-10-01 30.38 30.70 30.31 30.70 2,100 30.70 Dec-03-01 30.41 30.55 30.00 30.40 3,200 30.40 Nov-27-01 30.30 30.50 29.90 30.40 600 30.40 Nov-19-01 30.38 30.40 30.20 30.40 4,000 30.40 Nov-12-01 31.24 31.24 30.63 30.63 1,500 30.63 Nov-05-01 29.50 31.52 29.50 31.15 6,400 31.15 Oct-29-01 32.30 32.30 29.65 29.65 7,200 29.65 Oct-22-01 32.45 32.54 32.18 32.35 2,000 32.35 Oct-15-01 32.60 32.70 32.45 32.50 800 32.50 Oct-08-01 32.90 32.95 32.32 32.55 1,400 32.55 Oct-01-01 30.75 33.19 30.75 32.85 6,200 32.85 Sep-24-01 27.75 30.70 27.75 30.65 4,100 30.65 Sep-10-01 28.29 29.25 27.65 27.70 7,300 27.70 Sep-04-01 26.92 28.50 26.92 28.49 5,000 28.49 Aug-27-01 27.60 27.75 26.80 26.90 1,100 26.90 Aug-20-01 30.60 30.65 27.68 27.68 1,900 27.68 Aug-13-01 30.28 30.75 30.20 30.75 7,500 30.75 Aug-06-01 29.60 30.35 29.15 30.18 9,500 30.18 Jul-30-01 28.80 29.66 28.40 29.66 6,500 29.66 Jul-23-01 26.85 30.00 26.85 28.70 800 28.70 Jul-16-01 26.50 26.85 26.20 26.85 4,500 26.85 Jul-09-01 22.80 26.65 22.80 26.31 6,400 26.31 Jul-02-01 23.80 23.80 22.61 22.65 24,000 22.65 27 Historical Prices Page 3 of 4 Jun-25-01 26.25 26.37 23.90 23.90 2,400 23.90 Jun-18-01 25.77 26.25 25.46 26.25 1,800 26.25 Jun-11-01 26.26 26.26 25.65 25.87 6,700 25.87 Jun-04-01 29.13 29.13 26.40 26.46 1,500 26.46 May-29-01 29.43 29.70 29.20 29.20 18,200 29.20 May-21-01 28.80 29.88 28.60 29.33 8,100 29.33 May-14-01 24.20 28.55 24.20 28.55 10,600 28.55 May-07-01 22.10 24.10 22.10 24.10 400 24.10 Apr-30-01 21.56 22.05 21.56 22.05 2,600 22.05 Apr-23-01 21.20 21.52 21.20 21.52 1,400 21.52 Apr-16-01 21.10 21.25 21.00 21.25 2,500 21.25 Apr-09-01 21.25 21.25 21.10 21.10 100 21.10 Apr-02-01 21.50 21.50 21.25 21.25 600 21.25 Mar-26-01 21.30 21.50 21.30 21.50 5,700 21.50 Mar-19-01 21.50 21.50 21.25 21.40 3,900 21.40 Mar-12-01 22.00 22.00 21.45 21.50 800 21.50 Mar-05-01 22.40 22.40 21.80 22.00 1,500 22.00 Feb-26-01 22.50 22.60 22.29 22.40 3,300 22.40 Feb-20-01 22.25 22.80 22.25 22.50 8,100 22.50 Feb-12-01 21.50 22.08 21.50 22.00 1,100 22.00 Feb-05-01 21.00 21.75 21.00 21.70 3,100 21.70 Jan-29-01 20.00 20.99 20.00 20.99 2,000 20.99 Jan-22-01 18.88 19.75 18.75 19.75 1,200 19.75 Jan-17-01 18.00 18.63 17.94 18.63 1,100 18.62 Jan-11-01 17.94 17.94 17.69 17.94 2,800 17.94 Jan-02-01 17.88 18.00 17.75 17.75 200 17.75 Dec-26-00 17.13 17.63 17.13 17.63 300 17.63 Dec-18-00 17.13 17.13 17.13 17.13 300 17.13 Dec-12-00 16.06 17.25 16.06 17.00 800 17.00 Dec-04-00 17.13 17.13 16.88 16.88 2,400 16.88 Nov-27-00 17.25 17.25 17.13 17.19 1,400 17.19 Nov-20-00 17.00 17.00 17.00 17.00 600 17.00 28 Historical Prices Page 4 of 4 Nov-06-00 15.88 16.75 15.88 16.75 2,000 16.75 Oct-30-00 15.06 15.88 15.06 15.88 1,100 15.88 Oct-23-00 14.00 15.06 14.00 15.06 15,000 15.06 Oct-16-00 15.50 15.50 14.00 14.00 1,800 14.00 Oct-09-00 16.94 17.00 15.75 15.75 8,700 15.75 Oct-02-00 17.63 17.63 17.31 17.38 4,800 17.38 Sep-25-00 18.13 18.13 17.75 17.81 800 17.81 Sep-18-00 18.38 18.38 18.13 18.13 400 18.13 Sep-12-00 19.00 19.00 18.13 18.13 400 18.13 Sep-05-00 19.00 19.00 19.00 19.00 500 19.00 Aug-28-00 18.88 19.25 18.81 19.06 1,000 19.06 Aug-22-00 18.25 18.63 17.69 18.63 3,700 18.63 Aug-14-00 17.75 18.50 17.75 18.19 700 18.19 Aug-07-00 17.88 17.88 17.63 17.75 100 17.75 Jul-31-00 18.25 18.50 18.00 18.00 2,000 18.00 Jul-27-00 18.19 18.25 18.19 18.25 1,700 18.25 Jul-17-00 18.00 18.13 18.00 18.06 400 18.06 Jul-12-00 18.13 18.13 17.81 18.00 3,000 18.00 Jul-06-00 18.00 18.00 18.00 18.00 600 18.00 <FN> * adjusted for dividends and splits, please see FAQ. -------------- Questions or Comments? ---------------------- Copyright (c) 2002 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service -------------- ---------------- Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). ------------------------------ Data and information is provided for informational purposes only, and is not intended for trading purposes. Neither Yahoo nor any of its data or content providers (such as CSI) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. 29 Tab 3 BAXTER FENTRISS AND COMPANY =============================== 30 FIRST BANKS AMERICA, INC. * VALUATION SUMMARY 31 ============================================================================== SUMMARY OF VALUATION METHODOLOGIES Three basic valuation methodologies have been considered during our analysis of the common stock of FBA. These methods are as follows: A. Comparable Trading Values Approach 1. Price / Earnings 2. Price / LTM Earnings 3. Price / Book 4. Price / Tangible Book 5. Price / Assets 6. Price / Deposits B. Free Cash Flow / Net Present Value Analysis C. Potential Acquisition Valuation Analysis The value of FBA has been determined on a "GOING CONCERN" basis. In determining the value of FBA, we evaluated all three approaches on an equally weighted basis. Other basic tests were reviewed to confirm the range that was developed. Of the three methodologies used, the Comparison to Peer Trading Values method produced the highest per share value at $44.45 per share, while the Potential Acquisition Valuation method produced the lowest value at $43.54 per share. Exhibit I summarizes the valuation ranges indicated by the various approaches and also provides pricing statistics based on FBA's estimated valuation. After considering all of the relevant factors, it is our opinion that based on the methods and assumptions used in this valuation, the estimated value for the minority shares of First Banks America, Inc.'s common stock, on a "GOING CONCERN" basis, is approximately $44.03 as of July 5, 2002. The following sections of this book are supporting analyses of our valuation. ============================================================================== BAXTER FENTRISS & COMPANY 32 EXHIBIT I ====================================================================================== FIRST BANKS AMERICA, INC. SUMMARY OF VARIOUS VALUATION METHODOLOGIES (1) ====================================================================================== FIRST BANKS AMERICA, INC. VALUE OF MINORITY INTEREST TOTAL PER SHARE ----- --------- COMPARISON TO PEER TRADING VALUES $36,060,766 $44.45 DCF / NPV ANALYSIS $35,775,587 $44.10 POTENTIAL ACQUISITION VALUATION $35,318,083 $43.54 ======================================================================================= ESTIMATE OF FAIR MARKET VALUE FOR FBA'S MINORITY SHARES $35,718,145 $44.03 ======================================================================================= - --------------------------------------------------------------------------------------------------------------- SUMMARY PRICING STATISTICS BASED ON ESTIMATE OF FAIR MARKET VALUE FBA FINANCIAL PRICING DATA STATISTICS ------------- ---------- PRICE / LTM EARNINGS (X) $2.59 17.00 PRICE / BOOK VALUE (X) $22.21 198.25% PRICE / TANGIBLE BOOK VALUE (X) $14.20 310.07% PRICE ON DEPOSITS (%) $192.69 22.85% PRICE TO ASSETS (%) $232.38 18.95% - --------------------------------------------------------------------------------------------------------------- <FN> (1) USES 811.217 TOTAL SHARES OUTSTANDING FOR THE MINORITY INTEREST 33 Tab 3A BAXTER FENTRISS AND COMPANY =============================== 34 FIRST BANKS AMERICA, INC. * COMPARABLE TRADING VALUES 35 ============================================================================== COMPARABLE TRADING VALUES APPROACH - ---------------------------------- The Comparable Trading Values approach allows a determination of value for the minority shares of FBA using the financial data of publicly traded financial institutions from select markets across the United States. Certain trading statistics of these institutions are used to provide an estimated market price for FBA. This analysis incorporates average price / earnings, average price / Latest Twelve Months ("LTM") earnings, average price / book, average price / tangible book, average price / assets, and average price / deposit multiples in order to establish valuation parameters. We reviewed pricing statistics of fifty-nine publicly traded banks operating in various markets that were comparable in size to FBA. Specifically we chose banks that were between $2 billion and $10 billion in total assets. Multiples were compiled in order to produce average pricing statistics. The institutions used for this analysis are listed in Appendix 6-C. The analysis indicated that the average price / earnings was 15.89x, the average price / LTM earnings was 16.99x. The average price / book multiple was 2.27x, the average price / tangible book multiple was 2.60x. The average price to assets was 18.82% while the average price to deposits was 24.82%. Applying these averages to FBA's March 31, 2002 financial data, gives a value per share of $43.70 based on average price / earnings, $44.01 based on average price / LTM earnings, $50.49 based on average price / book and $36.96 based on average price / tangible book. The average price / assets was $43.73 while the average price / deposits was $47.82. When these prices are averaged, the result is a value of $44.45. These calculations are shown in Exhibit II. ============================================================================== BAXTER FENTRISS & COMPANY 36 EXHIBIT II ===================================================================================================== FIRST BANKS AMERICA, INC. COMPARISON TO PEER TRADING VALUES (1) ===================================================================================================== COMPARATIVE FBA (2) RESULTING PRICING FINANCIAL SHARE PRICING STATISTICS FROM PEER GROUP STATISTICS INFORMATION PRICES ----------- ----------- --------- PRICE TO ADJUSTED FIRST QUARTER EARNINGS PER SHARE (3) 15.89 $2.75 $43.70 PRICE TO LTM EARNINGS PER SHARE (4) 16.99 $2.59 $44.01 PRICE TO BOOK VALUE PER SHARE 227.32% $22.21 $50.49 PRICE TO TANGIBLE BOOK VALUE PER SHARE 260.29% $14.20 $36.96 PRICE TO ASSETS PER SHARE 18.82% $232.38 $43.73 PRICE TO DEPOSITS PER SHARE 24.82% $192.69 $47.82 ===================================================================================================== AVERAGE $44.45 HIGH POINT $50.49 LOW POINT $36.96 ===================================================================================================== <FN> (1) PRICING DERIVED FROM A GROUP OF 60 PEER BANKS WITH ASSETS BETWEEN $2 BILLION AND $10 BILLION. PRICING DATA AS OF 07/05/02. (2) USES FBA'S NORMALIZED FIRST QUARTER EARNINGS ANNUALIZED TO DETERMINE P/E RATIO (3) FBA FINANCIAL INFORMATION AS REPORTED IN 03/31/02 10-Q EXCEPT EARNINGS INFORMATION (4) LTM EARNINGS PER SHARE ASSUMES ADJUSTMENTS MADE TO 2001 EPS AND 03/31/02 FIRST QUARTER EPS - SEE SUPPORT SCHEDULE 37 Tab 3B BAXTER FENTRISS AND COMPANY ================================== 38 FIRST BANKS AMERICA, INC. * DISCOUNTED CASH FLOW / NET PRESENT VALUE 39 ============================================================================== DISCOUNTED FREE CASH FLOW / NET PRESENT VALUE APPROACH - ------------------------------------------------------ This approach determines the fair market value of an on going business entity based on its earnings capacity, operating cash flow, and its theoretical capacity to pay dividends while still retaining equity to support future, sustainable growth. The discounted free cash flow/present value analysis approach requires projecting cash flows for an extended period of time, estimating a terminal value, and discounting the future free cash flows back to the valuation date. The discounted cash flow calculation consists of three major components: (1) future free cash flows and or potential equity flows; (2) a terminal value; and (3) the required rate of return. The future cash flows are projected by forecasting earnings growth and potential dividend payout. While various growth rates can produce different results, it is best to view a range of growth estimates in order to choose a "likely" scenario. Economic conditions in general, as well as local economic conditions, competition, management, and other non-quantifiable variables can impact future real growth. The required rate of return is the expected return required by "investors" for investments with similar risk profiles. Typically, the required rates of return of publicly traded banks are approximately 500-700 basis points over the US Treasury 10 year note. As of the July 5, 2002, the US Treasury 10 year note was yielding 4.83%. Using this as a benchmark, the required rate should currently fall between approximately 10.00% and 12.00%. This analysis incorporates a discount rate, or required return of 11.00%. The terminal value was calculated by treating the free cash flow in the fifteenth time period as a perpetuity and then discounting it to obtain a present value. The same 11.00% discount rate was used to discount the perpetuity to get the final period's equity flow. Exhibits III and IV further indicate the assumptions developed for FBA, the cash flow assumptions, and potential equity flows. The valuation of FBA common stock using this analysis indicates a value of $44.10. ============================================================================== BAXTER FENTRISS & COMPANY 40 EXHIBIT III ======================================================================= FIRST BANKS AMERICA, INC. SUMMARY OF DISCOUNTED CASHFLOW - NET PRESENT VALUE METHOD BASE ASSUMPTIONS - DATA IN (000'S), EXCEPT PERCENTAGES ======================================================================= ==================================== CAPITALIZATION RATE 7.50% ==================================== --------------------------------------------------------------- YEAR 1 2 3 4 5 =========================================================== NET INCOME - ASSUMPTIONS FIRST BANKS AMERICA, INC. $35,358 $39,778 $44,750 $50,344 $56,637 --------------------------------------------------------------- 41 EXHIBIT IV ======================================================================= FIRST BANKS AMERICA, INC. DISCOUNTED FREE CASH FLOW / NET PRESENT VALUE MODEL ASSUMPTIONS ======================================================================= DATA AS OF: 03/31/02 SHAREHOLDER'S EQUITY $285,524,000 ENDING SHARES OUTSTANDING 12,856,060 EARNINGS PER SHARE $2.75 LTM EARNINGS PER SHARE $2.59 BOOK VALUE PER SHARE $22.21 TANGIBLE BOOK VALUE PER SHARE 14.20 LONG TERM GROWTH RATE 12.50% RANGE OF DISCOUNT RATE: 11.00% ==================================================================================================================== YEAR YEAR YEAR YEAR YEAR FIRST BANKS AMERICA, INC. 1 2 3 4 5 2001 2002 2003 2004 2005 2006 ======================================================================================= CAPITAL RATE 7.50% ROA 1.44% 1.09% 1.09% 1.09% 1.09% 1.09% GROWTH 12.50% 12.50% 12.50% 12.50% 12.50% AVERAGE TOTAL ASSETS $2,749,274 $3,252,300 $3,658,837 $4,116,192 $4,630,716 $5,209,555 YEAR END ASSETS $3,060,988 $3,443,612 $3,874,063 $4,358,321 $4,903,111 $5,516,000 EQUITY(AVG) $231,147 $302,996 $340,564 $382,828 $430,374 $483,864 YEAR END EQUITY $285,317 $320,675 $360,453 $405,203 $455,546 $512,183 BASE INCOME $39,615 $35,358 $39,778 $44,750 $50,344 $56,637 TOTAL INCOME $39,615 $35,358 $39,778 $44,750 $50,344 $56,637 EST. ROAE 11.67% 11.68% 11.69% 11.70% 11.71% EST. ROAA 1.09% 1.09% 1.09% 1.09% 1.09% EST. SHARES 12,856 12,856 12,856 12,856 12,856 EST. EPS $2.75 $3.09 $3.48 $3.92 $4.41 EST. BOOK VALUE YEAR END $24.94 $28.04 $31.52 $35.43 $39.84 EST. E/A 9.31% 9.30% 9.30% 9.29% 9.29% REQUIRED EQUITY $258,271 $290,555 $326,874 $367,733 $413,700 ==================================================================================================================== YEAR YEAR YEAR YEAR YEAR FIRST BANKS AMERICA, INC. 6 7 8 9 10 2007 2008 2009 2010 2011 ======================================================================================= CAPITAL RATE ROA 1.09% 1.09% 1.09% 1.09% 1.09% GROWTH 12.50% 12.50% 12.50% 12.50% 12.50% AVERAGE TOTAL ASSETS $5,860,750 $6,593,343 $7,417,511 $8,344,700 $9,387,788 YEAR END ASSETS $6,205,500 $6,981,187 $7,853,836 $8,835,565 $9,940,011 EQUITY(AVG) $544,041 $611,739 $687,900 $773,581 $869,972 YEAR END EQUITY $575,899 $647,580 $728,220 $818,941 $921,002 BASE INCOME $63,716 $71,681 $80,641 $90,721 $102,061 TOTAL INCOME $63,716 $71,681 $80,641 $90,721 $102,061 EST. ROAE 11.71% 11.72% 11.72% 11.73% 11.73% EST. ROAA 1.09% 1.09% 1.09% 1.09% 1.09% EST. SHARES 12,856 12,856 12,856 12,856 12,856 EST. EPS $4.96 $5.58 $6.27 $7.06 $7.94 EST. BOOK VALUE YEAR END $44.80 $50.37 $56.64 $63.70 $71.64 EST. E/A 9.28% 9.28% 9.27% 9.27% 9.27% REQUIRED EQUITY $465,412 $523,589 $589,038 $662,667 $745,501 42 Tab 3C BAXTER FENTRISS AND COMPANY ==================================== 43 FIRST BANKS AMERICA, INC. * POTENTIAL ACQUISITION VALUATION ANALYSIS 44 ============================================================================== POTENTIAL ACQUISITION VALUATION ANALYSIS - ---------------------------------------- As part of its valuation analysis, Baxter Fentriss considered the potential acquisition of FBA by another financial institution. In this analysis, it is assumed that a prospective acquiror would obtain a significant level of cost savings, and be able to finance the acquisition primarily with cash. Furthermore, the acquiror would not accept earnings dilution once the full level of cost savings is achieved. Generally, acquirors would reach a price where the transaction becomes dilutive. In this analysis the following assumptions were considered: (1) the incremental impact to an acquiror's stream of earnings; (2) the price paid by the acquiror for FBA's on-going earnings; (3) a potential level of economies; (4) financing costs; and (5) the amortization of intangibles created from the acquisition. The assumptions applied are deemed appropriate for an organization such as FBA, the types of institutions which are capable of acquiring FBA, and for FBA's current financial condition. The key assumptions are as follows: o FBA's net income of $2.75 per share or $35.38 million for the year ending December 31, 2002. This is a pretax earnings figure of $57.96 million. o Balance Sheet information as of March 31, 2002 as follows: o Assets $ 2,987.5 million o Deposits $ 2,477.1 million o Equity $ 285.5 million o Shares Outstanding 12,856,060 o A financing rate of 6.25% o A tax rate of 39.00% o Core Deposit Premium Intangible equal to 6.00% of total deposits o Amortization period of Core Deposit Premium Intangible of seven years using the straight-line method. This valuation approach yields a value for First Banks, as a whole, of approximately $658.5 million or $51.22 per share. This valuation, however, is for a minority ownership position. Consequently, any value for the entity as a whole must then be discounted. A minority discount of 15.00% has been applied. This results in a value of $43.54 for FBA's minority interest shares. This value produces the following pricing statistics, based on the Bank's March 31, 2002 financial information. We have used a normalized earnings figure to calculate price / earnings. Price / LTM Earnings 16.81x ============================================================================== BAXTER FENTRISS & COMPANY 45 Price / Equity 196.0% Price / Tangible Equity 306.62% Price / Deposits 18.74% Price / Assets 22.60% This methodology is supported by the data in Exhibit V-A and Exhibit V-B. ============================================================================== BAXTER FENTRISS & COMPANY 46 EXHIBIT V - A - ------------------------------------------------------------------------------ FIRST BANKS AMERICA, INC. ACQUISITION MODEL (DATA AS OF 03/31/02; $ IN THOUSANDS (1) - ------------------------------------------------------------------------------ ASSUMPTIONS ESTIMATED 2002 PRETAX EARNINGS $57,963.8 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 NIE BASE: $90,000.0 ECONOMIES: 20.0% ASSETS: $2,987,524.0 EQUITY: $285,524.0 DEPOSITS: $2,477,184.0 SHARES OUTSTANDING: 12,856 FINANCING RATE: 6.25% CORE DEPOSIT AMORTIZATION PERIOD: (2) 7 TAX RATE: 39.0% <FN> (1) DATA SUPPLIED BY MANAGEMENT AND FROM PUBLIC SOURCES AS OF 03/31/02 (2) ASSUMES CORE DEPOSIT INTANGIBLE OF 6.00% ON TOTAL DEPOSITS IS AMORTIZED OVER 7 YEARS USING STRAIGHT LINE METHOD 47 EXHIBIT V - B - -------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. ACQUISITION MODEL (DATA AS OF 03/31/02; $ IN THOUSANDS (1) - -------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. EARNINGS CONTRIBUTION ESTIMATE - -------------------------------------------------------------------------------------------------------------------- PRICE / BASE BOOK (x) 2.150 2.200 2.250 2.306 2.350 2.400 2.450 2.500 2.550 PRICE / EARNINGS (x) 17.36 17.77 18.17 18.62 18.98 19.38 19.78 20.19 20.59 PREMIUM / DEPOSITS (%) 13.26 13.83 14.41 15.06 15.56 16.14 16.71 17.29 17.87 - -------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------ TOTAL PRICE $613,876.6 $628,152.8 $642,429.0 $658,489.8 $670,981.4 PRICE PER SHARE $47.75 $48.86 $49.97 $51.22 $52.19 - ------------------------------------------------------------------------------------------------------------ ESTIMATED 2002 PRETAX EARNINGS $57,963.8 $57,963.8 $57,963.8 $57,963.8 $57,963.8 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 $18,000.0 $18,000.0 $18,000.0 $18,000.0 --------- --------- --------- --------- --------- PRETAX CONTRIBUTION $75,963.8 $75,963.8 $75,963.8 $75,963.8 $75,963.8 LESS: FINANCING COSTS $38,367.3 $39,259.6 $40,151.8 $41,155.6 $41,936.3 CORE DEPOSIT AMORTIZATION (2) $21,233.0 $21,233.0 $21,233.0 $21,233.0 $21,233.0 --------- --------- --------- --------- --------- PRETAX ADJUSTMENTS $59,600.3 $60,492.6 $61,384.8 $62,388.6 $63,169.3 ESTIMATED TAXES $14,662.7 $14,314.7 $13,966.7 $13,575.2 $13,270.7 --------- --------- --------- --------- --------- ADJUSTED NET CONTRIBUTION $1,700.9 $1,156.6 $612.3 $0.0 ($476.2) - --------------------------------------------------------------------------------------------- TOTAL PRICE $685,257.6 $699,533.8 $713,810.0 $728,086.2 PRICE PER SHARE $53.30 $54.41 $55.52 $56.63 - --------------------------------------------------------------------------------------------- ESTIMATED 2002 PRETAX EARNINGS $57,963.8 $57,963.8 $57,963.8 $57,963.8 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 $18,000.0 $18,000.0 $18,000.0 --------- --------- --------- --------- PRETAX CONTRIBUTION $75,963.8 $75,963.8 $75,963.8 $75,963.8 LESS: FINANCING COSTS $42,828.6 $43,720.9 $44,613.1 $45,505.4 CORE DEPOSIT AMORTIZATION (2) $21,233.0 $21,233.0 $21,233.0 $21,233.0 --------- --------- --------- --------- PRETAX ADJUSTMENTS $64,061.6 $64,953.9 $65,846.1 $66,738.4 ESTIMATED TAXES $12,922.7 $12,574.8 $12,226.8 $11,878.8 --------- --------- --------- --------- ADJUSTED NET CONTRIBUTION ($1,020.5) ($1,564.8) ($2,109.1) ($2,653.4) - ---------------------------------------------------------------------------------------------- PER SHARE VALUE AT BREAKEVEN POINT (3) $51.22 LESS: MINORITY INTEREST DISCOUNT OF 15.00% $7.68 ------------ VALUE OF MINORITY INTEREST SHARES $43.54 - ---------------------------------------------------------------------------------------------- <FN> (1) DATA SUPPLIED BY MANAGEMENT AND FROM PUBLIC SOURCES AS OF 03/31/02 (2) ASSUMES CORE DEPOSIT INTANGIBLE OF 6.00% ON TOTAL DEPOSITS IS AMORTIZED OVER 7 YEARS USING STRAIGHT LINE METHOD (3) THE PRICE AT WHICH THE EARNINGS CONTRIBUTION FROM THE ACQUIRED ENTITY BECOMES NEGATIVE AFTER CONSIDERING ECONOMIES, AMORTIZATION OF INTANGIBLES AND FINANCING COSTS 48 Tab 4 BAXTER FENTRISS AND COMPANY ============================== 49 FIRST BANKS AMERICA, INC. * NORMALIZED 2001 & 2002 EARNINGS 50 ============================================================================ NORMALIZED EARNINGS ANALYSIS - ---------------------------- As part of its valuation of First Banks America, Baxter Fentriss examined the earnings stream of the Bank as reported according to GAAP. The requirements of GAAP mandate that a company report to its shareholders income and expense items that are not necessarily part of the on-going or recurring income stream. Certain one-time events are reported in GAAP earnings and must be removed in order to obtain a more accurate assessment of the on-going earnings capability of the company, and thus a more accurate valuation of the company's equity. Such items for financial institutions may include but are not limited to: Data Processing Conversion Expenses Gains or Losses on Sales of Securities Merger / Acquisition Expenses Contract Termination Fees We have examined FBA's income statement for the year ending December 31, 2001 and interim financial reports for 2002 for such items. The following analyses estimate normalized earnings streams for both years. ============================================================================ BAXTER FENTRISS & COMPANY 51 ==================================================================================================== FIRST BANKS AMERICA, INC. NORMALIZED 2001 EARNINGS ==================================================================================================== REPORTED ADJUSTED 12/31/2001 12/31/2001 ==================================== PRE TAX NET INCOME FOR FISCAL YEAR ENDING 12/31/01 $53,885 ADJUSTMENTS MISCELLANEOUS PROFESSIONAL FEES $150 LOSS ON SALE OF SALE OF SECURITIES $418 CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLES (1) $765 DATA PROCESSING CONVERSION EXPENSE (2) $300 ACCUMULATION OF MISCELLANEOUS ONE-TIME CHARGES $160 DIFFERENCE IN AMORTIZATION OF GOODWILL (3) $4,854 DERIVATIVE INCOME (4) ($10,173) --------- ADJUSTED PRE-TAX EARNINGS $50,359 LESS: TAXES (USING A RATE OF 39.00%) (5) $17,747 ==================================================================================================== NET INCOME $32,612 EARNINGS PER SHARE $2.54 ==================================================================================================== <FN> (1) PER ANNUAL REPORT (2) IN 2001 FBA CONVERTED THE DATA PROCESSING SYSTEMS OF SEVERAL OF ITS PREVIOUS ACQUISITIONS WITH AN APPROXIMATE COST OF $300 THOUSAND. (3) AMORTIZATION OF GOODWILL IS NO LONGER APPLICABLE PER FASB 141 & 142 (4) INCOME FROM DERIVATIVES IS ONE-TIME AND SHOULD NOT BE INCLUDED IN ONGOING EARNINGS STREAM (5) IN 2001 FBA BENEFITED FROM THE USE OF NET OPERATING LOSSES RESULTING IN A LOWER TAX RATE, THAN IN PREVIOUS YEARS. THE TAX RATE USED IS AN AVERAGE OF THE THREE PRIOR YEARS. 52 =================================================================================================== FIRST BANKS AMERICA, INC. PROFORMA 2002 EARNINGS (1) =================================================================================================== QUARTERLY ANNUALIZED ADJUSTED ADJUSTED 03/31/2002 03/31/2002 ----------------------------------------------- REPORTED NET INCOME $5,202 - --------------------------- ADJUSTMENTS - --------------------------- REPORTED PROVISION FOR QUARTER ENDING 03/31/02 $7,700 NORMALIZED PROVISION USING FIVE YEAR AVERAGE (2) $1,737 --------- NORMALIZED PROVISION NET OF IMPACT FOR TAXES $5,963 LESS: TAXES (USING A MARGINAL TAX RATE OF 39.00%) $2,326 NET ADJUSTMENTS $3,637 =================================================================================================== NET INCOME $8,839 $35,358 EARNINGS PER SHARE $0.69 $2.75 =================================================================================================== <FN> (1) DATA IN ($000'S) EXCEPT THE PER SHARE INFORMATION (2) PROVISION ADJUSTED TO REFLECT HISTORICAL LEVELS - SEE SUPPORT SCHEDULE 53 =================================================================================================== FIRST BANKS AMERICA, INC. NORMALIZED 2002 PROVISION LEVELS =================================================================================================== PROFORMA LOAN LOSS RESERVE LEVELS PROFORMA - --------------------------------- REPORTED 1ST HALF 2ND HALF PROFORMA 12/31/2001 2002 2002 2002 ---------------------------------------------------------------------- PROFORMA 2002 PROVISION LEVEL AVERAGE GROSS LOANS (1) $2,109,284,000 $2,315,881,587 $2,315,881,587 $2,315,881,587 BEGINNING ALLOWANCE FOR LOAN LOSSES (2) $43,423,000 $42,721,000 $42,459,099 $42,721,000 CHARGE-OFF'S $9,960,000 $17,509,763 $7,200,000 $24,709,763 RECOVERIES $4,248,000 $1,747,862 $0 $1,747,862 NET CHARGE OFF'S (3) $5,712,000 $15,761,901 $7,200,000 $22,961,901 PROVISION (4) $5,010,000 $15,500,000 $7,200,000 $22,700,000 ENDING ALLOWANCE FOR LOAN LOSSES $42,721,000 $42,459,099 $42,459,099 $42,459,099 ALLOWANCE TO AVERAGE GROSS LOANS 2.03% 1.83% 1.83% 1.83% =================================================================================================================== NET CHARGE-OFFS TO AVERAGE GROSS LOANS (PARTIAL PERIODS NOT ANNUALIZED) 0.68% 0.31% 0.99% =================================================================================================================== <FN> (1) ASSUMES LOAN GROWTH WILL BE FLAT FOR THE REMAINDER OF 2002 (2) INCLUDES ALLOWANCE FOR LOAN LOSS RESERVE ACQUIRED THROUGH ACQUISITIONS (3) ASSUMES NET CHARGE-OFF'S THROUGH 2002 YEAR END WILL NOT EXCEED PROVISION LEVELS (4) PER FBA MANAGEMENT, ESTIMATED PROVISION FROM 06/30/02 THROUGH YEAR END WILL BE $1.2MM PER MONTH OR $7.2MM PROFORMA FIVE YEAR 1998 1999 2000 2001 2002 AVERAGE --------------------------------------------------------------------------------- NET CHARGE-OFFS TO AVERAGE GROSS LOANS 0.06% 0.15% 0.01% 0.27% 0.99% 0.30% 2002 NORMALIZED 1ST QUARTER PROVISION 03/31/2002 - ------------------------------------- REPORTED PROVISION $7,700,000 NORMALIZED PROVISION LEVEL (5) $1,736,911 ---------- PRE-TAX EARNINGS ADJUSTMENT $5,963,089 <FN> (5) ASSUMES AVERAGE OF 0.30% FOR THE YEARS 1998 THROUGH PROFORMA 2002 54 Tab 5 BAXTER FENTRISS AND COMPANY ================================= 55 FIRST BANKS AMERICA, INC. * PEER GROUP COMPARISON 56 ============================================================================ PEER GROUP COMPARISON - --------------------- In conducting its valuation, Baxter Fentriss compared the financial performance and condition of First Banks America, Inc. to sixty banks in select markets across the nation. The parameters for the peer group were; they must be a publicly traded institution; and they must have total assets between $2 billion and $10 billion. We focused on institutions in the West, Southwest, Midwest and Southeast regions due to similarity and proximity to FBA's markets of California and Texas. Below is a summary of some of the observations we made: EARNINGS ANALYSIS: FBA's net income for the three months ended March 31, 2002 was $5,202,000, which represented a return on average assets ("ROAA") of .69% and a return on average equity ("ROAE") of 7.14%. Earnings for the year ending December 31, 2001 were $39,615,000 or $3.25 per share on a diluted basis. This earnings level represented an ROAA of 1.44% and an ROAE of 17.14%. FBA's ROAA and ROAE for the year ending December 31, 2000 were 1.32% and 15.86% respectively. For comparison purposes, the ROAA for FBA's peer group for the three months ending March 31, 2002 and the years ending December 31, 2001 and December 31, 2000, was 1.15%, 1.07% and 1.04%, while the ROAE for the peer group for the same respective time periods was 14.14%, 12.86% and 11.21%. The Bank's net interest margin ("NIM"), was 4.76% at March 31, 2002, down from 5.06% for the same quarter in 2001. The Bank's NIM was 5.10% and 5.51% in 2001 and 2000, respectively, compared to the peers' ratios of 4.21% and 4.30% for the same periods. FBA's interest income as a percent of average assets has been higher than that of the peer group at 6.22% compared to 6.07% through March 31, 2002. This ratio for FBA was 7.58% and 8.43% in 2001 and 2000, respectively, compared to 7.06% and 7.76% for the peers during the same periods. Interest expense as a percent of average assets was 2.05% at March 31, 2002 for FBA, lower than the peers' ratio of 2.27%. This number has decreased steadily, from 3.02% in 2001 and 3.41% in 2000. The peers' ratio for the same periods were 3.29% and 3.89%. FBA's yield on earning assets has also been consistently higher than its peers. As of March 31, 2002, the Bank's yield on earnings assets was 6.99%, while the peer group's yield was 6.68%. At December 31, 2001 the yield was 8.47% compared to 7.79% for the peer group, and at December 31, 2000, it was 9.25% compared to 8.50% for the peer group. FBA's provision to net charge-off's was 63.62% for the first quarter of 2002 while the same measure for the peer group was 170.49%. For the years ending December 31, 2001 and 2000, provision to net charge-off's for FBA were 87.71% and 933.83% while the peer groups' statistics were 147.72% and 193.84% for the same time periods. ============================================================================ BAXTER FENTRISS & COMPANY 57 ============================================================================ The Bank's non-interest income as a percentage of average assets has been lower than the peer group. At March 31, 2002, it was .73% compared to the peer group average of 1.33%. At December 31, 2001, the Bank's non-interest income as a percentage of average assets was 1.00%, compared to 1.36% for the peer group. In 2000 it was .57% compared to 1.31% for the peers. The Bank's non-interest expense as a percentage of average assets at March 31, 2002 was 2.76%, compared to the peer group average of 2.98%. In 2001 and 2000, this ratio was 3.40% and 3.33% for the Bank, respectively, compared to 3.09% and 3.06% for the peer group. BALANCE SHEET: March 31, 2002, total assets were $2,987,524,000 compared with total assets of $3,060,988,000 as of December 31, 2001. The Bank's assets have had a compounded annual growth rate of over 26% since 1998. The Bank held a securities portfolio of $298,028,000 as of March 31, 2002. The portfolio consists of almost 99% available-for-sale securities. Securities as a percent of average assets was 9.98% compared to 24.35% for FBA's peers. At December 31, 2001 and 2000, this ratio was 12.03% and 12.23%, respectively, compared to 23.44% and 21.78% for the peers. The security portfolio at December 31, 2001 and 2000 was $368,207,000 and $335,219,000 respectively. The Bank's net loans at March 31, 2002 were $2,255,159,000 compared with net loans of $2,280,542,000 and $2,020,747,000 on December 31, 2001 and 2000. Real estate loans comprised 67.47% of the Bank's total loans at December 31, 2001 compared to 65.38% for the peer group. Individual loans were 1.60% of average total loans, with commercial loans at 30.43%. Of the real estate loans, 5.62% were secured by 1-to-4 family residences and 36.24% by non-farm, nonresidential real estate. Total deposits were $2,477,184,000 at March 31, 2002, a decrease from $2,555,261,000 at year end 2001. At December 31, 2001, deposits were 83.48% of assets for FBA compared to 75.52% for the peer group. While at December 31, 2000, deposits were 84.13% of assets for FBA compared to 76.00% for the peer group. For the December 31, 2001 and December 31, 2000, FBA's time deposits greater than $100,000 were 10.32% and 11.01% of assets, compared to the peer group's ratios of 14.02% and 14.85%. ASSET QUALITY: At March 31, 2002, the Bank had nonperforming loans of $18,566,000 compared to $19,564,000 for the same period end in 2001. FBA had nonperforming assets to loans of .83%, .87% and .76% for the periods ending March 31, 2002, December 31, 2002 and December 31, 2000. The peer groups ratios for the respective period ends were 1.13%, 1.03%, and .82%. The Bank's allowance for loan loss reserves was 200.48% of non performing assets at March 31, 2002. The same ratio was 212.43% and 241.61% for December 31, 2001 and December 31, 2000. The same information for FBA's peer group was 183.15%, 196.58% and 247.84%. The Bank's loan loss reserve to total loan ratio was 1.67% compared to 1.63% for the peer group as of March 31, 2002. For the year ends 2001 and 2000 loan loss reserve to total loans for FBA was 1.84% and 1.84% for FBA and 1.61% and 1.51% for the peer group. ============================================================================ BAXTER FENTRISS & COMPANY 58 ============================================================================ Net charge off's to average loans were 2.08% for FBA at March 31, 2002, .27% in 2001, and 0.01% in 2000. The peer group numbers are 0.53%, 0.46% and 0.30%, for the same periods, respectively. CAPITAL ADEQUACY: The Bank's total equity at March 31, 2002 was $285,524,000. Its equity to assets ratio as of this date was 9.56% versus 8.44% for the peer group. Its Tier 1 Equity to asset ratio was 7.77%, compared to 11.10% for the peer group. The Bank's Tier 1 Equity to asset ratio was 7.57% and 6.76% for year end 2001 and 2000 respectively, compared to 10.93% and 10.77% for the peer group. FBA's Tangible Equity to Tangible Asset ratio was 6.33% for the quarter ending March 31, 2002, 6.16% and 4.59% for year end 2001 and 2000 respectively. This is compared to 7.39%, 7.41%, and 7.36%, respectively for FBA's peer group. DIVIDENDS: As of the valuation date, FBA had not paid or declared any cash dividends in any prior years. According to management, the Bank has no intention of paying dividends in 2002. REGULATORY MATTERS: According to Management, the Bank is currently under no formal or informal agreements with its regulators. A table with statistics on the peer group and FBA is located in Appendix 6-C. ============================================================================ BAXTER FENTRISS & COMPANY 59 Tab 6 BAXTER FENTRISS AND COMPANY ================================= 60 FIRST BANKS AMERICA, INC. * APPENDIX 61 Tab 6A BAXTER FENTRISS AND COMPANY =============================== 62 FIRST BANKS AMERICA, INC. * 2001 ANNUAL REPORT This item was omitted from this EDGAR filing as it is the same document that was previously filed by First Banks America, Inc. as the Annual Report on Form 10K-405 as of and for the year ended December 31, 2001. This report was filed with the Securities and Exchange Commission on March 25, 2002. 63 Tab B BAXTER FENTRISS AND COMPANY ================================= 64 FIRST BANKS AMERICA, INC. * MARCH 31, 2002 QUARTERLY REPORT This item was omitted from this EDGAR filing as it is the same document that was previously filed by First Banks America, Inc. as the Quarterly Report on Form 10-Q as of and for the quarter ended March 31, 2002. This report was filed with the Securities and Exchange Commission on May 13, 2002. 65 Tab 6C BAXTER FENTRISS AND COMPANY =============================== 66 FIRST BANKS AMERICA, INC. * DETAILED PEER GROUP INFORMATION 67 FIRST BANKS AMERICA, INC. COMPARABLE TRADING ANALYSIS PEER DATA - ------------------------------------------------------------------------------------------------------------------------------ P/E P/E PRICE / PRICE / PRICE / PRICE / QTR LTM BOOK TANG. BOOK ASSETS DEPOSITS COMPANY SYMBOL (X) (X) (%) (%) (%) (%) - ------------------------------------------------------------------------------------------------------------------------------ 1st Source Corporation SRCE 29.91 17.47 162.68 180.06 14.40 17.94 Alabama National BanCorporation ALAB 15.88 17.01 250.87 275.86 18.09 24.38 Allegiant Bancorp, Inc. ALLE 15.14 14.54 196.43 322.74 13.09 16.96 AMCORE Financial, Inc. AMFI 14.34 13.82 183.37 193.26 13.73 18.79 BancFirst Corporation BANF 12.11 13.48 171.22 190.03 13.81 16.88 BancorpSouth, Inc. BXS 14.08 15.84 203.11 214.95 16.77 20.01 Banner Corporation BANR 17.32 NM 135.50 168.33 12.72 17.52 Bay View Capital Corporation BVC 15.23 NM 121.82 189.80 10.96 13.41 Capitol Bancorp Limited CBCL 15.82 16.82 202.44 230.81 11.77 13.83 Cathay Bancorp, Inc. CATY 16.37 16.70 295.98 NA 29.48 35.41 Chemical Financial Corporation CHFC 15.56 16.29 218.16 242.40 24.30 28.38 Citizens Banking Corporation CBCF 13.61 12.71 185.59 208.53 17.37 21.75 City Holding Company CHCO 15.30 NM 260.76 273.33 18.58 23.64 Community First Bankshares, Inc. CFBX 13.89 14.43 295.70 408.61 18.40 22.75 Community Trust Bancorp, Inc. CTBI 12.08 13.09 156.02 235.13 12.13 14.40 Corus Bankshares, Inc. CORS 16.15 13.44 144.00 145.42 25.16 30.85 Cullen/Frost Bankers, Inc. CFR 17.06 21.91 300.76 377.15 22.51 26.56 CVB Financial Corp. CVBF 15.09 17.18 329.64 339.17 28.51 39.67 East West Bancorp, Inc. EWBC 17.92 20.36 315.60 356.48 27.90 32.77 F.N.B. Corporation FBAN NM 24.66 233.73 290.71 18.93 23.83 Wintrust Financial Corporation WTFC 20.67 23.96 317.68 377.94 17.58 21.50 First Charter Corporation FCTR 15.50 15.50 176.06 187.68 15.70 24.14 First Financial Bancorp. FFBC 18.14 21.77 238.32 260.16 24.08 28.97 First Financial Corporation THFF 12.82 13.73 153.76 162.04 16.00 23.94 First Indiana Corporation FINB 13.70 18.11 163.94 174.65 17.03 24.26 First Midwest Bancorp, Inc. FMBI 15.18 16.08 296.74 308.81 22.70 31.91 First Republic Bank FRC 13.53 14.47 152.36 182.59 8.85 11.27 GBC Bancorp GBCB NM 15.08 169.56 169.56 13.28 16.51 Glacier Bancorp, Inc. GBCI 15.45 16.74 225.44 291.41 19.75 27.78 Gold Banc Corporation, Inc. GLDB 15.11 15.32 224.33 293.26 11.33 15.45 Greater Bay Bancorp GBBK 13.47 17.51 287.28 441.10 16.98 26.84 Hancock Holding Company HBHC 15.60 16.73 177.40 207.34 17.29 21.19 Integra Bank Corporation IBNK 18.49 NM 172.95 234.32 13.12 21.13 International Bancshares Corporation IBOC 15.35 16.45 271.66 333.58 21.70 29.55 Irwin Financial Corporation IFC 12.63 NM 168.95 169.97 15.31 21.85 Local Financial Corporation LFIN 12.08 13.38 199.08 219.42 11.96 17.29 MB Financial, Inc. MBFI 14.61 NM 198.83 224.80 17.36 20.90 Mississippi Valley Bancshares, Inc. MVBI 16.04 17.52 281.11 281.11 23.70 28.56 Old National Bancorp ONB 13.96 16.05 242.72 280.66 17.13 23.31 Pacific Capital Bancorp SABB NM 14.35 250.00 278.54 20.59 25.81 Pacific Northwest Bancorp PNWB 16.21 19.21 241.24 263.06 17.57 28.06 Park National Corporation PRK 14.40 15.28 260.18 NA 27.75 37.83 Republic Bancorp Inc. RBNC 14.20 13.31 250.76 256.87 17.80 28.02 Republic Bancshares, Inc. REPB NM NM 136.36 155.02 9.21 10.98 Silicon Valley Bancshares SIVB 22.61 18.60 186.56 219.87 29.97 37.63 Sky Financial Group Inc. SKYF 13.91 14.19 259.83 293.75 18.48 25.58 South Financial Group, Inc. (The) TSFG 16.57 20.13 208.70 268.33 14.98 24.03 Southwest Bancorporation of Texas, Inc. SWBT 21.53 21.80 304.06 306.22 26.40 34.61 Sterling Bancshares, Inc. SBIB 19.28 19.80 287.25 384.51 23.00 27.38 Texas Regional Bancshares, Inc. TRBS 16.41 18.70 269.12 314.68 24.91 29.63 Trustmark Corporation TRMK 13.34 14.23 234.95 258.43 23.80 34.65 UCBH Holdings, Inc. UCBH 21.12 23.46 407.38 NA 24.25 29.11 UMB Financial Corporation UMBF 13.74 15.96 138.49 150.47 12.88 17.45 United Bankshares, Inc. UBSI 14.33 14.77 242.68 294.25 22.08 31.89 United Community Banks, Inc. UCBI 21.00 22.44 322.72 345.88 21.91 27.41 Unizan Financial Corporation UNIZ NM 22.08 163.40 282.37 17.64 24.41 WesBanco, Inc. WSBC 14.29 14.81 156.05 193.24 16.14 21.33 Westamerica Bancorporation WABC 15.89 16.48 440.59 469.52 34.20 42.86 Whitney Holding Corporation WTNY 14.14 15.71 169.95 197.84 17.48 21.13 First Banks America, Inc. ------------------------------------------------------------------------ AVERAGES: 15.89 16.99 227.32 260.29 18.82 24.82 ------------------------------------------------------------------------ <FN> ALL DATA PROVIDED BY SNL SECURITIES 68 FIRST BANKS AMERICA, INC. COMPARABLE TRADING ANALYSIS PEER DATA =================================================================================================================================== TOTAL TOTAL TOTAL 1ST QTR TICKER ASSETS EQUITY DEPOSITS NET INCOME COMPANY SYMBOL CITY STATE ($000) ($000) ($000) ($000) =================================================================================================================================== 1st Source Corporation SRCE South Bend IN 3,481,120 308,066 2,718,989 4,208 Alabama National BanCorporation ALAB Birmingham AL 2,950,062 212,705 2,179,227 8,608 Allegiant Bancorp, Inc. ALLE St. Louis MO 2,157,997 143,819 1,636,012 4,631 AMCORE Financial, Inc. AMFI Rockford IL 4,116,581 308,379 2,998,025 9,926 BancFirst Corporation BANF Oklahoma City OK 2,748,882 222,371 2,378,101 7,922 BancorpSouth, Inc. BXS Tupelo MS 9,816,856 810,667 8,175,131 29,398 Banner Corporation BANR Walla Walla WA 2,152,259 191,919 1,412,737 3,909 Bay View Capital Corporation BVC San Mateo CA 3,829,435 344,847 3,066,700 6,914 Capitol Bancorp Limited CBCL Lansing MI 2,174,334 126,364 1,853,343 3,044 Cathay Bancorp, Inc. CATY Los Angeles CA 2,515,872 250,525 2,156,947 11,388 Chemical Financial Corporation CHFC Midland MI 3,521,770 392,233 2,824,249 13,710 Citizens Banking Corporation CBCF Flint MI 7,482,292 699,974 5,860,782 24,103 City Holding Company CHCO Charleston WV 2,113,619 150,707 1,698,574 6,408 Community First Bankshares, Inc. CFBX Fargo ND 5,657,926 352,040 4,589,575 19,261 Community Trust Bancorp, Inc. CTBI Pikeville KY 2,495,219 194,080 2,144,909 6,322 Corus Bankshares, Inc. CORS Chicago IL 2,654,090 463,794 2,098,630 10,468 Cullen/Frost Bankers, Inc. CFR San Antonio TX 8,071,759 604,233 6,773,866 27,717 CVB Financial Corp. CVBF Ontario CA 2,585,133 223,666 1,891,364 12,317 East West Bancorp, Inc. EWBC San Marino CA 2,903,220 256,619 2,542,133 11,719 F.N.B. Corporation FBAN Naples FL 6,731,501 548,639 5,317,764 -8,883 Wintrust Financial Corporation WTFC Lake Forest IL 2,955,153 163,521 2,417,315 6,362 First Charter Corporation FCTR Charlotte NC 3,405,620 303,745 2,210,308 8,591 First Financial Bancorp. FFBC Hamilton OH 3,770,813 380,775 3,010,335 12,401 First Financial Corporation THFF Terre Haute IN 2,146,344 223,311 1,418,701 6,728 First Indiana Corporation FINB Indianapolis IN 2,044,567 212,306 1,408,426 6,383 First Midwest Bancorp, Inc. FMBI Itasca IL 5,842,789 446,823 4,170,178 22,071 First Republic Bank FRC San Francisco CA 4,268,164 248,007 3,268,442 7,422 GBC Bancorp GBCB Los Angeles CA 2,512,190 196,787 1,954,677 -2,906 Glacier Bancorp, Inc. GBCI Kalispell MT 2,083,555 182,506 1,426,877 6,748 Gold Banc Corporation, Inc. GLDB Leawood KS 3,235,167 163,258 2,380,331 6,007 Greater Bay Bancorp GBBK Palo Alto CA 8,330,025 565,047 5,041,212 27,602 Hancock Holding Company HBHC Gulfport MS 3,824,773 409,751 3,161,929 11,421 Integra Bank Corporation IBNK Evansville IN 2,923,102 221,669 1,828,170 5,199 International Bancshares Corporation IBOC Laredo TX 6,141,333 490,723 4,334,420 22,387 Irwin Financial Corporation IFC Columbus IN 3,543,269 322,504 2,257,997 9,946 Local Financial Corporation LFIN Oklahoma City OK 2,786,751 167,432 1,889,472 7,079 MB Financial, Inc. MBFI Chicago IL 3,428,944 299,479 2,856,381 10,349 Mississippi Valley Bancshares, Inc. MVBI St. Louis MO 2,042,192 162,118 1,691,997 7,603 Old National Bancorp ONB Evansville IN 9,169,075 647,046 6,621,988 27,861 Pacific Capital Bancorp SABB Santa Barbara CA 4,122,043 339,403 3,355,471 26,674 Pacific Northwest Bancorp PNWB Seattle WA 2,737,775 199,231 1,700,871 7,564 Park National Corporation PRK Newark OH 4,425,903 471,969 3,330,782 21,448 Republic Bancorp Inc. RBNC Ann Arbor MI 4,409,455 313,083 2,699,660 14,118 Republic Bancshares, Inc. REPB St. Petersburg FL 2,513,164 169,747 2,129,196 1,246 Silicon Valley Bancshares SIVB Santa Clara CA 3,987,475 640,755 3,181,512 13,360 Sky Financial Group Inc. SKYF Bowling Green OH 9,460,646 671,171 6,817,579 31,487 South Financial Group, Inc. (The) TSFG Greenville SC 6,057,998 435,004 3,641,504 14,126 Southwest Bancorporation of Texas, Inc. SWBT Houston TX 4,307,485 373,814 3,315,560 13,545 Sterling Bancshares, Inc. SBIB Houston TX 2,789,373 224,002 2,276,509 8,298 Texas Regional Bancshares, Inc. TRBS McAllen TX 3,377,459 312,665 2,827,045 12,411 Trustmark Corporation TRMK Jackson MS 6,771,435 685,586 4,629,812 30,329 UCBH Holdings, Inc. UCBH San Francisco CA 3,055,764 181,901 2,544,040 9,068 UMB Financial Corporation UMBF Kansas City MO 8,285,558 770,465 6,032,909 19,578 United Bankshares, Inc. UBSI Charleston WV 5,557,581 505,636 3,818,901 21,821 United Community Banks, Inc. UCBI Blairsville GA 2,871,843 196,703 2,256,236 7,720 Unizan Financial Corporation UNIZ Canton OH 2,621,525 283,048 1,855,762 -1,252 WesBanco, Inc. WSBC Wheeling WV 3,164,625 327,417 2,386,226 8,068 Westamerica Bancorporation WABC San Rafael CA 3,962,294 307,637 3,251,124 21,659 Whitney Holding Corporation WTNY New Orleans LA 7,069,048 727,069 5,841,040 22,092 First Banks America, Inc. FBA San Francisco CA 2,987,524 285,524 2,477,184 5,202 =================================================================================================================================== AVERAGE: 4,172,241 351,674 3,145,050 12,300 =================================================================================================================================== =================================================================================================================================== LTM SHARES BOOK VALUE TANG. BK EPS EPS DIVIDEND PAYOUT MARKET NET INCOME OUTSTANDING PER SHARE PER SHARE QTR LTM YIELD RATIO CAP COMPANY ($000) (Shares) ($) ($) ($) ($) (%) (%) ($M) =================================================================================================================================== 1st Source Corporation 29,063 20,941,061 14.71 13.29 0.20 1.37 1.50 25.96 488 Alabama National BanCorporation 31,180 12,352,880 17.22 15.66 0.68 2.54 2.31 37.01 531 Allegiant Bancorp, Inc. 15,192 15,541,085 9.25 5.63 0.30 1.25 1.43 24.40 278 AMCORE Financial, Inc. 41,975 24,645,894 12.51 11.87 0.40 1.66 2.79 38.55 563 BancFirst Corporation 28,732 8,157,741 27.17 24.48 0.96 3.45 1.72 20.87 402 BancorpSouth, Inc. 105,542 81,200,000 9.98 9.43 0.36 1.28 2.96 45.31 1,636 Banner Corporation 9,050 11,621,426 17.38 13.99 0.34 0.79 2.55 72.15 247 Bay View Capital Corporation -86,290 62,643,059 5.50 3.53 0.11 -1.97 0.00 NM 411 Capitol Bancorp Limited 11,379 10,640,201 11.88 10.42 0.38 1.43 1.66 27.97 256 Cathay Bancorp, Inc. 44,628 17,973,720 13.94 NA 0.63 2.47 1.36 25.91 764 Chemical Financial Corporation 52,544 22,540,000 17.40 15.66 0.61 2.33 2.53 39.73 802 Citizens Banking Corporation 104,955 45,028,000 15.55 13.84 0.53 2.27 3.95 48.46 1,274 City Holding Company -13,847 16,887,934 8.92 8.51 0.38 -0.82 2.58 NM 402 Community First Bankshares, Inc. 74,092 39,876,334 8.83 6.39 0.47 1.81 2.91 39.23 1,044 Community Trust Bancorp, Inc. 23,353 11,393,800 17.03 11.30 0.55 2.03 3.16 40.39 309 Corus Bankshares, Inc. 50,429 14,159,644 32.75 32.43 0.73 3.51 1.36 17.66 647 Cullen/Frost Bankers, Inc. 86,093 51,188,491 11.80 9.41 0.52 1.62 2.48 53.09 1,799 CVB Financial Corp. 43,566 34,882,946 6.41 6.23 0.35 1.23 2.65 40.81 750 East West Bancorp, Inc. 40,691 23,546,303 10.90 9.65 0.48 1.69 0.78 9.32 833 F.N.B. Corporation 29,445 43,798,799 12.45 10.01 -0.20 1.18 3.02 62.96 1,267 Wintrust Financial Corporation 20,897 15,711,641 10.41 8.75 0.40 1.38 0.36 7.73 520 First Charter Corporation 35,072 30,805,474 9.86 9.25 0.28 1.12 4.15 64.29 534 First Financial Bancorp. 41,697 46,344,961 8.22 7.53 0.27 0.90 3.06 66.67 872 First Financial Corporation 25,017 6,832,284 32.68 31.01 0.98 3.66 2.47 31.15 340 First Indiana Corporation 19,702 15,498,924 13.70 12.86 0.41 1.24 2.85 43.87 342 First Midwest Bancorp, Inc. 84,885 48,534,000 9.21 8.85 0.45 1.70 2.49 38.82 1,331 First Republic Bank 27,127 13,966,657 17.76 14.82 0.50 1.87 0.00 0.00 368 GBC Bancorp 22,349 11,524,062 17.08 17.08 -0.25 1.92 1.66 25.00 323 Glacier Bancorp, Inc. 24,523 17,074,413 10.69 8.27 0.39 1.44 2.66 42.36 396 Gold Banc Corporation, Inc. 24,390 33,682,492 4.85 3.71 0.18 0.71 0.74 11.27 368 Greater Bay Bancorp 82,886 50,501,861 9.75 6.35 0.52 1.60 1.79 27.81 1,353 Hancock Holding Company 42,072 10,595,208 35.18 30.10 1.00 3.73 1.92 30.56 670 Integra Bank Corporation 5,600 17,284,035 12.83 9.47 0.30 0.31 4.24 303.23 386 International Bancshares Corporation 84,124 32,396,259 15.14 12.33 0.67 2.50 1.56 25.60 1,281 Irwin Financial Corporation 46,291 27,542,100 11.66 11.59 0.39 1.98 1.37 13.26 493 Local Financial Corporation 26,784 19,157,425 8.74 7.93 0.36 1.30 0.00 0.00 327 MB Financial, Inc. 7,036 17,562,170 17.05 15.08 0.58 0.92 1.77 16.30 597 Mississippi Valley Bancshares, Inc. 27,894 9,428,212 18.26 18.26 0.80 2.93 1.09 17.41 483 Old National Bancorp 98,805 61,161,000 10.58 9.15 0.46 1.60 2.65 40.98 1,544 Pacific Capital Bancorp 59,871 34,776,000 9.76 8.76 0.76 1.70 2.95 38.82 866 Pacific Northwest Bancorp 25,533 15,453,581 12.90 11.83 0.48 1.62 1.80 34.57 477 Park National Corporation 80,920 13,932,561 33.88 NA 1.53 5.77 3.45 50.95 1,260 Republic Bancorp Inc. 61,229 53,131,000 5.89 5.75 0.26 1.11 2.30 29.24 756 Republic Bancshares, Inc. -4,288 11,344,609 14.96 13.16 0.11 -0.38 0.00 NM 234 Silicon Valley Bancshares 68,178 45,559,202 14.06 11.93 0.29 1.41 0.00 0.00 1,197 Sky Financial Group Inc. 123,313 82,654,096 8.14 7.20 0.38 1.49 3.59 50.34 1,744 South Financial Group, Inc. (The) 47,386 40,261,842 10.80 8.40 0.34 1.12 2.13 41.07 875 Southwest Bancorporation of Texas, Inc. 53,747 33,003,985 11.33 11.25 0.40 1.58 0.00 0.00 1,148 Sterling Bancshares, Inc. 32,068 43,800,089 5.10 3.81 0.19 0.74 1.09 20.28 623 Texas Regional Bancshares, Inc. 42,535 26,162,375 11.95 10.22 0.49 1.72 1.37 23.65 838 Trustmark Corporation 115,726 62,919,313 10.90 9.91 0.48 1.80 2.34 31.67 1,604 UCBH Holdings, Inc. 32,528 19,492,676 9.33 NA 0.45 1.62 0.53 10.49 741 UMB Financial Corporation 67,090 22,062,781 34.92 32.14 0.88 3.03 1.65 25.46 1,053 United Bankshares, Inc. 82,460 42,812,217 11.81 9.74 0.50 1.94 3.21 47.42 1,218 United Community Banks, Inc. 28,516 21,400,344 9.11 8.50 0.35 1.31 0.85 16.22 618 Unizan Financial Corporation 9,802 22,043,533 12.84 7.43 -0.09 0.95 2.48 53.16 453 WesBanco, Inc. 29,665 21,283,506 15.38 12.42 0.42 1.62 3.92 56.79 509 Westamerica Bancorporation 85,514 33,831,000 9.09 8.53 0.63 2.43 2.20 34.98 1,393 Whitney Holding Corporation 79,346 39,724,476 18.30 15.72 0.55 1.98 3.47 52.69 1,234 First Banks America, Inc. 37,550 12,856,060 22.21 14.20 0.40 3.03 0.00 0.00 408 =================================================================================================================================== AVERAGE: 43,899 29,496,130 13.99 11.98 0.46 1.67 2.03 37.39 781 =================================================================================================================================== <FN> ALL DATA PROVIDED BY SNL SECURITIES 69 FBA PEER GROUP COMPARISON DATA PROFITABILITY - ---------------------------------------------------------------------------------------------------------------------------------- NET INCOME ROAA ROAA ROAA ROAE 03/02 Q 03/02 Q 2000 Y 2001 Y 2000 Y COMPANY NAME ($000) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 4,208 0.48 1.24 1.14 14.88 ALABAMA NATIONAL BANCORPORATION 8,608 1.19 1.17 1.12 16.29 ALLEGIANT BANCORP, INC. 4,631 0.86 0.83 0.94 13.21 AMCORE FINANCIAL, INC. 9,926 1.00 1.00 1.04 14.92 BANCFIRST CORPORATION 7,922 1.16 1.10 1.05 14.89 BANCORPSOUTH, INC. 29,398 1.23 0.85 1.06 9.76 BANNER CORPORATION 3,909 0.74 0.95 0.36 9.96 BAY VIEW CAPITAL CORPORATION 6,914 0.71 -5.20 -2.21 -58.80 CAPITOL BANCORP LIMITED 3,044 0.58 0.55 0.58 13.78 CATHAY BANCORP, INC. 11,388 1.82 1.81 1.83 20.09 CHEMICAL FINANCIAL CORPORATION 13,710 1.55 1.36 1.33 11.99 CITIZENS BANKING CORPORATION 24,103 1.27 1.12 1.32 13.94 CITY HOLDING COMPANY 6,408 1.22 -1.38 -1.07 -19.22 COMMUNITY FIRST BANKSHARES, INC. 19,261 1.36 1.16 1.11 19.90 COMMUNITY TRUST BANCORP, INC. 6,322 1.01 1.02 0.91 12.63 CORUS BANKSHARES, INC. 10,468 1.58 2.97 2.03 21.55 CULLEN/FROST BANKERS, INC. 27,717 1.37 1.52 1.03 20.41 CVB FINANCIAL CORP. 12,317 1.97 1.67 1.72 21.96 EAST WEST BANCORP, INC. 11,719 1.66 1.51 1.47 21.57 F.N.B. CORPORATION -8,883 -0.54 1.12 1.09 13.71 WINTRUST FINANCIAL CORPORATION 6,362 0.91 0.60 0.79 11.51 FIRST CHARTER CORPORATION 8,591 1.02 0.90 1.14 8.29 FIRST FINANCIAL BANCORP. 12,401 1.29 1.48 1.12 15.34 FIRST FINANCIAL CORPORATION 6,728 1.23 1.18 1.19 12.98 FIRST INDIANA CORPORATION 6,383 1.26 1.20 0.95 13.28 FIRST MIDWEST BANCORP, INC. 22,071 1.53 1.30 1.43 19.17 FIRST REPUBLIC BANK 7,422 0.70 0.61 0.63 11.68 FREMONT GENERAL CORPORATION 18,057 0.90 NA 0.75 -103.75 GBC BANCORP -2,906 -0.48 2.01 1.54 24.80 GLACIER BANCORP, INC. 6,748 1.30 1.39 1.11 15.83 GOLD BANC CORPORATION, INC. 6,007 0.77 -0.17 0.86 -2.40 GREATER BAY BANCORP 27,602 1.38 1.34 1.18 19.21 HANCOCK HOLDING COMPANY 11,421 1.21 1.23 1.15 11.31 INTEGRA BANK CORPORATION 5,199 0.69 1.21 0.22 13.40 INTERNATIONAL BANCSHARES CORPORATION 22,387 1.43 1.33 1.39 20.92 IRWIN FINANCIAL CORPORATION 9,946 1.13 1.76 1.45 20.83 LOCAL FINANCIAL CORPORATION 7,079 1.02 1.00 1.01 17.18 MB FINANCIAL, INC. 10,349 1.20 0.85 0.36 10.24 MISSISSIPPI VALLEY BANCSHARES, INC. 7,603 1.50 1.31 1.32 18.07 OLD NATIONAL BANCORP 27,861 1.23 0.73 1.05 10.55 PACIFIC CAPITAL BANCORP 26,674 2.43 1.40 1.45 18.06 PACIFIC NORTHWEST BANCORP 7,564 1.11 0.22 0.79 3.74 PARK NATIONAL CORPORATION 21,448 1.92 1.65 1.84 16.55 REPUBLIC BANCORP INC. 14,118 1.25 1.02 1.04 16.28 REPUBLIC BANCSHARES, INC. 1,246 0.20 -0.18 -0.16 -2.67 SILICON VALLEY BANCSHARES 13,360 1.33 3.07 2.02 33.28 SKY FINANCIAL GROUP INC. 31,487 1.36 1.41 1.39 19.78 SOUTH FINANCIAL GROUP, INC. (THE) 14,126 0.92 0.14 0.77 1.46 SOUTHWEST BANCORPORATION OF TEXAS, INC. 13,545 1.25 1.23 1.32 17.00 STERLING BANCSHARES, INC. 8,298 1.22 1.32 1.24 17.81 TEXAS REGIONAL BANCSHARES, INC. 12,411 1.69 1.56 1.58 17.43 TRUSTMARK CORPORATION 30,329 1.76 1.50 1.59 15.68 UCBH HOLDINGS, INC. 9,068 1.22 1.02 1.12 20.12 UMB FINANCIAL CORPORATION 19,578 0.93 0.89 0.89 9.63 UNITED BANKSHARES, INC. 21,821 1.59 1.19 1.59 14.41 UNITED COMMUNITY BANKS, INC. 7,720 1.10 0.59 1.05 10.61 UNIZAN FINANCIAL CORPORATION -1,252 -0.28 1.41 1.42 19.76 WESBANCO, INC. 8,068 1.20 1.18 1.21 10.42 WESTAMERICA BANCORPORATION 21,659 2.22 2.06 2.18 25.78 WHITNEY HOLDING CORPORATION 22,092 1.22 1.16 1.11 11.70 - ---------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 5,202 0.69 1.32 1.44 15.86 AVERAGES: 12,396 1.15 1.04 1.07 11.21 - ---------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES - ---------------------------------------------------------------------------------------------------------------------------------- ROAE ROAE NIM NIM NIM 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 13.14 5.40 3.92 3.98 3.97 ALABAMA NATIONAL BANCORPORATION 15.40 16.13 4.08 3.88 4.12 ALLEGIANT BANCORP, INC. 13.59 13.06 4.30 3.66 3.04 AMCORE FINANCIAL, INC. 13.50 12.84 3.29 3.42 3.49 BANCFIRST CORPORATION 13.32 14.06 4.84 4.44 4.37 BANCORPSOUTH, INC. 12.36 14.57 4.14 4.00 4.32 BANNER CORPORATION 3.78 7.97 3.88 3.78 3.85 BAY VIEW CAPITAL CORPORATION -30.96 8.15 3.13 3.18 4.15 CAPITOL BANCORP LIMITED 15.22 14.91 4.96 4.78 4.65 CATHAY BANCORP, INC. 18.50 18.19 4.72 4.35 4.46 CHEMICAL FINANCIAL CORPORATION 11.55 13.94 4.18 4.38 4.36 CITIZENS BANKING CORPORATION 14.90 13.76 4.34 4.30 4.42 CITY HOLDING COMPANY -16.85 17.05 3.66 4.12 4.52 COMMUNITY FIRST BANKSHARES, INC. 18.66 21.73 4.90 5.23 5.29 COMMUNITY TRUST BANCORP, INC. 11.85 12.82 4.31 3.77 3.96 CORUS BANKSHARES, INC. 12.77 9.24 5.14 4.25 3.62 CULLEN/FROST BANKERS, INC. 13.18 18.11 5.32 4.89 4.63 CVB FINANCIAL CORP. 19.17 21.54 5.14 5.00 4.81 EAST WEST BANCORP, INC. 17.73 18.78 4.03 3.98 4.15 F.N.B. CORPORATION 12.61 -6.13 4.58 4.69 4.61 WINTRUST FINANCIAL CORPORATION 15.24 16.88 3.66 3.49 3.44 FIRST CHARTER CORPORATION 11.03 10.67 4.26 3.72 3.62 FIRST FINANCIAL BANCORP. 10.94 12.75 4.72 4.67 4.72 FIRST FINANCIAL CORPORATION 11.33 12.60 3.82 4.00 3.85 FIRST INDIANA CORPORATION 9.60 12.07 3.90 3.69 3.60 FIRST MIDWEST BANCORP, INC. 17.89 19.13 3.76 4.10 4.32 FIRST REPUBLIC BANK 11.53 12.45 2.78 3.25 3.33 FREMONT GENERAL CORPORATION 18.53 19.63 NA 3.42 3.89 GBC BANCORP 16.05 -5.51 4.80 4.32 4.03 GLACIER BANCORP, INC. 13.49 14.76 4.68 4.51 4.28 GOLD BANC CORPORATION, INC. 14.38 14.61 3.96 3.57 3.39 GREATER BAY BANCORP 17.77 20.10 5.73 5.07 4.91 HANCOCK HOLDING COMPANY 10.44 11.00 4.70 4.50 4.65 INTEGRA BANK CORPORATION 3.01 9.24 4.14 2.85 3.09 INTERNATIONAL BANCSHARES CORPORATION 17.78 18.13 3.41 3.65 3.94 IRWIN FINANCIAL CORPORATION 21.83 14.46 5.36 5.35 5.84 LOCAL FINANCIAL CORPORATION 15.65 17.16 3.51 3.64 3.50 MB FINANCIAL, INC. 4.27 13.84 3.75 3.73 4.02 MISSISSIPPI VALLEY BANCSHARES, INC. 17.36 18.96 3.63 3.74 3.75 OLD NATIONAL BANCORP 14.45 17.04 3.65 3.77 3.81 PACIFIC CAPITAL BANCORP 17.46 32.51 5.45 5.63 6.12 PACIFIC NORTHWEST BANCORP 11.63 15.06 3.56 4.03 4.24 PARK NATIONAL CORPORATION 17.33 18.23 4.75 4.92 4.99 REPUBLIC BANCORP INC. 15.76 18.14 3.14 3.32 3.55 REPUBLIC BANCSHARES, INC. -2.28 2.92 3.77 3.02 3.26 SILICON VALLEY BANCSHARES 13.52 8.40 6.92 6.75 5.57 SKY FINANCIAL GROUP INC. 19.11 18.72 4.12 4.04 3.90 SOUTH FINANCIAL GROUP, INC. (THE) 8.66 12.14 3.98 3.80 3.84 SOUTHWEST BANCORPORATION OF TEXAS, INC. 15.82 14.58 4.64 4.44 4.36 STERLING BANCSHARES, INC. 16.58 14.85 5.61 5.75 5.61 TEXAS REGIONAL BANCSHARES, INC. 15.75 16.60 4.71 4.44 4.43 TRUSTMARK CORPORATION 16.98 17.97 3.87 4.33 4.88 UCBH HOLDINGS, INC. 19.58 20.13 3.63 3.74 3.78 UMB FINANCIAL CORPORATION 8.71 10.03 4.07 4.00 3.07 UNITED BANKSHARES, INC. 17.51 16.96 4.07 4.08 4.12 UNITED COMMUNITY BANKS, INC. 15.46 15.68 4.18 4.51 4.46 UNIZAN FINANCIAL CORPORATION 18.74 -3.01 3.93 4.21 3.55 WESBANCO, INC. 11.28 11.47 4.14 4.17 4.15 WESTAMERICA BANCORPORATION 27.17 28.78 5.47 5.70 5.81 WHITNEY HOLDING CORPORATION 10.86 12.09 4.73 4.52 4.41 - ---------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 17.14 7.14 5.51 5.10 4.69 AVERAGES: 12.86 14.14 4.30 4.21 4.21 - ---------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - ----------------------------------------------------------------------------------------------------------------------------------- INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INCOME/ INCOME/ INCOME/ EXPENSE/ EXPENSE/ EXPENSE/ AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ----------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 7.74 7.19 5.93 4.29 3.66 2.43 ALABAMA NATIONAL BANCORPORATION 7.83 7.08 6.07 4.16 3.56 2.33 ALLEGIANT BANCORP, INC. 8.54 6.90 5.57 4.81 3.97 2.81 AMCORE FINANCIAL, INC. 7.44 6.93 6.09 4.54 3.98 3.06 BANCFIRST CORPORATION 7.64 6.83 5.88 3.35 2.91 1.96 BANCORPSOUTH, INC. 7.70 7.19 6.30 3.96 3.57 2.38 BANNER CORPORATION 8.24 7.72 6.86 4.66 4.21 3.26 BAY VIEW CAPITAL CORPORATION 7.34 6.62 5.54 4.70 3.94 2.12 CAPITOL BANCORP LIMITED 8.98 8.26 7.10 4.48 3.94 2.75 CATHAY BANCORP, INC. 7.74 6.84 5.80 3.49 2.84 1.71 CHEMICAL FINANCIAL CORPORATION 7.03 6.82 6.12 3.20 2.78 2.03 CITIZENS BANKING CORPORATION 7.70 7.23 6.25 3.80 3.35 2.29 CITY HOLDING COMPANY 7.31 7.30 6.43 4.10 3.55 2.33 COMMUNITY FIRST BANKSHARES, INC. 7.73 7.41 6.49 3.40 2.77 1.78 COMMUNITY TRUST BANCORP, INC. 8.01 7.23 6.12 4.17 3.83 2.55 CORUS BANKSHARES, INC. 8.88 7.06 5.54 4.07 3.03 2.13 CULLEN/FROST BANKERS, INC. 7.17 5.88 4.82 2.65 1.85 1.01 CVB FINANCIAL CORP. 7.28 6.70 5.85 2.74 2.27 1.60 EAST WEST BANCORP, INC. 7.94 6.90 5.68 4.12 3.15 1.78 F.N.B. CORPORATION 7.66 7.26 6.40 3.56 3.08 2.33 WINTRUST FINANCIAL CORPORATION 7.99 7.15 5.98 4.70 3.97 2.82 FIRST CHARTER CORPORATION 7.82 6.93 5.81 3.92 3.54 2.54 FIRST FINANCIAL BANCORP. 7.94 7.51 6.53 3.69 3.29 2.26 FIRST FINANCIAL CORPORATION 7.45 7.09 6.27 4.10 3.63 2.71 FIRST INDIANA CORPORATION 8.36 7.46 6.26 4.60 3.94 2.86 FIRST MIDWEST BANCORP, INC. 7.26 6.70 5.82 3.99 3.15 2.06 FIRST REPUBLIC BANK 7.75 7.09 5.64 5.05 3.94 2.41 FREMONT GENERAL CORPORATION NA 5.21 4.99 NA 3.14 2.40 GBC BANCORP 8.54 7.35 6.08 3.91 3.15 2.14 GLACIER BANCORP, INC. 7.82 7.09 6.39 3.71 3.37 2.46 GOLD BANC CORPORATION, INC. 7.85 7.34 6.14 4.33 4.18 3.05 GREATER BAY BANCORP 8.45 7.52 6.45 3.15 2.76 1.84 HANCOCK HOLDING COMPANY 7.25 6.88 6.13 3.15 2.97 2.05 INTEGRA BANK CORPORATION 7.83 6.62 5.81 4.17 4.11 3.29 INTERNATIONAL BANCSHARES CORPORATION 7.46 6.60 5.56 4.45 3.36 1.94 IRWIN FINANCIAL CORPORATION 9.12 8.55 7.71 4.62 3.86 2.64 LOCAL FINANCIAL CORPORATION 8.02 7.35 6.48 4.71 3.98 3.14 MB FINANCIAL, INC. 7.15 6.64 5.80 3.80 3.27 2.19 MISSISSIPPI VALLEY BANCSHARES, INC. 8.13 7.01 5.59 4.69 3.44 2.00 OLD NATIONAL BANCORP 7.55 7.10 6.19 4.36 3.82 2.91 PACIFIC CAPITAL BANCORP 7.91 7.54 7.15 3.01 2.52 1.60 PACIFIC NORTHWEST BANCORP 7.72 7.32 6.59 4.55 3.70 2.58 PARK NATIONAL CORPORATION 7.80 7.50 6.71 3.44 2.98 2.03 REPUBLIC BANCORP INC. 7.77 7.27 6.50 4.76 4.14 3.17 REPUBLIC BANCSHARES, INC. 7.80 6.85 5.97 4.25 4.01 2.93 SILICON VALLEY BANCSHARES 7.47 6.87 5.42 1.10 0.85 0.54 SKY FINANCIAL GROUP INC. 7.74 7.41 6.53 3.98 3.65 2.91 SOUTH FINANCIAL GROUP, INC. (THE) 7.73 7.01 5.74 4.26 3.61 2.26 SOUTHWEST BANCORPORATION OF TEXAS, INC. 7.70 6.54 5.34 3.44 2.53 1.43 STERLING BANCSHARES, INC. 8.02 7.08 6.03 3.01 2.05 1.15 TEXAS REGIONAL BANCSHARES, INC. 8.04 7.36 6.23 3.83 3.37 2.25 TRUSTMARK CORPORATION 7.21 6.84 6.09 3.76 2.99 1.80 UCBH HOLDINGS, INC. 7.91 7.48 6.36 4.39 3.85 2.63 UMB FINANCIAL CORPORATION 5.91 5.23 3.82 2.69 1.97 1.08 UNITED BANKSHARES, INC. 7.65 7.15 6.22 4.01 3.48 2.52 UNITED COMMUNITY BANKS, INC. 8.59 8.04 6.89 4.75 3.90 2.81 UNIZAN FINANCIAL CORPORATION 8.00 7.52 6.53 4.24 3.54 3.31 WESBANCO, INC. 7.13 6.82 6.06 3.48 3.18 2.47 WESTAMERICA BANCORPORATION 6.95 6.66 6.03 2.29 1.79 1.07 WHITNEY HOLDING CORPORATION 7.20 6.46 5.28 2.95 2.36 1.27 - ----------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 8.43 7.58 6.22 3.41 3.02 2.05 AVERAGES: 7.76 7.06 6.07 3.89 3.29 2.27 - ----------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 70 FBA PEER GROUP COMPARISON DATA YIELD INFORMATION - ----------------------------------------------------------------------------------------------------------------------------- YIELD ON YIELD ON YIELD ON INTEREST INTEREST INTEREST YIELD YIELD YIELD EARNING EARNING EARNING TOTAL LOANS TOTAL LOANS TOTAL LOANS ASSETS ASSETS ASSETS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ----------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 9.24 NA 7.28 8.64 8.01 6.65 ALABAMA NATIONAL BANCORPORATION 9.11 8.18 6.98 8.65 7.76 6.67 ALLEGIANT BANCORP, INC. NA NA NA 9.45 7.96 6.13 AMCORE FINANCIAL, INC. 8.57 8.12 7.11 8.09 7.73 6.82 BANCFIRST CORPORATION 9.46 8.60 7.40 8.56 7.66 6.54 BANCORPSOUTH, INC. 9.10 8.57 7.54 8.38 7.83 6.87 BANNER CORPORATION NA NA 7.88 8.80 8.25 7.33 BAY VIEW CAPITAL CORPORATION 9.12 8.72 7.67 8.70 7.87 6.72 CAPITOL BANCORP LIMITED NA NA NA 9.73 8.97 7.59 CATHAY BANCORP, INC. 9.47 7.82 6.63 8.51 7.37 6.28 CHEMICAL FINANCIAL CORPORATION 8.34 8.12 NA 7.59 7.32 6.52 CITIZENS BANKING CORPORATION 8.68 NA NA 8.38 7.83 6.85 CITY HOLDING COMPANY 8.80 8.47 7.61 8.21 7.96 7.04 COMMUNITY FIRST BANKSHARES, INC. 9.63 9.02 7.73 8.64 8.25 7.23 COMMUNITY TRUST BANCORP, INC. 9.36 8.65 7.53 8.87 7.93 6.74 CORUS BANKSHARES, INC. 10.60 9.38 7.94 9.42 7.39 5.82 CULLEN/FROST BANKERS, INC. 9.06 7.58 5.97 8.41 7.09 5.85 CVB FINANCIAL CORP. NA NA 7.28 8.11 7.42 6.50 EAST WEST BANCORP, INC. 9.04 7.87 6.55 8.39 7.33 6.03 F.N.B. CORPORATION NA NA 7.72 8.50 8.09 7.19 WINTRUST FINANCIAL CORPORATION 9.28 8.39 7.11 8.85 7.79 6.48 FIRST CHARTER CORPORATION 8.89 8.01 6.73 8.46 7.54 6.40 FIRST FINANCIAL BANCORP. 8.99 8.65 7.67 8.70 8.21 7.15 FIRST FINANCIAL CORPORATION 8.57 8.28 NA 8.16 7.86 6.78 FIRST INDIANA CORPORATION NA NA 6.71 8.66 7.83 6.61 FIRST MIDWEST BANCORP, INC. 8.82 7.93 6.76 8.02 7.50 6.55 FIRST REPUBLIC BANK 8.04 7.52 6.28 7.98 7.31 5.83 FREMONT GENERAL CORPORATION NA NA NA NA 8.60 7.51 GBC BANCORP 10.90 8.52 6.90 8.86 7.55 6.23 GLACIER BANCORP, INC. NA NA NA 8.63 8.19 6.95 GOLD BANC CORPORATION, INC. 9.40 8.51 NA 8.75 8.19 6.73 GREATER BAY BANCORP 10.11 8.79 7.54 9.13 8.02 6.87 HANCOCK HOLDING COMPANY 9.36 9.16 NA 8.13 7.74 6.89 INTEGRA BANK CORPORATION 8.98 8.30 NA 8.60 7.25 6.68 INTERNATIONAL BANCSHARES CORPORATION NA NA NA 8.30 7.34 6.04 IRWIN FINANCIAL CORPORATION 10.68 9.44 8.24 10.86 9.75 8.88 LOCAL FINANCIAL CORPORATION 8.67 NA 6.87 8.42 7.82 6.79 MB FINANCIAL, INC. 8.62 7.76 NA 7.90 7.26 6.41 MISSISSIPPI VALLEY BANCSHARES, INC. 9.19 8.00 6.36 8.56 7.32 5.83 OLD NATIONAL BANCORP 8.67 8.27 7.45 8.30 7.84 6.93 PACIFIC CAPITAL BANCORP 9.60 9.05 8.72 8.70 8.37 7.84 PACIFIC NORTHWEST BANCORP NA NA NA 8.47 7.97 6.96 PARK NATIONAL CORPORATION 9.02 8.69 NA 8.40 8.10 7.15 REPUBLIC BANCORP INC. 8.17 7.67 6.87 8.13 7.62 6.82 REPUBLIC BANCSHARES, INC. 8.85 7.93 7.16 8.28 7.28 6.39 SILICON VALLEY BANCSHARES 11.96 11.20 9.30 8.10 7.68 6.17 SKY FINANCIAL GROUP INC. 8.96 8.44 7.56 8.40 7.94 7.00 SOUTH FINANCIAL GROUP, INC. (THE) 9.28 8.27 6.97 8.79 7.81 6.30 SOUTHWEST BANCORPORATION OF TEXAS, INC. 9.25 7.78 6.34 8.39 7.25 5.95 STERLING BANCSHARES, INC. NA 8.64 7.33 8.94 8.06 6.93 TEXAS REGIONAL BANCSHARES, INC. 9.89 9.00 7.62 8.93 8.11 6.89 TRUSTMARK CORPORATION 8.57 8.09 7.03 7.95 7.59 6.86 UCBH HOLDINGS, INC. NA NA NA 8.12 7.65 6.45 UMB FINANCIAL CORPORATION 8.53 7.74 NA 7.26 6.28 4.28 UNITED BANKSHARES, INC. 8.86 8.16 7.17 8.27 7.73 6.78 UNITED COMMUNITY BANKS, INC. 10.12 9.42 7.91 9.24 8.68 7.46 UNIZAN FINANCIAL CORPORATION 8.66 8.25 7.62 8.34 7.94 7.15 WESBANCO, INC. 8.26 8.10 7.28 7.88 7.58 6.81 WESTAMERICA BANCORPORATION 8.63 8.09 7.42 7.96 7.63 6.95 WHITNEY HOLDING CORPORATION 8.53 7.63 6.47 7.94 7.08 5.79 - ----------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 9.75 8.89 7.37 9.25 8.47 6.99 AVERAGES: 9.16 8.41 7.28 8.50 7.79 6.68 - ----------------------------------------------------------------------------------------------------------------------------- FBA PEER GROUP COMPARISON DATA - ------------------------------------------------------------------------------------------------------------------------------------ INT COST INT COST INT COST COST OF INT.- COST OF INT.- COST OF INT.- DEPOSITS DEPOSITS DEPOSITS BEARING LIAB BEARING LIAB BEARING LIAB 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ------------------------------------------------------------------------------------------------------------------------------------ 1ST SOURCE CORPORATION 5.32 4.64 3.28 5.42 4.62 3.10 ALABAMA NATIONAL BANCORPORATION 4.98 4.49 2.88 5.18 4.43 2.89 ALLEGIANT BANCORP, INC. 5.44 4.41 2.91 5.63 4.69 3.32 AMCORE FINANCIAL, INC. 5.15 4.65 3.51 5.43 4.85 3.75 BANCFIRST CORPORATION 4.48 3.98 2.67 4.62 4.09 2.80 BANCORPSOUTH, INC. 4.92 4.50 2.87 5.01 4.51 2.99 BANNER CORPORATION 4.66 4.21 3.08 5.19 4.69 3.62 BAY VIEW CAPITAL CORPORATION 4.71 3.88 1.92 5.33 4.37 2.41 CAPITOL BANCORP LIMITED 5.50 4.81 3.23 5.66 4.99 3.59 CATHAY BANCORP, INC. 4.30 3.58 2.15 4.39 3.60 2.18 CHEMICAL FINANCIAL CORPORATION 4.15 3.64 2.60 4.26 3.70 2.70 CITIZENS BANKING CORPORATION 4.43 4.00 2.73 4.80 4.24 2.92 CITY HOLDING COMPANY 4.59 4.04 2.54 5.01 4.40 2.97 COMMUNITY FIRST BANKSHARES, INC. 4.19 3.55 2.32 4.47 3.69 2.41 COMMUNITY TRUST BANCORP, INC. 5.09 4.71 3.09 5.22 4.79 3.23 CORUS BANKSHARES, INC. 5.36 4.07 2.89 5.39 4.09 2.90 CULLEN/FROST BANKERS, INC. 3.82 2.72 1.42 4.08 2.95 1.65 CVB FINANCIAL CORP. 3.69 3.09 1.86 4.45 3.68 2.64 EAST WEST BANCORP, INC. 4.54 3.90 2.31 4.91 4.07 2.44 F.N.B. CORPORATION 4.29 3.84 2.85 4.53 3.97 3.01 WINTRUST FINANCIAL CORPORATION 5.43 4.55 3.22 5.56 4.71 3.36 FIRST CHARTER CORPORATION 4.61 4.27 2.89 4.94 4.42 3.12 FIRST FINANCIAL BANCORP. 4.41 4.07 2.72 4.65 4.18 2.88 FIRST FINANCIAL CORPORATION 4.42 4.10 2.78 4.94 4.48 3.35 FIRST INDIANA CORPORATION 5.21 4.68 3.39 5.49 4.81 3.57 FIRST MIDWEST BANCORP, INC. 4.52 3.86 2.64 4.94 3.98 2.62 FIRST REPUBLIC BANK 5.04 4.16 2.32 5.46 4.42 2.63 FREMONT GENERAL CORPORATION NA 5.23 3.57 NA 5.58 3.81 GBC BANCORP 4.77 3.80 2.28 4.88 3.99 2.65 GLACIER BANCORP, INC. 4.20 3.79 2.52 4.78 4.25 3.12 GOLD BANC CORPORATION, INC. 5.17 4.57 3.02 5.28 4.94 3.64 GREATER BAY BANCORP 4.38 3.45 2.06 4.47 3.67 2.37 HANCOCK HOLDING COMPANY 4.46 4.19 2.92 4.47 4.14 2.85 INTEGRA BANK CORPORATION 4.54 4.30 3.06 5.05 4.78 3.88 INTERNATIONAL BANCSHARES CORPORATION 4.79 3.96 2.26 5.33 4.13 2.43 IRWIN FINANCIAL CORPORATION 5.62 4.70 3.12 6.24 5.16 3.54 LOCAL FINANCIAL CORPORATION 5.08 4.54 3.32 5.40 4.59 3.59 MB FINANCIAL, INC. 4.65 4.06 2.88 4.92 4.14 2.84 MISSISSIPPI VALLEY BANCSHARES, INC. 5.52 3.98 2.21 5.55 4.07 2.40 OLD NATIONAL BANCORP 4.82 4.35 3.31 5.16 4.53 3.46 PACIFIC CAPITAL BANCORP 4.03 3.31 2.05 4.18 3.53 2.29 PACIFIC NORTHWEST BANCORP 4.58 3.98 2.56 5.33 4.40 3.09 PARK NATIONAL CORPORATION 4.13 3.81 2.60 4.41 3.85 2.63 REPUBLIC BANCORP INC. 5.01 4.63 3.35 5.48 4.84 3.71 REPUBLIC BANCSHARES, INC. 4.88 4.69 3.46 4.93 4.69 3.42 SILICON VALLEY BANCSHARES 2.47 2.01 1.15 2.47 2.01 1.22 SKY FINANCIAL GROUP INC. 4.42 4.09 3.19 4.84 4.42 3.51 SOUTH FINANCIAL GROUP, INC. (THE) 5.18 4.51 2.80 5.42 4.49 2.73 SOUTHWEST BANCORPORATION OF TEXAS, INC. 4.82 3.64 2.11 4.94 3.62 2.03 STERLING BANCSHARES, INC. 4.16 3.23 1.89 4.64 3.31 1.91 TEXAS REGIONAL BANCSHARES, INC. 4.93 4.37 2.91 4.95 4.38 2.92 TRUSTMARK CORPORATION 4.14 3.79 2.47 4.92 3.95 2.42 UCBH HOLDINGS, INC. 4.50 4.08 2.62 4.83 4.29 2.96 UMB FINANCIAL CORPORATION 3.85 2.97 1.65 4.30 3.07 1.58 UNITED BANKSHARES, INC. 4.53 4.04 2.81 4.95 4.37 3.21 UNITED COMMUNITY BANKS, INC. 5.52 4.56 3.05 5.66 4.78 3.41 UNIZAN FINANCIAL CORPORATION 5.01 4.26 3.42 5.14 4.30 3.96 WESBANCO, INC. 4.29 4.02 3.05 4.43 4.03 3.11 WESTAMERICA BANCORPORATION 3.10 2.59 1.51 3.43 2.73 1.63 WHITNEY HOLDING CORPORATION 4.15 3.57 2.04 4.35 3.50 1.90 - ------------------------------------------------------------------------------------------------------------------------------------ FIRST BANKS AMERICA, INC. 4.77 4.08 2.64 4.79 4.16 2.81 AVERAGES: 4.63 4.02 2.67 4.92 4.20 2.89 - ------------------------------------------------------------------------------------------------------------------------------------ <FN> ALL DATA FROM SNL SECURITIES 71 FBA PEER GROUP COMPARISON DATA NII & NIE - ------------------------------------------------------------------------------------------------------------------------- NONINTEREST NONINTEREST NONINTEREST NONINTEREST INCOME/ INCOME/ INCOME/ EXPENSE/ AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSET 2000 Y 2001 Y 03/02 Q 2000 Y COMPANY NAME (%) (%) (%) (%) - ------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 2.35 2.41 2.37 3.42 ALABAMA NATIONAL BANCORPORATION 1.53 1.91 1.82 3.38 ALLEGIANT BANCORP, INC. 0.72 0.86 0.75 2.68 AMCORE FINANCIAL, INC. 1.39 1.65 1.64 2.73 BANCFIRST CORPORATION 1.25 1.37 1.47 3.65 BANCORPSOUTH, INC. 1.13 1.24 1.40 3.03 BANNER CORPORATION 0.48 0.63 0.61 2.37 BAY VIEW CAPITAL CORPORATION 1.86 2.63 2.66 3.98 CAPITOL BANCORP LIMITED 0.41 0.51 0.55 3.59 CATHAY BANCORP, INC. 0.55 0.54 0.54 1.81 CHEMICAL FINANCIAL CORPORATION 0.85 0.98 0.97 2.61 CITIZENS BANKING CORPORATION 1.12 1.22 1.31 3.00 CITY HOLDING COMPANY 1.66 1.33 1.29 4.12 COMMUNITY FIRST BANKSHARES, INC. 1.22 1.29 1.27 3.55 COMMUNITY TRUST BANCORP, INC. 0.89 0.94 0.89 2.82 CORUS BANKSHARES, INC. 0.55 0.55 0.53 2.12 CULLEN/FROST BANKERS, INC. 2.36 2.46 2.51 4.37 CVB FINANCIAL CORP. 0.93 0.95 0.86 2.72 EAST WEST BANCORP, INC. 0.56 0.73 0.74 2.11 F.N.B. CORPORATION 1.61 1.99 1.68 3.77 WINTRUST FINANCIAL CORPORATION 0.99 1.22 1.67 2.89 FIRST CHARTER CORPORATION 1.18 1.17 0.85 2.73 FIRST FINANCIAL BANCORP. 1.22 1.40 1.52 2.98 FIRST FINANCIAL CORPORATION 0.68 1.04 1.13 2.17 FIRST INDIANA CORPORATION 1.25 2.03 2.47 2.60 FIRST MIDWEST BANCORP, INC. 1.07 1.18 1.12 2.46 FIRST REPUBLIC BANK 0.75 0.67 0.84 2.20 FREMONT GENERAL CORPORATION NA 0.80 0.91 NA GBC BANCORP 1.14 0.42 -0.25 1.91 GLACIER BANCORP, INC. 1.29 1.17 1.13 3.11 GOLD BANC CORPORATION, INC. 1.16 1.54 1.70 3.16 GREATER BAY BANCORP 0.69 0.56 1.12 2.78 HANCOCK HOLDING COMPANY 1.63 1.59 1.85 3.60 INTEGRA BANK CORPORATION 0.67 0.77 0.84 2.48 INTERNATIONAL BANCSHARES CORPORATION 1.09 1.28 1.34 1.98 IRWIN FINANCIAL CORPORATION 10.47 8.65 6.38 11.76 LOCAL FINANCIAL CORPORATION 0.74 0.80 0.84 2.30 MB FINANCIAL, INC. 0.60 0.72 0.85 2.63 MISSISSIPPI VALLEY BANCSHARES, INC. 0.57 0.23 0.67 1.86 OLD NATIONAL BANCORP 1.33 1.22 1.28 2.95 PACIFIC CAPITAL BANCORP 1.38 1.58 2.24 3.49 PACIFIC NORTHWEST BANCORP 0.64 0.66 0.67 2.64 PARK NATIONAL CORPORATION 0.93 1.06 1.06 2.58 REPUBLIC BANCORP INC. 1.58 1.26 0.90 2.85 REPUBLIC BANCSHARES, INC. 0.77 0.83 0.48 3.17 SILICON VALLEY BANCSHARES 2.94 1.90 1.94 3.77 SKY FINANCIAL GROUP INC. 1.51 1.41 1.39 2.86 SOUTH FINANCIAL GROUP, INC. (THE) 0.82 0.88 0.76 2.97 SOUTHWEST BANCORPORATION OF TEXAS, INC. 1.23 1.46 1.49 3.28 STERLING BANCSHARES, INC. 1.94 2.70 2.38 4.57 TEXAS REGIONAL BANCSHARES, INC. 0.96 1.11 1.21 2.37 TRUSTMARK CORPORATION 1.67 1.72 1.68 2.76 UCBH HOLDINGS, INC. 0.20 0.25 0.26 1.70 UMB FINANCIAL CORPORATION 2.70 2.97 2.84 4.58 UNITED BANKSHARES, INC. 0.97 1.24 1.19 2.16 UNITED COMMUNITY BANKS, INC. 0.77 0.97 0.99 3.00 UNIZAN FINANCIAL CORPORATION 1.15 1.32 0.93 2.75 WESBANCO, INC. 0.99 0.97 0.88 2.82 WESTAMERICA BANCORPORATION 1.06 1.11 1.02 2.58 WHITNEY HOLDING CORPORATION 1.18 1.25 1.12 3.53 - ------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 0.57 1.00 0.73 3.33 AVERAGES: 1.31 1.36 1.33 3.06 - ------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - ----------------------------------------------------------------------------------------------------------------------------------- NONINTEREST NONINTEREST EXPENSE/ EXPENSE/ EFFICIENCY EFFICIENCY EFFICIENCY AVG ASSET AVG ASSET RATIO RATIO RATIO 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) - ----------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 3.60 3.69 57.47 59.59 61.87 ALABAMA NATIONAL BANCORPORATION 3.60 3.65 63.73 64.94 64.78 ALLEGIANT BANCORP, INC. 2.15 2.02 54.08 48.48 55.08 AMCORE FINANCIAL, INC. 3.05 3.16 59.42 61.71 64.63 BANCFIRST CORPORATION 3.61 3.45 62.20 64.97 63.05 BANCORPSOUTH, INC. 3.19 3.22 60.52 63.98 59.20 BANNER CORPORATION 2.43 2.54 52.98 54.55 59.89 BAY VIEW CAPITAL CORPORATION 5.36 5.11 81.18 94.35 82.10 CAPITOL BANCORP LIMITED 3.45 3.58 70.10 67.69 73.17 CATHAY BANCORP, INC. 1.70 1.70 36.49 39.25 36.74 CHEMICAL FINANCIAL CORPORATION 2.66 2.66 53.21 50.49 52.60 CITIZENS BANKING CORPORATION 3.17 3.24 55.22 57.28 58.52 CITY HOLDING COMPANY 3.96 3.45 78.76 74.07 61.62 COMMUNITY FIRST BANKSHARES, INC. 3.84 3.69 59.17 60.17 59.13 COMMUNITY TRUST BANCORP, INC. 2.66 2.63 55.16 56.15 57.39 CORUS BANKSHARES, INC. 1.91 1.85 37.86 40.17 45.71 CULLEN/FROST BANKERS, INC. 4.25 3.97 59.84 61.82 60.78 CVB FINANCIAL CORP. 2.59 2.48 46.78 45.04 45.76 EAST WEST BANCORP, INC. 2.34 2.14 45.61 49.16 44.60 F.N.B. CORPORATION 4.01 3.60 64.52 63.43 60.72 WINTRUST FINANCIAL CORPORATION 2.83 3.23 66.04 63.00 66.47 FIRST CHARTER CORPORATION 2.82 2.91 52.79 59.67 68.24 FIRST FINANCIAL BANCORP. 3.11 3.23 51.79 53.05 54.26 FIRST FINANCIAL CORPORATION 2.61 2.71 50.66 54.35 57.22 FIRST INDIANA CORPORATION 3.15 3.39 53.01 56.80 57.57 FIRST MIDWEST BANCORP, INC. 2.53 2.47 52.17 49.56 47.75 FIRST REPUBLIC BANK 2.56 2.73 63.14 66.09 67.79 FREMONT GENERAL CORPORATION 1.17 1.29 58.35 38.50 34.99 GBC BANCORP 2.00 1.41 34.28 43.61 38.30 GLACIER BANCORP, INC. 2.85 2.82 53.82 50.87 53.42 GOLD BANC CORPORATION, INC. 3.36 3.18 64.71 69.02 65.93 GREATER BAY BANCORP 2.60 2.74 46.46 48.53 47.36 HANCOCK HOLDING COMPANY 3.54 3.57 58.51 59.73 58.03 INTEGRA BANK CORPORATION 2.34 2.51 51.43 63.19 66.55 INTERNATIONAL BANCSHARES CORPORATION 2.27 2.27 45.43 47.23 45.32 IRWIN FINANCIAL CORPORATION 10.38 8.51 77.62 76.90 74.12 LOCAL FINANCIAL CORPORATION 2.35 2.40 54.58 53.67 57.32 MB FINANCIAL, INC. 2.53 2.32 62.55 58.21 51.02 MISSISSIPPI VALLEY BANCSHARES, INC. 1.74 1.79 46.19 45.73 42.06 OLD NATIONAL BANCORP 2.77 2.70 61.03 56.70 55.84 PACIFIC CAPITAL BANCORP 3.72 3.56 53.26 54.11 44.95 PACIFIC NORTHWEST BANCORP 2.84 2.73 63.72 62.63 58.08 PARK NATIONAL CORPORATION 2.67 2.62 47.82 47.11 45.62 REPUBLIC BANCORP INC. 2.47 2.10 62.13 54.53 48.00 REPUBLIC BANCSHARES, INC. 3.27 2.96 69.20 84.16 81.05 SILICON VALLEY BANCSHARES 3.97 4.13 40.21 49.36 59.63 SKY FINANCIAL GROUP INC. 2.73 2.61 52.13 50.96 50.00 SOUTH FINANCIAL GROUP, INC. (THE) 2.71 2.45 65.65 60.47 56.58 SOUTHWEST BANCORPORATION OF TEXAS, INC. 3.33 3.33 59.71 60.93 61.69 STERLING BANCSHARES, INC. 5.22 5.07 64.66 66.15 68.97 TEXAS REGIONAL BANCSHARES, INC. 2.38 2.32 40.93 41.71 42.09 TRUSTMARK CORPORATION 3.06 2.91 51.66 52.65 47.54 UCBH HOLDINGS, INC. 1.82 1.84 45.05 46.13 46.29 UMB FINANCIAL CORPORATION 4.84 4.27 73.05 73.89 75.97 UNITED BANKSHARES, INC. 2.30 2.34 43.10 43.09 44.88 UNITED COMMUNITY BANKS, INC. 3.25 3.19 63.17 61.78 61.37 UNIZAN FINANCIAL CORPORATION 2.95 2.02 53.93 54.21 47.60 WESBANCO, INC. 2.70 2.48 56.75 54.61 52.43 WESTAMERICA BANCORPORATION 2.66 2.63 41.21 40.57 40.65 WHITNEY HOLDING CORPORATION 3.41 3.15 61.98 60.78 58.87 - ----------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 3.40 2.76 57.01 57.59 55.56 AVERAGES: 3.09 2.98 56.14 56.86 56.15 - ----------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 72 FBA PEER GROUP COMPARISON DATA BALANCE SHEET - ---------------------------------------------------------------------------------------------------------------------------------- SECURITIES/ SECURITIES/ SECURITIES/ LOANS/ LOANS/ LOANS/ ASSETS ASSETS ASSETS DEPOSITS DEPOSITS DEPOSITS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 17.70 17.98 18.48 91.66 81.93 88.60 ALABAMA NATIONAL BANCORPORATION 16.39 20.01 20.34 94.67 95.04 92.29 ALLEGIANT BANCORP, INC. 11.82 21.36 20.94 94.86 84.13 85.59 AMCORE FINANCIAL, INC. 29.09 27.04 29.44 83.57 85.66 84.85 BANCFIRST CORPORATION 21.81 19.74 20.35 73.27 71.06 73.07 BANCORPSOUTH, INC. 22.63 23.35 26.49 81.48 77.30 75.92 BANNER CORPORATION 17.92 16.65 18.22 124.02 119.60 112.06 BAY VIEW CAPITAL CORPORATION 13.72 10.31 10.81 75.42 73.47 78.25 CAPITOL BANCORP LIMITED 4.23 2.14 2.03 96.78 99.67 96.81 CATHAY BANCORP, INC. 25.60 25.41 26.42 77.77 78.40 77.76 CHEMICAL FINANCIAL CORPORATION 28.73 26.73 29.40 75.67 78.24 73.75 CITIZENS BANKING CORPORATION 16.47 16.40 18.00 102.45 96.76 95.77 CITY HOLDING COMPANY 14.43 18.12 21.03 94.44 82.20 75.76 COMMUNITY FIRST BANKSHARES, INC. 29.36 26.23 27.13 74.47 78.65 79.63 COMMUNITY TRUST BANCORP, INC. 12.61 17.99 20.60 87.13 79.31 78.13 CORUS BANKSHARES, INC. 17.25 11.55 18.41 73.63 69.54 75.90 CULLEN/FROST BANKERS, INC. 21.78 25.77 25.61 69.67 63.60 67.30 CVB FINANCIAL CORP. 46.36 47.00 50.07 65.92 63.27 61.12 EAST WEST BANCORP, INC. 20.25 11.76 11.35 93.03 88.95 88.35 F.N.B. CORPORATION 12.70 11.27 13.76 95.35 97.27 92.43 WINTRUST FINANCIAL CORPORATION 9.18 14.24 12.55 84.73 87.21 92.35 FIRST CHARTER CORPORATION 15.04 32.33 32.53 107.71 90.04 91.57 FIRST FINANCIAL BANCORP. 14.99 15.99 17.19 95.45 93.10 92.76 FIRST FINANCIAL CORPORATION 27.82 22.70 24.06 98.14 102.65 101.71 FIRST INDIANA CORPORATION 8.65 8.32 8.30 123.95 124.80 122.89 FIRST MIDWEST BANCORP, INC. 37.50 32.83 34.30 76.04 80.41 80.90 FIRST REPUBLIC BANK 9.37 12.40 14.56 124.00 99.26 94.89 FREMONT GENERAL CORPORATION 4.19 4.79 5.03 90.17 90.72 92.91 GBC BANCORP 43.73 46.43 49.01 57.62 61.56 60.29 GLACIER BANCORP, INC. 21.76 26.16 28.98 101.91 90.84 89.87 GOLD BANC CORPORATION, INC. 19.35 19.52 17.70 84.92 99.41 96.86 GREATER BAY BANCORP 18.75 37.71 38.23 85.57 90.09 89.23 HANCOCK HOLDING COMPANY 32.99 37.31 37.90 67.89 62.18 59.45 INTEGRA BANK CORPORATION 32.50 33.28 34.89 90.18 82.96 86.92 INTERNATIONAL BANCSHARES CORPORATION 52.87 45.87 45.80 59.91 61.13 60.91 IRWIN FINANCIAL CORPORATION 7.93 6.90 6.45 85.56 92.58 100.88 LOCAL FINANCIAL CORPORATION 15.71 23.65 21.36 96.87 110.18 105.01 MB FINANCIAL, INC. 29.23 24.58 23.52 78.15 83.64 82.36 MISSISSIPPI VALLEY BANCSHARES, INC. 22.40 22.53 16.11 83.94 85.39 90.14 OLD NATIONAL BANCORP 20.66 24.76 28.35 96.42 92.69 89.52 PACIFIC CAPITAL BANCORP 21.67 19.47 20.95 81.12 83.17 85.61 PACIFIC NORTHWEST BANCORP 31.40 27.61 26.77 103.38 112.69 107.25 PARK NATIONAL CORPORATION 22.73 32.04 32.28 93.78 84.36 81.80 REPUBLIC BANCORP INC. 4.60 7.69 8.94 138.23 125.60 128.43 REPUBLIC BANCSHARES, INC. 17.24 34.45 34.53 79.31 66.70 67.74 SILICON VALLEY BANCSHARES 37.46 43.94 44.58 35.30 52.26 54.88 SKY FINANCIAL GROUP INC. 22.02 21.66 23.25 100.41 98.96 96.76 SOUTH FINANCIAL GROUP, INC. (THE) 17.23 27.26 27.32 95.58 103.47 103.80 SOUTHWEST BANCORPORATION OF TEXAS, INC. 21.53 24.27 24.72 78.40 77.95 82.96 STERLING BANCSHARES, INC. 14.84 16.61 15.06 78.30 73.46 74.90 TEXAS REGIONAL BANCSHARES, INC. 25.64 25.31 27.99 75.26 76.48 74.19 TRUSTMARK CORPORATION 30.87 25.81 25.24 95.79 95.45 94.16 UCBH HOLDINGS, INC. 20.29 21.02 22.53 93.60 91.82 89.94 UMB FINANCIAL CORPORATION 40.99 52.74 53.97 51.69 43.76 45.04 UNITED BANKSHARES, INC. 25.39 25.37 26.51 94.13 92.46 91.43 UNITED COMMUNITY BANKS, INC. 21.04 17.98 16.25 89.79 94.87 95.46 UNIZAN FINANCIAL CORPORATION 12.42 11.45 16.69 105.36 107.24 102.85 WESBANCO, INC. 23.65 30.65 32.38 84.92 80.18 78.21 WESTAMERICA BANCORPORATION 28.51 29.48 30.00 76.64 76.79 75.68 WHITNEY HOLDING CORPORATION 21.99 22.53 25.62 86.29 75.26 74.21 - ---------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 12.23 12.03 9.98 89.26 90.92 92.58 AVERAGES: 21.78 23.44 24.35 87.53 85.96 85.67 - ---------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - ------------------------------------------------------------------------------------------------------------------- TIME> TIME> DEPOSITS/ DEPOSITS/ DEPOSITS/ $100,000 $100,000/ ASSETS ASSETS ASSETS ASSETS ASSETS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y COMPANY NAME (%) (%) (%) (%) (%) - ------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 77.39 80.92 78.11 14.73 15.65 ALABAMA NATIONAL BANCORPORATION 76.63 72.68 73.87 12.75 11.74 ALLEGIANT BANCORP, INC. 75.55 77.75 75.81 10.27 8.96 AMCORE FINANCIAL, INC. 74.07 71.95 72.83 18.78 15.72 BANCFIRST CORPORATION 88.22 87.10 86.51 10.96 10.97 BANCORPSOUTH, INC. 82.72 83.62 83.28 15.31 15.05 BANNER CORPORATION 60.15 62.09 65.64 15.88 18.42 BAY VIEW CAPITAL CORPORATION 69.88 80.59 80.08 15.20 8.84 CAPITOL BANCORP LIMITED 85.94 85.15 85.24 24.93 24.34 CATHAY BANCORP, INC. 85.03 86.52 85.73 36.14 37.61 CHEMICAL FINANCIAL CORPORATION 80.17 79.97 80.19 5.80 5.59 CITIZENS BANKING CORPORATION 74.29 77.68 78.33 12.30 10.66 CITY HOLDING COMPANY 78.01 79.92 80.36 12.52 5.99 COMMUNITY FIRST BANKSHARES, INC. 82.43 82.30 81.12 13.19 11.99 COMMUNITY TRUST BANCORP, INC. 85.85 86.10 85.96 17.20 16.33 CORUS BANKSHARES, INC. 81.11 79.77 79.07 14.82 18.21 CULLEN/FROST BANKERS, INC. 84.85 84.81 83.92 11.47 10.08 CVB FINANCIAL CORP. 69.11 74.66 73.16 13.57 13.56 EAST WEST BANCORP, INC. 78.43 85.62 87.56 29.81 25.21 F.N.B. CORPORATION 80.08 79.74 79.00 8.42 9.43 WINTRUST FINANCIAL CORPORATION 86.86 85.56 81.80 27.05 24.58 FIRST CHARTER CORPORATION 68.15 64.90 64.90 15.69 18.76 FIRST FINANCIAL BANCORP. 80.14 80.03 79.83 7.76 7.06 FIRST FINANCIAL CORPORATION 64.73 64.33 66.10 12.64 10.04 FIRST INDIANA CORPORATION 67.11 67.40 68.89 NA 13.39 FIRST MIDWEST BANCORP, INC. 71.99 73.99 71.37 12.37 10.82 FIRST REPUBLIC BANK 69.21 77.14 76.58 9.72 8.80 FREMONT GENERAL CORPORATION 46.88 53.15 51.67 NA NA GBC BANCORP 85.04 77.22 77.81 41.96 38.89 GLACIER BANCORP, INC. 68.19 69.33 68.48 10.04 7.33 GOLD BANC CORPORATION, INC. 78.52 71.73 73.58 12.88 14.09 GREATER BAY BANCORP 81.65 63.35 60.52 17.95 19.89 HANCOCK HOLDING COMPANY 83.09 82.60 82.67 10.35 11.38 INTEGRA BANK CORPORATION 60.97 63.52 62.54 11.25 7.67 INTERNATIONAL BANCSHARES CORPORATION 63.89 67.90 70.58 25.03 24.19 IRWIN FINANCIAL CORPORATION 59.58 66.97 63.73 27.41 25.25 LOCAL FINANCIAL CORPORATION 81.27 64.16 67.80 14.04 9.33 MB FINANCIAL, INC. 80.29 81.42 83.30 12.74 15.83 MISSISSIPPI VALLEY BANCSHARES, INC. 86.62 84.10 82.85 2.74 2.22 OLD NATIONAL BANCORP 75.09 72.86 72.22 18.88 16.10 PACIFIC CAPITAL BANCORP 84.37 84.97 81.40 15.54 20.89 PACIFIC NORTHWEST BANCORP 59.56 58.54 62.13 15.70 13.54 PARK NATIONAL CORPORATION 74.96 72.53 75.26 9.82 9.18 REPUBLIC BANCORP INC. 59.18 58.08 61.22 17.44 15.09 REPUBLIC BANCSHARES, INC. 88.41 86.62 84.72 10.58 10.42 SILICON VALLEY BANCSHARES 86.41 81.04 79.79 13.71 15.77 SKY FINANCIAL GROUP INC. 70.25 70.95 72.06 9.39 9.94 SOUTH FINANCIAL GROUP, INC. (THE) 74.60 59.79 60.11 10.92 8.68 SOUTHWEST BANCORPORATION OF TEXAS, INC. 78.52 77.90 76.97 12.71 9.72 STERLING BANCSHARES, INC. 82.75 81.67 81.61 12.29 11.99 TEXAS REGIONAL BANCSHARES, INC. 86.96 86.30 83.70 31.01 30.31 TRUSTMARK CORPORATION 58.93 64.25 68.37 8.32 7.63 UCBH HOLDINGS, INC. 82.49 84.11 83.25 23.17 24.47 UMB FINANCIAL CORPORATION 75.45 73.02 72.81 5.24 3.79 UNITED BANKSHARES, INC. 69.15 67.26 68.72 7.94 7.08 UNITED COMMUNITY BANKS, INC. 78.92 76.98 78.56 15.15 13.49 UNIZAN FINANCIAL CORPORATION 78.53 74.71 70.79 9.16 8.54 WESBANCO, INC. 80.96 77.33 75.40 5.90 6.52 WESTAMERICA BANCORPORATION 80.29 82.35 82.05 12.14 11.46 WHITNEY HOLDING CORPORATION 80.18 82.14 82.63 10.90 8.78 - ------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 84.13 83.48 82.92 11.01 10.32 AVERAGES: 76.00 75.52 75.41 14.85 14.02 - ------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 73 FBA PEER GROUP COMPARISON DATA ASSET QUALITY - ----------------------------------------------------------------------------------------------------------------------------------- NPAS/ NPAS/ NPAS/ PROVISION / PROVISION / PROVISION / LOANS & LOANS & LOANS & NET CHARGE NET CHARGE NET CHARGE OREO OREO OREO OFF'S OFF'S OFF'S 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ----------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 1.06 1.79 2.18 200.99 214.23 108.78 ALABAMA NATIONAL BANCORPORATION 0.30 0.47 0.48 386.13 236.71 721.59 ALLEGIANT BANCORP, INC. 0.12 1.05 1.11 256.98 99.56 52.17 AMCORE FINANCIAL, INC. 1.00 1.36 1.59 123.51 151.30 91.99 BANCFIRST CORPORATION 0.69 0.84 1.01 150.32 67.71 67.08 BANCORPSOUTH, INC. 0.40 0.44 0.42 133.27 106.81 112.69 BANNER CORPORATION 0.77 1.34 1.98 311.63 119.09 141.98 BAY VIEW CAPITAL CORPORATION 3.61 3.77 3.44 242.51 170.23 57.38 CAPITOL BANCORP LIMITED 0.55 0.87 1.08 299.92 343.44 357.88 CATHAY BANCORP, INC. 1.67 0.80 0.99 242.07 145.94 104.24 CHEMICAL FINANCIAL CORPORATION 0.44 0.35 0.53 180.75 121.09 86.39 CITIZENS BANKING CORPORATION 1.02 1.30 1.37 121.22 101.81 102.46 CITY HOLDING COMPANY 1.04 2.08 1.31 212.94 145.48 7.66 COMMUNITY FIRST BANKSHARES, INC. 0.70 0.64 0.65 126.34 119.21 114.11 COMMUNITY TRUST BANCORP, INC. 1.63 1.93 2.10 109.30 80.41 95.47 CORUS BANKSHARES, INC. 0.17 0.14 0.14 NM NM 0.00 CULLEN/FROST BANKERS, INC. 0.42 0.83 0.89 153.58 131.62 285.59 CVB FINANCIAL CORP. 0.13 0.13 0.12 684.60 404.16 NM EAST WEST BANCORP, INC. 0.41 0.27 0.42 120.48 153.20 267.58 F.N.B. CORPORATION 0.58 0.70 0.68 125.32 103.79 96.17 WINTRUST FINANCIAL CORPORATION 0.28 0.45 0.42 148.46 170.00 175.62 FIRST CHARTER CORPORATION 1.37 1.63 1.71 187.70 67.12 153.43 FIRST FINANCIAL BANCORP. 0.62 0.98 1.02 100.08 128.66 101.66 FIRST FINANCIAL CORPORATION 0.96 0.96 NA 134.35 89.71 128.8 FIRST INDIANA CORPORATION 1.40 2.52 2.46 197.61 130.48 168.17 FIRST MIDWEST BANCORP, INC. 0.65 0.61 0.58 136.83 116.14 100.58 FIRST REPUBLIC BANK 0.10 0.05 0.05 NM 177.44 NM FREMONT GENERAL CORPORATION 2.47 2.96 4.27 272.95 317.82 276.29 GBC BANCORP 2.16 2.40 4.88 75.85 126.65 299.68 GLACIER BANCORP, INC. 0.20 0.75 0.79 236.85 176.55 285.09 GOLD BANC CORPORATION, INC. 1.51 1.17 NA 103.13 99.46 165.79 GREATER BAY BANCORP 0.32 0.69 0.74 264.95 217.08 103.81 HANCOCK HOLDING COMPANY 0.69 1.07 1.05 131.74 78.22 68.65 INTEGRA BANK CORPORATION 2.06 1.53 1.28 80.63 297.56 345.74 INTERNATIONAL BANCSHARES CORPORATION 0.38 0.51 NA 245.29 258.96 238.67 IRWIN FINANCIAL CORPORATION 0.69 0.96 1.01 199.96 213.35 453.75 LOCAL FINANCIAL CORPORATION 0.54 0.48 0.62 101.81 88.18 102.04 MB FINANCIAL, INC. 0.61 0.81 0.82 278.22 74.51 100.18 MISSISSIPPI VALLEY BANCSHARES, INC. 0.64 0.62 0.58 230.27 114.54 492.18 OLD NATIONAL BANCORP 0.42 1.19 0.87 124.77 101.44 153.06 PACIFIC CAPITAL BANCORP 0.63 0.61 0.66 132.38 206.37 197.75 PACIFIC NORTHWEST BANCORP 1.37 1.24 1.27 200.34 173.45 234.81 PARK NATIONAL CORPORATION 0.62 0.82 0.97 156.39 123.51 119.39 REPUBLIC BANCORP INC. 0.69 0.90 0.77 125.53 108.85 107.48 REPUBLIC BANCSHARES, INC. 3.25 4.40 3.79 137.76 94.99 38.61 SILICON VALLEY BANCSHARES 1.07 0.98 1.09 103.80 92.15 77.41 SKY FINANCIAL GROUP INC. 0.40 0.56 0.62 141.37 142.10 124.21 SOUTH FINANCIAL GROUP, INC. (THE) 0.58 1.17 1.34 168.70 108.85 111.06 SOUTHWEST BANCORPORATION OF TEXAS, INC. 0.36 0.45 0.59 526.74 176.06 180.90 STERLING BANCSHARES, INC. 0.85 0.97 0.84 142.09 139.48 149.71 TEXAS REGIONAL BANCSHARES, INC. 1.08 1.27 1.12 144.45 122.50 131.41 TRUSTMARK CORPORATION 0.47 0.95 1.06 100.00 87.45 93.61 UCBH HOLDINGS, INC. 0.14 0.04 0.02 NM NM 305.86 UMB FINANCIAL CORPORATION 0.44 0.49 0.72 109.59 132.77 164.08 UNITED BANKSHARES, INC. 0.32 0.59 0.63 106.30 120.72 127.55 UNITED COMMUNITY BANKS, INC. 0.32 0.48 0.42 256.42 131.06 306.12 UNIZAN FINANCIAL CORPORATION 0.38 0.49 0.88 71.64 102.70 342.55 WESBANCO, INC. 0.59 0.72 0.69 109.43 114.43 82.65 WESTAMERICA BANCORPORATION 0.41 0.35 0.34 91.71 94.91 107.40 WHITNEY HOLDING CORPORATION 0.54 0.78 1.06 791.15 206.81 101.21 - ----------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 0.76 0.87 0.83 933.83 87.71 63.62 AVERAGES: 0.82 1.03 1.13 193.84 147.72 170.49 - ----------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - ---------------------------------------------------------------------------------------------------------------------------------- RESERVES/ RESERVES/ RESERVES/ NCOS/ NCOS/ NCOS/ NPAS NPAS NPAS AVG LOANS AVG LOANS AVG LOANS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 185.43 135.68 109.84 0.34 0.57 1.94 ALABAMA NATIONAL BANCORPORATION 437.73 308.55 308.12 0.04 0.09 0.04 ALLEGIANT BANCORP, INC. NM 126.29 112.70 0.19 0.52 0.81 AMCORE FINANCIAL, INC. 110.26 100.46 82.85 0.29 0.44 0.46 BANCFIRST CORPORATION 219.72 171.88 136.87 0.18 0.16 0.33 BANCORPSOUTH, INC. 335.73 307.91 322.60 0.34 0.35 0.39 BANNER CORPORATION 133.68 84.30 60.17 0.07 0.76 0.53 BAY VIEW CAPITAL CORPORATION 72.24 55.37 55.67 0.71 1.63 1.43 CAPITOL BANCORP LIMITED 232.34 154.04 127.24 0.20 0.15 0.13 CATHAY BANCORP, INC. 90.02 180.70 143.97 0.13 0.28 0.35 CHEMICAL FINANCIAL CORPORATION 331.23 406.48 279.44 0.05 0.08 0.14 CITIZENS BANKING CORPORATION 122.43 106.96 104.54 0.28 0.43 0.36 CITY HOLDING COMPANY 198.53 167.76 224.38 0.61 1.26 3.50 COMMUNITY FIRST BANKSHARES, INC. 199.98 229.71 232.70 0.34 0.39 0.31 COMMUNITY TRUST BANCORP, INC. 93.39 71.67 66.86 0.51 0.65 0.68 CORUS BANKSHARES, INC. NM NM NM -0.42 -0.05 0.06 CULLEN/FROST BANKERS, INC. 334.15 194.71 190.26 0.21 0.67 0.21 CVB FINANCIAL CORP. NM NM NM 0.04 0.04 -0.21 EAST WEST BANCORP, INC. 321.19 477.01 307.64 0.22 0.21 0.17 F.N.B. CORPORATION 224.44 182.98 198.40 0.31 0.40 0.36 WINTRUST FINANCIAL CORPORATION 241.00 150.94 156.33 0.24 0.26 0.26 FIRST CHARTER CORPORATION 96.18 81.08 76.44 0.20 0.34 0.28 FIRST FINANCIAL BANCORP. 210.58 165.57 164.53 0.37 0.71 0.79 FIRST FINANCIAL CORPORATION 152.99 141.49 NA 0.26 0.56 0.43 FIRST INDIANA CORPORATION 138.16 85.39 89.23 0.28 0.66 0.36 FIRST MIDWEST BANCORP, INC. 212.84 233.16 244.17 0.21 0.49 0.60 FIRST REPUBLIC BANK 672.75 NM NM -0.01 0.02 -0.02 FREMONT GENERAL CORPORATION 78.50 90.45 68.16 NM 0.44 0.57 GBC BANCORP 93.23 87.52 62.61 0.17 1.49 2.15 GLACIER BANCORP, INC. 539.72 189.86 192.52 0.11 0.20 0.14 GOLD BANC CORPORATION, INC. 95.73 103.07 NA 0.26 0.81 0.54 GREATER BAY BANCORP 702.37 402.79 376.27 0.33 0.59 1.39 HANCOCK HOLDING COMPANY 245.02 169.28 159.22 0.59 0.65 1.65 INTEGRA BANK CORPORATION 72.68 97.07 119.73 0.31 0.61 0.05 INTERNATIONAL BANCSHARES CORPORATION 357.53 293.24 NA 0.13 0.14 0.13 IRWIN FINANCIAL CORPORATION 152.77 108.46 131.34 0.28 0.53 0.40 LOCAL FINANCIAL CORPORATION 278.49 287.81 223.62 0.15 0.32 0.35 MB FINANCIAL, INC. 214.69 144.46 143.13 0.15 0.42 0.58 MISSISSIPPI VALLEY BANCSHARES, INC. 273.41 283.74 307.53 0.15 0.87 0.08 OLD NATIONAL BANCORP 278.27 101.74 149.20 0.39 0.45 0.33 PACIFIC CAPITAL BANCORP 219.87 288.50 291.89 0.46 0.48 0.91 PACIFIC NORTHWEST BANCORP 71.74 89.75 90.71 0.14 0.20 0.16 PARK NATIONAL CORPORATION 313.03 260.90 230.03 0.33 0.37 0.55 REPUBLIC BANCORP INC. 109.42 93.58 110.07 0.14 0.22 0.26 REPUBLIC BANCSHARES, INC. 60.01 50.57 54.14 0.82 1.09 0.79 SILICON VALLEY BANCSHARES 403.57 418.18 375.95 3.33 1.10 1.06 SKY FINANCIAL GROUP INC. 393.82 283.07 257.80 0.28 0.39 0.46 SOUTH FINANCIAL GROUP, INC. (THE) 199.98 101.66 89.29 0.39 0.54 0.60 SOUTHWEST BANCORPORATION OF TEXAS, INC. 319.92 260.35 201.71 0.06 0.17 0.21 STERLING BANCSHARES, INC. 146.77 141.88 166.20 0.55 0.55 0.42 TEXAS REGIONAL BANCSHARES, INC. 113.04 96.43 110.25 0.42 0.43 0.44 TRUSTMARK CORPORATION 361.06 179.80 162.07 0.26 0.37 0.42 UCBH HOLDINGS, INC. NM NM NM 0.02 0.00 0.05 UMB FINANCIAL CORPORATION 236.17 259.27 188.33 0.28 0.38 0.28 UNITED BANKSHARES, INC. 395.82 227.58 218.44 0.47 0.34 0.20 UNITED COMMUNITY BANKS, INC. 428.78 280.50 310.08 0.18 0.25 0.09 UNIZAN FINANCIAL CORPORATION 381.81 298.88 159.54 0.18 0.31 0.52 WESBANCO, INC. 213.04 188.95 187.25 0.19 0.34 0.66 WESTAMERICA BANCORPORATION 518.18 603.13 619.03 0.17 0.15 0.14 WHITNEY HOLDING CORPORATION 243.69 205.92 156.04 0.04 0.21 0.27 - ---------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 241.61 212.43 200.48 0.01 0.27 2.08 AVERAGES: 247.84 196.58 183.15 0.30 0.46 0.53 - ---------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 74 FBA PEER GROUP COMPARISON DATA CAPITAL RATIOS - ---------------------------------------------------------------------------------------------------------------------------- TOTAL TOTAL TOTAL EQUITY EQUITY EQUITY TIER 1 TIER 1 /TOTAL /TOTAL /TOTAL EQUITY EQUITY ASSETS ASSETS ASSETS RATIO RATIO 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y COMPANY NAME (%) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 8.50 8.59 8.85 11.79 10.97 ALABAMA NATIONAL BANCORPORATION 7.28 7.31 7.21 8.86 9.92 ALLEGIANT BANCORP, INC. 6.85 6.36 6.66 9.53 8.11 AMCORE FINANCIAL, INC. 7.27 7.50 7.49 11.27 10.53 BANCFIRST CORPORATION 7.66 8.09 8.09 11.21 11.09 BANCORPSOUTH, INC. 8.73 8.57 8.26 11.31 10.70 BANNER CORPORATION 9.77 9.22 8.92 11.14 10.36 BAY VIEW CAPITAL CORPORATION 5.56 8.38 9.01 4.59 4.25 CAPITOL BANCORP LIMITED 4.32 3.92 5.81 11.10 10.54 CATHAY BANCORP, INC. 9.73 10.03 9.96 11.05 11.15 CHEMICAL FINANCIAL CORPORATION 11.74 11.16 11.14 NA 16.00 CITIZENS BANKING CORPORATION 8.09 9.08 9.36 9.05 9.87 CITY HOLDING COMPANY 6.12 6.92 7.13 9.05 9.38 COMMUNITY FIRST BANKSHARES, INC. 5.67 6.18 6.22 8.13 8.67 COMMUNITY TRUST BANCORP, INC. 8.03 7.65 7.78 9.26 9.11 CORUS BANKSHARES, INC. 15.48 16.95 17.47 16.05 19.43 CULLEN/FROST BANKERS, INC. 7.48 7.11 7.49 10.08 10.14 CVB FINANCIAL CORP. 8.17 8.78 8.65 13.20 11.97 EAST WEST BANCORP, INC. 7.49 8.66 8.84 9.64 10.10 F.N.B. CORPORATION 8.37 8.94 8.15 NA 10.60 WINTRUST FINANCIAL CORPORATION 4.86 5.22 5.53 6.93 7.70 FIRST CHARTER CORPORATION 10.55 9.28 8.92 12.92 12.80 FIRST FINANCIAL BANCORP. 10.05 9.98 10.10 12.47 12.40 FIRST FINANCIAL CORPORATION 9.36 10.65 10.40 13.96 13.90 FIRST INDIANA CORPORATION 9.53 10.21 10.38 10.08 10.61 FIRST MIDWEST BANCORP, INC. 7.56 7.89 7.65 10.51 9.96 FIRST REPUBLIC BANK 5.55 5.52 5.81 9.31 9.33 FREMONT GENERAL CORPORATION 3.60 4.47 4.67 9.79 9.88 GBC BANCORP 9.54 8.72 7.83 10.23 10.70 GLACIER BANCORP, INC. 9.28 8.49 8.76 12.31 11.81 GOLD BANC CORPORATION, INC. 6.23 5.49 5.05 8.92 7.85 GREATER BAY BANCORP 6.63 5.89 6.78 9.57 10.49 HANCOCK HOLDING COMPANY 11.33 11.00 10.71 15.50 14.74 INTEGRA BANK CORPORATION 6.70 7.28 7.58 9.34 11.71 INTERNATIONAL BANCSHARES CORPORATION 7.11 7.79 7.99 13.23 13.83 IRWIN FINANCIAL CORPORATION 7.84 6.72 9.10 8.42 6.81 LOCAL FINANCIAL CORPORATION 6.57 5.80 6.01 7.74 9.24 MB FINANCIAL, INC. 8.44 8.47 8.73 11.60 10.73 MISSISSIPPI VALLEY BANCSHARES, INC. 7.48 7.55 7.94 10.19 10.59 OLD NATIONAL BANCORP 7.14 7.04 7.06 9.24 9.28 PACIFIC CAPITAL BANCORP 8.06 8.23 8.23 9.20 9.80 PACIFIC NORTHWEST BANCORP 6.20 7.31 7.28 10.18 10.55 PARK NATIONAL CORPORATION 10.53 10.25 10.66 15.01 14.84 REPUBLIC BANCORP INC. 6.40 6.43 7.10 9.50 11.43 REPUBLIC BANCSHARES, INC. 7.06 7.00 6.75 10.27 11.90 SILICON VALLEY BANCSHARES 10.91 15.04 16.07 16.50 15.90 SKY FINANCIAL GROUP INC. 7.27 7.03 7.09 9.91 9.30 SOUTH FINANCIAL GROUP, INC. (THE) 8.98 7.60 7.18 8.63 9.36 SOUTHWEST BANCORPORATION OF TEXAS, INC. 7.57 8.22 8.68 9.56 10.35 STERLING BANCSHARES, INC. 8.03 7.82 8.03 10.51 9.64 TEXAS REGIONAL BANCSHARES, INC. 9.39 10.24 9.26 11.20 12.39 TRUSTMARK CORPORATION 9.14 9.55 10.12 14.05 13.14 UCBH HOLDINGS, INC. 5.34 5.94 5.95 10.03 9.99 UMB FINANCIAL CORPORATION 8.94 8.80 9.30 15.90 15.18 UNITED BANKSHARES, INC. 8.79 8.99 9.10 10.68 10.01 UNITED COMMUNITY BANKS, INC. 6.26 7.08 6.85 10.30 10.47 UNIZAN FINANCIAL CORPORATION 7.20 7.78 10.80 8.64 9.30 WESBANCO, INC. 11.19 10.43 10.35 14.33 14.09 WESTAMERICA BANCORPORATION 8.38 8.00 7.76 10.20 9.29 WHITNEY HOLDING CORPORATION 10.01 9.91 10.29 11.40 11.84 - ---------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 7.18 9.32 9.56 6.76 7.57 AVERAGES: 8.06 8.24 8.44 10.77 10.93 - ---------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - --------------------------------------------------------------------------------------------------------------- TANGIBLE TANGIBLE TANGIBLE TIER 1 EQUITY/ EQUITY/ EQUITY/ EQUITY TANGIBLE TANGIBLE TANGIBLE RATIO ASSETS ASSETS ASSETS 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) - --------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 10.67 8.41 7.82 8.06 ALABAMA NATIONAL BANCORPORATION 9.88 6.71 6.69 6.60 ALLEGIANT BANCORP, INC. 8.50 5.95 3.86 4.17 AMCORE FINANCIAL, INC. 10.41 6.90 7.13 7.13 BANCFIRST CORPORATION 11.02 6.75 7.35 7.35 BANCORPSOUTH, INC. 10.05 8.36 8.22 7.84 BANNER CORPORATION 10.00 8.17 7.83 7.31 BAY VIEW CAPITAL CORPORATION 4.77 3.12 5.46 5.98 CAPITOL BANCORP LIMITED 10.74 3.94 3.52 5.13 CATHAY BANCORP, INC. 11.41 9.33 9.70 NA CHEMICAL FINANCIAL CORPORATION 16.70 11.16 10.14 10.14 CITIZENS BANKING CORPORATION 10.21 7.12 8.15 8.42 CITY HOLDING COMPANY 10.83 5.83 6.60 6.82 COMMUNITY FIRST BANKSHARES, INC. 8.92 3.86 4.57 4.58 COMMUNITY TRUST BANCORP, INC. 10.70 5.69 5.21 5.30 CORUS BANKSHARES, INC. 18.02 15.31 16.81 17.33 CULLEN/FROST BANKERS, INC. 10.54 5.84 5.71 6.06 CVB FINANCIAL CORP. 12.22 7.88 8.54 8.42 EAST WEST BANCORP, INC. 9.91 6.64 7.72 7.91 F.N.B. CORPORATION 8.90 7.71 8.29 6.67 WINTRUST FINANCIAL CORPORATION 7.64 4.37 4.87 4.69 FIRST CHARTER CORPORATION 12.61 9.97 8.76 8.41 FIRST FINANCIAL BANCORP. 12.65 9.25 9.22 9.33 FIRST FINANCIAL CORPORATION NA 9.25 10.17 9.93 FIRST INDIANA CORPORATION 10.55 8.92 9.64 9.81 FIRST MIDWEST BANCORP, INC. 9.94 7.24 7.60 7.37 FIRST REPUBLIC BANK 10.01 4.80 4.90 4.89 FREMONT GENERAL CORPORATION NA 3.60 4.47 4.67 GBC BANCORP 10.65 9.54 8.72 7.83 GLACIER BANCORP, INC. 12.54 8.72 6.62 6.91 GOLD BANC CORPORATION, INC. 7.14 5.05 4.27 3.91 GREATER BAY BANCORP 10.31 6.38 5.59 4.82 HANCOCK HOLDING COMPANY 16.12 10.11 9.67 9.44 INTEGRA BANK CORPORATION 12.10 4.99 5.47 5.71 INTERNATIONAL BANCSHARES CORPORATION 13.91 6.22 6.45 6.61 IRWIN FINANCIAL CORPORATION 9.38 7.76 6.66 9.05 LOCAL FINANCIAL CORPORATION 9.60 5.91 5.28 5.48 MB FINANCIAL, INC. 11.08 7.56 7.54 7.80 MISSISSIPPI VALLEY BANCSHARES, INC. 10.75 7.48 7.55 7.94 OLD NATIONAL BANCORP 9.70 6.15 6.14 6.16 PACIFIC CAPITAL BANCORP 9.46 7.19 7.52 7.45 PACIFIC NORTHWEST BANCORP 10.86 5.62 6.75 6.71 PARK NATIONAL CORPORATION 15.44 10.01 9.83 NA REPUBLIC BANCORP INC. 12.28 6.16 6.28 6.94 REPUBLIC BANCSHARES, INC. 11.81 5.95 6.19 5.99 SILICON VALLEY BANCSHARES 16.80 10.91 13.03 13.97 SKY FINANCIAL GROUP INC. 9.20 6.78 6.42 6.33 SOUTH FINANCIAL GROUP, INC. (THE) 8.87 7.07 6.09 5.67 SOUTHWEST BANCORPORATION OF TEXAS, INC. 10.77 7.50 8.17 8.62 STERLING BANCSHARES, INC. 9.67 7.77 5.90 6.12 TEXAS REGIONAL BANCSHARES, INC. 12.19 7.85 8.97 8.02 TRUSTMARK CORPORATION 13.68 8.83 8.74 9.29 UCBH HOLDINGS, INC. NA 5.34 5.94 NA UMB FINANCIAL CORPORATION 16.12 8.43 8.15 8.62 UNITED BANKSHARES, INC. 10.31 8.05 7.54 7.62 UNITED COMMUNITY BANKS, INC. 10.06 5.94 6.64 6.42 UNIZAN FINANCIAL CORPORATION 9.52 6.99 7.61 6.55 WESBANCO, INC. 13.33 10.41 9.75 8.53 WESTAMERICA BANCORPORATION 9.33 7.91 7.56 7.32 WHITNEY HOLDING CORPORATION 12.45 8.82 8.60 8.97 - --------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 7.77 4.59 6.16 6.33 AVERAGES: 11.11 7.36 7.41 7.39 - --------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 75 Tab 6D BAXTER FENTRISS AND COMPANY =============================== 76 FIRST BANKS AMERICA, INC. * PRESS RELEASES 77 FIRST BANKS AMERICA, INC. ANNOUNCES FIRST QUARTER 2002 EARNINGS AND OTHER CORPORATE DEVELOPMENTS SAN FRANCISCO--(BUSINESS WIRE)--April 25, 2002--First Banks America, Inc. ("FBA" or "the Company") (NYSE:FBA) (NYSE:FBA'T) reported earnings of $5.2 million, or $0.40 per share on a diluted basis, for the quarter ended March 31, 2002, compared to $7.3 million, or $0.60 per share on a diluted basis, for the comparable period in 2001. The implementation of Statement of Financial Accounting Standards ("SFAS") No. 133, Accounting for Derivative Instruments and Hedging Activities ("SFAS 133"), on January 1, 2001, resulted in the recognition of a cumulative effect of change in accounting principle of $459,000, net of tax, which reduced net income in 2001. Excluding this item, net income was $7.7 million, or $0.64 per share on a diluted per share basis, for the quarter ended March 31, 2001. James F. Dierberg, Chairman, President and Chief Executive Officer of FBA, said, "The decline in earnings for the quarter ended March 31, 2002, as compared to the quarter ended March 31, 2001, primarily reflects increased provisions for loan losses associated with the increased charge-off, delinquency and nonperforming trends we are experiencing as a result of current economic conditions. The increased provisions for loan losses were partially offset by slight increases in net interest income and noninterest income." Commenting further, Dierberg said, "Net interest income increased primarily as a result of increased earning assets generated through internal loan growth as well as our acquisitions of Charter Pacific Bank and BYL Bancorp, completed during the fourth quarter of 2001. The improvement in net interest income, however, was partially mitigated by the significant decline in prevailing interest rates during 2001 and overall economic conditions, which reduced loan demand. In addition, our derivative financial instruments contributed $6.2 million to net interest income for the three months ended March 31, 2002, compared to $561,000 for the comparable period in 2001." The Company recorded provisions for loan losses of $7.7 million and $90,000 for the three months ended March 31, 2002 and 2001, respectively. The significant increase in the provision for loan losses reflects increases in net loan charge-offs and delinquent loans. These trends are primarily attributable to slowing economic conditions prevalent within FBA's markets. Noninterest income was $5.5 million and $4.4 million for the three months ended March 31, 2002 and 2001, respectively. The increase in noninterest income reflects increases in: service charges on deposit accounts, loan servicing fees, income earned on bank-owned life insurance, income associated with the International Business Division and a gain on the sale of certain operating lease equipment acquired in connection with the acquisition of Bank of San Francisco. The overall increase in noninterest income was partially offset by a net loss on derivative instruments of $136,000 for the three months ended March 31, 2002, compared to a net gain of $300,000 for the comparable period in 2001, representing mark-to-market adjustments required under SFAS 133. Operating expenses decreased slightly to $21.9 million from $22.0 million for the three months ended March 31, 2002 and 2001, respectively. The decreased operating expenses primarily result from the discontinuation of the amortization of certain intangibles associated with the purchase of subsidiaries in accordance with the implementation of SFAS No. 142 ("SFAS 142"), Goodwill and Other Intangible Assets, on January 1, 2002. Amortization of intangibles for the three months ended March 31, 2002 and 2001 was $266,000 and $1.4 million, respectively. If the Company had implemented SFAS 142 at the beginning of 2001, net income for the three months ended March 31, 2001, would have increased $1.3 million, to $8.6 million, or $0.71 per share on a fully diluted basis. The decrease in operating expenses was 78 partially offset by increases in guaranteed preferred debentures expense, credit card expenses, salaries and employee benefit expenses and information technology fees. As previously announced, in order to provide sufficient capital to complete the acquisition of BYL Bancorp in October, 2001, FBA's majority owner, First Banks, Inc. ("First Banks"), St. Louis, Missouri, purchased approximately 804,000 shares of FBA common stock at $32.50 per share in cash, an aggregate of approximately $26.2 million. In connection with this transaction, FBA plans to conduct a rights offering during the second quarter of 2002, whereby all of its stockholders except for First Banks will be given the right to purchase proportionate amounts of FBA common stock at $32.50, the same price paid by First Banks. This will generally allow those stockholders who elect to do so to purchase 7.15 shares of FBA common stock at $32.50 per share for each 100 shares of common stock that they own as of the record date, which has not yet been set. First Banks owns 93.69% of FBA's voting stock. First Banks recently informed FBA's Board of Directors that it intends to propose a transaction in which First Banks would acquire all of the outstanding capital stock of FBA which it does not already own, and all of FBA's other stockholders would receive cash for their shares. Such a transaction would be in the form of a merger of FBA with First Banks or a subsidiary of First Banks and would require prior approval of FBA's Board of Directors and, following the distribution of a proxy statement discussing the terms of a transaction in detail, by FBA's stockholders. Specific terms of the proposed transaction have not been determined. Today, FBA's Board of Directors discussed the proposal and voted to form a Special Committee, composed solely of directors who are not affiliated with First Banks, to analyze the terms on which such a transaction might be acceptable to FBA. The Board of Directors authorized the Special Committee to engage outside advisers, including its own independent legal counsel and financial advisor, to assist the Special Committee in evaluating such a transaction, including an analysis of the terms on which the transaction would be considered fair to FBA's stockholders (other than First Banks) from a financial point of view. The transaction is likely to proceed if First Banks and the Special Committee are able to agree on terms, including the price at which all of FBA's shares would be acquired. The process by which the transaction will be reviewed by the Special Committee before any proposal is made to stockholders will consist of several steps, and there is no assurance whether such a transaction will actually be presented to stockholders, voted upon or completed. At March 31, 2002, FBA had consolidated assets of $2.99 billion. FBA operates through its wholly owned banking subsidiary, First Bank & Trust, which is headquartered in San Francisco, California, and has 49 banking offices in northern and southern California and six banking offices in Houston, Dallas, Irving and McKinney, Texas. This release contains forward-looking statements that are subject to risks and uncertainties arising out of or affecting the Company's business, not all of which can be predicted or anticipated. These statements are based on information currently available to FBA's management, and numerous factors might cause actual results to differ materially from those contemplated in the forward-looking statements. For additional information, see the discussions of forward-looking statements that appear in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of FBA's most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. FIRST BANKS AMERICA, INC. FINANCIAL SUMMARY (In thousands, except per share data) 79 (unaudited) Condensed Consolidated Statement of Income Information Three Months Ended March 31, 2002 2001 ---- ---- Interest income..................................................... $46,866 54,823 Interest expense.................................................... 14,353 24,195 ------- ------ Net interest income............................................. 32,513 30,628 Provision for loan losses........................................... 7,700 90 Noninterest income.................................................. 5,516 4,379 Noninterest expense................................................. 21,874 21,969 ------- ------ Income before provision for income taxes and cumulative effect of change in accounting principle..................... 8,455 12,948 Provision for income taxes.......................................... 3,253 5,222 ------- ------ Income before cumulative effect of change in accounting principle..................................................... 5,202 7,726 Cumulative effect of change in accounting principle................. -- (459) ------- ------ 80 Net income...................................................... $ 5,202 7,267 ======= ====== Basic earnings per common share: Income before cumulative effect of change in accounting principle..................................................... $ 0.40 0.64 Cumulative effect of change in accounting principle............. -- (0.04) ------- ------ $ 0.40 0.60 ======= ====== Diluted earnings per common share: Income before cumulative effect of change in accounting principle..................................................... 0.40 0.64 Cumulative effect of change in accounting principle............. -- (0.04) ------- ------ $ 0.40 0.60 ======= ====== Weighted average common shares outstanding.......................... 12,856 12,097 Condensed Consolidated Balance Sheet Information March 31, December 31, 2002 2001 ---- ---- 81 Assets.............................................................. $ 2,987,524 3,060,988 Investment securities............................................... 298,028 368,207 Loans, net of unearned discount..................................... 2,293,477 2,323,263 Allowance for loan losses........................................... 38,318 42,721 Deposits............................................................ 2,477,184 2,555,261 Note payable........................................................ 56,500 71,000 Stockholders' equity................................................ 285,524 285,317 Nonperforming assets................................................ 19,113 20,111 Issued and outstanding shares: Common stock..................................................... 10,356,060 10,356,060 Class B common stock............................................. 2,500,000 2,500,000 Selected Financial Ratios Three Months Ended March 31, 2002 2001 ---- ---- Return on average assets............................................ 0.70% 1.11% Return on average equity............................................ 7.24 14.58 Net interest margin................................................. 4.92 5.22 Efficiency ratio.................................................... 57.52 62.76 CONTACT: First Banks America, Inc. Allen H. Blake, 314/592-5000 or Terrance M. McCarthy, 415/781-7810 SOURCE: First Banks America, Inc. Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: http://www.businesswire.com 04/25/2002 17:22 EASTERN 82 Tab 7 BAXTER FENTRISS AND COMPANY ============================= 83 FIRST BANKS AMERICA, INC. * QUALIFICATIONS OF BAXTER FENTRISS & COMPANY 84 ======================================================================== QUALIFICATIONS OF BAXTER FENTRISS AND COMPANY Baxter Fentriss and Company is a nationally recognized investment banking and financial advisory firm that specializes in the financial services industry. Baxter Fentriss and Company, which is headquartered in Richmond, Virginia, provides innovative solutions, experience and leadership to financial institutions pursuing major strategic objectives. The company's professionals have successfully completed or managed several hundred valuation, merger, acquisition, divestiture and financing transactions primarily in the financial services industry. With combined experience in excess of 50 years, the company's professionals apply a high level of experience, market knowledge and technical skill to each transaction. Baxter Fentriss provides ESOP, estate tax, and other valuation services and is qualified to testify as an expert witness in legal proceedings on valuation issues. Baxter Fentriss is also recognized by the Office of Thrift Supervision as a qualified appraiser in mutual conversions. ======================================================================== BAXTER FENTRISS & COMPANY 85 APPENDIX Page 17 contains a Stock Price Graph. The information contained in the graph has been presented in a tabular matter which can be processed by the EDGAR system. 1 Exhibit (c)(2) BAXTER FENTRISS AND COMPANY 9100 ARBORETUM PKWY., SUITE 280 RICHMOND, VIRGINIA 23236 FIRST BANKS AMERICA VALUATION AS OF AUGUST 3, 2002 PERSONAL AND CONFIDENTIAL =============================================================BAXTER FENTRISS 2 ============================================================================ FIRST BANKS AMERICA, INC. SAN FRANCISCO, CALIFORNIA VALUATION OF MINORITY INTEREST CONFIDENTIAL ------------ ============================================================================ BAXTER FENTRISS & COMPANY AUGUST 3, 2002 3 ============================================================================= FIRST BANKS AMERICA, INC. SAN FRANCISCO, CALIFORNIA VALUATION OF MINORITY INTEREST TABLE OF CONTENTS TAB --- PURPOSE OF VALUATION . . . . . . . . . . . . . 1 LIMITATIONS MINORITY INTEREST RIGHTS OFFERING OVERVIEW OF FIRST BANKS AMERICA, INC. . . . . . . . . . 2 SELECT FINANCIAL INFORMATION VALUATION SUMMARY . . . . . . . . . . . . . 3 COMPARABLE TRADING VALUES . . . . . . . . . 3A DISCOUNTED CASH FLOW / NET PRESENT VALUE . . . . . 3B POTENTIAL ACQUISITION VALUATION ANALYSIS . . . . . 3C NORMALIZED 2001 & 2002 EARNINGS. . . . . . . . . . . 4 PEER GROUP COMPARISON . . . . . . . . . . . . . 5 OBSERVATIONS ON FBA'S PRO FORMA FINANCIALS . . . . . . . . 6 APPENDIX . . . . . . . . . . . . . . . . 7 2001 ANNUAL REPORT . . . . . . . . . . . 7A MARCH 31, 2002 QUARTERLY REPORT. . . . . . . . 7B JUNE 30, 2002 QUARTERLY REPORT . . . . . . . . 7B DETAILED PEER GROUP INFORMATION. . . . . . . . 7C PRESS RELEASES . . . . . . . . . . . . 7D FBA PRO FORMA FINANCIAL STATEMENTS . . . . . . . 7E QUALIFICATIONS OF BAXTER FENTRISS & COMPANY. . . . . . . . 8 ============================================================================= BAXTER FENTRISS & COMPANY 4 Tab 1 BAXTER FENTRISS AND COMPANY ================================= 5 FIRST BANKS AMERICA, INC. * PURPOSE OF VALUATION * LIMITATIONS * MINORITY INTEREST * RIGHTS OFFERING 6 ============================================================================ FIRST BANKS AMERICA, INC. VALUATION OF MINORITY STOCK AS OF AUGUST 3, 2002 PURPOSE AND LIMITATIONS - ----------------------- The purpose of this valuation is to determine the fair market value of the minority interest position in the common stock of First Banks America, Inc. of San Francisco, California ("FBA" or the "Bank") on a "GOING CONCERN" basis. As of June 30, 2002, the Bank has 15,000,000 shares of Common stock authorized and 10,416,460 shares issued and 4,000,000 shares of Class B Common stock authorized of which 2,500,000 were issued and outstanding. The Bank has reacquired 69,300 shares of its common stock which are being held as treasury shares. The rights of Class B common stock are in most respects, including voting rights, equivalent to the rights of the Common stock, except the Common stock has a dividend preference over the Class B Common stock, and the Class B Common stock is unregistered and transferable only in certain limited circumstances. The outstanding shares of Class B Common stock became convertible on August 31, 1999 at the option of the holder, into an equal number of shares of Common stock. For the purposes of this valuation, we have assumed that the economic interests of the two different classes are equal, and therefore any differences would have an immaterial impact to their valuation. FBA's Common stock and Class B Common stock will be collectively referred to hereinafter as "common stock." FBA's shares of common stock trade on the New York Stock Exchange with the ticker symbol "FBA". As of March 22, 2002 there were approximately 1,250 registered common shareholders of record. This number does not include any persons or entities that hold their stock in nominee or "street" name through various brokerage firms. As of August 2, 2002, the day before the date of this valuation, the closing price of FBA's shares was $39.50. The market value of the 811,217 shares held in minority interest is approximately $32.0 million. FBA's total market capitalization as of the same date was approximately $507.4 million. This valuation is being performed in connection with the proposed acquisition by First Banks, Inc., St. Louis, Missouri ("First Banks") the majority shareholder of FBA, of the remaining shares of common stock outstanding not already held by First Banks. At the time of this valuation First Banks owned 93.69% of the outstanding shares of common stock of FBA. The majority shareholder of FBA has proposed the purchase of the remaining 6.31% or 811,217 outstanding shares. Baxter Fentriss and Company has been engaged by a Special Committee of independent directors to assist and to perform a valuation of the minority shares. Our analysis was conducted for these purposes only, and is not valid for any other purpose or at any other date. ============================================================================ BAXTER FENTRISS & COMPANY 7 ============================================================================ In arriving at a market value for the common stock of a company such as FBA, our analysis takes into account the guidelines established by IRS revenue ruling 59-60 for determining the value of a corporation's securities. These factors include but are not limited to: 1. The nature of the business and the history of the enterprise. 2. The general economic environment and its expected impact on FBA. 3. The tangible book value of FBA and its financial condition. 4. The earnings ability of FBA. 5. The dividend paying capacity of FBA. 6. Recent sales of large quantities of the stock. 7. The market price of similar institutions. The primary determinant of value is the price at which the property would change hands between a "willing buyer" and a "willing seller" when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of the relevant facts. This valuation is based on the information and representations provided to Baxter Fentriss and Company by the officers and management of FBA. More specifically, this valuation is based on the December 31, 2001 and 2000 audited financial statements of FBA included in the Form 10-K Annual Report for the year ended December 31, 2001, the March 31, 2002 unaudited financial statements of FBA included in the Form 10-Q Quarterly Report for the quarterly period ended March 31, 2002, June 30, 2002 unaudited financial statements, and other miscellaneous internal and external financial information. Baxter Fentriss and Company is relying solely upon the accuracy of these reports and in no way makes any representation or warranty, expressed or implied, as to the accuracy of the financial information provided. Baxter Fentriss has made certain other assumptions regarding FBA's financial statements. We have no reason to believe there are any material unfunded liabilities (such as environmental problems, significant lawsuits, major loan deterioration), or substantial off-balance sheet assets that could impact our conclusions. The valuation of the securities portfolio is subject to changing market conditions over time, although adjustments for "available for sale securities" are captured in the June 30, 2002 shareholders' equity account. We have also assumed that there has been no impairment to the value of FBA's intangibles. We have also relied on certain publicly available information about other publicly or non-publicly traded financial institutions. We make no representations as to the accuracy of such financial information, however, we have no reason to believe such information is not accurate and complete. ============================================================================ BAXTER FENTRISS & COMPANY 8 ============================================================================ Our valuation is based on market conditions as they are known to us as of the date herein. Furthermore, the valuation of securities are subject to changing market conditions and therefore the valuation of FBA common stock is subject to the same market fluctuations over time. Our valuation has relied on a "GOING CONCERN" premise. This premise assumes that FBA is an ongoing business enterprise with management operating in a rational manner with a goal of maximizing shareholder value. The analysis considers only those facts and circumstances that were known to us at the valuation date. Certain methodologies and projections have been used in the valuation which, in our judgment, represent the most appropriate for use in this evaluation. The valuation could be different if another valuation date, other estimates, methodologies, or projections were used. We have used public data as provided by various sources and data provided by FBA. We have relied on the accuracy of such data without independent verification. We have no reason to believe such data is not accurate. The fees received for the preparation of this report are not dependent or contingent upon any transaction, and were not related to, or based upon, the result of the evaluation. MINORITY INTEREST - ----------------- The common stock of FBA subject to this valuation is a minority interest, as the holders of these shares of FBA do not have the unilateral ability to determine the following: 1. Appoint or remove management or determine their compensation; 2. Set policy or change the course of business; 3. Acquire or liquidate assets; 4. Make acquisitions of other companies; 5. Liquidate, dissolve, sell, or recapitalize the Bank; or 6. Determine the amount and timing of any distributions to shareholders. The minority shareholder in a company benefits from his/her ownership by receiving dividends and from price appreciation of his/her shares. A comparison to the public market pricing models is appropriate as publicly-traded shares are minority interests in their respective companies. The publicly-traded markets for stocks listed on an exchange, traded on NASDAQ, or over-the-counter are for minority shares in all cases, except where control bids are outstanding and the market is reacting to those bids. Valuation methods utilizing a comparison to traded shares, such as the publicly-traded peer market approach and the discounted cash flow model result in a minority value. Valuation methods that relate to the value of the company taken as a whole, such as merger models, result directly in a control value. An adjustment is necessary to determine the value of a single share or a "minority interest." The extent or size of a minority discount is based upon relationships between numerous factors. Generally, court decisions have supported discounts in the range of 10% to 65%. Appraisers ultimately develop a discount based on their judgment of ============================================================================ BAXTER FENTRISS & COMPANY 9 ============================================================================ the facts and circumstances. Baxter Fentriss considers these factors in its valuation of FBA common stock. FBA SHAREHOLDER RIGHTS OFFERING - ------------------------------- On April, 25, 2002, FBA announced its intent to conduct a rights offering whereby minority shareholders would be given the right to acquire shares at a price of $32.50. In October of 2001, First Banks, Inc. purchased approximately 804,000 shares in order to provide the capital necessary for FBA to complete the BYL Bancorp acquisition. This rights offering was performed in order to allow the minority shareholders of FBA the opportunity to acquire newly issued shares at the same price of $32.50 price at which shares were issued to First Banks. This rights offering is tentatively available to all FBA shareholders except First Banks. The offering will generally allow shareholders the right to purchase 7.15 shares of FBA Common stock for every 100 shares already owned or .0715 shares for every share held. If all minority shareholders execute the rights offering, the result is the issuance of 58,002 shares for total consideration of $1,885,065. Using April 24, 2002's closing price of $40.15 per share, the net gain to the minority shareholders is approximately $443,715 (approximately $.547 per outstanding minority share), calculated by subtracting $32.50 from $40.15 and multiplying the total by 58,002. In our opinion, this amount is immaterial given FBA's common equity base of over $285 million. No adjustment will be made to the Bank's financial statements for the proposed rights offering. ============================================================================ BAXTER FENTRISS & COMPANY 10 Tab 2 BAXTER FENTRISS AND COMPANY ================================= 11 FIRST BANKS AMERICA, INC. * OVERVIEW OF FIRST BANKS AMERICA, INC. * SELECT FINANCIAL INFORMATION 12 ============================================================================ OVERVIEW FIRST BANKS AMERICA, INC. ------------------------- COMPANY PROFILE First Banks America, Inc. is a registered bank holding company incorporated in Delaware and headquartered in San Francisco, California. The Bank offers a broad array of financial services to consumer and commercial customers. The organization has grown significantly over the years, primarily as a result of acquisitions, as well as through internal growth. FBA currently operates one banking subsidiary that operates 56 branch offices in northern and southern California and Houston, Dallas, Irving and McKinney, Texas. At June 30, 2002, the Bank had total assets of $3.06 billion, loans, net of unearned discount, of $2.28 billion, total deposits of $2.527 billion and total stockholders' equity of $301.9 million. FBA offers a broad range of commercial and personal deposit products, including demand, savings, money market and time deposit accounts. In addition, the Bank markets combined basic services for various customer groups, including packaged accounts for more affluent customers, and sweep account, lock-box deposits and cash management products for commercial customers. The Bank also offers both consumer and commercial loans. Consumer lending includes residential real estate, home equity and installment lending. Commercial lending includes commercial, financial and agricultural loans, real estate construction and development loans, commercial real estate loans, commercial leasing and trade financing. Other financial services include mortgage banking, debit cards, brokerage services, credit-related insurance, internet banking, automated teller machines, telephone banking, safe deposit boxes, escrow and bankruptcy deposit services, stock option services and trust and private banking services. FBA operates through its wholly owned subsidiary bank holding company, The San Francisco Company headquartered in San Francisco, California, and its wholly owned bank subsidiary First Bank & Trust, or "FB&T", also headquartered in San Francisco, California. The Bank is majority owned by First Banks, Inc., or "First Banks," headquartered in St. Louis County, Missouri. At March 31, 2002, First Banks owned 2,500,000 shares of FBA's Class B common stock and 9,545,107 shares of its common stock, which represented 93.69% of total outstanding voting stock. Accordingly, First Banks has effective control over FBA's management, policies, and the election of directors. The primary responsibility for managing FB&T rests with its officers and directors. However, the overall corporate policies, procedures, administrative functions, and operational support functions are controlled by First Banks, Inc. ACQUISITIONS Acquisitions have provided FBA with entry into several major market areas and, accordingly, an opportunity for future growth and profitability. In the recent development of its franchise, FBA has made numerous acquisitions of other financial institutions as one means of achieving its growth objectives. Acquisitions usually serve one of two purposes; to enhance presence in a given market; or to expand the extent of FBA's market area into new or noncontiguous markets. ============================================================================ BAXTER FENTRISS & COMPANY 13 ============================================================================ FBA's acquisition activities have been sporadic over the last few years. Periods of high transaction activity are followed with periods of low or no activity. This has allowed the Bank to digest and integrate its acquisitions and to allow some level of capital replenishment. After the consummation of an acquisition, FBA enhances the franchise of the acquired entity by supplementing its marketing and business development efforts to broaden the customer bases, strengthening particular segments of the business or filling voids in the overall market coverage. In addition, FBA's acquisition program enables it to further leverage the operational support services available through First Banks and its affiliates and to provide products and services typically available only through a larger organization. FBA has primarily utilized cash, voting stock, borrowings and the issuance of trust preferred securities to meet its growth objectives under its acquisition program. Although in the past FBA has issued voting stock as consideration in some acquisitions, the majority of recent acquisitions have been for cash, and present intentions are to seek cash transactions. FBA's ability to consummate additional acquisitions is dependent, in part, on access to cash resources with which to fund such transactions, and the maintenance of capital levels which are adequate to satisfy regulatory requirements and internal policies. During the three years ended December 31, 2001, FBA completed ten bank acquisitions and one branch office purchase. Acquisitions during the three years ended December 31, 2001 have served to increase FBA's presence in the California markets that were originally entered during 1995, and to further augment FBA's presence in existing markets. In the second quarter of 2002, FBA acquired two branches from Union Planters Corporation of Memphis, Tennessee. The branches were located in the Dallas Ft./Worth MSA and had total deposits in the amount of approximately $65.1 million. See the table on the next page for a summary of FBA's most recent acquisitions. ============================================================================ BAXTER FENTRISS & COMPANY 14 ================================================================================================================================== FBA ACQUISITIONS FROM 1999 TO 2002 - ---------------------------------- TOTAL NET YEAR ENTITY DATE ASSETS LOANS DEPOSITS OFFICES - ---------------------------------------------------------------------------------------------------------------------------------- 2002 Jefferson Heritage/Union Planters 06/21/2002 $1,663 622 65,100 2 Garland and Denton Branches 2001 BYL Bancorp Orange, California 10/31/2001 $ 281,500 175,000 251,800 7 Charter Pacific Bank Agoura Hills, California 10/16/2001 101,500 70,200 89,000 2 ---------- --------- --------- -- $383,000 245,200 340,800 9 2000 The San Francisco Company San Francisco, California 12/31/2000 $183,800 115,700 137,700 1 Millennium Bank San Francisco, California 12/29/2000 117,000 81,700 104,200 2 Commercial Bank of San Francisco San Francisco, California 12/31/2000 155,600 97,700 109,400 1 First Bank & Trust Newport Beach, California 10/31/2000 1,104,000 894,200 959,400 27 Bank of Ventura Ventura, California 08/31/2000 63,800 39,400 57,300 1 Lippo Bank San Francisco, California 02/29/2000 85,300 40,900 76,400 3 ---------- --------- --------- -- $1,709,500 1,269,600 1,444,400 35 1999 Brentwood Bank of California Malibu, California branch office 09/17/1999 $23,600 6,300 17,300 1 Century Bank Beverly Hills, California 08/31/1999 156,000 94,800 132,000 6 Redwood Bancorp San Francisco, California 03/04/1999 183,900 134,400 162,900 4 ---------- --------- --------- -- $363,500 235,500 312,200 11 ================================================================================================================================== BAXTER FENTRISS & COMPANY 15 - ------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. SELECTED FINANCIAL INFORMATION DATA IN ($000'S) - ------------------------------------------------------------------------------------------------------------------------------- HEADQUARTERS LOCATION SAN FRANCISCO, CA MARKET AREAS CALIFORNIA AND TEXAS INSTITUTION TYPE NATIONAL COMMERCIAL BANK HOLDING COMPANY YES OFFICES 56 - ------------------------------------------------------------------------------------------------------------------------------- 1998-2001 YTD ANNUAL KEY BALANCES 1998Y 1999Y 2000Y 2001Y 03/31/2002 GROWTH ================================== CASH & SECURITIES $346,389 $293,470 $488,429 $487,304 $450,872 12.05% LOANS, NET $1,065,018 $1,438,899 $2,020,747 $2,280,542 $2,255,159 28.89% DEPOSITS $1,297,859 $1,584,999 $2,306,356 $2,555,261 $2,477,184 25.33% EQUITY $143,194 $174,513 $196,909 $285,317 $285,524 25.83% ASSETS $1,513,276 $1,861,862 $2,741,379 $3,060,988 $2,987,524 26.47% PROFITABILITY ================================== NET INCOME $10,074 $17,599 $27,797 $39,615 $5,202 57.84% ROAA 0.72% 1.04% 1.32% 1.44% 0.69% ROAE 8.43% 11.36% 15.86% 17.14% 7.14% STOCKHOLDERS ================================== BOOK VALUE PER SHARE $11.69 $15.34 $16.27 $22.19 $22.21 23.82% BASIC EARNINGS PER SHARE $0.86 $1.44 $2.29 $3.29 $0.40 56.40% DIVIDENDS PER SHARE $0.00 $0.00 $0.00 $0.00 $0.00 WEIGHTED AVG. SHARES 11,679 12,240 12,130 12,204 12,856 COMMON SHARES 12,252 11,378 12,106 12,856 12,856 OPERATING RATIOS AVERAGES ================================== NET INTEREST INCOME / AVG. ASSETS 4.25% 4.80% 5.02% 4.56% 4.17% 4.56% INTEREST INCOME / AVG. ASSETS 7.77% 7.82% 8.43% 7.58% 6.22% 7.56% INTEREST EXPENSE / AVG. ASSETS 3.52% 3.02% 3.41% 3.02% 2.05% 3.00% NET CHARGE-OFF'S / AVG. LOANS 0.06% 0.15% 0.01% 0.27% 2.08% 0.51% RESERVE / LOANS 2.29% 2.06% 1.84% 1.84% 1.67% 1.94% NON-INTEREST INCOME / AVG. ASSETS 0.51% 0.51% 0.57% 1.00% 0.73% 0.66% NON-INTEREST EXPENSE / AVG. ASSETS 3.46% 3.44% 3.33% 3.40% 2.76% 3.28% EQUITY / ASSETS 9.46% 9.37% 7.18% 9.32% 9.56% 8.98% NET LOANS / DEPOSITS 83.98% 92.69% 89.26% 90.92% 92.58% 89.89% - ------------------------------------------------------------------------------------------------------------------------------- 16 - ------------------------------------------------------------------------------ 2002 FBI ORG. CHART AS OF 04/10/02 Note: These are the correct legal names. Any other variation is for internal purposes only. Disclaimer: This chart does not include any grantor or business type trusts where FBI or any of its affiliates are grantors, beneficiaries or security owners. - ------------------------------------------------------------------------------ [2002 FBI Organization Chart] ............................................................................... 2002 ACQUISITION/MERGER ACTIVITY January 15 - Effective close of business, acqusition of Plains Financial Corporation and its subsidiary Plains Bank of Illinois with subsequent merger of Plains Financial Corporation with and into Union Financial Group, LTD and Plains Bank of Illinois with and into First Bank. For Tax purposes, the acquisition is effective close of business January 14, 2002. February 9 - Merger of Eucalyptus Financial Corporation with and into Bank of San Francisco Realty Investors, Inc. February 21 - Merger of Charter Pacific Financial Services with and into Bank of San Francisco Realty Investors, Inc. April 10 - Merger of First Capital Group, Inc. with and into Union Financial Group, Ltd. YEAR 2002 PENDING TRANSACTIONS ............................................................................... 17 FBA Prices from 07/19/02 through 09/18/02 Date Volume Ask/High Bid/Low Close - -------- ------ -------- ------- ----- 07/19/02 2,900 40.05 39.10 40.00 07/22/02 400 40.00 39.90 40.00 07/23/02 200 39.90 39.90 39.90 07/24/02 1,200 39.80 39.30 39.50 07/25/02 500 39.35 39.10 39.10 07/26/02 200 39.30 39.30 39.30 07/29/02 200 39.50 39.50 39.50 07/30/02 500 39.60 39.40 39.60 07/31/02 300 39.60 39.50 39.50 08/01/02 0 39.50 39.50 39.50 08/02/02 0 39.50 39.50 39.50 08/05/02 1,300 39.40 39.05 39.05 08/06/02 9,100 41.70 39.10 41.70 08/07/02 400 41.71 41.50 41.50 08/08/02 2,900 41.40 40.50 40.50 08/09/02 100 40.40 40.40 40.40 08/12/02 500 40.32 40.10 40.20 08/13/02 0 40.20 40.20 40.20 08/14/02 500 40.35 40.25 40.25 08/15/02 600 40.10 40.00 40.00 08/16/02 700 40.05 40.00 40.05 08/19/02 5,100 40.60 40.10 40.11 08/20/02 100 40.12 40.12 40.12 08/21/02 6,900 40.10 39.85 40.00 08/22/02 14,300 40.00 40.00 40.00 08/23/02 1,300 40.20 39.90 40.20 08/26/02 300 40.35 40.30 40.30 08/27/02 1,300 40.25 40.01 40.01 08/28/02 300 40.24 40.04 40.24 08/29/02 1,100 40.14 40.14 40.14 08/30/02 2,600 40.40 40.24 40.25 09/03/02 100 40.15 40.15 40.15 09/04/02 100 40.07 40.07 40.07 09/05/02 2,600 40.05 39.96 39.96 09/06/02 900 40.00 40.00 40.00 09/09/02 1,300 40.38 40.00 40.38 09/10/02 300 40.38 40.23 40.23 09/11/02 0 40.23 40.23 40.23 09/12/02 0 40.23 40.23 40.23 09/13/02 300 40.30 40.13 40.30 09/16/02 0 40.30 40.30 40.30 09/17/02 1,100 40.29 40.20 40.20 09/18/02 100 40.30 40.30 40.30 Thursday, September 19, 2002 America Online:BFC BJOHNSON Page 1 18 FBA STOCK PRICE HISTORY [GRAPH] Date Volume Open High Low Close Adj. Close* 8-Apr-02 700 40.8 41.2 40.8 41.2 41.2 9-Apr-02 600 41.3 41.35 41.2 41.35 41.35 10-Apr-02 4,300 41.15 41.55 41.04 41.55 41.55 11-Apr-02 2,000 41.6 41.6 40.9 40.9 40.9 12-Apr-02 5,200 40.7 40.8 40.25 40.61 40.61 15-Apr-02 3,600 40.8 41 40.3 40.4 40.4 16-Apr-02 7,000 40.15 40.75 39.8 40.75 40.75 17-Apr-02 500 40.75 40.9 40.75 40.9 40.9 18-Apr-02 200 40.7 40.7 40.7 40.7 40.7 19-Apr-02 600 40.6 40.8 40.6 40.8 40.8 22-Apr-02 600 41 41 41 41 41 23-Apr-02 3,500 41.1 41.1 40.85 40.85 40.85 24-Apr-02 5,700 40.7 40.9 40.15 40.15 40.15 25-Apr-02 1,000 40 40.01 39.99 40 40 26-Apr-02 2,700 39.6 39.6 39.15 39.21 39.21 29-Apr-02 11,300 38.81 39.7 38.7 39.7 39.7 30-Apr-02 3,500 39.8 39.8 39.52 39.62 39.62 1-May-02 14,700 39.55 40.99 39.37 39.51 39.51 2-May-02 400 39.7 39.7 39.6 39.6 39.6 3-May-02 9,300 39.5 40.8 39.5 40.25 40.25 6-May-02 4,000 40.25 41.2 40.25 40.9 40.9 7-May-02 12,100 40.98 41.75 40.98 41.35 41.35 8-May-02 700 41.27 41.27 41.27 41.27 41.27 9-May-02 1,800 41.1 41.1 40.2 40.41 40.41 10-May-02 1,000 40.45 40.45 40.3 40.4 40.4 13-May-02 8,000 40.4 40.4 39.5 40 40 14-May-02 1,300 39.9 39.99 39.71 39.99 39.99 15-May-02 3,600 39.9 40.91 39.9 40.41 40.41 16-May-02 200 40.21 40.21 40.21 40.21 40.21 17-May-02 500 40.26 40.5 40.2 40.2 40.2 20-May-02 1,000 40 40 39.8 39.8 39.8 21-May-02 4,100 39.7 39.9 38.6 38.6 38.6 22-May-02 1,500 38.4 38.4 38 38 38 23-May-02 1,300 38.2 38.5 38.2 38.3 38.3 24-May-02 2,500 38.05 38.05 37.05 37.05 37.05 28-May-02 5,600 37 37.45 36.6 36.6 36.6 29-May-02 3,000 36.73 37 36.6 36.6 36.6 30-May-02 1,700 36.68 36.93 36.68 36.93 36.93 31-May-02 6,800 36.9 37.4 35.72 35.72 35.72 3-Jun-02 14,500 35.5 36.35 35.3 36.26 36.26 4-Jun-02 1,700 36.4 36.7 36.35 36.7 36.7 5-Jun-02 2,500 36.7 37.3 36.7 37.1 37.1 6-Jun-02 100 37 37 37 37 37 7-Jun-02 2,000 37.05 37.5 37.05 37.5 37.5 10-Jun-02 2,100 37.7 37.85 37.5 37.7 37.7 11-Jun-02 6,200 37.7 39 37.65 39 39 12-Jun-02 1,500 39 39.38 39 39.38 39.38 13-Jun-02 5,300 39.45 39.85 39.1 39.1 39.1 14-Jun-02 3,600 38.9 38.9 38.19 38.19 38.19 17-Jun-02 500 38.3 38.3 37.9 37.9 37.9 18-Jun-02 400 37.9 37.9 37.89 37.89 37.89 19-Jun-02 200 37.8 37.8 37.72 37.72 37.72 20-Jun-02 700 37.84 37.97 37.84 37.97 37.97 21-Jun-02 700 38.1 38.2 38.1 38.2 38.2 24-Jun-02 1,600 38.1 38.13 37.9 37.9 37.9 26-Jun-02 100 38.1 38.1 38.1 38.1 38.1 27-Jun-02 1,300 38 38.3 38 38.3 38.3 28-Jun-02 4,500 38.4 39.25 38.4 39.15 39.15 1-Jul-02 3,300 39.2 39.6 39.2 39.4 39.4 2-Jul-02 300 39.3 39.3 39.3 39.3 39.3 3-Jul-02 800 39.15 39.15 39 39 39 5-Jul-02 8,600 39.01 41.42 39 41.42 41.42 8-Jul-02 400 41.1 41.2 41 41 41 9-Jul-02 500 40.8 40.8 40.5 40.5 40.5 19 Historical Prices Page 1 of 7 [LOGO] YAHOO! FINANCE HISTORICAL PRICES - FBA (FIRST BANKS AMERICA INC) AS OF 05-JUL-02 MORE INFO: Quote | Chart | News | Profile | Research | SEC | Msgs | Profile ----- ----- ---- ------- -------- --- ---- ------- ================================================================== Month Day Year * Daily Start: Jul 05 01 o Weekly End: Jul 05 02 o Monthly o Dividends ================================================================== Ticker Symbol: fba Get Data ================================================================== ==================================================================================================== DATE OPEN HIGH LOW CLOSE VOLUME ADJ. CLOSE* ==================================================================================================== Jul-05-02 39.01 41.42 39.00 41.42 8,600 41.42 Jul-03-02 39.15 39.15 39.00 39.00 800 39.00 Jul-02-02 39.30 39.30 39.30 39.30 300 39.30 Jul-01-02 39.20 39.60 39.20 39.40 3,300 39.40 Jun-28-02 38.40 39.25 38.40 39.15 4,500 39.15 Jun-27-02 38.00 38.30 38.00 38.30 1,300 38.30 Jun-26-02 38.10 38.10 38.10 38.10 100 38.10 Jun-24-02 38.10 38.13 37.90 37.90 1,600 37.90 Jun-21-02 38.10 38.20 38.10 38.20 700 38.20 Jun-20-02 37.84 37.97 37.84 37.97 700 37.97 Jun-19-02 37.80 37.80 37.72 37.72 200 37.72 Jun-18-02 37.90 37.90 37.89 37.89 400 37.89 Jun-17-02 38.30 38.30 37.90 37.90 500 37.90 Jun-14-02 38.90 38.90 38.19 38.19 3,600 38.19 Jun-13-02 39.45 39.85 39.10 39.10 5,300 39.10 Jun-12-02 39.00 39.38 39.00 39.38 1,500 39.38 Jun-11-02 37.70 39.00 37.65 39.00 6,200 39.00 Jun-10-02 37.70 37.85 37.50 37.70 2,100 37.70 Jun-07-02 37.05 37.50 37.05 37.50 2,000 37.50 Jun-06-02 37.00 37.00 37.00 37.00 100 37.00 20 Historical Prices Page 2 of 7 Jun-05-02 36.70 37.30 36.70 37.10 2,500 37.10 Jun-04-02 36.40 36.70 36.35 36.70 1,700 36.70 Jun-03-02 35.50 36.35 35.30 36.26 14,500 36.26 May-31-02 36.90 37.40 35.72 35.72 6,800 35.72 May-30-02 36.68 36.93 36.68 36.93 1,700 36.93 May-29-02 36.73 37.00 36.60 36.60 3,000 36.60 May-28-02 37.00 37.45 36.60 36.60 5,600 36.60 May-24-02 38.05 38.05 37.05 37.05 2,500 37.05 May-23-02 38.20 38.50 38.20 38.30 1,300 38.30 May-22-02 38.40 38.40 38.00 38.00 1,500 38.00 May-21-02 39.70 39.90 38.60 38.60 4,100 38.60 May-20-02 40.00 40.00 39.80 39.80 1,000 39.80 May-17-02 40.26 40.50 40.20 40.20 500 40.20 May-16-02 40.21 40.21 40.21 40.21 200 40.21 May-15-02 39.90 40.91 39.90 40.41 3,600 40.41 May-14-02 39.90 39.99 39.71 39.99 1,300 39.99 May-13-02 40.40 40.40 39.50 40.00 8,000 40.00 May-10-02 40.45 40.45 40.30 40.40 1,000 40.40 May-09-02 41.10 41.10 40.20 40.41 1,800 40.41 May-08-02 41.27 41.27 41.27 41.27 700 41.27 May-07-02 40.98 41.75 40.98 41.35 12,100 41.35 May-06-02 40.25 41.20 40.25 40.90 4,000 40.90 May-03-02 39.50 40.80 39.50 40.25 9,300 40.25 May-02-02 39.70 39.70 39.60 39.60 400 39.60 May-01-02 39.55 40.99 39.37 39.51 14,700 39.51 Apr-30-02 39.80 39.80 39.52 39.62 3,500 39.62 Apr-29-02 38.81 39.70 38.70 39.70 11,300 39.70 Apr-26-02 39.60 39.60 39.15 39.21 2,700 39.21 Apr-25-02 40.00 40.01 39.99 40.00 1,000 40.00 Apr-24-02 40.70 40.90 40.15 40.15 5,700 40.15 Apr-23-02 41.10 41.10 40.85 40.85 3,500 40.85 Apr-22-02 41.00 41.00 41.00 41.00 600 41.00 21 Historical Prices Page 3 of 7 Apr-19-02 40.60 40.80 40.60 40.80 600 40.80 Apr-18-02 40.70 40.70 40.70 40.70 200 40.70 Apr-17-02 40.75 40.90 40.75 40.90 500 40.90 Apr-16-02 40.15 40.75 39.80 40.75 7,000 40.75 Apr-15-02 40.80 41.00 40.30 40.40 3,600 40.40 Apr-12-02 40.70 40.80 40.25 40.61 5,200 40.61 Apr-11-02 41.60 41.60 40.90 40.90 2,000 40.90 Apr-10-02 41.15 41.55 41.04 41.55 4,300 41.55 Apr-09-02 41.30 41.35 41.20 41.35 600 41.35 Apr-08-02 40.80 41.20 40.80 41.20 700 41.20 Apr-05-02 39.81 41.40 39.31 41.00 9,300 41.00 Apr-04-02 42.00 42.00 40.00 40.01 9,400 40.01 Apr-03-02 41.65 42.50 41.60 42.09 6,500 42.09 Apr-02-02 41.00 41.90 41.00 41.59 2,800 41.59 Apr-01-02 40.98 41.00 40.68 41.00 4,500 41.00 Mar-28-02 40.50 40.98 40.20 40.98 2,300 40.98 Mar-27-02 40.50 40.70 40.50 40.70 400 40.70 Mar-26-02 40.00 40.80 40.00 40.40 7,300 40.40 Mar-25-02 40.25 40.28 39.65 39.80 3,400 39.80 Mar-22-02 40.00 40.38 40.00 40.38 700 40.38 Mar-21-02 40.20 40.20 40.00 40.20 900 40.20 Mar-20-02 41.00 41.50 40.40 40.40 3,500 40.40 Mar-19-02 41.40 42.00 40.80 40.80 16,400 40.80 Mar-18-02 41.05 43.00 41.05 41.30 44,400 41.30 Mar-15-02 40.85 42.10 40.85 41.01 22,100 41.01 Mar-14-02 39.20 42.90 38.40 41.00 70,500 41.00 Mar-13-02 37.55 42.60 36.50 39.40 146,800 39.40 Mar-12-02 38.95 40.20 34.50 37.80 101,900 37.80 Mar-11-02 39.65 42.10 38.50 39.20 59,800 39.20 Mar-08-02 41.50 43.20 36.85 39.75 155,100 39.75 Mar-07-02 37.75 42.10 37.75 41.40 41,300 41.40 Mar-06-02 36.05 38.00 36.05 37.70 15,500 37.70 22 Historical Prices Page 4 of 7 Mar-05-02 35.40 36.00 35.40 35.91 4,700 35.91 Mar-04-02 33.80 35.30 33.75 35.30 13,500 35.30 Mar-01-02 33.45 33.90 33.45 33.90 3,000 33.90 Feb-28-02 33.10 33.35 33.10 33.35 1,700 33.35 Feb-27-02 32.70 33.10 32.70 33.10 2,100 33.10 Feb-26-02 33.15 33.15 32.76 32.76 1,500 32.76 Feb-25-02 32.90 33.15 32.90 33.15 2,400 33.15 Feb-22-02 31.45 32.85 31.45 32.75 14,900 32.75 Feb-21-02 31.75 31.75 31.55 31.55 1,100 31.55 Feb-19-02 31.65 31.66 31.65 31.66 600 31.66 Feb-15-02 31.80 31.80 31.80 31.80 100 31.80 Feb-14-02 31.80 31.80 31.80 31.80 300 31.80 Feb-13-02 31.70 31.75 31.70 31.75 900 31.75 Feb-11-02 31.49 31.60 31.49 31.60 700 31.60 Feb-08-02 31.50 31.50 31.46 31.46 1,200 31.46 Feb-06-02 31.83 31.83 31.57 31.65 1,300 31.65 Feb-05-02 31.85 31.85 31.85 31.85 200 31.85 Feb-04-02 31.80 31.80 31.80 31.80 700 31.80 Feb-01-02 31.60 32.10 31.60 32.00 1,600 32.00 Jan-31-02 31.73 31.73 31.55 31.56 1,500 31.56 Jan-30-02 31.86 31.90 31.80 31.80 1,600 31.80 Jan-29-02 32.08 32.08 31.90 31.90 800 31.90 Jan-28-02 32.80 32.96 32.08 32.10 13,600 32.10 Jan-25-02 32.88 32.88 32.88 32.88 300 32.88 Jan-24-02 32.90 32.95 32.90 32.95 500 32.95 Jan-23-02 33.00 33.00 33.00 33.00 200 33.00 Jan-22-02 32.76 33.24 32.76 33.10 3,200 33.10 Jan-18-02 32.45 32.45 32.45 32.45 100 32.45 Jan-17-02 32.45 32.55 32.45 32.55 1,000 32.55 Jan-16-02 32.60 32.65 32.45 32.50 2,800 32.50 Jan-15-02 32.73 32.73 32.50 32.57 3,700 32.57 Jan-14-02 32.68 32.75 32.68 32.75 400 32.75 23 Historical Prices Page 5 of 7 Jan-11-02 32.70 32.80 32.50 32.60 4,400 32.60 Jan-10-02 32.61 32.61 32.58 32.60 1,700 32.60 Jan-09-02 32.55 32.60 32.55 32.60 500 32.60 Jan-08-02 32.30 32.50 32.30 32.50 1,500 32.50 Jan-07-02 31.80 32.23 31.80 32.23 5,000 32.23 Jan-04-02 31.70 31.75 31.70 31.75 1,500 31.75 Jan-03-02 31.60 31.65 31.57 31.65 900 31.65 Jan-02-02 31.60 31.60 31.52 31.52 800 31.52 Dec-31-01 31.22 31.65 31.15 31.52 4,300 31.52 Dec-28-01 31.30 31.30 31.30 31.30 100 31.30 Dec-27-01 31.20 31.30 31.20 31.30 300 31.30 Dec-26-01 31.25 31.35 31.20 31.25 1,100 31.25 Dec-24-01 31.40 31.40 31.40 31.40 800 31.40 Dec-21-01 31.10 31.40 31.10 31.40 2,600 31.40 Dec-20-01 31.20 31.30 31.11 31.20 800 31.20 Dec-19-01 31.30 31.30 31.30 31.30 100 31.30 Dec-18-01 31.20 31.20 31.20 31.20 700 31.20 Dec-17-01 30.60 31.15 30.55 31.15 5,700 31.15 Dec-14-01 30.65 30.70 30.65 30.70 4,500 30.70 Dec-13-01 30.50 30.65 30.50 30.65 700 30.65 Dec-11-01 30.45 30.45 30.45 30.45 100 30.45 Dec-10-01 30.38 30.53 30.31 30.40 2,100 30.40 Dec-07-01 30.30 30.40 30.22 30.40 2,000 30.40 Dec-06-01 30.10 30.41 30.10 30.41 1,700 30.41 Dec-05-01 30.15 30.15 30.00 30.00 3,600 30.00 Dec-04-01 30.55 30.55 30.25 30.26 1,100 30.26 Dec-03-01 30.41 30.45 30.40 30.45 3,200 30.45 Nov-30-01 30.50 30.50 30.40 30.40 700 30.40 Nov-29-01 29.90 30.50 29.90 30.50 1,700 30.50 Nov-28-01 30.00 30.00 30.00 30.00 100 30.00 Nov-27-01 30.30 30.30 30.13 30.13 600 30.13 Nov-23-01 30.30 30.40 30.30 30.40 600 30.40 24 Historical Prices Page 6 of 7 Nov-21-01 30.30 30.30 30.24 30.24 400 30.24 Nov-20-01 30.40 30.40 30.40 30.40 400 30.40 Nov-19-01 30.38 30.38 30.20 30.33 4,000 30.33 Nov-16-01 30.63 30.63 30.63 30.63 300 30.63 Nov-15-01 30.65 30.70 30.65 30.68 1,200 30.68 Nov-14-01 31.10 31.11 30.78 30.82 2,100 30.82 Nov-13-01 31.00 31.10 31.00 31.00 1,500 31.00 Nov-12-01 31.24 31.24 31.05 31.05 1,500 31.05 Nov-09-01 31.35 31.40 31.11 31.15 4,200 31.15 Nov-08-01 31.50 31.52 31.50 31.52 2,100 31.52 Nov-07-01 30.60 31.45 30.60 31.45 7,400 31.45 Nov-06-01 29.85 30.50 29.84 30.46 7,000 30.46 Nov-05-01 29.50 29.90 29.50 29.85 6,400 29.85 Nov-02-01 30.05 30.05 29.65 29.65 2,700 29.65 Nov-01-01 30.35 30.35 30.01 30.05 1,800 30.05 Oct-31-01 31.80 31.80 30.45 30.45 11,500 30.45 Oct-30-01 31.95 32.10 31.58 31.95 8,700 31.95 Oct-29-01 32.30 32.30 32.07 32.07 7,200 32.07 Oct-26-01 32.30 32.50 32.30 32.35 2,100 32.35 Oct-25-01 32.20 32.34 32.20 32.29 1,600 32.29 Oct-24-01 32.45 32.45 32.18 32.19 2,100 32.19 Oct-23-01 32.45 32.54 32.45 32.45 1,500 32.45 Oct-22-01 32.45 32.50 32.45 32.45 2,000 32.45 Oct-19-01 32.45 32.50 32.45 32.50 700 32.50 Oct-18-01 32.45 32.50 32.45 32.45 1,400 32.45 Oct-17-01 32.45 32.53 32.45 32.50 3,200 32.50 Oct-16-01 32.60 32.60 32.50 32.60 1,100 32.60 Oct-15-01 32.60 32.70 32.60 32.70 800 32.70 Oct-12-01 32.53 32.55 32.53 32.55 1,100 32.55 Oct-11-01 32.65 32.69 32.50 32.55 1,100 32.55 Oct-10-01 32.50 32.65 32.32 32.65 3,300 32.65 Oct-09-01 32.78 32.90 32.65 32.65 1,500 32.65 25 Historical Prices Page 7 of 7 Oct-08-01 32.90 32.95 32.90 32.93 1,400 32.93 Oct-05-01 32.90 32.90 32.70 32.85 3,100 32.85 Oct-04-01 32.80 33.19 32.80 32.85 14,900 32.85 Oct-03-01 31.15 32.60 31.15 32.40 15,200 32.40 Oct-02-01 31.45 31.55 31.10 31.10 3,600 31.10 Oct-01-01 30.75 31.40 30.75 31.35 6,200 31.35 Sep-28-01 30.00 30.70 30.00 30.65 4,000 30.65 Sep-27-01 29.50 30.01 29.50 29.90 6,400 29.90 Sep-26-01 28.35 29.50 28.35 29.50 5,200 29.50 Sep-25-01 28.46 28.46 28.10 28.25 7,600 28.25 Sep-24-01 27.75 28.31 27.75 28.31 4,100 28.31 Sep-21-01 28.10 28.10 27.65 27.70 2,600 27.70 Sep-20-01 28.75 28.75 28.10 28.10 3,800 28.10 Sep-19-01 29.00 29.00 28.70 28.70 1,300 28.70 Sep-18-01 28.95 29.05 28.91 29.00 1,100 29.00 Sep-17-01 29.10 29.10 28.74 28.90 3,800 28.90 Sep-10-01 28.29 29.25 28.19 29.24 7,300 29.24 Sep-07-01 28.00 28.50 27.99 28.49 7,900 28.49 Sep-06-01 27.35 28.11 27.35 28.00 2,000 28.00 Sep-05-01 28.05 28.05 27.24 27.31 7,100 27.31 ===================================================================================================== <FN> * adjusted for dividends and splits, please see FAQ. -------------- Questions or Comments? ---------------------- Copyright (c) 2002 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service -------------- ---------------- Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). ------------------------------ Data and information is provided for informational purposes only, and is not intended for trading purposes. Neither Yahoo nor any of its data or content providers (such as CSI) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. 26 Historical Prices Page 1 of 4 [LOGO] YAHOO! FINANCE HISTORICAL PRICES - FBA (FIRST BANKS AMERICA INC) AS OF 05-JUL-02 MORE INFO: Quote | Chart | News | Profile | Research | SEC | Msgs | Profile ----- ----- ---- ------- -------- --- ---- ------- ================================================================== Month Day Year o Daily Start: Jul 05 00 * Weekly End: Jul 05 02 o Monthly o Dividends ================================================================== Ticker Symbol: fba Get Data ================================================================== ==================================================================================================== DATE OPEN HIGH LOW CLOSE VOLUME ADJ. CLOSE* ==================================================================================================== Jul-01-02 39.20 41.42 39.00 41.42 3,300 41.42 Jun-24-02 38.10 39.25 37.90 39.15 1,600 39.15 Jun-17-02 38.30 38.30 37.72 38.20 500 38.20 Jun-10-02 37.70 39.85 37.50 38.19 2,100 38.19 Jun-03-02 35.50 37.50 35.30 37.50 14,500 37.50 May-28-02 37.00 37.45 35.72 35.72 5,600 35.72 May-20-02 40.00 40.00 37.05 37.05 1,000 37.05 May-13-02 40.40 40.91 39.50 40.20 8,000 40.20 May-06-02 40.25 41.75 40.20 40.40 4,000 40.40 Apr-29-02 38.81 40.99 38.70 40.25 11,300 40.25 Apr-22-02 41.00 41.10 39.15 39.21 600 39.21 Apr-15-02 40.80 41.00 39.80 40.80 3,600 40.80 Apr-08-02 40.80 41.60 40.25 40.61 700 40.61 Apr-01-02 40.98 42.50 39.31 41.00 4,500 41.00 Mar-25-02 40.25 40.98 39.65 40.98 3,400 40.98 Mar-18-02 41.05 43.00 40.00 40.38 44,400 40.38 Mar-11-02 39.65 42.90 34.50 41.01 59,800 41.01 Mar-04-02 33.80 43.20 33.75 39.75 13,500 39.75 Feb-25-02 32.90 33.90 32.70 33.90 2,400 33.90 Feb-19-02 31.65 32.85 31.45 32.75 600 32.75 27 Historical Prices Page 2 of 4 Feb-11-02 31.49 31.80 31.49 31.80 700 31.80 Feb-04-02 31.80 31.85 31.46 31.46 700 31.46 Jan-28-02 32.80 32.96 31.55 32.00 13,600 32.00 Jan-22-02 32.76 33.24 32.76 32.88 3,200 32.88 Jan-14-02 32.68 32.75 32.45 32.45 400 32.45 Jan-07-02 31.80 32.80 31.80 32.60 5,000 32.60 Dec-31-01 31.22 31.75 31.15 31.75 4,300 31.75 Dec-24-01 31.40 31.40 31.20 31.30 800 31.30 Dec-17-01 30.60 31.40 30.55 31.40 5,700 31.40 Dec-10-01 30.38 30.70 30.31 30.70 2,100 30.70 Dec-03-01 30.41 30.55 30.00 30.40 3,200 30.40 Nov-27-01 30.30 30.50 29.90 30.40 600 30.40 Nov-19-01 30.38 30.40 30.20 30.40 4,000 30.40 Nov-12-01 31.24 31.24 30.63 30.63 1,500 30.63 Nov-05-01 29.50 31.52 29.50 31.15 6,400 31.15 Oct-29-01 32.30 32.30 29.65 29.65 7,200 29.65 Oct-22-01 32.45 32.54 32.18 32.35 2,000 32.35 Oct-15-01 32.60 32.70 32.45 32.50 800 32.50 Oct-08-01 32.90 32.95 32.32 32.55 1,400 32.55 Oct-01-01 30.75 33.19 30.75 32.85 6,200 32.85 Sep-24-01 27.75 30.70 27.75 30.65 4,100 30.65 Sep-10-01 28.29 29.25 27.65 27.70 7,300 27.70 Sep-04-01 26.92 28.50 26.92 28.49 5,000 28.49 Aug-27-01 27.60 27.75 26.80 26.90 1,100 26.90 Aug-20-01 30.60 30.65 27.68 27.68 1,900 27.68 Aug-13-01 30.28 30.75 30.20 30.75 7,500 30.75 Aug-06-01 29.60 30.35 29.15 30.18 9,500 30.18 Jul-30-01 28.80 29.66 28.40 29.66 6,500 29.66 Jul-23-01 26.85 30.00 26.85 28.70 800 28.70 Jul-16-01 26.50 26.85 26.20 26.85 4,500 26.85 Jul-09-01 22.80 26.65 22.80 26.31 6,400 26.31 Jul-02-01 23.80 23.80 22.61 22.65 24,000 22.65 28 Historical Prices Page 3 of 4 Jun-25-01 26.25 26.37 23.90 23.90 2,400 23.90 Jun-18-01 25.77 26.25 25.46 26.25 1,800 26.25 Jun-11-01 26.26 26.26 25.65 25.87 6,700 25.87 Jun-04-01 29.13 29.13 26.40 26.46 1,500 26.46 May-29-01 29.43 29.70 29.20 29.20 18,200 29.20 May-21-01 28.80 29.88 28.60 29.33 8,100 29.33 May-14-01 24.20 28.55 24.20 28.55 10,600 28.55 May-07-01 22.10 24.10 22.10 24.10 400 24.10 Apr-30-01 21.56 22.05 21.56 22.05 2,600 22.05 Apr-23-01 21.20 21.52 21.20 21.52 1,400 21.52 Apr-16-01 21.10 21.25 21.00 21.25 2,500 21.25 Apr-09-01 21.25 21.25 21.10 21.10 100 21.10 Apr-02-01 21.50 21.50 21.25 21.25 600 21.25 Mar-26-01 21.30 21.50 21.30 21.50 5,700 21.50 Mar-19-01 21.50 21.50 21.25 21.40 3,900 21.40 Mar-12-01 22.00 22.00 21.45 21.50 800 21.50 Mar-05-01 22.40 22.40 21.80 22.00 1,500 22.00 Feb-26-01 22.50 22.60 22.29 22.40 3,300 22.40 Feb-20-01 22.25 22.80 22.25 22.50 8,100 22.50 Feb-12-01 21.50 22.08 21.50 22.00 1,100 22.00 Feb-05-01 21.00 21.75 21.00 21.70 3,100 21.70 Jan-29-01 20.00 20.99 20.00 20.99 2,000 20.99 Jan-22-01 18.88 19.75 18.75 19.75 1,200 19.75 Jan-17-01 18.00 18.63 17.94 18.63 1,100 18.62 Jan-11-01 17.94 17.94 17.69 17.94 2,800 17.94 Jan-02-01 17.88 18.00 17.75 17.75 200 17.75 Dec-26-00 17.13 17.63 17.13 17.63 300 17.63 Dec-18-00 17.13 17.13 17.13 17.13 300 17.13 Dec-12-00 16.06 17.25 16.06 17.00 800 17.00 Dec-04-00 17.13 17.13 16.88 16.88 2,400 16.88 Nov-27-00 17.25 17.25 17.13 17.19 1,400 17.19 Nov-20-00 17.00 17.00 17.00 17.00 600 17.00 29 Historical Prices Page 4 of 4 Nov-06-00 15.88 16.75 15.88 16.75 2,000 16.75 Oct-30-00 15.06 15.88 15.06 15.88 1,100 15.88 Oct-23-00 14.00 15.06 14.00 15.06 15,000 15.06 Oct-16-00 15.50 15.50 14.00 14.00 1,800 14.00 Oct-09-00 16.94 17.00 15.75 15.75 8,700 15.75 Oct-02-00 17.63 17.63 17.31 17.38 4,800 17.38 Sep-25-00 18.13 18.13 17.75 17.81 800 17.81 Sep-18-00 18.38 18.38 18.13 18.13 400 18.13 Sep-12-00 19.00 19.00 18.13 18.13 400 18.13 Sep-05-00 19.00 19.00 19.00 19.00 500 19.00 Aug-28-00 18.88 19.25 18.81 19.06 1,000 19.06 Aug-22-00 18.25 18.63 17.69 18.63 3,700 18.63 Aug-14-00 17.75 18.50 17.75 18.19 700 18.19 Aug-07-00 17.88 17.88 17.63 17.75 100 17.75 Jul-31-00 18.25 18.50 18.00 18.00 2,000 18.00 Jul-27-00 18.19 18.25 18.19 18.25 1,700 18.25 Jul-17-00 18.00 18.13 18.00 18.06 400 18.06 Jul-12-00 18.13 18.13 17.81 18.00 3,000 18.00 Jul-06-00 18.00 18.00 18.00 18.00 600 18.00 <FN> * adjusted for dividends and splits, please see FAQ. ------- Questions or Comments? ---------------------- Copyright (c) 2002 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service -------------- ---------------- Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). ------------------------------ Data and information is provided for informational purposes only, and is not intended for trading purposes. Neither Yahoo nor any of its data or content providers (such as CSI) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. 30 Tab 3 BAXTER FENTRISS AND COMPANY ================================= 31 FIRST BANKS AMERICA, INC. * VALUATION SUMMARY 32 ============================================================================ SUMMARY OF VALUATION METHODOLOGIES Three basic valuation methodologies have been considered during our analysis of the common stock of FBA. These methods are as follows: A. Comparable Trading Values Approach 1. Price / Earnings 2. Price / LTM Earnings 3. Price / Book 4. Price / Tangible Book 5. Price / Assets 6. Price / Deposits B. Free Cash Flow / Net Present Value Analysis C. Potential Acquisition Valuation Analysis The value of FBA has been determined on a "GOING CONCERN" basis. In determining the value of FBA, we evaluated all three approaches on an equally weighted basis. Other basic tests were reviewed to confirm the range that was developed. Of the three methodologies used, the Comparison to Peer Trading Values method produced the highest per share value at $40.77 per share, while the Potential Acquisition Valuation method produced the lowest value at $37.48 per share. Exhibit I summarizes the valuation ranges indicated by the various approaches and also provides pricing statistics based on FBA's estimated valuation. After considering all of the relevant factors, it is our opinion that based on the methods and assumptions used in this valuation, the estimated value for the minority shares of First Banks America, Inc.'s common stock, on a "GOING CONCERN" basis, is approximately $39.12 as of August 3, 2002. The following sections of this book are supporting analyses of our valuation. ============================================================================ BAXTER FENTRISS & COMPANY 33 EXHIBIT I ============================================================================================= FIRST BANKS AMERICA, INC. SUMMARY OF VARIOUS VALUATION METHODOLOGIES (1) ============================================================================================= FIRST BANKS AMERICA, INC. VALUE OF MINORITY INTEREST TOTAL PER SHARE ----- --------- COMPARISON TO PEER TRADING VALUES $33,072,853 $40.77 DCF / NPV ANALYSIS $31,728,807 $39.11 POTENTIAL ACQUISITION VALUATION $30,402,837 $37.48 ESTIMATE OF FAIR MARKET VALUE FOR FBA'S MINORITY SHARES $31,734,833 $39.12 ============================================================================================= ================================================================================================== SUMMARY PRICING STATISTICS BASED ON ESTIMATE OF FAIR MARKET VALUE FBA FINANCIAL PRICING DATA STATISTICS ------------- ---------- PRICE / ADJUSTED LTM EARNINGS (X) $2.51 15.57 PRICE / BOOK VALUE (X) $23.50 166.48% PRICE / TANGIBLE BOOK VALUE (X) $15.40 253.96% PRICE ON DEPOSITS (%) $196.71 19.89% PRICE TO ASSETS (%) $238.52 16.40% ================================================================================================== <FN> (1) USES 811,217 TOTAL SHARES OUTSTANDING FOR THE MINORITY INTEREST 34 Tab 3A BAXTER FENTRISS AND COMPANY ================================= 35 FIRST BANKS AMERICA, INC. * COMPARABLE TRADING VALUES 36 ============================================================================ COMPARABLE TRADING VALUES APPROACH - ---------------------------------- The Comparable Trading Values approach allows a determination of value for the minority shares of FBA using the financial data of publicly traded financial institutions from select markets across the United States. Certain trading statistics of these institutions are used to provide an estimated market price for FBA. This analysis incorporates average price / annualized adjusted second quarter earnings, average price / Latest Twelve Months ("LTM") earnings, average price / book, average price / tangible book, average price / assets, and average price / deposit multiples in order to establish valuation parameters. We reviewed pricing statistics of sixty publicly traded banks operating in various markets that were comparable in size to FBA. Specifically we chose banks that were between $2 billion and $10 billion in total assets. Multiples were compiled in order to produce average pricing statistics. The institutions used for this analysis are listed in Appendix 6-C. The analysis indicated that the average price / annualized second quarter earnings was 14.22x, the average price / LTM earnings was 16.12x. The average price / book multiple was 2.01x, the average price / tangible book multiple was 2.32x. The average price to assets was 17.30% while the average price to deposits was 23.07%. Applying these averages to FBA's June 30, 2002 financial data, gives a value per share of $34.59 based on average price / annualized adjusted second quarter earnings, $40.50 based on average price / LTM earnings, $47.13 based on average price / book and $35.75 based on average price / tangible book. The average price / assets was $41.26 while the average price / deposits was $45.38. When these prices are averaged together, the result is a value of $40.77. These calculations are shown in Exhibit II. ============================================================================ BAXTER FENTRISS & COMPANY 37 EXHIBIT II =================================================================================================================================== FIRST BANKS AMERICA, INC. COMPARISON TO PEER TRADING VALUES (1) =================================================================================================================================== COMPARATIVE FBA (2) RESULTING PRICING FINANCIAL SHARE PRICING STATISTICS FROM PEER GROUP STATISTICS INFORMATION PRICES ---------------- ---------------- ------------ PRICE TO ANNUALIZED ADJUSTED SECOND QUARTER EPS (3) 14.22 $2.43 $34.59 PRICE TO ADJUSTED LTM EARNINGS PER SHARE (4) 16.12 $2.51 $40.50 PRICE TO BOOK VALUE PER SHARE 200.57% $23.50 $47.13 PRICE TO TANGIBLE BOOK VALUE PER SHARE 232.09% $15.40 $35.75 PRICE TO ASSETS PER SHARE 17.30% $238.52 $41.26 PRICE TO DEPOSITS PER SHARE 23.07% $196.71 $45.38 =================================================================================================================================== AVERAGE $40.77 HIGH POINT $47.13 LOW POINT $34.59 =================================================================================================================================== <FN> (1) PRICING DERIVED FROM A GROUP OF 61 PEER BANKS WITH ASSETS BETWEEN $2 BILLION AND $10 BILLION. PRICING DATA AS OF 08/02/02 (2) USES FBA'S NORMALIZED SECOND QUARTER EARNINGS ANNUALIZED TO DETERMINE P/E RATIO (3) FBA FINANCIAL INFORMATION AS REPORTED FOR 06/30/02 FROM PUBLIC SOURCES (4) LTM EARNINGS PER SHARE ASSUMES ADJUSTMENTS MADE TO 2001 EPS AND 06/30/02 FIRST QUARTER EPS-SEE SUPPORT SCHEDULE 38 Tab 3B BAXTER FENTRISS AND COMPANY ================================== 39 FIRST BANKS AMERICA, INC. * DISCOUNTED CASH FLOW / NET PRESENT VALUE 40 ============================================================================ DISCOUNTED FREE CASH FLOW / NET PRESENT VALUE APPROACH - ------------------------------------------------------ This approach determines the fair market value of an on going business entity based on its earnings capacity, operating cash flow, and its theoretical capacity to pay dividends while still retaining equity to support future, sustainable growth. The discounted free cash flow/present value analysis approach requires projecting cash flows for an extended period of time, estimating a terminal value, and discounting the future free cash flows back to the valuation date. The discounted cash flow calculation consists of three major components: (1) future free cash flows and or potential equity flows; (2) a terminal value; and (3) the required rate of return. The future cash flows are projected by forecasting earnings growth and potential dividend payout. While various growth rates can produce different results, it is best to view a range of growth estimates in order to choose a "likely" scenario. Economic conditions in general, as well as local economic conditions, competition, management, and other non-quantifiable variables can impact future real growth. The required rate of return is the expected return required by "investors" for investments with similar risk profiles. Typically, the required rates of return of publicly traded banks are approximately 500-700 basis points over the US Treasury 10 year note. As of the July 5, 2002, the US Treasury 10 year note was yielding 4.83%. Using this as a benchmark, the required rate should currently fall between approximately 10.00% and 12.00%. This analysis incorporates a discount rate, or required return of 11.00%. The terminal value was calculated by treating the free cash flow in the fifteenth time period as a perpetuity and then discounting it to obtain a present value. The same 11.00% discount rate was used to discount the perpetuity to get the final period's equity flow. Exhibits III and IV further indicate the assumptions developed for FBA, the cash flow assumptions, and potential equity flows. The valuation of FBA common stock using this analysis indicates a value of $39.11. ============================================================================ BAXTER FENTRISS & COMPANY 41 EXHIBIT III =================================================================================================================================== FIRST BANKS AMERICA, INC. SUMMARY OF DISCOUNTED CASH FLOW - NET PRESENT VALUE METHOD BASE ASSUMPTIONS - DATA IN (000'S), EXCEPT PERCENTAGES =================================================================================================================================== ============================================================ CAPITALIZATION RATE 7.50% ============================================================ ------------------------------------------------------------------ YEAR 1 2 3 4 5 =========================================================== NET INCOME - ASSUMPTIONS FIRST BANKS AMERICA, INC. $25,032 $34,458 $38,029 $42,782 $48,130 ------------------------------------------------------------------ 42 EXHIBIT IV =========================================================================================================== FIRST BANKS AMERICA, INC DISCOUNTED FREE CASH FLOW / NET PRESENT VALUE MODEL ASSUMPTIONS =========================================================================================================== - ---------------------------------------------------------- ============================= DATA AS OF: 06/30/2002 11.00% $39.11 ============================= SHAREHOLDER'S EQUITY $301,887,000 ENDING SHARES OUTSTANDING 12,847,160 FORECAST 2003 EPS $2.68 ESTIMATED 2002 EPS $1.95 BOOK VALUE PER SHARE $23.50 TANGIBLE BOOK VALUE PER SHARE $15.40 LONG TERM GROWTH RATE 12.50% DISCOUNT RATE: 11.00% - ---------------------------------------------------------- =========================================================================================================== YEAR YEAR YEAR YEAR YEAR FIRST BANKS AMERICA, INC. 1 2 3 4 5 2001 2002 2003 2004 2005 2006 =========================================================================================================== CAPITAL RATE 7.50% ROA 1.44% 0.82% 1.06% 1.06% 1.06% 1.06% GROWTH 12.50% 12.50% 12.50% 12.50% 12.50% AVERAGE TOTAL ASSETS 2,749,274 3,042,407 3,254,910 3,592,186 4,041,209 4,546,360 YEAR END ASSETS 3,060,988 3,119,486 3,380,881 3,803,491 4,278,928 4,813,793 EQUITY(AVG) 231,147 297,833 327,578 363,821 404,227 449,683 YEAR END EQUITY 285,317 310,349 344,807 382,836 425,618 473,748 BASE INCOME 39,615 25,032 34,458 38,029 42,782 48,130 TOTAL INCOME 39,615 25,032 34,458 38,029 42,782 48,130 EST. ROAE 8.40% 10.52% 10.45% 10.58% 10.70% EST. ROAA 0.82% 1.06% 1.06% 1.06% 1.06% EST. SHARES 12,847 12,847 12,847 12,847 12,847 EST. EPS 1.95 2.68 2.96 3.33 3.75 EST. BOOK VALUE YEAR END 24.16 26.84 29.80 33.13 36.88 EST. E/A 9.95% 10.20% 10.07% 9.95% 9.84% REQUIRED EQUITY 233,961 253,566 285,262 320,920 361,035 EST. NET EQUITY FLOWS 76,388 14,853 6,333 7,124 8,015 =============================================================================================== YEAR YEAR YEAR YEAR YEAR FIRST BANKS AMERICA, INC. 6 7 8 9 10 2007 2008 2009 2010 2011 =============================================================================================== CAPITAL RATE ROA 1.06% 1.06% 1.06% 1.06% 1.06% GROWTH 12.50% 12.50% 12.50% 12.50% 12.50% AVERAGE TOTAL ASSETS 5,114,656 5,753,987 6,473,236 7,282,390 8,192,689 YEAR END ASSETS 5,415,518 6,092,457 6,854,015 7,710,766 8,674,612 EQUITY(AVG) 500,821 558,351 623,072 695,884 777,797 YEAR END EQUITY 527,894 588,808 657,337 734,432 821,163 BASE INCOME 54,146 60,914 68,529 77,095 86,732 TOTAL INCOME 54,146 60,914 68,529 77,095 86,732 EST. ROAE 10.81% 10.91% 11.00% 11.08% 11.15% EST. ROAA 1.06% 1.06% 1.06% 1.06% 1.06% EST. SHARES 12,847 12,847 12,847 12,847 12,847 EST. EPS 4.21 4.74 5.33 6.00 6.75 EST. BOOK VALUE YEAR END 41.09 45.83 51.17 57.17 63.92 EST. E/A 9.75% 9.66% 9.59% 9.52% 9.47% REQUIRED EQUITY 406,164 456,934 514,051 578,307 650,596 EST. NET EQUITY FLOWS 9,017 10,144 11,412 12,838 14,443 43 Tab 3C BAXTER FENTRISS AND COMPANY ================================= 44 FIRST BANKS AMERICA, INC. * POTENTIAL ACQUISITION VALUATION ANALYSIS 45 ============================================================================ POTENTIAL ACQUISITION VALUATION ANALYSIS - ---------------------------------------- As part of its valuation analysis, Baxter Fentriss considered the potential acquisition of FBA by another financial institution. In this analysis, it is assumed that a prospective acquiror would obtain a significant level of cost savings, and be able to finance the acquisition primarily with cash. Furthermore, the acquiror would not accept earnings dilution once the full level of cost savings is achieved. Generally, acquirors would reach a price where the transaction becomes dilutive. In this analysis the following assumptions were considered: (1) the incremental impact to an acquiror's stream of earnings; (2) the price paid by the acquiror for FBA's on-going earnings; (3) a potential level of economies; (4) financing costs; and (5) the amortization of intangibles created from the acquisition. The assumptions applied are deemed appropriate for an organization such as FBA, the types of institutions which are capable of acquiring FBA, and for FBA's current financial condition. The key assumptions are as follows: * FBA's estimated net income of $2.75 per share or $32.8 million for the year ending December 31, 2002. This is a pretax earnings figure of $52.9 million. * Balance Sheet information as of June 30, 2002 as follows: * Assets $ 3,062.4 million * Deposits $ 2,527.1 million * Equity $ 301.9 million * Shares Outstanding 12,847,160 * A financing rate of 6.25% * A tax rate of 39.00% * Core Deposit Premium Intangible equal to 6.00% of total deposits * Amortization period of Core Deposit Premium Intangible of seven years using the straight-line method. This valuation approach yields a value for First Banks, as a whole, of approximately $566.5 million or $44.09 per share. This valuation, however, is for a minority ownership position. Consequently, any value for the entity as a whole must then be discounted. A minority discount of 15.00% has been applied. This results in a value of $37.48 for FBA's minority interest shares. This value produces the following pricing statistics, based on the Bank's June 30, 2002, financial information. We have used a normalized earnings figure to calculate price / earnings. ============================================================================ BAXTER FENTRISS & COMPANY 46 ============================================================================ Price / Earnings 15.42x Price / LTM Earnings 14.93x Price / Equity 159.5% Price / Tangible Equity 243.4% Price / Deposits 19.05% Price / Assets 15.71% This methodology is supported by the data in Exhibit V-A and Exhibit V-B. ============================================================================ BAXTER FENTRISS & COMPANY 47 EXHIBIT V - A ====================================================================================================================== FIRST BANKS AMERICA, INC. ACQUISITION MODEL (DATA AS OF 06/30/02; $ IN THOUSANDS (1) ====================================================================================================================== ASSUMPTIONS ESTIMATED 2002 PRETAX EARNINGS $52,913.2 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 NIE BASE: $90,000.0 ECONOMIES: 20.0% ASSETS: $3,062,478.0 EQUITY: $301,887.0 DEPOSITS: $2,527,115.0 SHARES OUTSTANDING: 12,847 FINANCING RATE: 6.25% CORE DEPOSIT AMORTIZATION PERIOD: (2) 7 TAX RATE: 39.0% <FN> (1) DATA SUPPLIED BY MANAGEMENT AND FROM PUBLIC SOURCES AS OF 06/30/2002 (2) ASSUMES CORE DEPOSIT INTANGIBLE OF 6.00% ON TOTAL DEPOSITS IS AMORTIZED OVER 7 YEARS USING STRAIGHT LINE METHOD 48 EXHIBIT V - B =================================================================================================================================== FIRST BANKS AMERICA, INC. ACQUISITION MODEL (DATA AS OF 06/30/02; $ IN THOUSANDS (1) =================================================================================================================================== FIRST BANKS AMERICA, INC. EARNINGS CONTRIBUTION ESTIMATE =================================================================================================================================== PRICE / BASE BOOK (X) 1.700 1.750 1.800 1.876 1.900 1.950 2.000 2.050 2.100 PRICE / EARNINGS (X) 15.90 16.37 16.84 17.55 17.77 18.24 18.71 19.17 19.64 PREMIUM / DEPOSITS (%) 8.36 8.96 9.56 10.47 10.75 11.35 11.95 12.54 13.14 =================================================================================================================================== =================================================================================================================================== TOTAL PRICE $513,207.9 $528,302.3 $543,396.6 $566,454.8 $573,585.3 $588,679.7 $603,774.0 $618,868.4 $633,962.7 PRICE PER SHARE $39.95 $41.12 $42.30 $44.09 $44.65 $45.82 $47.00 $48.17 $49.35 =================================================================================================================================== ESTIMATED 2002 PRETAX EARNINGS $52,913.2 $52,913.2 $52,913.2 $52,913.2 $52,913.2 $52,913.2 $52,913.2 $52,913.2 $52,913.2 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 $18,000.0 $18,000.0 $18,000.0 $18,000.0 $18,000.0 $18,000.0 $18,000.0 $18,000.0 --------- --------- --------- --------- --------- --------- --------- --------- --------- PRETAX CONTRIBUTION $70,913.2 $70,913.2 $70,913.2 $70,913.2 $70,913.2 $70,913.2 $70,913.2 $70,913.2 $70,913.2 LESS: FINANCING COSTS $32,075.5 $33,018.9 $33,962.3 $35,403.4 $35,849.1 $36,792.5 $37,735.9 $38,679.3 $39,622.7 CORE DEPOSIT AMORTIZATION (2) $21,661.0 $21,661.0 $21,661.0 $21,661.0 $21,661.0 $21,661.0 $21,661.0 $21,661.0 $21,661.0 --------- --------- --------- --------- --------- --------- --------- --------- --------- PRETAX ADJUSTMENTS $53,736.5 $54,679.9 $55,623.3 $57,064.4 $57,510.1 $58,453.5 $59,396.9 $60,340.3 $61,283.7 ESTIMATED TAXES $15,146.7 $14,778.8 $14,410.9 $13,848.8 $13,675.0 $13,307.1 $12,939.2 $12,571.2 $12,203.3 --------- --------- --------- --------- --------- --------- --------- --------- --------- ADJUSTED NET CONTRIBUTION $2,030.0 $1,454.6 $879.1 $0.0 ($271.8) ($847.3) ($1,422.8) ($1,998.3) ($2,573.7) ======================================================================== PER SHARE VALUE AT BREAKEVEN POINT (3) $44.09 LESS: MINORITY INTEREST DISCOUNT OF 15.00% $6.61 -------- VALUE OF MINORITY INTEREST SHARES $37.48 ======================================================================== <FN> (1) DATA SUPPLIED BY MANAGEMENT AND FROM PUBLIC SOURCES AS OF 06/30/02 (2) ASSUMES CORE DEPOSIT INTANGIBLE OF 6.00% ON TOTAL DEPOSITS IS AMORTIZED OVER 7 YEARS USING STRAIGHT LINE METHOD (3) THE PRICE AT WHICH THE EARNINGS CONTRIBUTION FROM THE ACQUIRED ENTITY BECOMES NEGATIVE AFTER CONSIDERING ECONOMIES, AMORTIZATION OF INTANGIBLES AND FINANCING COSTS 49 Tab 4 BAXTER FENTRISS AND COMPANY ================================== 50 FIRST BANKS AMERICA, INC. * NORMALIZED 2001 & 2002 EARNINGS 51 ============================================================================ NORMALIZED EARNINGS ANALYSIS - ---------------------------- As part of its valuation of First Banks America, Baxter Fentriss examined the earnings stream of the Bank as reported according to GAAP. The requirements of GAAP mandate that a company report to its shareholders income and expense items that are not necessarily part of the on-going or recurring income stream. Certain one-time events are reported in GAAP earnings and must be removed in order to obtain a more accurate assessment of the on-going earnings capability of the company, and thus a more accurate valuation of the company's equity. Such items for financial institutions may include but are not limited to: Data Processing Conversion Expenses Gains or Losses on Sales of Securities Merger / Acquisition Expenses Contract Termination Fees We have examined FBA's income statement for the year ending December 31, 2001 and interim financial reports for 2002 for such items. The following analyses estimate normalized earnings streams for both years. ============================================================================ BAXTER FENTRISS & COMPANY 52 ==================================================================================================== FIRST BANKS AMERICA, INC. NORMALIZED 2001 EARNINGS ==================================================================================================== REPORTED ADJUSTED 12/31/2001 12/31/2001 ==================================== PRE TAX NET INCOME FOR FISCAL YEAR ENDING 12/31/01 $53,885 ADJUSTMENTS MISCELLANEOUS PROFESSIONAL FEES $150 LOSS ON SALE OF SALE OF SECURITIES $418 CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLES (1) $765 DATA PROCESSING CONVERSION EXPENSE (2) $300 ACCUMULATION OF MISCELLANEOUS ONE-TIME CHARGES $160 DIFFERENCE IN AMORTIZATION OF GOODWILL (3) $4,854 DERIVATIVE INCOME (4) ($10,173) --------- ADJUSTED PRE-TAX EARNINGS $50,359 LESS: TAXES (USING A RATE OF 39.00%) (5) $17,747 ==================================================================================================== NET INCOME $32,612 EARNINGS PER SHARE $2.54 ==================================================================================================== <FN> (1) PER ANNUAL REPORT (2) IN 2001 FBA CONVERTED THE DATA PROCESSING SYSTEMS OF SEVERAL OF ITS PREVIOUS ACQUISITIONS WITH AN APPROXIMATE COST OF $300 THOUSAND. (3) AMORTIZATION OF GOODWILL IS NO LONGER APPLICABLE PER FASB 141 & 142 (4) INCOME FROM DERIVATIVES IS ONE-TIME AND SHOULD NOT BE INCLUDED IN ONGOING EARNINGS STREAM (5) IN 2001 FBA BENEFITED FROM THE USE OF NET OPERATING LOSSES RESULTING IN A LOWER TAX RATE, THAN IN PREVIOUS YEARS. THE TAX RATE USED IS AN AVERAGE OF THE THREE PRIOR YEARS. 53 ============================================================================================================================= FIRST BANKS AMERICA, INC. ADJUSTED EARNINGS FOR THE FIRST TWO QUARTERS OF 2002 (1) ============================================================================================================================= ADJUSTED ADJUSTED 03/31/2002 06/30/2002 ------------------ ------------------ REPORTED NET INCOME $5,202 $4,800 - ------------------------ ADJUSTMENTS - ------------------------ REPORTED PROVISION FOR QUARTERS ENDING 03/31/02 & 06/30/02 $7,700 $7,800 NORMALIZED PROVISION USING ESTIMATE BASED ON BUDGETED FINANCIALS (2) $2,861 $2,861 ------ ------ NORMALIZED PROVISION NET OF IMPACT FOR TAXES $4,839 $4,939 LESS: TAXES (USING A MARGINAL TAX RATE OF 39.00%) $1,887 $1,926 NET ADJUSTMENTS $2,952 $3,013 ============================================================================================================================= ADJUSTED NET INCOME $8,154 $7,813 EARNINGS PER SHARE $0.63 $0.61 ============================================================================================================================= <FN> (1) DATA IN ($000'S) EXCEPT THE PER SHARE INFORMATION (2) PROVISION ADJUSTED TO REFLECT NORMALIZED CHARGE-OFF LEVELS - SEE SUPPORT SCHEDULE ON NEXT PAGE ----------------------------------------------------------------------- ============================== NET CHARGE-OFFS TO AVERAGE GROSS LOANS PROFORMA 0.494% ============================== 2002 NORMALIZED PROVISION FOR 1ST AND 2ND QUARTER 03/31/2002 06/30/2002 - --------------------------------------------------------------------- REPORTED PROVISION $7,700,000 $7,800,000 NORMALIZED PROVISION LEVEL (3) $2,860,797 $2,860,797 ---------- ---------- PRE-TAX EARNINGS ADJUSTMENT $4,839,203 $4,939,203 <FN> (3) ASSUMES AVERAGE OF 0.494% BASED ON 2003 PROJECTIONS - SEE SUPPORT SCHEDULE 54 ================================================================================================================================== FIRST BANKS AMERICA, INC. ANALYSIS OF PROJECTED NET CHARGE-OFF'S PROFORMA 2003 (DOLLARS IN $000'S) (1) ================================================================================================================================== =================================================================================== PROFORMA 2003 12/31/2002 JAN FEB MAR APR MAY JUN =================================================================================== AVERAGE GROSS LOANS $2,315,882 $2,328,586 $2,354,056 $2,379,855 $2,405,987 $2,432,455 $2,459,263 BEGINNING ALLOWANCE FOR LOAN LOSSES $42,721 $42,459 $42,288 $42,500 $42,712 $42,926 $43,140 PROVISION $22,700 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 ENDING ALLOWANCE FOR LOAN LOSSES $42,459 $42,288 $42,500 $42,712 $42,926 $43,140 $43,356 =================================================================================== NET CHARGE OFF'S $22,962 $1,371 $988 $988 $986 $986 $984 ================================================================================================================================== ALLOWANCE TO AVERAGE GROSS LOANS 1.83% 1.82% 1.81% 1.79% 1.78% 1.77% 1.76% ================================================================================================================================== ================================================================================================================================== NET CHARGE OFF'S ======================================================================================================================= DOLLARS $1,371 $988 $988 $986 $986 $984 PERCENTAGE OF AVG. GROSS LOANS 0.059% 0.042% 0.042% 0.041% 0.041% 0.040% ======================================================================================================================= AVERAGE GROSS LOANS $2,475,553 PROFORMA NET CHARGE OFF'S AS A PERCENTAGE 0.494% OF AVERAGE GROSS LOANS ================================================================================================================================== ======================================================================== 2003 JUL AUG SEP OCT NOV DEC ======================================================================== AVERAGE GROSS LOANS $2,486,414 $2,513,911 $2,541,759 $2,569,962 $2,598,523 $2,627,446 BEGINNING ALLOWANCE FOR LOAN LOSSES $43,356 $43,573 $43,791 $44,010 $44,230 $44,451 PROVISION $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 ENDING ALLOWANCE FOR LOAN LOSSES $43,573 $43,791 $44,010 $44,230 $44,451 $44,673 ======================================================================== NET CHARGE OFF'S $983 $982 $981 $980 $979 $978 ======================================================================================================================= ALLOWANCE TO AVERAGE GROSS LOANS 1.75% 1.74% 1.73% 1.72% 1.71% 1.70% ======================================================================================================================= ======================================================================================================================= NET CHARGE OFF'S ============================================================================================================ DOLLARS $983 $982 $981 $980 $979 $978 PERCENTAGE OF AVG. GROSS LOANS 0.040% 0.039% 0.039% 0.038% 0.038% 0.037% ============================================================================================================ AVERAGE GROSS LOANS PROFORMA NET CHARGE OFF'S AS A PERCENTAGE OF AVERAGE GROSS LOANS ======================================================================================================================= <FN> (1) DATA PROVIDED BY FBA MANAGEMENT FROM 2002 AND 2003 BUDGET INFORMATION 55 Tab 5 BAXTER FENTRISS AND COMPANY ================================= 56 FIRST BANKS AMERICA, INC. * PEER GROUP COMPARISON 57 ============================================================================ PEER GROUP COMPARISON - --------------------- In conducting its valuation, Baxter Fentriss compared the financial performance and condition of First Banks America, Inc. to sixty banks in select markets across the nation. The parameters for the peer group were; they must be a publicly traded institution; and they must have total assets between $2 billion and $10 billion. We focused on institutions in the West, Southwest, Midwest and Southeast regions due to similarity and proximity to FBA's markets of California and Texas. Below is a summary of some of the observations we made: EARNINGS ANALYSIS: FBA's net income for the three months ended March 31, 2002 was $5,202,000, which represented a return on average assets ("ROAA") of .69% and a return on average equity ("ROAE") of 7.14%. Earnings for the year ending December 31, 2001 were $39,615,000 or $3.25 per share on a diluted basis. This earnings level represented an ROAA of 1.44% and an ROAE of 17.14%. FBA's ROAA and ROAE for the year ending December 31, 2000 were 1.32% and 15.86% respectively. For comparison purposes, the ROAA for FBA's peer group for the three months ending March 31, 2002 and the years ending December 31, 2001 and December 31, 2000, was 1.15%, 1.07% and 1.04%, while the ROAE for the peer group for the same respective time periods was 14.14%, 12.86% and 11.21%. The Bank's net interest margin ("NIM"), was 4.76% at March 31, 2002, down from 5.06% for the same quarter in 2001. The Bank's NIM was 5.10% and 5.51% in 2001 and 2000, respectively, compared to the peers' ratios of 4.21% and 4.30% for the same periods. FBA's interest income as a percent of average assets has been higher than that of the peer group at 6.22% compared to 6.07% through March 31, 2002. This ratio for FBA was 7.58% and 8.43% in 2001 and 2000, respectively, compared to 7.06% and 7.76% for the peers during the same periods. Interest expense as a percent of average assets was 2.05% at March 31, 2002 for FBA, lower than the peers' ratio of 2.27%. This number has decreased steadily, from 3.02% in 2001 and 3.41% in 2000. The peers' ratio for the same periods were 3.29% and 3.89%. FBA's yield on earning assets has also been consistently higher than its peers. As of March 31, 2002, the Bank's yield on earnings assets was 6.99%, while the peer group's yield was 6.68%. At December 31, 2001 the yield was 8.47% compared to 7.79% for the peer group, and at December 31, 2000, it was 9.25% compared to 8.50% for the peer group. FBA's provision to net charge-off's was 63.62% for the first quarter of 2002 while the same measure for the peer group was 170.49%. For the years ending December 31, 2001 and 2000, provision to net charge-off's for FBA were 87.71% and 933.83% while the peer groups' statistics were 147.72% and 193.84% for the same time periods. ============================================================================ BAXTER FENTRISS & COMPANY 58 ============================================================================ The Bank's non-interest income as a percentage of average assets has been lower than the peer group. At March 31, 2002, it was .73% compared to the peer group average of 1.33%. At December 31, 2001, the Bank's non-interest income as a percentage of average assets was 1.00%, compared to 1.36% for the peer group. In 2000 it was .57% compared to 1.31% for the peers. The Bank's non-interest expense as a percentage of average assets at March 31, 2002 was 2.76%, compared to the peer group average of 2.98%. In 2001 and 2000, this ratio was 3.40% and 3.33% for the Bank, respectively, compared to 3.09% and 3.06% for the peer group. BALANCE SHEET: March 31, 2002, total assets were $2,987,524,000 compared with total assets of $3,060,988,000 as of December 31, 2001. The Bank's assets have had a compounded annual growth rate of over 26% since 1998. The Bank held a securities portfolio of $298,028,000 as of March 31, 2002. The portfolio consists of almost 99% available-for-sale securities. Securities as a percent of average assets was 9.98% compared to 24.35% for FBA's peers. At December 31, 2001 and 2000, this ratio was 12.03% and 12.23%, respectively, compared to 23.44% and 21.78% for the peers. The security portfolio at December 31, 2001 and 2000 was $368,207,000 and $335,219,000 respectively. The Bank's net loans at March 31, 2002 were $2,255,159,000 compared with net loans of $2,280,542,000 and $2,020,747,000 on December 31, 2001 and 2000. Real estate loans comprised 67.47% of the Bank's total loans at December 31, 2001 compared to 65.38% for the peer group. Individual loans were 1.60% of average total loans, with commercial loans at 30.43%. Of the real estate loans, 5.62% were secured by 1-to-4 family residences and 36.24% by non-farm, nonresidential real estate. Total deposits were $2,477,184,000 at March 31, 2002, a decrease from $2,555,261,000 at year end 2001. At December 31, 2001, deposits were 83.48% of assets for FBA compared to 75.52% for the peer group. While at December 31, 2000, deposits were 84.13% of assets for FBA compared to 76.00% for the peer group. For the December 31, 2001 and December 31, 2000, FBA's time deposits greater than $100,000 were 10.32% and 11.01% of assets, compared to the peer group's ratios of 14.02% and 14.85%. ASSET QUALITY: At March 31, 2002, the Bank had nonperforming loans of $18,566,000 compared to $19,564,000 for the same period end in 2001. FBA had nonperforming assets to loans of .83%, .87% and .76% for the periods ending March 31, 2002, December 31, 2002 and December 31, 2000. The peer groups ratios for the respective period ends were 1.13%, 1.03%, and .82%. The Bank's allowance for loan loss reserves was 200.48% of non performing assets at March 31, 2002. The same ratio was 212.43% and 241.61% for December 31, 2001 and December 31, 2000. The same information for FBA's peer group was 183.15%, 196.58% and 247.84%. The Bank's loan loss reserve to total loan ratio was 1.67% compared to 1.63% for the peer group as of March 31, 2002. For the year ends 2001 and 2000 loan loss reserve to total loans for FBA was 1.84% and 1.84% for FBA and 1.61% and 1.51% for the peer group. ============================================================================ BAXTER FENTRISS & COMPANY 59 ============================================================================ Net charge off's to average loans were 2.08% for FBA at March 31, 2002, .27% in 2001, and 0.01% in 2000. The peer group numbers are 0.53%, 0.46% and 0.30%, for the same periods, respectively. CAPITAL ADEQUACY: The Bank's total equity at March 31, 2002 was $285,524,000. Its equity to assets ratio as of this date was 9.56% versus 8.44% for the peer group. Its Tier 1 Equity to asset ratio was 7.77%, compared to 11.10% for the peer group. The Bank's Tier 1 Equity to asset ratio was 7.57% and 6.76% for year end 2001 and 2000 respectively, compared to 10.93% and 10.77% for the peer group. FBA's Tangible Equity to Tangible Asset ratio was 6.33% for the quarter ending March 31, 2002, 6.16% and 4.59% for year end 2001 and 2000 respectively. This is compared to 7.39%, 7.41%, and 7.36%, respectively for FBA's peer group. DIVIDENDS: As of the valuation date, FBA had not paid or declared any cash dividends in any prior years. According to management, the Bank has no intention of paying dividends in 2002. REGULATORY MATTERS: According to Management, the Bank is currently under no formal or informal agreements with its regulators. A table with statistics on the peer group and FBA is located in Appendix 6-C. ============================================================================ BAXTER FENTRISS & COMPANY 60 Tab 6 BAXTER FENTRISS AND COMPANY ================================= 61 FIRST BANKS AMERICA, INC. * OBSERVATIONS ON FBA'S PROFORMA FINANCIAL STATEMENTS 62 ============================================================================ OBSERVATIONS ON FIRST BANKS AMERICA, INC.'S PROFORMA FINANCIAL STATEMENTS As part of its updated valuation analysis, Baxter Fentriss examined the proforma summary financial statements for the six months and year ending December 31, 2002 and for the year ending December 31, 2003 which were provided to us by the management of First Banks America. We examined these statements in order to determine their validity and reasonableness. Baxter Fentriss compared certain ratios and statistics calculated from these financial statements to those same ratios and statistics calculated from FBA's historical financial performance. Some of these statistics included but were not limited to: INCOME STATEMENT BALANCE SHEET ---------------- ------------- * Return on Average Assets * Average Securities to Average Assets * Return on Average Equity * Average Deposits to Average Assets * Net Interest Margin * Average Loans to Average Deposits * Interest Income to Average Assets * Average Loans to Average Assets * Interest Expense to Average Assets * Allowance for Loan Loss Reserve to * Yield on Earning Assets Average Loans * Non Interest Income to Average Assets * Average Equity to Average Assets * Non Interest Expense to Average Assets * Average Tangible Equity to Average * Efficiency Ratio Tangible Assets In general, Baxter Fentriss observed that the forecast provided by FBA's management was in line with the historical levels that FBA has produced in past years. Baxter Fentriss also compared these proforma financial statements to the Peer Group used as supporting data in our original valuation work. When the statistics collected from FBA's proforma financial statements were compared to the historical performance of FBA's peers, there was minimal difference between the comparisons made in this analysis and those made in our original valuation work. As an additional part of its analysis, Baxter Fentriss made general observations regarding the overall economic forecast for the United States economy and the markets in which FBA conducts business, more specifically the states of California and Texas. We have included in Appendix 6-E, a copy of the proforma financial statements provided to us by FBA's management and some of the ratio calculations we made as part of our analysis. ============================================================================ BAXTER FENTRISS & COMPANY 63 - ----------------------------------------------------------------------------------------------------------------------------------- RATIO CALCULATIONS Year to ------------------------------------------------------------------------ Date Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jun-02 - ----------------------------------------------------------------------------------------------------------------------------------- Reserve to Total Loans 1.83% 1.87% 1.86% 1.68% 1.70% 1.85% 1.80% Loans : deposits 93.09% 93.94% 93.38% 92.35% 93.50% 90.90% 92.85% Debt : equity 40.67% 35.14% 34.91% 34.25% 33.36% 32.81% 35.19% Equity to Assets 9.45% 9.70% 9.82% 9.64% 9.90% 9.84% 9.72% Tangible Equity to Tangible Assets 6.28% 6.50% 6.61% 6.41% 6.66% 6.65% 6.52% Reserve to Loans 1.83% 1.87% 1.86% 1.68% 1.70% 1.85% 1.80% Deposits to Average Assets 82.31% 82.31% 82.87% 82.95% 82.47% 82.58% 82.58% Securities to Average Assets 11.36% 11.05% 9.93% 10.34% 10.37% 10.97% 10.67% Loans to Assets 75.21% 75.88% 75.93% 75.32% 75.80% 73.68% 75.30% Debt to Equity Ratio 40.67% 35.14% 34.91% 34.25% 33.36% 32.81% 35.19% ROAA 1.37% 0.57% 0.12% 0.36% 0.62% 0.94% 0.67% ROAE 14.54% 5.86% 1.18% 3.76% 6.30% 9.56% 6.85% Net Interest Margin 4.57% 4.81% 4.70% 4.98% 4.93% 4.71% 4.78% Interest Income to Average Assets 6.36% 5.91% 6.37% 6.36% 6.54% 6.09% 6.27% Interest Expense to Average Assets 2.17% 1.92% 2.05% 1.92% 2.02% 1.92% 2.00% Yield on Earning Assets 7.04% 7.22% 7.02% 7.23% 7.22% 6.96% 7.11% Non Interest Income to Avg Assets 0.84% 0.63% 0.72% 0.68% 0.71% 0.69% 0.36% Non Interest Expense to Avg Assets 2.58% 2.91% 2.79% 3.06% 3.00% 2.87% 2.87% Efficiency Ratio 51.24% 62.92% 55.29% 59.84% 57.24% 59.06% 57.51% - ----------------------------------------------------------------------------------------------------------------------------------- RATIO CALCULATIONS Year ------------------------------------------------------------------------ Ended Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Dec-02 - ----------------------------------------------------------------------------------------------------------------------------------- Reserve to Total Loans 1.87% 1.86% 1.88% 1.86% 1.86% 1.83% 1.83% Loans : deposits 88.61% 88.03% 87.42% 87.75% 88.10% 88.57% 90.41% Debt : equity 31.69% 31.42% 27.04% 26.67% 26.45% 26.25% 31.61% Equity to Assets 9.78% 9.82% 9.87% 9.92% 9.95% 9.96% 9.81% Tangible Equity to Tangible Assets 6.63% 6.69% 6.76% 6.82% 6.87% 6.91% 6.65% Reserve to Loans 1.86% 1.86% 1.88% 1.85% 1.86% 1.83% 1.83% Deposits to Average Assets 83.07% 83.09% 83.27% 83.45% 83.41% 83.26% 82.93% Securities to Average Assets 14.09% 14.46% 14.70% 14.44% 14.14% 14.00% 12.52% Loans to Assets 72.23% 71.79% 71.43% 71.87% 72.11% 72.39% 73.60% Debt to Equity Ratio 31.69% 31.42% 27.04% 26.67% 26.45% 26.25% 31.61% ROAA 1.01% 0.99% 0.91% 1.00% 0.94% 1.01% 0.82% ROAE 10.30% 10.11% 9.21% 10.08% 9.44% 10.09% 8.39% Net Interest Margin 4.67% 4.65% 4.67% 4.64% 4.68% 4.66% 4.72% Interest Income to Average Assets 6.22% 6.19% 6.00% 6.17% 6.00% 6.18% 6.20% Interest Expense to Average Assets 1.92% 1.91% 1.84% 1.90% 1.83% 1.89% 1.94% Yield on Earning Assets 6.85% 6.82% 6.83% 6.80% 6.83% 6.80% 6.96% Non Interest Income to Avg Assets 0.70% 0.70% 0.68% 0.71% 0.71% 0.68% 0.70% Non Interest Expense to Avg Assets 2.89% 2.89% 2.89% 2.89% 2.88% 2.87% 2.88% Efficiency Ratio 57.80% 58.06% 59.70% 57.94% 59.07% 57.73% 57.94% 64 - ----------------------------------------------------------------------------------------------------------------------------------- RATIO CALCULATIONS ------------------------------------------------------------------------ Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 - ----------------------------------------------------------------------------------------------------------------------------------- Reserve to Total Loans 1.82% 1.81% 1.80% 1.79% 1.78% 1.77% Loans : deposits 88.88% 89.20% 89.52% 89.84% 90.17% 90.49% Debt : equity 24.91% 24.68% 24.51% 23.05% 22.86% 22.66% Equity to Assets 10.01% 10.03% 10.01% 10.05% 10.07% 10.08% Tangible Equity to Tangible Assets 6.97% 7.02% 7.03% 7.09% 7.13% 7.17% Reserve to Loans 1.82% 1.81% 1.79% 1.78% 1.77% 1.76% Deposits to Average Assets 83.55% 83.53% 83.42% 83.64% 83.73% 83.72% Securities to Average Assets 13.74% 13.44% 13.28% 13.03% 12.75% 12.47% Loans to Assets 72.91% 73.16% 73.34% 73.81% 74.16% 74.42% Debt to Equity Ratio 24.91% 24.68% 24.51% 23.05% 22.86% 22.66% ROAA 1.14% 0.83% 1.07% 0.97% 1.07% 1.00% ROAE 11.42% 8.31% 10.74% 9.66% 10.59% 9.91% Net Interest Margin 4.68% 4.77% 4.68% 4.72% 4.70% 4.73% Interest Income to Average Assets 6.24% 5.70% 6.23% 6.07% 6.25% 6.06% Interest Expense to Average Assets 1.92% 1.73% 1.91% 1.84% 1.90% 1.83% Yield on Earning Assets 6.86% 6.94% 6.85% 6.88% 6.85% 6.87% Non Interest Income to Avg Assets 0.87% 0.69% 0.71% 0.64% 0.66% 0.64% Non Interest Expense to Avg Assets 2.86% 2.85% 2.83% 2.83% 2.82% 2.80% Efficiency Ratio 55.19% 61.09% 56.24% 58.17% 56.30% 57.48% - ----------------------------------------------------------------------------------------------------------------------------------- RATIO CALCULATIONS Year ------------------------------------------------------------------------ Ended Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Dec-03 - ----------------------------------------------------------------------------------------------------------------------------------- Reserve to Total Loans 1.75% 1.74% 1.73% 1.72% 1.71% 1.70% 1.76% Loans : deposits 90.82% 91.14% 91.47% 91.80% 92.13% 92.39% 90.69% Debt : equity 21.26% 21.07% 20.88% 19.52% 19.34% 19.16% 21.92% Equity to Assets 10.09% 10.12% 10.15% 10.17% 10.18% 10.20% 10.10% Tangible Equity to Tangible Assets 7.20% 7.25% 7.30% 7.35% 7.38% 7.42% 7.20% Reserve to Loans 1.75% 1.74% 1.73% 1.72% 1.71% 1.70% 1.76% Deposits to Average Assets 83.70% 83.82% 83.90% 83.99% 83.86% 83.99% 83.74% Securities to Average Assets 12.20% 11.94% 11.69% 11.30% 11.18% 10.94% 12.30% Loans to Assets 74.68% 75.07% 75.41% 75.77% 75.94% 76.28% 74.61% Debt to Equity Ratio 21.26% 21.07% 20.88% 19.52% 19.34% 19.16% 21.92% ROAA 1.10% 1.13% 1.06% 1.16% 1.10% 1.17% 1.03% ROAE 10.90% 11.19% 10.42% 11.39% 10.78% 11.46% 10.08% Net Interest Margin 4.71% 4.75% 4.78% 4.76% 4.79% 4.76% 4.74% Interest Income to Average Assets 6.24% 6.24% 6.07% 6.24% 6.06% 6.24% 6.14% Interest Expense to Average Assets 1.88% 1.84% 1.78% 1.83% 1.76% 1.82% 1.84% Yield on Earning Assets 6.84% 6.84% 6.86% 6.83% 6.85% 6.81% 6.85% Non Interest Income to Avg Assets 0.67% 0.66% 0.64% 0.67% 0.66% 0.64% 0.68% Non Interest Expense to Avg Assets 2.79% 2.78% 2.77% 2.76% 2.74% 2.73% 2.79% Efficiency Ratio 55.53% 54.89% 56.19% 54.31% 55.30% 53.94% 56.15% 65 Tab 7 BAXTER FENTRISS AND COMPANY =============================== 66 FIRST BANKS AMERICA, INC. * APPENDIX 67 Tab 7A BAXTER FENTRISS AND COMPANY ============================== 68 FIRST BANKS AMERICA, INC. * 2001 ANNUAL REPORT This item was omitted from this EDGAR filing as it is the same document that was previously filed by First Banks America, Inc. as the Annual Report on Form 10K-405 as of and for the year ended December 31, 2001. This report was filed with the Securities and Exchange Commission on March 25, 2002. 69 Tab 7B BAXTER FENTRISS AND COMPANY ================================== 70 FIRST BANKS AMERICA, INC. * JUNE 30, 2002 QUARTERLY REPORT * MARCH 31, 2002 QUARTERLY REPORT -- (*) (*) This item was omitted from this EDGAR filing as it is the same document that was previously filed by First Banks America, Inc. as the Quarterly Report on Form 10-Q as of and for the quarter ended March 31, 2002. This report was filed with the Securities and Exchange Commission on May 13, 2002. 71 FIRST BANKS AMERICA, INC. ANNOUNCES SECOND QUARTER 2002 EARNINGS SAN FRANCISCO--(BUSINESS WIRE)--July 15, 2002--First Banks America, Inc. ("FBA" or "the Company") (NYSE:FBA) reported earnings of $4.8 million, or $0.37 per share on a diluted basis, for the quarter ended June 30, 2002, compared to $7.8 million, or $0.65 per share on a diluted basis, for the comparable period in 2001. Net income for the six months ended June 30, 2002 and 2001 was $10.0 million and $15.1 million, or $0.78 and $1.25 per share on a diluted basis, respectively. The implementation of Statement of Financial Accounting Standards ("SFAS") No. 142, Goodwill and Other Intangible Assets ("SFAS 142"), on January 1, 2002, resulted in the discontinuation of the amortization of certain intangibles associated with the purchase of subsidiaries. If the Company had implemented SFAS 142 at the beginning of 2001, net income for the quarter ended June 30, 2001 would have increased $1.3 million to $9.1 million, or $0.76 per share on a fully diluted basis, and net income for the six months ended June 30, 2001 would have increased $2.7 million to $17.7 million, or $1.47 per share on a fully diluted basis. In addition, the implementation of SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities ("SFAS 133"), on January 1, 2001, resulted in the recognition of a cumulative effect of change in accounting principle of $459,000, net of tax, which reduced net income in 2001. Excluding this item, net income was $15.5 million, or $1.29 per share on a diluted basis, for the six months ended June 30, 2001. James F. Dierberg, Chairman, President and Chief Executive Officer of FBA, said, "Earnings have decreased 38.5% and 33.6% for the three and six months ended June 30, 2002, over the comparable periods in 2001. The decline in earnings primarily reflects significantly increased provisions for loan losses associated with the increased charge-off, delinquency and higher than normal nonperforming trends we are experiencing as a result of current economic conditions. The effects of asset quality problems were partially offset by the net interest income generated by acquisitions completed last year." Commenting further, Dierberg said, "Net interest income increased primarily as a result of increased earning assets generated through internal loan growth along with our acquisitions of Charter Pacific Bank and BYL Bancorp, completed during the fourth quarter of 2001. In addition, the derivative financial instruments used to hedge our interest rate risk contributed $6.3 million and $12.5 million to net interest income for the three and six months ended June 30, 2002, respectively, compared to $2.4 million and $3.0 million for the comparable periods in 2001. The improvement in net interest income, however, was partially mitigated by the significant decline in prevailing interest rates during 2001 and overall economic conditions, which reduced loan demand." The Company recorded provisions for loan losses of $7.8 million and $15.5 million for the three and six months ended June 30, 2002, respectively, compared to $820,000 and $910,000 for the comparable periods in 2001. The significant increase in the provision for loan losses reflects increases in net loan charge-offs and past due loans. Net charge-offs were $3.7 million and $15.8 million for the three and six months ended June 30, 2002, respectively, compared to $2.9 million and $4.3 million for the comparable periods in 2001. The increase in net charge-offs for 2002 primarily reflects the general slowdown in economic conditions prevalent within FBA's markets. Additionally, nonperforming assets decreased slightly to $19.0 million at June 30, 2002 from $20.1 million at December 31, 2001, but remain at higher than normal levels. Nonperforming assets at June 30, 2002 increased $3.8 million, or 25.0%, from $15.2 million at June 30, 2001, further contributing to the increased provision for loan losses in 2002. Noninterest income was $5.2 million and $10.7 million for the three and six months ended June 30, 2002, respectively, compared to $6.3 million and $10.7 million for the comparable periods in 2001. The decline in noninterest income in the second quarter of 2002 was primarily attributable to net losses on derivative instruments of $3,000 and $139,000 for the three and six months ended June 30, 2002, respectively, compared to net gains of $2.6 million and $2.9 million for the comparable periods in 2001, representing mark-to-market adjustments required under SFAS 133, as well as $2.1 million of gains on the termination of certain interest rate swap agreements during the second quarter of 2001. The overall decline in noninterest income was partially offset by increases in: service charges on deposit accounts, loan servicing fees, income earned on bank-owned life insurance, income associated with the International Business Division and a gain on the sale of certain operating lease equipment acquired in connection with the acquisition of Bank of San Francisco. 72 Operating expenses were $22.2 million and $43.0 million for the three and six months ended June 30, 2002, respectively, compared to $22.3 million and $43.3 million for the comparable periods in 2001. The slight decrease in operating expenses primarily results from the discontinuation of the amortization of certain intangibles associated with the purchase of subsidiaries in accordance with the implementation of SFAS 142 in January 2002. Amortization of intangibles for the three and six months ended June 30, 2002 was $266,000 and $532,000, respectively, compared to $1.4 million and $2.8 million for the comparable periods in 2001. In addition, during the second quarter of 2001, the Company recorded a $1.2 million nonrecurring charge associated with the establishment of a specific reserve on an unfunded letter of credit. The overall decrease in operating expenses was partially offset by increases in salaries and employee benefit expenses, information technology fees due to growth and technological advancements in FBA's product and service offerings and higher legal, examination and professional fees associated with the expansion of overall corporate activities. As previously announced, on June 22, 2002, First Bank & Trust ("FB&T"), the wholly-owned banking subsidiary of FBA, completed its assumption of the deposits and certain liabilities and the purchase of certain assets of the Garland and Denton, Texas branch offices of Union Planters Bank, National Association. The transaction resulted in the acquisition of $15.3 million in deposits and one office in Garland and $49.6 million in deposits and one office, including a detached drive-thru facility, in Denton. The core deposit intangibles associated with the branch purchases were $1.4 million. At June 30, 2002, FBA had consolidated assets of $3.06 billion. FBA operates through FB&T, which is headquartered in San Francisco, California, and has 49 banking offices in northern and southern California and eight banking offices in Houston, Dallas, Irving, McKinney and Denton, Texas. This release contains forward-looking statements that are subject to risks and uncertainties arising out of or affecting the Company's business, not all of which can be predicted or anticipated. These statements are based on information currently available to FBA's management, and numerous factors might cause actual results to differ materially from those contemplated in the forward-looking statements. For additional information, see the discussions of forward-looking statements that appear in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of FBA's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission. FIRST BANKS AMERICA, INC. FINANCIAL SUMMARY (in thousands, except per share data) (unaudited) Condensed Consolidated Statement of Income Information Three Months Six Months Ended Ended June 30, June 30, ------------------------ --------------------- 2002 2001 2002 2001 ---- ---- ---- ---- 73 Interest income $ 47,268 52,297 94,134 107,120 Interest expense 14,585 22,699 30,015 47,869 Net interest income 32,683 29,598 64,119 59,251 Provision for loan losses 7,800 820 15,500 910 Noninterest income 5,196 6,343 10,712 10,722 Noninterest expense 22,235 22,285 43,032 43,279 Income before provision for income taxes and cumulative effect of change in accounting principle 7,844 12,836 16,299 25,784 Provision for income taxes 3,044 5,037 6,297 10,259 Income before cumulative effect of change in accounting principle 4,800 7,799 10,002 15,525 Cumulative effect of change in accounting principle, net of tax -- -- -- (459) Net income 4,800 7,799 10,002 15,066 Basic earnings per common share: 74 Income before cumulative effect of change in accounting principle $ 0.37 0.65 0.78 1.29 Cumulative effect of change in accounting principle, net of tax -- -- -- (0.04) --------- -------- -------- -------- $ 0.37 0.65 0.78 1.25 ========= ======== ======== ======== Diluted earnings per common share: Income before cumulative effect of change in accounting principle $ 0.37 0.65 0.78 1.29 Cumulative effect of change in accounting principle, net of tax -- -- -- (0.04) --------- -------- -------- -------- $ 0.37 0.65 0.78 1.25 ========= ======== ======== ======== Weighted average common shares outstanding 12,854 12,067 12,855 12,082 Condensed Consolidated Balance Sheet Information June 30, December 31, 2002 2001 ---- ---- 75 Assets $ 3,062,478 3,060,988 Investment securities 360,218 368,207 Loans, net of unearned discount 2,278,398 2,323,263 Allowance for loan losses 42,459 42,721 Deposits 2,527,115 2,555,261 Note payable 50,000 71,000 Stockholders' equity 301,887 285,317 Nonperforming assets 19,035 20,111 Issued and outstanding shares: Common stock 10,347,160 10,356,060 Class B common stock 2,500,000 2,500,000 Selected Financial Ratios Three Months Ended Six Months Ended June 30, June 30, --------------------- --------------------- 2002 2001 2002 2001 ---- ---- ---- ---- Return on average assets 0.64% 1.19% 0.67% 1.15% Return on average equity 6.58 14.11 6.91 14.33 Net interest margin 4.94 5.01 4.85 5.03 Efficiency ratio 58.70 62.00 57.51 61.85 CONTACT: First Banks America Inc., San Francisco 76 Allen H. Blake, 314/592-5000 or Terrance M. McCarthy, 415/781-7810 SOURCE: First Banks America Inc. Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: http://www.businesswire.com 07/15/2002 16:20 EASTERN 77 Tab 7C BAXTER FENTRISS AND COMPANY ================================= 78 FIRST BANKS AMERICA, INC. * DETAILED PEER GROUP INFORMATION 79 ================================================================================================================================== FIRST BANKS AMERICA, INC. COMPARATIVE TRADING VALUES STOCK PRICE DATA AS OF AUGUST 2, 2002 (1) ================================================================================================================================== TOTAL TOTAL PRICE / ASSETS EQUITY CLOSING EARNINGS COMPANY NAME TICKER 06/02 Q 06/02 Q PRICE MSTRCTQTR MSTRCTQTR MSTRCTQTR ($000) ($000) ($) (X) ================================================================================================================================== 1st Source Corporation SRCE 3,431,196 311,478 19.6100 NM Alabama National BanCorporation ALAB 3,144,348 221,496 42.7500 15.49 Allegiant Bancorp, Inc. ALLE 2,220,285 153,681 16.5500 12.93 AMCORE Financial, Inc. AMFI 4,286,926 330,717 22.2100 13.22 BancFirst Corporation BANF 2,713,431 231,339 46.8700 11.49 BancorpSouth, Inc. BXS 9,923,525 830,801 19.5300 12.85 Bank of Hawaii Corporation BOH 9,823,348 1,191,072 27.3500 16.28 Banner Corporation BANR 2,164,698 196,983 20.3000 16.92 Bay View Capital Corporation BVC 3,752,295 342,071 5.5400 NM Capitol Bancorp Limited CBCL 2,233,766 130,223 20.4900 14.64 Cathay Bancorp, Inc. CATY 2,578,985 266,614 39.2800 14.66 Chemical Financial Corporation CHFC 3,477,570 407,156 30.0000 12.50 Citizens Banking Corporation CBCF 7,547,028 714,684 27.1900 12.14 City Holding Company CHCO 2,043,685 158,828 25.6000 14.22 Community First Bankshares, Inc. CFBX 5,603,955 370,185 24.6800 12.59 Community Trust Bancorp, Inc. CTBI 2,427,625 201,673 25.0000 11.36 Corus Bankshares, Inc. CORS 2,647,650 475,963 45.0500 11.73 Cullen/Frost Bankers, Inc. CFR 8,241,909 647,847 34.9500 14.32 CVB Financial Corp. CVBF 2,858,510 241,383 18.9500 14.80 East West Bancorp, Inc. EWBC 3,037,902 271,360 34.9400 17.83 F.N.B. Corporation FBAN 6,750,236 570,628 27.5410 12.99 Wintrust Financial Corporation WTFC 3,219,400 205,999 32.0000 21.62 First Charter Corporation FCTR 3,490,255 324,051 16.1900 12.65 First Financial Bancorp. FFBC 3,734,847 385,983 17.9500 15.47 First Financial Corporation THFF 2,169,543 230,074 46.6000 12.14 First Indiana Corporation FINB 2,097,338 218,063 18.0000 10.47 First Merchants Corporation FRME 2,663,984 251,430 23.9100 11.72 First Midwest Bancorp, Inc. FMBI 5,910,959 477,162 27.9500 14.87 First Republic Bank FRC 4,569,047 273,313 21.1000 14.65 GBC Bancorp GBCB 2,546,700 200,024 21.4600 NM Glacier Bancorp, Inc. GBCI 2,137,568 194,808 22.6500 12.31 Gold Banc Corporation, Inc. GLDB 3,323,414 173,773 9.7500 11.61 Greater Bay Bancorp GBBK 8,526,222 609,779 22.3100 9.00 Hancock Holding Company HBHC 3,875,080 426,528 66.6000 15.14 Integra Bank Corporation IBNK 2,925,617 232,736 21.2500 15.18 International Bancshares Corporation IBOC 6,141,333 490,723 40.8610 15.25 Irwin Financial Corporation IFC 3,827,582 329,275 16.3500 14.60 Local Financial Corporation LFIN 2,783,970 175,109 14.7000 9.93 MB Financial, Inc. MBFI 3,655,852 313,480 31.6100 12.35 Old National Bancorp ONB 9,299,495 695,396 25.3000 13.75 Pacific Capital Bancorp SABB 4,063,059 354,405 24.3500 14.16 Pacific Northwest Bancorp PNWB 2,857,041 202,051 27.6000 13.80 Park National Corporation PRK 4,494,442 498,296 96.5400 15.37 Republic Bancorp Inc. RBNC 4,357,150 327,447 13.3000 12.31 Republic Bancshares, Inc. REPB 2,477,432 179,029 19.0000 NM Silicon Valley Bancshares SIVB 3,831,770 658,843 20.7000 16.17 Sky Financial Group Inc. SKYF 9,728,000 699,000 19.8100 14.15 South Financial Group, Inc. (The) TSFG 6,165,497 472,138 19.6500 13.65 Southwest Bancorporation of Texas, Inc. SWBT 4,548,527 410,507 36.6800 20.84 Sterling Bancshares, Inc. SBIB 2,958,436 233,772 14.0000 16.67 Texas Regional Bancshares, Inc. TRBS 3,509,749 336,439 33.3000 16.65 Trustmark Corporation TRMK 6,846,350 691,933 24.5900 12.30 UCBH Holdings, Inc. UCBH 3,194,137 202,451 39.6500 20.65 UMB Financial Corporation UMBF 7,309,967 790,563 42.5000 16.87 United Bankshares, Inc. UBSI 5,625,130 533,183 28.9000 14.17 United Community Banks, Inc. UCBI 3,014,608 209,587 24.5800 17.07 Unizan Financial Corporation UNIZ 2,639,311 293,616 18.8800 11.80 WesBanco, Inc. WSBC 3,206,861 331,175 22.8000 13.90 Westamerica Bancorporation WABC 4,072,502 320,373 37.6800 16.53 Whitney Holding Corporation WTNY 6,909,293 758,533 31.5600 13.37 FIRST BANKS AMERICA, INC. FBA 3,062,478 301,887 39.5000 26.69 ================================================================================================================================== AVERAGE: $ 4,326,939 $ 382,954 14.22 MAXIMUM: 21.62 MINIMUM: 9.00 ================================================================================================================================== PRICE / PRICE / PRICE / PRICE / PRICE / LTM EARNINGS BOOK TANGIBLE BOOK DEPOSITS ASSETS COMPANY NAME MSTRCTQTR MSTRCTQTR MSTRCTQTR MSTRCTQTR MSTRCTQTR MSTRCTQTR (X) (%) (%) (%) (%) ================================================================================================================================== 1st Source Corporation 18.50 131.97 NA 14.73 11.98 Alabama National BanCorporation 16.13 238.56 261.47 23.83 16.81 Allegiant Bancorp, Inc. 13.13 170.62 267.80 16.36 11.81 AMCORE Financial, Inc. 13.06 165.87 174.20 17.59 12.80 BancFirst Corporation 12.91 164.17 181.32 16.04 13.99 BancorpSouth, Inc. 14.15 189.98 NA 19.12 15.91 Bank of Hawaii Corporation 17.76 160.41 165.46 29.60 19.45 Banner Corporation 21.37 114.37 NA 16.61 10.95 Bay View Capital Corporation NM 101.47 153.89 11.45 9.26 Capitol Bancorp Limited 14.13 168.50 191.14 11.50 9.82 Cathay Bancorp, Inc. 15.22 265.23 NA 32.04 27.42 Chemical Financial Corporation 12.50 166.20 183.82 24.36 19.45 Citizens Banking Corporation 12.08 169.73 190.94 20.68 16.08 City Holding Company 31.22 272.34 284.76 26.84 21.18 Community First Bankshares, Inc. 13.20 263.96 357.16 21.58 17.43 Community Trust Bancorp, Inc. 12.08 141.00 208.16 13.66 11.71 Corus Bankshares, Inc. 13.06 134.04 135.33 30.65 24.09 Cullen/Frost Bankers, Inc. 20.68 275.20 339.65 26.06 21.64 CVB Financial Corp. 14.92 273.84 287.56 31.32 23.14 East West Bancorp, Inc. 19.74 303.83 340.21 30.96 27.15 F.N.B. Corporation 20.86 213.33 NA 22.70 17.93 Wintrust Financial Corporation 22.38 263.37 302.17 20.80 16.85 First Charter Corporation 13.96 154.04 164.70 22.06 14.30 First Financial Bancorp. 18.32 213.69 232.81 27.98 22.07 First Financial Corporation 12.36 138.28 NA 22.17 14.66 First Indiana Corporation 14.40 128.48 136.67 20.26 13.36 First Merchants Corporation 12.99 146.78 254.90 17.95 13.86 First Midwest Bancorp, Inc. 15.79 282.04 292.67 31.86 22.77 First Republic Bank 11.59 114.12 146.53 9.26 6.83 GBC Bancorp 24.11 123.76 127.21 12.78 9.72 Glacier Bancorp, Inc. 14.52 199.74 251.67 27.17 18.20 Gold Banc Corporation, Inc. 13.00 189.32 NA 13.50 9.89 Greater Bay Bancorp 12.75 212.48 311.16 21.55 13.40 Hancock Holding Company 16.65 180.10 208.84 21.93 18.10 Integra Bank Corporation NM 157.88 208.54 20.36 12.56 International Bancshares Corporation 16.34 269.71 331.13 30.33 21.55 Irwin Financial Corporation 9.62 137.74 138.44 20.09 11.85 Local Financial Corporation 10.97 161.01 176.68 14.97 10.13 MB Financial, Inc. 28.22 177.09 208.51 18.00 15.19 Old National Bancorp 14.54 222.32 NA 23.65 16.63 Pacific Capital Bancorp 13.23 238.73 NA 26.16 20.81 Pacific Northwest Bancorp 15.25 207.52 225.86 22.76 14.68 Park National Corporation 16.39 269.21 280.15 38.74 29.85 Republic Bancorp Inc. 13.30 216.26 221.30 26.47 16.24 Republic Bancshares, Inc. NM 120.79 135.71 10.50 8.73 Silicon Valley Bancshares 16.56 143.45 168.70 31.57 24.66 Sky Financial Group Inc. 13.30 232.78 NA 23.71 16.74 South Financial Group, Inc. (The) 15.60 167.95 211.06 21.29 12.86 Southwest Bancorporation of Texas, Inc. 22.23 299.18 301.15 34.27 27.00 Sterling Bancshares, Inc. 18.42 263.65 350.00 26.45 20.77 Texas Regional Bancshares, Inc. 18.30 259.75 299.46 29.54 24.90 Trustmark Corporation 13.01 221.13 246.64 33.26 22.34 UCBH Holdings, Inc. 23.05 384.58 NA 29.36 24.37 UMB Financial Corporation 14.60 118.62 128.83 17.68 12.85 United Bankshares, Inc. 14.60 230.65 283.06 32.24 21.87 United Community Banks, Inc. 18.34 253.14 269.81 22.49 17.46 Unizan Financial Corporation 18.69 141.74 237.48 22.72 15.77 WesBanco, Inc. 13.99 144.95 178.54 19.97 14.96 Westamerica Bancorporation 15.57 397.05 427.21 38.36 31.23 Whitney Holding Corporation 14.96 166.37 191.85 22.40 18.26 FIRST BANKS AMERICA, INC. 14.36 168.09 256.33 16.17 16.57 ================================================================================================================================== AVERAGE: 16.12 200.57 232.09 23.07 17.30 MAXIMUM: 31.22 397.05 427.21 38.74 31.23 MINIMUM: 9.62 101.47 127.21 9.26 6.83 ================================================================================================================================== <FN> (1) DATA FROM SNL SECURITIES 80 FIRST BANKS AMERICA, INC. COMPARABLE TRADING ANALYSIS PEER DATA =================================================================================================================================== TOTAL TOTAL TOTAL 1ST QTR TICKER ASSETS EQUITY DEPOSITS NET INCOME COMPANY SYMBOL CITY STATE ($000) ($000) ($000) ($000) =================================================================================================================================== 1st Source Corporation SRCE South Bend IN 3,481,120 308,066 2,718,989 4,208 Alabama National BanCorporation ALAB Birmingham AL 2,950,062 212,705 2,179,227 8,608 Allegiant Bancorp, Inc. ALLE St. Louis MO 2,157,997 143,819 1,636,012 4,631 AMCORE Financial, Inc. AMFI Rockford IL 4,116,581 308,379 2,998,025 9,926 BancFirst Corporation BANF Oklahoma City OK 2,748,882 222,371 2,378,101 7,922 BancorpSouth, Inc. BXS Tupelo MS 9,816,856 810,667 8,175,131 29,398 Banner Corporation BANR Walla Walla WA 2,152,259 191,919 1,412,737 3,909 Bay View Capital Corporation BVC San Mateo CA 3,829,435 344,847 3,066,700 6,914 Capitol Bancorp Limited CBCL Lansing MI 2,174,334 126,364 1,853,343 3,044 Cathay Bancorp, Inc. CATY Los Angeles CA 2,515,872 250,525 2,156,947 11,388 Chemical Financial Corporation CHFC Midland MI 3,521,770 392,233 2,824,249 13,710 Citizens Banking Corporation CBCF Flint MI 7,482,292 699,974 5,860,782 24,103 City Holding Company CHCO Charleston WV 2,113,619 150,707 1,698,574 6,408 Community First Bankshares, Inc. CFBX Fargo ND 5,657,926 352,040 4,589,575 19,261 Community Trust Bancorp, Inc. CTBI Pikeville KY 2,495,219 194,080 2,144,909 6,322 Corus Bankshares, Inc. CORS Chicago IL 2,654,090 463,794 2,098,630 10,468 Cullen/Frost Bankers, Inc. CFR San Antonio TX 8,071,759 604,233 6,773,866 27,717 CVB Financial Corp. CVBF Ontario CA 2,585,133 223,666 1,891,364 12,317 East West Bancorp, Inc. EWBC San Marino CA 2,903,220 256,619 2,542,133 11,719 F.N.B. Corporation FBAN Naples FL 6,731,501 548,639 5,317,764 -8,883 Wintrust Financial Corporation WTFC Lake Forest IL 2,955,153 163,521 2,417,315 6,362 First Charter Corporation FCTR Charlotte NC 3,405,620 303,745 2,210,308 8,591 First Financial Bancorp. FFBC Hamilton OH 3,770,813 380,775 3,010,335 12,401 First Financial Corporation THFF Terre Haute IN 2,146,344 223,311 1,418,701 6,728 First Indiana Corporation FINB Indianapolis IN 2,044,567 212,306 1,408,426 6,383 First Midwest Bancorp, Inc. FMBI Itasca IL 5,842,789 446,823 4,170,178 22,071 First Republic Bank FRC San Francisco CA 4,268,164 248,007 3,268,442 7,422 GBC Bancorp GBCB Los Angeles CA 2,512,190 196,787 1,954,677 -2,906 Glacier Bancorp, Inc. GBCI Kalispell MT 2,083,555 182,506 1,426,877 6,748 Gold Banc Corporation, Inc. GLDB Leawood KS 3,235,167 163,258 2,380,331 6,007 Greater Bay Bancorp GBBK Palo Alto CA 8,330,025 565,047 5,041,212 27,602 Hancock Holding Company HBHC Gulfport MS 3,824,773 409,751 3,161,929 11,421 Integra Bank Corporation IBNK Evansville IN 2,923,102 221,669 1,828,170 5,199 International Bancshares Corporation IBOC Laredo TX 6,141,333 490,723 4,334,420 22,387 Irwin Financial Corporation IFC Columbus IN 3,543,269 322,504 2,257,997 9,946 Local Financial Corporation LFIN Oklahoma City OK 2,786,751 167,432 1,889,472 7,079 MB Financial, Inc. MBFI Chicago IL 3,428,944 299,479 2,856,381 10,349 Mississippi Valley Bancshares, Inc. MVBI St. Louis MO 2,042,192 162,118 1,691,997 7,603 Old National Bancorp ONB Evansville IN 9,169,075 647,046 6,621,988 27,861 Pacific Capital Bancorp SABB Santa Barbara CA 4,122,043 339,403 3,355,471 26,674 Pacific Northwest Bancorp PNWB Seattle WA 2,737,775 199,231 1,700,871 7,564 Park National Corporation PRK Newark OH 4,425,903 471,969 3,330,782 21,448 Republic Bancorp Inc. RBNC Ann Arbor MI 4,409,455 313,083 2,699,660 14,118 Republic Bancshares, Inc. REPB St. Petersburg FL 2,513,164 169,747 2,129,196 1,246 Silicon Valley Bancshares SIVB Santa Clara CA 3,987,475 640,755 3,181,512 13,360 Sky Financial Group Inc. SKYF Bowling Green OH 9,460,646 671,171 6,817,579 31,487 South Financial Group, Inc. (The) TSFG Greenville SC 6,057,998 435,004 3,641,504 14,126 Southwest Bancorporation of Texas, Inc. SWBT Houston TX 4,307,485 373,814 3,315,560 13,545 Sterling Bancshares, Inc. SBIB Houston TX 2,789,373 224,002 2,276,509 8,298 Texas Regional Bancshares, Inc. TRBS McAllen TX 3,377,459 312,665 2,827,045 12,411 Trustmark Corporation TRMK Jackson MS 6,771,435 685,586 4,629,812 30,329 UCBH Holdings, Inc. UCBH San Francisco CA 3,055,764 181,901 2,544,040 9,068 UMB Financial Corporation UMBF Kansas City MO 8,285,558 770,465 6,032,909 19,578 United Bankshares, Inc. UBSI Charleston WV 5,557,581 505,636 3,818,901 21,821 United Community Banks, Inc. UCBI Blairsville GA 2,871,843 196,703 2,256,236 7,720 Unizan Financial Corporation UNIZ Canton OH 2,621,525 283,048 1,855,762 -1,252 WesBanco, Inc. WSBC Wheeling WV 3,164,625 327,417 2,386,226 8,068 Westamerica Bancorporation WABC San Rafael CA 3,962,294 307,637 3,251,124 21,659 Whitney Holding Corporation WTNY New Orleans LA 7,069,048 727,069 5,841,040 22,092 First Banks America, Inc. FBA San Francisco CA 2,987,524 285,524 2,477,184 5,202 =================================================================================================================================== AVERAGE: 4,172,241 351,674 3,145,050 12,300 =================================================================================================================================== =================================================================================================================================== LTM SHARES BOOK VALUE TANG. BK EPS EPS DIVIDEND PAYOUT MARKET NET INCOME OUTSTANDING PER SHARE PER SHARE QTR LTM YIELD RATIO CAP COMPANY ($000) (Shares) ($) ($) ($) ($) (%) (%) ($M) =================================================================================================================================== 1st Source Corporation 29,063 20,941,061 14.71 13.29 0.20 1.37 1.50 25.96 488 Alabama National BanCorporation 31,180 12,352,880 17.22 15.66 0.68 2.54 2.31 37.01 531 Allegiant Bancorp, Inc. 15,192 15,541,085 9.25 5.63 0.30 1.25 1.43 24.40 278 AMCORE Financial, Inc. 41,975 24,645,894 12.51 11.87 0.40 1.66 2.79 38.55 563 BancFirst Corporation 28,732 8,157,741 27.17 24.48 0.96 3.45 1.72 20.87 402 BancorpSouth, Inc. 105,542 81,200,000 9.98 9.43 0.36 1.28 2.96 45.31 1,636 Banner Corporation 9,050 11,621,426 17.38 13.99 0.34 0.79 2.55 72.15 247 Bay View Capital Corporation -86,290 62,643,059 5.50 3.53 0.11 -1.97 0.00 NM 411 Capitol Bancorp Limited 11,379 10,640,201 11.88 10.42 0.38 1.43 1.66 27.97 256 Cathay Bancorp, Inc. 44,628 17,973,720 13.94 NA 0.63 2.47 1.36 25.91 764 Chemical Financial Corporation 52,544 22,540,000 17.40 15.66 0.61 2.33 2.53 39.73 802 Citizens Banking Corporation 104,955 45,028,000 15.55 13.84 0.53 2.27 3.95 48.46 1,274 City Holding Company -13,847 16,887,934 8.92 8.51 0.38 -0.82 2.58 NM 402 Community First Bankshares, Inc. 74,092 39,876,334 8.83 6.39 0.47 1.81 2.91 39.23 1,044 Community Trust Bancorp, Inc. 23,353 11,393,800 17.03 11.30 0.55 2.03 3.16 40.39 309 Corus Bankshares, Inc. 50,429 14,159,644 32.75 32.43 0.73 3.51 1.36 17.66 647 Cullen/Frost Bankers, Inc. 86,093 51,188,491 11.80 9.41 0.52 1.62 2.48 53.09 1,799 CVB Financial Corp. 43,566 34,882,946 6.41 6.23 0.35 1.23 2.65 40.81 750 East West Bancorp, Inc. 40,691 23,546,303 10.90 9.65 0.48 1.69 0.78 9.32 833 F.N.B. Corporation 29,445 43,798,799 12.45 10.01 -0.20 1.18 3.02 62.96 1,267 Wintrust Financial Corporation 20,897 15,711,641 10.41 8.75 0.40 1.38 0.36 7.73 520 First Charter Corporation 35,072 30,805,474 9.86 9.25 0.28 1.12 4.15 64.29 534 First Financial Bancorp. 41,697 46,344,961 8.22 7.53 0.27 0.90 3.06 66.67 872 First Financial Corporation 25,017 6,832,284 32.68 31.01 0.98 3.66 2.47 31.15 340 First Indiana Corporation 19,702 15,498,924 13.70 12.86 0.41 1.24 2.85 43.87 342 First Midwest Bancorp, Inc. 84,885 48,534,000 9.21 8.85 0.45 1.70 2.49 38.82 1,331 First Republic Bank 27,127 13,966,657 17.76 14.82 0.50 1.87 0.00 0.00 368 GBC Bancorp 22,349 11,524,062 17.08 17.08 -0.25 1.92 1.66 25.00 323 Glacier Bancorp, Inc. 24,523 17,074,413 10.69 8.27 0.39 1.44 2.66 42.36 396 Gold Banc Corporation, Inc. 24,390 33,682,492 4.85 3.71 0.18 0.71 0.74 11.27 368 Greater Bay Bancorp 82,886 50,501,861 9.75 6.35 0.52 1.60 1.79 27.81 1,353 Hancock Holding Company 42,072 10,595,208 35.18 30.10 1.00 3.73 1.92 30.56 670 Integra Bank Corporation 5,600 17,284,035 12.83 9.47 0.30 0.31 4.24 303.23 386 International Bancshares Corporation 84,124 32,396,259 15.14 12.33 0.67 2.50 1.56 25.60 1,281 Irwin Financial Corporation 46,291 27,542,100 11.66 11.59 0.39 1.98 1.37 13.26 493 Local Financial Corporation 26,784 19,157,425 8.74 7.93 0.36 1.30 0.00 0.00 327 MB Financial, Inc. 7,036 17,562,170 17.05 15.08 0.58 0.92 1.77 16.30 597 Mississippi Valley Bancshares, Inc. 27,894 9,428,212 18.26 18.26 0.80 2.93 1.09 17.41 483 Old National Bancorp 98,805 61,161,000 10.58 9.15 0.46 1.60 2.65 40.98 1,544 Pacific Capital Bancorp 59,871 34,776,000 9.76 8.76 0.76 1.70 2.95 38.82 866 Pacific Northwest Bancorp 25,533 15,453,581 12.90 11.83 0.48 1.62 1.80 34.57 477 Park National Corporation 80,920 13,932,561 33.88 NA 1.53 5.77 3.45 50.95 1,260 Republic Bancorp Inc. 61,229 53,131,000 5.89 5.75 0.26 1.11 2.30 29.24 756 Republic Bancshares, Inc. -4,288 11,344,609 14.96 13.16 0.11 -0.38 0.00 NM 234 Silicon Valley Bancshares 68,178 45,559,202 14.06 11.93 0.29 1.41 0.00 0.00 1,197 Sky Financial Group Inc. 123,313 82,654,096 8.14 7.20 0.38 1.49 3.59 50.34 1,744 South Financial Group, Inc. (The) 47,386 40,261,842 10.80 8.40 0.34 1.12 2.13 41.07 875 Southwest Bancorporation of Texas, Inc. 53,747 33,003,985 11.33 11.25 0.40 1.58 0.00 0.00 1,148 Sterling Bancshares, Inc. 32,068 43,800,089 5.10 3.81 0.19 0.74 1.09 20.28 623 Texas Regional Bancshares, Inc. 42,535 26,162,375 11.95 10.22 0.49 1.72 1.37 23.65 838 Trustmark Corporation 115,726 62,919,313 10.90 9.91 0.48 1.80 2.34 31.67 1,604 UCBH Holdings, Inc. 32,528 19,492,676 9.33 NA 0.45 1.62 0.53 10.49 741 UMB Financial Corporation 67,090 22,062,781 34.92 32.14 0.88 3.03 1.65 25.46 1,053 United Bankshares, Inc. 82,460 42,812,217 11.81 9.74 0.50 1.94 3.21 47.42 1,218 United Community Banks, Inc. 28,516 21,400,344 9.11 8.50 0.35 1.31 0.85 16.22 618 Unizan Financial Corporation 9,802 22,043,533 12.84 7.43 -0.09 0.95 2.48 53.16 453 WesBanco, Inc. 29,665 21,283,506 15.38 12.42 0.42 1.62 3.92 56.79 509 Westamerica Bancorporation 85,514 33,831,000 9.09 8.53 0.63 2.43 2.20 34.98 1,393 Whitney Holding Corporation 79,346 39,724,476 18.30 15.72 0.55 1.98 3.47 52.69 1,234 First Banks America, Inc. 37,550 12,856,060 22.21 14.20 0.40 3.03 0.00 0.00 408 =================================================================================================================================== AVERAGE: 43,899 29,496,130 13.99 11.98 0.46 1.67 2.03 37.39 781 =================================================================================================================================== <FN> ALL DATA PROVIDED BY SNL SECURITIES 81 FBA PEER GROUP COMPARISON DATA PROFITABILITY - ---------------------------------------------------------------------------------------------------------------------------------- NET INCOME ROAA ROAA ROAA ROAE 03/02 Q 03/02 Q 2000 Y 2001 Y 2000 Y COMPANY NAME ($000) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 4,208 0.48 1.24 1.14 14.88 ALABAMA NATIONAL BANCORPORATION 8,608 1.19 1.17 1.12 16.29 ALLEGIANT BANCORP, INC. 4,631 0.86 0.83 0.94 13.21 AMCORE FINANCIAL, INC. 9,926 1.00 1.00 1.04 14.92 BANCFIRST CORPORATION 7,922 1.16 1.10 1.05 14.89 BANCORPSOUTH, INC. 29,398 1.23 0.85 1.06 9.76 BANNER CORPORATION 3,909 0.74 0.95 0.36 9.96 BAY VIEW CAPITAL CORPORATION 6,914 0.71 -5.20 -2.21 -58.80 CAPITOL BANCORP LIMITED 3,044 0.58 0.55 0.58 13.78 CATHAY BANCORP, INC. 11,388 1.82 1.81 1.83 20.09 CHEMICAL FINANCIAL CORPORATION 13,710 1.55 1.36 1.33 11.99 CITIZENS BANKING CORPORATION 24,103 1.27 1.12 1.32 13.94 CITY HOLDING COMPANY 6,408 1.22 -1.38 -1.07 -19.22 COMMUNITY FIRST BANKSHARES, INC. 19,261 1.36 1.16 1.11 19.90 COMMUNITY TRUST BANCORP, INC. 6,322 1.01 1.02 0.91 12.63 CORUS BANKSHARES, INC. 10,468 1.58 2.97 2.03 21.55 CULLEN/FROST BANKERS, INC. 27,717 1.37 1.52 1.03 20.41 CVB FINANCIAL CORP. 12,317 1.97 1.67 1.72 21.96 EAST WEST BANCORP, INC. 11,719 1.66 1.51 1.47 21.57 F.N.B. CORPORATION -8,883 -0.54 1.12 1.09 13.71 WINTRUST FINANCIAL CORPORATION 6,362 0.91 0.60 0.79 11.51 FIRST CHARTER CORPORATION 8,591 1.02 0.90 1.14 8.29 FIRST FINANCIAL BANCORP. 12,401 1.29 1.48 1.12 15.34 FIRST FINANCIAL CORPORATION 6,728 1.23 1.18 1.19 12.98 FIRST INDIANA CORPORATION 6,383 1.26 1.20 0.95 13.28 FIRST MIDWEST BANCORP, INC. 22,071 1.53 1.30 1.43 19.17 FIRST REPUBLIC BANK 7,422 0.70 0.61 0.63 11.68 FREMONT GENERAL CORPORATION 18,057 0.90 NA 0.75 -103.75 GBC BANCORP -2,906 -0.48 2.01 1.54 24.80 GLACIER BANCORP, INC. 6,748 1.30 1.39 1.11 15.83 GOLD BANC CORPORATION, INC. 6,007 0.77 -0.17 0.86 -2.40 GREATER BAY BANCORP 27,602 1.38 1.34 1.18 19.21 HANCOCK HOLDING COMPANY 11,421 1.21 1.23 1.15 11.31 INTEGRA BANK CORPORATION 5,199 0.69 1.21 0.22 13.40 INTERNATIONAL BANCSHARES CORPORATION 22,387 1.43 1.33 1.39 20.92 IRWIN FINANCIAL CORPORATION 9,946 1.13 1.76 1.45 20.83 LOCAL FINANCIAL CORPORATION 7,079 1.02 1.00 1.01 17.18 MB FINANCIAL, INC. 10,349 1.20 0.85 0.36 10.24 MISSISSIPPI VALLEY BANCSHARES, INC. 7,603 1.50 1.31 1.32 18.07 OLD NATIONAL BANCORP 27,861 1.23 0.73 1.05 10.55 PACIFIC CAPITAL BANCORP 26,674 2.43 1.40 1.45 18.06 PACIFIC NORTHWEST BANCORP 7,564 1.11 0.22 0.79 3.74 PARK NATIONAL CORPORATION 21,448 1.92 1.65 1.84 16.55 REPUBLIC BANCORP INC. 14,118 1.25 1.02 1.04 16.28 REPUBLIC BANCSHARES, INC. 1,246 0.20 -0.18 -0.16 -2.67 SILICON VALLEY BANCSHARES 13,360 1.33 3.07 2.02 33.28 SKY FINANCIAL GROUP INC. 31,487 1.36 1.41 1.39 19.78 SOUTH FINANCIAL GROUP, INC. (THE) 14,126 0.92 0.14 0.77 1.46 SOUTHWEST BANCORPORATION OF TEXAS, INC. 13,545 1.25 1.23 1.32 17.00 STERLING BANCSHARES, INC. 8,298 1.22 1.32 1.24 17.81 TEXAS REGIONAL BANCSHARES, INC. 12,411 1.69 1.56 1.58 17.43 TRUSTMARK CORPORATION 30,329 1.76 1.50 1.59 15.68 UCBH HOLDINGS, INC. 9,068 1.22 1.02 1.12 20.12 UMB FINANCIAL CORPORATION 19,578 0.93 0.89 0.89 9.63 UNITED BANKSHARES, INC. 21,821 1.59 1.19 1.59 14.41 UNITED COMMUNITY BANKS, INC. 7,720 1.10 0.59 1.05 10.61 UNIZAN FINANCIAL CORPORATION -1,252 -0.28 1.41 1.42 19.76 WESBANCO, INC. 8,068 1.20 1.18 1.21 10.42 WESTAMERICA BANCORPORATION 21,659 2.22 2.06 2.18 25.78 WHITNEY HOLDING CORPORATION 22,092 1.22 1.16 1.11 11.70 - ---------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 5,202 0.69 1.32 1.44 15.86 AVERAGES: 12,396 1.15 1.04 1.07 11.21 - ---------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES - ---------------------------------------------------------------------------------------------------------------------------------- ROAE ROAE NIM NIM NIM 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 13.14 5.40 3.92 3.98 3.97 ALABAMA NATIONAL BANCORPORATION 15.40 16.13 4.08 3.88 4.12 ALLEGIANT BANCORP, INC. 13.59 13.06 4.30 3.66 3.04 AMCORE FINANCIAL, INC. 13.50 12.84 3.29 3.42 3.49 BANCFIRST CORPORATION 13.32 14.06 4.84 4.44 4.37 BANCORPSOUTH, INC. 12.36 14.57 4.14 4.00 4.32 BANNER CORPORATION 3.78 7.97 3.88 3.78 3.85 BAY VIEW CAPITAL CORPORATION -30.96 8.15 3.13 3.18 4.15 CAPITOL BANCORP LIMITED 15.22 14.91 4.96 4.78 4.65 CATHAY BANCORP, INC. 18.50 18.19 4.72 4.35 4.46 CHEMICAL FINANCIAL CORPORATION 11.55 13.94 4.18 4.38 4.36 CITIZENS BANKING CORPORATION 14.90 13.76 4.34 4.30 4.42 CITY HOLDING COMPANY -16.85 17.05 3.66 4.12 4.52 COMMUNITY FIRST BANKSHARES, INC. 18.66 21.73 4.90 5.23 5.29 COMMUNITY TRUST BANCORP, INC. 11.85 12.82 4.31 3.77 3.96 CORUS BANKSHARES, INC. 12.77 9.24 5.14 4.25 3.62 CULLEN/FROST BANKERS, INC. 13.18 18.11 5.32 4.89 4.63 CVB FINANCIAL CORP. 19.17 21.54 5.14 5.00 4.81 EAST WEST BANCORP, INC. 17.73 18.78 4.03 3.98 4.15 F.N.B. CORPORATION 12.61 -6.13 4.58 4.69 4.61 WINTRUST FINANCIAL CORPORATION 15.24 16.88 3.66 3.49 3.44 FIRST CHARTER CORPORATION 11.03 10.67 4.26 3.72 3.62 FIRST FINANCIAL BANCORP. 10.94 12.75 4.72 4.67 4.72 FIRST FINANCIAL CORPORATION 11.33 12.60 3.82 4.00 3.85 FIRST INDIANA CORPORATION 9.60 12.07 3.90 3.69 3.60 FIRST MIDWEST BANCORP, INC. 17.89 19.13 3.76 4.10 4.32 FIRST REPUBLIC BANK 11.53 12.45 2.78 3.25 3.33 FREMONT GENERAL CORPORATION 18.53 19.63 NA 3.42 3.89 GBC BANCORP 16.05 -5.51 4.80 4.32 4.03 GLACIER BANCORP, INC. 13.49 14.76 4.68 4.51 4.28 GOLD BANC CORPORATION, INC. 14.38 14.61 3.96 3.57 3.39 GREATER BAY BANCORP 17.77 20.10 5.73 5.07 4.91 HANCOCK HOLDING COMPANY 10.44 11.00 4.70 4.50 4.65 INTEGRA BANK CORPORATION 3.01 9.24 4.14 2.85 3.09 INTERNATIONAL BANCSHARES CORPORATION 17.78 18.13 3.41 3.65 3.94 IRWIN FINANCIAL CORPORATION 21.83 14.46 5.36 5.35 5.84 LOCAL FINANCIAL CORPORATION 15.65 17.16 3.51 3.64 3.50 MB FINANCIAL, INC. 4.27 13.84 3.75 3.73 4.02 MISSISSIPPI VALLEY BANCSHARES, INC. 17.36 18.96 3.63 3.74 3.75 OLD NATIONAL BANCORP 14.45 17.04 3.65 3.77 3.81 PACIFIC CAPITAL BANCORP 17.46 32.51 5.45 5.63 6.12 PACIFIC NORTHWEST BANCORP 11.63 15.06 3.56 4.03 4.24 PARK NATIONAL CORPORATION 17.33 18.23 4.75 4.92 4.99 REPUBLIC BANCORP INC. 15.76 18.14 3.14 3.32 3.55 REPUBLIC BANCSHARES, INC. -2.28 2.92 3.77 3.02 3.26 SILICON VALLEY BANCSHARES 13.52 8.40 6.92 6.75 5.57 SKY FINANCIAL GROUP INC. 19.11 18.72 4.12 4.04 3.90 SOUTH FINANCIAL GROUP, INC. (THE) 8.66 12.14 3.98 3.80 3.84 SOUTHWEST BANCORPORATION OF TEXAS, INC. 15.82 14.58 4.64 4.44 4.36 STERLING BANCSHARES, INC. 16.58 14.85 5.61 5.75 5.61 TEXAS REGIONAL BANCSHARES, INC. 15.75 16.60 4.71 4.44 4.43 TRUSTMARK CORPORATION 16.98 17.97 3.87 4.33 4.88 UCBH HOLDINGS, INC. 19.58 20.13 3.63 3.74 3.78 UMB FINANCIAL CORPORATION 8.71 10.03 4.07 4.00 3.07 UNITED BANKSHARES, INC. 17.51 16.96 4.07 4.08 4.12 UNITED COMMUNITY BANKS, INC. 15.46 15.68 4.18 4.51 4.46 UNIZAN FINANCIAL CORPORATION 18.74 -3.01 3.93 4.21 3.55 WESBANCO, INC. 11.28 11.47 4.14 4.17 4.15 WESTAMERICA BANCORPORATION 27.17 28.78 5.47 5.70 5.81 WHITNEY HOLDING CORPORATION 10.86 12.09 4.73 4.52 4.41 - ---------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 17.14 7.14 5.51 5.10 4.69 AVERAGES: 12.86 14.14 4.30 4.21 4.21 - ---------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - ----------------------------------------------------------------------------------------------------------------------------------- INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INCOME/ INCOME/ INCOME/ EXPENSE/ EXPENSE/ EXPENSE/ AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ----------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 7.74 7.19 5.93 4.29 3.66 2.43 ALABAMA NATIONAL BANCORPORATION 7.83 7.08 6.07 4.16 3.56 2.33 ALLEGIANT BANCORP, INC. 8.54 6.90 5.57 4.81 3.97 2.81 AMCORE FINANCIAL, INC. 7.44 6.93 6.09 4.54 3.98 3.06 BANCFIRST CORPORATION 7.64 6.83 5.88 3.35 2.91 1.96 BANCORPSOUTH, INC. 7.70 7.19 6.30 3.96 3.57 2.38 BANNER CORPORATION 8.24 7.72 6.86 4.66 4.21 3.26 BAY VIEW CAPITAL CORPORATION 7.34 6.62 5.54 4.70 3.94 2.12 CAPITOL BANCORP LIMITED 8.98 8.26 7.10 4.48 3.94 2.75 CATHAY BANCORP, INC. 7.74 6.84 5.80 3.49 2.84 1.71 CHEMICAL FINANCIAL CORPORATION 7.03 6.82 6.12 3.20 2.78 2.03 CITIZENS BANKING CORPORATION 7.70 7.23 6.25 3.80 3.35 2.29 CITY HOLDING COMPANY 7.31 7.30 6.43 4.10 3.55 2.33 COMMUNITY FIRST BANKSHARES, INC. 7.73 7.41 6.49 3.40 2.77 1.78 COMMUNITY TRUST BANCORP, INC. 8.01 7.23 6.12 4.17 3.83 2.55 CORUS BANKSHARES, INC. 8.88 7.06 5.54 4.07 3.03 2.13 CULLEN/FROST BANKERS, INC. 7.17 5.88 4.82 2.65 1.85 1.01 CVB FINANCIAL CORP. 7.28 6.70 5.85 2.74 2.27 1.60 EAST WEST BANCORP, INC. 7.94 6.90 5.68 4.12 3.15 1.78 F.N.B. CORPORATION 7.66 7.26 6.40 3.56 3.08 2.33 WINTRUST FINANCIAL CORPORATION 7.99 7.15 5.98 4.70 3.97 2.82 FIRST CHARTER CORPORATION 7.82 6.93 5.81 3.92 3.54 2.54 FIRST FINANCIAL BANCORP. 7.94 7.51 6.53 3.69 3.29 2.26 FIRST FINANCIAL CORPORATION 7.45 7.09 6.27 4.10 3.63 2.71 FIRST INDIANA CORPORATION 8.36 7.46 6.26 4.60 3.94 2.86 FIRST MIDWEST BANCORP, INC. 7.26 6.70 5.82 3.99 3.15 2.06 FIRST REPUBLIC BANK 7.75 7.09 5.64 5.05 3.94 2.41 FREMONT GENERAL CORPORATION NA 5.21 4.99 NA 3.14 2.40 GBC BANCORP 8.54 7.35 6.08 3.91 3.15 2.14 GLACIER BANCORP, INC. 7.82 7.09 6.39 3.71 3.37 2.46 GOLD BANC CORPORATION, INC. 7.85 7.34 6.14 4.33 4.18 3.05 GREATER BAY BANCORP 8.45 7.52 6.45 3.15 2.76 1.84 HANCOCK HOLDING COMPANY 7.25 6.88 6.13 3.15 2.97 2.05 INTEGRA BANK CORPORATION 7.83 6.62 5.81 4.17 4.11 3.29 INTERNATIONAL BANCSHARES CORPORATION 7.46 6.60 5.56 4.45 3.36 1.94 IRWIN FINANCIAL CORPORATION 9.12 8.55 7.71 4.62 3.86 2.64 LOCAL FINANCIAL CORPORATION 8.02 7.35 6.48 4.71 3.98 3.14 MB FINANCIAL, INC. 7.15 6.64 5.80 3.80 3.27 2.19 MISSISSIPPI VALLEY BANCSHARES, INC. 8.13 7.01 5.59 4.69 3.44 2.00 OLD NATIONAL BANCORP 7.55 7.10 6.19 4.36 3.82 2.91 PACIFIC CAPITAL BANCORP 7.91 7.54 7.15 3.01 2.52 1.60 PACIFIC NORTHWEST BANCORP 7.72 7.32 6.59 4.55 3.70 2.58 PARK NATIONAL CORPORATION 7.80 7.50 6.71 3.44 2.98 2.03 REPUBLIC BANCORP INC. 7.77 7.27 6.50 4.76 4.14 3.17 REPUBLIC BANCSHARES, INC. 7.80 6.85 5.97 4.25 4.01 2.93 SILICON VALLEY BANCSHARES 7.47 6.87 5.42 1.10 0.85 0.54 SKY FINANCIAL GROUP INC. 7.74 7.41 6.53 3.98 3.65 2.91 SOUTH FINANCIAL GROUP, INC. (THE) 7.73 7.01 5.74 4.26 3.61 2.26 SOUTHWEST BANCORPORATION OF TEXAS, INC. 7.70 6.54 5.34 3.44 2.53 1.43 STERLING BANCSHARES, INC. 8.02 7.08 6.03 3.01 2.05 1.15 TEXAS REGIONAL BANCSHARES, INC. 8.04 7.36 6.23 3.83 3.37 2.25 TRUSTMARK CORPORATION 7.21 6.84 6.09 3.76 2.99 1.80 UCBH HOLDINGS, INC. 7.91 7.48 6.36 4.39 3.85 2.63 UMB FINANCIAL CORPORATION 5.91 5.23 3.82 2.69 1.97 1.08 UNITED BANKSHARES, INC. 7.65 7.15 6.22 4.01 3.48 2.52 UNITED COMMUNITY BANKS, INC. 8.59 8.04 6.89 4.75 3.90 2.81 UNIZAN FINANCIAL CORPORATION 8.00 7.52 6.53 4.24 3.54 3.31 WESBANCO, INC. 7.13 6.82 6.06 3.48 3.18 2.47 WESTAMERICA BANCORPORATION 6.95 6.66 6.03 2.29 1.79 1.07 WHITNEY HOLDING CORPORATION 7.20 6.46 5.28 2.95 2.36 1.27 - ----------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 8.43 7.58 6.22 3.41 3.02 2.05 AVERAGES: 7.76 7.06 6.07 3.89 3.29 2.27 - ----------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 82 FBA PEER GROUP COMPARISON DATA YIELD INFORMATION - ----------------------------------------------------------------------------------------------------------------------------- YIELD ON YIELD ON YIELD ON INTEREST INTEREST INTEREST YIELD YIELD YIELD EARNING EARNING EARNING TOTAL LOANS TOTAL LOANS TOTAL LOANS ASSETS ASSETS ASSETS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ----------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 9.24 NA 7.28 8.64 8.01 6.65 ALABAMA NATIONAL BANCORPORATION 9.11 8.18 6.98 8.65 7.76 6.67 ALLEGIANT BANCORP, INC. NA NA NA 9.45 7.96 6.13 AMCORE FINANCIAL, INC. 8.57 8.12 7.11 8.09 7.73 6.82 BANCFIRST CORPORATION 9.46 8.60 7.40 8.56 7.66 6.54 BANCORPSOUTH, INC. 9.10 8.57 7.54 8.38 7.83 6.87 BANNER CORPORATION NA NA 7.88 8.80 8.25 7.33 BAY VIEW CAPITAL CORPORATION 9.12 8.72 7.67 8.70 7.87 6.72 CAPITOL BANCORP LIMITED NA NA NA 9.73 8.97 7.59 CATHAY BANCORP, INC. 9.47 7.82 6.63 8.51 7.37 6.28 CHEMICAL FINANCIAL CORPORATION 8.34 8.12 NA 7.59 7.32 6.52 CITIZENS BANKING CORPORATION 8.68 NA NA 8.38 7.83 6.85 CITY HOLDING COMPANY 8.80 8.47 7.61 8.21 7.96 7.04 COMMUNITY FIRST BANKSHARES, INC. 9.63 9.02 7.73 8.64 8.25 7.23 COMMUNITY TRUST BANCORP, INC. 9.36 8.65 7.53 8.87 7.93 6.74 CORUS BANKSHARES, INC. 10.60 9.38 7.94 9.42 7.39 5.82 CULLEN/FROST BANKERS, INC. 9.06 7.58 5.97 8.41 7.09 5.85 CVB FINANCIAL CORP. NA NA 7.28 8.11 7.42 6.50 EAST WEST BANCORP, INC. 9.04 7.87 6.55 8.39 7.33 6.03 F.N.B. CORPORATION NA NA 7.72 8.50 8.09 7.19 WINTRUST FINANCIAL CORPORATION 9.28 8.39 7.11 8.85 7.79 6.48 FIRST CHARTER CORPORATION 8.89 8.01 6.73 8.46 7.54 6.40 FIRST FINANCIAL BANCORP. 8.99 8.65 7.67 8.70 8.21 7.15 FIRST FINANCIAL CORPORATION 8.57 8.28 NA 8.16 7.86 6.78 FIRST INDIANA CORPORATION NA NA 6.71 8.66 7.83 6.61 FIRST MIDWEST BANCORP, INC. 8.82 7.93 6.76 8.02 7.50 6.55 FIRST REPUBLIC BANK 8.04 7.52 6.28 7.98 7.31 5.83 FREMONT GENERAL CORPORATION NA NA NA NA 8.60 7.51 GBC BANCORP 10.90 8.52 6.90 8.86 7.55 6.23 GLACIER BANCORP, INC. NA NA NA 8.63 8.19 6.95 GOLD BANC CORPORATION, INC. 9.40 8.51 NA 8.75 8.19 6.73 GREATER BAY BANCORP 10.11 8.79 7.54 9.13 8.02 6.87 HANCOCK HOLDING COMPANY 9.36 9.16 NA 8.13 7.74 6.89 INTEGRA BANK CORPORATION 8.98 8.30 NA 8.60 7.25 6.68 INTERNATIONAL BANCSHARES CORPORATION NA NA NA 8.30 7.34 6.04 IRWIN FINANCIAL CORPORATION 10.68 9.44 8.24 10.86 9.75 8.88 LOCAL FINANCIAL CORPORATION 8.67 NA 6.87 8.42 7.82 6.79 MB FINANCIAL, INC. 8.62 7.76 NA 7.90 7.26 6.41 MISSISSIPPI VALLEY BANCSHARES, INC. 9.19 8.00 6.36 8.56 7.32 5.83 OLD NATIONAL BANCORP 8.67 8.27 7.45 8.30 7.84 6.93 PACIFIC CAPITAL BANCORP 9.60 9.05 8.72 8.70 8.37 7.84 PACIFIC NORTHWEST BANCORP NA NA NA 8.47 7.97 6.96 PARK NATIONAL CORPORATION 9.02 8.69 NA 8.40 8.10 7.15 REPUBLIC BANCORP INC. 8.17 7.67 6.87 8.13 7.62 6.82 REPUBLIC BANCSHARES, INC. 8.85 7.93 7.16 8.28 7.28 6.39 SILICON VALLEY BANCSHARES 11.96 11.20 9.30 8.10 7.68 6.17 SKY FINANCIAL GROUP INC. 8.96 8.44 7.56 8.40 7.94 7.00 SOUTH FINANCIAL GROUP, INC. (THE) 9.28 8.27 6.97 8.79 7.81 6.30 SOUTHWEST BANCORPORATION OF TEXAS, INC. 9.25 7.78 6.34 8.39 7.25 5.95 STERLING BANCSHARES, INC. NA 8.64 7.33 8.94 8.06 6.93 TEXAS REGIONAL BANCSHARES, INC. 9.89 9.00 7.62 8.93 8.11 6.89 TRUSTMARK CORPORATION 8.57 8.09 7.03 7.95 7.59 6.86 UCBH HOLDINGS, INC. NA NA NA 8.12 7.65 6.45 UMB FINANCIAL CORPORATION 8.53 7.74 NA 7.26 6.28 4.28 UNITED BANKSHARES, INC. 8.86 8.16 7.17 8.27 7.73 6.78 UNITED COMMUNITY BANKS, INC. 10.12 9.42 7.91 9.24 8.68 7.46 UNIZAN FINANCIAL CORPORATION 8.66 8.25 7.62 8.34 7.94 7.15 WESBANCO, INC. 8.26 8.10 7.28 7.88 7.58 6.81 WESTAMERICA BANCORPORATION 8.63 8.09 7.42 7.96 7.63 6.95 WHITNEY HOLDING CORPORATION 8.53 7.63 6.47 7.94 7.08 5.79 - ----------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 9.75 8.89 7.37 9.25 8.47 6.99 AVERAGES: 9.16 8.41 7.28 8.50 7.79 6.68 - ----------------------------------------------------------------------------------------------------------------------------- FBA PEER GROUP COMPARISON DATA - ------------------------------------------------------------------------------------------------------------------------------------ INT COST INT COST INT COST COST OF INT.- COST OF INT.- COST OF INT.- DEPOSITS DEPOSITS DEPOSITS BEARING LIAB. BEARING LIAB. BEARING LIAB. 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ------------------------------------------------------------------------------------------------------------------------------------ 1ST SOURCE CORPORATION 5.32 4.64 3.28 5.42 4.62 3.10 ALABAMA NATIONAL BANCORPORATION 4.98 4.49 2.88 5.18 4.43 2.89 ALLEGIANT BANCORP, INC. 5.44 4.41 2.91 5.63 4.69 3.32 AMCORE FINANCIAL, INC. 5.15 4.65 3.51 5.43 4.85 3.75 BANCFIRST CORPORATION 4.48 3.98 2.67 4.62 4.09 2.80 BANCORPSOUTH, INC. 4.92 4.50 2.87 5.01 4.51 2.99 BANNER CORPORATION 4.66 4.21 3.08 5.19 4.69 3.62 BAY VIEW CAPITAL CORPORATION 4.71 3.88 1.92 5.33 4.37 2.41 CAPITOL BANCORP LIMITED 5.50 4.81 3.23 5.66 4.99 3.59 CATHAY BANCORP, INC. 4.30 3.58 2.15 4.39 3.60 2.18 CHEMICAL FINANCIAL CORPORATION 4.15 3.64 2.60 4.26 3.70 2.70 CITIZENS BANKING CORPORATION 4.43 4.00 2.73 4.80 4.24 2.92 CITY HOLDING COMPANY 4.59 4.04 2.54 5.01 4.40 2.97 COMMUNITY FIRST BANKSHARES, INC. 4.19 3.55 2.32 4.47 3.69 2.41 COMMUNITY TRUST BANCORP, INC. 5.09 4.71 3.09 5.22 4.79 3.23 CORUS BANKSHARES, INC. 5.36 4.07 2.89 5.39 4.09 2.90 CULLEN/FROST BANKERS, INC. 3.82 2.72 1.42 4.08 2.95 1.65 CVB FINANCIAL CORP. 3.69 3.09 1.86 4.45 3.68 2.64 EAST WEST BANCORP, INC. 4.54 3.90 2.31 4.91 4.07 2.44 F.N.B. CORPORATION 4.29 3.84 2.85 4.53 3.97 3.01 WINTRUST FINANCIAL CORPORATION 5.43 4.55 3.22 5.56 4.71 3.36 FIRST CHARTER CORPORATION 4.61 4.27 2.89 4.94 4.42 3.12 FIRST FINANCIAL BANCORP. 4.41 4.07 2.72 4.65 4.18 2.88 FIRST FINANCIAL CORPORATION 4.42 4.10 2.78 4.94 4.48 3.35 FIRST INDIANA CORPORATION 5.21 4.68 3.39 5.49 4.81 3.57 FIRST MIDWEST BANCORP, INC. 4.52 3.86 2.64 4.94 3.98 2.62 FIRST REPUBLIC BANK 5.04 4.16 2.32 5.46 4.42 2.63 FREMONT GENERAL CORPORATION NA 5.23 3.57 NA 5.58 3.81 GBC BANCORP 4.77 3.80 2.28 4.88 3.99 2.65 GLACIER BANCORP, INC. 4.20 3.79 2.52 4.78 4.25 3.12 GOLD BANC CORPORATION, INC. 5.17 4.57 3.02 5.28 4.94 3.64 GREATER BAY BANCORP 4.38 3.45 2.06 4.47 3.67 2.37 HANCOCK HOLDING COMPANY 4.46 4.19 2.92 4.47 4.14 2.85 INTEGRA BANK CORPORATION 4.54 4.30 3.06 5.05 4.78 3.88 INTERNATIONAL BANCSHARES CORPORATION 4.79 3.96 2.26 5.33 4.13 2.43 IRWIN FINANCIAL CORPORATION 5.62 4.70 3.12 6.24 5.16 3.54 LOCAL FINANCIAL CORPORATION 5.08 4.54 3.32 5.40 4.59 3.59 MB FINANCIAL, INC. 4.65 4.06 2.88 4.92 4.14 2.84 MISSISSIPPI VALLEY BANCSHARES, INC. 5.52 3.98 2.21 5.55 4.07 2.40 OLD NATIONAL BANCORP 4.82 4.35 3.31 5.16 4.53 3.46 PACIFIC CAPITAL BANCORP 4.03 3.31 2.05 4.18 3.53 2.29 PACIFIC NORTHWEST BANCORP 4.58 3.98 2.56 5.33 4.40 3.09 PARK NATIONAL CORPORATION 4.13 3.81 2.60 4.41 3.85 2.63 REPUBLIC BANCORP INC. 5.01 4.63 3.35 5.48 4.84 3.71 REPUBLIC BANCSHARES, INC. 4.88 4.69 3.46 4.93 4.69 3.42 SILICON VALLEY BANCSHARES 2.47 2.01 1.15 2.47 2.01 1.22 SKY FINANCIAL GROUP INC. 4.42 4.09 3.19 4.84 4.42 3.51 SOUTH FINANCIAL GROUP, INC. (THE) 5.18 4.51 2.80 5.42 4.49 2.73 SOUTHWEST BANCORPORATION OF TEXAS, INC. 4.82 3.64 2.11 4.94 3.62 2.03 STERLING BANCSHARES, INC. 4.16 3.23 1.89 4.64 3.31 1.91 TEXAS REGIONAL BANCSHARES, INC. 4.93 4.37 2.91 4.95 4.38 2.92 TRUSTMARK CORPORATION 4.14 3.79 2.47 4.92 3.95 2.42 UCBH HOLDINGS, INC. 4.50 4.08 2.62 4.83 4.29 2.96 UMB FINANCIAL CORPORATION 3.85 2.97 1.65 4.30 3.07 1.58 UNITED BANKSHARES, INC. 4.53 4.04 2.81 4.95 4.37 3.21 UNITED COMMUNITY BANKS, INC. 5.52 4.56 3.05 5.66 4.78 3.41 UNIZAN FINANCIAL CORPORATION 5.01 4.26 3.42 5.14 4.30 3.96 WESBANCO, INC. 4.29 4.02 3.05 4.43 4.03 3.11 WESTAMERICA BANCORPORATION 3.10 2.59 1.51 3.43 2.73 1.63 WHITNEY HOLDING CORPORATION 4.15 3.57 2.04 4.35 3.50 1.90 - ------------------------------------------------------------------------------------------------------------------------------------ FIRST BANKS AMERICA, INC. 4.77 4.08 2.64 4.79 4.16 2.81 AVERAGES: 4.63 4.02 2.67 4.92 4.20 2.89 - ------------------------------------------------------------------------------------------------------------------------------------ <FN> ALL DATA FROM SNL SECURITIES 83 FBA PEER GROUP COMPARISON DATA NII & NIE - ------------------------------------------------------------------------------------------------------------------------- NONINTEREST NONINTEREST NONINTEREST NONINTEREST INCOME/ INCOME/ INCOME/ EXPENSE/ AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSET 2000 Y 2001 Y 03/02 Q 2000 Y COMPANY NAME (%) (%) (%) (%) - ------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 2.35 2.41 2.37 3.42 ALABAMA NATIONAL BANCORPORATION 1.53 1.91 1.82 3.38 ALLEGIANT BANCORP, INC. 0.72 0.86 0.75 2.68 AMCORE FINANCIAL, INC. 1.39 1.65 1.64 2.73 BANCFIRST CORPORATION 1.25 1.37 1.47 3.65 BANCORPSOUTH, INC. 1.13 1.24 1.40 3.03 BANNER CORPORATION 0.48 0.63 0.61 2.37 BAY VIEW CAPITAL CORPORATION 1.86 2.63 2.66 3.98 CAPITOL BANCORP LIMITED 0.41 0.51 0.55 3.59 CATHAY BANCORP, INC. 0.55 0.54 0.54 1.81 CHEMICAL FINANCIAL CORPORATION 0.85 0.98 0.97 2.61 CITIZENS BANKING CORPORATION 1.12 1.22 1.31 3.00 CITY HOLDING COMPANY 1.66 1.33 1.29 4.12 COMMUNITY FIRST BANKSHARES, INC. 1.22 1.29 1.27 3.55 COMMUNITY TRUST BANCORP, INC. 0.89 0.94 0.89 2.82 CORUS BANKSHARES, INC. 0.55 0.55 0.53 2.12 CULLEN/FROST BANKERS, INC. 2.36 2.46 2.51 4.37 CVB FINANCIAL CORP. 0.93 0.95 0.86 2.72 EAST WEST BANCORP, INC. 0.56 0.73 0.74 2.11 F.N.B. CORPORATION 1.61 1.99 1.68 3.77 WINTRUST FINANCIAL CORPORATION 0.99 1.22 1.67 2.89 FIRST CHARTER CORPORATION 1.18 1.17 0.85 2.73 FIRST FINANCIAL BANCORP. 1.22 1.40 1.52 2.98 FIRST FINANCIAL CORPORATION 0.68 1.04 1.13 2.17 FIRST INDIANA CORPORATION 1.25 2.03 2.47 2.60 FIRST MIDWEST BANCORP, INC. 1.07 1.18 1.12 2.46 FIRST REPUBLIC BANK 0.75 0.67 0.84 2.20 FREMONT GENERAL CORPORATION NA 0.80 0.91 NA GBC BANCORP 1.14 0.42 -0.25 1.91 GLACIER BANCORP, INC. 1.29 1.17 1.13 3.11 GOLD BANC CORPORATION, INC. 1.16 1.54 1.70 3.16 GREATER BAY BANCORP 0.69 0.56 1.12 2.78 HANCOCK HOLDING COMPANY 1.63 1.59 1.85 3.60 INTEGRA BANK CORPORATION 0.67 0.77 0.84 2.48 INTERNATIONAL BANCSHARES CORPORATION 1.09 1.28 1.34 1.98 IRWIN FINANCIAL CORPORATION 10.47 8.65 6.38 11.76 LOCAL FINANCIAL CORPORATION 0.74 0.80 0.84 2.30 MB FINANCIAL, INC. 0.60 0.72 0.85 2.63 MISSISSIPPI VALLEY BANCSHARES, INC. 0.57 0.23 0.67 1.86 OLD NATIONAL BANCORP 1.33 1.22 1.28 2.95 PACIFIC CAPITAL BANCORP 1.38 1.58 2.24 3.49 PACIFIC NORTHWEST BANCORP 0.64 0.66 0.67 2.64 PARK NATIONAL CORPORATION 0.93 1.06 1.06 2.58 REPUBLIC BANCORP INC. 1.58 1.26 0.90 2.85 REPUBLIC BANCSHARES, INC. 0.77 0.83 0.48 3.17 SILICON VALLEY BANCSHARES 2.94 1.90 1.94 3.77 SKY FINANCIAL GROUP INC. 1.51 1.41 1.39 2.86 SOUTH FINANCIAL GROUP, INC. (THE) 0.82 0.88 0.76 2.97 SOUTHWEST BANCORPORATION OF TEXAS, INC. 1.23 1.46 1.49 3.28 STERLING BANCSHARES, INC. 1.94 2.70 2.38 4.57 TEXAS REGIONAL BANCSHARES, INC. 0.96 1.11 1.21 2.37 TRUSTMARK CORPORATION 1.67 1.72 1.68 2.76 UCBH HOLDINGS, INC. 0.20 0.25 0.26 1.70 UMB FINANCIAL CORPORATION 2.70 2.97 2.84 4.58 UNITED BANKSHARES, INC. 0.97 1.24 1.19 2.16 UNITED COMMUNITY BANKS, INC. 0.77 0.97 0.99 3.00 UNIZAN FINANCIAL CORPORATION 1.15 1.32 0.93 2.75 WESBANCO, INC. 0.99 0.97 0.88 2.82 WESTAMERICA BANCORPORATION 1.06 1.11 1.02 2.58 WHITNEY HOLDING CORPORATION 1.18 1.25 1.12 3.53 - ------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 0.57 1.00 0.73 3.33 AVERAGES: 1.31 1.36 1.33 3.06 - ------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - ----------------------------------------------------------------------------------------------------------------------------------- NONINTEREST NONINTEREST EXPENSE/ EXPENSE/ EFFICIENCY EFFICIENCY EFFICIENCY AVG ASSET AVG ASSET RATIO RATIO RATIO 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) - ----------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 3.60 3.69 57.47 59.59 61.87 ALABAMA NATIONAL BANCORPORATION 3.60 3.65 63.73 64.94 64.78 ALLEGIANT BANCORP, INC. 2.15 2.02 54.08 48.48 55.08 AMCORE FINANCIAL, INC. 3.05 3.16 59.42 61.71 64.63 BANCFIRST CORPORATION 3.61 3.45 62.20 64.97 63.05 BANCORPSOUTH, INC. 3.19 3.22 60.52 63.98 59.20 BANNER CORPORATION 2.43 2.54 52.98 54.55 59.89 BAY VIEW CAPITAL CORPORATION 5.36 5.11 81.18 94.35 82.10 CAPITOL BANCORP LIMITED 3.45 3.58 70.10 67.69 73.17 CATHAY BANCORP, INC. 1.70 1.70 36.49 39.25 36.74 CHEMICAL FINANCIAL CORPORATION 2.66 2.66 53.21 50.49 52.60 CITIZENS BANKING CORPORATION 3.17 3.24 55.22 57.28 58.52 CITY HOLDING COMPANY 3.96 3.45 78.76 74.07 61.62 COMMUNITY FIRST BANKSHARES, INC. 3.84 3.69 59.17 60.17 59.13 COMMUNITY TRUST BANCORP, INC. 2.66 2.63 55.16 56.15 57.39 CORUS BANKSHARES, INC. 1.91 1.85 37.86 40.17 45.71 CULLEN/FROST BANKERS, INC. 4.25 3.97 59.84 61.82 60.78 CVB FINANCIAL CORP. 2.59 2.48 46.78 45.04 45.76 EAST WEST BANCORP, INC. 2.34 2.14 45.61 49.16 44.60 F.N.B. CORPORATION 4.01 3.60 64.52 63.43 60.72 WINTRUST FINANCIAL CORPORATION 2.83 3.23 66.04 63.00 66.47 FIRST CHARTER CORPORATION 2.82 2.91 52.79 59.67 68.24 FIRST FINANCIAL BANCORP. 3.11 3.23 51.79 53.05 54.26 FIRST FINANCIAL CORPORATION 2.61 2.71 50.66 54.35 57.22 FIRST INDIANA CORPORATION 3.15 3.39 53.01 56.80 57.57 FIRST MIDWEST BANCORP, INC. 2.53 2.47 52.17 49.56 47.75 FIRST REPUBLIC BANK 2.56 2.73 63.14 66.09 67.79 FREMONT GENERAL CORPORATION 1.17 1.29 58.35 38.50 34.99 GBC BANCORP 2.00 1.41 34.28 43.61 38.30 GLACIER BANCORP, INC. 2.85 2.82 53.82 50.87 53.42 GOLD BANC CORPORATION, INC. 3.36 3.18 64.71 69.02 65.93 GREATER BAY BANCORP 2.60 2.74 46.46 48.53 47.36 HANCOCK HOLDING COMPANY 3.54 3.57 58.51 59.73 58.03 INTEGRA BANK CORPORATION 2.34 2.51 51.43 63.19 66.55 INTERNATIONAL BANCSHARES CORPORATION 2.27 2.27 45.43 47.23 45.32 IRWIN FINANCIAL CORPORATION 10.38 8.51 77.62 76.90 74.12 LOCAL FINANCIAL CORPORATION 2.35 2.40 54.58 53.67 57.32 MB FINANCIAL, INC. 2.53 2.32 62.55 58.21 51.02 MISSISSIPPI VALLEY BANCSHARES, INC. 1.74 1.79 46.19 45.73 42.06 OLD NATIONAL BANCORP 2.77 2.70 61.03 56.70 55.84 PACIFIC CAPITAL BANCORP 3.72 3.56 53.26 54.11 44.95 PACIFIC NORTHWEST BANCORP 2.84 2.73 63.72 62.63 58.08 PARK NATIONAL CORPORATION 2.67 2.62 47.82 47.11 45.62 REPUBLIC BANCORP INC. 2.47 2.10 62.13 54.53 48.00 REPUBLIC BANCSHARES, INC. 3.27 2.96 69.20 84.16 81.05 SILICON VALLEY BANCSHARES 3.97 4.13 40.21 49.36 59.63 SKY FINANCIAL GROUP INC. 2.73 2.61 52.13 50.96 50.00 SOUTH FINANCIAL GROUP, INC. (THE) 2.71 2.45 65.65 60.47 56.58 SOUTHWEST BANCORPORATION OF TEXAS, INC. 3.33 3.33 59.71 60.93 61.69 STERLING BANCSHARES, INC. 5.22 5.07 64.66 66.15 68.97 TEXAS REGIONAL BANCSHARES, INC. 2.38 2.32 40.93 41.71 42.09 TRUSTMARK CORPORATION 3.06 2.91 51.66 52.65 47.54 UCBH HOLDINGS, INC. 1.82 1.84 45.05 46.13 46.29 UMB FINANCIAL CORPORATION 4.84 4.27 73.05 73.89 75.97 UNITED BANKSHARES, INC. 2.30 2.34 43.10 43.09 44.88 UNITED COMMUNITY BANKS, INC. 3.25 3.19 63.17 61.78 61.37 UNIZAN FINANCIAL CORPORATION 2.95 2.02 53.93 54.21 47.60 WESBANCO, INC. 2.70 2.48 56.75 54.61 52.43 WESTAMERICA BANCORPORATION 2.66 2.63 41.21 40.57 40.65 WHITNEY HOLDING CORPORATION 3.41 3.15 61.98 60.78 58.87 - ----------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 3.40 2.76 57.01 57.59 55.56 AVERAGES: 3.09 2.98 56.14 56.86 56.15 - ----------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 84 FBA PEER GROUP COMPARISON DATA BALANCE SHEET - ---------------------------------------------------------------------------------------------------------------------------------- SECURITIES/ SECURITIES/ SECURITIES/ LOANS/ LOANS/ LOANS/ ASSETS ASSETS ASSETS DEPOSITS DEPOSITS DEPOSITS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 17.70 17.98 18.48 91.66 81.93 88.60 ALABAMA NATIONAL BANCORPORATION 16.39 20.01 20.34 94.67 95.04 92.29 ALLEGIANT BANCORP, INC. 11.82 21.36 20.94 94.86 84.13 85.59 AMCORE FINANCIAL, INC. 29.09 27.04 29.44 83.57 85.66 84.85 BANCFIRST CORPORATION 21.81 19.74 20.35 73.27 71.06 73.07 BANCORPSOUTH, INC. 22.63 23.35 26.49 81.48 77.30 75.92 BANNER CORPORATION 17.92 16.65 18.22 124.02 119.60 112.06 BAY VIEW CAPITAL CORPORATION 13.72 10.31 10.81 75.42 73.47 78.25 CAPITOL BANCORP LIMITED 4.23 2.14 2.03 96.78 99.67 96.81 CATHAY BANCORP, INC. 25.60 25.41 26.42 77.77 78.40 77.76 CHEMICAL FINANCIAL CORPORATION 28.73 26.73 29.40 75.67 78.24 73.75 CITIZENS BANKING CORPORATION 16.47 16.40 18.00 102.45 96.76 95.77 CITY HOLDING COMPANY 14.43 18.12 21.03 94.44 82.20 75.76 COMMUNITY FIRST BANKSHARES, INC. 29.36 26.23 27.13 74.47 78.65 79.63 COMMUNITY TRUST BANCORP, INC. 12.61 17.99 20.60 87.13 79.31 78.13 CORUS BANKSHARES, INC. 17.25 11.55 18.41 73.63 69.54 75.90 CULLEN/FROST BANKERS, INC. 21.78 25.77 25.61 69.67 63.60 67.30 CVB FINANCIAL CORP. 46.36 47.00 50.07 65.92 63.27 61.12 EAST WEST BANCORP, INC. 20.25 11.76 11.35 93.03 88.95 88.35 F.N.B. CORPORATION 12.70 11.27 13.76 95.35 97.27 92.43 WINTRUST FINANCIAL CORPORATION 9.18 14.24 12.55 84.73 87.21 92.35 FIRST CHARTER CORPORATION 15.04 32.33 32.53 107.71 90.04 91.57 FIRST FINANCIAL BANCORP. 14.99 15.99 17.19 95.45 93.10 92.76 FIRST FINANCIAL CORPORATION 27.82 22.70 24.06 98.14 102.65 101.71 FIRST INDIANA CORPORATION 8.65 8.32 8.30 123.95 124.80 122.89 FIRST MIDWEST BANCORP, INC. 37.50 32.83 34.30 76.04 80.41 80.90 FIRST REPUBLIC BANK 9.37 12.40 14.56 124.00 99.26 94.89 FREMONT GENERAL CORPORATION 4.19 4.79 5.03 90.17 90.72 92.91 GBC BANCORP 43.73 46.43 49.01 57.62 61.56 60.29 GLACIER BANCORP, INC. 21.76 26.16 28.98 101.91 90.84 89.87 GOLD BANC CORPORATION, INC. 19.35 19.52 17.70 84.92 99.41 96.86 GREATER BAY BANCORP 18.75 37.71 38.23 85.57 90.09 89.23 HANCOCK HOLDING COMPANY 32.99 37.31 37.90 67.89 62.18 59.45 INTEGRA BANK CORPORATION 32.50 33.28 34.89 90.18 82.96 86.92 INTERNATIONAL BANCSHARES CORPORATION 52.87 45.87 45.80 59.91 61.13 60.91 IRWIN FINANCIAL CORPORATION 7.93 6.90 6.45 85.56 92.58 100.88 LOCAL FINANCIAL CORPORATION 15.71 23.65 21.36 96.87 110.18 105.01 MB FINANCIAL, INC. 29.23 24.58 23.52 78.15 83.64 82.36 MISSISSIPPI VALLEY BANCSHARES, INC. 22.40 22.53 16.11 83.94 85.39 90.14 OLD NATIONAL BANCORP 20.66 24.76 28.35 96.42 92.69 89.52 PACIFIC CAPITAL BANCORP 21.67 19.47 20.95 81.12 83.17 85.61 PACIFIC NORTHWEST BANCORP 31.40 27.61 26.77 103.38 112.69 107.25 PARK NATIONAL CORPORATION 22.73 32.04 32.28 93.78 84.36 81.80 REPUBLIC BANCORP INC. 4.60 7.69 8.94 138.23 125.60 128.43 REPUBLIC BANCSHARES, INC. 17.24 34.45 34.53 79.31 66.70 67.74 SILICON VALLEY BANCSHARES 37.46 43.94 44.58 35.30 52.26 54.88 SKY FINANCIAL GROUP INC. 22.02 21.66 23.25 100.41 98.96 96.76 SOUTH FINANCIAL GROUP, INC. (THE) 17.23 27.26 27.32 95.58 103.47 103.80 SOUTHWEST BANCORPORATION OF TEXAS, INC. 21.53 24.27 24.72 78.40 77.95 82.96 STERLING BANCSHARES, INC. 14.84 16.61 15.06 78.30 73.46 74.90 TEXAS REGIONAL BANCSHARES, INC. 25.64 25.31 27.99 75.26 76.48 74.19 TRUSTMARK CORPORATION 30.87 25.81 25.24 95.79 95.45 94.16 UCBH HOLDINGS, INC. 20.29 21.02 22.53 93.60 91.82 89.94 UMB FINANCIAL CORPORATION 40.99 52.74 53.97 51.69 43.76 45.04 UNITED BANKSHARES, INC. 25.39 25.37 26.51 94.13 92.46 91.43 UNITED COMMUNITY BANKS, INC. 21.04 17.98 16.25 89.79 94.87 95.46 UNIZAN FINANCIAL CORPORATION 12.42 11.45 16.69 105.36 107.24 102.85 WESBANCO, INC. 23.65 30.65 32.38 84.92 80.18 78.21 WESTAMERICA BANCORPORATION 28.51 29.48 30.00 76.64 76.79 75.68 WHITNEY HOLDING CORPORATION 21.99 22.53 25.62 86.29 75.26 74.21 - ---------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 12.23 12.03 9.98 89.26 90.92 92.58 AVERAGES: 21.78 23.44 24.35 87.53 85.96 85.67 - ---------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - ------------------------------------------------------------------------------------------------------------------- TIME> TIME> DEPOSITS/ DEPOSITS/ DEPOSITS/ $100,000 $100,000/ ASSETS ASSETS ASSETS ASSETS ASSETS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y COMPANY NAME (%) (%) (%) (%) (%) - ------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 77.39 80.92 78.11 14.73 15.65 ALABAMA NATIONAL BANCORPORATION 76.63 72.68 73.87 12.75 11.74 ALLEGIANT BANCORP, INC. 75.55 77.75 75.81 10.27 8.96 AMCORE FINANCIAL, INC. 74.07 71.95 72.83 18.78 15.72 BANCFIRST CORPORATION 88.22 87.10 86.51 10.96 10.97 BANCORPSOUTH, INC. 82.72 83.62 83.28 15.31 15.05 BANNER CORPORATION 60.15 62.09 65.64 15.88 18.42 BAY VIEW CAPITAL CORPORATION 69.88 80.59 80.08 15.20 8.84 CAPITOL BANCORP LIMITED 85.94 85.15 85.24 24.93 24.34 CATHAY BANCORP, INC. 85.03 86.52 85.73 36.14 37.61 CHEMICAL FINANCIAL CORPORATION 80.17 79.97 80.19 5.80 5.59 CITIZENS BANKING CORPORATION 74.29 77.68 78.33 12.30 10.66 CITY HOLDING COMPANY 78.01 79.92 80.36 12.52 5.99 COMMUNITY FIRST BANKSHARES, INC. 82.43 82.30 81.12 13.19 11.99 COMMUNITY TRUST BANCORP, INC. 85.85 86.10 85.96 17.20 16.33 CORUS BANKSHARES, INC. 81.11 79.77 79.07 14.82 18.21 CULLEN/FROST BANKERS, INC. 84.85 84.81 83.92 11.47 10.08 CVB FINANCIAL CORP. 69.11 74.66 73.16 13.57 13.56 EAST WEST BANCORP, INC. 78.43 85.62 87.56 29.81 25.21 F.N.B. CORPORATION 80.08 79.74 79.00 8.42 9.43 WINTRUST FINANCIAL CORPORATION 86.86 85.56 81.80 27.05 24.58 FIRST CHARTER CORPORATION 68.15 64.90 64.90 15.69 18.76 FIRST FINANCIAL BANCORP. 80.14 80.03 79.83 7.76 7.06 FIRST FINANCIAL CORPORATION 64.73 64.33 66.10 12.64 10.04 FIRST INDIANA CORPORATION 67.11 67.40 68.89 NA 13.39 FIRST MIDWEST BANCORP, INC. 71.99 73.99 71.37 12.37 10.82 FIRST REPUBLIC BANK 69.21 77.14 76.58 9.72 8.80 FREMONT GENERAL CORPORATION 46.88 53.15 51.67 NA NA GBC BANCORP 85.04 77.22 77.81 41.96 38.89 GLACIER BANCORP, INC. 68.19 69.33 68.48 10.04 7.33 GOLD BANC CORPORATION, INC. 78.52 71.73 73.58 12.88 14.09 GREATER BAY BANCORP 81.65 63.35 60.52 17.95 19.89 HANCOCK HOLDING COMPANY 83.09 82.60 82.67 10.35 11.38 INTEGRA BANK CORPORATION 60.97 63.52 62.54 11.25 7.67 INTERNATIONAL BANCSHARES CORPORATION 63.89 67.90 70.58 25.03 24.19 IRWIN FINANCIAL CORPORATION 59.58 66.97 63.73 27.41 25.25 LOCAL FINANCIAL CORPORATION 81.27 64.16 67.80 14.04 9.33 MB FINANCIAL, INC. 80.29 81.42 83.30 12.74 15.83 MISSISSIPPI VALLEY BANCSHARES, INC. 86.62 84.10 82.85 2.74 2.22 OLD NATIONAL BANCORP 75.09 72.86 72.22 18.88 16.10 PACIFIC CAPITAL BANCORP 84.37 84.97 81.40 15.54 20.89 PACIFIC NORTHWEST BANCORP 59.56 58.54 62.13 15.70 13.54 PARK NATIONAL CORPORATION 74.96 72.53 75.26 9.82 9.18 REPUBLIC BANCORP INC. 59.18 58.08 61.22 17.44 15.09 REPUBLIC BANCSHARES, INC. 88.41 86.62 84.72 10.58 10.42 SILICON VALLEY BANCSHARES 86.41 81.04 79.79 13.71 15.77 SKY FINANCIAL GROUP INC. 70.25 70.95 72.06 9.39 9.94 SOUTH FINANCIAL GROUP, INC. (THE) 74.60 59.79 60.11 10.92 8.68 SOUTHWEST BANCORPORATION OF TEXAS, INC. 78.52 77.90 76.97 12.71 9.72 STERLING BANCSHARES, INC. 82.75 81.67 81.61 12.29 11.99 TEXAS REGIONAL BANCSHARES, INC. 86.96 86.30 83.70 31.01 30.31 TRUSTMARK CORPORATION 58.93 64.25 68.37 8.32 7.63 UCBH HOLDINGS, INC. 82.49 84.11 83.25 23.17 24.47 UMB FINANCIAL CORPORATION 75.45 73.02 72.81 5.24 3.79 UNITED BANKSHARES, INC. 69.15 67.26 68.72 7.94 7.08 UNITED COMMUNITY BANKS, INC. 78.92 76.98 78.56 15.15 13.49 UNIZAN FINANCIAL CORPORATION 78.53 74.71 70.79 9.16 8.54 WESBANCO, INC. 80.96 77.33 75.40 5.90 6.52 WESTAMERICA BANCORPORATION 80.29 82.35 82.05 12.14 11.46 WHITNEY HOLDING CORPORATION 80.18 82.14 82.63 10.90 8.78 - ------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 84.13 83.48 82.92 11.01 10.32 AVERAGES: 76.00 75.52 75.41 14.85 14.02 - ------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 85 FBA PEER GROUP COMPARISON DATA ASSET QUALITY - ----------------------------------------------------------------------------------------------------------------------------------- NPAS/ NPAS/ NPAS/ PROVISION / PROVISION / PROVISION / LOANS & LOANS & LOANS & NET CHARGE NET CHARGE NET CHARGE OREO OREO OREO OFF'S OFF'S OFF'S 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ----------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 1.06 1.79 2.18 200.99 214.23 108.78 ALABAMA NATIONAL BANCORPORATION 0.30 0.47 0.48 386.13 236.71 721.59 ALLEGIANT BANCORP, INC. 0.12 1.05 1.11 256.98 99.56 52.17 AMCORE FINANCIAL, INC. 1.00 1.36 1.59 123.51 151.30 91.99 BANCFIRST CORPORATION 0.69 0.84 1.01 150.32 67.71 67.08 BANCORPSOUTH, INC. 0.40 0.44 0.42 133.27 106.81 112.69 BANNER CORPORATION 0.77 1.34 1.98 311.63 119.09 141.98 BAY VIEW CAPITAL CORPORATION 3.61 3.77 3.44 242.51 170.23 57.38 CAPITOL BANCORP LIMITED 0.55 0.87 1.08 299.92 343.44 357.88 CATHAY BANCORP, INC. 1.67 0.80 0.99 242.07 145.94 104.24 CHEMICAL FINANCIAL CORPORATION 0.44 0.35 0.53 180.75 121.09 86.39 CITIZENS BANKING CORPORATION 1.02 1.30 1.37 121.22 101.81 102.46 CITY HOLDING COMPANY 1.04 2.08 1.31 212.94 145.48 7.66 COMMUNITY FIRST BANKSHARES, INC. 0.70 0.64 0.65 126.34 119.21 114.11 COMMUNITY TRUST BANCORP, INC. 1.63 1.93 2.10 109.30 80.41 95.47 CORUS BANKSHARES, INC. 0.17 0.14 0.14 NM NM 0.00 CULLEN/FROST BANKERS, INC. 0.42 0.83 0.89 153.58 131.62 285.59 CVB FINANCIAL CORP. 0.13 0.13 0.12 684.60 404.16 NM EAST WEST BANCORP, INC. 0.41 0.27 0.42 120.48 153.20 267.58 F.N.B. CORPORATION 0.58 0.70 0.68 125.32 103.79 96.17 WINTRUST FINANCIAL CORPORATION 0.28 0.45 0.42 148.46 170.00 175.62 FIRST CHARTER CORPORATION 1.37 1.63 1.71 187.70 67.12 153.43 FIRST FINANCIAL BANCORP. 0.62 0.98 1.02 100.08 128.66 101.66 FIRST FINANCIAL CORPORATION 0.96 0.96 NA 134.35 89.71 128.8 FIRST INDIANA CORPORATION 1.40 2.52 2.46 197.61 130.48 168.17 FIRST MIDWEST BANCORP, INC. 0.65 0.61 0.58 136.83 116.14 100.58 FIRST REPUBLIC BANK 0.10 0.05 0.05 NM 177.44 NM FREMONT GENERAL CORPORATION 2.47 2.96 4.27 272.95 317.82 276.29 GBC BANCORP 2.16 2.40 4.88 75.85 126.65 299.68 GLACIER BANCORP, INC. 0.20 0.75 0.79 236.85 176.55 285.09 GOLD BANC CORPORATION, INC. 1.51 1.17 NA 103.13 99.46 165.79 GREATER BAY BANCORP 0.32 0.69 0.74 264.95 217.08 103.81 HANCOCK HOLDING COMPANY 0.69 1.07 1.05 131.74 78.22 68.65 INTEGRA BANK CORPORATION 2.06 1.53 1.28 80.63 297.56 345.74 INTERNATIONAL BANCSHARES CORPORATION 0.38 0.51 NA 245.29 258.96 238.67 IRWIN FINANCIAL CORPORATION 0.69 0.96 1.01 199.96 213.35 453.75 LOCAL FINANCIAL CORPORATION 0.54 0.48 0.62 101.81 88.18 102.04 MB FINANCIAL, INC. 0.61 0.81 0.82 278.22 74.51 100.18 MISSISSIPPI VALLEY BANCSHARES, INC. 0.64 0.62 0.58 230.27 114.54 492.18 OLD NATIONAL BANCORP 0.42 1.19 0.87 124.77 101.44 153.06 PACIFIC CAPITAL BANCORP 0.63 0.61 0.66 132.38 206.37 197.75 PACIFIC NORTHWEST BANCORP 1.37 1.24 1.27 200.34 173.45 234.81 PARK NATIONAL CORPORATION 0.62 0.82 0.97 156.39 123.51 119.39 REPUBLIC BANCORP INC. 0.69 0.90 0.77 125.53 108.85 107.48 REPUBLIC BANCSHARES, INC. 3.25 4.40 3.79 137.76 94.99 38.61 SILICON VALLEY BANCSHARES 1.07 0.98 1.09 103.80 92.15 77.41 SKY FINANCIAL GROUP INC. 0.40 0.56 0.62 141.37 142.10 124.21 SOUTH FINANCIAL GROUP, INC. (THE) 0.58 1.17 1.34 168.70 108.85 111.06 SOUTHWEST BANCORPORATION OF TEXAS, INC. 0.36 0.45 0.59 526.74 176.06 180.90 STERLING BANCSHARES, INC. 0.85 0.97 0.84 142.09 139.48 149.71 TEXAS REGIONAL BANCSHARES, INC. 1.08 1.27 1.12 144.45 122.50 131.41 TRUSTMARK CORPORATION 0.47 0.95 1.06 100.00 87.45 93.61 UCBH HOLDINGS, INC. 0.14 0.04 0.02 NM NM 305.86 UMB FINANCIAL CORPORATION 0.44 0.49 0.72 109.59 132.77 164.08 UNITED BANKSHARES, INC. 0.32 0.59 0.63 106.30 120.72 127.55 UNITED COMMUNITY BANKS, INC. 0.32 0.48 0.42 256.42 131.06 306.12 UNIZAN FINANCIAL CORPORATION 0.38 0.49 0.88 71.64 102.70 342.55 WESBANCO, INC. 0.59 0.72 0.69 109.43 114.43 82.65 WESTAMERICA BANCORPORATION 0.41 0.35 0.34 91.71 94.91 107.40 WHITNEY HOLDING CORPORATION 0.54 0.78 1.06 791.15 206.81 101.21 - ----------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 0.76 0.87 0.83 933.83 87.71 63.62 AVERAGES: 0.82 1.03 1.13 193.84 147.72 170.49 - ----------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - ---------------------------------------------------------------------------------------------------------------------------------- RESERVES/ RESERVES/ RESERVES/ NCOS/ NCOS/ NCOS/ NPAS NPAS NPAS AVG LOANS AVG LOANS AVG LOANS 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 185.43 135.68 109.84 0.34 0.57 1.94 ALABAMA NATIONAL BANCORPORATION 437.73 308.55 308.12 0.04 0.09 0.04 ALLEGIANT BANCORP, INC. NM 126.29 112.70 0.19 0.52 0.81 AMCORE FINANCIAL, INC. 110.26 100.46 82.85 0.29 0.44 0.46 BANCFIRST CORPORATION 219.72 171.88 136.87 0.18 0.16 0.33 BANCORPSOUTH, INC. 335.73 307.91 322.60 0.34 0.35 0.39 BANNER CORPORATION 133.68 84.30 60.17 0.07 0.76 0.53 BAY VIEW CAPITAL CORPORATION 72.24 55.37 55.67 0.71 1.63 1.43 CAPITOL BANCORP LIMITED 232.34 154.04 127.24 0.20 0.15 0.13 CATHAY BANCORP, INC. 90.02 180.70 143.97 0.13 0.28 0.35 CHEMICAL FINANCIAL CORPORATION 331.23 406.48 279.44 0.05 0.08 0.14 CITIZENS BANKING CORPORATION 122.43 106.96 104.54 0.28 0.43 0.36 CITY HOLDING COMPANY 198.53 167.76 224.38 0.61 1.26 3.50 COMMUNITY FIRST BANKSHARES, INC. 199.98 229.71 232.70 0.34 0.39 0.31 COMMUNITY TRUST BANCORP, INC. 93.39 71.67 66.86 0.51 0.65 0.68 CORUS BANKSHARES, INC. NM NM NM -0.42 -0.05 0.06 CULLEN/FROST BANKERS, INC. 334.15 194.71 190.26 0.21 0.67 0.21 CVB FINANCIAL CORP. NM NM NM 0.04 0.04 -0.21 EAST WEST BANCORP, INC. 321.19 477.01 307.64 0.22 0.21 0.17 F.N.B. CORPORATION 224.44 182.98 198.40 0.31 0.40 0.36 WINTRUST FINANCIAL CORPORATION 241.00 150.94 156.33 0.24 0.26 0.26 FIRST CHARTER CORPORATION 96.18 81.08 76.44 0.20 0.34 0.28 FIRST FINANCIAL BANCORP. 210.58 165.57 164.53 0.37 0.71 0.79 FIRST FINANCIAL CORPORATION 152.99 141.49 NA 0.26 0.56 0.43 FIRST INDIANA CORPORATION 138.16 85.39 89.23 0.28 0.66 0.36 FIRST MIDWEST BANCORP, INC. 212.84 233.16 244.17 0.21 0.49 0.60 FIRST REPUBLIC BANK 672.75 NM NM -0.01 0.02 -0.02 FREMONT GENERAL CORPORATION 78.50 90.45 68.16 NM 0.44 0.57 GBC BANCORP 93.23 87.52 62.61 0.17 1.49 2.15 GLACIER BANCORP, INC. 539.72 189.86 192.52 0.11 0.20 0.14 GOLD BANC CORPORATION, INC. 95.73 103.07 NA 0.26 0.81 0.54 GREATER BAY BANCORP 702.37 402.79 376.27 0.33 0.59 1.39 HANCOCK HOLDING COMPANY 245.02 169.28 159.22 0.59 0.65 1.65 INTEGRA BANK CORPORATION 72.68 97.07 119.73 0.31 0.61 0.05 INTERNATIONAL BANCSHARES CORPORATION 357.53 293.24 NA 0.13 0.14 0.13 IRWIN FINANCIAL CORPORATION 152.77 108.46 131.34 0.28 0.53 0.40 LOCAL FINANCIAL CORPORATION 278.49 287.81 223.62 0.15 0.32 0.35 MB FINANCIAL, INC. 214.69 144.46 143.13 0.15 0.42 0.58 MISSISSIPPI VALLEY BANCSHARES, INC. 273.41 283.74 307.53 0.15 0.87 0.08 OLD NATIONAL BANCORP 278.27 101.74 149.20 0.39 0.45 0.33 PACIFIC CAPITAL BANCORP 219.87 288.50 291.89 0.46 0.48 0.91 PACIFIC NORTHWEST BANCORP 71.74 89.75 90.71 0.14 0.20 0.16 PARK NATIONAL CORPORATION 313.03 260.90 230.03 0.33 0.37 0.55 REPUBLIC BANCORP INC. 109.42 93.58 110.07 0.14 0.22 0.26 REPUBLIC BANCSHARES, INC. 60.01 50.57 54.14 0.82 1.09 0.79 SILICON VALLEY BANCSHARES 403.57 418.18 375.95 3.33 1.10 1.06 SKY FINANCIAL GROUP INC. 393.82 283.07 257.80 0.28 0.39 0.46 SOUTH FINANCIAL GROUP, INC. (THE) 199.98 101.66 89.29 0.39 0.54 0.60 SOUTHWEST BANCORPORATION OF TEXAS, INC. 319.92 260.35 201.71 0.06 0.17 0.21 STERLING BANCSHARES, INC. 146.77 141.88 166.20 0.55 0.55 0.42 TEXAS REGIONAL BANCSHARES, INC. 113.04 96.43 110.25 0.42 0.43 0.44 TRUSTMARK CORPORATION 361.06 179.80 162.07 0.26 0.37 0.42 UCBH HOLDINGS, INC. NM NM NM 0.02 0.00 0.05 UMB FINANCIAL CORPORATION 236.17 259.27 188.33 0.28 0.38 0.28 UNITED BANKSHARES, INC. 395.82 227.58 218.44 0.47 0.34 0.20 UNITED COMMUNITY BANKS, INC. 428.78 280.50 310.08 0.18 0.25 0.09 UNIZAN FINANCIAL CORPORATION 381.81 298.88 159.54 0.18 0.31 0.52 WESBANCO, INC. 213.04 188.95 187.25 0.19 0.34 0.66 WESTAMERICA BANCORPORATION 518.18 603.13 619.03 0.17 0.15 0.14 WHITNEY HOLDING CORPORATION 243.69 205.92 156.04 0.04 0.21 0.27 - ---------------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 241.61 212.43 200.48 0.01 0.27 2.08 AVERAGES: 247.84 196.58 183.15 0.30 0.46 0.53 - ---------------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 86 FBA PEER GROUP COMPARISON DATA CAPITAL RATIOS - ---------------------------------------------------------------------------------------------------------------------------- TOTAL TOTAL TOTAL EQUITY EQUITY EQUITY TIER 1 TIER 1 /TOTAL /TOTAL /TOTAL EQUITY EQUITY ASSETS ASSETS ASSETS RATIO RATIO 2000 Y 2001 Y 03/02 Q 2000 Y 2001 Y COMPANY NAME (%) (%) (%) (%) (%) - ---------------------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 8.50 8.59 8.85 11.79 10.97 ALABAMA NATIONAL BANCORPORATION 7.28 7.31 7.21 8.86 9.92 ALLEGIANT BANCORP, INC. 6.85 6.36 6.66 9.53 8.11 AMCORE FINANCIAL, INC. 7.27 7.50 7.49 11.27 10.53 BANCFIRST CORPORATION 7.66 8.09 8.09 11.21 11.09 BANCORPSOUTH, INC. 8.73 8.57 8.26 11.31 10.70 BANNER CORPORATION 9.77 9.22 8.92 11.14 10.36 BAY VIEW CAPITAL CORPORATION 5.56 8.38 9.01 4.59 4.25 CAPITOL BANCORP LIMITED 4.32 3.92 5.81 11.10 10.54 CATHAY BANCORP, INC. 9.73 10.03 9.96 11.05 11.15 CHEMICAL FINANCIAL CORPORATION 11.74 11.16 11.14 NA 16.00 CITIZENS BANKING CORPORATION 8.09 9.08 9.36 9.05 9.87 CITY HOLDING COMPANY 6.12 6.92 7.13 9.05 9.38 COMMUNITY FIRST BANKSHARES, INC. 5.67 6.18 6.22 8.13 8.67 COMMUNITY TRUST BANCORP, INC. 8.03 7.65 7.78 9.26 9.11 CORUS BANKSHARES, INC. 15.48 16.95 17.47 16.05 19.43 CULLEN/FROST BANKERS, INC. 7.48 7.11 7.49 10.08 10.14 CVB FINANCIAL CORP. 8.17 8.78 8.65 13.20 11.97 EAST WEST BANCORP, INC. 7.49 8.66 8.84 9.64 10.10 F.N.B. CORPORATION 8.37 8.94 8.15 NA 10.60 WINTRUST FINANCIAL CORPORATION 4.86 5.22 5.53 6.93 7.70 FIRST CHARTER CORPORATION 10.55 9.28 8.92 12.92 12.80 FIRST FINANCIAL BANCORP. 10.05 9.98 10.10 12.47 12.40 FIRST FINANCIAL CORPORATION 9.36 10.65 10.40 13.96 13.90 FIRST INDIANA CORPORATION 9.53 10.21 10.38 10.08 10.61 FIRST MIDWEST BANCORP, INC. 7.56 7.89 7.65 10.51 9.96 FIRST REPUBLIC BANK 5.55 5.52 5.81 9.31 9.33 FREMONT GENERAL CORPORATION 3.60 4.47 4.67 9.79 9.88 GBC BANCORP 9.54 8.72 7.83 10.23 10.70 GLACIER BANCORP, INC. 9.28 8.49 8.76 12.31 11.81 GOLD BANC CORPORATION, INC. 6.23 5.49 5.05 8.92 7.85 GREATER BAY BANCORP 6.63 5.89 6.78 9.57 10.49 HANCOCK HOLDING COMPANY 11.33 11.00 10.71 15.50 14.74 INTEGRA BANK CORPORATION 6.70 7.28 7.58 9.34 11.71 INTERNATIONAL BANCSHARES CORPORATION 7.11 7.79 7.99 13.23 13.83 IRWIN FINANCIAL CORPORATION 7.84 6.72 9.10 8.42 6.81 LOCAL FINANCIAL CORPORATION 6.57 5.80 6.01 7.74 9.24 MB FINANCIAL, INC. 8.44 8.47 8.73 11.60 10.73 MISSISSIPPI VALLEY BANCSHARES, INC. 7.48 7.55 7.94 10.19 10.59 OLD NATIONAL BANCORP 7.14 7.04 7.06 9.24 9.28 PACIFIC CAPITAL BANCORP 8.06 8.23 8.23 9.20 9.80 PACIFIC NORTHWEST BANCORP 6.20 7.31 7.28 10.18 10.55 PARK NATIONAL CORPORATION 10.53 10.25 10.66 15.01 14.84 REPUBLIC BANCORP INC. 6.40 6.43 7.10 9.50 11.43 REPUBLIC BANCSHARES, INC. 7.06 7.00 6.75 10.27 11.90 SILICON VALLEY BANCSHARES 10.91 15.04 16.07 16.50 15.90 SKY FINANCIAL GROUP INC. 7.27 7.03 7.09 9.91 9.30 SOUTH FINANCIAL GROUP, INC. (THE) 8.98 7.60 7.18 8.63 9.36 SOUTHWEST BANCORPORATION OF TEXAS, INC. 7.57 8.22 8.68 9.56 10.35 STERLING BANCSHARES, INC. 8.03 7.82 8.03 10.51 9.64 TEXAS REGIONAL BANCSHARES, INC. 9.39 10.24 9.26 11.20 12.39 TRUSTMARK CORPORATION 9.14 9.55 10.12 14.05 13.14 UCBH HOLDINGS, INC. 5.34 5.94 5.95 10.03 9.99 UMB FINANCIAL CORPORATION 8.94 8.80 9.30 15.90 15.18 UNITED BANKSHARES, INC. 8.79 8.99 9.10 10.68 10.01 UNITED COMMUNITY BANKS, INC. 6.26 7.08 6.85 10.30 10.47 UNIZAN FINANCIAL CORPORATION 7.20 7.78 10.80 8.64 9.30 WESBANCO, INC. 11.19 10.43 10.35 14.33 14.09 WESTAMERICA BANCORPORATION 8.38 8.00 7.76 10.20 9.29 WHITNEY HOLDING CORPORATION 10.01 9.91 10.29 11.40 11.84 - ---------------------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 7.18 9.32 9.56 6.76 7.57 AVERAGES: 8.06 8.24 8.44 10.77 10.93 - ---------------------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES FBA PEER GROUP COMPARISON DATA - --------------------------------------------------------------------------------------------------------------- TANGIBLE TANGIBLE TANGIBLE TIER 1 EQUITY/ EQUITY/ EQUITY/ EQUITY TANGIBLE TANGIBLE TANGIBLE RATIO ASSETS ASSETS ASSETS 03/02 Q 2000 Y 2001 Y 03/02 Q COMPANY NAME (%) (%) (%) (%) - --------------------------------------------------------------------------------------------------------------- 1ST SOURCE CORPORATION 10.67 8.41 7.82 8.06 ALABAMA NATIONAL BANCORPORATION 9.88 6.71 6.69 6.60 ALLEGIANT BANCORP, INC. 8.50 5.95 3.86 4.17 AMCORE FINANCIAL, INC. 10.41 6.90 7.13 7.13 BANCFIRST CORPORATION 11.02 6.75 7.35 7.35 BANCORPSOUTH, INC. 10.05 8.36 8.22 7.84 BANNER CORPORATION 10.00 8.17 7.83 7.31 BAY VIEW CAPITAL CORPORATION 4.77 3.12 5.46 5.98 CAPITOL BANCORP LIMITED 10.74 3.94 3.52 5.13 CATHAY BANCORP, INC. 11.41 9.33 9.70 NA CHEMICAL FINANCIAL CORPORATION 16.70 11.16 10.14 10.14 CITIZENS BANKING CORPORATION 10.21 7.12 8.15 8.42 CITY HOLDING COMPANY 10.83 5.83 6.60 6.82 COMMUNITY FIRST BANKSHARES, INC. 8.92 3.86 4.57 4.58 COMMUNITY TRUST BANCORP, INC. 10.70 5.69 5.21 5.30 CORUS BANKSHARES, INC. 18.02 15.31 16.81 17.33 CULLEN/FROST BANKERS, INC. 10.54 5.84 5.71 6.06 CVB FINANCIAL CORP. 12.22 7.88 8.54 8.42 EAST WEST BANCORP, INC. 9.91 6.64 7.72 7.91 F.N.B. CORPORATION 8.90 7.71 8.29 6.67 WINTRUST FINANCIAL CORPORATION 7.64 4.37 4.87 4.69 FIRST CHARTER CORPORATION 12.61 9.97 8.76 8.41 FIRST FINANCIAL BANCORP. 12.65 9.25 9.22 9.33 FIRST FINANCIAL CORPORATION NA 9.25 10.17 9.93 FIRST INDIANA CORPORATION 10.55 8.92 9.64 9.81 FIRST MIDWEST BANCORP, INC. 9.94 7.24 7.60 7.37 FIRST REPUBLIC BANK 10.01 4.80 4.90 4.89 FREMONT GENERAL CORPORATION NA 3.60 4.47 4.67 GBC BANCORP 10.65 9.54 8.72 7.83 GLACIER BANCORP, INC. 12.54 8.72 6.62 6.91 GOLD BANC CORPORATION, INC. 7.14 5.05 4.27 3.91 GREATER BAY BANCORP 10.31 6.38 5.59 4.82 HANCOCK HOLDING COMPANY 16.12 10.11 9.67 9.44 INTEGRA BANK CORPORATION 12.10 4.99 5.47 5.71 INTERNATIONAL BANCSHARES CORPORATION 13.91 6.22 6.45 6.61 IRWIN FINANCIAL CORPORATION 9.38 7.76 6.66 9.05 LOCAL FINANCIAL CORPORATION 9.60 5.91 5.28 5.48 MB FINANCIAL, INC. 11.08 7.56 7.54 7.80 MISSISSIPPI VALLEY BANCSHARES, INC. 10.75 7.48 7.55 7.94 OLD NATIONAL BANCORP 9.70 6.15 6.14 6.16 PACIFIC CAPITAL BANCORP 9.46 7.19 7.52 7.45 PACIFIC NORTHWEST BANCORP 10.86 5.62 6.75 6.71 PARK NATIONAL CORPORATION 15.44 10.01 9.83 NA REPUBLIC BANCORP INC. 12.28 6.16 6.28 6.94 REPUBLIC BANCSHARES, INC. 11.81 5.95 6.19 5.99 SILICON VALLEY BANCSHARES 16.80 10.91 13.03 13.97 SKY FINANCIAL GROUP INC. 9.20 6.78 6.42 6.33 SOUTH FINANCIAL GROUP, INC. (THE) 8.87 7.07 6.09 5.67 SOUTHWEST BANCORPORATION OF TEXAS, INC. 10.77 7.50 8.17 8.62 STERLING BANCSHARES, INC. 9.67 7.77 5.90 6.12 TEXAS REGIONAL BANCSHARES, INC. 12.19 7.85 8.97 8.02 TRUSTMARK CORPORATION 13.68 8.83 8.74 9.29 UCBH HOLDINGS, INC. NA 5.34 5.94 NA UMB FINANCIAL CORPORATION 16.12 8.43 8.15 8.62 UNITED BANKSHARES, INC. 10.31 8.05 7.54 7.62 UNITED COMMUNITY BANKS, INC. 10.06 5.94 6.64 6.42 UNIZAN FINANCIAL CORPORATION 9.52 6.99 7.61 6.55 WESBANCO, INC. 13.33 10.41 9.75 8.53 WESTAMERICA BANCORPORATION 9.33 7.91 7.56 7.32 WHITNEY HOLDING CORPORATION 12.45 8.82 8.60 8.97 - --------------------------------------------------------------------------------------------------------------- FIRST BANKS AMERICA, INC. 7.77 4.59 6.16 6.33 AVERAGES: 11.11 7.36 7.41 7.39 - --------------------------------------------------------------------------------------------------------------- <FN> ALL DATA FROM SNL SECURITIES 87 Tab 7D BAXTER FENTRISS AND COMPANY ------------------------------- 88 FIRST BANKS AMERICA, INC. * PRESS RELEASES 89 FIRST BANKS AMERICA, INC. ANNOUNCES SECOND QUARTER 2002 EARNINGS SAN FRANCISCO--(BUSINESS WIRE)--July 15, 2002--First Banks America, Inc. ("FBA" or "the Company") (NYSE:FBA) reported earnings of $4.8 million, or $0.37 per share on a diluted basis, for the quarter ended June 30, 2002, compared to $7.8 million, or $0.65 per share on a diluted basis, for the comparable period in 2001. Net income for the six months ended June 30, 2002 and 2001 was $10.0 million and $15.1 million, or $0.78 and $1.25 per share on a diluted basis, respectively. The implementation of Statement of Financial Accounting Standards ("SFAS") No. 142, Goodwill and Other Intangible Assets ("SFAS 142"), on January 1, 2002, resulted in the discontinuation of the amortization of certain intangibles associated with the purchase of subsidiaries. If the Company had implemented SFAS 142 at the beginning of 2001, net income for the quarter ended June 30, 2001 would have increased $1.3 million to $9.1 million, or $0.76 per share on a fully diluted basis, and net income for the six months ended June 30, 2001 would have increased $2.7 million to $17.7 million, or $1.47 per share on a fully diluted basis. In addition, the implementation of SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities ("SFAS 133"), on January 1, 2001, resulted in the recognition of a cumulative effect of change in accounting principle of $459,000, net of tax, which reduced net income in 2001. Excluding this item, net income was $15.5 million, or $1.29 per share on a diluted basis, for the six months ended June 30, 2001. James F. Dierberg, Chairman, President and Chief Executive Officer of FBA, said, "Earnings have decreased 38.5% and 33.6% for the three and six months ended June 30, 2002, over the comparable periods in 2001. The decline in earnings primarily reflects significantly increased provisions for loan losses associated with the increased charge-off, delinquency and higher than normal nonperforming trends we are experiencing as a result of current economic conditions. The effects of asset quality problems were partially offset by the net interest income generated by acquisitions completed last year." Commenting further, Dierberg said, "Net interest income increased primarily as a result of increased earning assets generated through internal loan growth along with our acquisitions of Charter Pacific Bank and BYL Bancorp, completed during the fourth quarter of 2001. In addition, the derivative financial instruments used to hedge our interest rate risk contributed $6.3 million and $12.5 million to net interest income for the three and six months ended June 30, 2002, respectively, compared to $2.4 million and $3.0 million for the comparable periods in 2001. The improvement in net interest income, however, was partially mitigated by the significant decline in prevailing interest rates during 2001 and overall economic conditions, which reduced loan demand." The Company recorded provisions for loan losses of $7.8 million and $15.5 million for the three and six months ended June 30, 2002, respectively, compared to $820,000 and $910,000 for the comparable periods in 2001. The significant increase in the provision for loan losses reflects increases in net loan charge-offs and past due loans. Net charge-offs were $3.7 million and $15.8 million for the three and six months ended June 30, 2002, respectively, compared to $2.9 million and $4.3 million for the comparable periods in 2001. The increase in net charge-offs for 2002 primarily reflects the general slowdown in economic conditions prevalent within FBA's markets. Additionally, nonperforming assets decreased slightly to $19.0 million at June 30, 2002 from $20.1 million at December 31, 2001, but remain at higher than normal levels. Nonperforming assets at June 30, 2002 increased $3.8 million, or 25.0%, from $15.2 million at June 30, 2001, further contributing to the increased provision for loan losses in 2002. Noninterest income was $5.2 million and $10.7 million for the three and six months ended June 30, 2002, respectively, compared to $6.3 million and $10.7 million for the comparable periods in 2001. The decline in noninterest income in the second quarter of 2002 was primarily attributable to net losses on derivative instruments of $3,000 and $139,000 for the three and six months ended June 30, 2002, respectively, compared to net gains of $2.6 million and $2.9 million for the comparable periods in 2001, representing mark-to-market adjustments required under SFAS 133, as well as $2.1 million of gains on the termination of certain interest rate swap agreements during the second quarter of 2001. The overall decline in noninterest income was partially offset by increases in: service charges on deposit accounts, loan servicing fees, income earned on bank-owned life insurance, income associated with the International Business Division and a gain on the sale of certain operating lease equipment acquired in connection with the acquisition of Bank of San Francisco. Operating expenses were $22.2 million and $43.0 million for the three and six months ended June 30, 2002, respectively, compared to $22.3 million and $43.3 million for the comparable periods in 2001. The slight decrease in operating expenses primarily results from the discontinuation of the amortization of certain intangibles associated with the purchase of subsidiaries in accordance with 90 the implementation of SFAS 142 in January 2002. Amortization of intangibles for the three and six months ended June 30, 2002 was $266,000 and $532,000, respectively, compared to $1.4 million and $2.8 million for the comparable periods in 2001. In addition, during the second quarter of 2001, the Company recorded a $1.2 million nonrecurring charge associated with the establishment of a specific reserve on an unfunded letter of credit. The overall decrease in operating expenses was partially offset by increases in salaries and employee benefit expenses, information technology fees due to growth and technological advancements in FBA's product and service offerings and higher legal, examination and professional fees associated with the expansion of overall corporate activities. As previously announced, on June 22, 2002, First Bank & Trust ("FB&T"), the wholly-owned banking subsidiary of FBA, completed its assumption of the deposits and certain liabilities and the purchase of certain assets of the Garland and Denton, Texas branch offices of Union Planters Bank, National Association. The transaction resulted in the acquisition of $15.3 million in deposits and one office in Garland and $49.6 million in deposits and one office, including a detached drive-thru facility, in Denton. The core deposit intangibles associated with the branch purchases were $1.4 million. At June 30, 2002, FBA had consolidated assets of $3.06 billion. FBA operates through FB&T, which is headquartered in San Francisco, California, and has 49 banking offices in northern and southern California and eight banking offices in Houston, Dallas, Irving, McKinney and Denton, Texas. This release contains forward-looking statements that are subject to risks and uncertainties arising out of or affecting the Company's business, not all of which can be predicted or anticipated. These statements are based on information currently available to FBA's management, and numerous factors might cause actual results to differ materially from those contemplated in the forward-looking statements. For additional information, see the discussions of forward-looking statements that appear in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of FBA's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission. FIRST BANKS AMERICA, INC. FINANCIAL SUMMARY (in thousands, except per share data) (unaudited) Condensed Consolidated Statement of Income Information Three Months Ended Six Months Ended June 30, June 30, ------------------------ --------------------- 2002 2001 2002 2001 ---- ---- ---- ---- Interest income $ 47,268 52,297 94,134 107,120 Interest expense 14,585 22,699 30,015 47,869 Net interest income 32,683 29,598 64,119 59,251 Provision for loan losses 7,800 820 15,500 910 91 Noninterest income 5,196 6,343 10,712 10,722 Noninterest expense 22,235 22,285 43,032 43,279 Income before provision for income taxes and cumulative effect of change in accounting principle 7,844 12,836 16,299 25,784 Provision for income taxes 3,044 5,037 6,297 10,259 Income before cumulative effect of change in accounting principle 4,800 7,799 10,002 15,525 Cumulative effect of change in accounting principle, net of tax -- -- -- (459) Net income 4,800 7,799 10,002 15,066 Basic earnings per common share: Income before cumulative effect of change in accounting principle $ 0.37 0.65 0.78 1.29 Cumulative effect of change in accounting principle, net of tax -- -- -- (0.04) --------- --------- -------- -------- $ 0.37 0.65 0.78 1.25 ========= ========= ======== ======== Diluted earnings per common share: Income before cumulative effect of change in accounting principle $ 0.37 0.65 0.78 1.29 Cumulative effect of change in accounting principle, net of tax -- -- -- (0.04) --------- --------- -------- -------- $ 0.37 0.65 0.78 1.25 ========= ========= ======== ======== 92 Weighted average common shares outstanding 12,854 12,067 12,855 12,082 Condensed Consolidated Balance Sheet Information June 30, December 31, 2002 2001 ---- ---- Assets $ 3,062,478 3,060,988 Investment securities 360,218 368,207 Loans, net of unearned discount 2,278,398 2,323,263 Allowance for loan losses 42,459 42,721 Deposits 2,527,115 2,555,261 Note payable 50,000 71,000 Stockholders' equity 301,887 285,317 Nonperforming assets 19,035 20,111 Issued and outstanding shares: Common stock 10,347,160 10,356,060 Class B common stock 2,500,000 2,500,000 Selected Financial Ratios Three Months Ended Six Months Ended June 30, June 30, -------------------- -------------------- 2002 2001 2002 2001 ---- ---- ---- ---- Return on average assets 0.64% 1.19% 0.67% 1.15% Return on average equity 6.58 14.11 6.91 14.33 Net interest margin 4.94 5.01 4.85 5.03 Efficiency ratio 58.70 62.00 57.51 61.85 93 CONTACT: First Banks America Inc., San Francisco Allen H. Blake, 314/592-5000 or Terrance M. McCarthy, 415/781-7810 SOURCE: First Banks America Inc. Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: http://www.businesswire.com 07/15/2002 16:20 EASTERN 94 FIRST BANKS AMERICA, INC. ANNOUNCES FIRST QUARTER 2002 EARNINGS AND OTHER CORPORATE DEVELOPMENTS SAN FRANCISCO--(BUSINESS WIRE)--April 25, 2002--First Banks America, Inc. ("FBA" or "the Company") (NYSE:FBA) (NYSE:FBA'T) reported earnings of $5.2 million, or $0.40 per share on a diluted basis, for the quarter ended March 31, 2002, compared to $7.3 million, or $0.60 per share on a diluted basis, for the comparable period in 2001. The implementation of Statement of Financial Accounting Standards ("SFAS") No. 133, Accounting for Derivative Instruments and Hedging Activities ("SFAS 133"), on January 1, 2001, resulted in the recognition of a cumulative effect of change in accounting principle of $459,000, net of tax, which reduced net income in 2001. Excluding this item, net income was $7.7 million, or $0.64 per share on a diluted per share basis, for the quarter ended March 31, 2001. James F. Dierberg, Chairman, President and Chief Executive Officer of FBA, said, "The decline in earnings for the quarter ended March 31, 2002, as compared to the quarter ended March 31, 2001, primarily reflects increased provisions for loan losses associated with the increased charge-off, delinquency and nonperforming trends we are experiencing as a result of current economic conditions. The increased provisions for loan losses were partially offset by slight increases in net interest income and noninterest income." Commenting further, Dierberg said, "Net interest income increased primarily as a result of increased earning assets generated through internal loan growth as well as our acquisitions of Charter Pacific Bank and BYL Bancorp, completed during the fourth quarter of 2001. The improvement in net interest income, however, was partially mitigated by the significant decline in prevailing interest rates during 2001 and overall economic conditions, which reduced loan demand. In addition, our derivative financial instruments contributed $6.2 million to net interest income for the three months ended March 31, 2002, compared to $561,000 for the comparable period in 2001." The Company recorded provisions for loan losses of $7.7 million and $90,000 for the three months ended March 31, 2002 and 2001, respectively. The significant increase in the provision for loan losses reflects increases in net loan charge-offs and delinquent loans. These trends are primarily attributable to slowing economic conditions prevalent within FBA's markets. Noninterest income was $5.5 million and $4.4 million for the three months ended March 31, 2002 and 2001, respectively. The increase in noninterest income reflects increases in: service charges on deposit accounts, loan servicing fees, income earned on bank-owned life insurance, income associated with the International Business Division and a gain on the sale of certain operating lease equipment acquired in connection with the acquisition of Bank of San Francisco. The overall increase in noninterest income was partially offset by a net loss on derivative instruments of $136,000 for the three months ended March 31, 2002, compared to a net gain of $300,000 for the comparable period in 2001, representing mark-to-market adjustments required under SFAS 133. Operating expenses decreased slightly to $21.9 million from $22.0 million for the three months ended March 31, 2002 and 2001, respectively. The decreased operating expenses primarily result from the discontinuation of the amortization of certain intangibles associated with the purchase of subsidiaries in accordance with the implementation of SFAS No. 142 ("SFAS 142"), Goodwill and Other Intangible Assets, on January 1, 2002. Amortization of intangibles for the three months ended March 31, 2002 and 2001 was $266,000 and $1.4 million, respectively. If the Company had implemented SFAS 142 at the beginning of 2001, net income for the three months ended March 31, 2001, would have increased $1.3 million, to $8.6 million, or $0.71 per share on a fully diluted basis. The decrease in operating expenses was 95 partially offset by increases in guaranteed preferred debentures expense, credit card expenses, salaries and employee benefit expenses and information technology fees. As previously announced, in order to provide sufficient capital to complete the acquisition of BYL Bancorp in October, 2001, FBA's majority owner, First Banks, Inc. ("First Banks"), St. Louis, Missouri, purchased approximately 804,000 shares of FBA common stock at $32.50 per share in cash, an aggregate of approximately $26.2 million. In connection with this transaction, FBA plans to conduct a rights offering during the second quarter of 2002, whereby all of its stockholders except for First Banks will be given the right to purchase proportionate amounts of FBA common stock at $32.50, the same price paid by First Banks. This will generally allow those stockholders who elect to do so to purchase 7.15 shares of FBA common stock at $32.50 per share for each 100 shares of common stock that they own as of the record date, which has not yet been set. First Banks owns 93.69% of FBA's voting stock. First Banks recently informed FBA's Board of Directors that it intends to propose a transaction in which First Banks would acquire all of the outstanding capital stock of FBA which it does not already own, and all of FBA's other stockholders would receive cash for their shares. Such a transaction would be in the form of a merger of FBA with First Banks or a subsidiary of First Banks and would require prior approval of FBA's Board of Directors and, following the distribution of a proxy statement discussing the terms of a transaction in detail, by FBA's stockholders. Specific terms of the proposed transaction have not been determined. Today, FBA's Board of Directors discussed the proposal and voted to form a Special Committee, composed solely of directors who are not affiliated with First Banks, to analyze the terms on which such a transaction might be acceptable to FBA. The Board of Directors authorized the Special Committee to engage outside advisers, including its own independent legal counsel and financial advisor, to assist the Special Committee in evaluating such a transaction, including an analysis of the terms on which the transaction would be considered fair to FBA's stockholders (other than First Banks) from a financial point of view. The transaction is likely to proceed if First Banks and the Special Committee are able to agree on terms, including the price at which all of FBA's shares would be acquired. The process by which the transaction will be reviewed by the Special Committee before any proposal is made to stockholders will consist of several steps, and there is no assurance whether such a transaction will actually be presented to stockholders, voted upon or completed. At March 31, 2002, FBA had consolidated assets of $2.99 billion. FBA operates through its wholly owned banking subsidiary, First Bank & Trust, which is headquartered in San Francisco, California, and has 49 banking offices in northern and southern California and six banking offices in Houston, Dallas, Irving and McKinney, Texas. This release contains forward-looking statements that are subject to risks and uncertainties arising out of or affecting the Company's business, not all of which can be predicted or anticipated. These statements are based on information currently available to FBA's management, and numerous factors might cause actual results to differ materially from those contemplated in the forward-looking statements. For additional information, see the discussions of forward-looking statements that appear in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of FBA's most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. 96 FIRST BANKS AMERICA, INC. FINANCIAL SUMMARY (In thousands, except per share data) (unaudited) Condensed Consolidated Statement of Income Information Three Months Ended March 31, 2002 2001 ---- ---- Interest income..................................................... $46,866 54,823 Interest expense.................................................... 14,353 24,195 ------- ------ Net interest income............................................. 32,513 30,628 Provision for loan losses........................................... 7,700 90 Noninterest income.................................................. 5,516 4,379 Noninterest expense................................................. 21,874 21,969 ------- ------ Income before provision for income taxes and cumulative effect of change in accounting principle..................... 8,455 12,948 Provision for income taxes.......................................... 3,253 5,222 ------- ------ Income before cumulative effect of change in accounting principle..................................................... 5,202 7,726 Cumulative effect of change in accounting principle................. -- (459) ------- ------ 97 Net income...................................................... $ 5,202 7,267 ======= ====== Basic earnings per common share: Income before cumulative effect of change in accounting principle..................................................... $ 0.40 0.64 Cumulative effect of change in accounting principle............. -- (0.04) ------- ------ $ 0.40 0.60 ======= ====== Diluted earnings per common share: Income before cumulative effect of change in accounting principle..................................................... 0.40 0.64 Cumulative effect of change in accounting principle............. -- (0.04) ------- ------ $ 0.40 0.60 ======= ====== Weighted average common shares outstanding.......................... 12,856 12,097 Condensed Consolidated Balance Sheet Information March 31, December 31, 2002 2001 ---- ---- 98 Assets.............................................................. $ 2,987,524 3,060,988 Investment securities............................................... 298,028 368,207 Loans, net of unearned discount..................................... 2,293,477 2,323,263 Allowance for loan losses........................................... 38,318 42,721 Deposits............................................................ 2,477,184 2,555,261 Note payable........................................................ 56,500 71,000 Stockholders' equity................................................ 285,524 285,317 Nonperforming assets................................................ 19,113 20,111 Issued and outstanding shares: Common stock..................................................... 10,356,060 10,356,060 Class B common stock............................................. 2,500,000 2,500,000 Selected Financial Ratios Three Months Ended March 31, 2002 2001 ---- ---- Return on average assets............................................ 0.70% 1.11% Return on average equity............................................ 7.24 14.58 Net interest margin................................................. 4.92 5.22 Efficiency ratio.................................................... 57.52 62.76 CONTACT: First Banks America, Inc. Allen H. Blake, 314/592-5000 or Terrance M. McCarthy, 415/781-7810 SOURCE: First Banks America, Inc. Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: http://www.businesswire.com 04/25/2002 17:22 EASTERN 99 Tab 7E BAXTER FENTRISS AND COMPANY ============================= 100 FIRST BANKS AMERICA, INC. * FBA PROJECTED FINANCIAL PERFORMANCE 101 FIRST BANKS AMERICA, INC. ACTUAL AND PROJECTED FINANCIAL RESULTS 12/31/02 --------------------------------------------------------------------------------------- Fiscal Years Ended December 31, Projected, Y/E Dec 31, --------------------------------------------------------------------------------------- 1996 1997 1998 1999 2000 2001 2002 2003 - ----------------------------------------------------------------------------------------------------------------------------------- Income Statement Data: Net interest income $38,624 $45,603 $57,780 $77,515 $101,715 $121,423 $129,539 $139,460 Less provision for loan losses 6,879 4,000 1,750 4,183 1,877 5,010 22,700 14,400 Non-interest income 6,329 5,469 7,856 9,880 12,077 27,140 21,425 22,057 Non-interest expense 34,388 32,312 47,207 54,497 66,111 89,668 87,473 90,965 --------------------------------------------------------------------------------------- Income before taxes and extraordinary items 3,686 14,760 16,679 28,715 45,804 53,885 40,791 56,152 Less income tax provision (2,400) 4,018 6,605 11,116 18,007 13,811 15,759 21,694 --------------------------------------------------------------------------------------- Income before extraordinary items 6,086 10,742 10,074 17,599 27,797 40,074 25,032 34,458 Minority interest in income of subsidiary (131) (294) - - - - Change of accounting principle - - - - - (459) --------------------------------------------------------------------------------------- Net income to common shareholders $5,955 $10,448 $10,074 $17,599 $27,797 $39,615 $25,032 $34,458 - ----------------------------------------------------------------------------------------------------------------------------------- Profitability and Operating Ratios: Return on average assets 0.68% 0.97% 0.72% 1.04% 1.32% 1.44% 0.82% 1.02% Return on common equity 6.85% 11.31% 8.43% 11.36% 15.86% 17.14% 8.39% 10.00% Return on average equity 6.85% 11.31% 8.43% 11.36% 15.86% 17.14% 8.39% 10.00% Net interest margin 4.72% 4.52% 4.66% 5.27% 5.51% 5.10% 4.72% 4.72% Non-interest expenses/ total revenues 76.50% 63.27% 72.65% 63.99% 59.49% 61.37% 57.94% 56.32% - ----------------------------------------------------------------------------------------------------------------------------------- Average Balance Sheet Data: Total assets 1,003,261 1,317,490 1,513,276 1,861,862 2,741,379 3,060,988 3,042,407 3,254,910 Net loans 647,300 816,707 1,089,965 1,469,091 2,058,677 2,323,263 2,280,997 2,472,087 Total deposits 856,284 1,154,796 1,297,859 1,861,862 2,306,356 2,555,261 2,522,999 2,725,785 Total stockholders' equity 87,869 101,190 143,194 174,513 196,909 285,317 298,310 328,649 Common equity/ total assets 8.76% 7.68% 9.46% 9.37% 7.18% 9.32% 9.81% 10.10% - ----------------------------------------------------------------------------------------------------------------------------------- 102 FIRST BANKS AMERICA, INC. PROJECTED AVERAGE BALANCE SHEETS 12/31/02 - ----------------------------------------------------------------------------------------------------------------------------------- Monthly Average Balances Year to --------------------------------------------------------------------------- Date LIABILITIES Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jun-02 - ---------------------------------------------------------------------------------------------------------------------------------- Deposits: (amounts expressed in thousands) Non-interest bearing $493,446 $479,251 $482,640 $487,465 $480,157 $491,133 $485,749 Interest checking 300,742 299,902 307,655 314,577 307,503 309,121 306,636 Money market deposit accounts 752,299 753,678 769,589 768,019 760,293 770,465 762,459 Savings 164,817 164,437 163,448 157,765 153,852 152,069 159,364 Time deposits over $100,000 309,587 299,721 291,797 286,694 289,626 296,040 295,555 Other time deposits 487,056 478,564 469,408 461,065 456,497 465,591 469,620 - ---------------------------------------------------------------------------------------------------------------------------------- Total deposits 2,507,948 2,475,553 2,484,537 2,475,586 2,447,929 2,484,418 2,479,384 Repurchase agreements 57,532 56,979 60,859 74,252 76,417 72,946 66,577 Federal funds purchased 21,300 23,557 0 0 94 0 7,308 Federal Home Loan Bank advances 10,544 10,544 10,544 10,544 10,544 10,490 10,535 Notes payable 71,085 56,507 56,765 52,554 52,013 51,090 56,725 Preferred interest in subordinated debentures 46,000 46,000 46,000 46,000 46,000 46,024 46,004 Deferred income taxes 17,833 18,154 18,596 14,758 17,415 18,030 17,464 Accrued and other liabilities 26,906 28,453 26,583 22,942 24,097 29,443 26,373 Minority interest in subsidiaries 0 0 0 0 0 0 0 - ---------------------------------------------------------------------------------------------------------------------------------- Total liabilities 2,759,147 2,715,748 2,703,884 2,696,635 2,674,507 2,712,441 2,710,370 - ---------------------------------------------------------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY - ---------------------------------------- Common stock 1,937 1,937 1,937 1,937 1,937 1,937 1,937 Capital surplus 184,979 184,979 184,979 184,979 184,979 184,979 184,979 Retained earnings 83,059 86,232 87,956 87,753 88,878 90,337 87,369 Fair value adjust for securities available for sale 1,863 1,863 1,799 1,202 1,202 1,543 1,577 Unrealized gain (loss) on derivative instruments 17,382 18,064 19,024 13,197 18,131 18,775 17,434 Treasury stock (1,332) (1,332) (1,332) (1,332) (1,332) (1,572) (1,372) - ---------------------------------------------------------------------------------------------------------------------------------- Total stockholders' equity 287,888 291,743 294,363 287,736 293,796 295,999 291,924 - ---------------------------------------------------------------------------------------------------------------------------------- Total liabilities and stockholders' equity $3,047,035 $3,007,491 $2,998,247 $2,984,372 $2,968,303 $3,008,441 $3,002,294 - ----------------------------------------========================================================================================== 0 0 0 0 (0) 0 (0) RATIOS: Reserve : total loans 1.83% 1.87% 1.86% 1.68% 1.70% 1.85% 1.80% Loans : deposits 93.09% 93.94% 93.38% 92.35% 93.50% 90.90% 92.85% Debt : equity 40.67% 35.14% 34.91% 34.25% 33.36% 32.81% 35.19% - ---------------------------------------------------------------------------------------------------------------------------------- Projected Monthly Average Balances ------------------------------------------------------------------------------------------ LIABILITIES Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Dec-02 - ---------------------------------------------------------------------------------------------------------------------------------- (amounts expressed in thousands) Deposits: Non-interest bearing $488,177 $490,618 $493,071 $495,537 $498,014 $500,504 $490,063 Interest checking 310,667 312,220 313,781 315,350 316,927 318,511 310,634 Money market deposit accounts 778,169 785,951 793,810 801,749 809,766 817,864 780,296 Savings 149,221 148,475 147,732 146,993 146,259 145,527 153,319 Time deposits over $100,000 296,632 297,077 297,522 297,969 298,416 298,863 296,659 Other time deposits 512,150 512,919 513,688 514,458 515,230 516,003 492,028 - ---------------------------------------------------------------------------------------------------------------------------------- Total deposits 2,535,016 2,547,259 2,559,605 2,572,056 2,584,611 2,597,273 2,522,999 Repurchase agreements 72,293 70,231 70,582 70,935 71,290 71,647 68,890 Federal funds purchased 0 0 0 0 0 0 3,624 Federal Home Loan Bank advances 10,435 10,381 10,326 10,272 10,218 10,163 10,416 Notes payable 48,500 48,500 36,000 35,500 35,500 35,500 48,275 Preferred interest in subordinated debentures 46,036 46,042 46,048 46,054 46,060 46,066 46,028 Deferred income taxes 18,030 18,030 18,030 18,030 18,030 18,030 17,749 Accrued and other liabilities 23,171 24,338 29,738 23,403 24,582 30,035 26,116 Minority interest in subsidiaries 0 0 0 0 0 0 0 - ---------------------------------------------------------------------------------------------------------------------------------- Total liabilities 2,753,481 2,764,780 2,770,329 2,776,249 2,790,290 2,808,713 2,744,097 - ---------------------------------------------------------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY - ---------------------------------------- Common stock 1,937 1,937 1,937 1,937 1,937 1,937 1,937 Capital surplus 184,979 184,979 184,979 184,979 184,979 184,979 184,979 Retained earnings 92,695 95,256 97,790 100,119 102,686 105,111 93,197 Fair value adjust for securities available for sale 1,543 1,543 1,543 1,543 1,543 1,543 1,559 Unrealized gain (loss) on derivative instruments 18,775 18,775 18,775 18,775 18,775 18,775 18,110 Treasury stock (1,572) (1,572) (1,572) (1,572) (1,572) (1,572) (1,473) - ---------------------------------------------------------------------------------------------------------------------------------- Total stockholders' equity 298,357 300,918 303,452 305,781 308,348 310,773 298,310 - ---------------------------------------------------------------------------------------------------------------------------------- Total liabilities and stockholders' equity $3,051,838 $3,065,698 $3,073,782 $3,082,030 $3,098,638 $3,119,486 $3,042,407 - ----------------------------------------======================================================================================== 0 0 0 0 0 0 (0) RATIOS: Reserve : total loans 1.87% 1.86% 1.88% 1.86% 1.86% 1.83% 1.83% Loans : deposits 88.61% 88.03% 87.42% 87.75% 88.10% 88.57% 90.41% Debt : equity 31.69% 31.42% 27.04% 26.67% 26.45% 26.25% 31.61% 103 FIRST BANKS AMERICA, INC. PROJECTED AVERAGE BALANCE SHEET 12/31/02 - ----------------------------------------------------------------------------------------------------------------------------------- Monthly Average Balances Year to --------------------------------------------------------------------------- Date ASSETS Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jun-02 - ---------------------------------------------------------------------------------------------------------------------------------- (amounts expressed in thousands) Cash and due from banks $99,844 $85,413 $77,627 $79,811 $75,441 $85,401 $83,913 Interest-bearing bank deposits 4,770 7,087 2,021 2,172 2,083 511 3,061 Federal funds sold 13,745 8,618 49,987 63,057 40,255 78,367 42,583 Investment securities: Available for sale: U S Treasury and agencies 106,866 101,387 62,411 68,293 70,547 84,655 82,109 Agency mortgage-backed securities 227,647 220,316 224,701 230,400 226,446 234,370 227,373 Private mortgage-backed securities 563 559 531 518 509 410 515 Tax-exempt securities 0 0 0 0 0 0 0 Other 3,325 3,090 3,058 3,036 3,029 3,025 3,095 Net fair value gain/loss 2,867 2,867 2,768 1,850 1,850 2,373 2,425 Held to maturity: U S Treasury and agencies 0 0 0 0 0 0 0 Agency mortgage-backed securities 3,498 3,396 3,317 3,147 2,839 2,758 3,157 Tax-exempt securities 0 0 0 0 0 0 0 Other 100 100 100 100 100 100 100 Federal Reserve/Federal Home Loan Bank Stock 1,324 742 757 1,179 2,344 2,353 1,458 - ---------------------------------------------------------------------------------------------------------------------------------- Total investments 346,189 332,456 297,645 308,523 307,665 330,044 320,233 - ---------------------------------------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 768,151 763,338 761,318 745,922 736,756 721,976 749,521 Residential real estate 92,888 91,838 90,798 96,522 91,347 86,019 91,568 Home equity 32,156 32,709 32,965 34,571 35,092 35,388 33,819 Real estate construction 516,657 511,267 512,792 488,763 480,959 482,693 498,795 Commercial real estate 886,898 889,449 890,230 881,074 903,242 898,091 891,552 Indirect automobile 6,212 5,707 5,221 4,746 4,286 3,873 5,004 Consumer and other 32,837 33,312 29,507 37,510 40,767 34,744 34,789 Lease financing 165 165 166 167 168 169 167 - ---------------------------------------------------------------------------------------------------------------------------------- Total loans 2,335,965 2,327,786 2,322,997 2,289,275 2,292,617 2,262,953 2,305,214 Unearned discount (1,373) (2,290) (3,041) (3,059) (3,748) (4,495) (3,004) Allowance for loan losses (42,829) (43,499) (43,252) (38,490) (39,003) (41,755) (41,453) - ---------------------------------------------------------------------------------------------------------------------------------- Net loans 2,291,762 2,281,997 2,276,703 2,247,725 2,249,866 2,216,703 2,260,757 - ---------------------------------------------------------------------------------------------------------------------------------- Bank premises & equipment 46,726 46,512 46,534 46,628 47,108 47,221 46,791 Other assets: Accrued interest receivable 12,375 14,883 15,162 11,988 14,759 16,238 14,225 Other real estate owned 547 547 547 547 547 547 547 Deferred income taxes 53,650 56,468 56,145 53,130 53,130 53,277 54,276 Intangibles from purchase of subsidiaries 103,139 103,020 102,937 102,939 102,849 102,771 102,942 Bank-owned life insurance 28,123 28,249 28,388 28,505 28,666 28,821 28,460 Derivative instruments 28,943 30,049 31,574 21,742 30,118 31,247 28,954 Other assets 17,222 12,192 12,977 17,603 15,815 17,293 15,551 - ---------------------------------------------------------------------------------------------------------------------------------- Total assets $3,047,035 $3,007,491 $2,998,247 $2,984,372 $2,968,303 $3,008,441 $3,002,294 - ------------------------------------------======================================================================================== - ----------------------------------------------------------------------------------------------------------------------------------- Projected Monthly Average Balances Year Ended --------------------------------------------------------------------------- ASSETS Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Dec-02 - ----------------------------------------------------------------------------------------------------------------------------------- (amounts expressed thousands) Cash and due from banks $80,218 $80,619 $81,022 $81,427 $81,834 $82,243 $82,558 Interest-bearing bank deposits 1,589 1,597 1,605 1,613 1,621 1,629 2,329 Federal funds sold 42,310 42,599 45,529 44,405 44,701 41,269 43,021 Investment securities: Available for sale: U S Treasury and agencies 119,655 122,860 126,017 129,127 127,190 130,282 104,158 Agency mortgage-backed securities 299,370 309,879 315,231 305,503 300,920 296,406 266,260 Private mortgage-backed securities 311 212 113 14 0 0 310 Tax-exempt securities 0 0 0 0 0 0 0 Other 3,019 3,014 3,009 2,966 2,939 2,901 3,034 Net fair value gain/loss 2,373 2,373 2,373 2,373 2,373 2,373 2,399 Held to maturity: U S Treasury and agencies 0 0 0 0 0 0 0 Agency mortgage-backed securities 2,676 2,595 2,513 2,432 2,350 2,269 2,812 Tax-exempt securities 0 0 0 0 0 0 0 Other 100 100 100 100 100 100 100 Federal Reserve/Federal Home Loan Bank Stock 2,362 2,371 2,380 2,389 2,398 2,407 1,925 - ----------------------------------------------------------------------------------------------------------------------------------- Total investments 429,867 443,405 451,737 444,903 438,270 436,739 380,999 - ----------------------------------------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 713,994 710,003 708,007 711,547 718,663 725,850 731,964 Residential real estate 84,646 84,222 83,801 83,382 82,965 82,550 87,549 Home equity 36,035 36,575 37,124 37,681 38,246 38,820 35,629 Real estate construction 484,427 485,294 486,161 491,022 495,932 500,892 494,672 Commercial real estate 892,940 890,364 887,789 896,667 905,634 914,690 894,817 Indirect automobile 3,405 3,235 3,073 2,919 2,773 2,635 3,997 Consumer and other 35,125 35,652 36,187 36,730 37,281 37,840 35,635 Lease financing 170 169 168 167 166 166 167 - ----------------------------------------------------------------------------------------------------------------------------------- Total loans 2,250,741 2,245,514 2,242,310 2,260,116 2,281,660 2,303,441 2,284,430 Unearned discount (4,562) (3,049) (4,631) (3,095) (4,700) (3,141) (3,433) Allowance for loan losses (41,964) (41,660) (42,174) (41,869) (42,385) (42,078) (41,738) - ----------------------------------------------------------------------------------------------------------------------------------- Net loans 2,204,214 2,200,805 2,195,505 2,215,152 2,234,575 2,258,222 2,239,259 - ----------------------------------------------------------------------------------------------------------------------------------- Bank premises & equipment 47,320 47,438 47,557 47,676 47,795 47,914 47,207 Other assets: Accrued interest receivable 12,288 15,128 16,644 12,595 15,506 17,060 14,544 Other real estate owned 547 547 547 547 547 547 547 Deferred income taxes 53,277 53,277 53,277 53,277 53,277 53,277 53,773 Intangibles from purchase of subsidiaries 102,693 102,614 102,536 102,458 102,380 102,302 102,718 Bank-owned life insurance 28,961 29,100 29,240 29,380 29,519 29,659 28,888 Derivative instruments 31,247 31,247 31,247 31,247 31,247 31,247 30,110 Other assets 17,308 17,322 17,336 17,350 17,365 17,379 16,454 - ----------------------------------------------------------------------------------------------------------------------------------- Total assets $3,051,838 $3,065,698 $3,073,782 $3,082,030 $3,098,638 $3,119,486 $3,042,407 - -------------------------------------------======================================================================================== 104 FIRST BANKS AMERICA, INC. PROJECTED INCOME STATEMENT 31-DEC-02 ------------------------------------------------------- Year to Month Ended Date ----------------------------------------------- 31-Jan- 28-Feb- 31-Mar- 30-Apr- 31-May- 30-Jun- 30-Jun- 02 02 02 02 02 02 02 ------------------------------------------------------- (amounts expressed in thousands) INTEREST INCOME: Investment securities: Available for sale: U S Treasury and agencies $309 $285 $233 $236 $211 $227 $1,499 Agency mortgage-backed securities 1,024 931 967 1,175 843 1,039 5,978 Private mortgage-backed securities 3 3 3 3 3 0 15 Tax-exempt securities 0 0 0 0 0 0 0 Other 18 16 16 16 24 24 115 Held to maturity: U S Treasury and agencies 0 0 0 0 0 0 0 Agency mortgage-backed securities 21 20 20 13 16 15 105 Tax-exempt securities 0 0 0 0 0 0 0 Other 0 0 0 0 0 0 2 Federal Reserve/Federal Home Loan Bank Stock 4 4 8 8 4 (4) 26 - -------------------------------------------------------------------------------------------------- Total investments 1,380 1,259 1,247 1,451 1,101 1,301 7,740 - -------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 5,787 5,568 5,737 5,813 6,296 5,546 34,747 Residential real estate 507 474 481 554 497 441 2,954 Home equity 155 143 144 158 167 159 928 Real estate construction 2,928 2,552 3,031 2,824 2,889 2,782 17,006 Commercial real estate 5,127 4,612 5,026 4,758 5,025 4,815 29,362 Indirect automobile 41 34 35 31 30 25 196 Consumer and other 187 142 151 128 122 100 830 Lease financing 3 3 3 3 3 3 16 - -------------------------------------------------------------------------------------------------- Total loans 14,735 13,529 14,607 14,268 15,029 13,870 86,039 - -------------------------------------------------------------------------------------------------- Federal funds sold and other 25 20 62 94 57 96 354 - -------------------------------------------------------------------------------------------------- Total interest income 16,141 14,808 15,916 15,814 16,187 15,268 94,134 - -------------------------------------------------------------------------------------------------- INTEREST EXPENSE: Deposits: Interest checking 283 257 268 261 266 256 1,591 Money market deposit accounts 1,363 1,241 1,328 1,321 1,346 1,331 7,931 Savings 238 213 220 215 213 193 1,293 Time deposits over $100,000 1,166 985 1,015 952 931 908 5,957 Other time deposits 1,717 1,436 1,507 1,375 1,377 1,326 8,738 - -------------------------------------------------------------------------------------------------- Total deposits 4,767 4,132 4,338 4,124 4,133 4,015 25,510 Repurchase agreements 70 64 79 97 99 91 500 Federal funds purchased 33 36 0 0 0 0 69 Federal Home Loan Bank advances 51 50 51 50 51 95 348 Notes payable 271 195 216 194 199 188 1,263 Preferred interest in subordinated debentures 325 325 427 320 512 416 2,325 - -------------------------------------------------------------------------------------------------- Total interest expense 5,517 4,802 5,111 4,785 4,994 4,806 30,015 - -------------------------------------------------------------------------------------------------- NET INTEREST INCOME 10,624 10,006 10,805 11,029 11,193 10,462 64,119 Provision for loan losses 700 2,000 5,000 3,600 3,000 1,200 15,500 - -------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER LOAN LOSSES 9,924 8,006 5,805 7,429 8,193 9,262 48,619 - -------------------------------------------------------------------------------------------------- NONINTEREST INCOME: Service charges on deposit accounts 849 770 816 894 890 837 5,055 ---------------------------------------------------------- Projected Month Ended Year -------------------------------------------------- Ended 31-Jul- 31-Aug- 30-Sep- 31-Oct- 30-Nov- 31-Dec- 31-Dec- 02 02 02 02 02 02 02 ---------------------------------------------------------- (amounts expressed in thousands) INTEREST INCOME: Investment securities: Available for sale: U S Treasury and agencies $345 $354 $351 $372 $354 $375 $3,650 Agency mortgage-backed securities 1,171 1,212 1,233 1,195 1,177 1,159 13,124 Private mortgage-backed securities 2 1 1 0 0 0 19 Tax-exempt securities 0 0 0 0 0 0 0 Other 24 24 24 24 23 23 257 Held to maturity: U S Treasury and agencies 0 0 0 0 0 0 0 Agency mortgage-backed securities 15 14 14 13 13 13 187 Tax-exempt securities 0 0 0 0 0 0 0 Other 0 0 0 0 0 0 4 Federal Reserve/Federal Home Loan Bank Stock 7 7 7 7 7 7 67 - ----------------------------------------------------------------------------------------------------- Total investments 1,563 1,612 1,630 1,611 1,575 1,577 17,308 - ----------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 5,651 5,601 5,387 5,576 5,432 5,651 68,044 Residential real estate 455 453 451 448 446 444 5,651 Home equity 165 167 170 172 175 178 1,955 Real estate construction 2,829 2,834 2,747 2,867 2,803 2,925 34,011 Commercial real estate 4,966 4,951 4,778 4,986 4,874 5,087 59,004 Indirect automobile 22 21 20 19 18 17 312 Consumer and other 108 110 112 113 115 117 1,506 Lease financing 3 3 3 3 2 3 31 - ----------------------------------------------------------------------------------------------------- Total loans 14,198 14,139 13,667 14,185 13,865 14,420 170,513 - ----------------------------------------------------------------------------------------------------- Federal funds sold and other 60 60 62 62 61 58 717 - ----------------------------------------------------------------------------------------------------- Total interest income 15,820 15,812 15,358 15,859 15,501 16,055 188,539 - ----------------------------------------------------------------------------------------------------- INTEREST EXPENSE: Deposits: Interest checking 266 267 260 270 263 273 3,190 Money market deposit accounts 1,390 1,403 1,372 1,432 1,399 1,460 16,387 Savings 196 195 188 193 186 191 2,441 Time deposits over $100,000 928 929 900 932 903 935 11,484 Other time deposits 1,507 1,510 1,463 1,514 1,468 1,519 17,719 - ----------------------------------------------------------------------------------------------------- Total deposits 4,287 4,305 4,183 4,341 4,219 4,378 51,221 Repurchase agreements 93 91 88 92 89 93 1,046 Federal funds purchased 0 0 0 0 0 0 69 Federal Home Loan Bank advances 51 51 49 51 49 50 649 Notes payable 188 188 135 138 133 138 2,182 Preferred interest in subordinated debentures 254 254 246 254 246 254 3,832 - ----------------------------------------------------------------------------------------------------- Total interest expense 4,873 4,888 4,701 4,874 4,735 4,912 58,999 - ----------------------------------------------------------------------------------------------------- NET INTEREST INCOME 10,947 10,924 10,657 10,984 10,766 11,143 129,539 Provision for loan losses 1,200 1,200 1,200 1,200 1,200 1,200 22,700 - ----------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER LOAN LOSSES 9,747 9,724 9,457 9,784 9,566 9,943 106,839 - ----------------------------------------------------------------------------------------------------- NONINTEREST INCOME: Service charges on deposit accounts 929 926 871 948 949 892 10,570 105 FIRST BANKS AMERICA, INC. PROJECTED INCOME STATEMENT 31-DEC-02 ------------------------------------------------------- Year to Month Ended Date ----------------------------------------------- 31-Jan- 28-Feb- 31-Mar- 30-Apr- 31-May- 30-Jun- 30-Jun- 02 02 02 02 02 02 02 ------------------------------------------------------- Customer service fees 141 131 151 150 153 160 886 Loan servicing fees, net 48 13 26 61 16 25 188 Gain (loss) on sale of securities 0 0 0 0 0 0 0 Gain (loss) on sales of other assets 461 5 63 (69) (36) (68) 356 Bank-owned life insurance income 134 136 137 221 155 141 924 Derivative instruments (182) (82) 128 (106) 68 35 (139) Other income 694 608 468 546 513 612 3,440 - -------------------------------------------------------------------------------------------------- Total noninterest income 2,146 1,582 1,789 1,696 1,759 1,742 10,712 - -------------------------------------------------------------------------------------------------- NONINTEREST EXPENSES: Salaries and employee benefits 2,744 2,873 2,783 3,330 3,127 2,956 17,813 Occupancy, net of rental income 757 954 886 1,143 932 863 5,536 Furniture and equipment 327 311 372 333 357 293 1,993 Marketing and business development 54 62 74 64 66 58 378 Postage, printing, supplies and courier 386 496 290 248 329 325 2,074 Legal, examination and professional fees 189 226 89 374 285 315 1,477 Technology and item processing fees 934 935 943 669 853 884 5,217 Losses and expenses of other real estate 0 1 (18) (22) (38) 1 (76) Bank-owned life insurance expenses 9 9 9 9 9 9 54 Other expenses 1,142 1,424 1,536 1,467 1,495 1,503 8,567 - -------------------------------------------------------------------------------------------------- Total noninterest expenses 6,542 7,291 6,963 7,615 7,413 7,208 43,032 - -------------------------------------------------------------------------------------------------- Income before provision for income taxes 5,527 2,297 630 1,510 2,539 3,796 16,299 Provision for income taxes 2,039 873 341 610 997 1,438 6,297 - -------------------------------------------------------------------------------------------------- NET INCOME $3,488 $1,424 $289 $901 $1,542 $2,358 $10,002 - -------------------------------------------======================================================= Efficiency ratio 51.24% 62.92% 55.29% 59.84% 57.24% 59.06% 57.51% Noninterest expenses/average assets 2.58% 2.91% 2.79% 3.06% 3.00% 2.87% 2.87% Return on average assets 1.37% 0.57% 0.12% 0.36% 0.62% 0.94% 0.67% Return on average stockholders equity 14.54% 5.86% 1.18% 3.76% 6.30% 9.56% 6.85% ---------------------------------------------------------- Projected Month Ended Year -------------------------------------------------- Ended 31-Jul- 31-Aug- 30-Sep- 31-Oct- 30-Nov- 31-Dec- 31-Dec- 02 02 02 02 02 02 02 ---------------------------------------------------------- Customer service fees 159 160 160 161 162 163 1,851 Loan servicing fees, net 35 35 35 35 35 36 399 Gain (loss) on sale of securities 0 0 0 0 0 0 0 Gain (loss) on sales of other assets (59) (60) (60) (60) (60) (61) (4) Bank-owned life insurance income 149 150 150 151 152 153 1,828 Derivative instruments (1) (1) (1) (1) (1) (1) (145) Other income 574 577 579 582 585 588 6,926 - ----------------------------------------------------------------------------------------------------- Total noninterest income 1,785 1,785 1,735 1,816 1,822 1,770 21,425 - ----------------------------------------------------------------------------------------------------- NONINTEREST EXPENSES: Salaries and employee benefits 3,108 3,117 3,125 3,132 3,140 3,148 36,583 Occupancy, net of rental income 885 888 891 893 896 899 10,888 Furniture and equipment 326 326 326 326 326 326 3,948 Marketing and business development 63 63 63 63 63 63 756 Postage, printing, supplies and courier 346 347 347 348 349 350 4,161 Legal, examination and professional fees 245 244 242 241 240 239 2,927 Technology and item processing fees 874 878 883 887 892 896 10,527 Losses and expenses of other real estate 5 5 5 5 5 5 (46) Bank-owned life insurance expenses 9 9 9 9 9 9 108 Other expenses 1,499 1,503 1,507 1,511 1,516 1,520 17,622 - ----------------------------------------------------------------------------------------------------- Total noninterest expenses 7,359 7,379 7,398 7,416 7,435 7,454 87,473 - ----------------------------------------------------------------------------------------------------- Income before provision for income taxes 4,173 4,130 3,794 4,184 3,952 4,259 40,791 Provision for income taxes 1,612 1,596 1,466 1,617 1,527 1,645 15,759 - ----------------------------------------------------------------------------------------------------- NET INCOME $2,561 $2,534 $2,328 $2,568 $2,425 $2,613 $25,032 - --------------------------------------------========================================================= Efficiency ratio 57.80% 58.06% 59.70% 57.94% 59.07% 57.73% 57.94% Noninterest expenses/average assets 2.89% 2.89% 2.89% 2.89% 2.88% 2.87% 2.88% Return on average assets 1.01% 0.99% 0.91% 1.00% 0.94% 1.01% 0.82% Return on average stockholders equity 10.30% 10.11% 9.21% 10.08% 9.44% 10.09% 8.39% 106 FIRST BANKS AMERICA CONSOLIDATED OPERATING EXPENSE 31-Dec-02 ------------------------------------------------------- Month Ended Year to ----------------------------------------------- Date 31-Jan- 28-Feb- 31-Mar- 30-Apr- 31-May- 30-Jun- 30-Jun- 02 02 02 02 02 02 02 ------------------------------------------------------- Salaries and Benefits: Salaries $2,193 $2,377 $2,313 $2,530 $2,647 $2,496 $14,556 Payroll taxes 285 226 195 268 201 168 1,343 Pension 64 48 47 74 33 49 316 Hospitalization and other insurance 105 130 118 116 112 116 697 Temporary help 38 33 49 26 20 16 182 Other 59 59 60 316 114 111 720 - -------------------------------------------------------------------------------------------------- Total salaries and benefits 2,744 2,873 2,783 3,330 3,127 2,956 17,813 - -------------------------------------------------------------------------------------------------- Occupancy expenses: Rent expense 603 618 635 664 606 602 3,726 Real estate taxes 34 73 60 60 60 60 346 Utilities 78 79 88 91 112 74 522 Repairs and maintenance 28 54 55 52 69 49 306 Depreciation and amortization 193 220 220 317 206 205 1,360 Other 116 160 123 188 173 153 914 Rental income (296) (250) (295) (228) (293) (278) (1,639) - -------------------------------------------------------------------------------------------------- Total occupancy expenses 757 954 886 1,143 932 863 5,536 - -------------------------------------------------------------------------------------------------- Furniture and equipment: Repairs and maintenance 48 38 92 50 59 33 319 Depreciation 225 221 221 219 217 213 1,317 Other 54 51 59 64 81 48 357 - -------------------------------------------------------------------------------------------------- Total furniture and equipment 327 311 372 333 357 293 1,993 - -------------------------------------------------------------------------------------------------- Marketing and business development: Marketing 4 7 15 6 8 8 48 Business development 44 43 51 50 51 34 273 Other 6 11 8 9 7 16 57 - -------------------------------------------------------------------------------------------------- Total marketing and business development 54 62 74 64 66 58 378 - -------------------------------------------------------------------------------------------------- Other expenses: Supplies and stationery 111 87 75 106 83 65 527 Postage 93 206 31 23 24 105 481 Courier 182 203 184 119 222 155 1,066 Telephone 101 93 83 112 87 117 594 FDIC assessment 39 39 39 37 37 40 230 Insurance 65 66 66 66 92 60 415 Examination and audit fees 22 18 16 16 16 16 102 Legal fees 42 116 (33) 224 142 99 591 Other professional fees 124 92 106 135 127 200 784 Technology and item processing fees 934 935 943 669 853 884 5,217 Loan service and collection 30 (33) 84 (14) (5) 2 65 Credit card expenses 10 7 6 8 7 7 43 Travel and entertainment 35 42 37 49 58 67 289 Employee recruitment 5 1 44 36 28 81 194 Memberships and subscriptions 8 7 8 5 4 6 38 Correspondent bank charges 6 4 2 2 4 2 20 Taxes other than income 48 72 43 52 76 (34) 257 Expenses on other real estate 0 1 (18) (22) (38) 1 (76) Write-down of other real estate 0 0 0 0 0 0 0 Bank-owned life insurance expense 9 9 9 9 9 9 54 Miscellaneous losses, net 27 21 122 332 19 120 642 Amortization of purchase intangibles 89 89 89 89 89 89 532 Inter-company charges 454 772 781 847 777 811 4,443 Other 225 245 131 (154) 222 136 805 - -------------------------------------------------------------------------------------------------- Total operating expenses 6,542 7,291 6,963 7,615 7,413 7,208 43,032 - ----------------------------------------========================================================== ---------------------------------------------------------- Projected Month Ended Year -------------------------------------------------- Ended 31-Jul- 31-Aug- 30-Sep- 31-Oct- 30-Nov- 31-Dec- 31-Dec- 02 02 02 02 02 02 02 ---------------------------------------------------------- Salaries and Benefits: Salaries $2,565 $2,573 $2,579 $2,586 $2,592 $2,599 $30,051 Payroll taxes 224 225 225 226 227 227 2,697 Pension 53 53 53 53 53 53 633 Hospitalization and other insurance 116 117 117 117 118 118 1,400 Temporary help 30 30 30 30 30 30 363 Other 120 120 120 120 120 120 1,439 - ----------------------------------------------------------------------------------------------------- Total salaries and benefits 3,108 3,117 3,125 3,132 3,140 3,148 36,583 - ----------------------------------------------------------------------------------------------------- Occupancy expenses: Rent expense 603 605 606 608 609 611 7,367 Real estate taxes 60 60 60 60 60 60 704 Utilities 91 92 92 92 93 93 1,076 Repairs and maintenance 51 51 51 51 51 51 612 Depreciation and amortization 206 207 208 209 210 211 2,609 Other 152 152 152 152 152 152 1,827 Rental income (278) (278) (278) (278) (278) (278) (3,308) - ----------------------------------------------------------------------------------------------------- Total occupancy expenses 885 888 891 893 896 899 10,888 - ----------------------------------------------------------------------------------------------------- Furniture and equipment: Repairs and maintenance 53 53 53 53 53 53 639 Depreciation 213 213 213 213 213 213 2,596 Other 59 59 59 59 59 59 713 - ----------------------------------------------------------------------------------------------------- Total furniture and equipment 326 326 326 326 326 326 3,948 - ----------------------------------------------------------------------------------------------------- Marketing and business development: Marketing 8 8 8 8 8 8 96 Business development 45 45 45 45 45 45 546 Other 10 10 10 10 10 10 114 - ----------------------------------------------------------------------------------------------------- Total marketing and business development 63 63 63 63 63 63 756 - ----------------------------------------------------------------------------------------------------- Other expenses: Supplies and stationery 88 88 88 88 89 89 1,057 Postage 80 80 81 81 81 81 966 Courier 178 178 178 179 179 180 2,138 Telephone 99 99 100 100 101 101 1,194 FDIC assessment 38 38 38 38 38 38 459 Insurance 71 73 75 76 78 80 868 Examination and audit fees 17 17 17 17 17 17 204 Legal fees 99 99 99 99 99 99 1,182 Other professional fees 129 128 127 126 124 123 1,541 Technology and item processing fees 874 878 883 887 892 896 10,527 Loan service and collection 11 11 11 11 11 11 129 Credit card expenses 7 7 7 7 7 7 87 Travel and entertainment 58 58 58 58 58 58 636 Employee recruitment 32 32 32 32 32 32 388 Memberships and subscriptions 6 6 6 6 6 6 77 Correspondent bank charges 3 3 3 3 3 3 40 Taxes other than income 43 43 43 43 43 43 514 Expenses on other real estate 5 5 5 5 5 5 (46) Write-down of other real estate 0 0 0 0 0 0 0 Bank-owned life insurance expense 9 9 9 9 9 9 108 Miscellaneous losses, net 107 107 107 107 107 107 1,283 Amortization of purchase intangibles 89 89 89 89 89 89 1,065 Inter-company charges 800 802 804 806 808 810 9,272 Other 134 134 134 134 134 134 1,610 - ----------------------------------------------------------------------------------------------------- Total operating expenses 7,359 7,379 7,398 7,416 7,435 7,454 87,473 - ----------------------------------------============================================================= 107 FIRST BANKS AMERICA, INC. INTEREST YIELD AND RATES 12/31/02 - --------------------------------------------------------------------------------------------------- Year to Monthly Average Balances Date ----------------------------------------------- ASSETS Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jun-02 - --------------------------------------------------------------------------------------------------- Investment securities: Available for sale: U S Treasury and agencies 3.40% 3.66% 4.39% 4.20% 3.52% 3.26% 3.68% Agency mortgage-backed securities 5.40% 5.07% 5.16% 6.12% 4.47% 5.32% 5.26% Private mortgage-backed securities 7.06% 6.57% 6.93% 7.14% 6.72% 0.21% 6.00% Tax-exempt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other 6.48% 6.40% 6.41% 6.39% 9.52% 9.53% 7.43% Held to maturity: U S Treasury and agencies 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Agency mortgage-backed securities 7.28% 7.22% 7.08% 4.85% 6.59% 6.65% 6.64% Tax-exempt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other 5.75% 0.57% 5.75% 5.75% 0.57% 5.75% 4.02% Federal Reserve/Federal Home Loan Bank Stock 4.03% 6.05% 13.31% 8.55% 2.21% -1.94% 3.50% - ------------------------------------------------------------------------------------------- Total investments 4.78% 4.54% 5.03% 5.64% 4.29% 4.73% 4.83% - ------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 8.75% 9.38% 8.75% 9.35% 9.92% 9.22% 9.22% Residential real estate 6.55% 6.20% 6.35% 6.89% 6.52% 6.16% 6.45% Home equity 5.80% 5.26% 5.26% 5.49% 5.72% 5.41% 5.49% Real estate construction 6.58% 6.42% 6.86% 6.93% 6.98% 6.92% 6.78% Commercial real estate 6.71% 6.67% 6.56% 6.48% 6.46% 6.43% 6.55% Indirect automobile 7.90% 7.17% 8.06% 7.90% 8.44% 7.71% 7.85% Credit cards and other consumer 6.85% 5.12% 6.15% 4.08% 3.60% 3.44% 4.77% Loans held for sale 19.03% 19.11% 19.06% 19.02% 19.00% 18.95% 19.03% - ------------------------------------------------------------------------------------------- Total loans 7.33% 7.47% 7.30% 7.48% 7.61% 7.36% 7.42% - ------------------------------------------------------------------------------------------- Federal funds sold and other 2.15% 2.94% 1.45% 1.79% 1.64% 1.47% 1.66% - ------------------------------------------------------------------------------------------- Total earning assets 7.04% 7.22% 7.02% 7.23% 7.22% 6.96% 7.11% - ------------------------------------------------------------------------------------------- LIABILITIES Deposits: Interest checking 1.11% 1.12% 1.03% 1.01% 1.02% 1.01% 1.05% Money market deposit accounts 2.13% 2.15% 2.03% 2.09% 2.08% 2.10% 2.10% Savings 1.70% 1.69% 1.59% 1.66% 1.63% 1.55% 1.64% Time deposits over $100,000 4.37% 4.22% 4.04% 3.99% 3.73% 3.68% 4.01% Other time deposits 4.15% 3.91% 3.78% 3.63% 3.55% 3.47% 3.75% - ------------------------------------------------------------------------------------------------- Total deposits 2.24% 2.18% 2.06% 2.03% 1.99% 1.97% 2.07% Repurchase agreements 1.42% 1.44% 1.51% 1.56% 1.50% 1.50% 1.49% Federal funds purchased 1.82% 1.96% 0.00% 0.00% 1.80% 0.00% 1.89% Federal Home Loan Bank advances 5.57% 6.13% 5.57% 5.74% 5.57% 10.90% 6.57% Notes payable 4.43% 4.44% 4.42% 4.43% 4.44% 4.42% 4.43% Preferred interest in subordinated debentures 8.20% 9.08% 10.78% 8.34% 12.93% 10.85% 10.05% - ------------------------------------------------------------------------------------------------- Total interest -bearing liabilities 2.36% 2.31% 2.23% 2.16% 2.20% 2.16% 2.24% - ------------------------------------------------------------------------------------------------- INTEREST SPREAD 4.68% 4.91% 4.79% 5.07% 5.02% 4.80% 4.88% - ------------------------------------------------------------------------------------------------- INTEREST MARGIN 4.57% 4.81% 4.70% 4.98% 4.93% 4.71% 4.78% - ------------------------------------------------------------------------------------------------- Year Projected Monthly Average Balances Ended ----------------------------------------------- ASSETS Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Dec-02 - ------------------------------------------------------------------------------------------------- Investment securities: Available for sale: U S Treasury and agencies 3.39% 3.39% 3.39% 3.39% 3.39% 3.39% 3.50% Agency mortgage-backed securities 4.69% 4.69% 4.69% 4.69% 4.69% 4.69% 4.93% Private mortgage-backed securities 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.03% Tax-exempt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other 9.53% 9.53% 9.53% 9.53% 9.53% 9.53% 8.46% Held to maturity: U S Treasury and agencies 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Agency mortgage-backed securities 6.65% 6.65% 6.65% 6.65% 6.65% 6.65% 6.65% Tax-exempt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other 4.02% 4.02% 4.02% 4.02% 4.02% 4.02% 4.02% Federal Reserve/Federal Home Loan Bank Stock 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.49% - ------------------------------------------------------------------------------------------------- Total investments 4.36% 4.36% 4.33% 4.35% 4.31% 4.33% 4.54% - ------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 9.19% 9.16% 9.13% 9.10% 9.07% 9.04% 9.17% Residential real estate 6.45% 6.45% 6.45% 6.45% 6.45% 6.45% 6.45% Home equity 5.49% 5.49% 5.49% 5.49% 5.49% 5.49% 5.49% Real estate construction 6.78% 6.78% 6.78% 6.78% 6.78% 6.78% 6.78% Commercial real estate 6.46% 6.46% 6.46% 6.46% 6.46% 6.46% 6.50% Indirect automobile 7.71% 7.71% 7.71% 7.71% 7.71% 7.71% 7.81% Credit cards and other consumer 3.71% 3.71% 3.71% 3.71% 3.71% 3.71% 4.23% Loans held for sale 17.99% 17.99% 17.99% 17.99% 17.99% 17.99% 18.71% - ------------------------------------------------------------------------------------------------- Total loans 7.33% 7.31% 7.31% 7.29% 7.29% 7.27% 7.36% - ------------------------------------------------------------------------------------------------- Federal funds sold and other 1.63% 1.63% 1.63% 1.63% 1.63% 1.63% 1.64% - ------------------------------------------------------------------------------------------------- Total earning assets 6.85% 6.82% 6.83% 6.80% 6.83% 6.80% 6.96% - ------------------------------------------------------------------------------------------------- LIABILITIES Deposits: Interest checking 1.01% 1.01% 1.01% 1.01% 1.01% 1.01% 1.03% Money market deposit accounts 2.10% 2.10% 2.10% 2.10% 2.10% 2.10% 2.10% Savings 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.59% Time deposits over $100,000 3.68% 3.68% 3.68% 3.68% 3.68% 3.68% 3.82% Other time deposits 3.47% 3.47% 3.47% 3.47% 3.47% 3.47% 3.60% - ------------------------------------------------------------------------------------------------- Total deposits 1.99% 1.99% 1.99% 1.99% 1.99% 1.98% 2.03% Repurchase agreements 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% Federal funds purchased 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 1.89% Federal Home Loan Bank advances 5.72% 5.72% 5.72% 5.72% 5.72% 5.72% 6.14% Notes payable 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.46% Preferred interest in subordinated debentures 6.40% 6.40% 6.40% 6.40% 6.40% 6.40% 8.21% - ------------------------------------------------------------------------------------------------- Total interest -bearing liabilities 2.09% 2.09% 2.07% 2.07% 2.07% 2.07% 2.16% - ------------------------------------------------------------------------------------------------- INTEREST SPREAD 4.76% 4.73% 4.76% 4.73% 4.76% 4.73% 4.81% - ------------------------------------------------------------------------------------------------- INTEREST MARGIN 4.67% 4.65% 4.67% 4.64% 4.68% 4.66% 4.72% - ------------------------------------------------------------------------------------------------- 108 FIRST BANKS AMERICA, INC CASH FLOWS PROJECTION 12/31/02 - ----------------------------------------------------------------------------------------------------------------------------------- Year Year YTD Thru Projected Total --------------------------------------------------------------- Run Date 07/10/02 2000 2001 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 2002 - ----------------------------------------------------------------------------------------------------------------------------------- Cash receipts: Note payable to First Banks 124,000 26,000 0 Capital reduction-- First Bank & Trust 17,000 23,000 12,000 12,000 Sale of common stock to current shareholders 26,231 0 Dividends from First Bank & Trust 14,350 46,500 24,000 2,000 2,000 28,000 Repayment of advances to subsidiary 0 Other income 532 351 48 48 48 144 Income tax refunds 2,139 3,601 1,201 500 500 2,201 Sales of marketable equity securities 369 4,276 0 - ----------------------------------------------------------------------------------------------------------------------------------- Total receipts 158,390 129,959 25,249 2,048 0 12,500 2,048 0 500 42,345 - ----------------------------------------------------------------------------------------------------------------------------------- Cash disbursements Acquisitions 125,802 67,878 0 Advances/investments in subsidiary 6,000 0 Purchases of treasury stock 1,416 1,207 327 327 Purchase of preferred securities 347 0 Investments in other financial institutions 1,234 0 Repay note payable to First Banks 26,000 53,000 21,000 1,000 12,500 500 35,000 Interest expense: Note payable to First Banks 246 4,143 1,253 578 485 409 2,725 Preferred Securities 3,085 4,022 1,056 1,008 487 439 2,990 Income tax payments 280 280 Legal and professional fees 136 105 39 8 8 8 8 8 9 88 Other expenses 553 398 198 36 37 37 38 39 39 424 - ----------------------------------------------------------------------------------------------------------------------------------- Total disbursements 164,819 130,753 24,153 2,630 45 12,546 1,518 47 896 41,835 - ----------------------------------------------------------------------------------------------------------------------------------- Net cash flow (6,429) (794) 1,096 (582) (45) (46) 530 (47) (396) 510 Cash, beginning of period 8,079 1,650 856 1,952 1,370 1,325 1,280 1,809 1,762 856 - ----------------------------------------------------------------------------------------------------------------------------------- Cash, end of period 1,650 856 1,952 1,370 1,325 1,280 1,809 1,762 1,366 1,366 - ----------------------------======================================================================================================= 1,650 856 1,952 Note payable to First Banks: Beginning of period 0 98,000 71,000 50,000 49,000 49,000 36,500 36,000 36,000 71,000 - ----------------------------------------------------------------------------------------------------------------------------------- End of period 98,000 71,000 50,000 49,000 49,000 36,500 36,000 36,000 36,000 36,000 - ----------------------------======================================================================================================= Preferred securities: Beginning of period 46,000 46,000 46,000 46,000 46,000 46,000 46,000 46,000 46,000 46,000 - ----------------------------------------------------------------------------------------------------------------------------------- End of period 46,000 46,000 46,000 46,000 46,000 46,000 46,000 46,000 46,000 46,000 - ----------------------------======================================================================================================= 109 FIRST BANKS AMERICA, INC. PROJECTED AVERAGE BALANCE SHEETS 31-DEC-03 - --------------------------------------------------------------------------------------------------------------------------------- Projected Monthly Average Balances ------------------------------------------------------------------------------------- ASSETS Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 - --------------------------------------------------------------------------------------------------------------------------------- (amounts expressed in thousands) Cash and due from banks $82,654 $83,068 $83,483 $83,900 $84,320 $84,741 Interest-bearing bank deposits 1,637 1,645 1,653 1,662 1,670 1,678 Federal funds sold 38,352 39,526 40,370 37,410 38,499 38,598 Investment securities: Available for sale: U S Treasury and agencies 128,328 126,403 124,507 122,639 120,800 118,988 Agency mortgage-backed securities 291,960 287,581 288,267 283,943 279,684 275,489 Private mortgage-backed securities 0 0 0 0 0 0 Tax-exempt securities 0 0 0 0 0 0 Other 2,869 2,835 2,817 2,808 2,804 2,802 Net fair value gain/loss 2,373 2,373 2,373 2,373 2,373 2,373 Held to maturity: U S Treasury and agencies 0 0 0 0 0 0 Agency mortgage-backed securities 2,235 2,201 2,168 2,136 2,104 2,072 Tax-exempt securities 0 0 0 0 0 0 Other 100 100 100 100 100 100 Federal Reserve/Federal Home Loan Bank Stock 2,416 2,425 2,434 2,443 2,452 2,461 - --------------------------------------------------------------------------------------------------------------------------------- Total investments 430,281 423,918 422,666 416,442 410,316 404,284 - --------------------------------------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 733,108 740,439 747,844 755,322 762,875 770,504 Residential real estate 81,725 80,908 80,099 79,298 78,505 77,720 Home equity 39,402 39,993 40,593 41,202 41,820 42,447 Real estate construction 507,153 513,492 519,911 526,410 532,990 539,652 Commercial real estate 926,123 937,700 949,421 961,289 973,305 985,471 Indirect automobile 2,503 2,378 2,259 2,146 2,039 1,937 Consumer and other 38,408 38,984 39,568 40,162 40,764 41,376 Lease financing 164 162 161 159 158 156 - --------------------------------------------------------------------------------------------------------------------------------- Total loans 2,328,586 2,354,056 2,379,855 2,405,987 2,432,455 2,459,263 Unearned discount (3,189) (3,236) (3,285) (3,334) (3,384) (3,435) Allowance for loan losses (42,288) (42,500) (42,712) (42,926) (43,140) (43,356) - --------------------------------------------------------------------------------------------------------------------------------- Net loans 2,283,109 2,308,320 2,333,858 2,359,727 2,385,930 2,412,472 - --------------------------------------------------------------------------------------------------------------------------------- Bank premises & equipment 48,034 48,154 48,275 48,395 48,516 48,638 Other assets: Accrued interest receivable 12,910 15,894 17,486 14,907 13,233 16,291 Other real estate owned 547 547 547 547 547 547 Deferred income taxes 53,277 53,277 53,277 53,277 53,277 53,277 Intangibles from purchase of subsidiaries 102,224 102,145 102,067 101,989 101,911 101,833 Bank-owned life insurance 29,799 29,938 30,078 30,217 30,357 30,497 Derivative instruments 31,247 31,247 31,247 31,247 31,247 31,247 Other assets 17,393 17,407 17,422 17,436 17,450 17,465 - --------------------------------------------------------------------------------------------------------------------------------- Total assets $3,131,463 $3,155,087 $3,182,429 $3,197,158 $3,217,274 $3,241,568 - -----------------------------------------------================================================================================== - --------------------------------------------------------------------------------------------------------------------------------- Projected Monthly Average Balances Year Ended -------------------------------------------------------------------------- ASSETS Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Dec-03 - --------------------------------------------------------------------------------------------------------------------------------- (amounts expressed in thousands) Cash and due from banks $85,165 $85,591 $86,019 $86,449 $86,881 $87,316 $84,977 Interest-bearing bank deposits 1,687 1,695 1,704 1,712 1,721 1,729 1,683 Federal funds sold 40,089 40,354 40,972 41,061 41,003 42,434 39,896 Investment securities: Available for sale: U S Treasury and agencies 117,203 115,445 113,713 112,008 110,327 108,673 118,206 Agency mortgage-backed securities 271,356 267,286 263,277 254,328 255,513 251,680 272,439 Private mortgage-backed securities 0 0 0 0 0 0 0 Tax-exempt securities 0 0 0 0 0 0 0 Other 2,801 2,800 2,800 2,800 2,800 2,800 2,811 Net fair value gain/loss 2,373 2,373 2,373 2,373 2,373 2,373 2,373 Held to maturity: U S Treasury and agencies 0 0 0 0 0 0 0 Agency mortgage-backed securities 2,041 2,010 1,980 1,950 1,921 1,892 2,058 Tax-exempt securities 0 0 0 0 0 0 0 Other 100 100 100 100 100 100 100 Federal Reserve/Federal Home Loan Bank Stock 2,470 2,479 2,488 2,496 2,505 2,514 2,465 - --------------------------------------------------------------------------------------------------------------------------------- Total investments 398,344 392,493 386,731 376,055 375,540 370,032 400,453 - --------------------------------------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 778,209 785,991 793,851 801,789 809,807 817,905 775,003 Residential real estate 76,942 76,173 75,411 74,657 73,911 73,172 77,356 Home equity 43,084 43,730 44,386 45,052 45,727 46,413 42,837 Real estate construction 546,398 553,228 560,143 567,145 574,234 581,412 543,689 Commercial real estate 997,790 1,010,262 1,022,891 1,035,677 1,048,623 1,061,730 992,842 Indirect automobile 1,840 1,748 1,660 1,577 1,499 1,424 1,915 Consumer and other 41,996 42,626 43,266 43,915 44,573 45,242 41,756 Lease financing 154 153 151 150 148 147 155 - --------------------------------------------------------------------------------------------------------------------------------- Total loans 2,486,414 2,513,911 2,541,759 2,569,962 2,598,523 2,627,446 2,475,553 Unearned discount (3,486) (3,539) (3,592) (3,646) (3,700) (3,756) (3,467) Allowance for loan losses (43,573) (43,791) (44,010) (44,230) (44,451) (44,673) (43,476) - --------------------------------------------------------------------------------------------------------------------------------- Net loans 2,439,354 2,466,582 2,494,158 2,522,087 2,550,371 2,579,016 2,428,610 - --------------------------------------------------------------------------------------------------------------------------------- Bank premises & equipment 48,759 48,881 49,003 49,126 49,249 49,372 48,703 Other assets: Accrued interest receivable 17,923 15,280 13,563 16,699 18,372 15,662 15,682 Other real estate owned 547 547 547 547 547 547 547 Deferred income taxes 53,277 53,277 53,277 53,277 53,277 53,277 53,277 Intangibles from purchase of subsidiaries 101,755 101,676 101,598 101,520 101,442 101,364 101,792 Bank-owned life insurance 30,636 30,776 30,916 31,055 31,195 31,334 30,570 Derivative instruments 31,247 31,247 31,247 31,247 31,247 31,247 31,247 Other assets 17,479 17,493 17,507 17,522 17,536 17,550 17,472 - --------------------------------------------------------------------------------------------------------------------------------- Total assets $3,266,262 $3,285,892 $3,307,242 $3,328,356 $3,358,380 $3,380,881 $3,254,910 - --------------------------------------=========================================================================================== 110 FIRST BANKS AMERICA, INC. PROJECTED AVERAGE BALANCE SHEETS 31-DEC-03 - --------------------------------------------------------------------------------------------------------------- Monthly Average Balances ---------------------------------------------------------------------------- LIABILITIES Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 - --------------------------------------------------------------------------------------------------------------- Deposits: (amounts expressed in thousands) Non-interest bearing $503,007 $505,522 $508,050 $510,590 $513,143 $515,709 Interest checking 320,104 321,704 323,313 324,929 326,554 328,187 Money market deposit accounts 828,087 838,438 848,919 859,530 870,274 881,153 Savings 144,800 144,076 143,355 142,638 141,925 141,216 Time deposits over $100,000 300,358 301,859 303,369 304,885 306,410 307,942 Other time deposits 519,873 523,772 527,700 531,658 535,646 539,663 - --------------------------------------------------------------------------------------------------------------- Total deposits 2,616,228 2,635,371 2,654,705 2,674,231 2,693,952 2,713,868 Repurchase agreements 72,005 72,365 72,727 73,090 73,456 73,823 Federal funds purchased 0 0 0 0 0 0 Federal Home Loan Bank advances 10,109 10,054 10,000 9,946 9,891 9,837 Notes payable 32,000 32,000 32,000 28,000 28,000 28,000 Preferred interest in subordinated debentures 46,069 46,070 46,072 46,073 46,075 46,076 Deferred income taxes 18,030 18,030 18,030 18,030 18,030 18,030 Accrued and other liabilities 23,637 24,827 30,336 26,377 23,873 25,076 Minority interest in subsidiaries 0 0 0 0 0 0 - --------------------------------------------------------------------------------------------------------------- Total liabilities 2,818,077 2,838,718 2,863,869 2,875,747 2,893,276 2,914,710 - --------------------------------------------------------------------------------------------------------------- - ----------------------------------- STOCKHOLDERS' EQUITY - ----------------------------------- Common stock 1,937 1,937 1,937 1,937 1,937 1,937 Capital surplus 184,979 184,979 184,979 184,979 184,979 184,979 Retained earnings 107,725 110,707 112,899 115,749 118,336 121,196 Fair value adjust for securities available for sale 1,543 1,543 1,543 1,543 1,543 1,543 Unrealized gain (loss) on derivative instruments 18,775 18,775 18,775 18,775 18,775 18,775 Treasury stock (1,572) (1,572) (1,572) (1,572) (1,572) (1,572) - --------------------------------------------------------------------------------------------------------------- Total stockholders' equity 313,387 316,369 318,561 321,411 323,998 326,858 - --------------------------------------------------------------------------------------------------------------- Total liabilities and stockholders' equity $3,131,463 $3,155,087 $3,182,429 $3,197,158 $3,217,274 $3,241,568 - --------------------------------------========================================================================= 0 0 0 0 0 0 RATIOS: Reserve : total loans 1.82% 1.81% 1.80% 1.79% 1.78% 1.77% Loans : deposits 88.88% 89.20% 89.52% 89.84% 90.17% 90.49% Debt : equity 24.91% 24.68% 24.51% 23.05% 22.86% 22.66% - --------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- LIABILITIES Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Dec-03 - --------------------------------------------------------------------------------------------------------------------------------- (amounts expressed in thousands) Deposits: Non-interest bearing $518,287 $520,879 $523,483 $526,100 $528,731 $531,374 $517,140 Interest checking 329,828 331,477 333,134 334,800 336,474 338,156 329,098 Money market deposit accounts 892,167 903,319 914,611 926,043 937,619 949,339 887,743 Savings 140,510 139,807 139,108 138,412 137,720 139,098 141,040 Time deposits over $100,000 309,482 311,029 312,584 314,147 315,718 317,296 308,797 Other time deposits 543,710 547,788 551,897 556,036 560,206 564,408 541,968 - --------------------------------------------------------------------------------------------------------------------------------- Total deposits 2,733,983 2,754,299 2,774,816 2,795,539 2,816,468 2,839,671 2,725,785 Repurchase agreements 74,192 74,563 74,936 75,311 75,687 76,066 74,028 Federal funds purchased 0 0 0 0 0 0 0 Federal Home Loan Bank advances 9,782 9,728 9,674 9,619 9,565 9,510 9,808 Notes payable 24,000 24,000 24,000 20,000 20,000 20,000 25,962 Preferred interest in subordinated debentures 46,078 46,079 46,081 46,082 46,084 46,085 46,077 Deferred income taxes 18,030 18,030 18,030 18,030 18,030 18,030 18,030 Accrued and other liabilities 30,639 26,641 24,112 25,326 30,945 26,907 26,572 Minority interest in subsidiaries 0 0 0 0 0 0 0 - --------------------------------------------------------------------------------------------------------------------------------- Total liabilities 2,936,704 2,953,340 2,971,648 2,989,907 3,016,778 3,036,270 2,926,261 - --------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------- STOCKHOLDERS' EQUITY - ----------------------------------- Common stock 1,937 1,937 1,937 1,937 1,937 1,937 1,937 Capital surplus 184,979 184,979 184,979 184,979 184,979 184,979 184,979 Retained earnings 123,896 126,890 129,931 132,787 135,939 138,949 122,987 Fair value adjust for securities available for sale 1,543 1,543 1,543 1,543 1,543 1,543 1,543 Unrealized gain (loss) on derivative instruments 18,775 18,775 18,775 18,775 18,775 18,775 18,775 Treasury stock (1,572) (1,572) (1,572) (1,572) (1,572) (1,572) (1,572) - --------------------------------------------------------------------------------------------------------------------------------- Total stockholders' equity 329,558 332,553 335,654 338,449 341,601 344,611 328,649 - --------------------------------------------------------------------------------------------------------------------------------- Total liabilities and stockholders' equity $3,266,262 $3,285,892 $3,307,242 $3,328,356 $3,358,380 $3,380,881 $3,254,910 - --------------------------------------=========================================================================================== 0 0 0 0 0 0 0 RATIOS: Reserve : total loans 1.75% 1.74% 1.73% 1.72% 1.71% 1.70% 1.76% Loans : deposits 90.82% 91.14% 91.47% 91.80% 92.13% 92.39% 90.69% Debt : equity 21.26% 21.07% 20.88% 19.53% 19.35% 19.18% 21.92% 111 FIRST BANKS AMERICA, INC. PROJECTED INCOME STATEMENT 31-Dec-03 ------------------------------------------------------------------------------ Projected Month Ended ------------------------------------------------------------------------------ 31-Jan-03 28-Feb-03 31-Mar-03 30-Apr-03 31-May-03 30-Jun-03 - -------------------------------------------------------------------------------------------------------------------- (amounts expressed in thousands) INTEREST INCOME: Investment securities: Available for sale: U S Treasury and agencies $371 $331 $362 $346 $353 $337 Agency mortgage-backed securities 1,144 1,129 1,135 1,120 1,105 1,091 Private mortgage-backed securities 0 0 0 0 0 0 Tax-exempt securities 0 0 0 0 0 0 Other 20 20 20 20 20 20 Held to maturity: U S Treasury and agencies 0 0 0 0 0 0 Agency mortgage-backed securities 12 12 12 12 12 11 Tax-exempt securities 0 0 0 0 0 0 Other 0 0 0 0 0 0 Federal Reserve/Federal Home Loan Bank Stock 7 7 7 7 7 7 - -------------------------------------------------------------------------------------------------------------------- Total investments 1,555 1,500 1,536 1,505 1,497 1,467 - -------------------------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 5,769 5,246 5,846 5,696 5,925 5,772 Residential real estate 440 435 431 427 422 418 Home equity 180 183 186 188 191 194 Real estate construction 2,957 2,700 3,023 2,957 3,089 3,023 Commercial real estate 5,179 4,729 5,293 5,178 5,409 5,292 Indirect automobile 16 15 15 14 13 13 Consumer and other 135 137 139 141 144 146 Lease financing 3 2 3 2 3 2 - -------------------------------------------------------------------------------------------------------------------- Total loans 14,679 13,448 14,935 14,603 15,196 14,859 - -------------------------------------------------------------------------------------------------------------------- Federal funds sold and other 54 51 57 51 55 53 - -------------------------------------------------------------------------------------------------------------------- Total interest income 16,288 14,998 16,527 16,159 16,748 16,379 - -------------------------------------------------------------------------------------------------------------------- INTEREST EXPENSE: Deposits: Interest checking 279 253 282 274 285 277 Money market deposit accounts 1,470 1,338 1,493 1,455 1,515 1,477 Savings 196 176 194 187 192 185 Time deposits over $100,000 971 879 976 947 981 951 Other time deposits 1,586 1,439 1,601 1,556 1,616 1,571 - -------------------------------------------------------------------------------------------------------------------- Total deposits 4,502 4,086 4,545 4,419 4,588 4,461 Repurchase agreements 93 84 94 91 95 92 Federal funds purchased 0 0 0 0 0 0 Federal Home Loan Bank advances 50 45 49 47 49 47 Notes payable 124 112 124 105 109 105 Preferred interest in subordinated debentures 254 229 254 246 254 246 - -------------------------------------------------------------------------------------------------------------------- Total interest expense 5,023 4,556 5,066 4,909 5,094 4,951 - -------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME 11,265 10,442 11,461 11,251 11,653 11,428 Provision for loan losses 1,200 1,200 1,200 1,200 1,200 1,200 - -------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER LOAN LOSSES 10,065 9,242 10,261 10,051 10,453 10,228 - -------------------------------------------------------------------------------------------------------------------- NONINTEREST INCOME: Service charges on deposit accounts 953 953 897 894 890 837 - --------------------------------------------------------------------------------------------------------------------------------- Projected Month Ended ----------------------------------------------------------------------------- Year Ended 31-Jul-03 31-Aug-03 30-Sep-03 31-Oct-03 30-Nov-03 31-Dec-03 31-Dec-03 - --------------------------------------------------------------------------------------------------------------------------------- (amounts expressed in thousands) INTEREST INCOME: Investment securities: Available for sale: U S Treasury and agencies $344 $340 $325 $332 $317 $324 $4,082 Agency mortgage-backed securities 1,077 1,063 1,049 1,016 1,023 1,009 12,962 Private mortgage-backed securities 0 0 0 0 0 0 0 Tax-exempt securities 0 0 0 0 0 0 0 Other 20 20 20 20 20 20 238 Held to maturity: U S Treasury and agencies 0 0 0 0 0 0 0 Agency mortgage-backed securities 11 11 11 11 11 10 137 Tax-exempt securities 0 0 0 0 0 0 0 Other 0 0 0 0 0 0 4 Federal Reserve/Federal Home Loan Bank Stock 7 7 7 7 7 7 86 - --------------------------------------------------------------------------------------------------------------------------------- Total investments 1,460 1,442 1,413 1,386 1,378 1,371 17,509 - --------------------------------------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 6,003 6,043 5,887 6,123 5,965 6,204 70,478 Residential real estate 414 410 406 402 398 394 4,994 Home equity 197 200 203 206 209 212 2,349 Real estate construction 3,158 3,192 3,123 3,263 3,192 3,335 37,013 Commercial real estate 5,528 5,588 5,467 5,711 5,587 5,836 64,796 Indirect automobile 12 11 11 10 10 9 150 Consumer and other 148 150 152 155 157 159 1,764 Lease financing 2 2 2 2 2 2 29 - --------------------------------------------------------------------------------------------------------------------------------- Total loans 15,462 15,597 15,251 15,872 15,520 16,152 181,574 - --------------------------------------------------------------------------------------------------------------------------------- Federal funds sold and other 57 57 56 58 56 60 665 - --------------------------------------------------------------------------------------------------------------------------------- Total interest income 16,979 17,096 16,720 17,316 16,954 17,584 199,749 - --------------------------------------------------------------------------------------------------------------------------------- INTEREST EXPENSE: Deposits: Interest checking 288 289 281 292 284 295 3,379 Money market deposit accounts 1,538 1,550 1,511 1,573 1,534 1,596 18,051 Savings 190 189 182 187 180 188 2,246 Time deposits over $100,000 985 987 958 992 962 997 11,587 Other time deposits 1,631 1,638 1,593 1,653 1,608 1,669 19,159 - --------------------------------------------------------------------------------------------------------------------------------- Total deposits 4,632 4,654 4,525 4,698 4,568 4,745 54,422 Repurchase agreements 96 96 94 97 94 98 1,124 Federal funds purchased 0 0 0 0 0 0 0 Federal Home Loan Bank advances 48 48 46 47 46 47 569 Notes payable 93 93 90 78 75 78 1,185 Preferred interest in subordinated debentures 254 254 246 254 246 254 2,990 - --------------------------------------------------------------------------------------------------------------------------------- Total interest expense 5,123 5,145 5,000 5,174 5,028 5,221 60,289 - --------------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME 11,856 11,952 11,720 12,142 11,926 12,362 139,460 Provision for loan losses 1,200 1,200 1,200 1,200 1,200 1,200 14,400 - --------------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER LOAN LOSSES 10,656 10,752 10,520 10,942 10,726 11,162 125,060 - --------------------------------------------------------------------------------------------------------------------------------- NONINTEREST INCOME: Service charges on deposit accounts 929 926 871 948 949 892 10,938 112 FIRST BANKS AMERICA, INC. PROJECTED INCOME STATEMENT 31-Dec-03 ----------------------------------------------------------------------------- Projected Month Ended ----------------------------------------------------------------------------- 31-Jan-03 28-Feb-03 31-Mar-03 30-Apr-03 31-May-03 30-Jun-03 - ------------------------------------------------------------------------------------------------------------------- Customer service fees 164 164 165 150 153 160 Loan servicing fees, net 36 36 36 61 16 25 Gain (loss) on sale of securities 0 0 0 0 0 0 Gain (loss) on sales of other assets 461 5 63 (69) (36) (68) Bank-owned life insurance income 134 136 137 221 155 141 Derivative instruments (182) (82) 128 (106) 68 35 Other income 694 608 468 546 513 612 - ------------------------------------------------------------------------------------------------------------------- Total noninterest income 2,259 1,821 1,894 1,696 1,759 1,742 - ------------------------------------------------------------------------------------------------------------------- NONINTEREST EXPENSES: Salaries and employee benefits 3,155 3,163 3,171 3,179 3,186 3,194 Occupancy, net of rental income 902 905 908 911 914 917 Furniture and equipment 326 326 326 326 326 326 Marketing and business development 54 62 62 62 62 62 Postage, printing, supplies and courier 351 352 353 353 354 355 Legal, examination and professional fees 237 236 235 234 233 231 Technology and item processing fees 900 905 909 914 919 923 Losses and expenses of other real estate 5 5 5 5 5 5 Bank-owned life insurance expenses 9 9 9 9 9 9 Other expenses 1,524 1,529 1,533 1,538 1,543 1,547 - ------------------------------------------------------------------------------------------------------------------- Total noninterest expenses 7,465 7,492 7,511 7,531 7,550 7,570 - ------------------------------------------------------------------------------------------------------------------- Income before provision for income taxes 4,860 3,572 4,644 4,216 4,662 4,399 Provision for income taxes 1,878 1,380 1,794 1,629 1,801 1,700 - ------------------------------------------------------------------------------------------------------------------- NET INCOME $2,982 $2,192 $2,850 $2,587 $2,861 $2,700 - ------------------------------------------========================================================================= Efficiency ratio 55.19% 61.09% 56.24% 58.17% 56.30% 57.48% Noninterest expenses/average assets 2.86% 2.85% 2.83% 2.83% 2.82% 2.80% Return on average assets 1.14% 0.83% 1.07% 0.97% 1.07% 1.00% Return on average stockholders equity 11.42% 8.31% 10.74% 9.66% 10.59% 9.91% --------------------------------------------------------------------------------------------- Projected Month Ended ------------------------------------------------------------------------------ Year Ended 31-Jul-03 31-Aug-03 30-Sep-03 31-Oct-03 30-Nov-03 31-Dec-03 31-Dec-03 - ----------------------------------------------------------------------------------------------------------------------------------- Customer service fees 159 160 160 161 162 163 1,921 Loan servicing fees, net 35 35 35 35 35 36 419 Gain (loss) on sale of securities 0 0 0 0 0 0 0 Gain (loss) on sales of other assets (59) (60) (60) (60) (60) (61) (4) Bank-owned life insurance income 177 178 179 180 181 182 2,002 Derivative instruments (1) (1) (1) (1) (1) (1) (145) Other income 574 577 579 582 585 588 6,926 - ----------------------------------------------------------------------------------------------------------------------------------- Total noninterest income 1,813 1,814 1,764 1,845 1,851 1,799 22,057 - ----------------------------------------------------------------------------------------------------------------------------------- NONINTEREST EXPENSES: Salaries and employee benefits 3,202 3,210 3,218 3,226 3,233 3,241 38,378 Occupancy, net of rental income 920 923 926 929 932 935 11,025 Furniture and equipment 326 326 326 326 326 326 3,912 Marketing and business development 62 62 62 62 62 62 733 Postage, printing, supplies and courier 356 357 358 359 360 361 4,269 Legal, examination and professional fees 230 229 228 227 226 225 2,770 Technology and item processing fees 928 932 937 942 947 951 11,108 Losses and expenses of other real estate 5 5 5 5 5 5 60 Bank-owned life insurance expenses 9 9 9 9 9 9 108 Other expenses 1,552 1,557 1,562 1,567 1,572 1,577 18,603 - ----------------------------------------------------------------------------------------------------------------------------------- Total noninterest expenses 7,590 7,610 7,631 7,651 7,672 7,692 90,965 - ----------------------------------------------------------------------------------------------------------------------------------- Income before provision for income taxes 4,880 4,955 4,653 5,137 4,905 5,269 56,152 Provision for income taxes 1,885 1,915 1,798 1,985 1,895 2,036 21,694 - ----------------------------------------------------------------------------------------------------------------------------------- NET INCOME $2,994 $3,041 $2,856 $3,152 $3,010 $3,233 $34,458 - ------------------------------------------========================================================================================= Efficiency ratio 55.53% 55.28% 56.59% 54.70% 55.69% 54.32% 56.32% Noninterest expenses/average assets 2.79% 2.78% 2.77% 2.76% 2.74% 2.73% 2.69% Return on average assets 1.10% 1.11% 1.04% 1.14% 1.08% 1.15% 1.02% Return on average stockholders equity 10.90% 10.97% 10.21% 11.18% 10.57% 11.26% 10.00% 113 FIRST BANKS, INC. CONSOLIDATED OPERATING EXPENSES 31-DEC-03 --------------------------------------------------------------- Projected Month Ended --------------------------------------------------------------- 31-Jan- 28-Feb- 31-Mar- 30-Apr- 31-May- 30-Jun- 31-Jul- 03 03 03 03 03 03 03 - ----------------------------------------------------------------------------------------------------------------- Salaries and Benefits: Salaries $2,605 $2,612 $2,618 $2,625 $2,632 $2,638 $2,645 Payroll taxes 228 229 229 230 231 231 232 Pension 54 54 54 54 54 54 55 Hospitalization and other insurance 118 119 119 119 120 120 121 Temporary help 30 30 30 30 30 30 30 Other 120 120 120 120 120 120 120 - ----------------------------------------------------------------------------------------------------------------- Total salaries and benefits 3,155 3,163 3,171 3,179 3,186 3,194 3,202 - ----------------------------------------------------------------------------------------------------------------- Occupancy expenses: Rent expense 612 614 615 617 618 620 621 Real estate taxes 60 60 60 60 60 60 60 Utilities 94 94 94 95 95 95 96 Repairs and maintenance 51 51 51 51 51 51 51 Depreciation and amortization 212 213 214 215 216 217 218 Other 152 152 152 152 152 152 152 Rental income (278) (278) (278) (278) (278) (278) (278) - ----------------------------------------------------------------------------------------------------------------- Total occupancy expenses 902 905 908 911 914 917 920 - ----------------------------------------------------------------------------------------------------------------- Furniture and equipment: Repairs and maintenance 53 53 53 53 53 53 53 Depreciation 213 213 213 213 213 213 213 Other 59 59 59 59 59 59 59 - ----------------------------------------------------------------------------------------------------------------- Total furniture and equipment 326 326 326 326 326 326 326 - ----------------------------------------------------------------------------------------------------------------- Marketing and business development: Marketing 4 7 7 7 7 7 7 Business development 44 43 43 43 43 43 43 Other 6 11 11 11 11 11 11 - ----------------------------------------------------------------------------------------------------------------- Total marketing and business development 54 62 62 62 62 62 62 - ----------------------------------------------------------------------------------------------------------------- Other expenses: Supplies and stationery 89 89 90 90 90 90 90 Postage 81 82 82 82 82 82 83 Courier 180 181 181 182 182 183 183 Telephone 101 102 102 103 103 103 104 FDIC assessment 38 38 38 38 38 38 38 Insurance 82 84 86 89 91 93 95 Examination and audit fees 17 17 17 17 17 17 17 Legal fees 99 99 99 99 99 99 99 Other professional fees 122 121 119 118 117 116 115 Technology and item processing fees 900 905 909 914 919 923 928 Loan service and collection 11 11 11 11 11 11 11 Credit card expenses 7 7 7 7 7 7 7 Travel and entertainment 58 58 58 58 58 58 58 Employee recruitment 32 32 32 32 32 32 32 Memberships and subscriptions 6 6 6 6 6 6 6 Correspondent bank charges 3 3 3 3 3 3 3 Taxes other than income 43 43 43 43 43 43 43 Expenses on other real estate 5 5 5 5 5 5 5 Write-down of other real estate 0 0 0 0 0 0 0 Bank-owned life insurance expense 9 9 9 9 9 9 9 Miscellaneous losses, net 107 107 107 107 107 107 107 Amortization of purchase intangibles 89 89 89 89 89 89 89 Inter-company charges 812 814 816 818 820 822 824 Other 134 134 134 134 134 134 134 - ----------------------------------------------------------------------------------------------------------------- Total operating expenses 7,465 7,492 7,511 7,531 7,550 7,570 7,590 - --------------------------------------------------=============================================================== ---------------------------------------------------------- Projected Month Ended Year ------------------------------------------------- Ended 31-Aug- 30-Sep- 31-Oct- 30-Nov- 31-Dec- 31-Dec- 03 03 03 03 03 03 - ------------------------------------------------------------------------------------------------------------ Salaries and Benefits: Salaries $2,651 $2,658 $2,665 $2,671 $2,678 $31,698 Payroll taxes 233 233 234 235 236 2,781 Pension 55 55 55 55 55 653 Hospitalization and other insurance 121 121 122 122 122 1,444 Temporary help 30 30 30 30 30 363 Other 120 120 120 120 120 1,439 - ------------------------------------------------------------------------------------------------------------ Total salaries and benefits 3,210 3,218 3,226 3,233 3,241 38,378 - ------------------------------------------------------------------------------------------------------------ Occupancy expenses: Rent expense 623 624 626 628 629 7,447 Real estate taxes 60 60 60 60 60 716 Utilities 96 97 97 97 98 1,148 Repairs and maintenance 51 51 51 51 51 612 Depreciation and amortization 219 220 222 223 224 2,613 Other 152 152 152 152 152 1,827 Rental income (278) (278) (278) (278) (278) (3,338) - ------------------------------------------------------------------------------------------------------------ Total occupancy expenses 923 926 929 932 935 11,025 - ------------------------------------------------------------------------------------------------------------ Furniture and equipment: Repairs and maintenance 53 53 53 53 53 639 Depreciation 213 213 213 213 213 2,559 Other 59 59 59 59 59 713 - ------------------------------------------------------------------------------------------------------------ Total furniture and equipment 326 326 326 326 326 3,912 - ------------------------------------------------------------------------------------------------------------ Marketing and business development: Marketing 7 7 7 7 7 86 Business development 43 43 43 43 43 521 Other 11 11 11 11 11 126 - ------------------------------------------------------------------------------------------------------------ Total marketing and business development 62 62 62 62 62 733 - ------------------------------------------------------------------------------------------------------------ Other expenses: Supplies and stationery 91 91 91 91 92 1,084 Postage 83 83 83 84 84 991 Courier 183 184 184 185 185 2,193 Telephone 104 105 105 106 106 1,244 FDIC assessment 38 38 38 38 38 459 Insurance 98 100 103 105 108 1,134 Examination and audit fees 17 17 17 17 17 204 Legal fees 99 99 99 99 99 1,182 Other professional fees 114 112 111 110 109 1,384 Technology and item processing fees 932 937 942 947 951 11,108 Loan service and collection 11 11 11 11 11 129 Credit card expenses 7 7 7 7 7 87 Travel and entertainment 58 58 58 58 58 695 Employee recruitment 32 32 32 32 32 388 Memberships and subscriptions 6 6 6 6 6 77 Correspondent bank charges 3 3 3 3 3 40 Taxes other than income 43 43 43 43 43 514 Expenses on other real estate 5 5 5 5 5 60 Write-down of other real estate 0 0 0 0 0 0 Bank-owned life insurance expense 9 9 9 9 9 108 Miscellaneous losses, net 107 107 107 107 107 1,283 Amortization of purchase intangibles 89 89 89 89 89 1,065 Inter-company charges 826 828 830 832 835 9,878 Other 134 134 134 134 134 1,610 - ------------------------------------------------------------------------------------------------------------ Total operating expenses 7,610 7,631 7,651 7,672 7,692 90,965 - --------------------------------------------------========================================================== 114 FIRST BANKS AMERICA, INC. INTEREST YIELD AND RATES 31-Dec-03 - ----------------------------------------------------------------------------------------------------------------- Projected Monthly Average Balances ------------------------------------------------------------------------- ASSETS Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 - ----------------------------------------------------------------------------------------------------------------- Investment securities: Available for sale: U S Treasury and agencies 3.40% 3.41% 3.42% 3.43% 3.44% 3.45% Agency mortgage-backed securities 4.70% 4.71% 4.72% 4.73% 4.74% 4.75% Private mortgage-backed securities 6.03% 6.03% 6.03% 6.03% 6.03% 6.03% Tax-exempt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other 8.46% 8.46% 8.46% 8.46% 8.46% 8.46% Held to maturity: U S Treasury and agencies 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Agency mortgage-backed securities 6.65% 6.65% 6.65% 6.65% 6.65% 6.65% Tax-exempt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other 4.02% 4.02% 4.02% 4.02% 4.02% 4.02% Federal Reserve/Federal Home Loan Bank Stock 3.49% 3.49% 3.49% 3.49% 3.49% 3.49% - ----------------------------------------------------------------------------------------------------------------- Total investments 4.34% 4.25% 4.36% 4.34% 4.38% 4.36% - ----------------------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 9.14% 9.11% 9.08% 9.05% 9.02% 8.99% Residential real estate 6.45% 6.45% 6.45% 6.45% 6.45% 6.45% Home equity 5.49% 5.49% 5.49% 5.49% 5.49% 5.49% Real estate construction 6.77% 6.76% 6.75% 6.74% 6.73% 6.72% Commercial real estate 6.49% 6.48% 6.47% 6.46% 6.45% 6.44% Indirect automobile 7.81% 7.81% 7.81% 7.81% 7.81% 7.81% Credit cards and other consumer 4.23% 4.23% 4.23% 4.23% 4.23% 4.23% Loans held for sale 18.71% 18.71% 18.71% 18.71% 18.71% 18.71% - ----------------------------------------------------------------------------------------------------------------- Total loans 7.32% 7.34% 7.29% 7.28% 7.25% 7.25% - ----------------------------------------------------------------------------------------------------------------- Federal funds sold and other 1.64% 1.64% 1.64% 1.64% 1.64% 1.64% - ----------------------------------------------------------------------------------------------------------------- Total earning assets 6.86% 6.94% 6.85% 6.88% 6.85% 6.87% - ----------------------------------------------------------------------------------------------------------------- LIABILITIES Deposits: Interest checking 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% Money market deposit accounts 2.09% 2.08% 2.07% 2.06% 2.05% 2.04% Savings 1.59% 1.59% 1.59% 1.59% 1.59% 1.59% Time deposits over $100,000 3.81% 3.80% 3.79% 3.78% 3.77% 3.76% Other time deposits 3.59% 3.58% 3.57% 3.56% 3.55% 3.54% - ----------------------------------------------------------------------------------------------------------------- Total deposits 2.03% 2.02% 2.02% 2.01% 2.01% 2.00% Repurchase agreements 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% Federal funds purchased 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% Federal Home Loan Bank advances 5.72% 5.72% 5.72% 5.72% 5.72% 5.72% Notes payable 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% Preferred interest in subordinated debentures 6.40% 6.40% 6.40% 6.40% 6.40% 6.40% - ----------------------------------------------------------------------------------------------------------------- Total interest -bearing liabilities 2.10% 2.10% 2.09% 2.08% 2.07% 2.07% - ----------------------------------------------------------------------------------------------------------------- INTEREST SPREAD 4.76% 4.85% 4.76% 4.80% 4.77% 4.80% - ----------------------------------------------------------------------------------------------------------------- INTEREST MARGIN 4.68% 4.77% 4.68% 4.72% 4.70% 4.73% - ----------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- Projected Monthly Average Balances Year Ended -------------------------------------------------------------------------- ASSETS Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Dec-03 - ----------------------------------------------------------------------------------------------------------------------------------- Investment securities: Available for sale: U S Treasury and agencies 3.46% 3.47% 3.48% 3.49% 3.50% 3.51% 3.45% Agency mortgage-backed securities 4.76% 4.77% 4.78% 4.79% 4.80% 4.81% 4.76% Private mortgage-backed securities 6.03% 6.03% 6.03% 6.03% 6.03% 6.03% 0.00% Tax-exempt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other 8.46% 8.46% 8.46% 8.46% 8.46% 8.46% 8.46% Held to maturity: U S Treasury and agencies 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Agency mortgage-backed securities 6.65% 6.65% 6.65% 6.65% 6.65% 6.65% 6.65% Tax-exempt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other 4.02% 4.02% 4.02% 4.02% 4.02% 4.02% 4.02% Federal Reserve/Federal Home Loan Bank Stock 3.49% 3.49% 3.49% 3.49% 3.49% 3.49% 3.49% - ----------------------------------------------------------------------------------------------------------------------------------- Total investments 4.40% 4.41% 4.38% 4.42% 4.40% 4.45% 4.73% - ----------------------------------------------------------------------------------------------------------------------------------- Loans: Commercial and agricultural 8.96% 8.93% 8.90% 8.87% 8.84% 8.81% 8.97% Residential real estate 6.45% 6.45% 6.45% 6.45% 6.45% 6.45% 6.46% Home equity 5.49% 5.49% 5.49% 5.49% 5.49% 5.49% 5.48% Real estate construction 6.71% 6.70% 6.69% 6.68% 6.67% 6.66% 6.71% Commercial real estate 6.43% 6.42% 6.41% 6.40% 6.39% 6.38% 6.44% Indirect automobile 7.81% 7.81% 7.81% 7.81% 7.81% 7.81% 7.82% Credit cards and other consumer 4.23% 4.23% 4.23% 4.23% 4.23% 4.23% 4.22% Loans held for sale 18.71% 18.71% 18.71% 18.71% 18.71% 18.71% 18.97% - ----------------------------------------------------------------------------------------------------------------------------------- Total loans 7.22% 7.21% 7.20% 7.17% 7.17% 7.14% 7.23% - ----------------------------------------------------------------------------------------------------------------------------------- Federal funds sold and other 1.64% 1.64% 1.64% 1.64% 1.64% 1.64% 1.64% - ----------------------------------------------------------------------------------------------------------------------------------- Total earning assets 6.84% 6.84% 6.86% 6.83% 6.85% 6.81% 6.85% - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Deposits: Interest checking 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% Money market deposit accounts 2.03% 2.02% 2.01% 2.00% 1.99% 1.98% 2.03% Savings 1.59% 1.59% 1.59% 1.59% 1.59% 1.59% 1.59% Time deposits over $100,000 3.75% 3.74% 3.73% 3.72% 3.71% 3.70% 3.75% Other time deposits 3.53% 3.52% 3.51% 3.50% 3.49% 3.48% 3.54% - ----------------------------------------------------------------------------------------------------------------------------------- Total deposits 1.99% 1.99% 1.98% 1.98% 1.97% 1.97% 2.00% Repurchase agreements 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% Federal funds purchased 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 0.00% Federal Home Loan Bank advances 5.72% 5.72% 5.72% 5.72% 5.72% 5.72% 5.72% Notes payable 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% Preferred interest in subordinated debentures 6.40% 6.40% 6.40% 6.40% 6.40% 6.40% 6.40% - ----------------------------------------------------------------------------------------------------------------------------------- Total interest -bearing liabilities 2.06% 2.05% 2.05% 2.04% 2.03% 2.03% 2.06% - ----------------------------------------------------------------------------------------------------------------------------------- INTEREST SPREAD 4.78% 4.78% 4.81% 4.79% 4.81% 4.79% 4.79% - ----------------------------------------------------------------------------------------------------------------------------------- INTEREST MARGIN 4.71% 4.71% 4.74% 4.72% 4.75% 4.73% 4.72% - ----------------------------------------------------------------------------------------------------------------------------------- 115 Tab 8 BAXTER FENTRISS AND COMPANY ============================= 116 FIRST BANKS AMERICA, INC. * QUALIFICATIONS OF BAXTER FENTRISS & COMPANY 117 ======================================================================== QUALIFICATIONS OF BAXTER FENTRISS AND COMPANY Baxter Fentriss and Company is a nationally recognized investment banking and financial advisory firm that specializes in the financial services industry. Baxter Fentriss and Company, which is headquartered in Richmond, Virginia, provides innovative solutions, experience and leadership to financial institutions pursuing major strategic objectives. The company's professionals have successfully completed or managed several hundred valuation, merger, acquisition, divestiture and financing transactions primarily in the financial services industry. With combined experience in excess of 50 years, the company's professionals apply a high level of experience, market knowledge and technical skill to each transaction. Baxter Fentriss provides ESOP, estate tax, and other valuation services and is qualified to testify as an expert witness in legal proceedings on valuation issues. Baxter Fentriss is also recognized by the Office of Thrift Supervision as a qualified appraiser in mutual conversions. ======================================================================== BAXTER FENTRISS & COMPANY 118 APPENDIX Page 17 contains a Stock Price Graph. The information contained in the graph has been presented in a tabular matter which can be processed by the EDGAR system. 1 Exhibit (c)(3) FIRST BANKS AMERICA, INC. * OPINION SUPPORT ============================================================BAXTER FENTRISS 2 EXHIBIT V - A ===================================================================================================== FIRST BANKS AMERICA, INC. ACQUISITION MODEL (DATA AS OF 06/30/02; $ IN THOUSANDS (1) ===================================================================================================== ASSUMPTIONS ESTIMATED 2002 PRETAX EARNINGS $52,913.2 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 NIE BASE: $90,000.0 ECONOMIES: 20.0% ASSETS: $3,062,478.0 EQUITY: $301,887.0 DEPOSITS: $2,527,115.0 SHARES OUTSTANDING: 12,847 FINANCING RATE: 7.00% CORE DEPOSIT AMORTIZATION PERIOD: (2) 7 TAX RATE: 39.0% <FN> (1) DATA SUPPLIED BY MANAGEMENT AND FROM PUBLIC SOURCES AS OF 06/30/02 (2) ASSUMES CORE DEPOSIT INTANGIBLE OF 6.00% ON TOTAL DEPOSITS IS AMORTIZED OVER 7 YEARS USING STRAIGHT LINE METHOD 3 EXHIBIT V - B =========================================================================================================== FIRST BANKS AMERICA, INC. ACQUISITION MODEL (DATA AS OF 06/30/02; $ IN THOUSANDS (1) =========================================================================================================== FIRST BANKS AMERICA, INC. EARNINGS CONTRIBUTION ESTIMATE ======================================================================================================================= PRICE / BASE BOOK (x) 1.500 1.550 1.600 1.675 1.700 PRICE / EARNINGS (x) 14.03 14.50 14.96 15.67 15.90 PREMIUM / DEPOSITS (%) 5.97 6.57 7.17 8.06 8.36 ======================================================================================================================= ===================================================================================================================== TOTAL PRICE $452,830.5 $467,924.5 $483,019.2 $505,660.7 $513,207.9 PRICE PER SHARE $35.25 $36.42 $37.60 $39.36 $39.95 ===================================================================================================================== ESTIMATED 2002 PRETAX EARNINGS $52,913.2 $52,913.2 $52,913.2 $52,913.2 $52,913.2 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 $18,000.0 $18,000.0 $18,000.0 $18,000.0 --------- --------- --------- --------- --------- PRETAX CONTRIBUTION $70,913.2 $70,913.2 $70,913.2 $70,913.2 $70,913.2 LESS: FINANCING COSTS $31,698.1 $32,754.7 $33,811.3 $35,396.3 $35,924.6 CORE DEPOSIT AMORTIZATION (2) $21,661.0 $21,661.0 $21,661.0 $21,661.0 $21,661.0 --------- --------- --------- --------- --------- PRETAX ADJUSTMENTS $53,359.1 $54,415.7 $55,472.3 $57,057.2 $57,585.5 ESTIMATED TAXES $15,293.9 $14,881.8 $14,469.7 $13,851.6 $13,645.6 --------- --------- --------- --------- --------- ADJUSTED NET CONTRIBUTION $2,260.2 $1,615.7 $971.2 $4.4 ($317.9) =========================================================================================================== PRICE / BASE BOOK (x) 1.750 1.800 1.850 1.900 PRICE / EARNINGS (x) 16.37 16.84 17.30 17.77 PREMIUM / DEPOSITS (%) 8.96 9.56 10.15 10.75 =========================================================================================================== =========================================================================================================== TOTAL PRICE $528,302.3 $543,396.6 $558,491.0 $573,585.3 PRICE PER SHARE $41.12 $42.30 $43.47 $44.65 =========================================================================================================== ESTIMATED 2002 PRETAX EARNINGS $52,913.2 $52,913.2 $52,913.2 $52,913.2 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 $18,000.0 $18,000.0 $18,000.0 --------- --------- --------- --------- PRETAX CONTRIBUTION $70,913.2 $70,913.2 $70,913.2 $70,913.2 LESS: FINANCING COSTS $36,981.2 $38,037.8 $39,094.4 $40,151.0 CORE DEPOSIT AMORTIZATION (2) $21,661.0 $21,661.0 $21,661.0 $21,661.0 --------- --------- --------- --------- PRETAX ADJUSTMENTS $58,642.1 $59,698.7 $60,755.4 $61,812.0 ESTIMATED TAXES $13,233.5 $12,821.4 $12,409.4 $11,997.3 --------- --------- --------- --------- ADJUSTED NET CONTRIBUTION ($962.4) ($1,606.9) ($2,251.5) ($2,896.0) - --------------------------------------------------------------- PER SHARE VALUE AT BREAKEVEN POINT (3) $39.36 LESS: MINORITY INTEREST DISCOUNT OF 15.00% $5.90 ---------- VALUE OF MINORITY INTEREST SHARES $33.46 - --------------------------------------------------------------- <FN> (1) DATA SUPPLIED BY MANAGEMENT AND FROM PUBLIC SOURCES AS OF 06/30/02 (2) ASSUMES CORE DEPOSIT INTANGIBLE OF 6.00% ON TOTAL DEPOSITS IS AMORTIZED OVER 7 YEARS USING STRAIGHT LINE METHOD (3) THE PRICE AT WHICH THE EARNINGS CONTRIBUTION FROM THE ACQUIRED ENTITY BECOMES NEGATIVE AFTER CONSIDERING ECONOMIES, AMORTIZATION OF INTANGIBLES AND FINANCING COSTS 4 EXHIBIT V - A ===================================================================================================== FIRST BANKS AMERICA, INC. ACQUISITION MODEL (DATA AS OF 06/30/02; $ IN THOUSANDS (1) ===================================================================================================== ASSUMPTIONS ESTIMATED 2002 PRETAX EARNINGS $52,913.2 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 NIE BASE: $90,000.0 ECONOMIES: 20.0% ASSETS: $3,062,478.0 EQUITY: $301,887.0 DEPOSITS: $2,527,115.0 SHARES OUTSTANDING: 12,847 FINANCING RATE: 6.00% CORE DEPOSIT AMORTIZATION PERIOD: (2) 7 TAX RATE: 39.0% <FN> (1) DATA SUPPLIED BY MANAGEMENT AND FROM PUBLIC SOURCES AS OF 06/30/02 (2) ASSUMES CORE DEPOSIT INTANGIBLE OF 5.00% ON TOTAL DEPOSITS IS AMORTIZED OVER 7 YEARS USING STRAIGHT LINE METHOD 5 EXHIBIT V - B =========================================================================================================== FIRST BANKS AMERICA, INC. ACQUISITION MODEL (DATA AS OF 06/30/02; $ IN THOUSANDS (1) =========================================================================================================== FIRST BANKS AMERICA, INC. EARNINGS CONTRIBUTION ESTIMATE =========================================================================================================== PRICE / BASE BOOK (x) 2.100 2.150 2.200 2.281 2.300 PRICE / EARNINGS (x) 19.64 20.11 20.58 21.34 21.51 PREMIUM / DEPOSITS (%) 13.14 13.74 14.34 15.31 15.53 =========================================================================================================== =========================================================================================================== TOTAL PRICE $633,962.7 $649,057.1 $664,151.4 $688,695.5 $694,340.1 PRICE PER SHARE $49.35 $50.52 $51.70 $53.61 $54.05 =========================================================================================================== ESTIMATED 2002 PRETAX EARNINGS $52,913.2 $52,913.2 $52,913.2 $52,913.2 $52,913.2 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 $18,000.0 $18,000.0 $18,000.0 $18,000.0 --------- --------- --------- --------- --------- PRETAX CONTRIBUTION $70,913.2 $70,913.2 $70,913.2 $70,913.2 $70,913.2 LESS: FINANCING COSTS $38,037.8 $38,943.4 $39,849.1 $41,321.7 $41,660.4 CORE DEPOSIT AMORTIZATION (2) $18,050.8 $18,050.8 $18,050.8 $18,050.8 $18,050.8 --------- --------- --------- --------- --------- PRETAX ADJUSTMENTS $56,088.6 $56,994.2 $57,899.9 $59,372.5 $59,711.2 ESTIMATED TAXES $12,821.4 $12,468.2 $12,115.0 $11,540.7 $11,408.6 --------- --------- --------- --------- --------- ADJUSTED NET CONTRIBUTION $2,003.2 $1,450.8 $898.3 ($0.0) ($206.6) =========================================================================================================== PRICE / BASE BOOK (x) 2.350 2.400 2.450 2.500 PRICE / EARNINGS (x) 21.98 22.45 22.91 23.38 PREMIUM / DEPOSITS (%) 16.13 16.72 17.32 17.92 =========================================================================================================== =========================================================================================================== TOTAL PRICE $709,434.5 $724,528.8 $739,623.2 $754,717.5 PRICE PER SHARE $55.22 $56.40 $57.57 $58.75 =========================================================================================================== ESTIMATED 2002 PRETAX EARNINGS $52,913.2 $52,913.2 $52,913.2 $52,913.2 POTENTIAL PRE-TAX ECONOMIES: $18,000.0 $18,000.0 $18,000.0 $18,000.0 --------- --------- --------- --------- PRETAX CONTRIBUTION $70,913.2 $70,913.2 $70,913.2 $70,913.2 LESS: FINANCING COSTS $42,566.1 $43,471.7 $44,377.4 $45,283.1 CORE DEPOSIT AMORTIZATION (2) $18,050.8 $18,050.8 $18,050.8 $18,050.8 --------- --------- --------- --------- PRETAX ADJUSTMENTS $60,616.9 $61,522.5 $62,428.2 $63,333.9 ESTIMATED TAXES $11,055.4 $10,702.2 $10,349.0 $9,995.8 --------- --------- --------- --------- ADJUSTED NET CONTRIBUTION ($759.0) ($1,311.5) ($1,864.0) ($2,416.4) - --------------------------------------------------------------- PER SHARE VALUE AT BREAKEVEN POINT (3) $53.61 LESS: MINORITY INTEREST DISCOUNT OF 15.00% $8.04 -------- VALUE OF MINORITY INTEREST SHARES $45.57 - --------------------------------------------------------------- <FN> (1) DATA SUPPLIED BY MANAGEMENT AND FROM PUBLIC SOURCES AS OF 06/30/02 (2) ASSUMES CORE DEPOSIT INTANGIBLE OF 5.00% ON TOTAL DEPOSITS IS AMORTIZED OVER 7 YEARS USING STRAIGHT LINE METHOD (3) THE PRICE AT WHICH THE EARNINGS CONTRIBUTION FROM THE ACQUIRED ENTITY BECOMES NEGATIVE AFTER CONSIDERING ECONOMIES, AMORTIZATION OF INTANGIBLES AND FINANCING COSTS 6 EXHIBIT IV =========================================================================================================== FIRST BANKS AMERICA, INC. DISCOUNTED FREE CASH FLOW / NET PRESENT VALUE MODEL ASSUMPTIONS =========================================================================================================== - --------------------------------------------- ------------------------------------------ DATA AS OF: 06/30/2002 ESTIMATED PRICE PER SHARE $39.11 ------------------------------------------ SHAREHOLDER'S EQUITY $301,887,000 10.50% $42.51 ENDING SHARES OUTSTANDING 12,847,160 ------------------------------------------ FORECAST 2003 EPS $2.68 11.00% $39.11 ESTIMATED 2002 EPS $1.95 ------------------------------------------ BOOK VALUE PER SHARE $23.50 11.50% $36.12 TANGIBLE BOOK VALUE PER SHARE $15.40 ------------------------------------------ LONG TERM GROWTH RATE 12.50% RANGE OF DISCOUNT RATE: 11.00% - --------------------------------------------- ========================================================================================================================== YEAR YEAR YEAR YEAR YEAR FIRST BANKS AMERICA, INC. 1 2 3 4 5 2001 2002 2003 2004 2005 2006 ======================================================================================== CAPITAL RATE 7.50% ROA 1.44% 0.82% 1.06% 1.06% 1.06% 1.06% GROWTH 12.50% 12.50% 12.50% 12.50% 12.50% AVERAGE TOTAL ASSETS $2,749,274 $3,042,407 $3,254,910 $3,592,186 $4,041,209 $4,546,360 YEAR END ASSETS $3,060,988 $3,119,486 $3,380,881 $3,803,491 $4,278,928 $4,813,793 EQUITY(AVG) $231,147 $297,833 $327,578 $363,821 $404,227 $449,683 YEAR END EQUITY $285,317 $310,349 $344,807 $382,836 $425,618 $473,748 BASE INCOME $39,615 $25,032 $34,458 $38,029 $42,782 $48,130 TOTAL INCOME $39,615 $25,032 $34,458 $38,029 $42,782 $48,130 EST. ROAE 8.40% 10.52% 10.45% 10.58% 10.70% EST. ROAA 0.82% 1.06% 1.06% 1.06% 1.06% EST. SHARES 12,847 12,847 12,847 12,847 12,847 EST. EPS $1.95 $2.68 $2.96 $3.33 $3.75 EST. BOOK VALUE YEAR END $24.16 $26.84 $29.80 $33.13 $36.88 EST. E/A 9.95% 10.20% 10.07% 9.95% 9.84% REQUIRED EQUITY $233,961 $253,566 $285,262 $320,920 $361,035 EST. NET EQUITY FLOWS $76,388 $14,853 $6,333 $7,124 $8,015 ========================================================================================================== YEAR YEAR YEAR YEAR YEAR FIRST BANKS AMERICA, INC. 6 7 8 9 10 2007 2008 2009 2010 2011 ======================================================================= CAPITAL RATE ROA 1.06% 1.06% 1.06% 1.06% 1.06% GROWTH 12.50% 12.50% 12.50% 12.50% 12.50% AVERAGE TOTAL ASSETS $5,114,656 $5,753,987 $6,473,236 $7,282,390 $8,192,689 YEAR END ASSETS $5,415,518 $6,092,457 $6,854,015 $7,710,766 $8,674,612 EQUITY(AVG) $500,821 $558,351 $623,072 $695,884 $777,797 YEAR END EQUITY $527,894 $588,808 $657,337 $734,432 $821,163 BASE INCOME $54,146 $60,914 $68,529 $77,095 $86,732 TOTAL INCOME $54,146 $60,914 $68,529 $77,095 $86,732 EST. ROAE 10.81% 10.91% 11.00% 11.08% 11.15% EST. ROAA 1.06% 1.06% 1.06% 1.06% 1.06% EST. SHARES 12,847 12,847 12,847 12,847 12,847 EST. EPS $4.21 $4.74 $5.33 $6.00 $6.75 EST. BOOK VALUE YEAR END $41.09 $45.83 $51.17 $57.17 $63.92 EST. E/A 9.75% 9.66% 9.59% 9.52% 9.47% REQUIRED EQUITY $406,164 $456,934 $514,051 $578,307 $650,596 EST. NET EQUITY FLOWS $9,017 $10,144 $11,412 $12,838 $14,443 1 Exhibit (c)(4) FIRST BANKS AMERICA, INC. VALUATION SUMMARY JULY 24, 2002 2 VALUATION SUMMARY TABLE OF CONTENTS VALUATION ANALYSIS TAB - ------------------ --- PEER GROUP ANALYSIS. . . . . . . . . . . . . . . . . . . . . . . . . . . 1 MERGER AND ACQUISITION ANALYSIS . . . . . . . . . . . . . . . . . . . . 2 DISCOUNTED CASH FLOW . . . . . . . . . . . . . . . . . . . . . . . . . . 3 PRESENT VALUE ANALYSIS . . . . . . . . . . . . . . . . . . . . . . . . . 4 VALUATION SUMMARY GRAPH. . . . . . . . . . . . . . . . . . . . . . . . . 5 APPENDIX - -------- F CO. FINANCIAL SUMMARY. . . . . . . . . . . . . . . . . . . . . . . . . 6 PEER GROUP - GEOGRAPHIC. . . . . . . . . . . . . . . . . . . . . . . . . 7 PEER GROUP - PROFITABILITY . . . . . . . . . . . . . . . . . . . . . . . 8 STIFEL REGIONAL BANK PRICING SUMMARY . . . . . . . . . . . . . . . . . . 9 3 FIRST BANKS AMERICA, INC. VALUATION ANALYSIS: PEER GROUP: COMPARABLE SIZE AND GEOGRAPHIC FOCUS - The following graph examines a range of values for the Company based on selected publicly traded companies. The analysis then implies a common stock valuation for the Company by applying these multiples to corresponding financial data of the Company. Selected comparable companies are 3 California banks: (1) Bay View Capital, (2) First Republic, and (3) GBC Bancorp. [graph] - ------------------------------------------------------------------------------------------------------------- IMPLIED VALUATION BASED ON COMPARABLE COMPANIES MULTIPLES ------------------------------------------------------------------ F CO. 25TH PERCENTILE 50TH PERCENTILE 75TH PERCENTILE CURRENT -------------------- -------------------- -------------------- MULTIPLE ACTUAL PER SHARE ACTUAL PER SHARE ACTUAL PER SHARE - ------------------------------------------------------------------------------------------------------------- PRICE / BOOK 168.95% 100.24% $23.55 104.11% $24.46 111.17% $26.12 - ------------------------------------------------------------------------------------------------------------- PRICE / TANGIBLE BOOK 257.72% 125.95% 19.40 133.68% 20.59 141.91% 21.86 - ------------------------------------------------------------------------------------------------------------- ADJ. PRICE / 6.50% EQUITY 204.58% 99.32% 23.39 103.80% 24.09 112.90% 25.50 - ------------------------------------------------------------------------------------------------------------- PRICE / 2002 EPS 20.09x 12.34x 24.39 12.42x 24.55 16.81x 33.22 - ------------------------------------------------------------------------------------------------------------- PRICE / 2003 EPS 14.58x 7.89x 21.48 9.17x 24.96 11.05x 30.08 - ------------------------------------------------------------------------------------------------------------- PRICE / ASSETS 19.75% 7.76% 11.10 9.28% 14.74 10.15% 16.81 - ------------------------------------------------------------------------------------------------------------- PREMIUM / DEPOSITS 12.35% 2.01% 19.35 2.13% 19.60 2.87% 21.04 - ------------------------------------------------------------------------------------------------------------- PRICE / DEPOSITS 23.94% 10.33% 12.94 12.21% 16.63 12.98% 18.16 - ------------------------------------------------------------------------------------------------------------- <FN> * Values based on 7/24/02 intraday prices. 1 4 FIRST BANKS AMERICA, INC. VALUATION ANALYSIS: PEER GROUP: COMPARABLE SIZE AND PROFITABILITY - The following graph examines a range of values for the Company based on selected publicly traded companies. The analysis then implies a common stock valuation for the Company by applying these multiples to corresponding financial data of the Company. Selected comparable companies are 7 banks of similar asset size and profitability: (1) 1st Source Corp., (2) Banner Corp., (3) Community Bank Systems, (4) First Charter Corp., (5) Gold Banc Corp., (6) Integra Bank Corp., and (7) Wintrust Financial Corp. [graph] - ------------------------------------------------------------------------------------------------------------- IMPLIED VALUATION BASED ON COMPARABLE COMPANIES MULTIPLES ------------------------------------------------------------------ F CO. 25TH PERCENTILE 50TH PERCENTILE 75TH PERCENTILE CURRENT -------------------- -------------------- -------------------- MULTIPLE ACTUAL PER SHARE ACTUAL PER SHARE ACTUAL PER SHARE - ------------------------------------------------------------------------------------------------------------- PRICE / BOOK 168.95% 126.43% $29.71 149.57% $35.15 172.13% $40.45 - ------------------------------------------------------------------------------------------------------------- PRICE / TANGIBLE BOOK 257.72% 154.00% 23.72 216.28% 33.32 226.59% 34.90 - ------------------------------------------------------------------------------------------------------------- ADJ. PRICE / 6.50% EQUITY 204.58% 135.77% 29.04 164.06% 33.42 173.03% 34.81 - ------------------------------------------------------------------------------------------------------------- PRICE / 2002 EPS 20.09x 11.09x 21.92 12.68x 25.05 14.43x 28.52 - ------------------------------------------------------------------------------------------------------------- PRICE / 2003 EPS 14.58x 9.79x 26.67 9.97x 27.16 11.79x 32.11 - ------------------------------------------------------------------------------------------------------------- PRICE / ASSETS 19.75% 12.24% 21.80 13.12% 23.90 14.08% 26.17 - ------------------------------------------------------------------------------------------------------------- PREMIUM / DEPOSITS 12.35% 6.09% 27.38 7.55% 30.26 9.51% 34.11 - ------------------------------------------------------------------------------------------------------------- PRICE / DEPOSITS 23.94% 16.49% 25.05 17.12% 26.29 20.76% 33.45 - ------------------------------------------------------------------------------------------------------------- <FN> * Values based on 7/24/02 intraday prices. 2 5 FIRST BANKS AMERICA, INC. VALUATION ANALYSIS: * COMPARABLE TRANSACTION ANALYSIS - ALL U.S. BANKS: This graph analyzes an implied value for the Company's stock based on the current and recent bank merger environment, the Company's operating performance, and current financial condition. We have examined a group of merger transactions and applied a range of pricing multiples to the Company's financial results to arrive at a controlling interest valuation. The control premium is then netted from the value to arrive at the minority interest value. The following group includes all U.S. bank transactions since 7/16/01, excluding mergers-of-equals. Number of transactions - 136. [graph] - ------------------------------------------------------------------------------------------------------------------------------ IMPLIED PER SHARE VALUATION BASED ON MERGER MARKET MULTIPLES OF U.S. MERGERS --------------------------------------------------------------------------------------------------- 25TH PERCENTILE 50TH PERCENTILE 75TH PERCENTILE ------------------------------- ------------------------------- ------------------------------- PER SHARE NET OF 35% PER SHARE NET OF 35% PER SHARE NET OF 35% MULTIPLE VALUE PREMIUM MULTIPLE VALUE PREMIUM MULTIPLE VALUE PREMIUM - ------------------------------------------------------------------------------------------------------------------------------ Price / Book 141.85% $33.33 $21.67 176.73% $41.53 $26.99 215.03% $50.53 $32.84 - ------------------------------------------------------------------------------------------------------------------------------ Price / Tangible Book 144.31% 22.23 14.45 177.68% 27.37 17.79 222.40% 34.26 22.27 - ------------------------------------------------------------------------------------------------------------------------------ Adj. Price / 6.50% Equity 155.42% 32.08 20.85 207.29% 40.12 26.08 259.90% 48.27 31.38 - ------------------------------------------------------------------------------------------------------------------------------ Price / LTM EPS 15.80x 43.45 28.24 18.90x 51.98 33.78 24.47x 67.29 43.74 - ------------------------------------------------------------------------------------------------------------------------------ Price / Assets 13.07% 23.77 15.45 16.65% 32.29 20.99 20.58% 41.68 27.09 - ------------------------------------------------------------------------------------------------------------------------------ Premium / Deposits 4.56% 24.37 15.84 8.32% 31.78 20.65 12.95% 40.87 26.57 - ------------------------------------------------------------------------------------------------------------------------------ Price / Deposits 15.23% 22.58 14.67 19.68% 31.33 20.36 24.35% 40.51 26.33 - ------------------------------------------------------------------------------------------------------------------------------ <FN> The median acquisition premium to the Seller's one month prior stock price was slightly over 35% over the last five years. Source: SNL Securities. 1 6 FIRST BANKS AMERICA, INC. VALUATION ANALYSIS: * COMPARABLE TRANSACTION ANALYSIS - CALIFORNIA BANKS: This graph analyzes an implied value for the Company's stock based on the current and recent bank merger environment, the Company's operating performance, and current financial condition. We have examined a group of merger transactions and applied a range of pricing multiples to the Company's financial results to arrive at a controlling interest valuation. The control premium is then netted from the value to arrive at the minority interest value. The following group includes all California bank transactions since 7/16/01, excluding mergers-of-equals. Number of transactions - 17. [graph] - ------------------------------------------------------------------------------------------------------------------------------ IMPLIED PER SHARE VALUATION BASED ON MERGER MARKET MULTIPLES OF U.S. MERGERS --------------------------------------------------------------------------------------------------- 25TH PERCENTILE 50TH PERCENTILE 75TH PERCENTILE ------------------------------- ------------------------------- ------------------------------- PER SHARE NET OF 35% PER SHARE NET OF 35% PER SHARE NET OF 35% MULTIPLE VALUE PREMIUM MULTIPLE VALUE PREMIUM MULTIPLE VALUE PREMIUM - ------------------------------------------------------------------------------------------------------------------------------ Price / Book 164.49% $38.65 $25.12 184.45% $43.34 $28.17 219.02% $51.47 $33.45 - ------------------------------------------------------------------------------------------------------------------------------ Price / Tangible Book 164.49% 25.34 16.47 188.83% 29.09 18.91 222.60% 34.29 22.29 - ------------------------------------------------------------------------------------------------------------------------------ Adj. Price / 6.50% Equity 167.28% 33.92 22.05 209.69% 40.49 26.32 260.03% 48.29 31.39 - ------------------------------------------------------------------------------------------------------------------------------ Price / LTM EPS 13.62x 37.46 24.35 16.27x 44.74 29.08 17.52x 48.18 31.32 - ------------------------------------------------------------------------------------------------------------------------------ Price / Assets 14.11% 26.25 17.06 15.82% 30.32 19.71 19.24% 38.46 25.00 - ------------------------------------------------------------------------------------------------------------------------------ Premium / Deposits 6.03% 27.27 17.73 8.21% 31.56 20.51 14.24% 43.41 28.22 - ------------------------------------------------------------------------------------------------------------------------------ Price / Deposits 16.42% 24.91 16.19 18.74% 29.48 19.16 22.44% 36.76 23.89 - ------------------------------------------------------------------------------------------------------------------------------ <FN> The median acquisition premium to the Seller's one month prior stock price was slightly over 35% over the last five years. Source: SNL Securities. 2 7 FIRST BANKS AMERICA, INC. VALUATION ANALYSIS: * COMPARABLE TRANSACTION ANALYSIS - COMPARABLE SIZE U.S. BANKS: This graph analyzes an implied value for the Company's stock based on the current and recent bank merger environment, the Company's operating performance, and current financial condition. We have examined a group of merger transactions and applied a range of pricing multiples to the Company's financial results to arrive at a controlling interest valuation. The control premium is then netted from the value to arrive at the minority interest value. The following group includes selected U.S. bank transactions involving Seller's with assets between $ 1 billion and $ 5 billion since 7/16/01, excluding mergers-of-equals. Number of transactions - 6. [graph] - ------------------------------------------------------------------------------------------------------------------------------ IMPLIED PER SHARE VALUATION BASED ON MERGER MARKET MULTIPLES OF U.S. MERGERS --------------------------------------------------------------------------------------------------- 25TH PERCENTILE 50TH PERCENTILE 75TH PERCENTILE ------------------------------- ------------------------------- ------------------------------- PER SHARE NET OF 35% PER SHARE NET OF 35% PER SHARE NET OF 35% MULTIPLE VALUE PREMIUM MULTIPLE VALUE PREMIUM MULTIPLE VALUE PREMIUM - ------------------------------------------------------------------------------------------------------------------------------ Price / Book 188.13% $44.21 $28.73 190.02% $44.65 $29.02 201.48% $47.34 $30.77 - ------------------------------------------------------------------------------------------------------------------------------ Price / Tangible Book 188.13% 28.98 18.84 207.14% 31.91 20.74 256.59% 39.53 25.69 - ------------------------------------------------------------------------------------------------------------------------------ Adj. Price / 6.50% Equity 189.01% 37.29 24.24 221.24% 42.28 27.48 252.01% 47.05 30.58 - ------------------------------------------------------------------------------------------------------------------------------ Price / LTM EPS 16.81x 46.22 30.04 18.39x 50.56 32.86 19.92x 54.77 35.60 - ------------------------------------------------------------------------------------------------------------------------------ Price / Assets 15.46% 29.46 19.15 16.42% 31.75 20.64 20.12% 40.57 26.37 - ------------------------------------------------------------------------------------------------------------------------------ Premium / Deposits 9.81% 34.69 22.55 12.47% 39.93 25.95 15.96% 46.80 30.42 - ------------------------------------------------------------------------------------------------------------------------------ Price / Deposits 21.15% 34.22 22.24 22.14% 36.16 23.50 28.28% 48.25 31.36 - ------------------------------------------------------------------------------------------------------------------------------ <FN> The median acquisition premium to the Seller's one month prior stock price was slightly over 35% over the last five years. Source: SNL Securities. 3 8 FIRST BANKS AMERICA, INC. VALUATION ANALYSIS: * DISCOUNTED CASH FLOW ANALYSIS * The DCF analysis presents the cash available for dividends in future years, based on estimated future operating performance and required capital levels. * The analysis is based on management's estimates through year 2006 and 12.0% earnings growth in 2007. * The present value of these payments are calculated using discount rates from 12.5% to 16.5% and a range of trading multiples from 12.0x to 16.0x. * The analysis is based on estimates through the year 2007 when the terminal multiple is applied. * All tangible common equity in excess of 6.5% of assets is assumed to be used to pay dividends. - ------------------------------------------------------------------------------------ PER SHARE PRESENT VALUE OF FUTURE CASH FLOWS BASED ON DISCOUNT RATES OF: ---------------------------------------------------- 12.50% 14.50% 16.50% ---------------- ---------------- ---------------- SYNERGY ASSUMPTIONS DOLLAR VALUE DOLLAR VALUE DOLLAR VALUE - ------------------------------------------------------------------------------------ TERMINAL MULTIPLE - 12.0X - ------------------------------------------------------------------------------------ 0.0% = SYNERGIES $31.06 $28.60 $26.37 ------------------------------------------------------------------------------- TERMINAL MULTIPLE - 14.0X - ------------------------------------------------------------------------------------ 0.0% = SYNERGIES $35.70 $32.84 $30.27 ------------------------------------------------------------------------------- TERMINAL MULTIPLE - 16.0X - ------------------------------------------------------------------------------------ 0.0% = SYNERGIES $40.34 $37.09 $34.16 ------------------------------------------------------------------------------- 1 9 FIRST BANKS AMERICA, INC. PRESENT VALUE ANALYSIS: * THE FOLLOWING PRESENTS THE PRELIMINARY FORECASTS OF THE COMPANY'S FUTURE PERFORMANCE. FOR THE PURPOSES OF THIS ANALYSIS STIFEL HAS USED MANAGEMENT'S PROJECTIONS FOR THE YEARS 2002 THROUGH 2006. EARNINGS PER SHARE HISTORICAL 6 YEAR CAGR = 30% PROJECTED 4 YEAR CAGR = 18% $0.42 $0.88 $0.90 $1.66 $2.29 $3.28 $1.98 $2.72 $3.06 $3.45 $3.88 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 AVERAGE ASSETS (MILLIONS) HISTORICAL 6 YEAR CAGR = 47% PROJECTED 4 YEAR CAGR = 11% $301 $377 $690 $869 $2,103 $2,749 $3,102 $3,407 $3,804 $4,260 $4,782 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 BOOK VALUE HISTORICAL 6 YEAR CAGR = 18% PROJECTED 4 YEAR CAGR = 11% $9.2 $10.5 $11.5 $12.8 $16.3 $22.2 $24.7 $27.4 $30.5 $33.9 $37.8 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 RETURN ON EQUITY 4% 9% 8% 14% 16% 17% 8% 10% 11% 11% 11% RETURN ON ASSETS 0.5% 0.8% 0.7% 1.1% 1.3% 1.5% 0.8% 1.0% 1.0% 1.0% 1.0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 <FN> * Historical results for the 6 year period from December 31, 1996 to estimated December 31, 2002. 1 10 FIRST BANKS AMERICA, INC. PRESENT VALUE ANALYSIS: * FUTURE VALUE OF ONE SHARE OF F CO. STOCK ---------------------------------------- * THE FOLLOWING TABLES PRESENT A SENSITIVITY ANALYSIS OF THE RANGE OF POTENTIAL FUTURE STOCK VALUES, GROWTH RATES AND PRICE TO BOOK RATIOS RESULTING FROM A RANGE OF 5 YEAR EPS GROWTH RATES AFTER YEAR 2002 AND A RANGE OF CURRENT PRICE / EARNINGS RATIOS. THE NUMBERS IN RED REPRESENT F CO.'S 2006 EPS ESTIMATE OF $3.88 (AN 18% COMPOUND ANNUAL GROWTH RATE FROM 2002 EPS ESTIMATE OF $1.98) AND 12% EPS GROWTH IN 2007. - ------------------------------------------------------ POTENTIAL 2007 STOCK PRICE - ------------------------------------------------------ 2002 + PRICE TO EARNINGS RATIOS EPS GROWTH ------------------------------------------- RATES 12.0x 13.0x 14.0x 15.0x 16.0x - ------------------------------------------------------ 13.1% $ 43.87 $ 47.53 $ 51.19 $ 54.84 $ 58.50 ------------------------------------------- 14.1% 45.85 49.67 53.49 57.31 61.13 ------------------------------------------- 15.1% 47.89 51.88 55.87 59.87 63.86 - ------------------------------------------------------ 16.1% 50.01 54.18 58.34 62.51 66.68 ------------------------------------------- 17.1% 52.20 56.55 60.90 65.25 69.60 ------------------------------------------- 18.1% 54.47 59.01 63.55 68.09 72.62 - ------------------------------------------------------ 19.1% 56.81 61.55 66.28 71.02 75.75 ------------------------------------------- 20.1% 59.24 64.18 69.11 74.05 78.99 ------------------------------------------- 21.1% 61.75 66.89 72.04 77.18 82.33 - ------------------------------------------------------ - ------------------------------------------------------ PRICE / BOOK VALUE - ------------------------------------------------------ 2002 + PRICE TO EARNINGS RATIOS EPS GROWTH ------------------------------------------- RATES 12.0x 13.0x 14.0x 15.0x 16.0x - ------------------------------------------------------ 13.1% 109.7% 118.9% 128.0% 137.2% 146.3% ------------------------------------------- 14.1% 113.5 122.9 132.4 141.8 151.3 ------------------------------------------- 15.1% 117.3 127.0 136.8 146.6 156.4 - ------------------------------------------------------ 16.1% 121.1 131.2 141.3 151.4 161.5 ------------------------------------------- 17.1% 125.1 135.5 145.9 156.3 166.8 ------------------------------------------- 18.1% 129.1 139.8 150.6 161.3 172.1 - ------------------------------------------------------ 19.1% 133.1 144.2 155.3 166.4 177.5 ------------------------------------------- 20.1% 137.2 148.7 160.1 171.5 183.0 ------------------------------------------- 21.1% 141.4 153.2 165.0 176.7 188.5 - ------------------------------------------------------ - ------------------------------------------------------ 5 YEAR CAGR FROM CURRENT PRICE - $39.70 - ------------------------------------------------------ 2002 + PRICE TO EARNINGS RATIOS EPS GROWTH ------------------------------------------- RATES 12.0x 13.0x 14.0x 15.0x 16.0x - ------------------------------------------------------ 13.1% 2.02% 3.67% 5.21% 6.68% 8.06% ------------------------------------------- 14.1% 2.92 4.58 6.14 7.62 9.02 ------------------------------------------- 15.1% 3.82 5.50 7.07 8.56 9.97 - ------------------------------------------------------ 16.1% 4.73 6.42 8.00 9.51 10.93 ------------------------------------------- 17.1% 5.63 7.33 8.93 10.45 11.88 ------------------------------------------- 18.1% 6.53 8.25 9.87 11.39 12.84 - ------------------------------------------------------ 19.1% 7.43 9.17 10.80 12.33 13.79 ------------------------------------------- 20.1% 8.33 10.08 11.73 13.28 14.75 ------------------------------------------- 21.1% 9.24 11.00 12.66 14.22 15.71 - ------------------------------------------------------ - ------------------------------------------------------ PRICE / TANGIBLE BOOK VALUE - ------------------------------------------------------ 2002 + PRICE TO EARNINGS RATIOS EPS GROWTH ------------------------------------------- RATES 12.0x 13.0x 14.0x 15.0x 16.0x - ------------------------------------------------------ 13.1% 135.6% 146.9% 158.2% 169.5% 180.9% ------------------------------------------- 14.1% 139.9 151.6 163.2 174.9 186.6 ------------------------------------------- 15.1% 144.3 156.3 168.3 180.3 192.3 - ------------------------------------------------------ 16.1% 148.6 161.0 173.4 185.8 198.2 ------------------------------------------- 17.1% 153.1 165.9 178.6 191.4 204.1 ------------------------------------------- 18.1% 157.6 170.7 183.9 197.0 210.1 - ------------------------------------------------------ 19.1% 162.1 175.6 189.2 202.7 216.2 ------------------------------------------- 20.1% 166.7 180.6 194.5 208.4 222.3 ------------------------------------------- 21.1% 171.4 185.7 199.9 214.2 228.5 - ------------------------------------------------------ <FN> Earnings estimates are $1.98 in 2002, the base year. Estimated book value is based on no dividends being paid. 2 11 FIRST BANKS AMERICA, INC. PRESENT VALUE ANALYSIS: * PRESENT VALUE OF ONE SHARE OF F CO. STOCK INCLUDING DIVIDENDS IN 2007 --------------------------------------------------------------------- - ------------------------------------------------------ 15.0% DISCOUNT RATE - ------------------------------------------------------ 2002 + PRICE TO EARNINGS RATIOS EPS GROWTH ------------------------------------------- RATES 12.0x 13.0x 14.0x 15.0x 16.0x - ------------------------------------------------------ 13.1% $ 21.81 $ 23.63 $ 25.45 $ 27.27 $ 29.08 ------------------------------------------- 14.1% 22.79 24.69 26.59 28.49 30.39 ------------------------------------------- 15.1% 23.81 25.80 27.78 29.76 31.75 - ------------------------------------------------------ 16.1% 24.86 26.94 29.01 31.08 33.15 ------------------------------------------- 17.1% 25.95 28.12 30.28 32.44 34.60 ------------------------------------------- 18.1% 27.08 29.34 31.59 33.85 36.11 - ------------------------------------------------------ 19.1% 28.25 30.60 32.95 35.31 37.66 ------------------------------------------- 20.1% 29.45 31.91 34.36 36.82 39.27 ------------------------------------------- 21.1% 30.70 33.26 35.82 38.37 40.93 - ------------------------------------------------------ - ------------------------------------------------------ 20.0% DISCOUNT RATE - ------------------------------------------------------ 2002 + PRICE TO EARNINGS RATIOS EPS GROWTH ------------------------------------------- RATES 12.0x 13.0x 14.0x 15.0x 16.0x - ------------------------------------------------------ 13.1% $ 17.63 $ 19.10 $ 20.57 $ 22.04 $ 23.51 ------------------------------------------- 14.1% 18.43 19.96 21.50 23.03 24.57 ------------------------------------------- 15.1% 19.25 20.85 22.45 24.06 25.66 - ------------------------------------------------------ 16.1% 20.10 21.77 23.45 25.12 26.80 ------------------------------------------- 17.1% 20.98 22.73 24.47 26.22 27.97 ------------------------------------------- 18.1% 21.89 23.71 25.54 27.36 29.19 - ------------------------------------------------------ 19.1% 22.83 24.73 26.64 28.54 30.44 ------------------------------------------- 20.1% 23.81 25.79 27.77 29.76 31.74 ------------------------------------------- 21.1% 24.81 26.88 28.95 31.02 33.09 - ------------------------------------------------------ - ------------------------------------------------------ 17.5% DISCOUNT RATE - ------------------------------------------------------ 2002 + PRICE TO EARNINGS RATIOS EPS GROWTH ------------------------------------------- RATES 12.0x 13.0x 14.0x 15.0x 16.0x - ------------------------------------------------------ 13.1% $ 19.59 $ 21.22 $ 22.85 $ 24.49 $ 26.12 ------------------------------------------- 14.1% 20.47 22.18 23.88 25.59 27.29 ------------------------------------------- 15.1% 21.38 23.17 24.95 26.73 28.51 - ------------------------------------------------------ 16.1% 22.33 24.19 26.05 27.91 29.77 ------------------------------------------- 17.1% 23.31 25.25 27.19 29.13 31.08 ------------------------------------------- 18.1% 24.32 26.35 28.37 30.40 32.43 - ------------------------------------------------------ 19.1% 25.37 27.48 29.59 31.71 33.82 ------------------------------------------- 20.1% 26.45 28.65 30.86 33.06 35.27 ------------------------------------------- 21.1% 27.57 29.87 32.16 34.46 36.76 - ------------------------------------------------------ - ------------------------------------------------------ 22.5% DISCOUNT RATE - ------------------------------------------------------ 2002 + PRICE TO EARNINGS RATIOS EPS GROWTH ------------------------------------------- RATES 12.0x 13.0x 14.0x 15.0x 16.0x - ------------------------------------------------------ 13.1% $ 15.90 $ 17.23 $ 18.56 $ 19.88 $ 21.21 ------------------------------------------- 14.1% 16.62 18.01 19.39 20.78 22.16 ------------------------------------------- 15.1% 17.36 18.81 20.26 21.70 23.15 - ------------------------------------------------------ 16.1% 18.13 19.64 21.15 22.66 24.17 ------------------------------------------- 17.1% 18.92 20.50 22.08 23.65 25.23 ------------------------------------------- 18.1% 19.75 21.39 23.04 24.68 26.33 - ------------------------------------------------------ 19.1% 20.60 22.31 24.03 25.74 27.46 ------------------------------------------- 20.1% 21.47 23.26 25.05 26.84 28.63 ------------------------------------------- 21.1% 22.38 24.25 26.11 27.98 29.85 - ------------------------------------------------------ <FN> Earnings estimates are $1.98 in 2002, the base year. Estimated book value is based on no dividends being paid. 3 12 FIRST BANKS AMERICA, INC. VALUATION SUMMARY: [graph] - ---------------------------------------------------------------------------------------------------------- PEER GROUP - PEER GROUP - COMPARABLE COMPARABLE BUYER ALL U.S. BANK CALIFORNIA SELECTED U.S. SIZE & SIZE & DISCOUNTED PRESENT VALUE MERGER BANK MERGER BANK MERGER GEOGRAPHIC PROFITABLE CASH FLOW - RANGE ANALYSIS TRANSACTIONS TRANSACTIONS TRANSACTIONS BANKS BANKS IRR - ---------------------------------------------------------------------------------------------------------- HIGH $34.60 $33.78 $29.08 $32.86 $24.96 $35.15 $40.34 - ---------------------------------------------------------------------------------------------------------- LOW 18.92 17.79 18.91 20.64 14.74 23.90 26.37 ========================================================================================================== 1 13 F CO. FINANCIAL RESULTS FISCAL YEARS ENDED DECEMBER 31, ------------------------------------------------------------------------------- INCOME STATEMENT DATA 1996 1997 1998 1999 2000 2001 =============================================================================================================================== Net interest income (FTE) . . . . . . . . . . . $ 11,453 $ 16,051 $ 31,199 $ 43,424 $ 105,623 $ 125,323 Less: Provision for loan losses . . . . . . . . 1,250 2,000 900 393 1,877 5,010 Non-interest income . . . . . . . . . . . . . . 1,848 2,564 4,375 5,595 12,077 27,140 Non-interest expense . . . . . . . . . . . . . 9,480 11,676 26,472 32,830 70,019 93,568 --------- --------- --------- --------- ----------- ----------- Income before tax & extraordinary items . . . 2,571 4,939 8,202 15,796 45,804 53,885 Less: (FTE) adjustment . . . . . . . . . . . . - 2 - - - - Less: Income tax provision (benefit) . . . . . 1,002 1,758 3,592 6,326 18,007 13,811 --------- --------- --------- --------- ----------- ----------- Income before extraordinary items . . . . . . 1,569 3,179 4,610 9,470 27,797 40,074 Less: After tax deductions . . . . . . . . . . - - - - - (459) --------- --------- --------- --------- ----------- ----------- Net income to common shareholders . . . . . . $ 1,569 $ 3,179 $ 4,610 $ 9,470 $ 27,797 $ 39,615 ========= ========= ========= ========= =========== =========== PROFITABILITY AND OPERATING RATIOS =============================================================================================================================== Return on average assets (ROA) 0.52% 0.84% 0.67% 1.09% 1.32% 1.46% - ------------------------------------------------------------------------------------------------------------------------------- Return on common equity (ROCE) 4.48% 9.17% 8.10% 13.66% 15.86% 17.34% - ------------------------------------------------------------------------------------------------------------------------------- Return on average equity (ROE) 4.48% 9.17% 8.10% 13.66% 15.86% 17.34% - ------------------------------------------------------------------------------------------------------------------------------- Net interest margin (FTE) 4.21% 4.70% 5.03% 5.51% 5.51% 5.10% - ------------------------------------------------------------------------------------------------------------------------------- Non-interest expense/Total revenues 72.28% 63.71% 75.13% 68.32% 59.58% 61.20% - ------------------------------------------------------------------------------------------------------------------------------- Net charge-offs/Avg. loans 1.44% 0.59% 0.23% (0.09%) 0.01% 0.27% - ------------------------------------------------------------------------------------------------------------------------------- BALANCE SHEET DATA =============================================================================================================================== Total assets $ 375,182 $ 451,256 $ 719,997 $ 920,707 $ 2,741,379 $ 3,060,988 - ------------------------------------------------------------------------------------------------------------------------------- Net loans 241,874 307,729 516,404 732,263 2,058,677 2,323,263 - ------------------------------------------------------------------------------------------------------------------------------- Total deposits 319,806 383,942 599,147 780,023 2,306,356 2,555,261 - ------------------------------------------------------------------------------------------------------------------------------- Total stockholders' equity 33,498 39,864 65,845 72,499 196,909 285,317 - ------------------------------------------------------------------------------------------------------------------------------- Common equity/Total assets 8.93% 8.83% 9.15% 7.87% 7.18% 9.32% - ------------------------------------------------------------------------------------------------------------------------------- Tangible tier 1 capital/Total assets 4.62% 5.25% 10.06% 8.88% 6.19% 7.04% - ------------------------------------------------------------------------------------------------------------------------------- ASSET QUALITY RATIOS =============================================================================================================================== Non-performing loans/Net loans 1.11% 1.14% 1.73% 0.86% 0.78% 1.21% - ------------------------------------------------------------------------------------------------------------------------------- Reserves/Non-performing loans 229.54% 188.15% 135.68% 232.62% 237.21% 151.36% - ------------------------------------------------------------------------------------------------------------------------------- Non-performing assets ratio 1.43% 1.26% 1.76% 0.87% 0.81% 1.24% - ------------------------------------------------------------------------------------------------------------------------------- PER SHARE DATA =============================================================================================================================== Diluted EPS (New GAAP beg. '02) 0.40 0.87 0.90 1.66 2.29 3.28 - ------------------------------------------------------------------------------------------------------------------------------- Cash EPS (Includes CDI amortization) 0.40 0.87 0.90 1.66 2.29 3.28 - ------------------------------------------------------------------------------------------------------------------------------- Book value 9.22 10.50 11.51 12.83 16.27 22.19 - ------------------------------------------------------------------------------------------------------------------------------- Tangible book value 8.36 8.81 10.04 9.90 10.10 14.17 - ------------------------------------------------------------------------------------------------------------------------------- ESTIMATED YEARS ENDED DECEMBER 31, YTD -------------------------------------------------------------------- INCOME STATEMENT DATA 6/30/2002 2002 2003 2004 2005 2006 ================================================================================================================================== Net interest income (FTE) . . . . . . . . . . . $ 64,119 $ 127,616 $ 142,974 $ 161,908 $ 183,362 $ 207,744 Less: Provision for loan losses . . . . . . . . 15,500 22,100 13,200 15,180 17,457 20,076 Non-interest income . . . . . . . . . . . . . . 10,798 20,944 24,086 27,699 31,853 36,631 Non-interest expense . . . . . . . . . . . . . 43,119 85,065 96,825 110,231 125,515 142,938 ----------- ----------- ----------- ----------- ----------- ----------- Income before tax & extraordinary items . . . 16,299 41,395 57,035 64,195 72,244 81,362 Less: (FTE) adjustment . . . . . . . . . . . . - - - - - - Less: Income tax provision (benefit) . . . . . 6,297 15,993 22,035 24,801 27,911 31,433 ----------- ----------- ----------- ----------- ----------- ----------- Income before extraordinary items . . . . . . 10,002 25,403 35,000 39,394 44,333 49,929 Less: After tax deductions . . . . . . . . . . - - - - - - ----------- ----------- ----------- ----------- ----------- ----------- Net income to common shareholders . . . . . . $ 10,002 $ 25,403 $ 35,000 $ 39,394 $ 44,333 $ 49,929 =========== =========== =========== =========== =========== =========== PROFITABILITY AND OPERATING RATIOS ================================================================================================================================== Return on average assets (ROA) 0.65% 0.82% 1.03% 1.04% 1.04% 1.04% - ---------------------------------------------------------------------------------------------------------------------------------- Return on common equity (ROCE) 6.81% 8.42% 10.45% 10.59% 10.71% 10.83% - ---------------------------------------------------------------------------------------------------------------------------------- Return on average equity (ROE) 6.81% 8.42% 10.45% 10.59% 10.71% 10.83% - ---------------------------------------------------------------------------------------------------------------------------------- Net interest margin (FTE) 4.67% 4.60% 4.64% 4.64% 4.63% 4.62% - ---------------------------------------------------------------------------------------------------------------------------------- Non-interest expense/Total revenues 57.55% 57.26% 57.96% 58.14% 58.32% 58.49% - ---------------------------------------------------------------------------------------------------------------------------------- Net charge-offs/Avg. loans 1.37% 0.58% 0.15% 0.15% 0.15% 0.15% - ---------------------------------------------------------------------------------------------------------------------------------- BALANCE SHEET DATA ================================================================================================================================== Total assets $ 3,062,109 $ 3,221,799 $ 3,592,133 $ 4,016,557 $ 4,503,119 $ 5,061,073 - ---------------------------------------------------------------------------------------------------------------------------------- Net loans 2,278,398 2,439,426 2,805,340 3,226,141 3,710,062 4,266,572 - ---------------------------------------------------------------------------------------------------------------------------------- Total deposits 2,527,115 2,683,024 3,004,987 3,365,585 3,769,456 4,221,790 - ---------------------------------------------------------------------------------------------------------------------------------- Total stockholders' equity 301,888 317,288 352,288 391,682 436,015 485,944 - ---------------------------------------------------------------------------------------------------------------------------------- Common equity/Total assets 9.86% 9.85% 9.81% 9.75% 9.68% 9.60% - ---------------------------------------------------------------------------------------------------------------------------------- Tangible tier 1 capital/Total assets 7.15% 7.45% 7.69% 7.88% 8.04% 8.16% - ---------------------------------------------------------------------------------------------------------------------------------- ASSET QUALITY RATIOS ================================================================================================================================== Non-performing loans/Net loans 0.84% 1.21% 1.21% 1.21% 1.21% 1.21% - ---------------------------------------------------------------------------------------------------------------------------------- Reserves/Non-performing loans 223.06% 173.04% 177.85% 182.02% 185.66% 188.82% - ---------------------------------------------------------------------------------------------------------------------------------- Non-performing assets ratio 0.86% 1.24% 1.24% 1.24% 1.24% 1.24% - ---------------------------------------------------------------------------------------------------------------------------------- PER SHARE DATA ================================================================================================================================== Diluted EPS (New GAAP beg. '02) 0.78 1.98 2.72 3.06 3.45 3.88 - ---------------------------------------------------------------------------------------------------------------------------------- Cash EPS (Includes CDI amortization) 0.80 2.03 2.77 3.12 3.50 3.93 - ---------------------------------------------------------------------------------------------------------------------------------- Book value 23.50 24.70 27.42 30.49 33.94 37.82 - ---------------------------------------------------------------------------------------------------------------------------------- Tangible book value 15.40 16.64 19.45 22.60 26.13 30.10 - ---------------------------------------------------------------------------------------------------------------------------------- 1 14 F CO. FINANCIAL RESULTS FISCAL YEARS ENDED DECEMBER 31, ----------------------------------------------------------------------------- INCOME STATEMENT 1996 1997 1998 1999 2000 2001 =============================================================================================================================== Interest income (FTE) . . . . . . . . . . . . . $ 21,446 $ 28,885 $ 54,408 $ 68,955 $ 177,248 $ 208,347 Interest expense . . . . . . . . . . . . . . . 9,993 12,834 23,209 25,531 71,625 83,024 --------- --------- --------- --------- ---------- ---------- Net interest income (FTE) . . . . . . . . . . . 11,453 16,051 31,199 43,424 105,623 125,323 Less: Provision for loan losses . . . . . . . 1,250 2,000 900 393 1,877 5,010 --------- --------- --------- --------- ---------- ---------- Net interest income after provision for loan losses . . . . . . . . . . 10,203 14,051 30,299 43,031 103,746 120,313 Non-interest income: Operating . . . . . . . . . . . . . . . . . . 1,663 2,277 4,034 4,626 11,900 27,558 Securities gains & other non-recurring . . . . 185 287 341 969 177 (418) Restructuring, non-recurring or other . . . . . - - - - - - Amortization of intangibles . . . . . . . . . . - - - - - - Amortization of core deposit intangibles . . . - - - - - - Amortization or impairment of goodwill . . . . - - 596 1,138 3,234 5,522 Non-interest expense . . . . . . . . . . . . . 9,480 11,676 25,876 31,692 66,785 88,046 --------- --------- --------- --------- ---------- ---------- Income before tax . . . . . . . . . . . . . . . 2,571 4,939 8,202 15,796 45,804 53,885 Less: (FTE) adjustment . . . . . . . . . . . . - 2 - - - - Less: Income tax provision (benefit) . . . . . 1,002 1,758 3,592 6,326 18,007 13,811 % of income before tax less (FTE) adj . . . . 38.97% 35.61% 43.79% 40.05% 39.31% 25.63% --------- --------- --------- --------- ---------- ---------- Income before extraordinary items . . . . . . . 1,569 3,179 4,610 9,470 27,797 40,074 Extraordinary items . . . . . . . . . . . . . . - - - - - (459) --------- --------- --------- --------- ---------- ---------- Net income . . . . . . . . . . . . . . . . . . 1,569 3,179 4,610 9,470 27,797 39,615 Less: Preferred dividends . . . . . . . . . . - - - - - - --------- --------- --------- --------- ---------- ---------- Net income to common shareholders . . . . . . $ 1,569 $ 3,179 $ 4,610 $ 9,470 $ 27,797 $ 39,615 ========= ========= ========= ========= ========== ========== PER SHARE DATA =============================================================================================================================== Basic EPS $ 0.42 $ 0.88 $ 0.90 $ 1.66 $ 2.29 $ 3.28 - ------------------------------------------------------------------------------------------------------------------------------- Diluted EPS (New GAAP beg. '02) 0.40 0.87 0.90 1.66 2.29 3.28 - ------------------------------------------------------------------------------------------------------------------------------- Cash EPS (Includes CDI amortization) 0.40 0.87 0.90 1.66 2.29 3.28 - ------------------------------------------------------------------------------------------------------------------------------- Dividend 0.00 0.00 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------- Book value 9.22 10.50 11.51 12.83 16.27 22.19 - ------------------------------------------------------------------------------------------------------------------------------- Tangible book value 8.36 8.81 10.04 9.90 10.10 14.17 - ------------------------------------------------------------------------------------------------------------------------------- SHARES OUTSTANDING =============================================================================================================================== Basic 3,763.000 3,607.000 5,140.000 5,704.000 12,129.000 12,204.000 - ------------------------------------------------------------------------------------------------------------------------------- Diluted 3,915.000 3,634.384 5,140.000 5,704.000 12,129.000 12,204.000 - ------------------------------------------------------------------------------------------------------------------------------- Period End 3,632.470 3,796.231 5,720.830 5,650.301 12,106.203 12,856.060 - ------------------------------------------------------------------------------------------------------------------------------- GROWTH RATES =============================================================================================================================== Interest income (FTE) 34.69% 88.36% 26.74% 157.05% 17.55% - ------------------------------------------------------------------------------------------------------------------------------- Interest expense 28.43% 80.84% 10.00% 180.54% 15.91% - ------------------------------------------------------------------------------------------------------------------------------- Non-interest income - operating 36.92% 77.16% 14.68% 157.24% 131.58% - ------------------------------------------------------------------------------------------------------------------------------- Non-interest expense 23.16% 126.72% 24.02% 113.28% 33.63% - ------------------------------------------------------------------------------------------------------------------------------- Earnings per share growth 118.26% 2.54% 85.11% 38.04% 43.28% - ------------------------------------------------------------------------------------------------------------------------------- Yield on average earning assets (FTE) 8.46% 8.77% 8.75% 9.25% 8.47% - ------------------------------------------------------------------------------------------------------------------------------- Cost of funds/Avg. interest bearing liab 4.53% 4.55% 4.10% 4.79% 4.16% - ------------------------------------------------------------------------------------------------------------------------------- ESTIMATED YEARS ENDED DECEMBER 31, YTD ------------------------------------------------------------ INCOME STATEMENT 6/30/2002 2002 2003 2004 2005 2006 ============================================================================================================================= Interest income (FTE) . . . . . . . . . . . . $ 94,134 $ 194,403 $ 220,295 $ 254,729 $ 296,806 $ 346,029 Interest expense . . . . . . . . . . . . . . 30,015 66,787 77,321 92,821 113,444 138,285 ---------- ---------- ---------- ---------- ---------- ---------- Net interest income (FTE) . . . . . . . . . . 64,119 127,616 142,974 161,908 183,362 207,744 Less: Provision for loan losses . . . . . . 15,500 22,100 13,200 15,180 17,457 20,076 ---------- ---------- ---------- ---------- ---------- ---------- Net interest income after provision for loan losses . . . . . . . . . 48,619 105,516 129,774 146,728 165,905 187,668 Non-interest income: Operating . . . . . . . . . . . . . . . . . 10,798 20,944 24,086 27,699 31,853 36,631 Securities gains & other non-recurring . . . - - - - - - Restructuring, non-recurring or other . . . . - - - - - - Amortization of intangibles . . . . . . . . . - - - - - - Amortization of core deposit intangibles . . 532 1,065 1,065 1,065 1,065 1,065 Amortization or impairment of goodwill . . . - - - - - - Non-interest expense . . . . . . . . . . . . 42,586 84,000 95,760 109,166 124,450 141,873 ---------- ---------- ---------- ---------- ---------- ---------- Income before tax . . . . . . . . . . . . . . 16,299 41,395 57,035 64,195 72,244 81,362 Less: (FTE) adjustment . . . . . . . . . . . - - - - - - Less: Income tax provision (benefit) . . . . 6,297 15,993 22,035 24,801 27,911 31,433 % of income before tax less (FTE) adj . . . 38.63% 38.63% 38.63% 38.63% 38.63% 38.63% ---------- ---------- ---------- ---------- ---------- ---------- Income before extraordinary items . . . . . . 10,002 25,403 35,000 39,394 44,333 49,929 Extraordinary items . . . . . . . . . . . . . - - - - - - ---------- ---------- ---------- ---------- ---------- ---------- Net income . . . . . . . . . . . . . . . . . 10,002 25,403 35,000 39,394 44,333 49,929 Less: Preferred dividends . . . . . . . . . - - - - - - ---------- ---------- ---------- ---------- ---------- ---------- Net income to common shareholders . . . . . $ 10,002 $ 25,403 $ 35,000 $ 39,394 $ 44,333 $ 49,929 ========== ========== ========== ========== ========== ========== PER SHARE DATA ============================================================================================================================= Basic EPS $ 0.78 $ 1.98 $ 2.72 $ 3.06 $ 3.45 $ 3.88 - ------------------------------------------------------------------------------------------------------------------------------ Diluted EPS (New GAAP beg. '02) 0.78 1.98 2.72 3.06 3.45 3.88 - ------------------------------------------------------------------------------------------------------------------------------ Cash EPS (Includes CDI amortization) 0.80 2.03 2.77 3.12 3.50 3.93 - ------------------------------------------------------------------------------------------------------------------------------ Dividend 0.00 0.00 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------ Book value 23.50 24.70 27.42 30.49 33.94 37.82 - ------------------------------------------------------------------------------------------------------------------------------ Tangible book value 15.40 16.64 19.45 22.60 26.13 30.10 - ------------------------------------------------------------------------------------------------------------------------------ SHARES OUTSTANDING ============================================================================================================================= Basic 12,855.000 12,855.000 12,855.000 12,855.000 12,855.000 12,855.000 - ------------------------------------------------------------------------------------------------------------------------------ Diluted 12,855.000 12,855.000 12,855.000 12,855.000 12,855.000 12,855.000 - ------------------------------------------------------------------------------------------------------------------------------ Period End 12,847.160 12,847.160 12,847.160 12,847.160 12,847.160 12,847.160 - ------------------------------------------------------------------------------------------------------------------------------ GROWTH RATES ============================================================================================================================= Interest income (FTE) (9.64%) (6.69%) 13.32% 15.63% 16.52% 16.58% - ------------------------------------------------------------------------------------------------------------------------------ Interest expense (27.70%) (19.56%) 15.77% 20.05% 22.22% 21.90% - ------------------------------------------------------------------------------------------------------------------------------ Non-interest income - operating (21.63%) (24.00%) 15.00% 15.00% 15.00% 15.00% - ------------------------------------------------------------------------------------------------------------------------------ Non-interest expense (7.83%) (4.60%) 14.00% 14.00% 14.00% 14.00% - ------------------------------------------------------------------------------------------------------------------------------ Earnings per share growth (52.61%) (39.82%) 37.78% 12.55% 12.54% 12.62% - ------------------------------------------------------------------------------------------------------------------------------ Yield on average earning assets (FTE) 6.85% 7.00% 7.15% 7.30% 7.50% 7.70% - ------------------------------------------------------------------------------------------------------------------------------ Cost of funds/Avg. interest bearing liab 2.85% 3.05% 3.12% 3.35% 3.65% 3.95% - ------------------------------------------------------------------------------------------------------------------------------ 2 15 F CO. FINANCIAL RESULTS FISCAL YEARS ENDED DECEMBER 31, ----------------------------------------------------------------------------------- PROFITABILITY AND OPERATING RATIOS 1996 1997 1998 1999 2000 2001 =================================================================================================================================== Return on average assets (ROA) 0.52% 0.84% 0.67% 1.09% 1.32% 1.46% - ----------------------------------------------------------------------------------------------------------------------------------- Pre-CDI amort. return on average assets 0.52% 0.84% 0.67% 1.09% 1.32% 1.46% - ----------------------------------------------------------------------------------------------------------------------------------- Return on common equity (ROCE) 4.48% 9.17% 8.10% 13.66% 15.86% 17.34% - ----------------------------------------------------------------------------------------------------------------------------------- Pre-CDI amort. return on common equity 4.48% 9.17% 8.10% 13.66% 15.86% 17.34% - ----------------------------------------------------------------------------------------------------------------------------------- Return on average equity (ROE) 4.48% 9.17% 8.10% 13.66% 15.86% 17.34% - ----------------------------------------------------------------------------------------------------------------------------------- Pre-CDI amort. return on average equity 4.48% 9.17% 8.10% 13.66% 15.86% 17.34% - ----------------------------------------------------------------------------------------------------------------------------------- Dividend payout ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------------------- Yield on average earning assets (FTE) 7.89% 8.46% 8.77% 8.75% 9.25% 8.47% - ----------------------------------------------------------------------------------------------------------------------------------- Cost of funds/Avg. interest bearing liab. 4.64% 4.53% 4.55% 4.10% 4.79% 4.16% - ----------------------------------------------------------------------------------------------------------------------------------- Net interest margin (FTE) 4.21% 4.70% 5.03% 5.51% 5.51% 5.10% - ----------------------------------------------------------------------------------------------------------------------------------- Net interest margin (Net of Provision) 3.75% 4.11% 4.88% 5.46% 5.41% 4.89% - ----------------------------------------------------------------------------------------------------------------------------------- Net interest spread (FTE) 3.24% 3.92% 4.22% 4.65% 4.46% 4.31% - ----------------------------------------------------------------------------------------------------------------------------------- Provision for losses/Avg. loans 0.68% 0.81% 0.19% 0.06% 0.12% 0.24% - ----------------------------------------------------------------------------------------------------------------------------------- Net charge-offs/Avg. loans 1.44% 0.59% 0.23% (0.09%) 0.01% 0.27% - ----------------------------------------------------------------------------------------------------------------------------------- Net charge-offs $2,669 $1,462 $1,065 $ (625) $ 201 $5,712 - ----------------------------------------------------------------------------------------------------------------------------------- OVERHEAD AND REVENUE RATIOS =================================================================================================================================== Non-interest expense/Non-interest income 570.05% 512.78% 656.22% 709.68% 588.39% 339.53% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense/Average assets 3.14% 3.09% 3.83% 3.78% 3.33% 3.40% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense/Total revenues 72.28% 63.71% 75.13% 68.32% 59.58% 61.20% - ----------------------------------------------------------------------------------------------------------------------------------- N-I expense/Total rev. (Net of Prov.) 79.89% 71.51% 77.10% 68.89% 60.55% 63.28% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest income/Total revenues 12.68% 12.42% 11.45% 9.63% 10.13% 18.03% - ----------------------------------------------------------------------------------------------------------------------------------- N-I income/Total rev. (Net of Prov.) 14.01% 13.95% 11.75% 9.71% 10.29% 18.64% - ----------------------------------------------------------------------------------------------------------------------------------- Net non-interest expense/Average assets 2.59% 2.49% 3.25% 3.25% 2.76% 2.40% - ----------------------------------------------------------------------------------------------------------------------------------- Net non-interest expense/(FTE) margin 68.25% 58.56% 71.92% 64.95% 55.02% 52.67% - ----------------------------------------------------------------------------------------------------------------------------------- Net N-I exp./FTE margin (Net of Prov.) 76.61% 66.89% 74.06% 65.54% 56.02% 54.87% - ----------------------------------------------------------------------------------------------------------------------------------- Revenue growth 39.74% 92.24% 36.38% 144.58% 30.09% - ----------------------------------------------------------------------------------------------------------------------------------- ESTIMATED YEARS ENDED DECEMBER 31, YTD --------------------------------------------------------------------- PROFITABILITY AND OPERATING RATIOS 6/30/2002 2002 2003 2004 2005 2006 =================================================================================================================================== Return on average assets (ROA) 0.65% 0.82% 1.03% 1.04% 1.04% 1.04% - ----------------------------------------------------------------------------------------------------------------------------------- Pre-CDI amort. return on average assets 0.67% 0.84% 1.05% 1.05% 1.06% 1.06% - ----------------------------------------------------------------------------------------------------------------------------------- Return on common equity (ROCE) 6.81% 8.42% 10.45% 10.59% 10.71% 10.83% - ----------------------------------------------------------------------------------------------------------------------------------- Pre-CDI amort. return on common equity 7.04% 8.64% 10.65% 10.77% 10.87% 10.97% - ----------------------------------------------------------------------------------------------------------------------------------- Return on average equity (ROE) 6.81% 8.42% 10.45% 10.59% 10.71% 10.83% - ----------------------------------------------------------------------------------------------------------------------------------- Pre-CDI amort. return on average equity 7.04% 8.64% 10.65% 10.77% 10.87% 10.97% - ----------------------------------------------------------------------------------------------------------------------------------- Dividend payout ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------------------- Yield on average earning assets (FTE) 6.85% 7.00% 7.15% 7.30% 7.50% 7.70% - ----------------------------------------------------------------------------------------------------------------------------------- Cost of funds/Avg. interest bearing liab. 2.85% 3.05% 3.12% 3.35% 3.65% 3.95% - ----------------------------------------------------------------------------------------------------------------------------------- Net interest margin (FTE) 4.67% 4.60% 4.64% 4.64% 4.63% 4.62% - ----------------------------------------------------------------------------------------------------------------------------------- Net interest margin (Net of Provision) 3.54% 3.80% 4.21% 4.20% 4.19% 4.18% - ----------------------------------------------------------------------------------------------------------------------------------- Net interest spread (FTE) 4.00% 3.95% 4.03% 3.95% 3.85% 3.75% - ----------------------------------------------------------------------------------------------------------------------------------- Provision for losses/Avg. loans 1.35% 0.95% 0.50% 0.50% 0.50% 0.50% - ----------------------------------------------------------------------------------------------------------------------------------- Net charge-offs/Avg. loans 1.37% 0.58% 0.15% 0.15% 0.15% 0.15% - ----------------------------------------------------------------------------------------------------------------------------------- Net charge-offs $15,800 $13,540 $3,871 $4,451 $5,119 $5,887 - ----------------------------------------------------------------------------------------------------------------------------------- OVERHEAD AND REVENUE RATIOS =================================================================================================================================== Non-interest expense/Non-interest income 399.30% 406.15% 402.00% 397.97% 394.04% 390.21% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense/Average assets 2.82% 2.74% 2.84% 2.90% 2.95% 2.99% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense/Total revenues 57.55% 57.26% 57.96% 58.14% 58.32% 58.49% - ----------------------------------------------------------------------------------------------------------------------------------- N-I expense/Total rev. (Net of Prov.) 72.57% 67.27% 62.93% 63.20% 63.47% 63.73% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest income/Total revenues 14.41% 14.10% 14.42% 14.61% 14.80% 14.99% - ----------------------------------------------------------------------------------------------------------------------------------- N-I income/Total rev. (Net of Prov.) 18.17% 16.56% 15.65% 15.88% 16.11% 16.33% - ----------------------------------------------------------------------------------------------------------------------------------- Net non-interest expense/Average assets 2.11% 2.07% 2.14% 2.17% 2.20% 2.22% - ----------------------------------------------------------------------------------------------------------------------------------- Net non-interest expense/(FTE) margin 50.41% 50.25% 50.88% 50.98% 51.08% 51.17% - ----------------------------------------------------------------------------------------------------------------------------------- Net N-I exp./FTE margin (Net of Prov.) 66.48% 60.77% 56.05% 56.25% 56.45% 56.65% - ----------------------------------------------------------------------------------------------------------------------------------- Revenue growth (1.99%) (2.83%) 12.45% 13.50% 13.51% 13.55% - ----------------------------------------------------------------------------------------------------------------------------------- 3 16 F CO. FINANCIAL RESULTS FISCAL YEARS ENDED DECEMBER 31, ----------------------------------------------------------------------------------- ANNUAL PER SHARE GROWTH RATES 1996 1997 1998 1999 2000 2001 =================================================================================================================================== Revenue Per Share: Net interest income (FTE) 50.97% 37.44% 25.42% 14.39% 17.92% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest income (Operating) 47.49% 25.27% 3.34% 20.98% 130.16% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating revenue 50.53% 35.93% 22.89% 15.02% 29.29% - ----------------------------------------------------------------------------------------------------------------------------------- Expense Per Share: Provision for loan losses 72.35% (68.18%) (60.65%) 124.61% 165.27% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense (Operating) 32.67% 60.31% 11.76% 0.30% 32.81% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating expense 37.30% 41.52% 9.37% 1.77% 36.27% - ----------------------------------------------------------------------------------------------------------------------------------- Net income 102.61% 45.01% 105.42% 193.53% 42.52% - ----------------------------------------------------------------------------------------------------------------------------------- Net income per share 118.26% 2.54% 85.11% 38.04% 43.28% - ----------------------------------------------------------------------------------------------------------------------------------- Book value per share 13.87% 9.61% 11.48% 26.76% 36.45% - ----------------------------------------------------------------------------------------------------------------------------------- Fully diluted shares outstanding (7.17%) 41.43% 10.97% 112.64% 0.62% - ----------------------------------------------------------------------------------------------------------------------------------- Period end shares outstanding 4.51% 50.70% (1.23%) 114.26% 6.19% - ----------------------------------------------------------------------------------------------------------------------------------- 3 YEAR COMPOUND GROWTH RATES =================================================================================================================================== Revenue Per Share: Net interest income (FTE) 37.55% 25.40% 19.16% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest income (Operating) 24.06% 16.13% 42.23% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating revenue 35.98% 24.32% 22.26% - ----------------------------------------------------------------------------------------------------------------------------------- Expense Per Share: Provision for loan losses (40.02%) (34.48%) 32.85% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense (Operating) 33.46% 21.57% 14.18% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating expense 28.57% 16.35% 14.90% - ----------------------------------------------------------------------------------------------------------------------------------- Net income 82.07% 106.02% 104.83% - ----------------------------------------------------------------------------------------------------------------------------------- Net income per share 60.61% 37.86% 54.13% - ----------------------------------------------------------------------------------------------------------------------------------- Book value per share 11.64% 15.70% 24.47% - ----------------------------------------------------------------------------------------------------------------------------------- Fully diluted shares outstanding 13.37% 49.44% 33.41% - ----------------------------------------------------------------------------------------------------------------------------------- Period end shares outstanding 15.87% 47.19% 30.98% - ----------------------------------------------------------------------------------------------------------------------------------- 5 YEAR COMPOUND GROWTH RATES =================================================================================================================================== Revenue Per Share: Net interest income (FTE) 28.55% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest income (Operating) 39.67% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating revenue 30.18% - ----------------------------------------------------------------------------------------------------------------------------------- Expense Per Share: Provision for loan losses 5.16% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense (Operating) 25.92% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating expense 24.13% - ----------------------------------------------------------------------------------------------------------------------------------- Net income 90.74% - ----------------------------------------------------------------------------------------------------------------------------------- Net income per share 52.30% - ----------------------------------------------------------------------------------------------------------------------------------- Book value per share 19.20% - ----------------------------------------------------------------------------------------------------------------------------------- Fully diluted shares outstanding 25.53% - ----------------------------------------------------------------------------------------------------------------------------------- Period end shares outstanding 28.76% - ----------------------------------------------------------------------------------------------------------------------------------- ESTIMATED YEARS ENDED DECEMBER 31, YTD ---------------------------------------------------------------------- ANNUAL PER SHARE GROWTH RATES 6/30/2002 2002 2003 2004 2005 2006 =================================================================================================================================== Revenue Per Share: Net interest income (FTE) (3.33%) 12.03% 13.24% 13.25% 13.30% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest income (Operating) (27.85%) 15.00% 15.00% 15.00% 15.00% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating revenue (7.75%) 12.45% 13.50% 13.51% 13.55% - ----------------------------------------------------------------------------------------------------------------------------------- Expense Per Share: Provision for loan losses 318.78% (40.27%) 15.00% 15.00% 15.00% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense (Operating) (13.69%) 13.82% 13.85% 13.86% 13.88% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating expense 3.21% 2.67% 13.98% 14.00% 14.02% - ----------------------------------------------------------------------------------------------------------------------------------- Net income (35.88%) 37.78% 12.55% 12.54% 12.62% - ----------------------------------------------------------------------------------------------------------------------------------- Net income per share (39.82%) 37.78% 12.55% 12.54% 12.62% - ----------------------------------------------------------------------------------------------------------------------------------- Book value per share 11.28% 11.03% 11.18% 11.32% 11.45% - ----------------------------------------------------------------------------------------------------------------------------------- Fully diluted shares outstanding 5.33% 0.00% 0.00% 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------------------- Period end shares outstanding (0.07%) 0.00% 0.00% 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------------------- 3 YEAR COMPOUND GROWTH RATES =================================================================================================================================== Revenue Per Share: Net interest income (FTE) 9.25% 8.50% 7.04% 12.84% 13.26% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest income (Operating) 26.18% 24.07% (1.55%) 15.00% 15.00% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating revenue 11.11% 10.28% 5.59% 13.15% 13.52% - ----------------------------------------------------------------------------------------------------------------------------------- Expense Per Share: Provision for loan losses 192.21% 87.91% 42.22% (7.56%) 15.00% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense (Operating) 4.76% 9.27% 3.80% 13.85% 13.86% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating expense 12.70% 13.03% 6.49% 10.09% 14.00% - ----------------------------------------------------------------------------------------------------------------------------------- Net income 38.94% 7.98% (0.19%) 20.40% 12.57% - ----------------------------------------------------------------------------------------------------------------------------------- Net income per share 5.98% 5.91% (2.28%) 20.40% 12.57% - ----------------------------------------------------------------------------------------------------------------------------------- Book value per share 24.39% 19.02% 11.17% 11.18% 11.32% - ----------------------------------------------------------------------------------------------------------------------------------- Fully diluted shares outstanding 31.11% 1.96% 1.75% 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------------------- Period end shares outstanding 31.50% 2.00% (0.02%) 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------------------- 5 YEAR COMPOUND GROWTH RATES =================================================================================================================================== Revenue Per Share: Net interest income (FTE) 17.59% 12.88% 10.59% 10.37% 9.49% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest income (Operating) 21.06% 19.01% 21.58% 20.36% 4.76% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating revenue 18.04% 13.65% 11.85% 11.56% 8.70% - ----------------------------------------------------------------------------------------------------------------------------------- Expense Per Share: Provision for loan losses 25.59% 42.44% 76.52% 54.40% 30.63% - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest expense (Operating) 15.55% 7.90% 8.30% 11.08% 7.72% - ----------------------------------------------------------------------------------------------------------------------------------- Total operating expense 17.24% 9.96% 10.87% 13.41% 9.44% - ----------------------------------------------------------------------------------------------------------------------------------- Net income 51.54% 49.99% 32.99% 9.79% 4.74% - ----------------------------------------------------------------------------------------------------------------------------------- Net income per share 17.70% 24.87% 13.04% 8.52% 3.41% - ----------------------------------------------------------------------------------------------------------------------------------- Book value per share 18.65% 18.96% 18.90% 15.85% 11.25% - ----------------------------------------------------------------------------------------------------------------------------------- Fully diluted shares outstanding 28.74% 20.12% 17.65% 1.17% 1.04% - ----------------------------------------------------------------------------------------------------------------------------------- Period end shares outstanding 27.61% 17.56% 17.85% 1.20% (0.01%) - ----------------------------------------------------------------------------------------------------------------------------------- 4 17 F CO. FINANCIAL RESULTS FISCAL YEARS ENDED DECEMBER 31, ----------------------------------------------------------------------------------- BALANCE SHEET 1996 1997 1998 1999 2000 2001 =================================================================================================================================== Cash and cash equivalents $ 21,964 $ 26,442 $ 46,313 $ 44,566 $ 153,210 $ 119,097 -------- -------- -------- -------- ---------- ---------- Trading account securities -- -- -- -- -- -- Securities available for sale 86,910 83,791 114,937 90,658 330,557 364,518 Securities held to maturity -- -- 2,026 1,880 4,662 3,689 Other investment securities -- -- -- -- -- -- -------- -------- -------- -------- ---------- ---------- Total investment securities 86,910 83,791 116,963 92,538 335,219 368,207 Loans held for sale -- 5,708 -- -- -- -- Loans held for investment 241,874 307,729 516,404 732,263 2,058,677 2,323,263 Reserves 6,147 6,715 12,127 14,611 37,930 42,721 Real estate owned 785 381 161 60 694 547 Intangible assets -- -- -- -- -- -- Core deposit intangibles -- -- -- -- -- -- Goodwill 3,127 6,424 8,405 16,579 74,609 103,153 Other assets 26,669 27,496 43,878 49,312 156,900 189,442 -------- -------- -------- -------- ---------- ---------- Total assets $375,182 $451,256 $719,997 $920,707 $2,741,379 $3,060,988 ======== ======== ======== ======== ========== ========== Non-interest bearing deposits $ 56,161 $ 66,396 $105,949 $128,137 $ 475,785 $ 529,924 Large time deposits 31,679 38,377 52,132 94,967 301,649 314,287 Other interest bearing deposits 231,966 279,169 441,066 556,919 1,528,922 1,711,050 -------- -------- -------- -------- ---------- ---------- Total deposits 319,806 383,942 599,147 780,023 2,306,356 2,555,261 Borrowings 2,092 2,807 4,141 14,940 57,585 59,780 Long-term debt (parent co. only) 14,000 14,500 -- -- 98,000 71,000 Convertible debt (parent co. only) -- -- -- -- -- -- -------- -------- -------- -------- ---------- ---------- Total long-term debt (parent co. only) 14,000 14,500 -- -- 98,000 71,000 Trust preferred securities -- -- 44,155 44,218 44,280 44,342 Other liabilities 5,786 10,143 6,709 9,027 38,249 45,288 -------- -------- -------- -------- ---------- ---------- Total liabilities 341,684 411,392 654,152 848,208 2,544,470 2,775,671 ======== ======== ======== ======== ========== ========== Preferred stock -- -- -- -- -- -- Convertible preferred stock -- -- -- -- -- -- Common equity 33,534 39,702 65,304 74,510 196,564 266,093 -------- -------- -------- -------- ---------- ---------- Total stockholders' equity (pre-FAS 115) 33,534 39,702 65,304 74,510 196,564 266,093 FASB 115 adjustment (36) 162 541 (2,011) 345 19,224 -------- -------- -------- -------- ---------- ---------- Total stockholders' equity $ 33,498 $ 39,864 $ 65,845 $ 72,499 $ 196,909 $ 285,317 ======== ======== ======== ======== ========== ========== GROWTH RATES =================================================================================================================================== Total securities (3.59%) 39.59% (20.88%) 262.25% 9.84% - ----------------------------------------------------------------------------------------------------------------------------------- Net loans 29.59% 64.76% 41.80% 181.14% 12.85% - ----------------------------------------------------------------------------------------------------------------------------------- Total assets 20.28% 59.55% 27.88% 197.75% 11.66% - ----------------------------------------------------------------------------------------------------------------------------------- Total deposits 20.05% 56.05% 30.19% 195.68% 10.79% - ----------------------------------------------------------------------------------------------------------------------------------- Borrowings 34.18% 47.52% 260.78% 285.44% 3.81% - ----------------------------------------------------------------------------------------------------------------------------------- ESTIMATED YEARS ENDED DECEMBER 31, YTD ------------------------------------------------------------------------ BALANCE SHEET 6/30/2002 2002 2003 2004 2005 2006 =================================================================================================================================== Cash and cash equivalents $ 165,072 $ 165,072 $ 165,072 $ 165,072 $ 165,072 $ 165,072 ---------- ---------- ---------- ---------- ---------- ---------- Trading account securities -- -- -- -- -- -- Securities available for sale 357,420 364,518 379,099 394,263 410,033 426,435 Securities held to maturity 2,798 3,689 3,837 3,990 4,150 4,316 Other investment securities -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- Total investment securities 360,218 368,207 382,935 398,253 414,183 430,750 Loans held for sale -- -- -- -- -- -- Loans held for investment 2,278,398 2,439,426 2,805,340 3,226,141 3,710,062 4,266,572 Reserves 42,459 51,281 60,611 71,340 83,678 97,867 Real estate owned 547 574 661 760 874 1,005 Intangible assets -- -- -- -- -- -- Core deposit intangibles 7,363 6,831 5,766 4,701 3,636 2,571 Goodwill 96,623 96,623 96,623 96,623 96,623 96,623 Other assets 196,348 196,348 196,348 196,348 196,348 196,348 ---------- ---------- ---------- ---------- ---------- ---------- Total assets $3,062,109 $3,221,799 $3,592,133 $4,016,557 $4,503,119 $5,061,073 ========== ========== ========== ========== ========== ========== Non-interest bearing deposits $ 489,314 $ 519,502 $ 581,842 $ 651,663 $ 729,863 $ 817,446 Large time deposits 288,757 306,572 343,360 384,564 430,711 482,396 Other interest bearing deposits 1,749,044 1,856,950 2,079,785 2,329,359 2,608,882 2,921,948 ---------- ---------- ---------- ---------- ---------- ---------- Total deposits 2,527,115 2,683,024 3,004,987 3,365,585 3,769,456 4,221,790 Borrowings 86,423 80,202 97,772 116,999 155,903 212,250 Long-term debt (parent co. only) 50,387 50,387 50,387 50,387 50,387 50,387 Convertible debt (parent co. only) -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- Total long-term debt (parent co. only) 50,387 50,387 50,387 50,387 50,387 50,387 Trust preferred securities 44,460 44,460 44,460 44,460 44,460 44,460 Other liabilities 51,837 51,837 51,837 51,837 51,837 51,837 ---------- ---------- ---------- ---------- ---------- ---------- Total liabilities 2,760,222 2,909,910 3,249,443 3,629,269 4,072,043 4,580,724 ========== ========== ========== ========== ========== ========== Preferred stock -- -- -- -- -- -- Convertible preferred stock -- -- -- -- -- -- Common equity 275,769 291,169 326,169 365,563 409,896 459,825 ---------- ---------- ---------- ---------- ---------- ---------- Total stockholders' equity (pre-FAS 115) 275,769 291,169 326,169 365,563 409,896 459,825 FASB 115 adjustment 26,119 26,119 26,119 26,119 26,119 26,119 ---------- ---------- ---------- ---------- ---------- ---------- Total stockholders' equity $ 301,888 $ 317,288 $ 352,288 $ 391,682 $ 436,015 $ 485,944 ========== ========== ========== ========== ========== ========== 0 (5,398) (9,598) (4,394) (4,939) (5,595) GROWTH RATES =================================================================================================================================== Total securities (4.34%) 0.00% 4.00% 4.00% 4.00% 4.00% - ----------------------------------------------------------------------------------------------------------------------------------- Net loans (3.86%) 5.00% 15.00% 15.00% 15.00% 15.00% - ----------------------------------------------------------------------------------------------------------------------------------- Total assets 0.07% 5.25% 11.49% 11.82% 12.11% 12.39% - ----------------------------------------------------------------------------------------------------------------------------------- Total deposits (2.20%) 5.00% 12.00% 12.00% 12.00% 12.00% - ----------------------------------------------------------------------------------------------------------------------------------- Borrowings 89.14% 34.16% 21.91% 19.67% 33.25% 36.14% - ----------------------------------------------------------------------------------------------------------------------------------- 5 18 F CO. FINANCIAL RESULTS FISCAL YEARS ENDED DECEMBER 31, -------------------------------------------------------------------------------------- REGULATORY CAPITAL 1996 1997 1998 1999 2000 2001 =================================================================================================================================== Tangible equity $ 30,371 $ 33,193 $ 57,440 $ 55,920 $ 122,300 $ 182,164 - ----------------------------------------------------------------------------------------------------------------------------------- Tier 1 capital (excl. intangibles) 17,189 23,356 71,552 80,269 165,090 208,208 - ----------------------------------------------------------------------------------------------------------------------------------- Tier 2 capital 3,402 4,434 32,058 32,094 30,630 34,638 - ----------------------------------------------------------------------------------------------------------------------------------- Risk weighted total assets 269,402 NA 621,807 859,060 2,443,078 2,761,188 - ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE BALANCE SHEET DATA =================================================================================================================================== Total securities $ 19,813 $ 82,546 $132,673 $101,629 $ 205,432 $ 266,643 - ----------------------------------------------------------------------------------------------------------------------------------- Net loans (gross of reserves) 185,154 247,005 465,539 668,970 1,621,432 2,109,284 - ----------------------------------------------------------------------------------------------------------------------------------- Earning assets 271,907 341,492 620,460 788,447 1,915,960 2,458,637 - ----------------------------------------------------------------------------------------------------------------------------------- Total assets 301,486 377,284 690,406 868,869 2,102,669 2,749,274 - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest bearing deposits 46,684 52,893 95,095 120,623 340,278 434,290 - ----------------------------------------------------------------------------------------------------------------------------------- Total interest bearing deposits 207,954 263,631 490,223 610,859 1,455,409 1,869,119 - ----------------------------------------------------------------------------------------------------------------------------------- Large time deposits 25,294 29,614 51,546 67,489 198,308 307,968 - ----------------------------------------------------------------------------------------------------------------------------------- Deposits 254,638 316,524 585,318 731,482 1,795,687 2,303,409 - ----------------------------------------------------------------------------------------------------------------------------------- Borrowings (including debt) 16,092 16,700 19,596 12,322 85,263 143,183 - ----------------------------------------------------------------------------------------------------------------------------------- Interest bearing liabilities 215,149 283,031 509,819 623,181 1,494,105 1,995,290 - ----------------------------------------------------------------------------------------------------------------------------------- Common shareholders' equity 35,042 34,686 56,935 69,347 175,319 231,147 - ----------------------------------------------------------------------------------------------------------------------------------- Shareholders' equity 35,042 34,686 56,935 69,347 175,319 231,147 - ----------------------------------------------------------------------------------------------------------------------------------- BALANCE SHEET RATIOS =================================================================================================================================== Common equity/Total assets 8.93% 8.83% 9.15% 7.87% 7.18% 9.32% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible common equity/Total assets 8.16% 7.52% 8.07% 6.18% 4.59% 6.16% - ----------------------------------------------------------------------------------------------------------------------------------- Intangibles/Common equity 9.33% 16.11% 12.76% 22.87% 37.89% 36.15% - ----------------------------------------------------------------------------------------------------------------------------------- Total equity/Total assets 8.93% 8.83% 9.15% 7.87% 7.18% 9.32% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible total equity/Total assets 8.16% 7.46% 8.07% 6.18% 4.59% 6.16% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible tier 1 capital/Total assets 4.62% 5.25% 10.06% 8.88% 6.19% 7.04% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible tier 1 cap./Risk weighted assets 6.38% NA 11.51% 9.34% 6.76% 7.54% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible total cap./Risk weighted assets 7.64% NA 16.66% 13.08% 8.01% 8.79% - ----------------------------------------------------------------------------------------------------------------------------------- Total long-term debt/Total equity 41.79% 36.37% 0.00% 0.00% 49.77% 24.88% - ----------------------------------------------------------------------------------------------------------------------------------- L-T Debt & Trust Preferred/Common equity 41.79% 36.37% 67.06% 60.99% 72.26% 40.43% - ----------------------------------------------------------------------------------------------------------------------------------- L-T Debt & Trust Preferred/Total equity 41.79% 36.37% 67.06% 60.99% 72.26% 40.43% - ----------------------------------------------------------------------------------------------------------------------------------- L-T Debt & Trust Preferred/Tangible equity 46.10% 43.68% 76.87% 79.07% 116.34% 63.32% - ----------------------------------------------------------------------------------------------------------------------------------- Trust Preferred/Common equity 0.00% 0.00% 67.06% 60.99% 22.49% 15.54% - ----------------------------------------------------------------------------------------------------------------------------------- Trust Preferred/Total equity 0.00% 0.00% 67.06% 60.99% 22.49% 15.54% - ----------------------------------------------------------------------------------------------------------------------------------- Trust Preferred/Tangible equity 0.00% 0.00% 76.87% 79.07% 36.21% 24.34% - ----------------------------------------------------------------------------------------------------------------------------------- Total investment securities/Total assets 23.16% 18.57% 16.24% 10.05% 12.23% 12.03% - ----------------------------------------------------------------------------------------------------------------------------------- Net loans/Total assets 64.47% 69.46% 71.72% 79.53% 75.10% 75.90% - ----------------------------------------------------------------------------------------------------------------------------------- Loans/Total deposits 75.63% 81.64% 86.19% 93.88% 89.26% 90.92% - ----------------------------------------------------------------------------------------------------------------------------------- NIB demand deposits/Total deposits 17.56% 17.29% 17.68% 16.43% 20.63% 20.74% - ----------------------------------------------------------------------------------------------------------------------------------- Large time deposits/Total deposits 9.91% 10.00% 8.70% 12.17% 13.08% 12.30% - ----------------------------------------------------------------------------------------------------------------------------------- Average loans/Average earning assets 68.09% 72.33% 75.03% 84.85% 84.63% 85.79% - ----------------------------------------------------------------------------------------------------------------------------------- Average loans/Average assets 61.41% 65.47% 67.43% 76.99% 77.11% 76.72% - ----------------------------------------------------------------------------------------------------------------------------------- Average earning assets/Average assets 90.19% 90.51% 89.87% 90.74% 91.12% 89.43% - ----------------------------------------------------------------------------------------------------------------------------------- Average loans/Average deposits 72.71% 78.04% 79.54% 91.45% 90.30% 91.57% - ----------------------------------------------------------------------------------------------------------------------------------- Average NIB deposits/Average deposits 18.33% 16.71% 16.25% 16.49% 18.95% 18.85% - ----------------------------------------------------------------------------------------------------------------------------------- Ave. int. bear. liab./Ave. earning assets 79.13% 82.88% 82.17% 79.04% 77.98% 81.15% - ----------------------------------------------------------------------------------------------------------------------------------- Ave. int. bear. dep./Ave. int. bear. Liab. 96.66% 93.15% 96.16% 98.02% 97.41% 93.68% - ----------------------------------------------------------------------------------------------------------------------------------- ESTIMATED YEARS ENDED DECEMBER 31, YTD ----------------------------------------------------------------------- REGULATORY CAPITAL 6/30/2002 2002 2003 2004 2005 2006 =================================================================================================================================== Tangible equity $ 197,901 $ 213,834 $ 249,899 $ 290,358 $ 335,757 $ 386,750 - ----------------------------------------------------------------------------------------------------------------------------------- Tier 1 capital (excl. intangibles) 211,636 232,175 268,240 308,699 354,098 405,091 - ----------------------------------------------------------------------------------------------------------------------------------- Tier 2 capital 34,088 36,328 40,504 45,290 50,776 57,067 - ----------------------------------------------------------------------------------------------------------------------------------- Risk weighted total assets 2,722,810 2,906,249 3,240,312 3,623,166 4,062,073 4,565,380 - ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE BALANCE SHEET DATA =================================================================================================================================== Total securities $ 364,212 $ 364,212 $ 375,571 $ 390,594 $ 406,218 $ 422,466 - ----------------------------------------------------------------------------------------------------------------------------------- Net loans (gross of reserves) 2,300,831 2,329,871 2,622,383 3,015,741 3,468,102 3,988,317 - ----------------------------------------------------------------------------------------------------------------------------------- Earning assets 2,748,143 2,777,184 3,081,054 3,489,435 3,957,419 4,493,883 - ----------------------------------------------------------------------------------------------------------------------------------- Total assets 3,061,549 3,101,752 3,406,966 3,804,345 4,259,838 4,782,096 - ----------------------------------------------------------------------------------------------------------------------------------- Non-interest bearing deposits 509,619 507,013 550,672 616,753 690,763 773,655 - ----------------------------------------------------------------------------------------------------------------------------------- Total interest bearing deposits 2,031,569 2,066,115 2,293,333 2,568,534 2,876,758 3,221,968 - ----------------------------------------------------------------------------------------------------------------------------------- Large time deposits 301,522 299,593 324,966 363,962 407,637 456,554 - ----------------------------------------------------------------------------------------------------------------------------------- Deposits 2,541,188 2,573,129 2,844,005 3,185,286 3,567,520 3,995,623 - ----------------------------------------------------------------------------------------------------------------------------------- Borrowings (including debt) 73,102 125,630 183,834 202,233 231,298 278,923 - ----------------------------------------------------------------------------------------------------------------------------------- Interest bearing liabilities 2,104,670 2,191,746 2,477,167 2,770,766 3,108,056 3,500,892 - ----------------------------------------------------------------------------------------------------------------------------------- Common shareholders' equity 293,602 301,595 334,788 371,985 413,849 460,980 - ----------------------------------------------------------------------------------------------------------------------------------- Shareholders' equity 293,602 301,595 334,788 371,985 413,849 460,980 - ----------------------------------------------------------------------------------------------------------------------------------- BALANCE SHEET RATIOS =================================================================================================================================== Common equity/Total assets 9.86% 9.85% 9.81% 9.75% 9.68% 9.60% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible common equity/Total assets 6.69% 6.86% 7.16% 7.42% 7.63% 7.79% - ----------------------------------------------------------------------------------------------------------------------------------- Intangibles/Common equity 34.45% 32.61% 29.06% 25.87% 22.99% 20.41% - ----------------------------------------------------------------------------------------------------------------------------------- Total equity/Total assets 9.86% 9.85% 9.81% 9.75% 9.68% 9.60% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible total equity/Total assets 6.69% 6.86% 7.16% 7.42% 7.63% 7.79% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible tier 1 capital/Total assets 7.15% 7.45% 7.69% 7.88% 8.04% 8.16% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible tier 1 cap./Risk weighted assets 7.77% 7.99% 8.28% 8.52% 8.72% 8.87% - ----------------------------------------------------------------------------------------------------------------------------------- Tangible total cap./Risk weighted assets 9.02% 9.24% 9.53% 9.77% 9.97% 10.12% - ----------------------------------------------------------------------------------------------------------------------------------- Total long-term debt/Total equity 16.69% 15.88% 14.30% 12.86% 11.56% 10.37% - ----------------------------------------------------------------------------------------------------------------------------------- L-T Debt & Trust Preferred/Common equity 31.42% 29.89% 26.92% 24.22% 21.75% 19.52% - ----------------------------------------------------------------------------------------------------------------------------------- L-T Debt & Trust Preferred/Total equity 31.42% 29.89% 26.92% 24.22% 21.75% 19.52% - ----------------------------------------------------------------------------------------------------------------------------------- L-T Debt & Trust Preferred/Tangible equity 47.93% 44.36% 37.95% 32.67% 28.25% 24.52% - ----------------------------------------------------------------------------------------------------------------------------------- Trust Preferred/Common equity 14.73% 14.01% 12.62% 11.35% 10.20% 9.15% - ----------------------------------------------------------------------------------------------------------------------------------- Trust Preferred/Total equity 14.73% 14.01% 12.62% 11.35% 10.20% 9.15% - ----------------------------------------------------------------------------------------------------------------------------------- Trust Preferred/Tangible equity 22.47% 20.79% 17.79% 15.31% 13.24% 11.50% - ----------------------------------------------------------------------------------------------------------------------------------- Total investment securities/Total assets 11.76% 11.43% 10.66% 9.92% 9.20% 8.51% - ----------------------------------------------------------------------------------------------------------------------------------- Net loans/Total assets 74.41% 75.72% 78.10% 80.32% 82.39% 84.30% - ----------------------------------------------------------------------------------------------------------------------------------- Loans/Total deposits 90.16% 90.92% 93.36% 95.86% 98.42% 101.06% - ----------------------------------------------------------------------------------------------------------------------------------- NIB demand deposits/Total deposits 19.36% 19.36% 19.36% 19.36% 19.36% 19.36% - ----------------------------------------------------------------------------------------------------------------------------------- Large time deposits/Total deposits 11.43% 11.43% 11.43% 11.43% 11.43% 11.43% - ----------------------------------------------------------------------------------------------------------------------------------- Average loans/Average earning assets 83.72% 83.89% 85.11% 86.42% 87.64% 88.75% - ----------------------------------------------------------------------------------------------------------------------------------- Average loans/Average assets 75.15% 75.11% 76.97% 79.27% 81.41% 83.40% - ----------------------------------------------------------------------------------------------------------------------------------- Average earning assets/Average assets 89.76% 89.54% 90.43% 91.72% 92.90% 93.97% - ----------------------------------------------------------------------------------------------------------------------------------- Average loans/Average deposits 90.54% 90.55% 92.21% 94.68% 97.21% 99.82% - ----------------------------------------------------------------------------------------------------------------------------------- Average NIB deposits/Average deposits 20.05% 19.70% 19.36% 19.36% 19.36% 19.36% - ----------------------------------------------------------------------------------------------------------------------------------- Ave. int. bear. liab./Ave. earning assets 76.59% 78.92% 80.40% 79.40% 78.54% 77.90% - ----------------------------------------------------------------------------------------------------------------------------------- Ave. int. bear. dep./Ave. int. bear. Liab. 96.53% 94.27% 92.58% 92.70% 92.56% 92.03% - ----------------------------------------------------------------------------------------------------------------------------------- 6 19 F CO. FINANCIAL RESULTS FISCAL YEARS ENDED DECEMBER 31, ------------------------------------------------------------------------------------- LOAN PORTFOLIO 1996 1997 1998 1999 2000 2001 =================================================================================================================================== Commercial, financial & agricultural $ 48,025 $ 69,091 $140,151 $216,780 $ 686,426 $ 770,992 Highly leveraged transactions -- -- -- -- -- -- Real estate: Commercial mortgage -- -- -- -- -- -- Residential mortgage 54,761 103,718 155,443 272,700 883,103 1,001,663 Construction 44,238 66,601 161,696 204,832 444,218 518,325 Credit card -- -- -- -- -- -- Consumer (other) 96,096 69,923 61,907 40,514 50,247 33,578 Lease financing -- -- -- -- -- -- Other -- -- -- -- -- -- -------- -------- -------- -------- ---------- ---------- Total Loans 243,120 309,333 519,197 734,826 2,063,994 2,324,558 Less: Unearned Income 1,246 1,604 2,794 2,563 5,317 1,295 -------- -------- -------- -------- ---------- ---------- Net Loans $241,874 $307,729 $516,403 $732,263 $2,058,677 $2,323,263 ======== ======== ======== ======== ========== ========== LOAN PORTFOLIO MIX (% OF TOTAL) =================================================================================================================================== Commercial, financial & agricultural 19.75% 22.34% 26.99% 29.50% 33.26% 33.17% Highly leveraged transactions 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Real estate: Commercial mortgage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Residential mortgage 22.52% 33.53% 29.94% 37.11% 42.79% 43.09% Construction 18.20% 21.53% 31.14% 27.87% 21.52% 22.30% Credit card 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Consumer (other) 39.53% 22.60% 11.92% 5.51% 2.43% 1.44% Lease financing 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% ---- ---- ---- ---- ---- ---- Total Loans 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% ====== ====== ====== ====== ====== ====== LOAN PORTFOLIO GROWTH =================================================================================================================================== Commercial, financial & agricultural 43.86% 102.85% 54.68% 216.65% 12.32% Highly leveraged transactions NM NM NM NM NM Real estate: Commercial mortgage NM NM NM NM NM Residential mortgage 89.40% 49.87% 75.43% 223.84% 13.43% Construction 50.55% 142.78% 26.68% 116.87% 16.68% Credit card NM NM NM NM NM Consumer (other) -27.24% -11.46% -34.56% 24.02% -33.17% Lease financing NM NM NM NM NM Other NM NM NM NM NM -- -- -- -- -- Total Loans 27.23% 67.84% 41.53% 180.88% 12.62% ===== ===== ===== ====== ===== ESTIMATED YEARS ENDED DECEMBER 31, YTD ------------------------------------------------------------------------ LOAN PORTFOLIO 6/30/2002 2002 2003 2004 2005 2006 =================================================================================================================================== Commercial, financial & agricultural $ 713,613 $ 764,048 $ 878,655 $1,010,453 $1,162,021 $1,336,325 Highly leveraged transactions -- -- -- -- -- -- Real estate: Commercial mortgage 897,167 960,576 1,104,662 1,270,361 1,460,915 1,680,053 Residential mortgage 85,687 91,743 105,505 121,331 139,530 160,460 Construction 495,037 530,024 609,528 700,957 806,100 927,015 Credit card 80 86 99 113 130 150 Consumer (other) 56,213 60,186 69,214 79,596 91,536 105,266 Lease financing 171 183 211 242 279 320 Other 35,514 38,024 43,728 50,287 57,830 66,505 ---------- ---------- ---------- ---------- ---------- ---------- Total Loans 2,283,483 2,444,871 2,811,601 3,233,341 3,718,343 4,276,094 Less: Unearned Income 5,085 5,444 6,261 7,200 8,280 9,522 ---------- ---------- ---------- ---------- ---------- ---------- Net Loans $2,278,398 $2,439,426 $2,805,340 $3,226,141 $3,710,062 $4,266,572 ========== ========== ========== ========== ========== ========== LOAN PORTFOLIO MIX (% OF TOTAL) =================================================================================================================================== Commercial, financial & agricultural 31.25% 31.25% 31.25% 31.25% 31.25% 31.25% Highly leveraged transactions 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Real estate: Commercial mortgage 39.29% 39.29% 39.29% 39.29% 39.29% 39.29% Residential mortgage 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% Construction 21.68% 21.68% 21.68% 21.68% 21.68% 21.68% Credit card 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Consumer (other) 2.46% 2.46% 2.46% 2.46% 2.46% 2.46% Lease financing 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% Other 1.56% 1.56% 1.56% 1.56% 1.56% 1.56% ---- ---- ---- ---- ---- ---- Total Loans 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% ====== ====== ====== ====== ====== ====== LOAN PORTFOLIO GROWTH =================================================================================================================================== Commercial, financial & agricultural -0.90% 15.00% 15.00% 15.00% 15.00% Highly leveraged transactions NM NM NM NM NM Real estate: Commercial mortgage NM 15.00% 15.00% 15.00% 15.00% Residential mortgage -90.84% 15.00% 15.00% 15.00% 15.00% Construction 2.26% 15.00% 15.00% 15.00% 15.00% Credit card NM 15.00% 15.00% 15.00% 15.00% Consumer (other) 79.24% 15.00% 15.00% 15.00% 15.00% Lease financing NM 15.00% 15.00% 15.00% 15.00% Other NM 15.00% 15.00% 15.00% 15.00% -- ----- ----- ----- ----- Total Loans 5.18% 15.00% 15.00% 15.00% 15.00% ==== ===== ===== ===== ===== 7 20 F CO. FINANCIAL RESULTS FISCAL YEARS ENDED DECEMBER 31, -------------------------------------------------------------------------------------- ASSET QUALITY DATA 1996 1997 1998 1999 2000 2001 =================================================================================================================================== Beginning reserve for loan losses $ 7,566 $ 6,147 $ 6,715 $ 12,127 $ 14,611 $ 37,930 Provision for loan losses 1,250 2,000 900 393 1,877 5,010 Charge-offs 4,061 2,744 3,535 1,412 5,390 9,960 Recoveries 1,392 1,282 2,470 2,037 5,189 4,248 Net charge-offs 2,669 1,462 1,065 (625) 201 5,712 Other net additions -- 30 5,577 1,466 21,643 5,493 -------- -------- -------- -------- ---------- ---------- Ending reserve for loan losses $ 6,147 $ 6,715 $ 12,127 $ 14,611 $ 37,930 $ 42,721 ======== ======== ======== ======== ========== ========== Average net loans $185,154 $247,005 $465,539 $668,970 $1,621,432 $2,109,284 Non-accrual loans $ 2,095 $ 2,411 $ 8,632 $ 3,337 $ 15,005 $ 17,571 Renegotiated loans -- -- -- -- -- 1,993 Past due loans (90 days or more) 583 1,158 306 2,944 985 8,660 -------- -------- -------- -------- ---------- ---------- Total non-performing loans 2,678 3,569 8,938 6,281 15,990 28,224 Foreclosed assets 785 381 161 60 694 547 -------- -------- -------- -------- ---------- ---------- Total non-performing assets $ 3,463 $ 3,950 $ 9,099 $ 6,341 $ 16,684 $ 28,771 ======== ======== ======== ======== ========== ========== ASSET QUALITY RATIOS =================================================================================================================================== Reserve for loan losses/Net loans 2.54% 2.14% 2.35% 2.00% 1.84% 1.84% - ----------------------------------------------------------------------------------------------------------------------------------- Non-performing loans/Net loans 1.11% 1.14% 1.73% 0.86% 0.78% 1.21% - ----------------------------------------------------------------------------------------------------------------------------------- Reserve for loan losses/ - ----------------------------------------------------------------------------------------------------------------------------------- Non-performing loans 229.54% 188.15% 135.68% 232.62% 237.21% 151.36% - ----------------------------------------------------------------------------------------------------------------------------------- Non-performing assets ratio 1.43% 1.26% 1.76% 0.87% 0.81% 1.24% - ----------------------------------------------------------------------------------------------------------------------------------- Non-perf. assets/Total equity 10.34% 9.91% 13.82% 8.75% 8.47% 10.08% - ----------------------------------------------------------------------------------------------------------------------------------- Non-perf. assets/Total assets 0.92% 0.88% 1.26% 0.69% 0.61% 0.94% - ----------------------------------------------------------------------------------------------------------------------------------- Provision for loan losses/ - ----------------------------------------------------------------------------------------------------------------------------------- Average net loans 0.68% 0.81% 0.19% 0.06% 0.12% 0.24% - ----------------------------------------------------------------------------------------------------------------------------------- Net charge-offs/Average net loans 1.44% 0.59% 0.23% -0.09% 0.01% 0.27% - ----------------------------------------------------------------------------------------------------------------------------------- Net charge-offs/Provision for loan losses 213.52% 73.10% 118.33% -159.03% 10.71% 114.01% - ----------------------------------------------------------------------------------------------------------------------------------- ESTIMATED YEARS ENDED DECEMBER 31, YTD ----------------------------------------------------------------------- ASSET QUALITY DATA 6/30/2002 2002 2003 2004 2005 2006 =================================================================================================================================== Beginning reserve for loan losses $ 42,721 $ 42,721 $ 51,281 $ 60,611 $ 71,340 $ 83,678 Provision for loan losses 15,500 22,100 13,200 15,180 17,457 20,076 Charge-offs 17,800 18,000 9,000 10,350 11,903 13,688 Recoveries 2,000 4,460 5,129 5,899 6,784 7,801 Net charge-offs 15,800 13,540 3,871 4,451 5,119 5,887 Other net additions 38 -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- Ending reserve for loan losses $ 42,459 $ 51,281 $ 60,611 $ 71,340 $ 83,678 $ 97,867 ========== ========== ========== ========== ========== ========== Average net loans $2,300,831 $2,329,871 $2,622,383 $3,015,741 $3,468,102 $3,988,317 Non-accrual loans $ 16,500 $ 18,450 $ 21,217 $ 24,400 $ 28,059 $ 32,268 Renegotiated loans 835 2,093 2,407 2,768 3,183 3,660 Past due loans (90 days or more) 1,700 9,093 10,457 12,025 13,829 15,904 ---------- ---------- ---------- ---------- ---------- ---------- Total non-performing loans 19,035 29,635 34,080 39,193 45,071 51,832 Foreclosed assets 547 574 661 760 874 1,005 ---------- ---------- ---------- ---------- ---------- ---------- Total non-performing assets $ 19,582 $ 30,210 $ 34,741 $ 39,952 $ 45,945 $ 52,837 ========== ========== ========== ========== ========== ========== ASSET QUALITY RATIOS =================================================================================================================================== Reserve for loan losses/Net loans 1.86% 2.10% 2.16% 2.21% 2.26% 2.29% - ----------------------------------------------------------------------------------------------------------------------------------- Non-performing loans/Net loans 0.84% 1.21% 1.21% 1.21% 1.21% 1.21% - ----------------------------------------------------------------------------------------------------------------------------------- Reserve for loan losses/ - ----------------------------------------------------------------------------------------------------------------------------------- Non-performing loans 223.06% 173.04% 177.85% 182.02% 185.66% 188.82% - ----------------------------------------------------------------------------------------------------------------------------------- Non-performing assets ratio 0.86% 1.24% 1.24% 1.24% 1.24% 1.24% - ----------------------------------------------------------------------------------------------------------------------------------- Non-perf. assets/Total equity 6.49% 9.52% 9.86% 10.20% 10.54% 10.87% - ----------------------------------------------------------------------------------------------------------------------------------- Non-perf. assets/Total assets 0.64% 0.94% 0.97% 0.99% 1.02% 1.04% - ----------------------------------------------------------------------------------------------------------------------------------- Provision for loan losses/ - ----------------------------------------------------------------------------------------------------------------------------------- Average net loans 1.35% 0.95% 0.50% 0.50% 0.50% 0.50% - ----------------------------------------------------------------------------------------------------------------------------------- Net charge-offs/Average net loans 1.37% 0.58% 0.15% 0.15% 0.15% 0.15% - ----------------------------------------------------------------------------------------------------------------------------------- Net charge-offs/Provision for loan losses 101.94% 61.27% 29.32% 29.32% 29.32% 29.32% - ----------------------------------------------------------------------------------------------------------------------------------- 8 21 FIRST BANKS AMERICA, INC. PEER GROUP ANALYSIS - COMPARABLE SIZE AND GEOGRAPHIC FOCUS: * This section analyzes a selected group of publicly traded banks which are comparable to the Company in asset size and geographic focus. The comparable companies are 3 California banks with assets between $2.5 billion and $4.6 billion. (DOLLARS IN '000S) LOCATION --------------------------- DATE OF CITY STATE FINANCIALS ASSETS COMPARABLE COMPANIES =================================================================================================================================== Bay View Capital Corp. BVC San Mateo CA 3/31/2002 $3,829,435 - ----------------------------------------------------------------------------------------------------------------------------------- First Republic Bank FRC San Francisco CA 6/30/2002 4,569,047 - ----------------------------------------------------------------------------------------------------------------------------------- GBC Bancorp GBCB Los Angeles CA 6/30/2002 2,546,700 - ----------------------------------------------------------------------------------------------------------------------------------- F CO. FBA SAN FRANCISCO CA 6/30/2002 3,062,109 - ----------------------------------------------------------------------------------------------------------------------------------- (DOLLARS IN '000S) RETURN ON: ----------------------- EQUITY / LOANS DEPOSITS EQUITY ASSETS EQUITY ASSETS COMPARABLE COMPANIES =================================================================================================================================== Bay View Capital Corp. $ 2,439,596 $ 3,066,700 $ 344,847 0.71% 8.15% 9.01% - ----------------------------------------------------------------------------------------------------------------------------------- First Republic Bank 3,741,297 3,367,807 273,313 0.60 10.43 5.98 - ----------------------------------------------------------------------------------------------------------------------------------- GBC Bancorp 1,189,507 1,936,580 200,024 (0.50) (6.01) 7.85 - ----------------------------------------------------------------------------------------------------------------------------------- F CO. 2,278,398 2,527,115 301,888 0.65 6.81 9.86 - ----------------------------------------------------------------------------------------------------------------------------------- 1 22 FIRST BANKS AMERICA, INC. PEER GROUP ANALYSIS: CURRENT MARKET AND FINANCIAL DATA ------------------------------------------------------------- INTRADAY 2003 TRADING CURRENT I/B/E/S PRICE MARKET EARNINGS BOOK TICKER COMPANY 7/24/2002 VALUE ESTIMATES VALUE ======================================================================================================================== F CO. F CO. $39.70 $510,032 $2.72 $23.50 - ------------------------------------------------------------------------------------------------------------------------ BVC Bay View Capital Corp. $5.30 $332,008 $0.41 $5.50 - ------------------------------------------------------------------------------------------------------------------------ FRC First Republic Bank $19.25 $284,606 $2.10 $18.49 - ------------------------------------------------------------------------------------------------------------------------ GBCB GBC Bancorp $20.50 $236,427 $3.10 $17.34 ======================================================================================================================== CURRENT MARKET AND FINANCIAL DATA -------------------------------------------------------- TANG. BOOK COMMON TICKER VALUE ASSETS DEPOSITS EQUITY ======================================================================================================= F CO. $15.40 $3,062,109 $2,527,115 $301,888 - ------------------------------------------------------------------------------------------------------- BVC $3.53 $3,829,435 $3,066,700 $344,847 - ------------------------------------------------------------------------------------------------------- FRC $14.40 $4,569,047 $3,367,807 $273,313 - ------------------------------------------------------------------------------------------------------- GBCB $17.34 $2,546,700 $1,936,580 $200,024 ======================================================================================================= MULTIPLES BASED ON THE CURRENT TRADING PRICE ------------------------------------------------------------ PRICE / PRICE / PRICE / 2002 2003 PRICE / TANGIBLE TICKER COMPANY EARNINGS EARNINGS BOOK BOOK ====================================================================================================================== F CO. F CO. 20.09 x 14.58 x 168.9% 257.7% - ---------------------------------------------------------------------------------------------------------------------- BVC Bay View Capital Corp. 21.20 x 12.93 x 96.4% 150.1% - ---------------------------------------------------------------------------------------------------------------------- FRC First Republic Bank 12.26 x 9.17 x 104.1% 133.7% - ---------------------------------------------------------------------------------------------------------------------- GBCB GBC Bancorp 12.42 x 6.61 x 118.2% 118.2% ====================================================================================================================== ====================================================================================================================== AVERAGE 15.30 x 9.57 x 106.23% 134.02% 25TH PERCENTILE 12.34 x 7.89 x 100.24% 125.95% MEDIAN 12.42 x 9.17 x 104.11% 133.68% 75TH PERCENTILE 16.81 x 11.05 x 111.17% 141.91% ====================================================================================================================== MULTIPLES BASED ON THE CURRENT TRADING PRICE ------------------------------------------------------- PREMIUM ADJ PRICE TO TANGIBLE TO PRICE / PRICE / BOOK VALUE / 6/30/2002 TICKER ASSETS DEPOSITS DEPOSITS EQUITY ======================================================================================================== F CO. 19.75% 23.94% 12.35% 204.6% - -------------------------------------------------------------------------------------------------------- BVC 11.02% 13.76% 3.60% 94.8% - -------------------------------------------------------------------------------------------------------- FRC 6.23% 8.45% 2.13% 103.8% - -------------------------------------------------------------------------------------------------------- GBCB 9.28% 12.21% 1.88% 122.0% ======================================================================================================== ======================================================================================================== AVERAGE 8.84% 11.47% 2.54% 106.88% 25TH PERCENTILE 7.76% 10.33% 2.01% 99.32% MEDIAN 9.28% 2.21% 2.13% 103.80% 75TH PERCENTILE 10.15% 12.98% 2.87% 112.90% ======================================================================================================== 2 23 FIRST BANKS AMERICA, INC. PEER GROUP ANALYSIS - COMPARABLE SIZE AND PROFITABILITY: * This section analyzes a selected group of publicly traded banks which are comparable to the Company in asset size and profitability. The comparable companies are 7 banks with similar profitability ratios, capital ratios and assets between $2.2 billion and $3.5 billion. (DOLLARS IN '000S) LOCATION --------------------------- DATE OF CITY STATE FINANCIALS ASSETS COMPARABLE COMPANIES ================================================================================================================ 1st Source Corp. SRCE South Bend IN 3/31/2002 $ 3,481,120 - ---------------------------------------------------------------------------------------------------------------- Banner Corp. BANR Walla Walla WA 3/31/2002 2,152,259 - ---------------------------------------------------------------------------------------------------------------- Community Bank System Inc. CBU DeWitt NY 6/30/2002 3,405,863 - ---------------------------------------------------------------------------------------------------------------- First Charter Corp. FCTR Charlotte NC 6/30/2002 3,490,255 - ---------------------------------------------------------------------------------------------------------------- Gold Banc Corp. GLDB Leawood KS 6/30/2002 3,323,414 - ---------------------------------------------------------------------------------------------------------------- Integra Bank Corp. IBNK Evansville IN 3/31/2002 2,923,102 - ---------------------------------------------------------------------------------------------------------------- Wintrust Financial Corp. WTFC Lake Forest IL 3/31/2002 2,955,153 - ---------------------------------------------------------------------------------------------------------------- F CO. FBA SAN FRANCISCO CA 6/30/2002 3,062,109 - ---------------------------------------------------------------------------------------------------------------- (DOLLARS IN '000S) RETURN ON: ---------------------- EQUITY / LOANS DEPOSITS EQUITY ASSETS EQUITY ASSETS COMPARABLE COMPANIES ================================================================================================================================= 1st Source Corp. $ 2,529,006 $ 2,718,989 $ 308,066 0.48% 5.40% 8.85% - --------------------------------------------------------------------------------------------------------------------------------- Banner Corp. 1,597,361 1,412,737 191,919 0.74 7.97 8.92 - --------------------------------------------------------------------------------------------------------------------------------- Community Bank System Inc. 1,751,184 2,513,261 296,318 0.94 11.26 8.70 - --------------------------------------------------------------------------------------------------------------------------------- First Charter Corp. 2,125,565 2,262,959 324,051 1.08 11.53 9.28 - --------------------------------------------------------------------------------------------------------------------------------- Gold Banc Corp. 2,441,563 2,435,078 173,773 0.82 15.70 5.23 - --------------------------------------------------------------------------------------------------------------------------------- Integra Bank Corp. 1,621,845 1,828,170 221,669 0.69 9.24 7.58 - --------------------------------------------------------------------------------------------------------------------------------- Wintrust Financial Corp. 2,264,038 2,417,315 163,521 0.91 16.88 5.53 - --------------------------------------------------------------------------------------------------------------------------------- F CO. 2,278,398 2,527,115 301,888 0.65 6.81 9.86 - --------------------------------------------------------------------------------------------------------------------------------- 1 24 FIRST BANKS AMERICA, INC. PEER GROUP ANALYSIS: CURRENT MARKET AND FINANCIAL DATA ----------------------------------------------- INTRADAY 2003 TRADING CURRENT I/B/E/S PRICE MARKET EARNINGS BOOK TICKER COMPANY 7/24/2002 VALUE ESTIMATES VALUE ===================================================================================== F CO. F CO. $39.70 $510,032 $2.72 $23.50 - ------------------------------------------------------------------------------------- SRCE 1st Source Corp. $19.68 $412,120 $2.00 $14.71 - ------------------------------------------------------------------------------------- BANR Banner Corp. $15.75 $183,037 $2.08 $17.38 - ------------------------------------------------------------------------------------- CBU Community Bank System Inc. $27.23 $352,874 $2.73 $22.87 - ------------------------------------------------------------------------------------- FCTR First Charter Corp. $15.72 $484,646 $1.38 $10.51 - ------------------------------------------------------------------------------------- GLDB Gold Banc Corp. $9.26 $312,156 $0.95 $5.15 - ------------------------------------------------------------------------------------- IBNK Integra Bank Corp. $21.10 $364,693 $1.73 $12.83 - ------------------------------------------------------------------------------------- WTFC Wintrust Financial Corp. $27.67 $434,741 $1.77 $10.41 ===================================================================================== CURRENT MARKET AND FINANCIAL DATA ---------------------------------------------------- TANG. BOOK COMMON TICKER COMPANY VALUE ASSETS DEPOSITS EQUITY ========================================================================================== F CO. F CO. $15.40 $3,062,109 $2,527,115 $301,888 - ------------------------------------------------------------------------------------------ SRCE 1st Source Corp. $13.29 $3,481,120 $2,718,989 $308,066 - ------------------------------------------------------------------------------------------ BANR Banner Corp. $13.99 $2,152,259 $1,412,737 $191,919 - ------------------------------------------------------------------------------------------ CBU Community Bank System Inc. $12.59 $3,405,863 $2,513,261 $296,318 - ------------------------------------------------------------------------------------------ FCTR First Charter Corp. $9.83 $3,490,255 $2,262,959 $324,051 - ------------------------------------------------------------------------------------------ GLDB Gold Banc Corp. $4.02 $3,323,414 $2,435,078 $173,773 - ------------------------------------------------------------------------------------------ IBNK Integra Bank Corp. $9.47 $2,923,102 $1,828,170 $221,669 - ------------------------------------------------------------------------------------------ WTFC Wintrust Financial Corp. $8.75 $2,955,153 $2,417,315 $163,521 ========================================================================================== MULTIPLES BASED ON THE CURRENT TRADING PRICE ------------------------------------------------------- PRICE / PRICE / PRICE / 2002 2003 PRICE / TANGIBLE TICKER COMPANY EARNINGS EARNINGS BOOK BOOK ======================================================================================== F CO. F CO. 20.09 x 14.58 x 168.9% 257.7% - ---------------------------------------------------------------------------------------- SRCE 1st Source Corp. 14.80 x 9.84 x 133.8% 148.1% - ---------------------------------------------------------------------------------------- BANR Banner Corp. 10.16 x 7.57 x 90.6% 112.6% - ---------------------------------------------------------------------------------------- CBU Community Bank System Inc. 10.89 x 9.97 x 119.1% 216.3% - ---------------------------------------------------------------------------------------- FCTR First Charter Corp. 12.68 x 11.39 x 149.6% 159.9% - ---------------------------------------------------------------------------------------- GLDB Gold Banc Corp. 11.29 x 9.75 x 179.8% 230.4% - ---------------------------------------------------------------------------------------- IBNK Integra Bank Corp. 14.07 x 12.20 x 164.5% 222.8% - ---------------------------------------------------------------------------------------- WTFC Wintrust Financial Corp. 18.32 x 15.63 x 265.8% 316.2% ======================================================================================== ======================================================================================== AVERAGE 13.17 x 10.91 x 157.59% 200.90% 25TH PERCENTILE 11.09 x 9.79 x 126.43% 154.00% MEDIAN 12.68 x 9.97 x 149.57% 216.28% 75TH PERCENTILE 14.43 x 11.79 x 172.13% 226.59% ======================================================================================== MULTIPLES BASED ON THE CURRENT TRADING PRICE ---------------------------------------------------- PREMIUM ADJ PRICE TO TANGIBLE TO PRICE / PRICE / BOOK VALUE / 1/1/1904 TICKER COMPANY ASSETS DEPOSITS DEPOSITS EQUITY ======================================================================================== F CO. F CO. 19.75% 23.94% 12.35% 204.6% - ---------------------------------------------------------------------------------------- SRCE 1st Source Corp. 13.12% 16.80% 4.92% 146.0% - ---------------------------------------------------------------------------------------- BANR Banner Corp. 8.50% 12.96% 2.02% 93.7% - ---------------------------------------------------------------------------------------- CBU Community Bank System Inc. 12.63% 17.12% 7.55% 125.5% - ---------------------------------------------------------------------------------------- FCTR First Charter Corp. 13.89% 21.42% 8.02% 170.8% - ---------------------------------------------------------------------------------------- GLDB Gold Banc Corp. 11.85% 16.18% 7.25% 164.1% - ---------------------------------------------------------------------------------------- IBNK Integra Bank Corp. 14.27% 22.82% 11.00% 175.3% - ---------------------------------------------------------------------------------------- WTFC Wintrust Financial Corp. 16.44% 20.10% 12.30% 241.2% ======================================================================================== ======================================================================================== AVERAGE 12.96% 18.20% 7.58% 159.50% 25TH PERCENTILE 12.24% 16.49% 6.09% 135.77% MEDIAN 13.12% 17.12% 7.55% 164.06% 75TH PERCENTILE 14.08% 20.76% 9.51% 173.03% ======================================================================================== 2 25 STIFEL, NICOLAUS REGIONAL BANKING STATISTICAL SUMMARY Price Current Change Book Invest. Price 52 Week Since Value State Sym./Exch. Rating 7/23/2002 Hi Lo 12/31/2002 3/31/2002 - ------------------------------------------------------------------------------------------------------------------------- Bank of the Ozarks A, B AR OZRK / OTC 1 $19.33 $24 $10 52.2% $7.71 Cass Information Systems A MO CASS / OTC 2 25.39 27 19 3.6 17.45 CoBiz Inc. A CO COBZ / OTC 2 16.08 19 11 19.1 5.49 CoVest Bancshares A IL COVB / OTC 1 20.65 23 16 10.4 13.02 Firstbank Corp. (Alma, MI) A, B MI FBMI / OTC 2 22.70 24 16 18.5 14.48 - ------------------------------------------------------------------------------------------------------------------------- Macatawa Bank Corp. A, B, C MI MCBC / OTC 1 17.61 22 15 -4.9 12.17 Mercantile Bank Corp. A, B, C MI MBWM / OTC 1 17.90 23 14 5.9 14.13 S.Y. Bancorp, Inc. C KY SYI / ASE 3 - 38.50 44 29 15.6 11.16 Summit Bancshares A TX SBIT / OTC 2 20.39 25 17 12.8 9.82 Tower Financial Corp. A, C IN TOFC / OTC N 11.00 16 9 -7.6 9.41 ========================================================================================================================= ASSETS LESS THAN $1.0 BILLION - MEDIAN 11.6 ========================================================================================================================= Allegiant Bancorp A MO ALLE / OTC 2 $16.05 $19 $11 16.7% $9.25 Capitol Bancorp Ltd. A, B, C MI CBCL / OTC 2 18.89 24 12 42.0 11.88 First Busey Corp. A IL BUSE / OTC 3 21.31 23 19 -0.8 7.87 First Financial Bankshares A TX FFIN / OTC 3 36.44 43 27 21.1 17.60 First Indiana Corporation A IN FINB / OTC 2 17.70 23 16 1.0 13.70 - ------------------------------------------------------------------------------------------------------------------------- First Merchants Corp. A, C IN FRME / OTC 2 23.26 30 21 -3.2 14.32 First Oak Brook Bancshares A, B IL FOBB / OTC 2 27.27 35 20 12.9 15.92 Great Southern Bancorp A, C MO GSBC / OTC 2 36.65 41 26 20.2 12.75 IBERIABANK Corporation A LA IBKC / OTC 2 36.16 41 26 30.4 23.55 Independent Bank Corp. A, B MI IBCP / OTC 2 27.80 34 22 0.0 11.35 - ------------------------------------------------------------------------------------------------------------------------- MainSource Financial A IN MSFG / OTC 2 22.42 25 15 27.7 13.70 Lakeland Financial A, B, C IN LKFN / OTC 3 - 26.03 30 15 47.7 13.10 MBT Financial Corp. A MI MBTF / OTCBB N 13.90 16 14 0.4 8.17 Midwest Banc Holdings, Inc. A IL MBHI / OTC 2 17.50 23 12 23.5 6.22 Mississippi Valley A MO MVBI / OTC 3 - 49.42 52 35 26.1 17.20 - ------------------------------------------------------------------------------------------------------------------------- PrivateBancorp, Inc. A, C IL PVTB / OTC 2 24.22 33 16 23.4 13.20 Prosperity Bancshares A TX PRSP / OTC 2 16.20 19 11 20.0 5.72 Second Bancorp, Inc. A, C OH SECD / OTC 2 23.90 28 17 10.6 12.96 Simmons First National A AR SFNCA / OTC 2 33.90 43 30 5.4 26.06 Southside Bancshares A, B, C TX SBSI / OTC 1 13.65 17 10 8.8 8.87 - ------------------------------------------------------------------------------------------------------------------------- Southwest Bancorp A, B OK OKSB / OTC 1 23.80 28 14 35.2 15.10 ========================================================================================================================= ASSETS $1.0 - $2.5 BILLION - MEDIAN 20.0 ========================================================================================================================= 1st Source Corporation A, B IN SRCE / OTC 3 $20.00 $27 $18 -3.4% $14.71 Alabama National Banc. AL ALAB / OTC N 37.12 44 26 10.1 17.22 AMCORE Financial A IL AMFI / OTC 3 21.03 25 19 -5.9 12.51 BancFirst Corporation A OK BANF / OTC 2 45.10 50 34 30.0 27.17 BancorpSouth, Inc. C MS BXS / NYSE 2 17.28 22 13 4.1 9.98 - ------------------------------------------------------------------------------------------------------------------------- First Financial Bancorp A OH FFBC / OTC 3 16.92 21 15 -4.1 8.22 First Midwest A IL FMBI / OTC 3 24.31 32 24 -16.7 9.21 Greater Bay Bancorp C CA GBBK / OTC N 21.16 37 19 -26.0 9.75 Integra Bank Corp. A IN IBNK / OTC 2 21.25 26 18 1.5 12.83 Irwin Financial B, C IN IFC / NYSE 1 14.80 28 14 -12.9 11.66 - ------------------------------------------------------------------------------------------------------------------------- Local Financial Corp. A, B, C OK LFIN / OTC 2 - 14.60 18 12 4.4 8.74 Old National Bancorp C IN ONB / NYSE 2 22.81 26 22 -5.1 10.58 Republic Bancorp A, B, C MI RBNC / OTC 1 12.00 15 11 -13.4 5.89 Southwest Bancorp of TX A TX SWBT / OTC 2 31.51 37 24 4.1 11.33 Sterling Bancshares A, C TX SBIB / OTC 2 12.90 16 11 3.0 5.10 - ------------------------------------------------------------------------------------------------------------------------- Texas Regional Bancshares TX TRBS / OTC 2 28.73 35 22 13.9 11.95 UMB Financial A MO UMBF / OTC 2 37.98 51 34 -5.1 34.92 Unizan Financial Corp. A, C, Z OH UNIZ / OTC 2 18.22 22 15 -1.8 12.84 Wintrust Financial A, B, C IL WTFC / OTC 2 - 28.75 35 18 41.1 10.41 ========================================================================================================================= ASSETS $2.5 - $10.0 BILLION - MEDIAN -1.8 ========================================================================================================================= Associated Banc-Corp WI ASBC / OTC 2 $30.83 $38 $26 -3.9% $16.23 Charter One Financial B OH CF / NYSE 2 29.00 37 23 6.8 12.99 Colonial Bancgroup C AL CNB / NYSE N 12.25 16 12 -13.1 7.92 Commerce Bancshares A, B MO CBSH / OTC 2 37.58 47 33 -3.6 19.90 Fifth Third Banc. OH FITB / OTC 3 58.68 70 51 -4.3 13.38 - ------------------------------------------------------------------------------------------------------------------------- First Tennessee TN FTN / NYSE 2 32.62 41 31 -10.0 11.98 FirstMerit Corporation A OH FMER / OTC 2 20.85 30 21 -23.0 10.84 National City Corporation OH NCC / NYSE 2 26.64 34 26 -8.9 12.61 National Commerce Financial TN NCF / NYSE 2 21.90 30 20 -13.4 12.14 TCF Financial B MN TCB / NYSE 2 41.25 55 39 -14.0 12.05 - ------------------------------------------------------------------------------------------------------------------------- U.S. Bancorp B MN USB / NYSE 3 18.45 25 17 -11.8 8.30 Union Planters Corp. B TN UPC / NYSE 2 26.67 34 25 -11.4 15.69 ========================================================================================================================= ASSETS > $10.0 BILLION - MEDIAN -10.7 ========================================================================================================================= TOTAL INDEX - MEDIAN 3.9% GAAP ----------------------------------------------- Price to EPS P/E Book Ind. Div. ------------------------- ----------------- Value Div. Yld. 2003E 2002E 2001A 2003E 2002E - ------------------------------------------------------------------------------------------------------------------------- Bank of the Ozarks A, B 250.7% $0.32 1.7% $1.95 - $1.75 - $1.18 9.9 x 11.0 x Cass Information Systems A 145.5 0.80 3.2 2.30 2.25 - 2.15 11.0 11.3 CoBiz Inc. A 292.9 0.20 1.2 1.05 0.91 0.66 15.3 17.7 CoVest Bancshares A 158.6 0.32 1.5 2.00 - 1.85 1.50 10.3 11.2 Firstbank Corp. (Alma, MI) A, B 156.8 0.72 3.2 2.25 2.07 1.78 10.1 11.0 - ------------------------------------------------------------------------------------------------------------------------- Macatawa Bank Corp. A, B, C 144.7 0.32 1.8 1.49 1.25 1.07 11.8 14.1 Mercantile Bank Corp. A, B, C 126.7 0.00 0.0 1.80 1.48 1.15 9.9 12.1 S.Y. Bancorp, Inc. C 345.0 0.52 1.4 2.45 - 2.12 - 1.96 15.7 18.2 Summit Bancshares A 207.6 0.48 2.4 1.70 - 1.50 - 1.36 12.0 13.6 Tower Financial Corp. A, C 116.9 0.00 0.0 0.65 - 0.52 - 0.44 16.9 21.2 ========================================================================================================================= ASSETS LESS THAN $1.0 BILLION - MEDIAN 157.7 1.6 11.4 12.8 ========================================================================================================================= Allegiant Bancorp A 173.5% $0.26 1.6% $1.43 - $1.27 - $1.24 11.2 x 12.6 x Capitol Bancorp Ltd. A, B, C 159.0 0.40 2.1 1.70 1.45 - 1.35 11.1 13.0 First Busey Corp. A 270.8 0.60 2.8 1.45 1.30 1.15 14.7 16.4 First Financial Bankshares A 207.0 1.40 3.8 3.00 - 2.75 - 2.37 12.1 13.3 First Indiana Corporation A 129.2 0.64 3.6 1.92 1.76 1.25 9.2 10.1 - ------------------------------------------------------------------------------------------------------------------------- First Merchants Corp. A, C 162.4 0.92 4.0 2.15 - 2.00 - 1.78 10.8 11.6 First Oak Brook Bancshares A, B 171.3 0.57 2.1 2.55 1.50 - 2.12 10.7 18.2 Great Southern Bancorp A, C 287.5 0.56 1.5 3.30 3.21 - 2.70 11.1 11.4 IBERIABANK Corporation A 153.5 0.72 2.0 3.25 2.97 2.36 11.1 12.2 Independent Bank Corp. A, B 244.9 0.72 2.6 2.55 2.30 2.00 10.9 12.1 - ------------------------------------------------------------------------------------------------------------------------- MainSource Financial A 163.6 0.68 3.0 2.20 - 2.05 - 1.72 10.2 10.9 Lakeland Financial A, B, C 198.7 0.68 2.6 2.20 2.00 1.73 11.8 13.0 MBT Financial Corp. A 170.1 0.52 3.7 1.30 - 1.15 - 1.10 10.7 12.1 Midwest Banc Holdings, Inc. A 281.4 0.40 2.3 1.70 - 1.54 - 1.09 10.3 11.4 Mississippi Valley A 287.3 0.56 1.1 3.50 3.17 2.80 14.1 15.6 - ------------------------------------------------------------------------------------------------------------------------- PrivateBancorp, Inc. A, C 183.5 0.12 0.5 2.25 - 1.95 - 1.28 10.8 12.4 Prosperity Bancshares A 283.5 0.22 1.4 1.30 - 1.15 - 0.79 12.5 14.1 Second Bancorp, Inc. A, C 184.4 0.72 3.0 2.20 1.92 - 1.69 10.9 12.4 Simmons First National A 130.1 0.96 2.8 3.15 - 3.02 - 2.31 10.8 11.2 Southside Bancshares A, B, C 153.9 0.28 2.1 1.50 1.35 1.26 9.1 10.1 - ------------------------------------------------------------------------------------------------------------------------- Southwest Bancorp A, B 157.6 0.44 1.8 2.40 2.20 2.00 9.9 10.8 ========================================================================================================================= ASSETS $1.0 - $2.5 BILLION - MEDIAN 173.5 2.3 10.9 12.2 ========================================================================================================================= 1st Source Corporation A, B 136.0% $0.36 1.8% $1.50 - $0.63 - $1.82 13.3 x 31.7 x Alabama National Banc. 215.6 1.00 2.7 2.95 2.70 2.34 12.6 13.7 AMCORE Financial A 168.1 0.64 3.0 1.95 - 1.72 - 1.64 10.8 12.2 BancFirst Corporation A 166.0 0.80 1.8 4.25 4.03 - 3.34 10.6 11.2 BancorpSouth, Inc. C 173.1 0.60 3.5 1.60 1.48 - 1.19 10.8 11.7 - ------------------------------------------------------------------------------------------------------------------------- First Financial Bancorp A 205.8 0.60 3.5 1.30 1.17 0.91 13.0 14.5 First Midwest A 264.0 0.68 2.8 2.05 1.87 1.63 11.9 13.0 Greater Bay Bancorp C 217.0 0.50 2.4 2.60 - 2.35 - 1.57 8.1 9.0 Integra Bank Corp. A 165.6 0.94 4.4 1.60 - 1.37 - 0.42 13.3 15.5 Irwin Financial B, C 126.9 0.27 1.8 1.90 1.37 2.00 7.8 10.8 - ------------------------------------------------------------------------------------------------------------------------- Local Financial Corp. A, B, C 167.0 0.00 0.0 1.60 - 1.48 1.34 9.1 9.9 Old National Bancorp C 215.6 0.68 3.0 1.95 1.81 1.49 11.7 12.6 Republic Bancorp A, B, C 203.7 0.34 2.8 1.15 1.05 0.87 10.4 11.4 Southwest Bancorp of TX A 278.1 0.00 0.0 2.05 - 1.80 - 1.55 15.4 17.5 Sterling Bancshares A, C 252.9 0.16 1.2 0.98 0.85 0.71 13.2 15.2 - ------------------------------------------------------------------------------------------------------------------------- Texas Regional Bancshares 240.4 0.44 1.5 2.23 1.99 - 1.62 12.9 14.4 UMB Financial A 108.8 0.80 2.1 3.00 - 2.80 - 2.95 12.7 13.6 Unizan Financial Corp. A, C, Z 141.9 0.52 2.9 1.75 1.15 1.45 10.4 15.8 Wintrust Financial A, B, C 276.2 0.12 0.4 1.83 1.58 1.27 15.7 18.2 ========================================================================================================================= ASSETS $2.5 - $10.0 BILLION - MEDIAN 203.7 2.4 11.9 13.6 ========================================================================================================================= Associated Banc-Corp 190.0% $1.24 4.0% $3.00 $2.73 $2.45 10.3 x 11.3 x Charter One Financial B 223.2 0.88 3.0 2.85 2.55 2.21 10.2 11.4 Colonial Bancgroup C 154.7 0.52 4.2 1.30 1.20 1.06 9.4 10.2 Commerce Bancshares A, B 188.8 0.65 1.7 3.25 2.97 2.73 11.6 12.7 Fifth Third Banc. 438.6 0.92 1.6 3.15 2.75 1.86 18.6 21.3 - ------------------------------------------------------------------------------------------------------------------------- First Tennessee 272.3 1.00 3.1 3.10 - 2.75 - 2.42 10.5 11.9 FirstMerit Corporation A 192.3 0.96 4.6 2.20 - 2.00 - 1.42 9.5 10.4 National City Corporation 211.3 1.22 4.6 2.70 2.50 2.27 9.9 10.7 National Commerce Financial 180.4 0.68 3.1 1.80 1.58 1.09 12.2 13.9 TCF Financial B 342.3 1.15 2.8 3.55 3.15 2.70 11.6 13.1 - ------------------------------------------------------------------------------------------------------------------------- U.S. Bancorp B 222.3 0.78 4.2 2.00 1.80 0.88 9.2 10.3 Union Planters Corp. B 170.0 1.33 5.0 2.75 - 2.50 - 2.13 9.7 10.7 ========================================================================================================================= ASSETS > $10.0 BILLION - MEDIAN 201.8 3.6 10.2 11.3 ========================================================================================================================= TOTAL INDEX - MEDIAN 186.6% 2.5% 10.9 x 12.3 x ADJUSTED CASH 1/ --------------------------------- EPS P/E Shares Market --------------- ------------- Out. Cap. 2003E 2002E 2003E 2002E (000s) (Million) - -------------------------------------------------------------------------------------------------------- Bank of the Ozarks A, B $1.96 - $1.76 - 9.9 x 11.0 x 7,568 $146.3 Cass Information Systems A 2.30 2.25 - 11.0 11.3 3,203 81.3 CoBiz Inc. A 1.05 0.91 15.3 17.7 13,152 211.5 CoVest Bancshares A 2.00 - 1.85 10.3 11.2 3,534 73.0 Firstbank Corp. (Alma, MI) A, B 2.25 2.09 10.1 10.9 5,141 116.7 - -------------------------------------------------------------------------------------------------------- Macatawa Bank Corp. A, B, C 1.49 1.25 11.8 14.1 7,686 135.4 Mercantile Bank Corp. A, B, C 1.80 1.48 9.9 12.1 5,148 92.1 S.Y. Bancorp, Inc. C 2.45 - 2.12 - 15.7 18.2 6,705 258.1 Summit Bancshares A 1.70 - 1.50 - 12.0 13.6 6,270 127.8 Tower Financial Corp. A, C 0.65 - 0.52 - 16.9 21.2 2,530 27.8 ======================================================================================================== ASSETS LESS THAN $1.0 BILLION - MEDIAN 11.4 12.8 122.3 ======================================================================================================== Allegiant Bancorp A $1.54 - $1.38 - 10.4 x 11.6 x 15,541 $249.4 Capitol Bancorp Ltd. A, B, C 1.70 1.45 - 11.1 13.0 10,640 201.0 First Busey Corp. A 1.47 1.32 14.5 16.1 13,669 291.3 First Financial Bankshares A 3.00 - 2.75 - 12.1 13.3 12,345 449.9 First Indiana Corporation A 1.92 1.76 9.2 10.1 15,499 274.3 - -------------------------------------------------------------------------------------------------------- First Merchants Corp. A, C 2.35 - 2.15 - 9.9 10.8 12,788 297.4 First Oak Brook Bancshares A, B 2.55 1.50 - 10.7 18.2 6,322 172.4 Great Southern Bancorp A, C 3.30 3.21 - 11.1 11.4 6,869 251.7 IBERIABANK Corporation A 3.25 2.97 11.1 12.2 5,857 211.8 Independent Bank Corp. A, B 2.60 2.35 10.7 11.8 11,733 326.2 - -------------------------------------------------------------------------------------------------------- MainSource Financial A 2.35 - 2.20 - 9.5 10.2 6,495 145.6 Lakeland Financial A, B, C 2.28 2.08 11.4 12.5 5,772 150.2 MBT Financial Corp. A 1.30 - 1.15 - 10.7 12.1 19,731 274.3 Midwest Banc Holdings, Inc. A 1.70 - 1.54 - 10.3 11.4 16,112 282.0 Mississippi Valley A 3.50 3.17 14.1 15.6 9,428 465.9 - -------------------------------------------------------------------------------------------------------- PrivateBancorp, Inc. A, C 2.25 - 1.95 - 10.8 12.4 4,917 119.1 Prosperity Bancshares A 1.33 - 1.15 - 12.2 14.1 16,240 263.1 Second Bancorp, Inc. A, C 2.23 1.95 - 10.7 12.3 9,945 237.7 Simmons First National A 3.20 - 3.07 - 10.6 11.0 7,091 240.4 Southside Bancshares A, B, C 1.50 1.35 9.1 10.1 7,787 106.3 - -------------------------------------------------------------------------------------------------------- Southwest Bancorp A, B 2.40 2.20 9.9 10.8 5,722 136.2 ======================================================================================================== ASSETS $1.0 - $2.5 BILLION - MEDIAN 10.7 12.1 249.4 ======================================================================================================== 1st Source Corporation A, B $1.50 - $0.63 - 13.3 x 31.7 x 20,941 $418.8 Alabama National Banc. 3.00 2.75 12.4 13.5 12,353 458.5 AMCORE Financial A 1.96 - 1.73 - 10.7 12.2 24,646 518.3 BancFirst Corporation A 4.33 4.11 - 10.4 11.0 8,183 369.0 BancorpSouth, Inc. C 1.60 1.48 - 10.8 11.7 81,200 1,403.1 - -------------------------------------------------------------------------------------------------------- First Financial Bancorp A 1.31 1.18 12.9 14.3 46,345 784.2 First Midwest A 2.05 1.87 11.9 13.0 48,534 1,179.9 Greater Bay Bancorp C 2.67 - 2.40 - 7.9 8.8 50,502 1,068.6 Integra Bank Corp. A 1.72 - 1.49 - 12.4 14.3 17,284 367.3 Irwin Financial B, C 1.90 1.37 7.8 10.8 27,542 407.6 - -------------------------------------------------------------------------------------------------------- Local Financial Corp. A, B, C 1.60 - 1.48 9.1 9.9 19,157 279.7 Old National Bancorp C 1.97 1.83 11.6 12.5 61,161 1,395.1 Republic Bancorp A, B, C 1.15 1.05 10.4 11.4 53,131 637.6 Southwest Bancorp of TX A 2.05 - 1.80 - 15.4 17.5 33,004 1,040.0 Sterling Bancshares A, C 0.98 0.85 13.2 15.2 43,800 565.0 - -------------------------------------------------------------------------------------------------------- Texas Regional Bancshares 2.30 2.06 - 12.5 14.0 26,163 751.7 UMB Financial A 3.05 - 2.85 - 12.5 13.3 22,063 837.9 Unizan Financial Corp. A, C, Z 1.90 1.29 9.6 14.1 22,044 401.6 Wintrust Financial A, B, C 1.83 1.58 15.7 18.2 15,712 451.7 ======================================================================================================== ASSETS $2.5 - $10.0 BILLION - MEDIAN 11.9 13.3 565.0 ======================================================================================================== Associated Banc-Corp $3.04 $2.77 10.1 x 11.1 x 75,848 $2,338.4 Charter One Financial B 2.85 2.55 10.2 11.4 220,018 6,380.5 Colonial Bancgroup C 1.32 1.22 9.3 10.0 120,106 1,471.3 Commerce Bancshares A, B 3.30 3.02 11.4 12.5 65,470 2,460.4 Fifth Third Banc. 3.15 2.75 18.6 21.3 582,652 34,190.0 - -------------------------------------------------------------------------------------------------------- First Tennessee 3.10 - 2.75 - 10.5 11.9 125,852 4,105.3 FirstMerit Corporation A 2.20 - 2.00 - 9.5 10.4 84,952 1,771.2 National City Corporation 2.73 2.53 9.8 10.5 608,395 16,207.6 National Commerce Financial 2.00 1.78 11.0 12.3 206,163 4,515.0 TCF Financial B 3.55 3.15 11.6 13.1 76,474 3,154.5 - -------------------------------------------------------------------------------------------------------- U.S. Bancorp B 2.15 1.95 8.6 9.5 1,915,100 35,333.6 Union Planters Corp. B 2.85 - 2.60 - 9.4 10.3 205,217 5,473.1 ======================================================================================================== ASSETS > $10.0 BILLION - MEDIAN 10.2 11.3 4,310.1 ======================================================================================================== TOTAL INDEX - MEDIAN 10.7 x 12.2 x $368.2 <FN> Notes: A: Stifel, Nicolaus & Co. makes a market in the common stock of this company. B: The analyst and/or a member of the analyst's household owns the common stock of this company. C: Stifel, Nicolaus has been compensated for investment banking services by this company within the past 12 months and/or expects to be compensated by this company within the next three months. D: An officer or director of Stifel, Nicolaus serves on the Board of Directors of this company. 1/ Cash earnings are calculated by adding back to net income: Core deposit premiums and Goodwill amortization (Tax-effected when applicable) for 2001 and core deposit premiums (only) for 2002 and 2003. Investment Rating: 1: Strong Buy, 2: Buy, 3: Market Perform, 4: Market Underperform, N: Not rated. An arrow indicates direction of change in Investment Rating or EPS estimate in the last calendar month. A = Actual, E = Estimate. NA = Not available, NM = Not meaningful. All earnings per share figures are fully diluted and exclude the benefit of net operating loss carryforwards and extraordinary items. Historical results are as originally reported in each year's annual report and subsequently adjusted for any stock splits and stock dividends. Market Capitalization is calculated using shares outstanding at 3/31/02, adjusted for significant subsequent events. Z: Due to recent merger-of-equals, the sum of company's quarters may not equal year-to-date total. STIFEL, NICOLAUS ----------------------- & COMPANY, INCORPORATED 26 EARNINGS SUMMARY Quarterly GAAP EPS ------------------------------------------------------------------- 2Q 4Q02E 3Q02E 2Q02 1Q02 4Q01 3Q01 2Q01 1Q01 '02E / '01 ----------------------------------------------------------------------------------------- Bank of the Ozarks $0.46 $0.45 $0.44 $0.40 $0.34 $0.30 $0.29 $0.25 51.7% Cass Information Systems 0.59 0.55 0.69 0.42 0.50 0.59 0.54 0.53 27.8 Colorado Business Bankshares 0.26 0.24 0.23 0.19 0.19 0.17 0.18 0.13 27.8 CoVest Bancshares 0.47 0.47 0.47 0.45 0.43 0.37 0.33 0.37 42.4 Firstbank Corp. (Alma, MI) 0.53 0.51 0.52 0.51 0.50 0.49 0.48 0.31 8.3 - ---------------------------------------------------------------------------------------------------------------------------------- Macatawa Bank Corporation 0.36 0.33 0.29 0.27 0.27 0.24 0.29 0.28 0.0 Mercantile Bank Corp. 0.45 0.41 0.33 0.31 0.29 0.31 0.24 0.32 37.5 S.Y. Bancorp, Inc. 0.54 0.53 0.52 0.53 0.52 0.51 0.49 0.44 6.1 Summit Bancshares 0.39 0.38 0.37 0.36 0.31 0.36 0.37 0.32 0.0 Tower Financial Corp. 0.13 0.13 0.14 0.12 0.14 0.12 0.10 0.08 40.0 ================================================================================================================================== ASSETS LESS THAN $1.0 BILLION - MEDIAN 27.8 ================================================================================================================================== Allegiant Bancorp $0.34 $0.32 $0.32 $0.30 $0.32 $0.32 $0.31 $0.29 3.2% Capitol Bancorp Ltd. 0.37 0.35 0.35 0.38 0.37 0.35 0.33 0.31 6.1 First Busey Corp. 0.32 0.32 0.32 0.34 0.27 0.28 0.30 0.30 6.7 First Financial Bankshares 0.71 0.69 0.69 0.66 0.61 0.61 0.59 0.57 16.9 First Indiana Corporation 0.46 0.45 0.43 0.41 (0.02) 0.43 0.42 0.42 2.4 - ---------------------------------------------------------------------------------------------------------------------------------- First Merchants Corp. 0.55 0.51 0.51 0.43 0.43 0.47 0.46 0.42 10.9 First Oak Brook Bancshares 0.63 0.62 (0.36) 0.61 0.60 0.56 0.50 0.46 NM Great Southern Bancorp 0.75 0.74 0.94 0.78 0.67 0.70 0.65 0.67 44.6 IBERIABANK Corporation 0.76 0.74 0.75 0.72 0.63 0.59 0.58 0.57 29.3 Independent Bank Corp. 0.58 0.57 0.56 0.59 0.55 0.51 0.51 0.43 9.8 - ---------------------------------------------------------------------------------------------------------------------------------- MainSource Financial 0.52 0.51 0.51 0.51 0.46 0.44 0.43 0.40 18.6 Lakeland Financial 0.51 0.50 0.50 0.49 0.48 0.47 0.41 0.37 22.0 MBT Financial Corp. 0.32 0.31 0.31 0.21 0.30 0.31 0.33 0.16 -6.1 Midwest Banc Holdings, Inc. 0.39 0.38 0.39 0.39 0.30 0.29 0.26 0.24 50.0 Mississippi Valley 0.81 0.78 0.78 0.80 0.70 0.72 0.71 0.67 9.9 - ---------------------------------------------------------------------------------------------------------------------------------- PrivateBancorp, Inc. 0.52 0.51 0.50 0.42 0.39 0.32 0.28 0.28 78.6 Prosperity Bancshares 0.30 0.29 0.29 0.27 0.24 0.23 0.22 0.10 34.9 Second Bancorp, Inc. 0.52 0.50 0.43 0.47 0.43 0.43 0.42 0.41 2.4 Simmons First National 0.78 0.76 0.79 0.69 0.55 0.49 0.63 0.64 25.4 Southside Bancshares 0.38 0.35 0.35 0.30 0.40 0.30 0.29 0.28 20.7 - ---------------------------------------------------------------------------------------------------------------------------------- Southwest Bancorp 0.55 0.57 0.56 0.52 0.51 0.54 0.49 0.45 14.3 ================================================================================================================================== ASSETS $1.0 - $2.5 BILLION - MEDIAN 15.6 ================================================================================================================================== 1st Source Corporation $0.15 $0.15 $0.13 $0.20 $0.44 $0.29 $0.44 $0.65 -70.5% Alabama National 0.68 0.67 0.69 0.68 0.66 0.62 0.58 0.49 19.0 AMCORE Financial 0.46 0.44 0.42 0.40 0.46 0.42 0.38 0.39 10.5 BancFirst Corporation 1.03 1.02 1.02 0.96 0.83 0.82 0.84 0.85 21.4 BancorpSouth, Inc. 0.38 0.36 0.38 0.36 0.38 0.26 0.28 0.27 35.7 - ---------------------------------------------------------------------------------------------------------------------------------- First Financial Bancorp 0.31 0.30 0.29 0.27 0.16 0.26 0.21 0.29 38.1 First Midwest 0.48 0.47 0.47 0.45 0.43 0.42 0.40 0.38 17.5 Greater Bay Bancorp 0.61 0.60 0.62 0.52 0.15 0.49 0.48 0.49 29.2 Integra Bank Corp. 0.37 0.35 0.35 0.30 (0.76) 0.31 0.46 0.41 -23.9 Irwin Financial 0.37 0.33 0.28 0.39 0.53 0.50 0.56 0.41 -50.0 - ---------------------------------------------------------------------------------------------------------------------------------- Local Financial Corp. 0.38 0.37 0.37 0.36 0.35 0.34 0.33 0.32 12.1 Old National Bancorp 0.46 0.45 0.44 0.46 0.40 0.43 0.31 0.35 41.9 Republic Bancorp 0.25 0.27 0.27 0.26 0.23 0.25 0.38 0.02 -28.9 Southwest Bancorp of TX 0.49 0.47 0.44 0.40 0.41 0.40 0.37 0.37 18.9 Sterling Bancshares 0.23 0.22 0.21 0.19 0.18 0.18 0.19 0.16 10.5 - ---------------------------------------------------------------------------------------------------------------------------------- Texas Regional Bancshares 0.51 0.49 0.50 0.49 0.42 0.41 0.40 0.38 25.0 UMB Financial 0.66 0.63 0.63 0.88 0.63 0.76 0.75 0.80 -16.0 Unizan Financial Corp. 0.42 0.41 0.40 (0.08) 0.36 0.33 0.35 0.41 14.3 Wintrust Financial 0.41 0.40 0.37 0.40 0.33 0.33 0.32 0.29 15.6 ================================================================================================================================== ASSETS $2.5 - $10.0 BILLION - MEDIAN 15.6 ================================================================================================================================== Associated Banc-Corp $0.69 $0.68 $0.68 $0.69 $0.64 $0.62 $0.63 $0.57 7.9% Charter One Financial 0.66 0.64 0.63 0.62 0.59 0.57 0.54 0.51 16.7 Colonial Bancgroup 0.31 0.30 0.30 0.29 0.28 0.28 0.27 0.26 11.1 Commerce Bancshares 0.76 0.75 0.75 0.71 0.71 0.68 0.69 0.66 8.7 Fifth Third Banc. 0.72 0.69 0.68 0.66 0.65 0.47 0.22 0.51 NM - ---------------------------------------------------------------------------------------------------------------------------------- First Tennessee 0.69 0.69 0.69 0.67 0.68 0.68 0.65 0.41 6.2 FirstMerit Corporation 0.50 0.50 0.49 0.51 0.02 0.49 0.46 0.45 6.5 National City Corporation 0.62 0.61 0.63 0.73 0.57 0.58 0.57 0.54 10.5 National Commerce Financial 0.42 0.41 0.39 0.36 0.29 0.28 0.27 0.25 44.4 TCF Financial 0.83 0.80 0.78 0.75 0.72 0.69 0.67 0.62 16.4 - ---------------------------------------------------------------------------------------------------------------------------------- U.S. Bancorp 0.49 0.47 0.43 0.39 0.36 0.02 0.29 0.21 48.3 Union Planters Corp. 0.64 0.63 0.62 0.61 0.55 0.54 0.53 0.51 17.0 ================================================================================================================================== ASSETS > $10.0 BILLION - MEDIAN 11.1 ================================================================================================================================== TOTAL INDEX - MEDIAN 16.0% 5 Year Annual Fiscal Year GAAP EPS Compound ------------------------------------------------------------------- EPS Growth 2003E 2002E 2001 2000 l999 l998 l997 l996 '96 - '01 ----------------------------------------------------------------------------------------- Bank of the Ozarks $1.95 $1.75 $1.18 $0.80 $0.88 $0.74 $0.69 $0.53 17.5% Cass Information Systems 2.30 2.25 2.15 2.02 1.61 1.89 1.79 1.66 5.3 Colorado Business Bankshares 1.05 0.91 0.66 0.65 0.48 0.34 0.24 0.19 28.3 CoVest Bancshares 2.00 1.85 1.50 1.12 0.93 0.87 0.58 0.67 17.5 Firstbank Corp. (Alma, MI) 2.25 2.07 1.78 1.65 1.50 1.34 1.18 1.10 10.1 - ---------------------------------------------------------------------------------------------------------------------------------- Macatawa Bank Corporation 1.49 1.25 1.07 0.88 0.21 (1.13) (0.16) NA NA Mercantile Bank Corp. 1.80 1.48 1.15 1.03 0.77 (0.52) NA NA NA S.Y. Bancorp, Inc. 2.45 2.12 1.96 1.70 1.41 1.21 0.96 0.77 20.5 Summit Bancshares 1.70 1.50 1.36 1.38 1.39 1.20 1.04 0.90 8.6 Tower Financial Corp. 0.65 0.52 0.44 0.42 (0.71) NA NA NA NA ================================================================================================================================== ASSETS LESS THAN $1.0 BILLION - MEDIAN 17.5 ================================================================================================================================== Allegiant Bancorp $1.43 $1.27 $1.24 $1.08 $0.83 $0.68 $0.49 $0.48 20.9% Capitol Bancorp Ltd. 1.70 1.45 1.35 1.13 0.83 0.72 0.88 0.79 11.3 First Busey Corp. 1.45 1.30 1.15 1.03 0.90 0.81 0.74 0.67 11.4 First Financial Bankshares 3.00 2.75 2.37 2.27 2.06 1.86 1.68 1.56 8.7 First Indiana Corporation 1.92 1.76 1.25 1.55 1.42 1.15 1.09 1.10 2.6 - ---------------------------------------------------------------------------------------------------------------------------------- First Merchants Corp. 2.15 2.00 1.78 1.67 1.50 1.44 1.36 1.26 7.2 First Oak Brook Bancshares 2.55 1.50 2.12 1.70 1.57 1.39 2.03 1.03 15.5 Great Southern Bancorp 3.30 3.21 2.70 2.12 1.76 1.76 1.62 1.20 17.6 IBERIABANK Corporation 3.25 2.97 2.36 2.12 1.53 1.56 0.83 0.80 24.2 Independent Bank Corp. 2.55 2.30 2.00 1.61 0.68 1.19 1.06 0.95 16.1 - ---------------------------------------------------------------------------------------------------------------------------------- MainSource Financial 2.20 2.05 1.72 1.52 1.33 1.23 1.37 0.96 12.4 Lakeland Financial 2.20 2.00 1.73 1.60 1.43 1.36 1.30 1.11 9.3 MBT Financial Corp. 1.30 1.15 1.10 1.06 0.85 0.83 0.89 0.83 5.8 Midwest Banc Holdings, Inc. 1.70 1.54 1.09 0.90 0.71 0.63 0.57 0.49 17.3 Mississippi Valley 3.50 3.17 2.80 2.40 2.25 1.91 1.55 1.46 13.9 - ---------------------------------------------------------------------------------------------------------------------------------- PrivateBancorp, Inc. 2.25 1.95 1.28 0.92 0.69 0.86 0.65 0.47 22.2 Prosperity Bancshares 1.30 1.15 0.79 0.74 0.60 0.52 0.46 0.38 15.6 Second Bancorp, Inc. 2.20 1.92 1.69 0.60 1.51 0.52 1.32 1.27 5.9 Simmons First National 3.15 3.02 2.31 2.58 2.33 2.27 2.07 1.81 5.0 Southside Bancshares 1.50 1.35 1.26 1.18 0.95 0.64 0.59 0.50 20.3 - ---------------------------------------------------------------------------------------------------------------------------------- Southwest Bancorp 2.40 2.20 2.00 1.76 1.46 1.26 0.59 1.06 13.5 ================================================================================================================================== ASSETS $1.0 - $2.5 BILLION - MEDIAN 13.5 ================================================================================================================================== 1st Source Corporation $1.50 $0.63 $1.82 $1.79 $1.69 $1.45 $1.23 $1.09 10.8% Alabama National 2.95 2.70 2.34 2.17 1.98 1.55 1.31 NA 15.6 AMCORE Financial 1.95 1.72 1.64 1.58 1.40 1.36 1.05 1.24 5.8 BancFirst Corporation 4.25 4.03 3.34 3.19 2.75 2.27 2.50 2.33 7.5 BancorpSouth, Inc. 1.60 1.48 1.19 0.88 1.20 1.01 1.02 1.01 3.3 - ---------------------------------------------------------------------------------------------------------------------------------- First Financial Bancorp 1.30 1.17 0.91 1.19 1.02 1.05 0.96 0.83 1.9 First Midwest 2.05 1.87 1.63 1.46 1.34 0.98 1.02 1.05 9.2 Greater Bay Bancorp 2.60 2.35 1.57 1.35 1.09 0.81 0.58 NA NA Integra Bank Corp. 1.60 1.37 0.42 1.77 1.27 1.21 1.53 1.37 -21.1 Irwin Financial 1.90 1.37 2.00 1.67 1.51 1.38 1.08 0.97 15.6 - ---------------------------------------------------------------------------------------------------------------------------------- Local Financial Corp. 1.60 1.48 1.34 1.20 1.08 0.89 (6.52) NA NA Old National Bancorp 1.95 1.81 1.49 0.98 1.51 1.20 1.17 1.11 6.1 Republic Bancorp 1.15 1.05 0.87 0.84 0.27 0.72 0.59 0.45 14.1 Southwest Bancorp of TX 2.05 1.80 1.55 1.29 0.93 0.93 0.72 0.56 22.58 Sterling Bancshares 0.98 0.85 0.71 0.67 0.54 0.47 0.41 0.38 13.3 - ---------------------------------------------------------------------------------------------------------------------------------- Texas Regional Bancshares 2.23 1.99 1.62 1.46 1.28 0.93 0.97 0.83 14.3 UMB Financial 3.00 2.80 2.95 2.91 2.80 2.30 2.61 2.38 4.4 Unizan Financial Corp. 1.75 1.15 1.45 1.35 1.28 0.94 0.76 0.69 16.0 Wintrust Financial 1.83 1.58 1.27 0.83 0.73 0.49 0.40 (0.11) 33.5 ================================================================================================================================== ASSETS $2.5 - $10.0 BILLION - MEDIAN 10.8 ================================================================================================================================== Associated Banc-Corp $3.00 $2.73 $2.45 $2.24 $2.13 $2.04 $0.68 $1.72 7.3% Charter One Financial 2.85 2.55 2.21 1.90 1.39 1.40 0.96 1.35 10.4 Colonial Bancgroup 1.30 1.20 1.06 1.01 1.06 0.49 0.89 NA 4.5 Commerce Bancshares 3.25 2.97 2.73 2.63 2.35 2.09 1.84 1.62 11.0 Fifth Third Banc. 3.15 2.75 1.86 1.83 1.43 1.17 1.13 0.94 14.6 - ---------------------------------------------------------------------------------------------------------------------------------- First Tennessee 3.10 2.75 2.42 1.77 1.85 1.72 1.50 1.34 12.5 FirstMerit Corporation 2.20 2.00 1.42 1.80 1.37 1.34 1.36 1.08 5.6 National City Corporation 2.70 2.50 2.27 2.13 2.22 1.61 1.83 1.64 6.7 National Commerce Financial 1.80 1.58 1.09 0.28 0.99 0.83 0.69 0.58 13.4 TCF Financial 3.55 3.15 2.70 2.35 2.00 1.76 1.69 1.52 12.2 - ---------------------------------------------------------------------------------------------------------------------------------- U.S. Bancorp 2.00 1.80 0.88 1.32 0.87 0.65 0.73 0.58 8.7 Union Planters Corp. 2.75 2.50 2.13 2.00 1.90 1.05 1.63 1.28 10.7 ================================================================================================================================== ASSETS > $10.0 BILLION - MEDIAN 10.5 ================================================================================================================================== TOTAL INDEX - MEDIAN 11.4% Annual EPS Percent Change -------------------------------------------------------------------- 2003E 2002E 2001 2000 l999 l998 l997 -------------------------------------------------------------------- Bank of the Ozarks 11.4% 48.9% 46.9% -8.6% 19.0% 6.5% 31.4% Cass Information Systems 2.2 4.7 6.4 25.5 -14.8 5.6 7.8 Colorado Business Bankshares 15.4 37.9 1.5 35.4 41.2 41.7 26.3 CoVest Bancshares 8.1 23.3 33.9 20.4 6.9 50.0 -13.4 Firstbank Corp. (Alma, MI) 8.7 16.3 7.9 10.0 11.9 13.6 7.3 - ------------------------------------------------------------------------------------------------------------- Macatawa Bank Corporation 19.2 16.8 21.6 319.0 NM NM NM Mercantile Bank Corp. 21.6 28.7 11.7 33.5 NM NM NM S.Y. Bancorp, Inc. 15.6 8.2 15.3 20.6 16.5 26.0 24.7 Summit Bancshares 13.3 10.3 -1.4 -0.7 15.8 15.4 15.6 Tower Financial Corp. 25.0 18.2 4.8 NM NM NM NM ============================================================================================================= ASSETS LESS THAN $1.0 BILLION - MEDIAN 14.4 17.5 9.8 20.6 15.8 15.4 15.6 ============================================================================================================= Allegiant Bancorp 12.6% 2.4% 14.8% 30.1% 22.1% 38.8% 2.1% Capitol Bancorp Ltd. 17.2 7.4 19.5 36.1 15.3 -18.2 11.4 First Busey Corp. 11.5 13.0 11.7 14.4 11.1 9.5 10.4 First Financial Bankshares 9.1 16.0 4.4 10.2 10.8 10.7 7.7 First Indiana Corporation 9.1 41.0 -19.5 9.2 23.5 5.5 -0.9 - ------------------------------------------------------------------------------------------------------------- First Merchants Corp. 7.5 12.4 6.6 11.3 4.2 5.9 7.9 First Oak Brook Bancshares 70.0 -29.2 24.7 8.3 12.9 -31.5 97.1 Great Southern Bancorp 2.8 18.9 27.4 20.5 0.0 8.6 35.0 IBERIABANK Corporation 9.4 25.8 11.3 38.6 -1.9 88.0 3.7 Independent Bank Corp. 10.9 15.0 24.2 136.8 -42.9 12.3 11.6 - ------------------------------------------------------------------------------------------------------------- MainSource Financial 7.3 19.2 13.2 14.3 8.1 -10.2 42.7 Lakeland Financial 10.0 15.6 8.1 11.9 5.1 4.6 17.1 MBT Financial Corp. 13.0 4.5 3.8 24.7 2.4 -6.7 7.2 Midwest Banc Holdings, Inc. 10.4 41.3 21.1 26.8 12.7 10.5 16.3 Mississippi Valley 10.4 13.2 16.7 6.7 17.8 23.2 6.2 - ------------------------------------------------------------------------------------------------------------- PrivateBancorp, Inc. 15.4 52.3 39.1 33.3 -19.8 32.3 38.3 Prosperity Bancshares 13.0 46.5 6.1 23.3 15.4 13.0 21.1 Second Bancorp, Inc. 14.6 13.6 NM -60.3 190.4 -60.6 3.9 Simmons First National 4.3 30.7 -10.5 10.7 2.6 9.7 14.4 Southside Bancshares 11.1 7.1 6.8 24.2 48.4 8.5 18.0 - ------------------------------------------------------------------------------------------------------------- Southwest Bancorp 9.1 10.0 13.6 20.5 15.9 113.6 -44.3 ============================================================================================================= ASSETS $1.0 - $2.5 BILLION - MEDIAN 10.4 15.0 12.4 20.5 11.1 9.5 11.4 ============================================================================================================= 1st Source Corporation 138.1% -65.4% 1.7% 5.9% 16.6% 17.9% 12.8% Alabama National 9.3 15.4 7.8 9.6 27.7 18.3 NM AMCORE Financial 13.4 4.9 3.8 12.9 2.9 29.5 -15.3 BancFirst Corporation 5.5 20.7 4.7 16.0 21.1 -9.2 7.3 BancorpSouth, Inc. 8.1 24.4 35.2 -26.7 18.8 -1.0 1.0 - ------------------------------------------------------------------------------------------------------------- First Financial Bancorp 11.1 28.6 -23.5 16.7 -2.9 9.4 15.7 First Midwest 9.6 14.7 11.6 9.0 36.7 -3.9 -2.9 Greater Bay Bancorp 10.6 49.7 16.3 23.9 34.6 39.7 NM Integra Bank Corp. 16.8 226.2 -76.3 39.4 5.0 -20.9 11.7 Irwin Financial 38.7 -31.5 19.8 10.6 9.4 27.8 11.3 - ------------------------------------------------------------------------------------------------------------- Local Financial Corp. 8.1 10.4 11.7 11.1 21.3 NM NM Old National Bancorp 7.7 21.5 52.0 -35.1 25.8 2.6 5.4 Republic Bancorp 9.5 20.7 3.6 211.1 -62.5 22.0 31.1 Southwest Bancorp of TX 13.9 16.1 20.2 38.7 0.0 29.2 28.6 Sterling Bancshares 15.3 19.7 6.0 24.1 14.9 14.6 7.9 - ------------------------------------------------------------------------------------------------------------- Texas Regional Bancshares 12.1 22.8 11.0 14.1 37.6 -4.1 16.9 UMB Financial 7.1 -5.1 1.4 3.9 21.7 -11.9 9.7 Unizan Financial Corp. 52.2 -20.7 7.4 5.5 36.2 23.7 10.1 Wintrust Financial 15.8 24.4 53.0 13.7 49.0 22.5 NM ============================================================================================================= ASSETS $2.5 - $10.0 BILLION - MEDIAN 11.1 19.7 7.8 12.9 21.1 16.3 10.1 ============================================================================================================= Associated Banc-Corp 9.9% 11.4% 9.4% 5.2% 4.4% 200.0% -60.5% Charter One Financial 11.8 15.4 16.3 36.7 -0.7 45.8 -28.9 Colonial Bancgroup 8.3 13.2 5.0 -4.7 116.3 -44.9 NM Commerce Bancshares 9.4 8.8 3.8 11.9 12.4 13.6 13.6 Fifth Third Banc. 14.5 47.8 1.6 28.0 22.2 3.5 20.2 - ------------------------------------------------------------------------------------------------------------- First Tennessee 12.7 13.6 36.7 -4.3 7.6 14.7 11.9 FirstMerit Corporation 10.0 40.8 -21.1 31.4 2.2 -1.5 25.9 National City Corporation 8.0 10.1 6.6 -4.1 37.9 -12.0 11.6 National Commerce Financial 13.9 45.0 NM - 71.7 19.3 20.3 19.0 TCF Financial 12.7 16.7 14.9 17.5 13.6 4.1 11.2 - ------------------------------------------------------------------------------------------------------------- U.S. Bancorp 11.1 104.5 -33.3 51.7 33.8 -11.0 25.9 Union Planters Corp. 10.0 17.4 6.5 5.3 81.0 -35.6 27.3 ============================================================================================================= ASSETS > $10.0 BILLION - MEDIAN 10.6 16.0 6.5 8.6 16.5 3.8 13.6 ============================================================================================================= TOTAL INDEX - MEDIAN 11.1% 16.2% 8.7% 14.3% 15.3% 10.1% 11.6% STIFEL, NICOLAUS ----------------------- & COMPANY, INCORPORATED 27 MARKET STATISTICS PRICED AS OF: 7/23/2002 PRICE / 2003 EST. PRICE / 2003 EST. GAAP EPS PRICE / 2002 EST. GAAP EPS ADJUSTED CASH EPS - ----------------------------------- ----------------------------------- ------------------------------------ Irwin Financial 7.8 x Greater Bay Bancorp 9.0 x Irwin Financial 7.8 x Greater Bay Bancorp 8.1 Local Financial Corp. 9.9 Greater Bay Bancorp 7.9 Southside Banc. (TX) 9.1 First Indiana Corp. 10.1 U.S. Bancorp 8.6 Local Financial Corp. 9.1 Southside Banc. (TX) 10.1 Southside Banc. (TX) 9.1 First Indiana Corp. 9.2 Colonial Bancgroup 10.2 Local Financial Corp. 9.1 U.S. Bancorp 9.2 U.S. Bancorp 10.3 First Indiana Corp. 9.2 Colonial Bancgroup 9.4 FirstMerit Corporation 10.4 Colonial Bancgroup 9.3 FirstMerit Corporation 9.5 National City Corporation 10.7 Union Planters Corp. 9.4 Union Planters Corp. 9.7 Union Planters Corp. 10.7 FirstMerit Corporation 9.5 National City Corporation 9.9 Irwin Financial 10.8 MainSource Financial 9.5 Bank of the Ozarks 9.9 Southwest Bancorp 10.8 Unizan Financial 9.6 Southwest Bancorp 9.9 MainSource Financial 10.9 National City Corporation 9.8 Mercantile Bank Corp. 9.9 Firstbank Corp. (Alma, MI) 11.0 Bank of the Ozarks 9.9 Firstbank Corp. (Alma, MI) 10.1 Bank of the Ozarks 11.0 First Merchants Corp. 9.9 Charter One Financial 10.2 CoVest Bancshares 11.2 Southwest Bancorp 9.9 MainSource Financial 10.2 BancFirst Corporation 11.2 Mercantile Bank Corp. 9.9 Associated Banc-Corp 10.3 Simmons First National 11.2 Firstbank Corp. (Alma, MI) 10.1 Midwest Banc Holdings 10.3 Cass Information Systems 11.3 Associated Banc-Corp 10.1 CoVest Bancshares 10.3 Associated Banc-Corp 11.3 Charter One Financial 10.2 Unizan Financial 10.4 Midwest Banc Holdings 11.4 Midwest Banc Holdings 10.3 Republic Bancorp 10.4 Charter One Financial 11.4 CoVest Bancshares 10.3 First Tennessee 10.5 Great Southern Bancorp 11.4 BancFirst Corporation 10.4 BancFirst Corporation 10.6 Republic Bancorp 11.4 Allegiant Bancorp 10.4 MBT Financial Corp. 10.7 First Merchants Corp. 11.6 Republic Bancorp 10.4 First Oak Brook Banc. 10.7 BancorpSouth, Inc. 11.7 First Tennessee 10.5 Simmons First National 10.8 First Tennessee 11.9 Simmons First National 10.6 Private Bancorp 10.8 Independent Bank Corp. 12.1 MBT Financial Corp. 10.7 AMCORE Financial 10.8 MBT Financial Corp. 12.1 Independent Bank Corp. 10.7 BancorpSouth, Inc. 10.8 Mercantile Bank Corp. 12.1 First Oak Brook Banc. 10.7 First Merchants Corp. 10.8 IBERIABANK Corporation 12.2 Second Bancorp, Inc. 10.7 Second Bancorp, Inc. 10.9 AMCORE Financial 12.2 AMCORE Financial 10.7 MEDIAN 10.9 MEDIAN 12.3 MEDIAN 10.7 Independent Bank Corp. 10.9 Private Bancorp 12.4 Private Bancorp 10.8 Cass Information Systems 11.0 Second Bancorp, Inc. 12.4 BancorpSouth, Inc. 10.8 Great Southern Bancorp 11.1 Old National Bancorp 12.6 National Commerce Fin. 11.0 Capitol Bancorp Ltd. 11.1 Allegiant Bancorp 12.6 Cass Information Systems 11.0 IBERIABANK Corporation 11.1 Commerce Bancshares 12.7 Great Southern Bancorp 11.1 Allegiant Bancorp 11.2 First Midwest 13.0 Capitol Bancorp Ltd. 11.1 Commerce Bancshares 11.6 Lakeland Financial 13.0 IBERIABANK Corporation 11.1 TCF Financial 11.6 Capitol Bancorp Ltd. 13.0 Commerce Bancshares 11.4 Old National Bancorp 11.7 TCF Financial 13.1 Lakeland Financial 11.4 Macatawa Bank Corp. 11.8 First Financial Bank. 13.3 Old National Bancorp 11.6 Lakeland Financial 11.8 UMB Financial 13.6 TCF Financial 11.6 First Midwest 11.9 Summit Bancshares 13.6 Macatawa Bank Corp. 11.8 Summit Bancshares 12.0 Alabama National 13.7 First Midwest 11.9 First Financial Bank. 12.1 National Commerce Fin. 13.9 Summit Bancshares 12.0 National Commerce Fin. 12.2 Prosperity Bancshares 14.1 First Financial Bank. 12.1 Prosperity Bancshares 12.5 Macatawa Bank Corp. 14.1 Prosperity Bancshares 12.2 Alabama National 12.6 Texas Regional Banc. 14.4 Integra Bank Corp. 12.4 UMB Financial 12.7 First Financial Bancorp 14.5 Alabama National 12.4 Texas Regional Banc. 12.9 Sterling Bancshares 15.2 UMB Financial 12.5 First Financial Bancorp 13.0 Integra Bank Corp. 15.5 Texas Regional Banc. 12.5 Sterling Bancshares 13.2 Mississippi Valley 15.6 First Financial Bancorp 12.9 Integra Bank Corp. 13.3 Unizan Financial 15.8 Sterling Bancshares 13.2 1st Source Corporation 13.3 First Busey Corp. 16.4 1st Source Corporation 13.3 Mississippi Valley 14.1 Southwest Bancorp of TX 17.5 Mississippi Valley 14.1 First Busey Corp. 14.7 CoBiz Inc. 17.7 First Busey Corp. 14.5 CoBiz Inc. 15.3 S.Y. Bancorp, Inc. 18.2 CoBiz Inc. 15.3 Southwest Bancorp of TX 15.4 First Oak Brook Banc. 18.2 Southwest Bancorp of TX 15.4 Wintrust Financial 15.7 Wintrust Financial 18.2 Wintrust Financial 15.7 S.Y. Bancorp, Inc. 15.7 Tower Financial 21.2 S.Y. Bancorp, Inc. 15.7 Tower Financial 16.9 Fifth Third Banc. 21.3 Tower Financial 16.9 Fifth Third Banc. 18.6 1st Source Corporation 31.7 Fifth Third Banc. 18.6 PRICE / 2002 EST. ADJUSTED CASH EPS DIVIDEND YIELD - ----------------------------------- ----------------------------------- Greater Bay Bancorp 8.8 x Union Planters Corp. 5.0% U.S. Bancorp 9.5 FirstMerit Corporation 4.6 Local Financial Corp. 9.9 National City Corporation 4.6 Colonial Bancgroup 10.0 Integra Bank Corp. 4.4 First Indiana Corp. 10.1 Colonial Bancgroup 4.2 Southside Banc. (TX) 10.1 U.S. Bancorp 4.2 MainSource Financial 10.2 Associated Banc-Corp 4.0 Union Planters Corp. 10.3 First Merchants Corp. 4.0 FirstMerit Corporation 10.4 First Financial Bank. 3.8 National City Corporation 10.5 MBT Financial Corp. 3.7 Irwin Financial 10.8 First Indiana Corp. 3.6 Southwest Bancorp 10.8 First Financial Bancorp 3.5 First Merchants Corp. 10.8 BancorpSouth, Inc. 3.5 Firstbank Corp. (Alma, MI) 10.9 Firstbank Corp. (Alma, MI) 3.2 BancFirst Corporation 11.0 Cass Information Systems 3.2 Bank of the Ozarks 11.0 National Commerce Fin. 3.1 Simmons First National 11.0 First Tennessee 3.1 Associated Banc-Corp 11.1 AMCORE Financial 3.0 CoVest Bancshares 11.2 Charter One Financial 3.0 Cass Information Systems 11.3 MainSource Financial 3.0 Midwest Banc Holdings 11.4 Second Bancorp, Inc. 3.0 Charter One Financial 11.4 Old National Bancorp 3.0 Great Southern Bancorp 11.4 Unizan Financial 2.9 Republic Bancorp 11.4 Republic Bancorp 2.8 Allegiant Bancorp 11.6 Simmons First National 2.8 BancorpSouth, Inc. 11.7 First Busey Corp. 2.8 Independent Bank Corp. 11.8 First Midwest 2.8 First Tennessee 11.9 TCF Financial 2.8 MBT Financial Corp. 12.1 Alabama National 2.7 Mercantile Bank Corp. 12.1 Lakeland Financial 2.6 AMCORE Financial 12.2 Independent Bank Corp. 2.6 MEDIAN 12.2 MEDIAN 2.5 IBERIABANK Corporation 12.2 Greater Bay Bancorp 2.4 Second Bancorp, Inc. 12.3 Summit Bancshares 2.4 National Commerce Fin. 12.3 Midwest Banc Holdings 2.3 Private Bancorp 12.4 Capitol Bancorp Ltd. 2.1 Commerce Bancshares 12.5 UMB Financial 2.1 Old National Bancorp 12.5 First Oak Brook Banc. 2.1 Lakeland Financial 12.5 Southside Banc. (TX) 2.1 First Midwest 13.0 IBERIABANK Corporation 2.0 Capitol Bancorp Ltd. 13.0 Southwest Bancorp 1.8 TCF Financial 13.1 Irwin Financial 1.8 First Financial Bank. 13.3 Macatawa Bank Corp. 1.8 UMB Financial 13.3 1st Source Corporation 1.8 Alabama National 13.5 BancFirst Corporation 1.8 Summit Bancshares 13.6 Commerce Bancshares 1.7 Texas Regional Banc. 14.0 Bank of the Ozarks 1.7 Prosperity Bancshares 14.1 Allegiant Bancorp 1.6 Macatawa Bank Corp. 14.1 Fifth Third Banc. 1.6 Unizan Financial 14.1 CoVest Bancshares 1.5 Integra Bank Corp. 14.3 Texas Regional Banc. 1.5 First Financial Bancorp 14.3 Great Southern Bancorp 1.5 Sterling Bancshares 15.2 Prosperity Bancshares 1.4 Mississippi Valley 15.6 S.Y. Bancorp, Inc. 1.4 First Busey Corp. 16.1 CoBiz Inc. 1.2 Southwest Bancorp of TX 17.5 Sterling Bancshares 1.2 CoBiz Inc. 17.7 Mississippi Valley 1.1 S.Y. Bancorp, Inc. 18.2 Private Bancorp 0.5 First Oak Brook Banc. 18.2 Wintrust Financial 0.4 Wintrust Financial 18.2 Local Financial Corp. 0.0 Tower Financial 21.2 Mercantile Bank Corp. 0.0 Fifth Third Banc. 21.3 Southwest Bancorp of TX 0.0 1st Source Corporation 31.7 Tower Financial 0.0 28 MARKET STATISTICS PRICED AS OF: 7/23/2002 STOCK'S 2002 YTD PRICE / BOOK VALUE (3/31/02) PRICE / TANG. BOOK (3/31/02) PRICE CHANGE - ------------------------------------- ------------------------------------- ------------------------------------ UMB Financial 108.8% Tower Financial 116.9% Bank of the Ozarks 52.2% Tower Financial 116.9 UMB Financial 118.2 Lakeland Financial 47.7 Mercantile Bank Corp. 126.7 Mercantile Bank Corp. 126.7 Capitol Bancorp Ltd. 42.0 Irwin Financial 126.9 Irwin Financial 127.7 Wintrust Financial 41.1 First Indiana Corp. 129.2 First Indiana Corp. 137.6 Southwest Bancorp 35.2 Simmons First National 130.1 Macatawa Bank Corp. 144.7 IBERIABANK Corporation 30.4 1st Source Corporation 136.0 Cass Information Systems 147.7 BancFirst Corporation 30.0 Unizan Financial 141.9 1st Source Corporation 150.5 MainSource Financial 27.7 Macatawa Bank Corp. 144.7 Simmons First National 157.6 Mississippi Valley 26.1 Cass Information Systems 145.5 Southwest Bancorp 158.0 Midwest Banc Holdings 23.5 IBERIABANK Corporation 153.5 Southside Banc. (TX) 158.9 Private Bancorp 23.4 Southside Banc. (TX) 153.9 CoVest Bancshares 163.2 First Financial Bank 21.1 Colonial Bancgroup 154.7 MBT Financial Corp. 170.6 Great Southern Bancorp 20.2 Firstbank Corp. (Alma, MI) 156.8 First Oak Brook Banc. 171.3 Prosperity Bancshares 20.0 Southwest Bancorp 157.6 Firstbank Corp. (Alma, MI) 176.7 CoBiz Inc. 19.1 CoVest Bancshares 158.6 AMCORE Financial 177.2 Firstbank Corp. (Alma, MI) 18.5 Capitol Bancorp Ltd. 159.0 Capitol Bancorp Ltd. 181.3 Allegiant Bancorp 16.7 First Merchants Corp. 162.4 BancorpSouth, Inc. 183.2 S.Y. Bancorp, Inc. 15.6 MainSource Financial 163.6 Local Financial Corp. 184.1 Texas Regional Banc. 13.9 Integra Bank Corp. 165.6 BancFirst Corporation 184.2 First Oak Brook Banc. 12.9 BancFirst Corporation 166.0 Colonial Bancgroup 193.5 Summit Bancshares 12.8 Local Financial Corp. 167.0 Commerce Bancshares 196.3 Second Bancorp, Inc. 10.6 AMCORE Financial 168.1 First Merchants Corp. 199.0 CoVest Bancshares 10.4 Union Planters Corp. 170.0 IBERIABANK Corporation 206.9 Alabama National 10.1 MBT Financial Corp. 170.1 Summit Bancshares 207.6 Southside Banc. (TX) 8.8 First Oak Brook Banc. 171.3 Republic Bancorp 208.7 Charter One Financial 6.8 BancorpSouth, Inc. 173.1 Second Bancorp, Inc. 215.1 Mercantile Bank Corp. 5.9 Allegiant Bancorp 173.5 Lakeland Financial 215.8 Simmons First National 5.4 National Commerce Fin. 180.4 Private Bancorp 220.0 Local Financial Corp. 4.4 Private Bancorp 183.5 MainSource Financial 220.5 Southwest Bancorp of TX 4.1 Second Bancorp, Inc. 184.4 Integra Bank Corp. 224.4 BancorpSouth, Inc. 4.1 MEDIAN 186.6 MEDIAN 225.5 MEDIAN 3.9 Commerce Bancshares 188.8 FirstMerit Corporation 226.6 Cass Information Systems 3.6 Associated Banc-Corp 190.0 First Financial Bancorp 227.7 Sterling Bancshares 3.0 FirstMerit Corporation 192.3 Associated Banc-Corp 232.0 Integra Bank Corp. 1.5 Lakeland Financial 198.7 First Financial Bank. 233.6 First Indiana Corp. 1.0 Republic Bancorp 203.7 Alabama National 237.0 MBT Financial Corp. 0.4 First Financial Bancorp 205.8 Union Planters Corp. 238.0 Independent Bank Corp. 0.0 First Financial Bank. 207.0 Unizan Financial 245.6 First Busey Corp. -0.8 Summit Bancshares 207.6 National City Corporation 249.0 Unizan Financial -1.8 National City Corporation 211.3 Old National Bancorp 254.0 First Merchants Corp. -3.2 Alabama National 215.6 Charter One Financial 254.6 1st Source Corporation -3.4 Old National Bancorp 215.6 Bank of the Ozarks 263.4 Commerce Bancshares -3.6 Greater Bay Bancorp 217.0 Independent Bank Corp. 273.1 Associated Banc-Corp -3.9 U.S. Bancorp 222.3 First Midwest 274.7 First Financial Bancorp -4.1 Charter One Financial 223.2 Southwest Bancorp of TX 280.1 Fifth Third Banc. -4.3 Texas Regional Banc. 240.4 Texas Regional Banc. 281.5 Macatawa Bank Corp. -4.9 Independent Bank Corp. 244.9 Allegiant Bancorp 285.1 UMB Financial -5.1 Bank of the Ozarks 250.7 Mississippi Valley 287.3 Old National Bancorp -5.1 Sterling Bancshares 252.9 Great Southern Bancorp 287.5 AMCORE Financial -5.9 First Midwest 264.0 Midwest Banc Holdings 294.9 Tower Financial -7.6 First Busey Corp. 270.8 First Busey Corp. 299.7 National City Corporation -8.9 First Tennessee 272.3 First Tennessee 307.4 First Tennessee -10.0 Wintrust Financial 276.2 Wintrust Financial 328.6 Union Planters Corp. -11.4 Southwest Bancorp of TX 278.1 CoBiz Inc. 331.5 U.S. Bancorp -11.8 Midwest Banc Holdings 281.4 Greater Bay Bancorp 333.2 Irwin Financial -12.9 Prosperity Bancshares 283.5 Sterling Bancshares 338.6 Colonial Bancgroup -13.1 Mississippi Valley 287.3 S.Y. Bancorp, Inc. 348.1 Republic Bancorp -13.4 Great Southern Bancorp 287.5 Prosperity Bancshares 375.0 National Commerce Fin. -13.4 CoBiz Inc. 292.9 National Commerce Fin. 395.3 TCF Financial -14.0 TCF Financial 342.3 U.S. Bancorp 395.9 First Midwest -16.7 S.Y. Bancorp, Inc. 345.0 TCF Financial 410.9 FirstMerit Corporation -23.0 Fifth Third Banc. 438.6 Fifth Third Banc. 499.0 Greater Bay Bancorp -26.0 PAYOUT RATIO MARKET CAPITALIZATION ($MM) - ------------------------------------- ------------------------------------- Local Financial Corp. 0.0% U.S. Bancorp $35,334 Mercantile Bank Corp. 0.0 Fifth Third Banc. 34,190 Southwest Bancorp of TX 0.0 National City Corporation 16,208 Tower Financial 0.0 Charter One Financial 6,381 Private Bancorp 6.2 Union Planters Corp. 5,473 Wintrust Financial 7.6 National Commerce Fin. 4,515 CoVest Bancshares 17.3 First Tennessee 4,105 Great Southern Bancorp 17.4 TCF Financial 3,155 Mississippi Valley 17.7 Commerce Bancshares 2,460 Bank of the Ozarks 18.3 Associated Banc-Corp 2,338 Sterling Bancshares 18.8 FirstMerit Corporation 1,771 Prosperity Bancshares 19.1 Colonial Bancgroup 1,471 Irwin Financial 19.7 BancorpSouth, Inc. 1,403 BancFirst Corporation 19.9 Old National Bancorp 1,395 Southwest Bancorp 20.0 First Midwest 1,180 Allegiant Bancorp 20.5 Greater Bay Bancorp 1,069 Southside Banc. (TX) 20.7 Southwest Bancorp of TX 1,040 Greater Bay Bancorp 21.3 UMB Financial 838 Commerce Bancshares 21.9 First Financial Bancorp 784 CoBiz Inc. 22.0 Texas Regional Banc. 752 Texas Regional Banc. 22.1 Republic Bancorp 638 IBERIABANK Corporation 24.2 Sterling Bancshares 565 S.Y. Bancorp, Inc. 24.5 AMCORE Financial 518 Macatawa Bank Corp. 25.6 Mississippi Valley 466 Midwest Banc Holdings 26.0 Alabama National 459 Capitol Bancorp Ltd. 27.6 Wintrust Financial 452 UMB Financial 28.6 First Financial Bank 450 Independent Bank Corp. 31.3 1st Source Corporation 419 Simmons First National 31.8 Irwin Financial 408 Summit Bancshares 32.0 Unizan Financial 402 Republic Bancorp 32.4 BancFirst Corporation 369 MEDIAN 32.8 MEDIAN 368 MainSource Financial 33.2 Integra Bank Corp. 367 Fifth Third Banc. 33.5 Independent Bank Corp. 326 Lakeland Financial 34.0 First Merchants Corp. 297 Charter One Financial 34.5 First Busey Corp. 291 Firstbank Corp. (Alma, MI) 34.8 Midwest Banc Holdings 282 Cass Information Systems 35.6 Local Financial Corp. 280 First Indiana Corp. 36.4 First Indiana Corp. 274 First Tennessee 36.4 MBT Financial Corp. 274 First Midwest 36.4 Prosperity Bancshares 263 TCF Financial 36.5 S.Y. Bancorp, Inc. 258 Alabama National 37.0 Great Southern Bancorp 252 AMCORE Financial 37.2 Allegiant Bancorp 249 Second Bancorp, Inc. 37.5 Simmons First National 240 Old National Bancorp 37.6 Second Bancorp, Inc. 238 First Oak Brook Banc. 38.0 IBERIABANK Corporation 212 BancorpSouth, Inc. 40.5 CoBiz Inc. 211 National Commerce Fin. 43.0 Capitol Bancorp Ltd. 201 U.S. Bancorp 43.3 First Oak Brook Banc. 172 Colonial Bancgroup 43.3 Lakeland Financial 150 MBT Financial Corp. 45.2 Bank of the Ozarks 146 Unizan Financial 45.2 MainSource Financial 146 Associated Banc-Corp 45.4 Southwest Bancorp 136 First Merchants Corp. 46.0 Macatawa Bank Corp. 135 First Busey Corp. 46.2 Summit Bancshares 128 FirstMerit Corporation 48.0 Private Bancorp 119 National City Corporation 48.8 Firstbank Corp. (Alma, MI) 117 First Financial Bank. 50.9 Southside Banc. (TX) 106 First Financial Bancorp 51.3 Mercantile Bank Corp. 92 Union Planters Corp. 53.3 Cass Information Systems 81 1st Source Corporation 57.1 CoVest Bancshares 73 Integra Bank Corp. 68.6 Tower Financial 28 <FN> YTD = Year-to-date. Payout Ratio = Current annualized dividend / estimated 2002 earnings per share. Market Capitalization is calculated using shares outstanding at 3/31/02.