<PAGE> 1
As filed with the Securities and Exchange Commission on July 11, 1996
Registration No. 333-2698
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------
POST-EFFECTIVE AMENDMENT NO. 1 TO THE
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
----------------
KENWOOD BANCORP, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its articles of incorporation)
<TABLE>
<S> <C> <C>
DELAWARE 6711 31-1457996
- ---------------------------------- ----------------- ---------------
(STATE OR OTHER JURISDICTION OF (PRIMARY STANDARD (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) INDUSTRIAL CLASSIFICATION CODE NUMBER) IDENTIFICATION NO.)
</TABLE>
7711 MONTGOMERY ROAD
CINCINNATI, OHIO 45236
(513) 791-2834
- --------------------------------------------------------------------------------
(Address, including zip code, and telephone number, including area code, of
registrant's principal executive offices)
Thomas W. Burns
Executive Vice President and Chief Executive Officer
Kenwood Bancorp, Inc.
7711 Montgomery Road
Cincinnati, Ohio 45236
(513) 791-2834
- --------------------------------------------------------------------------------
(Name, address, including zip code, and telephone number, including area code,
of agent for service)
Copy to:
<TABLE>
<S> <C> <C>
John P. Soukenik, Esq. Jack A. Selman, Esq.
Jeffrey D. Haas, Esq. Selman & Munson
Elias, Matz, Tiernan & Herrick L.L.P. and 111 Congress Avenue
734 15th Street, N.W., 12th Floor Austin, Texas 78701
Washington, D.C. 20005
---------------------
</TABLE>
================================================================================
<PAGE> 2
PART II
DEREGISTRATION OF COMMON STOCK
The Registrant hereby deregisters 93,069 shares of common stock, par
value $.01 per share ("Common Stock"), out of 388,239 shares of Common Stock
previously registered. The shares of Common Stock deregistered hereby were not
issued in the Registrant's recently completed conversion and reorganization.
In the conversion and reorganization, 157,651 shares of Common Stock were sold
in a subscription offering and 137,519 shares of Common Stock were issued in
exchange for outstanding shares of common stock of Kenwood Savings and Loan
Association. Thus, a total of 295,170 shares of Common Stock were issued.
II-1
<PAGE> 3
<TABLE>
<CAPTION>
Exhibit Index Page
--------------------------------------------------------------------------------------- --------
<S> <C> <C>
1.1* Engagement Letter dated February 26, 1996 with Charles
Webb & Company
1.2* Form of Agency Agreement with Charles Webb & Company
2.1* Plan of Conversion and Agreement and Plan of Reorganization
3.1* Certificate of Incorporation of Kenwood Bancorp, Inc.
3.2* Bylaws of Kenwood Bancorp, Inc.
4.1* Form of Stock Certificate of Kenwood Bancorp, Inc.
5.1* Opinion of Elias, Matz, Tiernan & Herrick L.L.P. regarding
legality of securities
8.1* Opinion of Elias, Matz, Tiernan & Herrick L.L.P. regarding
federal income tax consequences
8.2* Opinion of Clark, Schaefer, Hackett & Co. regarding Ohio income
tax consequences
8.3* Opinion of RP Financial, LC. regarding subscription rights
10.1* 1992 Stock Incentive Plan
10.2* 1992 Directors' Stock Option Plan
10.3* 1992 Management Recognition Plan
10.4* Kenwood Bancorp, Inc. Employee Stock Ownership Plan and Trust
10.5* Form of Severance Agreement among Kenwood Bancorp, Inc.,
Kenwood Savings Bank and Thomas W. Burns
23.1* Consent of Clark, Schaefer, Hackett & Co.
23.2* Consent of Grant Thornton LLP
23.3* Consent of RP Financial, LC.
23.4* Consent of Elias, Matz, Tiernan & Herrick L.L.P.
(included in Exhibit 5)
23.5* Consent of Clark, Schaefer, Hackett & Co. (included in Exhibit 8.2)
24.1 Power of Attorney (included in Signature Page of this
Registration Statement)
99.1* Proxy Statement and form of proxy for solicitation of stockholders
of Kenwood Savings and Loan Association
99.2* Proxy Statement and form of proxy for solicitation of members of
Kenwood Federal Mutual Holding Company
99.3* Appraisal Report of RP Financial, LC.
99.4* Marketing Materials
99.5 Appraisal Update of RP Financial, LC. E-1
</TABLE>
- ------------------
* Previously filed.
II-2
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant has duly caused this Post-Effective Amendment to the Form S-1
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the State of Ohio on July 9, 1996.
KENWOOD BANCORP, INC.
By: /s/ Thomas W. Burns
---------------------------------------
Thomas W. Burns
Executive Vice President and Chief
Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
<TABLE>
<CAPTION>
Name Title Date
------------------------------ ------------------------------ --------------------
<S> <C> <C>
/s/ Robert P. Isler President and Chairman of the July 9, 1996
------------------------------ Board
Robert P. Isler*
/s/ Thomas W. Burns Executive Vice President and
-------------------------- Chief Executive Officer July 9, 1996
Thomas W. Burns (principal executive and
financial officer)
/s/ Richard C. Kent Director July 9, 1996
----------------------------
Richard C. Kent*
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
Name Title Date
------------------------------ ------------------------------ --------------------
<S> <C> <C> <C>
/s/ Donald G. Ashcraft Director July 9, 1996
---------------------------
Donald G. Ashcraft*
/s/ P. Lincoln Mitchell Secretary and Director July 9, 1996
-----------------------------
P. Lincoln Mitchell*
/s/ James N. Murphy Director July 9, 1996
---------------------------
James N. Murphy*
</TABLE>
* By Thomas W. Burns, Attorney-in-fact
<PAGE> 1
------------------------------------------
CONVERSION APPRAISAL UPDATE REPORT
KENWOOD BANCORP, INC.
PROPOSED HOLDING COMPANY FOR
KENWOOD SAVINGS BANK
CINCINNATI, OHIO
AS OF: JUNE 21, 1996
------------------------------------------
PREPARED BY:
RP FINANCIAL, LC.
1700 NORTH MOORE STREET
SUITE 2210
ARLINGTON, VIRGINIA 22209
<PAGE> 2
[RP FINANCIAL, LC. LETTERHEAD]
June 21, 1996
Board of Directors
Kenwood Federal Mutual Holding Company
Kenwood Savings and Loan Association
7711 Montgomery Road
Cincinnati, Ohio 45236
Gentlemen:
At your request, we have completed and hereby provide an updated
appraisal of the estimated pro forma market value of the common stock which is
to be issued by Kenwood Bancorp, Inc., Cincinnati, Ohio ("Kenwood Bancorp" or
the "Company"), in connection with the mutual-to-stock conversion of Kenwood
Federal Mutual Holding Company (the "Mutual Holding Company"). The Mutual
Holding Company currently has a majority ownership interest in, and its
principal asset consists of, the common stock of Kenwood Savings and Loan
Association, Cincinnati, Ohio ("Kenwood Savings" or the "Association").
Concurrent with the conversion the Association intends to change its name to
Kenwood Savings Bank. This appraisal update is being submitted pursuant to the
conversion regulations promulgated by the Office of Thrift Supervision ("OTS").
The original appraisal report, dated March 8, 1996 (the "Original Appraisal")
is incorporated herein by reference. All capitalized terms not otherwise
defined herein have the meanings ascribed to them in the Original Appraisal. As
in the preparation of the Original Appraisal, we believe the data and
information used herein is reliable; however, we cannot guarantee the accuracy
and completeness of such information.
This appraisal update is being submitted to the OTS in conjunction with
the completion of Kenwood Bancorp's Subscription and Community Offerings on June
17, 1996. This updated appraisal reflects the following items: (1) recent
developments in the Association's financial condition through March 31, 1996 as
reflected in the Prospectus; (2) an updated comparison of Kenwood Savings'
financial condition and operating results versus the Peer Group companies
identified in the Original Appraisal; (3) updated stock market conditions
through June 21, 1996; and, (4) results of the stock offering, which closed at
5:00 PM on June 17, 1996.
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
common stock. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change from time to time, no assurance can be given that persons who purchase
shares of common stock in the conversion will thereafter be able to buy or sell
such shares at prices related to the foregoing valuation of the pro forma
market value thereof. RP Financial is not a seller of securities within the
meaning of any federal and state securities laws and any report prepared by RP
Financial shall not be used as an offer or solicitation with respect to the
purchase or sale of any securities. RP Financial maintains a policy which
prohibits the company, its principals or employees from purchasing stock of its
client institutions.
<PAGE> 3
RP Financial, LC.
Board of Directors
June 21, 1996
Page 2
Discussion of Relevant Considerations
1. Financial Results
Table 1 presents summary balance sheet and income statement
details for the twelve months ended December 31, 1995 and updated financial
information through March 31, 1996. Kenwood Savings' updated balance sheet
remained consistent in broad terms with the December 31, 1995 figures with the
Association reporting increases in assets, loans receivable, deposits and
borrowings. Capital decreased due to an increase in the unfavorable market
value adjustment to MBS and securities classified as available for sale
("AFS"), per SFAS No. 115 and the payment of dividends to minority
shareholders, offset in part by profitable earnings. Total assets increased by
$0.8 million during the quarter ended March 31, 1996 and equaled $48.4 million
at that date. Asset growth was channeled into loans receivable.
Loans receivable continued to comprise the largest segment of
total assets, followed by mortgage-backed securities ("MBS") and cash and
investments. During the quarter, the balance of loans receivable increased by
approximately 7.1 percent from $33.3 million to $35.7 million, to equal 73.8
percent of total assets at March 31, 1996. The increase in loans receivable
reflected continued active loan originations through the Association's loan
production office ("LPO"), with a portion of such originations retained in
portfolio and the remaining designated as "available for sale" ("AFS").
Cash and investments decreased by $1.3 million during the
quarter, as funds were reinvested into higher yielding loans receivable. The
balance of MBS decreased from $7.6 million to $7.2 million, equal to 14.9
percent of total assets at March 31, 1996, due to principal repayments and a
decline in market value pursuant to SFAS No. 115.
The Association's asset quality ratios continue to reflect
strong credit quality. As of March 31, 1996, the Association recorded zero
balances of non-accruing loans, loans greater than 90 days delinquent and still
accruing and real estate owned ("REO").
The Association's overall deposit level was relatively
unchanged, as reported deposit balances remained at $43.5 million over the most
recent three month period. The Association continued to emphasize growth in
lower costing transaction accounts. In order to fund loan originations,
Kenwood Savings borrowed an additional $1.0 million of FHLB advances during the
quarter ended March 31, 1996. Such borrowings consisted of both overnight
funds and longer term borrowings, as part of interest rate risk management.
Reported capital decreased over the three months ended March
31, 1996, due to a larger negative market value adjustment on the Association's
portfolio of loans, MBS and securities held as AFS and payment of the regular
dividend to minority shareholders, offset by positive earnings of $20,000. As
of March 31, 1996, stockholders' equity totaled $3.254 million, equal to 6.7
percent of assets, lower than the 6.9 percent capital ratio reported at
December 31, 1995.
Operating results for the Association over the twelve months
ended December 31, 1995 and March 31, 1996 are also set forth in Table 1.
Kenwood Savings' reported income for the twelve months ended March 31, 1996
declined due to a lower net interest margin and higher operating expense,
resulting in reported net income of $62,000, or 0.13 percent of average assets,
for the twelve months ended March 31, 1996 (versus net income of $69,000, or
0.15 percent of average assets, for the twelve months ended December 31, 1995).
Including only a portion of the non-operating income in recurring income (as
was done in the Original Appraisal), resulted in estimated core net income of
$34,000, or 0.07 percent of average assets, versus $38,000 for the 12 months
ended December 31, 1995.
<PAGE> 4
RP Financial, LC.
Board of Directors
June 21, 1996
Page 3
Table 1
Recent Financial Data
<TABLE>
<CAPTION>
At December 31, 1995 At March 31, 1996
------------------------- -----------------------
(% of (% of
Amount Assets) Amount Assets)
------- ---------- -------- ----------
($000) (%) ($000) (%)
<S> <C> <C> <C> <C>
Balance Sheet Data
- ------------------
Total assets $47,578 100.0% $48,382 100.0%
Loans receivable, net 33,341 70.1 35,709 73.8
MBS 7,627 16.0 7,222 14.9
Cash and Investments 5,906 12.4 4,598 9.5
Deposits 43,508 91.5 43,534 90.0
Borrowings 190 0.4 1,182 2.4
Capital 3,283 6.9 3,254 6.7
</TABLE>
<TABLE>
<CAPTION>
Twelve Months Ended Twelve Months Ended
December 31, 1995 March 31, 1996
----------------------------- --------------------------
(% of Avg. (% of Avg.
Amount Assets) Amount Assets)
------- ------------ -------- ----------
($000) (%) ($000) (%)
<S> <C> <C> <C> <C>
Summary Income Statement
- ------------------------
Interest income $3,301 6.85% $3,350 6.97%
Interest expense (2,459) (5.10) (2,540) (5.28)
------- ------ ------- ------
Net interest income $842 1.75% $810 1.69%
Provision for losses (6) (0.01) (5) (0.01)
Other income 16 0.03 16 0.03
Operating expense (852) (1.77) (889) (1.85)
Net Non-operating income 104 0.22 162 0.34
--- ---- --- ----
Net income before taxes $104 0.22% $94 0.20%
Income tax expense (35) (0.07) (32) (0.07)
---- ------ ---- ------
Net income $69 0.15% $62 0.13%
Estimated Core Net Income Calculations
- --------------------------------------
Income After Taxes $69 0.15% $62 0.13%
Less: Net non-operating income(1) (48) (0.10) (42) (0.09)
Taxes on adjustments 17 0.03 14 0.03
-- ---- -- ----
Core net income $38 0.08% $34 0.07%
</TABLE>
(1) Considers portion of gains on sale of loans as recurring income.
Source: Kenwood Savings' prospectus. RP Financial calculations.
Kenwood Savings' net interest margin totaled $810,000 for the
12 months ended March 31, 1996, lower than the level for December 31, 1995.
Interest income increased due to higher average balances of interest earning
assets and an increase in the weighted average yield, as the overall higher
interest rate environment resulted in upward repricing of a portion of the
Association's interest earning assets. The increase in interest income was
more than offset by higher interest expense, as the higher interest rate
environment resulted in higher rates paid on
<PAGE> 5
RP Financial, LC.
Board of Directors
June 21, 1996
Page 4
certificate of deposit accounts as dictated by market rates. The more rapid
increase in deposit costs is attributable to the shorter duration of the
deposit portfolio relative to the interest earning assets, which has had a
negative impact on the Association's earnings in a rising rate environment.
During the twelve months ended March 31, 1996, provisions for
loan loss reserves equalled $5,000, or 0.01 percent of average assets. Kenwood
Savings establishes loan loss provisions at a level deemed adequate to cover
any anticipated or unforeseen losses in the loan portfolio. The relatively
low-risk loan portfolio and absence of problem assets has resulted in the
relatively low reserves taken in recent periods.
Trailing twelve month operating expenses increased by $37,000,
or 4.3 percent from December 31, 1995 to March 31, 1996, as additional costs
were incurred in part in connection with the lending operations at the
Association's LPO. Loan originators at the LPO are commissioned, and the
higher lending activities at the LPO during the three months ended March 31,
1996 resulted in higher compensation expense paid to originators. As discussed
below, the additional expenses resulting from the LPO operations are offset by
income from the mortgage banking operations, in particular gains recognized on
sale of loans in the secondary market. Kenwood Savings anticipates that
operating expenses will also increase on a post-conversion basis given the
additional costs associated with the impact of stock benefit plans.
Non-interest income remained a limited contributor to the
Association's earnings, equaling 0.03 percent of average assets. The
relatively low level of non-interest operating income for the Association
continues to reflect the relatively undiversified nature of Kenwood Savings'
operations and traditional thrift operating strategy. The relatively low level
of transaction deposit accounts also results in limited fee income.
Net non-operating income totaled $162,000 for the twelve
months ended March 31, 1996, versus $104,000 for fiscal 1995, more than
offsetting the increase in operating expenses. A large portion of the
non-operating income, $149,000, consisted of gains on loans sold in the
mortgage banking operations. Going forward, such income will be dependent upon
the level of loan originations by the LPO; however, commission expense is also
related to the level of loan originations.
2. Peer Group Financial Comparisons
Tables 2 and 3 present the most recent financial
characteristics and operating results for Kenwood Savings, the Peer Group and
all publicly-traded SAIF-insured thrifts utilizing the most recent information
available. The Association's financial data has been updated through March 31,
1996, while the Peer Group's financial data has been updated to the latest
available. Three Peer Group members contained in the Original Appraisal,
Circle Financial Corporation of Cincinnati, Ohio, Seven Hills Financial
Corporation of Cincinnati, Ohio and Mutual Bancompany of Jefferson City,
Missouri, have been excluded from the calculations of Peer Group averages due
to announced acquisitions by other financial institutions.
The relative capital ratios of the Association and the Peer
Group remained substantially unchanged, equal to 6.7 and 13.0 percent,
respectively, with the Association continuing to report lower pre-conversion
capital than the Peer Group. Incorporating the impact of the offering proceeds
anticipated from the conversion transaction, the Association's capital ratio is
expected to remain below the Peer Group average.
The asset composition for Kenwood Savings and the Peer Group
continued to maintain a similar comparison as in the Original Appraisal. The
Association continues to report a higher level of loans receivable than the
Peer Group (73.8 percent of assets versus 65.9 percent, respectively), a higher
concentration of MBS (14.9 percent versus 10.8 percent, respectively) and a
lower level of cash and investments (9.5 percent versus 20.7 percent,
respectively).
<PAGE> 6
RP FINANCIAL, LC.
- --------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 2
Balance Sheet Composition and Growth Rates
Comparable Institution Analysis
As of March 31, 1996
<TABLE>
<CAPTION>
Balance Sheet as a Percent of Assets
----------------------------------------------------------------------------------------
Cash and Borrowed Subd. Net Goodwill Tng Net MEMO:
Investments Loans MBS Deposits Funds Debt Worth & Intang Worth Pref.Stock
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Kenwood S&LA of Cincinnati OH
- -----------------------------
March 31, 1996 9.5 73.8 14.9 90.0 2.4 0.0 6.7 0.0 6.7 0.0
SAIF-Insured Thrifts 19.6 64.2 13.0 73.5 11.9 0.1 12.9 0.2 12.7 0.1
State of OH 18.2 70.8 8.3 77.6 7.4 0.1 13.4 0.1 13.3 0.1
Comparable Group Average 20.7 65.9 10.8 77.0 8.9 0.0 13.0 0.0 13.0 0.0
Mid-West Companies 20.7 65.9 10.8 77.0 8.9 0.0 13.0 0.0 13.0 0.0
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CRCL Circle Financial Corp.of OH(2) 13.6 63.2 19.4 87.7 1.1 0.0 10.7 1.4 9.2 0.0
EFBI Enterprise Fed. Bancorp of OH(1) 24.4 58.6 15.4 64.2 19.3 0.0 15.6 0.0 15.5 0.0
FFHS First Franklin Corp. of OH 13.9 65.9 18.3 86.6 3.4 0.0 9.5 0.0 9.5 0.0
GFCO Glenway Financial Corp. of OH(1) 11.3 76.7 8.6 77.6 9.8 0.0 9.4 0.2 9.2 0.0
HHFC Harvest Home Fin. Corp. of OH(1) 35.2 54.7 8.0 80.5 0.0 0.0 18.7 0.0 18.7 0.0
HBBI Home Building Bancorp of IN 17.0 68.2 12.1 75.5 10.0 0.0 14.1 0.0 14.1 0.0
HZFS Horizon Fin'l. Services of IA 29.6 67.1 0.0 74.9 12.7 0.0 11.6 0.0 11.6 0.0
MFSB Mutual Bancompany of MO(2) 14.7 73.6 8.9 85.9 1.7 0.0 11.7 0.0 11.7 0.0
OHSL OHSL Financial Corp. of OH 13.5 70.0 13.5 79.3 7.3 0.0 12.4 0.0 12.4 0.0
SHFC Seven Hills Fin. Corp. of OH(2) 6.7 77.2 14.4 77.9 0.2 0.0 21.2 0.0 21.2 0.0
<CAPTION>
Balance Sheet Annual Growth Rates
------------------------------------------------------------
Cash and Loans Borrows. Net Tng Net
Assets Investments & MBS Deposits &Subdebt Worth Worth
------ ----------- ------ -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Kenwood S&LA of Cincinnati OH
- -----------------------------
March 31, 1996 0.30 -63.45 14.72 -3.98 0.00 2.38 2.38
SAIF-Insured Thrifts 11.70 10.31 9.46 6.52 -1.02 6.79 6.37
State of OH 12.87 18.58 9.79 9.13 -15.82 5.79 6.22
Comparable Group Average 10.65 18.15 6.10 6.94 32.11 -0.38 -0.21
Mid-West Companies 10.65 18.15 6.10 6.94 32.11 -0.38 -0.21
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CRCL Circle Financial Corp.of OH(2) 26.33 -23.28 38.72 34.82 -68.75 4.31 -9.52
EFBI Enterprise Fed. Bancorp of OH(1) 31.88 71.72 22.49 13.82 NM -17.45 -17.42
FFHS First Franklin Corp. of OH 11.26 30.31 8.49 7.60 NM 8.99 8.99
GFCO Glenway Financial Corp. of OH(1) 7.15 13.93 6.26 7.44 -3.45 5.78 6.93
HHFC Harvest Home Fin. Corp. of OH(1) 0.70 -3.26 2.60 1.10 NM -1.86 -1.86
HBBI Home Building Bancorp of IN 2.92 -14.02 7.11 -2.96 92.53 3.10 3.10
HZFS Horizon Fin'l. Services of IA 8.28 NM -15.40 7.15 38.37 -6.59 -6.59
MFSB Mutual Bancompany of MO(2) -6.37 -16.25 -4.59 -4.42 -66.04 3.28 3.28
OHSL OHSL Financial Corp. of OH 12.37 10.24 11.15 14.45 1.00 5.42 5.42
SHFC Seven Hills Fin. Corp. of OH(2) -1.90 -56.66 8.24 -0.51 -50.00 -5.31 -5.31
</TABLE>
(1) Financial information is for the quarter ending December 31, 1995.
(2) Excluded from averages due to announced or pending acquisition.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, Inc. calculations. The
information provided in this table has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
<PAGE> 7
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3
Income as a Percent of Average Assets and Yields, Costs, Spreads
Comparable Institution Analysis
For the Twelve Months Ended March 31, 1996
<TABLE>
<CAPTION>
Net Interest Income Other Income
---------------------------- -------------------
Loss NII Total
Net Provis. After Loan R.E. Other Other
Income Income Expense NII on IEA Provis. Fees Oper. Income Income
------ ------ ------- ------ ------- ------- ---- ----- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Kenwood S&LA of Cincinnati OH
- -----------------------------
March 31, 1996 0.13 6.97 5.28 1.69 0.01 1.68 0.00 0.00 0.03 0.03
SAIF-Insured Thrifts 0.86 7.34 4.19 3.15 0.10 3.05 0.12 -0.01 0.30 0.42
State of OH 0.91 7.46 4.20 3.26 0.06 3.20 0.03 -0.01 0.22 0.24
Comparable Group Average 0.72 7.40 4.22 3.18 0.19 2.98 0.01 0.00 0.21 0.21
Mid-West Companies 0.72 7.40 4.22 3.18 0.19 2.98 0.01 0.00 0.21 0.21
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CRCL Circle Financial Corp.of OH(2) 0.50 6.92 4.17 2.75 0.00 2.75 0.01 0.00 0.21 0.22
EFBI Enterprise Fed. Bancorp of OH(1) 1.12 7.19 4.06 3.13 0.00 3.13 0.00 0.02 0.06 0.08
FFHS First Franklin Corp. of OH 0.63 7.23 4.53 2.69 0.02 2.68 0.05 0.00 0.14 0.18
GFCO Glenway Financial Corp. of OH(1) 0.56 7.23 4.32 2.90 0.02 2.88 0.00 0.01 0.22 0.23
HHFC Harvest Home Fin. Corp. of OH(1) 0.88 7.05 3.81 3.24 0.01 3.22 0.00 0.00 0.07 0.07
HBBI Home Building Bancorp of IN 0.45 7.73 4.00 3.72 0.85 2.87 0.00 0.00 0.33 0.33
HZFS Horizon Fin'l. Services of IA 0.46 7.59 4.39 3.21 0.45 2.76 0.00 -0.06 0.49 0.43
MFSB Mutual Bancompany of MO(2) 0.21 6.44 4.34 2.10 0.04 2.06 0.00 0.00 0.17 0.17
OHSL OHSL Financial Corp. of OH 0.96 7.78 4.44 3.34 0.00 3.33 0.00 0.00 0.14 0.14
SHFC Seven Hills Fin. Corp. of OH(2) 0.36 7.15 3.90 3.25 0.00 3.25 0.00 0.00 0.03 0.03
<CAPTION>
G&A/Other Exp. Non-Op. Items Yields, Costs, and Spreads
---------------- -------------- -------------------------
MEMO: MEMO:
G&A Goodwill Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Expense Amort. Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
------- ------- ------- ------- --------- -------- ------ ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Kenwood S&LA of Cincinnati OH
- -----------------------------
March 31, 1996 1.85 0.00 0.34 0.00 7.08 5.72 1.36 3,722 34.04
SAIF-Insured Thrifts 2.21 0.02 0.09 0.00 7.55 4.83 2.72 4,050 36.02
State of OH 2.14 0.02 0.09 0.00 7.73 4.95 2.78 3,818 32.69
Comparable Group Average 2.18 0.01 0.09 0.00 7.58 4.96 2.62 4,181 35.19
Mid-West Companies 2.18 0.01 0.09 0.00 7.58 4.96 2.62 4,181 35.19
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CRCL Circle Financial Corp.of OH(2) 2.19 0.11 0.11 0.00 7.17 4.75 2.43 3,955 36.06
EFBI Enterprise Fed. Bancorp of OH(1) 2.00 0.02 0.52 0.00 7.31 5.16 2.15 6,490 34.63
FFHS First Franklin Corp. of OH 1.93 0.00 0.01 0.00 7.36 5.04 2.32 4,698 32.76
GFCO Glenway Financial Corp. of OH(1) 2.17 0.08 0.04 0.00 7.49 4.89 2.60 4,097 37.43
HHFC Harvest Home Fin. Corp. of OH(1) 1.96 0.00 0.00 0.00 7.19 4.72 2.47 4,136 33.83
HBBI Home Building Bancorp of IN 2.49 0.00 0.00 0.00 7.93 4.70 3.23 3,029 36.86
HZFS Horizon Fin'l. Services of IA 2.61 0.00 0.06 0.00 7.85 5.06 2.79 3,009 36.24
MFSB Mutual Bancompany of MO(2) 2.23 0.00 -0.04 0.00 6.63 4.92 1.71 3,332 NM
OHSL OHSL Financial Corp. of OH 2.08 0.00 0.04 0.00 7.93 5.14 2.79 3,805 34.54
SHFC Seven Hills Fin. Corp. of OH(2) 2.81 0.00 0.03 0.00 7.27 5.02 2.25 3,034 26.55
</TABLE>
(1) Financial information is for the quarter ending December 31, 1995.
(2) Excluded from averages due to announced or pending acquisition.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, Inc. calculations. The
information provided in this table has been obtained from sources we
believe are reliable, but we cannot guarantee the accuracy or
completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
<PAGE> 8
RP Financial, LC.
Board of Directors
June 21, 1996
Page 7
As in the Original Appraisal, Kenwood Savings continued to
hold a higher percentage of funding liabilities in deposits and a lower level
of borrowings. The ratio of total interest-bearing liabilities to assets was
92.4 and 85.9 percent, respectively, for the Association and the Peer Group,
with the Association's higher ratio primarily a function of Kenwood Savings'
lower pre-conversion capital. On a post-conversion basis such differences
should be diminished.
The growth rate section of Table 2 shows annualized growth
rates for key balance sheet items. Kenwood Savings' growth rates are
annualized rates for the six months ended March 31, 1996, while the Peer
Group's growth rates are based on annual rates for the latest twelve months.
The Association's growth rates reflect the stable asset size maintained in
recent periods as growth was limited due to capital ratio considerations, along
with a greater emphasis on portfolio lending, utilizing both available
liquidity and borrowings. In contrast, the Peer Group demonstrated growth
trends more in line with industry averages.
Updated earnings for the Association and the Peer Group
reflect similar characteristics as noted in the Original Appraisal. Kenwood
Savings recorded lower profitability for the most recent twelve month period
compared to the Peer Group (earnings of 0.13 percent of average assets versus
earnings of 0.72 percent for the Peer Group). As discussed in the Original
Appraisal, the Association's income statement has been adversely affected by
the overall lower yields on earning assets and a higher funds cost. The
Association's loan portfolio is comprised of residential mortgages with a
balance of three year adjustable rate loans that have not fully repriced upward
in the current higher interest rate environment. The competitive nature of the
local market area and the Association's prior growth strategy has elevated
funds costs. The Association's lower capital position has also caused higher
absolute levels of interest expense. For these reasons, Kenwood Savings
reported a net interest margin of 1.69 percent of average assets, below the
Peer Group.
Kenwood Savings' operating expense ratio remained lower than
the Peer Group average equalling 1.85 percent of average assets, as compared to
2.19 percent on average for the Peer Group. The Association's operating
expenses are expected to increase on a post-conversion basis, as noted earlier.
Non-interest operating income was relatively unchanged, equalling 0.03 percent
of average assets for Kenwood Savings, which remains less favorable than the
average of 0.21 percent of average assets reported by the Peer Group. When
viewed together, net interest income, other operating income and operating
expenses provide an insight into an institution's earnings strength, since
those sources of income and expense are typically the most prominent components
of earnings and are generally more predictable than losses and gains realized
from the sale of assets or other non-recurring activities. In this regard, as
measured by their expense coverage ratios (the ratio of net interest income
divided by operating expenses), Kenwood Savings exhibits less attractive
recurring earnings potential than the Peer Group, as Kenwood Savings' expense
coverage of 0.91x remained less than the Peer Group's 1.45x. In the same vein,
the Association's efficiency ratio (operating expenses divided by net interest
income plus other operating income), of 107.6 percent compared unfavorably to
the Peer Group average of 64.6 percent.
As in the Original Appraisal, the Association established
lower loan loss provisions (0.01 percent of average assets versus provisions of
0.19 percent for the Peer Group), but non-operating items had a greater impact
on the Association than the Peer Group. As most of Kenwood Savings'
non-operating income consisted of gains on the sale of loans in the secondary
market, which is an on-going operating strategy for the Association, a portion
of such gains (equal to one half of gains recorded in the last six months of
operations), were included in the Association's recurring earnings. Before
factoring in the pro forma impact of the reinvestment of proceeds, the
Association's estimated core earnings of 0.07 percent of assets falls well
below the Peer Group's estimated profitability ratio of 0.66 percent.
Reinvestment of the conversion proceeds is expected to improve the
Association's earnings, however such income is expected to remain below the
Peer Group levels.
<PAGE> 9
RP Financial, LC.
Board of Directors
June 21, 1996
Page 8
3. Stock Market Conditions
Since the date of the Original Appraisal, the stock market has
experienced volatility, as such factors as rising interest rates and economic
uncertainty impacted investor sentiment. Congressional testimony by the
Federal Reserve Chairman provided for significant swings in the stock market in
early March, reflecting changing investor sentiment regarding the possibility
of future rate cuts. An unexpectedly large drop in the February unemployment
rate provided for a sharp one day sell-off in the stock market on March 8, as
bond prices plunged on news of the strong job growth and the possibility that
an accelerating economy may lead to higher inflation. The stock market
recovered the following week, as inflation fears were somewhat alleviated by
additional economic data which indicated a more modest pace of economic growth
than suggested by the unemployment data, including a 0.2 percent drop in
February wholesale prices. The market rose sharply in mid-March on heavy
buying of cyclicals, although most of the increase was erased by the end of the
month with a selloff of technology stocks and the bond market declined. In
early April, merger activity and a jump in IBM's stock propelled the Dow Jones
Industrial Average ("DJIA") to a new all-time high on April 3. The upturn was
brief, however, as bond and stock prices slumped the following week on news of
the stronger than expected March employment report, which served to rekindle
inflation fears, and the strengthening dollar, which hurt the earnings
prospects of multinationals. The last two weeks of April saw a moderate
increase in the DJIA as favorably low inflation news, a decline in oil prices,
and new merger activity offset the decline in IBM's stock price and a selloff
in consumer growth stocks. Expectations of strong April employment data drove
the bond and stock markets lower in early May, although low inflation data
again triggered an increase in the stock market during the second and third
weeks of May.
Additional signs of an accelerating economy and revised upward
estimates of second quarter GDP growth provided for a pullback in the stock
market at the end of May, while stock prices (particularly small capitalization
stocks) dropped during the first half of June as investors became wary of high
P/E multiples and disappointing second quarter earnings reports due out shortly
in the technology sector. As of June 21, 1996, the DJIA closed at 5705.23,
which represents an increase of 4.3 percent over its close as of March 8, 1996.
The S&P 500 increased during the interim period by 5.3 percent and the NASDAQ
composite increased by 10.5 percent (compared to year-to-date gains of over 18
percent in May). While it is thought that the market is being driven by
surging interest in small cap and aggressive mutual funds following strong 1995
performances, the speculative nature of the market seems to be unsupported by
expectations of slowing corporate earnings and rising P/E ratios, particularly
in the technology sector. Other market critics suggest that the high number of
initial public offerings is a sign of pending market weakness.
Like the stock market in general, thrift stocks have trended
moderately higher since the date of the Original Appraisal, albeit to a lesser
extent than the increase in the broader market indices. The SNL Index reacted
favorably to the decline in rates in early March, with the SNL Index reaching
as high as 383.1, but February unemployment data released on March 8 caused a
retreat in the Index. After trading steadily lower through the middle of
March, the SNL Index turned upward and ended March on a high note after the Fed
indicated that no increase in rates was imminent. Thrift stocks fell sharply
with the upward spike in rates on April 8, but had regained some of the loss by
the end of the month as rates stabilized. The SNL Index again dropped sharply
on May 2 when rates again spiked upward, but traded up again as rates came back
down. Thrift prices rebounded in mid-May, as interest rates declined slightly
on the strength of tame inflation news. At the end of May and through
mid-June, uncertainty over future interest rate trends provided for a flat
thrift stock market. On June 21, 1996, the SNL Index for all publicly-traded
thrifts closed at 384.3, an increase of 3.0 percent since the date of the
Original Appraisal (373.0).
Similar to the SNL Index, the pricing ratios of all thrifts
have generally increased since the date of the Original Appraisal (see Table 4,
middle section on the following page), with pricing ratios moving within a
range of zero to plus three percent. The range of changes in the Peer Group's
pricing ratios was even more
<PAGE> 10
RP Financial, LC.
Board of Directors
June 21, 1996
Page 9
pronounced, however two factors have affected the Peer Group pricing ratios for
comparability purposes. Three of the Peer Group companies, Circle Financial
Corporation of Cincinnati, Ohio, Seven Hills Financial Corporation of
Cincinnati, Ohio, and Mutual Bancompany of Missouri, have been deleted from the
averages due to announced acquisitions by other financial institutions which
have caused changes in their stock prices of approximately plus 26, minus 2 and
24 percent, respectively, since the date of the Original Appraisal; among the
remaining seven companies, two recorded price declines, three recorded price
increases and two were unchanged. In addition, Home Building Bancorp of IN
reported a P/E ratio above 25 times as of June 21, 1996, resulting in a "not
meaningful" determination for that date. The change in thrift pricing ratios
may also be partially attributable to uncertainty regarding the future
regulatory environment of the thrift industry, the pending BIF/SAIF premium
disparity resolution, and the recent rise in long-term interest rates, offset
by continued positive earnings results and acquisition speculation. Overall,
the average P/TB ratio of the Peer Group increased by 1.9 percent, and the core
earnings multiples increased by 12.2 percent since the date of the Original
Appraisal. More detailed pricing information for all publicly-traded
SAIF-insured institutions, as well as the Peer Group and recent conversions, is
shown in Table 4 below.
Table 4
Change in Pricing Characteristics of Selected Market Segments
<TABLE>
<CAPTION>
@3/8/96 @6/21/96 % Change
--------- -------- --------
<S> <C> <C> <C>
Peer Group(1)
-------------
Price/Earnings (x) 14.98x 15.95x 6.5%
Price/Core Earnings (x) 15.61 17.51 12.2
Price/Book (%) 87.43% 89.05% 1.9
Price/Tangible Book (%) 87.75 89.43 1.9
Price/Assets (%) 14.07 11.61 (17.5)
SAIF-Insured Thrifts (Excl. MHCs)
--------------------
Price/Earnings (x) 14.28x 14.28x 0.0%
Price/Core Earnings (x) 14.90 15.02 0.8
Price/Book (%) 103.50% 103.70% 0.2
Price/Tangible Book (%) 105.76 106.93 1.1
Price/Assets (%) 12.67 13.01 2.7
Recent Conversions (Pro Forma)(2)
---------------------------------
Price/Earnings (x) 19.31x 17.54x (9.2)%
Price/Core Earnings (x) 19.45 17.03 (12.4)
Price/Book (%) 83.78% 76.79% (8.3)
Price/Tangible Book (%) 84.96 77.34 (9.0)
Price/Assets (%) 19.37 18.80 (2.9)
</TABLE>
(1) Excludes Circle Financial Corporation, Seven Hills Financial
Corporation and Mutual Bancompany who became subject to
acquisition during the interim period.
(2) Composition of group (comprised of conversions completed
during the last three months) changed between the two dates;
pricing ratios computed on pro forma basis. See Table 8.
In contrast to overall thrift market trends (as shown in Table
4, bottom section), the newly converted companies (most recent three month
period as shown in Table 7), are trading at a P/TB multiple 9.0 percent lower
than in the prior period. In comparison to the average P/TB ratio of all
publicly-traded thrifts, (excluding mutual holding companies), which equaled
106.93 percent at June 21, 1996, the average P/TB ratio of the
<PAGE> 11
RP Financial, LC.
Board of Directors
June 21, 1996
Page 10
recent conversions was discounted by 27.7 percent versus 19.7 percent at the
time of the Original Appraisal. Clearly, the investment community is requiring
more of a discount than before, with closing P/B ratios at lower levels and
after-market appreciation is limited.
The overall market for converting thrifts has been less
enthusiastic since the date of the Original Appraisal in terms of subscription
offerings, and there have been some apparent trends representing a departure
from earlier conversion experience, as shown in Table 5 below: (1) not all
recent offerings have been oversubscribed; (2) the average closing P/TB ratio
is noticeably lower; (3) the after-market appreciation has moderated; and (4)
some recent issues have not increased in the after market and some have
declined below their initial offering price (see Table 8 for details).
Table 5
Pricing Characteristics of Recent Conversions
(Most Recent Three Month Period)
<TABLE>
<CAPTION>
Trailing 3 Months Conversions(1)
-----------------------------
Original Current
Appraisal(2) Update(2)
--------- ------
<S> <C> <C>
% of Offerings Closed @ Supermax 83.3% 64.3%
Closing P/TB Ratio 76.0 70.7
First Week Price Appreciation 17.9 11.2
</TABLE>
(1) Excluding second-step conversions by mutual holding
companies.
(2) Averages.
Source: Table 8.
We also considered the conversion pricing and after-market
performance of recent Midwest Region conversions, as summarized below (and
appearing in detail in Table 8). The weakening of new issues has been
evidenced in late May and June by fewer oversubscriptions.
Table 6
Pricing Characteristics of Recent
Midwestern U.S. Conversions
<TABLE>
<CAPTION>
% Change in Price
Clos. Price -----------------
Conversion Pro Forma P/B as % of 1st To
Date @ Conversion Mid Value Week 6/21/96
---- ------------ --------- ---- -------
<S> <C> <C> <C> <C> <C>
CNS Bancorp, Inc.-MO 6/96 71.1% 132% 20.0 16.2%(1)
Lexington B&L Fin. Corp.-MO 6/96 70.1 115 (2.5)% (3.8)
First Fed. Fin. Bancorp-OH 6/96 63.6 103 6.2 5.0
Citizens First Fin. Corp.-IL 5/96 71.7 123 0.0 1.3
Reliance Bancshares-WI 4/96 72.3 132 3.1 (2.9)
FFD Fin. Corp.-OH 4/96 71.0 132 1.3 2.5
AMB Fin. Corp.-IN 4/96 72.1 132 5.0 5.0
London Fin. Corp.-OH 4/96 70.0 132 6.3 3.1
--- ---
Median 4.1% 2.8%
</TABLE>
(1) Local acquisition recently announced.
<PAGE> 12
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Table 7
Market Pricing Comparatives
Prices As of June 21, 1996
<TABLE>
<CAPTION>
Market
Capitalization Per Share Data Pricing Ratios(3)
---------------- --------------- ---------------------------------------
Book
Price/ Market 12-Mth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- --------------------- -------- ------ ------ -------- ----- ----- ----- ------ --------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts 17.15 118.26 1.24 16.49 14.43 104.72 13.09 107.93 15.19
Special Selection Grouping(8) 11.08 37.96 0.47 14.42 17.54 76.79 18.80 77.34 17.03
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
AMFC AMB Financial Corp. of IN 10.50 11.80 0.31 14.37 NM 73.07 14.65 73.07 NM
CNSB CNS Bancorp of MO 11.62 19.21 0.45 14.07 NM 82.59 19.06 82.59 NM
CATB Catskill Fin. Corp. of NY 10.25 58.29 0.47 13.65 21.81 75.09 20.87 75.09 18.98
CBK Citizens First Fin.Corp. of IL 10.12 28.52 0.56 13.95 18.07 72.54 11.30 72.54 16.59
CFTP Community Fed. Bancorp of MS 13.75 63.65 0.43 14.34 NM 95.89 31.74 95.89 NM
CRZY Crazy Woman Creek Bncorp of WY 10.37 10.97 0.34 14.67 NM 70.69 23.12 70.69 NM
FFDF FFD Financial Corp. of OH 10.25 14.91 0.52 14.08 19.71 72.80 20.40 72.80 19.71
FCB Falmouth Co-Op Bank of MA 10.25 14.91 0.25 14.84 NM 69.07 16.96 69.07 NM
FBER First Bergen Bancorp of NJ 9.12 28.95 0.20 13.46 NM 67.76 11.20 67.76 NM
FFBH First Fed. Bancshares of AR 14.00 72.16 0.96 15.38 14.58 91.03 14.48 91.03 14.58
FFFB First Fed. Fin. Bancorp of OH 10.50 7.06 0.58 15.73 18.10 66.75 12.05 66.75 18.10
GAF GA Financial Corp. of PA 11.12 98.97 0.33 14.34 NM 77.55 17.40 77.55 NM
GSFC Green Street Fin. Corp. of NC 13.00 55.87 0.62 13.78 20.97 94.34 29.74 94.34 20.97
JXVL Jacksonville Bancorp of TX 10.56 28.11 0.59 13.37 17.90 78.98 13.19 78.98 17.90
LXMO Lexington B&L Fin. Corp. of MO 9.62 12.17 0.62 14.27 15.52 67.41 19.84 67.41 15.77
LONF London Financial Corp. of OH 10.31 5.45 0.37 14.81 NM 69.62 14.52 69.62 NM
PFFB PFF Bancorp of Pomona CA 11.25 223.17 0.10 14.57 NM 77.21 11.11 78.13 NM
PHFC Pittsburgh Home Fin. of PA 10.12 22.08 0.54 13.58 18.74 74.52 12.25 74.52 18.74
RELI Reliance Bancshares Inc of WI 7.77 19.91 0.29 11.06 NM 70.25 39.50 70.25 NM
SSB Scotland Bancorp of NC 12.12 22.30 0.38 14.38 NM 84.28 31.67 84.28 NM
SSM Stone Street Bancorp of NC 16.87 30.79 0.43 21.43 NM 78.72 26.52 78.72 NM
WHGB WHG Bancshares of MO 11.75 19.04 0.36 14.20 NM 82.75 17.04 82.75 NM
WWFC Westwood Fin. Corp. of NJ 10.75 6.96 0.99 14.61 10.86 73.58 7.88 85.93 10.86
YFCB Yonkers Fin. Corp. of NY 10.00 35.71 0.60 13.07 16.67 76.51 14.84 76.51 15.15
</TABLE>
<TABLE>
<CAPTION>
Dividends(4) Financial Characteristics(6)
------------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ------------ -----------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------- ------ --------- -------- -------- ------- ----- ------ ---- -----
($) (%) ($Mil) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts 0.35 2.00 26.02 1,297 13.24 0.95 0.87 8.07 0.81 7.29
Special Selection Grouping(8) 0.06 0.48 5.85 245 24.39 0.77 0.80 4.23 0.82 4.36
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
AMFC AMB Financial Corp. of IN 0.00 0.00 0.00 81 20.06 0.71 0.49 4.30 0.49 4.30
CNSB CNS Bancorp of MO 0.00 0.00 0.00 101 23.07 0.70 0.74 3.20 0.62 2.70
CATB Catskill Fin. Corp. of NY 0.00 0.00 0.00 279 27.79 NA 0.96 3.44 1.10 3.96
CBK Citizens First Fin.Corp. of IL 0.00 0.00 0.00 252 15.57 NA 0.63 4.01 0.68 4.37
CFTP Community Fed. Bancorp of MS 0.30 2.18 69.77 201 33.10 0.34 1.17 6.28 1.14 6.13
CRZY Crazy Woman Creek Bncorp of WY 0.20 1.93 58.82 47 32.70 0.70 0.92 4.63 0.78 3.95
FFDF FFD Financial Corp. of OH 0.00 0.00 0.00 73 28.03 NA 1.04 3.69 1.04 3.69
FCB Falmouth Co-Op Bank of MA 0.00 0.00 0.00 88 24.56 NA 0.45 2.40 0.47 2.50
FBER First Bergen Bancorp of NJ 0.00 0.00 0.00 259 16.52 2.49 0.28 3.06 0.42 4.59
FFBH First Fed. Bancshares of AR 0.00 0.00 0.00 498 15.90 0.09 0.99 6.24 0.99 6.24
FFFB First Fed. Fin. Bancorp of OH 0.00 0.00 0.00 59 18.05 0.09 0.67 3.69 0.67 3.69
GAF GA Financial Corp. of PA 0.00 0.00 0.00 569 22.44 0.19 0.58 4.73 0.78 6.30
GSFC Green Street Fin. Corp. of NC 0.00 0.00 0.00 188 31.53 0.16 1.42 4.50 1.42 4.50
JXVL Jacksonville Bancorp of TX 0.50 4.73 NM 213 16.70 0.86 0.79 6.76 0.79 6.76
LXMO Lexington B&L Fin. Corp. of MO 0.00 0.00 0.00 61 29.42 1.15 1.28 4.34 1.26 4.27
LONF London Financial Corp. of OH 0.00 0.00 0.00 38 20.86 0.21 0.57 4.73 0.57 4.73
PFFB PFF Bancorp of Pomona CA 0.00 0.00 0.00 2,008 14.39 2.29 0.10 1.37 0.10 1.37
PHFC Pittsburgh Home Fin. of PA 0.00 0.00 0.00 180 16.43 1.53 0.65 3.98 0.65 3.98
RELI Reliance Bancshares Inc of WI 0.00 0.00 0.00 50 56.23 NA 1.47 2.62 1.47 2.62
SSB Scotland Bancorp of NC 0.00 0.00 0.00 70 37.58 NA 1.09 3.96 1.09 3.96
SSM Stone Street Bancorp of NC 0.44 2.61 NM 116 33.68 0.31 0.77 3.04 0.77 3.04
WHGB WHG Bancshares of MO 0.00 0.00 0.00 112 20.59 0.35 0.64 5.18 0.64 5.18
WWFC Westwood Fin. Corp. of NJ 0.00 0.00 0.00 88 10.71 0.02 0.73 6.78 0.73 6.78
YFCB Yonkers Fin. Corp. of NY 0.00 0.00 0.00 241 19.39 1.63 0.89 4.59 0.98 5.05
</TABLE>
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB =
Price to tangible book value; and P/CORE = Price to estimated core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month earnings and average equity and assets balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Converted Last 3 Mths (no MHC);
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, Inc.
<PAGE> 13
RP FINANCIAL, L.C.
----------------------------------------------------------------
TABLE 8
RECENT CONVERSIONS (LAST THREE MONTHS)
CONVERSION PRICING CHARACTERISTICS: SORTED CHRONOLOGICALLY
----------------------------------------------------------------
<TABLE>
<CAPTION>
PRE-CONVERSION DATA
-------------------------------------- INSIDER
INSTITUTIONAL INFORMATION FINANCIAL INFO. ASSET QUALITY OFFERING INFORMATION PURCHASES
- ---------------------------------------------------------- ----------------- ----------------- ---------------------- -------
BENEFIT
PLANS
CONVERSION EQUITY/ NPAs/ RES. GROSS % OF EXP./ ------
INSTITUTION STATE DATE TICKER ASSETS ASSETS ASSETS COV. PROC. MID. PROC. ESOP
- ----------- ----- ---- ------ ------ ------ ------ ---- ----- ---- ----- ----
($MIL) (%) (%)(2) (%) ($MIL) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CNS Bancorp MO * 06/12/96 CNSB $87 10.66% 0.19% 189% $16.5 132% 3.3% 8.0%
Westwood Financial Corp.(7) NJ 06/07/96 WWFC 85 7.05% 0.00% NM 3.9 99% 9.9% 0.0%
Lexington B&L Fin. Corp. MO * 06/06/96 LXMO 51 14.66% 1.88% 21% 12.7 115% 4.2% 8.0%
First Fed. Fin. Bancorp OH 06/04/96 FFFB 53 9.58% 0.08% 626% 6.7 103% 6.3% 8.0%
First Fed. Bancshares AR 05/03/96 FFBH 454 7.77% 0.13% 201% 51.5 94% 2.7% 8.0%
Citizens First Fin. Corp. IL 05/01/96 CBK 229 6.79% 0.33% 55% 28.2 123% 3.6% 8.0%
North Cincinnati SB(1) OH 05/01/96 P. Sheet 56 4.74% 0.03% 268% 4.0 132% 6.9% 6.0%
Reliance Bancshares WI * 04/19/96 RELI 32 31.16% 0.00% NM 20.5 132% 2.9% 4.0%
Catskill Financial Corp. NY 04/18/96 CATB 231 12.75% 0.70% 112% 56.7 132% 3.3% 8.0%
Yonkers Financial Corp. NY * 04/18/96 YFCB 210 7.72% 1.73% 23% 35.7 132% 2.7% 8.0%
Green Street Financial Corp. NC 04/04/96 GSFC 151 14.97% 0.19% 76% 43.0 132% 2.9% 8.0%
FFD Financial Corp. OH 04/02/96 FFDF 61 13.25% 0.16% 150% 14.5 132% 2.4% 8.0%
Patapsco Bancorp MD 04/02/96 P. Sheet 75 7.95% 0.60% 48% 7.3 91% 8.6% 8.0%
AMB Financial Corp. IN 04/01/96 AMFC 70 9.05% 0.53% 96% 11.2 132% 5.5% 8.0%
First Bergen Bancorp NJ 04/01/96 FBER 225 6.52% 3.26% 88% 31.7 132% 3.0% 8.0%
Heritage Financial Corp. IN 04/01/96 P. Sheet 14 27.53% 0.00% NM 4.9 99% 9.3% 8.0%
Jacksonville Bancorp(7) TX 04/01/96 JXVL 198 10.47% 1.41% 36% 16.2 106% 4.4% 8.0%
London Financial Corp. OH 04/01/96 LONF 35 9.45% 0.13% 416% 5.3 132% 6.9% 8.0%
Pittsb. Home Fin. Corp.(1) PA * 04/01/96 PHFC 162 6.89% 1.36% 42% 21.8 132% 3.3% 8.0%
Scotland Bancorp(1) NC * 04/01/96 SSB 58 15.36% 0.00% NM 18.4 115% 5.0% 8.0%
Stone Street Bancorp(1) NC 04/01/96 SSM 88 14.33% 0.00% NM 27.4 132% 3.7% 8.0%
WHG Bancshares MD 04/01/96 WHGB 85 10.14% 0.23% 77% 16.2 132% 3.5% 8.0%
PFF Bancorp, Inc. CA * 03/29/96 PFFB 1,925 5.75% 1.70% 54% 198.4 132% 2.2% 8.0%
Crazy Woman Creek Bncrp WY * 03/29/96 CRZY 38 15.80% 0.21% 349% 10.6 132% 3.9% 6.0%
Falmouth Co-Op. Bank(1) MA 03/28/96 FCB 74 11.78% 0.00% NM 14.5 132% 4.5% 8.0%
Community Federal Bancorp MS 03/26/96 CFTP 168 14.59% 0.39% 86% 46.3 132% 2.5% 8.0%
GA Financial, Inc. PA 03/26/96 GAF 521 9.25% 0.28% 56% 89.0 132% 2.4% 8.0%
North Central Bancshares(7) IA 03/21/96 FFFD 180 16.47% 0.17% 562% 26.3 106% 3.5% 3.2%
AVERAGES: $200 11.87% 0.56% 165% 30.0 123% 4.4% 7.3%
MEDIANS: 86 10.31% 0.20% 87% 17.5 132% 3.6% 8.0%
AVERAGES, EXCLUDING 2ND STEPS $206 11.94% 0.56% 152% $31.7 125% 4.2% 7.7%
MEDIANS, EXCLUDING 2ND STEPS 85 10.14% 0.21% 87% 18.4 132% 3.5% 8.0%
<CAPTION>
PRO FORMA DATA POST-IPO PRICING TRENDS
------------------------------------------------ -------------------------
INSIDER PURCHASES PRICING RATIOS(4) FIN. CHARACTERISTICS CLOSING PRICE:
----------------- ---------------------- ------------------------ -----------------
BENEFIT
PLANS
- ------------------------------- ------- FIRST
RECOG. MGMT. IPO TRADING %
INSTITUTION PLANS & DIRS. P/TB P/E P/A ROA TE/A ROE PRICE DAY CHG.
- ----------- ----- ------- ---- --- --- --- ---- --- ----- ------- -----
(%) (%)(3) (%) (X) (%) (%) (%) (%) ($) ($) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CNS Bancorp 4.0% 8.0% 71.1% 22.3 16.4% 0.7% 23.1% 3.2% $10.00 $11.00 10.0%
Westwood Financial Corp.(7) 0.0% 2.5% 80.0% 10.1 7.3% 0.7% 9.2% 7.9% 10.00 10.75 7.5%
Lexington B&L Fin. Corp. 4.0% 4.3% 70.1% 16.2 20.6% 1.3% 29.4% 4.3% 10.00 9.50 -5.0%
First Fed. Fin. Bancorp 4.0% 13.4% 63.6% 17.4 11.5% 0.7% 18.0% 3.7% 10.00 10.75 7.5%
First Fed. Bancshares 4.0% 2.6% 65.0% 10.4 10.3% 1.0% 15.9% 6.3% 10.00 13.00 30.0%
Citizens First Fin. Corp. 4.0% 6.5% 71.7% 17.8 11.2% 0.6% 15.6% 4.0% 10.00 10.50 5.0%
North Cincinnati SB(1) 0.0% 16.1% 65.0% NM 6.7% NM 10.3% NM 10.00 NT NA
Reliance Bancshares 4.0% 9.5% 72.3% 27.3 40.7% 1.5% 56.2% 2.7% 8.00 8.38 4.7%
Catskill Financial Corp. 4.0% 2.6% 73.2% 21.2 20.4% 1.0% 27.8% 3.5% 10.00 10.38 3.8%
Yonkers Financial Corp. 4.0% 3.7% 76.5% 16.6 14.8% 0.9% 19.4% 4.6% 10.00 9.75 -2.5%
Green Street Financial Corp. 4.0% 3.4% 72.6% 16.2 22.9% 1.4% 31.5% 4.5% 10.00 12.75 27.5%
FFD Financial Corp. 4.0% 5.4% 71.0% 19.1 19.9% 1.0% 28.0% 3.7% 10.00 10.50 5.0%
Patapsco Bancorp 4.0% 7.4% 61.7% NM 8.9% NM 14.5% NM 10.00 NT NA
AMB Financial Corp. 4.0% 5.8% 72.1% 19.5 14.2% 0.7% 19.7% 3.7% 10.00 10.50 5.0%
First Bergen Bancorp 4.0% 2.4% 76.2% 29.5 12.6% 0.4% 16.5% 2.6% 10.00 10.00 0.0%
Heritage Financial Corp. 0.0% 13.2% 62.9% NM 27.2% 0.6% 43.2% 1.3% 10.00 NT NA
Jacksonville Bancorp(7) 4.0% 2.0% 77.7% 14.9 12.6% 0.8% 16.2% 5.2% 10.00 9.75 -2.5%
London Financial Corp. 4.0% 26.5% 70.0% 31.6 13.6% 0.4% 19.4% 2.2% 10.00 10.81 8.1%
Pittsb. Home Fin. Corp.(1) 4.0% 7.5% 73.6% 18.5 12.1% 0.7% 16.4% 4.0% 10.00 11.00 10.0%
Scotland Bancorp(1) 4.0% 6.9% 76.3% 18.1 25.2% 1.4% 33.1% 4.2% 10.00 12.25 22.5%
Stone Street Bancorp(1) 4.0% 7.3% 76.8% 18.4 24.7% 1.3% 32.2% 4.2% 15.00 17.50 16.7%
WHG Bancshares 4.0% 9.3% 72.8% 17.3 16.5% 1.0% 22.7% 4.2% 10.00 11.13 11.2%
PFF Bancorp, Inc. 4.0% 0.9% 71.5% 25.4 9.5% 0.4% 13.2% 2.8% 10.00 11.38 13.8%
Crazy Woman Creek Bncrp 4.0% 5.5% 70.2% 18.1 22.5% 1.2% 32.1% 3.9% 10.00 10.38 3.8%
Falmouth Co-Op. Bank(1) 0.0% 8.4% 67.8% 20.2 16.6% 0.8% 24.4% 3.4% 10.00 10.75 7.5%
Community Federal Bancorp 4.0% 6.7% 72.2% 15.5 22.3% 1.4% 30.9% 4.7% 10.00 12.63 26.3%
GA Financial, Inc. 4.0% 1.7% 71.5% 15.7 14.9% 1.0% 20.8% 4.6% 10.00 11.38 13.8%
North Central Bancshares(7) 0.0% 0.5% 74.2% 12.1 19.7% 1.6% 26.5% 6.1% 10.00 10.88 8.7%
AVERAGES: 3.3% 6.8% 71.4% 18.8 17.0% 0.9% 23.8% 4.1% $10.11 $11.10 9.5%
MEDIANS: 4.0% 6.1% 71.9% 18.1 15.7% 0.9% 21.7% 4.0% 10.00 10.75 7.5%
AVERAGES, EXCLUDING 2ND STEPS 3.5% 7.4% 70.7% 19.6 17.4% 0.9% 24.6% 3.7% $10.12 $11.19 10.2%
MEDIANS, EXCLUDING 2ND STEPS 4.0% 6.7% 71.5% 18.2 16.4% 1.0% 22.7% 3.9% 10.00 10.78 7.8%
<CAPTION>
POST-IPO PRICING TRENDS
------------------------------------
CLOSING PRICE:
------------------------------------
AFTER AFTER
FIRST % FIRST %
INSTITUTION WEEK(5) CHG. MONTH(6) CHG.
- ----------- ------- ------ ---------- ------
($) (%) ($) (%)
<S> <C> <C> <C> <C>
CNS Bancorp $12.00 20.0% NA NA
Westwood Financial Corp.(7) 10.38 3.8% NA NA
Lexington B&L Fin. Corp. 9.75 -2.5% $10.00 0.0%
First Fed. Fin. Bancorp 10.62 6.2% 10.75 7.5%
First Fed. Bancshares 13.38 33.8% 13.63 36.3%
Citizens First Fin. Corp. 10.00 0.0% 10.13 1.3%
North Cincinnati SB(1) NT NA NT NA
Reliance Bancshares 8.25 3.1% 7.94 -0.7%
Catskill Financial Corp. 10.50 5.0% 10.38 3.8%
Yonkers Financial Corp. 10.00 0.0% 9.94 -0.6%
Green Street Financial Corp. 12.25 22.5% 12.31 23.1%
FFD Financial Corp. 10.13 1.3% 10.50 5.0%
Patapsco Bancorp NT NA NT NA
AMB Financial Corp. 10.50 5.0% 10.5 5.0%
First Bergen Bancorp 9.50 -5.0% 9.63 -3.8%
Heritage Financial Corp. NT NA NT NA
Jacksonville Bancorp(7) 9.63 -3.8% 9.88 -1.2%
London Financial Corp. 10.63 6.3% 10.13 1.3%
Pittsb. Home Fin. Corp.(1) 11.00 10.0% 10.62 6.2%
Scotland Bancorp(1) 12.50 25.0% 11.75 17.5%
Stone Street Bancorp(1) 18.00 20.0% 17.75 18.3%
WHG Bancshares 11.44 14.4% 11.38 13.8%
PFF Bancorp, Inc. 11.62 16.2% 11.63 16.3%
Crazy Woman Creek Bncrp 10.75 7.5% 10.50 5.0%
Falmouth Co-Op. Bank(1) 11.25 12.5% 10.75 7.5%
Community Federal Bancorp 13.13 31.3% 12.62 26.2%
GA Financial, Inc. 11.50 15.0% 11.00 10.0%
North Central Bancshares(7) 10.69 6.9% 10.44 4.4%
AVERAGES: $11.17 10.2% $11.05 8.8%
MEDIANS: 10.69 6.9% 10.50 5.0%
AVERAGES, EXCLUDING 2ND STEPS $11.30 11.2% $11.13 9.5%
MEDIANS, EXCLUDING 2ND STEPS 10.88 8.8% 10.62 6.2%
</TABLE>
Note: * - Appraisal performed by RP Financial; "NT" - Not Traded; "NA" - Not
Applicable, Not Available.
(1) Non-OTS regulated thrifts. JUNE 19, 1996
(2) As reported in summary pages of prospectus.
(3) As reported in prospectus.
(4) Does not take into account the adoption of SOP 93-6.
(5) Latest price if offering less than one week old.
(6) Latest price if offering more than one week but less than one month old.
(7) Second-step conversions.
<PAGE> 14
RP Financial, LC.
Board of Directors
June 21, 1996
Page 13
There have been three conversions in Ohio completed during the past
three months -- the oversubscribed issues in April and one which sold just
above the midpoint in June -- as summarized below. The latest information
underscores weakening interest in new thrift issues.
Table 9
Pricing Characteristics of Recent
Ohio Conversions
<TABLE>
<CAPTION>
Clos. Price % Change in
Conversion Pro Forma P/B as % of Price To
Date @ Conversion Midpt Value 6/21/96(1)
---- ------------ ----------- ----------
<S> <C> <C> <C> <C>
First Fed. Fin. Bancorp-OH 6/96 63.6% 103% 5.0%
FFD Fin. Corp.-OH 4/96 71.0 132 2.5
London Fin. Corp.-OH 4/96 70.0 132 3.1
</TABLE>
4. Results of the Offering
Kenwood Bancorp's subscription and community offering
commenced on May 28, 1996 and was closed on June 17, 1996. The total takedown
of the offering amounted to $1,676,850, based on the sale of 167,685 shares at
$10.00 per share. There were 158 subscribers of the Association's stock,
including the ESOP. Tables 10 and 11 provide a distribution summary of the
shares subscribed, as provided by the selling agent Charles Webb & Co. The
offering had a 5.0 percent purchase limitation in effect, including shares
owned by shareholders under the mutual holding company organization.
Approximately 23 share orders had to be reduced to remain within the 5.0
percent ownership limit; following this cutback, total orders filled equaled
157,651, or $1,576,510.
A total of 10 "Professional" investors placed orders for
38,474 shares, or approximately 23 percent of total orders. Out-of-state
orders totaled $223,310, or 13.3 percent of the total takedown, and 17.8
percent of the orders came from the Community Offering. Subscriptions by the
Board, management and employees of Kenwood Savings amounted to $300,330.
Table 10
Kenwood Bancorp, Inc.
Summary Report of Stock Orders
<TABLE>
<CAPTION>
Average Pct. of Total
Dollars Number of Share Dollars
Category Subscribed Subscribers Subscriptions Subscribed
- -------- ----------- ----------- ------------- ----------
<S> <C> <C> <C> <C>
Elig. Acct. Holders $656,070 92 713 39.13%
ESOP 125,300 1 12,530 7.47
Suppl. Acct. Holders 278,290 37 752 16.60
Other Members 18,000 4 450 1.07
Directors, Officers, Employees 300,330 15 2,002 17.91
Public Stockholders 298,860 9 3,321 17.82
------- - ----- -----
Total $1,676,850 158 1,061 100.00%
</TABLE>
<PAGE> 15
RP Financial, LC.
Board of Directors
June 21, 1996
Page 14
Table 11
Kenwood Bancorp, Inc.
Summary Report of Subscribers by State
<TABLE>
<CAPTION>
Number of Shares Total
Subscribers Ordered Amount
----------- ------- ------
<S> <C> <C> <C>
FL 1 3,900 $39,000
IL 1 4,456 44,560
KY 1 50 500
NY 3 13,925 139,250
OH (1) 152 145,354 1,453,540
--- ------- ---------
Total 158 167,685 $1,676,850
</TABLE>
(1) Includes ESOP.
Source: Charles Webb & Co.
Valuation Analysis
In the Original Appraisal, we made the following adjustments to
Kenwood Bancorp's pro forma value based upon our comparative analysis to the
Peer Group:
<TABLE>
<CAPTION>
Original Valuation Current Valuation
Key Valuation Parameters: Adjustment Adjustment
------------------------ ---------- ----------
<S> <C> <C>
Financial Condition Slight Downward Same
Profitability, Growth and Viability
of Earnings Moderate Downward Same
Asset Growth Slight Downward Same
Primary Market Area No Adjustment Same
Dividends No Adjustment Same
Liquidity of the Shares Mod.-to-Sizeable Downward Same
Marketing of the Issue No Adjustment Same
Management No Adjustment Same
Effect of Government Regulations and
Regulatory Reform No Adjustment Same
</TABLE>
RP Financial considered the potential impact of pending thrift industry
legislation (SAIF recapitalization and bad debt recapture). Given the media
coverage of such potential legislation, we believe the investment community is
taking the potential impact of such legislation into account of current
SAIF-insured thrift stock prices, so no separate adjustment for government
regulations and regulatory reform was warranted in this updated appraisal. We
have not adjusted the Association's "marketing of the issue" valuation
parameter downward to reflect the weakness in the new issue market. Instead,
we have increased the emphasis of the pricing of recent conversions, both at
conversion and in the after-market, in the determination of the Association's
valuation. Thrift stock industry pricing information is presented in Exhibit
1.
<PAGE> 16
RP Financial, LC.
Board of Directors
June 21, 1996
Page 15
Valuation Analysis
In applying the accepted valuation methodology promulgated by the OTS,
i.e., the pro forma market value approach, we considered the three key pricing
ratios in valuing Kenwood Bancorp's to-be-issued stock -- price/earnings
("P/E"), price/book ("P/B"), and price/assets ("P/A") approaches -- all
performed on a pro forma basis including the effects of the conversion proceeds
from selling the Mutual Holding Company's interest to the public. The pro
forma assumptions utilized in this Update included March 31, 1996 financial
data and an updated reinvestment rate equal to the one year U.S. Treasury bill
rate as of March 31, 1996. The pro forma assumptions are summarized in
Exhibits 2 and 3.
Consistent with the Original Appraisal, this updated appraisal
continues to be based primarily on fundamental analysis techniques applied to
the Peer Group, including the P/B approach, the P/E approach and the P/A
approach, with the greatest weight being placed in order on the P/TB approach
(because conversion stock tends to trade in the near term based on pro forma
book value) and the P/A approach (because investors tend to regard P/A ratios
as a ceiling in making market value decisions). To capture the anticipated
aftermarket trading of Kenwood Bancorp's stock, the updated appraisal also
incorporates a technical analysis of recently completed stock conversions,
including principally the P/TB approach which (as discussed in the Original
Appraisal) is the most meaningful pricing ratio as applied to recent
conversions in light of the relatively high and, in many cases, not meaningful
P/E multiples exhibited by the recent conversions.
Based on the foregoing, we have concluded that the closing pro forma
market value range of Kenwood Bancorp's stock has not changed since the
Original Appraisal, which provided for a $2,902,080 pro forma market value of
the Company's stock at the midpoint. In light of the valuation conclusion
above, the proposed closing value for the conversion is $1,576,510, which falls
just above the midpoint of the valuation range (i.e. .5341 x $2,902,080). The
closing level of the offering will allow the Company to retain all orders
received in the offering, except for approximately 23 orders equalling $100,340
that were cutback due to the 5.0 percent purchase limitation. The proposed
"Final Value" equals $2,951,693.
The valuation analysis for the updated appraisal, and the rationale
for the valuation conclusion, are set forth in the following paragraphs.
Consistent with the Original Appraisal, RP Financial's updated valuation placed
a similar emphasis on the three valuation approaches as in the Original
Appraisal.
The Company has adopted Statement of Position ("SOP" 93-6) which will
cause earnings per share computations to be based on shares issued and
outstanding excluding shares owned by an ESOP where there is not a commitment
to release such shares. For the purpose of preparing the pro forma pricing
tables and exhibits, we have reflected all shares issued in the offering
including shares purchased by the ESOP as outstanding to capture the full
dilutive impact of such stock to the Company's shareholders. However, we have
considered the impact of adoption of SOP 93-6 on the Company in the
determination of Kenwood Bancorp's pro forma value.
1. P/B Approach. P/B ratios have generally served as a useful
benchmark in the valuation of thrift stocks, with the greater determinant of
long term value being earnings. Based on the proposed Final Value, Kenwood
Bancorp's pro forma P/B ratio was 67.60 percent (versus the 66.38 percent
midpoint valuation in the Original Appraisal). Relative to the average P/B
ratio indicated for the Peer Group of 89.05 percent, Kenwood Bancorp's updated
valuation reflected a 24.1 percent discount (versus the 23.6 percent discount
applied in the Original Appraisal). The implied conversion pricing ratios
relative to the Peer Group's pricing ratios are indicated in Table 13, and the
updated pro forma calculations are detailed in Exhibits 2 and 3.
In addition to the fundamental analysis applied to the Peer Group, RP
Financial utilized a technical analysis of recently completed conversions as a
proxy for anticipated aftermarket trading in Kenwood Bancorp's
<PAGE> 17
RP Financial, LC.
Board of Directors
June 21, 1996
Page 16
conversion stock. The recent conversions indicated an average P/B ratio of
76.79 percent. Since complete financial data is not readily available for the
recent conversions, RP Financial's valuation analysis in this regard is
necessarily limited -- focused primarily on how the market is pricing recent
conversions and estimating how such pricing can reasonably be applied to
Kenwood Bancorp's conversion stock. For reasons discussed above, the P/B
ratios of the recent conversions provide the most meaningful pricing
information. At the proposed Final Value, Kenwood Bancorp's pro forma
valuation was discounted by approximately 12.0 percent relative to the recent
conversion average P/B ratio of 76.79 percent. Comparatively, in the Original
Appraisal, Kenwood Bancorp's P/B ratio was at a discount of 20.8 percent from
the recent conversion average.
2. P/E Approach. The application of the P/E valuation method
requires calculating the Company's pro forma market value by applying a
valuation P/E multiple times the pro forma earnings base. Ideally, the pro
forma earnings base is composed principally of the recurring earnings base,
that is, earnings adjusted to exclude any one-time non-operating items, plus
the estimated after-tax earnings benefit of the reinvestment of net conversion
proceeds. Similar to the Original Appraisal, Kenwood Saving's reported
non-operating income was primarily in the form of gains on the sale of loans in
the secondary market. As was done in the Original Appraisal, RP Financial
included a portion of the non-operating income in recurring income, in light of
the Association's ongoing mortgage banking strategy. Core earnings of $34,000
were utilized in the valuation analysis. Core earnings adjustments were
applied to the Peer Group's earnings in the calculation of core earnings (see
Exhibit 4).
Based on Kenwood Bancorp's pre-conversion core earnings for the twelve
months ended March 31, 1996 and incorporating the impact of the pro forma
valuation parameters utilized in the Original Appraisal, the Association's core
P/E multiple at the proposed Final Value equaled 65.60 times core earnings
(versus the 62.86 times core earnings midpoint valuation in the Original
Appraisal). Comparatively, the Peer Group posted an average core P/E multiple
of 17.51 times, which indicated a premium of 274.6 percent in the Association's
P/E multiple (versus a premium of 286.1 percent as indicated in the Original
Appraisal). As in the Original Appraisal, RP Financial concluded that the
65.60 times core earnings multiple was not meaningful for valuation purposes.
3. P/A Approach. P/A ratios are generally not as reliable an
indicator of market value, as investors do not place significant weight on
total assets as a determinant of market value. Investors place significantly
greater weight on book value and earnings -- with book value receiving greater
weight in our valuation analysis. At the proposed Final Value, Kenwood Bancorp
exhibited a pro forma P/A ratio of 5.97 percent. In comparison to the Peer
Group's average P/A ratio of 11.61 percent, Kenwood Bancorp's P/A ratio
indicated a discount of 48.6 percent (versus a discount of 50.7 percent at the
midpoint of the Original Appraisal).
Summary
We have concluded that the Association's estimated pro forma market
value range is unchanged from the conclusion of the Original Appraisal.
Accordingly, it is our opinion, as of June 21, 1996, the pro forma market
valuation for Kenwood Bancorp ranged from $2.4 million at the minimum to $3.3
million at the maximum with a midpoint of $2.9 million. The proposed Final
Value of $2,951,693 falls within the valuation range (between the midpoint and
maximum of the valuation range), and is thus consistent with the valuation
conclusion herein. Based on this valuation and the approximate 53.4104 percent
ownership interest being sold in the Subscription and Community Offering, the
proposed closing amount of the Company's stock offering was $1,576,510 equal to
157,651 shares at $10.00 per share. This figure represents all of the orders
filled in the Subscription and Community Offering. The comparative pro forma
valuation ratios relative to the Peer Group are shown in Table 13, and the key
valuation parameters are detailed in Exhibit 2 and Exhibit 3.
<PAGE> 18
RP Financial, LC.
Board of Directors
June 21, 1996
Page 17
Establishment of Exchange Ratio
OTS regulations provide that in a conversion of a mutual holding
company, the minority stockholders are entitled to exchange their shares of the
Association's common stock for common stock of the Company. The Board of
Directors of the Mutual Holding Company has independently established a formula
to determine the Exchange Ratio. Based on this formula, the Minority
Stockholders will be entitled to receive shares equal to an approximate 46.5896
percent ownership interest. Based upon this formula, and the valuation
conclusion and offering range concluded above, the Exchange Ratio would be
1.94631 shares of the Company's stock issued for each Public Share, at the
proposed Final Value.
Kenwood Bancorp, Inc.
Calculation of Exchange Ratios
<TABLE>
<CAPTION>
Total
Shares Price/ Exchange Implied
Offered Share Shares(1) Exch. Ratio(2)
--------- ------- --------- --------------
<S> <C> <C> <C> <C>
Minimum 131,751 10.00 114,926 1.62655
Midpoint 155,000 10.00 135,207 1.91359
Maximum 178,251 10.00 155,487 2.20063
Final Value 157,651 10.00 137,518 1.94631
</TABLE>
(1) Calculated to preserve a Minority Shares percentage ownership in the
Company at 46.5896 percent.
(2) Calculated as pro forma exchange shares divided by 70,656 existing
public shares outstanding.
The Exchange Ratio formula and share exchange procedures were
determined independently by the Board of Directors. RP Financial expresses no
opinion on the proposed exchange of Company shares for the Public Shares or on
the proposed Exchange Ratio.
Respectfully submitted,
RP FINANCIAL, INC.
/s/ WILLIAM E. POMMERENING
William E. Pommerening
Chief Executive Officer
/s/ JAMES J. OREN
James J. Oren
Vice President
<PAGE> 19
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Table 13
Public Market Pricing
Kenwood S&LA of Cincinnati OH and the Comparables
As of June 21, 1996
<TABLE>
<CAPTION>
Market
Capitalization Per Share Data Pricing Ratios(3)
--------------- -------------- ---------------------------------------
Book
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Kenwood S&LA of Cincinnati OH
- -----------------------------
Range Maximum 10.00 3.34 0.23 13.63 44.07 73.39 6.73 73.39 69.93
Range Midpoint 10.00 2.90 0.25 14.97 39.95 66.82 5.88 66.82 65.00
Range Minimum 10.00 2.47 0.28 16.78 35.46 59.61 5.01 59.61 59.34
Final Value 10.00 2.95 0.25 14.79 40.44 67.60 5.97 67.60 65.60
SAIF-Insured Thrifts(7)
- -----------------------
Averages 17.15 118.26 1.24 16.49 14.43 104.72 13.09 107.93 15.19
Medians --- --- --- --- 14.20 99.34 11.69 100.84 15.31
All Non-MHC State of OH(7)
- --------------------------
Averages 17.32 43.68 1.25 16.99 15.00 101.96 13.62 103.86 15.84
Medians --- --- --- --- 14.33 90.55 12.05 93.53 16.60
Comparable Group Averages
- -------------------------
Averages 16.54 16.90 1.00 18.52 15.95 89.05 11.61 89.43 17.51
Medians --- --- --- --- 15.88 90.38 12.37 91.68 18.12
State of OH
- -----------
ASBP ASB Financial Corp. of OH 15.00 25.71 0.64 15.04 23.44 99.73 23.01 99.73 23.44
CAFI Camco Fin. Corp. of OH 19.62 38.67 2.12 14.52 9.25 135.12 11.25 135.12 12.11
COFI Charter One Financial of OH(7) 35.50 1601.58 0.37 20.16 NM 176.09 12.16 178.93 14.85
CRCL Circle Financial Corp.of OH(7) 34.00 24.07 1.47 34.51 23.13 98.52 10.49 113.56 NM
CTZN CitFed Bancorp of Dayton OH 37.25 211.80 2.84 30.62 13.12 121.65 8.15 140.35 16.06
CIBI Community Inv. Corp. of OH 15.00 10.52 1.20 17.45 12.50 85.96 12.34 85.96 13.16
EFBI Enterprise Fed. Bancorp of OH 14.00 29.19 0.99 15.52 14.14 90.21 14.05 90.38 20.59
FFDF FFD Financial Corp. of OH 10.25 14.91 0.52 14.08 19.71 72.80 20.40 72.80 19.71
FFYF FFY Financial Corp. of OH 23.25 120.74 1.34 20.25 17.35 114.81 21.07 114.81 16.85
FFOH Fidelity Financial of OH 10.12 41.22 0.46 12.47 22.00 81.15 16.53 81.15 22.00
FDEF First Defiance Fin.Corp. of OH 10.87 119.33 0.53 12.22 20.51 88.95 22.59 88.95 20.90
FFSW First Fed Fin. Serv. of OH 28.25 92.52 2.41 16.15 11.72 174.92 9.31 192.31 14.56
FFFB 10.50 7.06 0.58 15.73 18.10 66.75 12.05 66.75 18.10
FFBZ First Federal Bancorp of OH 24.37 19.13 2.39 17.23 10.20 141.44 11.05 141.60 10.37
FFHS First Franklin Corp. of OH 15.00 17.81 1.10 17.31 13.64 86.66 8.24 86.66 13.89
GFCO Glenway Financial Corp. of OH 21.75 23.73 1.37 24.02 15.88 90.55 8.52 92.99 16.60
HHFC Harvest Home Fin. Corp. of OH 12.50 11.19 0.69 14.65 18.12 85.32 15.91 85.32 18.12
HVFD Haverfield Corp. of OH 19.00 36.18 1.19 14.81 15.97 128.29 10.65 128.73 16.96
INBI Industrial Bancorp of OH 11.75 65.26 0.82 11.26 14.33 104.35 19.96 104.35 14.33
LONF London Financial Corp. of OH 10.31 5.45 0.37 14.81 NM 69.62 14.52 69.62 NM
MFFC Milton Fed. Fin. Corp. of OH 13.00 29.91 0.79 14.91 16.46 87.19 17.42 87.19 17.81
OHSL OHSL Financial Corp. of OH 19.50 23.87 1.53 20.85 12.75 93.53 11.62 93.53 13.09
PVFC PVF Capital Corp. of OH 18.50 28.66 2.26 13.77 8.19 134.35 9.01 134.35 9.30
SFSL Security First Corp. of OH 14.19 50.12 1.50 11.58 9.46 122.54 10.67 126.02 9.04
SHFC Seven Hills Fin. Corp. of OH(7) 16.00 8.58 0.31 18.01 NM 88.84 18.84 88.84 NM
<CAPTION>
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ --------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Kenwood S&LA of Cincinnati OH
- -----------------------------
Range Maximum 0.28 2.80 123.4 50 9.17 0.00 0.15 1.67 0.10 1.05
Range Midpoint 0.28 2.80 111.9 49 8.79 0.00 0.15 1.67 0.09 1.03
Range Minimum 0.28 2.80 99.3 49 8.41 0.00 0.14 1.68 0.08 1.00
Final Value 0.28 2.80 113.2 49 8.84 0.00 0.15 1.67 0.09 1.03
SAIF-Insured Thrifts(7)
- -----------------------
Averages 0.35 2.00 26.02 1,297 13.24 0.95 0.87 8.07 0.81 7.29
Medians --- --- --- --- --- --- --- --- --- ---
All Non-MHC State of OH(7)
- --------------------------
Averages 0.36 2.05 27.82 359 14.40 0.56 0.94 7.91 0.88 7.33
Medians --- --- --- --- --- --- --- --- --- ---
Comparable Group Averages
- -------------------------
Averages 0.39 2.27 39.72 156 13.04 0.50 0.72 5.29 0.66 4.93
Medians --- --- --- --- --- --- --- --- --- ---
State of OH
- -----------
ASBP ASB Financial Corp. of OH 0.30 2.00 46.88 112 23.07 1.48 1.03 4.75 1.03 4.75
CAFI Camco Fin. Corp. of OH 0.46 2.34 21.70 344 8.33 0.56 1.22 15.53 0.93 11.87
COFI Charter One Financial of OH(7) 0.92 2.59 NM 13,174 6.90 0.42 0.18 2.81 1.18 18.12
CRCL Circle Financial Corp.of OH(7) 0.68 2.00 46.26 229 10.65 0.10 0.50 4.34 0.43 3.72
CTZN CitFed Bancorp of Dayton OH 0.28 0.75 9.86 2,598 6.70 0.85 0.68 9.99 0.55 8.16
CIBI Community Inv. Corp. of OH 0.16 1.07 13.33 85 14.36 0.73 1.00 7.71 0.95 7.33
EFBI Enterprise Fed. Bancorp of OH 0.00 0.00 0.00 208 15.58 0.01 1.12 5.47 0.77 3.75
FFDF FFD Financial Corp. of OH 0.00 0.00 0.00 73 28.03 NA 1.04 3.69 1.04 3.69
FFYF FFY Financial Corp. of OH 0.60 2.58 44.78 573 18.35 0.88 1.21 6.53 1.25 6.73
FFOH Fidelity Financial of OH 0.20 1.98 43.48 249 20.37 0.40 0.82 5.54 0.82 5.54
FDEF First Defiance Fin.Corp. of OH 0.28 2.58 52.83 528 25.39 NA 1.15 5.36 1.13 5.26
FFSW First Fed Fin. Serv. of OH 0.48 1.70 19.92 993 5.32 0.15 0.85 15.68 0.69 12.62
FFFB 0.00 0.00 0.00 59 18.05 0.09 0.67 3.69 0.67 3.69
FFBZ First Federal Bancorp of OH 0.44 1.81 18.41 173 7.81 0.62 1.10 14.70 1.08 14.45
FFHS First Franklin Corp. of OH 0.28 1.87 25.45 216 9.51 0.73 0.63 6.59 0.62 6.47
GFCO Glenway Financial Corp. of OH 0.68 3.13 49.64 279 9.41 NA 0.56 5.87 0.54 5.62
HHFC Harvest Home Fin. Corp. of OH 0.40 3.20 57.97 70 18.65 0.20 0.89 4.74 0.89 4.74
HVFD Haverfield Corp. of OH 0.54 2.84 45.38 340 8.30 0.78 0.65 8.20 0.62 7.71
INBI Industrial Bancorp of OH 0.30 2.55 36.59 327 19.12 0.40 1.48 8.08 1.48 8.08
LONF London Financial Corp. of OH 0.00 0.00 0.00 38 20.86 0.21 0.57 4.73 0.57 4.73
MFFC Milton Fed. Fin. Corp. of OH 0.48 3.69 60.76 172 19.98 0.40 1.13 4.93 1.05 4.56
OHSL OHSL Financial Corp. of OH 0.76 3.90 49.67 205 12.42 0.26 0.96 7.50 0.93 7.30
PVFC PVF Capital Corp. of OH 0.00 0.00 0.00 318 6.71 NA 1.13 17.84 0.99 15.71
SFSL Security First Corp. of OH 0.44 3.10 29.33 470 8.71 0.44 1.18 13.57 1.23 14.21
SHFC Seven Hills Fin. Corp. of OH(7) 0.36 2.25 NM 46 21.21 0.22 0.36 1.69 0.34 1.58
</TABLE>
<PAGE> 20
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Table 13
Public Market Pricing
Kenwood S&LA of Cincinnati OH and the Comparables
As of June 21, 1996
<TABLE>
<CAPTION>
Market
Capitalization Per Share Data Pricing Ratios(3)
--------------- -------------- ---------------------------------------
Book
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SSBK Strongsville SB of OH 21.75 55.05 1.88 16.50 11.57 131.82 10.91 134.67 13.68
SBCN Suburban Bancorp. of OH 14.25 21.10 0.53 17.31 NM 82.32 10.71 82.32 18.51
PTRS The Potters S&L Co. of OH 16.06 8.56 1.15 20.79 13.97 77.25 7.52 77.25 14.21
THIR Third Financial Corp. of OH(7) 32.00 36.35 1.89 24.87 16.93 128.67 23.35 128.67 18.93
WOFC Western Ohio Fin. Corp. of OH 22.50 51.95 1.10 25.19 20.45 89.32 16.26 94.86 NM
WFCO Winton Financial Corp. of OH(7) 13.50 26.81 1.04 10.42 12.98 129.56 10.22 133.14 15.88
FFWD Wood Bancorp of OH 19.00 19.65 1.56 19.72 12.18 96.35 14.06 96.35 12.58
Comparable Group
- ----------------
CRCL Circle Financial Corp.of OH(7) 34.00 24.07 1.47 34.51 23.13 98.52 10.49 113.56 NM
EFBI Enterprise Fed. Bancorp of OH 14.00 29.19 0.99 15.52 14.14 90.21 14.05 90.38 20.59
FFHS First Franklin Corp. of OH 15.00 17.81 1.10 17.31 13.64 86.66 8.24 86.66 13.89
GFCO Glenway Financial Corp. of OH 21.75 23.73 1.37 24.02 15.88 90.55 8.52 92.99 16.60
HHFC Harvest Home Fin. Corp. of OH 12.50 11.19 0.69 14.65 18.12 85.32 15.91 85.32 18.12
HBBI Home Building Bancorp of IN 17.75 5.72 0.59 18.61 NM 95.38 13.48 95.38 NM
HZFS Horizon Fin'l. Services of IA 15.25 6.83 0.72 18.66 21.18 81.73 9.46 81.73 22.76
MFSB Mutual Bancompany of MO(7) 21.00 6.99 0.34 18.73 NM 112.12 13.12 112.12 NM
OHSL OHSL Financial Corp. of OH 19.50 23.87 1.53 20.85 12.75 93.53 11.62 93.53 13.09
SHFC Seven Hills Fin. Corp. of OH(7) 16.00 8.58 0.31 18.01 NM 88.84 18.84 88.84 NM
<CAPTION>
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ --------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SSBK Strongsville SB of OH 0.48 2.21 25.53 505 8.28 0.49 1.00 11.90 0.85 10.06
SBCN Suburban Bancorp. of OH 0.60 4.21 NM 197 13.00 0.20 0.40 2.98 0.57 4.33
PTRS The Potters S&L Co. of OH 0.24 1.49 20.87 114 9.73 2.49 0.54 5.69 0.53 5.59
THIR Third Financial Corp. of OH(7) 0.68 2.13 35.98 156 18.15 0.23 1.40 7.87 1.26 7.03
WOFC Western Ohio Fin. Corp. of OH 1.00 4.44 NM 320 18.20 0.34 1.10 4.22 0.83 3.18
WFCO Winton Financial Corp. of OH(7) 0.42 3.11 40.38 262 7.89 0.53 0.93 12.26 0.76 10.02
FFWD Wood Bancorp of OH 0.36 1.89 23.08 140 14.59 0.18 1.17 8.14 1.14 7.88
Comparable Group
- ----------------
CRCL Circle Financial Corp.of OH(7) 0.68 2.00 46.26 229 10.65 0.10 0.50 4.34 0.43 3.72
EFBI Enterprise Fed. Bancorp of OH 0.00 0.00 0.00 208 15.58 0.01 1.12 5.47 0.77 3.75
FFHS First Franklin Corp. of OH 0.28 1.87 25.45 216 9.51 0.73 0.63 6.59 0.62 6.47
GFCO Glenway Financial Corp. of OH 0.68 3.13 49.64 279 9.41 NA 0.56 5.87 0.54 5.62
HHFC Harvest Home Fin. Corp. of OH 0.40 3.20 57.97 70 18.65 0.20 0.89 4.74 0.89 4.74
HBBI Home Building Bancorp of IN 0.30 1.69 50.85 42 14.13 0.23 0.45 3.17 0.45 3.17
HZFS Horizon Fin'l. Services of IA 0.32 2.10 44.44 72 11.57 1.57 0.46 3.70 0.43 3.44
MFSB Mutual Bancompany of MO(7) 0.00 0.00 0.00 53 11.70 NA 0.20 1.83 0.23 2.10
OHSL OHSL Financial Corp. of OH 0.76 3.90 49.67 205 12.42 0.26 0.96 7.50 0.93 7.30
SHFC Seven Hills Fin. Corp. of OH(7) 0.36 2.25 NM 46 21.21 0.22 0.36 1.69 0.34 1.58
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) EPS (common earnings per share) is based on actual trailing twelve month
data and is shown on a pro forma basis.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB =
Price to Tangible Book; and P/CORE = Price to Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and total assets balances.
(7) Excludes from averages and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been
obtained from sources we believe are reliable, but we cannot guarantee
the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, Inc.
<PAGE> 21
EXHIBITS
<PAGE> 22
LIST OF EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------- -----------
<S> <C>
1 Stock Prices: June 21, 1996
2 Pro Forma Analysis Sheet
3 Pro Forma Effect of Conversion Proceeds
4 Core Earnings Calculations
5 Firm Qualifications Statement
</TABLE>
<PAGE> 23
EXHIBIT 1
Stock Prices: June 21, 1996
<PAGE> 24
!R! RES; FTMD 15; FONT 36; EXIT;
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(324) 17.23 5,839 124.0 18.72 14.14 17.26 -0.12 131.11 1.30
NYSE Traded Companies(12) 28.15 46,329 1,302.6 30.65 21.38 28.39 -1.02 181.66 1.47
AMEX Traded Companies(17) 13.88 3,282 49.3 14.97 12.32 13.84 0.19 206.07 1.42
NASDAQ Listed OTC Companies(295) 16.95 4,185 75.8 18.41 13.92 16.96 -0.10 123.43 1.28
California Companies(25) 19.20 23,611 600.7 20.90 14.95 19.30 -0.78 51.32 3.04
Florida Companies(10) 12.98 5,174 57.9 14.72 10.76 13.03 -0.29 67.05 2.91
Mid-Atlantic Companies(64) 16.70 5,651 102.1 18.21 13.87 16.71 0.17 113.22 0.88
Mid-West Companies(150) 17.82 3,811 83.5 19.25 14.59 17.88 -0.22 155.22 0.83
New England Companies(9) 17.06 3,675 71.7 18.63 14.43 16.75 1.50 156.16 -0.73
North-West Companies(6) 17.17 11,909 224.6 18.18 13.05 17.42 -1.51 70.89 6.68
South-East Companies(45) 16.54 3,530 58.4 18.18 13.69 16.45 0.14 184.40 2.56
South-West Companies(7) 13.38 1,879 27.8 14.96 11.88 13.45 -0.31 -18.52 -6.51
Western Companies (Excl CA)(8) 16.02 4,158 60.0 16.88 13.47 16.10 -0.46 218.29 4.25
Thrift Strategy(250) 16.16 3,464 58.9 17.61 13.59 16.16 -0.02 101.72 0.69
Mortgage Banker Strategy(39) 21.06 11,516 323.5 22.50 16.15 21.05 -0.05 212.70 4.26
Real Estate Strategy(16) 18.25 6,379 121.5 19.58 13.35 18.50 -0.56 93.07 3.73
Diversified Strategy(15) 25.22 29,926 686.6 27.46 19.66 25.50 -1.33 186.32 1.71
Retail Banking Strategy(4) 11.94 3,261 41.7 13.72 10.22 12.03 -0.69 177.14 -4.32
Companies Issuing Dividends(246) 18.50 6,224 141.1 20.10 15.13 18.51 0.01 151.31 1.32
Companies Without Dividends(78) 13.28 4,637 70.5 14.40 11.05 13.35 -0.52 51.08 1.21
Equity/Assets <6%(29) 16.78 19,811 416.0 18.31 12.86 16.92 -0.73 75.36 3.08
Equity/Assets 6-12%(148) 19.30 5,406 133.2 20.98 15.36 19.30 0.00 152.91 1.98
Equity/Assets >12%(147) 15.29 3,492 56.9 16.57 13.19 15.32 -0.12 93.02 0.10
Converted Last 3 Mths (no MHC)(21) 11.35 3,536 40.7 11.92 10.63 11.28 0.67 0.00 -1.61
Actively Traded Companies(53) 23.02 17,267 436.0 25.02 18.38 23.15 -0.48 156.66 2.74
Market Value Below $20 Million(86) 14.01 969 12.7 15.48 12.11 14.05 -0.51 80.68 -3.36
Holding Company Structure(277) 17.67 5,895 130.8 19.18 14.62 17.68 -0.05 123.82 0.99
Assets Over $1 Billion(61) 24.46 19,220 477.3 26.39 18.99 24.57 -0.68 154.85 3.43
Assets $500 Million-$1 Billion(56) 17.39 5,047 78.2 18.71 14.10 17.43 -0.01 171.78 3.00
Assets $250-$500 Million(79) 15.93 2,642 38.7 17.40 13.47 15.87 0.47 99.06 2.04
Assets less than $250 Million(128) 14.32 1,408 19.2 15.66 12.11 14.34 -0.24 77.13 -1.34
Goodwill Companies(134) 19.43 9,602 222.6 21.16 15.45 19.49 -0.36 153.45 3.02
Non-Goodwill Companies(190) 15.64 3,105 52.2 16.94 13.18 15.63 0.06 89.75 -0.08
Acquirors of FSLIC Cases(14) 24.55 34,581 962.3 26.66 19.05 24.87 -1.36 193.23 -2.31
<CAPTION>
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
<S> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(324) 1.27 1.14 16.69 16.26 163.63
NYSE Traded Companies(12) 2.35 1.96 21.40 20.05 355.85
AMEX Traded Companies(17) 0.79 0.75 15.13 14.97 104.02
NASDAQ Listed OTC Companies(295) 1.25 1.13 16.58 16.17 158.61
California Companies(25) 1.03 0.86 18.35 17.86 280.83
Florida Companies(10) 1.23 0.77 12.43 12.14 175.66
Mid-Atlantic Companies(64) 1.37 1.30 16.35 15.73 167.33
Mid-West Companies(150) 1.31 1.16 17.49 17.19 149.47
New England Companies(9) 1.49 1.25 17.78 16.29 241.42
North-West Companies(6) 1.30 1.20 13.13 12.35 171.31
South-East Companies(45) 1.11 1.06 14.72 14.44 122.20
South-West Companies(7) 1.14 1.07 16.25 15.66 213.08
Western Companies (Excl CA)(8) 1.07 1.00 16.40 16.00 113.11
Thrift Strategy(250) 1.09 1.02 16.54 16.19 143.48
Mortgage Banker Strategy(39) 1.98 1.42 17.24 16.31 247.38
Real Estate Strategy(16) 1.64 1.61 16.59 16.29 202.91
Diversified Strategy(15) 2.00 1.97 18.72 18.22 236.99
Retail Banking Strategy(4) 1.13 0.86 13.56 13.05 158.37
Companies Issuing Dividends(246) 1.41 1.26 17.34 16.86 166.82
Companies Without Dividends(78) 0.84 0.76 14.66 14.41 153.67
Equity/Assets <6%(29) 1.39 1.09 14.29 13.44 291.39
Equity/Assets 6-12%(148) 1.67 1.46 17.24 16.52 209.48
Equity/Assets >12%(147) 0.85 0.83 16.63 16.56 93.10
Converted Last 3 Mths (no MHC)(21) 0.49 0.50 14.50 14.39 69.14
Actively Traded Companies(53) 1.99 1.87 18.69 17.91 251.89
Market Value Below $20 Million(86) 1.04 0.82 16.18 16.09 130.53
Holding Company Structure(277) 1.27 1.15 17.21 16.77 162.71
Assets Over $1 Billion(61) 2.00 1.82 20.00 18.71 275.21
Assets $500 Million-$1 Billion(56) 1.32 1.23 16.08 15.62 172.80
Assets $250-$500 Million(79) 1.23 0.97 15.81 15.48 154.87
Assets less than $250 Million(128) 0.90 0.85 15.85 15.80 108.39
Goodwill Companies(134) 1.53 1.37 17.31 16.28 214.67
Non-Goodwill Companies(190) 1.08 0.97 16.24 16.24 126.54
Acquirors of FSLIC Cases(14) 2.19 1.93 18.94 17.75 297.22
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity and
assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
<PAGE> 25
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Prices As Of June 21, 1996
Weekly Thrift Market Line - Part One
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BIF-Insured Thrifts(71) 17.00 7,653 143.4 18.27 13.21 16.74 1.23 102.18 6.07
NYSE Traded Companies(3) 18.95 52,884 969.8 19.67 14.85 18.91 1.18 133.21 11.71
AMEX Traded Companies(4) 14.56 3,115 46.3 16.69 13.12 14.72 -1.00 27.09 -6.35
NASDAQ Listed OTC Companies(64) 17.07 5,591 106.7 18.31 13.13 16.76 1.39 106.16 6.44
California Companies(2) 11.56 5,155 67.4 11.88 8.00 11.13 3.05 236.00 12.79
Mid-Atlantic Companies(19) 19.31 13,139 241.6 20.94 15.57 19.35 0.13 76.41 1.82
Mid-West Companies(1) 7.77 2,562 19.9 8.50 7.50 7.87 -1.27 0.00 0.00
New England Companies(44) 16.50 3,644 56.2 17.59 12.53 16.01 2.05 114.12 8.05
North-West Companies(4) 17.37 22,775 585.2 19.28 13.85 17.51 -0.25 41.24 1.82
South-West Companies(1) 10.37 1,387 14.4 11.50 7.50 10.75 -3.53 0.00 15.22
Thrift Strategy(44) 17.05 4,745 90.5 18.22 13.43 16.72 1.47 100.54 7.67
Mortgage Banker Strategy(11) 18.54 15,785 239.9 19.65 14.17 18.15 1.76 144.05 6.62
Real Estate Strategy(7) 15.94 3,715 68.9 17.10 11.31 16.10 -0.54 139.07 9.82
Diversified Strategy(7) 16.27 21,376 476.8 18.14 12.23 16.10 1.05 39.32 -4.19
Retail Banking Strategy(2) 14.50 1,330 17.7 17.13 13.13 14.50 -0.27 18.30 -7.12
Companies Issuing Dividends(49) 19.19 6,755 153.9 20.57 14.84 18.91 1.23 106.66 6.92
Companies Without Dividends(22) 11.83 9,782 118.6 12.84 9.36 11.59 1.22 80.88 3.69
Equity/Assets <6%(8) 11.36 23,161 285.8 12.59 8.42 11.33 -0.11 69.42 -2.71
Equity/Assets 6-12%(51) 17.82 6,313 138.2 19.13 13.75 17.45 1.68 108.98 7.60
Equity/Assets >12%(12) 16.49 4,782 82.9 17.57 13.53 16.58 -0.12 -6.03 3.10
Converted Last 3 Mths (no MHC)(3) 9.42 3,235 31.0 10.21 9.27 9.44 -0.23 0.00 0.00
Actively Traded Companies(30) 18.29 11,015 209.6 19.16 13.96 17.70 2.74 126.17 7.68
Market Value Below $20 Million(12) 13.24 1,114 13.0 14.22 10.36 13.34 -0.81 78.97 7.14
Holding Company Structure(45) 17.42 6,768 135.7 18.68 13.63 17.09 1.45 107.43 7.23
Assets Over $1 Billion(17) 23.41 22,046 470.4 24.50 17.16 22.91 2.29 102.53 8.92
Assets $500 Million-$1 Billion(17) 19.32 4,578 78.4 20.45 15.59 18.94 1.74 128.91 2.11
Assets $250-$500 Million(22) 13.58 3,576 39.5 15.22 10.88 13.27 1.74 97.89 5.73
Assets less than $250 Million(15) 13.01 1,567 15.7 14.09 10.16 13.14 -0.98 72.92 7.55
Goodwill Companies(35) 18.82 11,037 226.8 20.35 14.81 18.52 1.33 108.87 5.46
Non-Goodwill Companies(36) 15.19 4,270 60.0 16.19 11.62 14.96 1.13 91.76 6.75
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
<S> <C> <C> <C> <C> <C>
BIF-Insured Thrifts(71) 1.44 1.37 15.47 14.80 177.67
NYSE Traded Companies(3) 1.02 1.13 18.11 13.88 246.88
AMEX Traded Companies(4) 1.14 0.71 14.49 13.78 150.26
NASDAQ Listed OTC Companies(64) 1.49 1.43 15.40 14.92 175.95
California Companies(2) 0.64 0.55 11.42 11.41 182.68
Mid-Atlantic Companies(19) 1.53 1.51 17.62 16.79 195.23
Mid-West Companies(1) 0.29 0.29 11.06 11.06 19.67
New England Companies(44) 1.48 1.38 15.06 14.38 178.10
North-West Companies(4) 1.43 1.42 14.17 13.64 148.84
South-West Companies(1) 1.24 0.97 7.91 7.64 91.48
Thrift Strategy(44) 1.42 1.35 16.05 15.30 168.97
Mortgage Banker Strategy(11) 1.55 1.54 16.29 15.55 229.21
Real Estate Strategy(7) 1.46 1.34 12.71 12.67 124.13
Diversified Strategy(7) 1.86 1.69 12.78 12.04 186.36
Retail Banking Strategy(2) 0.19 0.20 16.33 15.86 258.61
Companies Issuing Dividends(49) 1.72 1.64 16.80 15.90 196.23
Companies Without Dividends(22) 0.80 0.73 12.33 12.18 133.72
Equity/Assets <6%(8) 0.92 0.79 9.66 9.56 180.00
Equity/Assets 6-12%(51) 1.62 1.53 15.72 14.83 195.27
Equity/Assets >12%(12) 0.93 0.94 17.77 17.77 91.78
Converted Last 3 Mths (no MHC)(3) 0.34 0.36 13.18 13.18 43.07
Actively Traded Companies(30) 1.58 1.56 16.07 15.28 197.35
Market Value Below $20 Million(12) 1.12 1.01 14.67 14.17 162.95
Holding Company Structure(45) 1.52 1.48 15.60 15.08 167.99
Assets Over $1 Billion(17) 2.04 1.99 18.90 17.44 239.15
Assets $500 Million-$1 Billion(17) 1.66 1.49 17.23 16.77 193.64
Assets $250-$500 Million(22) 1.09 1.06 12.80 12.36 143.09
Assets less than $250 Million(15) 1.12 1.05 13.97 13.56 147.40
Goodwill Companies(35) 1.59 1.46 16.75 15.40 217.21
Non-Goodwill Companies(36) 1.30 1.28 14.20 14.20 138.13
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
<PAGE> 26
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(19) 15.77 5,017 24.2 18.09 12.48 15.96 -1.18 101.25 -5.56
BIF-Insured Thrifts(2) 16.31 21,219 135.5 18.06 12.57 16.19 1.25 184.24 1.58
NASDAQ Listed OTC Companies(21) 15.82 6,637 35.3 18.09 12.49 15.98 -0.94 128.91 -4.85
Florida Companies(3) 18.50 5,505 46.4 21.50 14.67 18.08 2.45 0.00 -9.58
Mid-Atlantic Companies(9) 14.09 7,692 26.4 16.56 11.56 14.11 0.08 57.50 -6.39
Mid-West Companies(7) 15.84 1,911 11.4 17.80 12.31 16.45 -3.83 145.00 -5.42
New England Companies(1) 22.37 39,166 264.3 23.12 15.75 22.37 0.00 184.24 17.74
North-West Companies(1) 15.00 2,155 11.8 17.00 11.36 15.00 0.00 0.00 3.16
Thrift Strategy(18) 15.51 5,079 23.9 17.87 12.37 15.68 -1.04 101.25 -6.55
Mortgage Banker Strategy(2) 15.00 2,155 11.8 17.00 11.36 15.00 0.00 0.00 3.16
Diversified Strategy(1) 22.37 39,166 264.3 23.12 15.75 22.37 0.00 184.24 17.74
Companies Issuing Dividends(21) 15.82 6,637 35.3 18.09 12.49 15.98 -0.94 128.91 -4.85
Equity/Assets <6%(1) 14.75 1,610 11.0 17.25 11.00 14.75 0.00 0.00 -7.06
Equity/Assets 6-12%(13) 17.44 8,081 46.4 19.73 13.38 17.50 -0.19 128.91 -4.28
Equity/Assets >12%(7) 13.21 4,880 19.7 15.39 11.18 13.55 -2.35 0.00 -5.51
Actively Traded Companies(1) 15.75 6,512 31.5 17.50 12.50 15.75 0.00 57.50 -4.55
Market Value Below $20 Million(1) 13.00 1,250 7.3 14.25 10.50 14.00 -7.14 0.00 -6.27
Holding Company Structure(1) 15.75 6,512 31.5 17.50 12.50 15.75 0.00 57.50 -4.55
Assets Over $1 Billion(4) 17.08 24,584 116.0 19.04 13.50 17.04 0.56 184.24 0.50
Assets $500 Million-$1 Billion(6) 16.56 5,826 38.9 19.42 13.40 16.44 0.64 57.50 -7.33
Assets $250-$500 Million(3) 17.67 2,255 15.6 20.87 13.83 18.08 -1.62 145.00 -6.33
Assets less than $250 Million(8) 14.11 2,159 9.7 15.69 10.92 14.45 -2.43 0.00 -4.43
Goodwill Companies(10) 16.35 11,223 56.0 18.50 12.81 16.57 -1.02 128.91 -2.59
Non-Goodwill Companies(11) 15.40 2,885 18.4 17.75 12.23 15.50 -0.87 0.00 -6.70
MHC Institutions(21) 15.82 6,637 35.3 18.09 12.49 15.98 -0.94 128.91 -4.85
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
- ---------------------------------
<S> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(19) 0.85 0.83 13.16 12.91 126.55
BIF-Insured Thrifts(2) 1.13 0.94 11.49 11.49 124.34
NASDAQ Listed OTC Companies(21) 0.88 0.84 13.00 12.77 126.33
Florida Companies(3) 1.29 1.26 14.73 14.68 145.72
Mid-Atlantic Companies(9) 0.56 0.62 12.15 11.77 107.34
Mid-West Companies(7) 0.87 0.79 13.39 13.37 136.71
New England Companies(1) 1.90 1.53 14.12 14.12 176.59
North-West Companies(1) 1.21 1.09 10.71 9.48 97.22
Thrift Strategy(18) 0.80 0.79 13.06 12.88 125.16
Mortgage Banker Strategy(2) 1.21 1.09 10.71 9.48 97.22
Diversified Strategy(1) 1.90 1.53 14.12 14.12 176.59
Companies Issuing Dividends(21) 0.88 0.84 13.00 12.77 126.33
Equity/Assets <6%(1) 1.23 1.26 13.64 13.64 229.43
Equity/Assets 6-12%(13) 0.96 0.96 14.20 13.92 148.90
Equity/Assets >12%(7) 0.68 0.58 10.84 10.68 72.92
Actively Traded Companies(1) 1.24 1.19 13.98 12.14 147.32
Market Value Below $20 Million(1) 0.48 0.39 13.41 13.41 113.76
Holding Company Structure(1) 1.24 1.19 13.98 12.14 147.32
Assets Over $1 Billion(4) 1.12 0.99 11.88 11.56 121.22
Assets $500 Million-$1 Billion(6) 1.04 1.06 14.49 14.12 143.41
Assets $250-$500 Million(3) 1.21 1.18 15.94 15.90 187.55
Assets less than $250 Million(8) 0.54 0.51 11.19 11.04 92.49
Goodwill Companies(10) 1.08 0.95 13.16 12.65 128.21
Non-Goodwill Companies(11) 0.71 0.76 12.87 12.87 124.80
MHC Institutions(21) 0.88 0.84 13.00 12.77 126.33
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
<PAGE> 27
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NYSE Traded Companies
- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AHM Ahmanson and Co. H.F. of CA 26.37 112,512 2,966.9 27.75 21.00 26.62 -0.94 40.64 -0.49
CAL CalFed Inc. of Los Angeles CA 17.87 49,313 881.2 19.00 12.75 18.37 -2.72 -11.49 13.46
CSA Coast Savings Financial of CA 32.37 18,583 601.5 34.62 19.37 32.62 -0.77 180.02 -6.50
CFB Commercial Federal Corp. of NE 38.37 15,067 578.1 38.87 27.12 38.62 -0.65 939.84 1.64
DME Dime Savings Bank, FSB of NY* 13.12 98,847 1,296.9 13.25 10.00 13.12 0.00 30.42 12.91
DSL Downey Financial Corp. of CA 20.25 16,973 343.7 24.05 17.02 20.75 -2.41 18.14 -6.90
FRC First Republic Bancorp of CA* 15.12 7,349 111.1 15.25 11.00 14.25 6.11 236.00 15.24
FED FirstFed Fin. Corp. of CA 17.37 10,624 184.5 18.50 12.37 17.50 -0.74 7.55 23.02
GLN Glendale Fed. Bk, FSB of CA 17.87 44,085 787.8 19.00 12.37 18.50 -3.41 9.97 1.42
GDW Golden West Fin. Corp. of CA 54.50 58,623 3,195.0 56.25 44.37 54.50 0.00 108.09 -1.36
GWF Great Western Fin. Corp. of CA 23.75 137,205 3,258.6 27.12 20.25 23.75 0.00 36.73 -6.39
GPT GreenPoint Fin. Corp. of NY* 28.62 52,457 1,501.3 30.50 23.56 29.37 -2.55 N.A. 6.99
SFB Standard Fed. Bancorp of MI 38.50 31,289 1,204.6 43.12 32.50 38.12 1.00 313.53 -2.21
TCB TCF Financial Corp. of MN 32.12 35,835 1,151.0 37.62 22.94 33.12 -3.02 384.46 -3.02
WES Westcorp Inc. of Orange CA 18.50 25,836 478.0 21.91 14.52 18.25 1.37 152.39 4.99
AMEX Traded Companies
- ---------------------
BKC American Bank of Waterbury CT* 24.50 2,286 56.0 27.62 21.37 24.50 0.00 30.67 -10.09
BFD BostonFed Bancorp of MA 12.25 6,590 80.7 12.62 10.00 12.25 0.00 N.A. 4.26
CFX Cheshire Fin. Corp. of NH* 13.62 7,561 103.0 17.50 13.37 14.37 -5.22 14.45 -12.86
CZF Citisave Fin. Corp. of LA 14.00 965 13.5 16.50 12.75 14.25 -1.75 N.A. -5.08
CBK Citizens First Fin.Corp. of IL 10.12 2,818 28.5 10.50 9.75 9.87 2.53 N.A. N.A.
ESX Essex Bancorp of VA(8) 2.06 1,051 2.2 5.50 0.94 2.25 -8.44 -87.70 9.57
FCB Falmouth Co-Op Bank of MA* 10.25 1,455 14.9 11.37 10.25 10.25 0.00 N.A. N.A.
GAF GA Financial Corp. of PA 11.12 8,900 99.0 11.50 10.75 11.00 1.09 N.A. N.A.
KNK Kankakee Bancorp of IL 19.25 1,439 27.7 21.00 18.25 19.25 0.00 92.50 2.01
KYF Kentucky First Bancorp of KY 13.62 1,389 18.9 13.62 11.37 13.37 1.87 N.A. 10.11
NYB New York Bancorp, Inc. of NY 25.50 11,725 299.0 26.12 19.00 25.25 0.99 259.66 13.33
PDB Piedmont Bancorp of NC 13.37 2,645 35.4 13.62 12.00 13.25 0.91 N.A. 6.96
PLE Pinnacle Bank of AL 16.37 890 14.6 19.25 15.50 16.12 1.55 142.52 -9.06
SSB Scotland Bancorp of NC 12.12 1,840 22.3 12.62 11.62 12.37 -2.02 N.A. N.A.
SZB SouthFirst Bancshares of AL 12.50 855 10.7 16.00 11.37 12.25 2.04 N.A. -19.35
SRN Southern Banc Company of AL 13.12 1,455 19.1 13.37 11.37 13.25 -0.98 N.A. 1.94
SSM Stone Street Bancorp of NC 16.87 1,825 30.8 18.50 16.75 16.87 0.00 N.A. N.A.
TSH Teche Holding Company of LA 13.25 4,094 54.2 14.50 11.75 13.25 0.00 N.A. -3.64
FTF Texarkana Fst. Fin. Corp of AR 15.87 1,984 31.5 16.50 10.25 16.50 -3.82 N.A. 12.39
THR Three Rivers Fin. Corp. of MI 13.25 860 11.4 13.62 11.37 13.37 -0.90 N.A. 8.16
TBK Tolland Bank of CT* 9.87 1,157 11.4 10.25 7.50 9.75 1.23 36.14 3.89
WSB Washington SB, FSB of MD 5.37 4,220 22.7 6.25 3.56 5.50 -2.36 329.60 7.40
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 27.00 666 18.0 34.05 26.00 26.62 1.43 N.A. -7.44
WFSB 1st Washington Bancorp of VA(8) 7.94 9,883 78.5 8.00 5.00 7.94 0.00 98.50 13.43
ALBK ALBANK Fin. Corp. of Albany NY 26.50 13,605 360.5 30.62 21.56 27.25 -2.75 13.98 6.00
AMFC AMB Financial Corp. of IN 10.50 1,124 11.8 11.00 9.75 10.12 3.75 N.A. N.A.
ASBP ASB Financial Corp. of OH 15.00 1,714 25.7 16.50 11.37 15.00 0.00 N.A. -5.48
ABBK Abington Savings Bank of MA(8)* 15.25 1,884 28.7 18.50 12.75 15.37 -0.78 130.36 -11.59
AADV Advantage Bancorp of WI 33.31 3,449 114.9 34.50 23.60 34.00 -2.03 262.07 10.30
AFCB Affiliated Comm BC, Inc of MA 17.44 5,072 88.5 18.00 16.06 16.75 4.12 N.A. 0.40
ALBC Albion Banc Corp. of Albion NY 16.50 261 4.3 18.75 14.25 16.50 0.00 26.92 0.00
ATSB AmTrust Capital Corp. of IN 9.25 567 5.2 11.25 8.25 9.87 -6.28 N.A. -9.76
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NYSE Traded Companies
- ---------------------
<S> <C> <C> <C> <C> <C>
AHM Ahmanson and Co. H.F. of CA 3.65 0.44 20.40 19.12 442.46
CAL CalFed Inc. of Los Angeles CA 1.68 1.58 13.08 13.08 289.58
CSA Coast Savings Financial of CA 2.09 1.81 22.89 22.51 443.41
CFB Commercial Federal Corp. of NE 3.47 3.45 26.57 23.87 439.20
DME Dime Savings Bank, FSB of NY* 0.68 0.93 9.98 9.87 196.40
DSL Downey Financial Corp. of CA 1.68 1.47 22.83 22.43 274.12
FRC First Republic Bancorp of CA* 0.35 0.34 15.17 15.15 268.42
FED FirstFed Fin. Corp. of CA 0.71 0.79 18.38 18.07 392.11
GLN Glendale Fed. Bk, FSB of CA 0.42 0.99 17.49 16.12 325.92
GDW Golden West Fin. Corp. of CA 4.42 4.37 39.79 37.43 597.27
GWF Great Western Fin. Corp. of CA 1.92 1.75 18.42 16.13 318.96
GPT GreenPoint Fin. Corp. of NY* 2.03 2.12 29.18 16.62 275.83
SFB Standard Fed. Bancorp of MI 3.92 3.54 30.02 25.61 431.63
TCB TCF Financial Corp. of MN 2.78 2.63 15.10 14.44 196.44
WES Westcorp Inc. of Orange CA 1.42 0.71 11.78 11.74 119.08
AMEX Traded Companies
- ---------------------
BKC American Bank of Waterbury CT* 2.02 0.82 19.37 18.37 226.11
BFD BostonFed Bancorp of MA 0.20 0.17 13.90 13.90 102.85
CFX Cheshire Fin. Corp. of NH* 1.15 0.95 11.99 10.70 126.74
CZF Citisave Fin. Corp. of LA 1.02 0.70 15.02 15.01 82.61
CBK Citizens First Fin.Corp. of IL 0.56 0.61 13.95 13.95 89.59
ESX Essex Bancorp of VA(8) 0.97 -2.35 7.72 -0.25 300.25
FCB Falmouth Co-Op Bank of MA* 0.25 0.26 14.84 14.84 60.43
GAF GA Financial Corp. of PA 0.33 0.44 14.34 14.34 63.90
KNK Kankakee Bancorp of IL 1.15 1.13 24.73 22.94 252.38
KYF Kentucky First Bancorp of KY 0.57 0.57 14.28 14.28 60.46
NYB New York Bancorp, Inc. of NY 2.72 2.58 13.58 13.58 234.92
PDB Piedmont Bancorp of NC 0.58 0.59 14.05 14.05 47.20
PLE Pinnacle Bank of AL 1.71 1.53 17.10 16.50 208.76
SSB Scotland Bancorp of NC 0.38 0.38 14.38 14.38 38.27
SZB SouthFirst Bancshares of AL 0.55 0.76 15.48 15.48 103.98
SRN Southern Banc Company of AL 0.36 0.36 15.51 15.34 76.12
SSM Stone Street Bancorp of NC 0.43 0.43 21.43 21.43 63.62
TSH Teche Holding Company of LA 0.92 0.90 14.51 14.51 84.54
FTF Texarkana Fst. Fin. Corp of AR 1.48 1.11 16.98 16.98 82.35
THR Three Rivers Fin. Corp. of MI 0.51 0.49 14.90 14.81 94.69
TBK Tolland Bank of CT* 1.12 0.82 11.74 11.19 187.76
WSB Washington SB, FSB of MD 0.59 0.44 4.97 4.97 60.42
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 9.81 -0.71 32.33 32.33 410.09
WFSB 1st Washington Bancorp of VA(8) 0.51 0.21 4.79 4.79 80.47
ALBK ALBANK Fin. Corp. of Albany NY 2.21 2.21 23.58 20.81 244.99
AMFC AMB Financial Corp. of IN 0.31 0.31 14.37 14.37 71.65
ASBP ASB Financial Corp. of OH 0.64 0.64 15.04 15.04 65.18
ABBK Abington Savings Bank of MA(8)* 0.85 0.56 16.52 14.45 253.96
AADV Advantage Bancorp of WI 2.51 2.26 27.77 24.06 284.11
AFCB Affiliated Comm BC, Inc of MA 1.21 1.45 18.97 18.82 185.00
ALBC Albion Banc Corp. of Albion NY 0.66 0.56 23.26 23.26 217.21
ATSB AmTrust Capital Corp. of IN 0.37 0.08 13.32 13.18 128.87
</TABLE>
<PAGE> 28
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AHCI Ambanc Holding Co. of NY* 9.56 5,422 51.8 10.31 9.38 9.56 0.00 N.A. -5.44
ASBI Ameriana Bancorp of IN 13.50 3,325 44.9 14.44 11.25 13.00 3.85 46.26 -5.26
AFFFZ America First Fin. Fund of CA 26.87 6,011 161.5 29.75 24.50 27.00 -0.48 43.31 -9.68
AMFB American Federal Bank of SC 15.50 10,921 169.3 16.50 13.75 15.75 -1.59 226.32 1.64
ANBK American Nat'l Bancorp of MD 10.25 3,980 40.8 10.25 8.25 9.87 3.85 N.A. 5.13
ABCW Anchor Bancorp Wisconsin of WI 34.25 4,934 169.0 36.25 25.80 34.00 0.74 16.62 -4.52
ANDB Andover Bancorp, Inc. of MA* 27.00 4,243 114.6 27.00 18.25 24.25 11.34 151.16 27.84
ASFC Astoria Financial Corp. of NY 26.94 21,917 590.4 28.13 17.87 27.37 -1.57 2.63 18.11
AVND Avondale Fin. Corp. of IL 13.00 4,015 52.2 15.25 12.75 13.00 0.00 N.A. -10.34
BFSI BFS Bankorp, Inc. of NY 37.50 1,635 61.3 39.75 24.75 38.50 -2.60 313.91 6.38
BKCT Bancorp Connecticut of CT* 22.12 2,706 59.9 22.12 13.12 20.75 6.60 152.80 49.56
BWFC Bank West Fin. Corp. of MI 11.00 2,296 25.3 11.00 8.75 10.75 2.33 N.A. 8.70
BANC BankAtlantic Bancorp of FL 13.00 11,743 152.7 16.00 11.20 13.50 -3.70 150.00 -13.33
BKUNA BankUnited SA of FL 7.50 5,693 42.7 8.75 6.12 7.50 0.00 38.12 22.55
BKCO Bankers Corp. of NJ* 17.25 12,794 220.7 18.78 16.25 17.25 0.00 176.00 6.15
BVFS Bay View Capital Corp. of CA 33.75 6,900 232.9 35.25 24.00 33.50 0.75 70.89 18.42
BFSB Bedford Bancshares of VA 16.50 1,195 19.7 18.75 15.37 16.62 -0.72 57.14 -5.01
BTHL Bethel Bancorp. of ME* 12.50 1,203 15.0 13.25 10.75 13.00 -3.85 6.38 8.70
SBOS Boston Bancorp of MA(8)* 42.00 5,251 220.5 43.62 35.75 41.87 0.31 155.47 4.35
BSBC Branford SB of CT* 3.25 6,559 21.3 3.50 2.12 3.25 0.00 53.30 13.24
BRFC Bridgeville SB, FSB of PA 13.75 1,124 15.5 15.25 12.25 13.75 0.00 -3.51 -5.17
BYFC Broadway Fin. Corp. of CA 10.00 893 8.9 11.00 10.00 10.00 0.00 N.A. N.A.
CBCO CB Bancorp of Michigan City IN 18.25 1,188 21.7 19.25 12.50 17.25 5.80 65.91 1.39
CCFH CCF Holding Company of GA 12.25 1,131 13.9 12.75 10.75 12.00 2.08 N.A. -3.92
CENF CENFED Financial Corp. of CA 21.50 5,031 108.2 23.41 17.50 21.50 0.00 37.12 -1.47
CFSB CFSB Bancorp of Lansing MI 20.50 4,476 91.8 24.00 17.73 21.25 -3.53 127.78 -4.65
CKFB CKF Bancorp of Danville KY 19.50 932 18.2 20.25 12.75 19.50 0.00 N.A. 1.30
CNSB CNS Bancorp of MO 11.62 1,653 19.2 12.00 11.00 12.00 -3.17 N.A. N.A.
CSBF CSB Financial Group Inc of IL 9.12 1,035 9.4 9.62 8.81 9.12 0.00 N.A. -4.00
CFHC California Fin. Hld. Co. of CA 22.12 4,668 103.3 22.12 15.00 20.87 5.99 110.67 7.90
CBCI Calumet Bancorp of Chicago IL 28.00 2,668 74.7 28.50 26.50 28.50 -1.75 38.27 0.90
CAFI Camco Fin. Corp. of OH 19.62 1,971 38.7 20.00 14.28 19.62 0.00 N.A. 9.00
CMRN Cameron Fin. Corp. of MO 13.50 2,850 38.5 15.50 11.37 13.50 0.00 N.A. -6.05
CAPS Capital Savings Bancorp of MO 18.25 1,039 19.0 19.50 16.50 18.00 1.39 37.74 -1.35
CARV Carver FSB of New York, NY 7.50 2,314 17.4 10.75 6.81 7.87 -4.70 20.00 -16.67
CASB Cascade SB of Everett WA 16.50 2,040 33.7 16.50 12.40 16.50 0.00 28.91 24.06
CATB Catskill Fin. Corp. of NY* 10.25 5,687 58.3 10.75 10.06 10.19 0.59 N.A. N.A.
CNIT Cenit Bancorp of Norfolk VA 34.00 1,606 54.6 40.25 33.00 35.00 -2.86 114.11 -7.48
CTBK Center Banks, Inc. of NY* 13.75 932 12.8 15.25 13.50 13.75 0.00 25.00 -2.20
CFCX Center Fin. Corp of CT(8)* 24.14 14,487 349.7 24.14 14.12 22.87 5.55 257.63 37.94
CEBK Central Co-Op. Bank of MA* 16.50 1,933 31.9 17.25 10.75 15.50 6.45 214.29 10.00
CJFC Central Jersey Fin. Corp of NJ(8) 30.75 2,668 82.0 31.31 19.75 30.75 0.00 229.94 23.00
CBSB Charter Financial Inc. of IL 11.37 4,974 56.6 12.25 8.52 11.50 -1.13 N.A. 5.18
COFI Charter One Financial of OH(8) 35.50 45,115 1,601.6 38.00 24.25 35.19 0.88 102.86 15.94
CVAL Chester Valley Bancorp of PA 19.00 1,580 30.0 20.48 18.12 18.25 4.11 67.70 -1.30
CRCL Circle Financial Corp.of OH(8) 34.00 708 24.1 35.50 25.00 34.00 0.00 209.09 25.93
CTZN CitFed Bancorp of Dayton OH 37.25 5,686 211.8 38.87 26.50 37.06 0.51 313.89 7.97
CLAS Classic Bancshares of KY 10.62 1,322 14.0 11.75 10.37 11.00 -3.45 N.A. -9.62
CMSB Cmnwealth SB, MHC OF PA (46.3)(8) 21.50 8,642 82.8 24.87 14.87 21.88 -1.74 N.A. -4.44
CBSA Coastal Bancorp of Houston TX 18.12 4,958 89.8 18.75 15.63 18.56 -2.37 N.A. 3.54
CFCP Coastal Fin. Corp. of SC 21.50 2,742 59.0 21.50 14.80 20.19 6.49 115.00 36.08
COFD Collective Bancorp Inc. of NJ 23.12 20,407 471.8 28.25 20.00 24.25 -4.66 203.41 -8.87
CMSV Commty. Svgs, MHC of FL(47.6) 15.50 4,869 36.9 18.25 14.25 15.25 1.64 N.A. -8.82
CBIN Community Bank Shares of IN 12.87 1,984 25.5 14.75 12.00 13.62 -5.51 N.A. -9.68
CBNH Community Bankshares Inc of NH* 17.50 2,416 42.3 19.75 15.75 17.75 -1.41 366.67 -7.26
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C>
AHCI Ambanc Holding Co. of NY* -0.02 -0.03 13.87 13.87 72.36
ASBI Ameriana Bancorp of IN 1.00 0.97 13.41 13.39 115.21
AFFFZ America First Fin. Fund of CA 3.20 3.18 26.41 25.79 388.14
AMFB American Federal Bank of SC 1.55 1.69 10.07 9.29 122.62
ANBK American Nat'l Bancorp of MD 0.37 0.36 12.31 12.31 112.82
ABCW Anchor Bancorp Wisconsin of WI 2.94 2.86 24.00 23.37 355.61
ANDB Andover Bancorp, Inc. of MA* 2.25 2.36 20.44 20.44 269.10
ASFC Astoria Financial Corp. of NY 2.21 2.19 26.16 21.28 306.07
AVND Avondale Fin. Corp. of IL 0.93 0.65 15.35 15.35 144.39
BFSI BFS Bankorp, Inc. of NY 6.20 5.99 28.20 28.20 346.45
BKCT Bancorp Connecticut of CT* 1.65 1.65 16.09 16.09 148.88
BWFC Bank West Fin. Corp. of MI 0.41 0.24 11.99 11.99 60.63
BANC BankAtlantic Bancorp of FL 1.44 1.12 11.65 10.70 139.90
BKUNA BankUnited SA of FL 1.12 0.86 7.93 7.49 129.72
BKCO Bankers Corp. of NJ* 1.62 1.71 14.69 14.38 149.72
BVFS Bay View Capital Corp. of CA -0.46 1.15 29.46 28.72 421.78
BFSB Bedford Bancshares of VA 1.20 1.20 15.85 15.85 98.41
BTHL Bethel Bancorp. of ME* 1.08 0.83 13.72 11.53 181.37
SBOS Boston Bancorp of MA(8)* 7.08 3.39 40.29 40.29 326.62
BSBC Branford SB of CT* 0.20 0.20 2.31 2.31 26.59
BRFC Bridgeville SB, FSB of PA 0.59 0.59 14.13 14.13 49.57
BYFC Broadway Fin. Corp. of CA 0.49 0.55 14.73 14.73 129.03
CBCO CB Bancorp of Michigan City IN 2.07 2.07 15.79 15.79 172.41
CCFH CCF Holding Company of GA 0.59 0.56 14.79 14.79 69.65
CENF CENFED Financial Corp. of CA 1.97 1.36 21.02 20.98 420.11
CFSB CFSB Bancorp of Lansing MI 1.58 1.55 14.30 14.30 172.40
CKFB CKF Bancorp of Danville KY 0.75 0.75 17.21 17.21 63.05
CNSB CNS Bancorp of MO 0.45 0.38 14.07 14.07 60.98
CSBF CSB Financial Group Inc of IL 0.32 0.32 12.30 12.30 39.82
CFHC California Fin. Hld. Co. of CA 0.77 0.67 18.48 18.32 273.69
CBCI Calumet Bancorp of Chicago IL 2.28 2.27 31.99 31.99 188.31
CAFI Camco Fin. Corp. of OH 2.12 1.62 14.52 14.52 174.38
CMRN Cameron Fin. Corp. of MO 0.97 0.96 16.06 16.06 60.52
CAPS Capital Savings Bancorp of MO 1.75 1.75 20.34 20.34 194.95
CARV Carver FSB of New York, NY 0.31 0.40 15.12 14.38 156.97
CASB Cascade SB of Everett WA 0.86 0.45 9.94 9.94 159.93
CATB Catskill Fin. Corp. of NY* 0.47 0.54 13.65 13.65 49.12
CNIT Cenit Bancorp of Norfolk VA 1.57 1.84 29.00 27.92 415.61
CTBK Center Banks, Inc. of NY* 1.27 1.31 16.32 16.32 230.66
CFCX Center Fin. Corp of CT(8)* 1.60 1.09 15.46 14.44 253.30
CEBK Central Co-Op. Bank of MA* 0.99 0.93 16.38 14.30 164.61
CJFC Central Jersey Fin. Corp of NJ(8) 1.89 1.80 20.58 19.13 174.74
CBSB Charter Financial Inc. of IL 0.65 0.65 12.95 12.61 60.48
COFI Charter One Financial of OH(8) 0.37 2.39 20.16 19.84 292.01
CVAL Chester Valley Bancorp of PA 1.54 1.48 15.90 15.90 173.78
CRCL Circle Financial Corp.of OH(8) 1.47 1.26 34.51 29.94 324.02
CTZN CitFed Bancorp of Dayton OH 2.84 2.32 30.62 26.54 456.89
CLAS Classic Bancshares of KY 0.21 0.19 14.76 14.76 51.28
CMSB Cmnwealth SB, MHC OF PA (46.3)(8) 1.27 1.13 15.93 14.00 191.82
CBSA Coastal Bancorp of Houston TX 1.93 1.92 18.76 15.22 566.10
CFCP Coastal Fin. Corp. of SC 1.51 1.36 9.79 9.79 160.91
COFD Collective Bancorp Inc. of NJ 2.62 2.56 17.47 16.22 247.89
CMSV Commty. Svgs, MHC of FL(47.6) 0.99 0.96 15.35 15.35 129.90
CBIN Community Bank Shares of IN 0.96 0.94 12.84 12.84 113.06
CBNH Community Bankshares Inc of NH* 1.41 1.17 15.46 15.46 213.92
</TABLE>
<PAGE> 29
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CFTP Community Fed. Bancorp of MS 13.75 4,629 63.6 13.75 12.50 13.62 0.95 N.A. N.A.
CFFC Community Fin. Corp. of VA 20.00 1,270 25.4 21.00 13.50 20.00 0.00 185.71 11.11
CIBI Community Inv. Corp. of OH 15.00 701 10.5 17.50 12.75 15.25 -1.64 N.A. -1.64
CONE Conestoga Bancorp of Roslyn NY(8) 21.03 4,742 99.7 21.25 15.12 21.00 0.14 N.A. 4.52
COOP Cooperative Bk.for Svgs. of NC 17.00 1,492 25.4 22.50 17.00 17.25 -1.45 70.00 -17.07
CNSK Covenant Bank for Svgs. of NJ* 12.00 1,959 23.5 13.22 8.62 12.00 0.00 N.A. -9.23
CRZY Crazy Woman Creek Bncorp of WY 10.37 1,058 11.0 11.00 10.00 10.25 1.17 N.A. N.A.
DNFC D&N Financial Corp. of MI 13.50 6,829 92.2 13.62 9.62 13.44 0.45 54.29 11.39
DSBC DS Bancor Inc. of Derby CT* 36.00 3,029 109.0 36.00 23.33 31.25 15.20 118.84 41.18
DFIN Damen Fin. Corp. of Chicago IL 11.75 3,967 46.6 11.94 11.00 11.50 2.17 N.A. 3.34
DIBK Dime Financial Corp. of CT* 14.62 5,024 73.5 14.62 9.50 14.25 2.60 39.24 8.30
EBSI Eagle Bancshares of Tucker GA 16.00 3,117 49.9 19.00 13.62 16.00 0.00 120.69 -15.79
EGFC Eagle Financial Corp. of CT 25.75 4,491 115.6 27.75 21.25 23.75 8.42 194.29 -1.90
ETFS East Texas Fin. Serv. of TX 14.50 1,194 17.3 16.75 13.75 14.75 -1.69 N.A. -10.77
EBCP Eastern Bancorp of NH 16.25 3,597 58.5 18.33 13.83 16.00 1.56 29.48 -8.86
ESBK Elmira SB of Elmira NY* 17.00 706 12.0 18.75 14.50 16.75 1.49 18.30 -9.33
EFBI Enterprise Fed. Bancorp of OH 14.00 2,085 29.2 18.00 13.75 14.25 -1.75 N.A. -5.08
EQSB Equitable FSB of Wheaton MD 24.75 600 14.9 26.25 20.37 24.25 2.06 N.A. -1.00
FFFG F.F.O. Financial Group of FL 2.84 8,430 23.9 3.00 2.25 2.81 1.07 -65.82 10.94
FCBF FCB Fin. Corp. of Neenah WI 17.75 2,513 44.6 18.50 15.50 18.25 -2.74 N.A. -4.05
FFBS FFBS Bancorp of Columbus MS 23.00 1,573 36.2 24.00 15.75 22.75 1.10 N.A. 35.29
FFDF FFD Financial Corp. of OH 10.25 1,455 14.9 10.75 10.00 10.19 0.59 N.A. N.A.
FFLC FFLC Bancorp of Leesburg FL 18.50 2,638 48.8 20.25 16.25 18.50 0.00 N.A. -1.33
FFFC FFVA Financial Corp. of VA 18.25 5,426 99.0 18.25 13.37 17.50 4.29 N.A. 32.73
FFWC FFW Corporation of Wabash IN 19.25 739 14.2 19.75 16.50 19.25 0.00 N.A. -2.53
FFYF FFY Financial Corp. of OH 23.25 5,193 120.7 23.50 19.00 23.25 0.00 N.A. 10.71
FMCO FMS Financial Corp. of NJ 17.25 2,467 42.6 17.50 13.25 17.50 -1.43 91.67 1.47
FFHH FSF Financial Corp. of MN 11.75 3,861 45.4 13.50 10.75 12.12 -3.05 N.A. -9.62
FMLY Family Bancorp of Haverhill MA(8)* 25.25 4,087 103.2 25.25 14.67 24.25 4.12 384.64 41.30
FMCT Farmers & Mechanics Bank of CT(8)* 30.25 1,661 50.2 30.37 15.75 30.25 0.00 N.A. 37.50
FOBC Fed One Bancorp of Wheeling WV 14.50 2,489 36.1 16.25 13.00 14.62 -0.82 45.00 -4.10
FFRV Fid. Fin. Bkshrs. Corp. of VA 13.25 2,279 30.2 14.75 12.00 12.50 6.00 51.43 -4.47
FBCI Fidelity Bancorp of Chicago IL 16.37 3,085 50.5 17.00 13.25 16.62 -1.50 N.A. 6.51
FSBI Fidelity Bancorp, Inc. of PA 16.75 1,367 22.9 17.50 13.41 16.00 4.69 116.69 11.67
FFFL Fidelity FSB, MHC of FL(47.2) 13.75 6,720 43.6 17.00 11.02 13.25 3.77 N.A. -15.38
FFED Fidelity Fed. Bancorp of IN 12.00 2,493 29.9 14.77 10.46 11.25 6.67 70.21 -18.75
FFOH Fidelity Financial of OH 10.12 4,073 41.2 10.89 5.61 9.94 1.81 N.A. -7.07
FIBC Financial Bancorp of NY 12.62 1,873 23.6 14.87 11.75 12.50 0.96 N.A. -8.22
FNSC Financial Security Corp. of IL(8) 25.50 1,524 38.9 26.50 16.50 25.37 0.51 155.00 14.61
FSBS First Ashland Fin. Corp. of KY(8) 18.25 1,463 26.7 18.37 13.00 18.00 1.39 N.A. 25.86
FBSI First Bancshares of MO 15.25 1,302 19.9 17.00 14.50 15.50 -1.61 19.61 -4.69
FBBC First Bell Bancorp of PA 13.87 8,166 113.3 14.25 10.00 13.69 1.31 N.A. 3.74
FBER First Bergen Bancorp of NJ 9.12 3,174 28.9 10.00 9.12 9.31 -2.04 N.A. N.A.
FCIT First Cit. Fin. Corp of MD 17.87 2,914 52.1 19.09 14.09 17.75 0.68 105.64 3.47
FFBA First Colorado Bancorp of Co 12.81 20,302 260.1 13.62 7.75 13.19 -2.88 288.18 16.56
FDEF First Defiance Fin.Corp. of OH 10.87 10,978 119.3 11.00 7.58 10.75 1.12 N.A. 7.41
FESX First Essex Bancorp of MA* 10.94 6,035 66.0 12.00 8.13 10.75 1.77 82.33 -3.78
FFES First FS&LA of E. Hartford CT 17.25 2,594 44.7 21.50 16.75 17.00 1.47 165.38 -13.75
FSSB First FS&LA of San Bern. CA 10.00 328 3.3 14.50 10.00 10.00 0.00 0.00 -20.00
FFSX First FS&LA. MHC of IA (45.0) 24.50 1,706 18.5 28.62 18.00 25.75 -4.85 145.00 -8.41
FFML First Family Bank, FSB of FL 21.00 545 11.4 23.00 14.50 21.00 0.00 223.08 0.00
FFSW First Fed Fin. Serv. of OH 28.25 3,275 92.5 28.75 18.18 28.37 -0.42 66.18 30.85
BDJI First Fed. Bancorp. of MN 13.00 819 10.6 14.75 11.25 13.00 0.00 N.A. -5.45
FFBH First Fed. Bancshares of AR 14.00 5,154 72.2 14.00 13.00 13.75 1.82 N.A. N.A.
FFEC First Fed. Bancshares of WI 15.63 6,855 107.1 16.19 12.00 15.25 2.49 N.A. 2.49
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C>
CFTP Community Fed. Bancorp of MS 0.43 0.42 14.34 14.34 43.32
CFFC Community Fin. Corp. of VA 1.58 1.58 17.24 17.24 125.82
CIBI Community Inv. Corp. of OH 1.20 1.14 17.45 17.45 121.56
CONE Conestoga Bancorp of Roslyn NY(8) 0.68 0.55 16.86 16.86 104.25
COOP Cooperative Bk.for Svgs. of NC 0.60 0.51 19.64 17.27 210.32
CNSK Covenant Bank for Svgs. of NJ* 0.97 0.97 8.74 8.74 172.93
CRZY Crazy Woman Creek Bncorp of WY 0.34 0.29 14.67 14.67 44.86
DNFC D&N Financial Corp. of MI 1.80 1.59 10.16 10.00 180.40
DSBC DS Bancor Inc. of Derby CT* 2.69 2.41 26.99 26.06 411.93
DFIN Damen Fin. Corp. of Chicago IL 0.44 0.43 14.34 14.34 59.32
DIBK Dime Financial Corp. of CT* 1.93 2.17 10.63 10.10 133.64
EBSI Eagle Bancshares of Tucker GA 1.53 1.48 11.91 11.91 179.12
EGFC Eagle Financial Corp. of CT 3.66 1.79 22.70 16.42 318.09
ETFS East Texas Fin. Serv. of TX 0.87 0.81 18.90 18.90 96.28
EBCP Eastern Bancorp of NH 1.40 1.16 17.65 16.62 229.33
ESBK Elmira SB of Elmira NY* 0.46 0.46 19.89 19.00 315.91
EFBI Enterprise Fed. Bancorp of OH 0.99 0.68 15.52 15.49 99.61
EQSB Equitable FSB of Wheaton MD 3.42 3.39 22.75 22.75 433.56
FFFG F.F.O. Financial Group of FL 0.15 0.15 2.18 2.18 36.26
FCBF FCB Fin. Corp. of Neenah WI 1.02 1.00 18.78 18.78 101.73
FFBS FFBS Bancorp of Columbus MS 1.00 1.00 15.37 15.37 78.55
FFDF FFD Financial Corp. of OH 0.52 0.52 14.08 14.08 50.24
FFLC FFLC Bancorp of Leesburg FL 1.14 1.15 21.26 21.26 125.29
FFFC FFVA Financial Corp. of VA 1.19 1.16 15.57 15.26 95.42
FFWC FFW Corporation of Wabash IN 1.74 1.94 21.76 21.76 201.48
FFYF FFY Financial Corp. of OH 1.34 1.38 20.25 20.25 110.37
FMCO FMS Financial Corp. of NJ 1.69 1.69 13.49 13.12 204.99
FFHH FSF Financial Corp. of MN 0.48 0.48 13.51 13.51 84.61
FMLY Family Bancorp of Haverhill MA(8)* 2.01 1.80 16.84 15.41 217.12
FMCT Farmers & Mechanics Bank of CT(8)* 0.20 -0.07 17.95 17.95 323.27
FOBC Fed One Bancorp of Wheeling WV 1.31 1.31 16.53 15.65 136.43
FFRV Fid. Fin. Bkshrs. Corp. of VA 1.35 1.33 12.01 12.00 141.10
FBCI Fidelity Bancorp of Chicago IL 0.98 0.92 16.91 16.85 140.37
FSBI Fidelity Bancorp, Inc. of PA 1.25 1.23 16.06 15.93 220.51
FFFL Fidelity FSB, MHC of FL(47.2) 0.73 0.68 12.06 11.92 117.84
FFED Fidelity Fed. Bancorp of IN 1.38 1.30 5.70 5.70 112.37
FFOH Fidelity Financial of OH 0.46 0.46 12.47 12.47 61.22
FIBC Financial Bancorp of NY 0.80 0.79 14.33 14.25 134.48
FNSC Financial Security Corp. of IL(8) 1.41 1.31 25.83 25.83 179.85
FSBS First Ashland Fin. Corp. of KY(8) 0.51 0.51 16.24 16.24 61.67
FBSI First Bancshares of MO 0.80 0.79 18.26 18.22 107.89
FBBC First Bell Bancorp of PA 0.94 0.93 13.99 13.99 66.45
FBER First Bergen Bancorp of NJ 0.20 0.30 13.46 13.46 81.46
FCIT First Cit. Fin. Corp of MD 1.45 1.18 13.45 13.45 214.18
FFBA First Colorado Bancorp of Co 0.69 0.69 11.90 11.76 73.52
FDEF First Defiance Fin.Corp. of OH 0.53 0.52 12.22 12.22 48.12
FESX First Essex Bancorp of MA* 1.28 1.08 10.18 10.18 132.80
FFES First FS&LA of E. Hartford CT 1.98 1.96 22.29 22.22 359.84
FSSB First FS&LA of San Bern. CA -0.52 -1.09 17.77 16.97 314.90
FFSX First FS&LA. MHC of IA (45.0) 1.62 1.49 21.53 21.42 255.87
FFML First Family Bank, FSB of FL 2.34 1.38 15.77 15.77 281.19
FFSW First Fed Fin. Serv. of OH 2.41 1.94 16.15 14.69 303.35
BDJI First Fed. Bancorp. of MN 0.85 0.85 17.65 17.65 122.75
FFBH First Fed. Bancshares of AR 0.96 0.96 15.38 15.38 96.71
FFEC First Fed. Bancshares of WI 0.82 0.80 14.04 13.47 98.07
</TABLE>
<PAGE> 30
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FTFC First Fed. Capital Corp. of WI 20.75 6,298 130.7 22.87 15.75 21.88 -5.16 84.44 15.28
FFFB First Fed. Fin. Bancorp of OH 10.50 672 7.1 10.63 10.00 10.75 -2.33 N.A. N.A.
FFKY First Fed. Fin. Corp. of KY 20.50 4,215 86.4 22.00 14.12 22.00 -6.82 30.16 33.38
FFBZ First Federal Bancorp of OH 24.37 785 19.1 24.50 15.00 24.50 -0.53 143.70 20.35
FFWM First Fin. Corp of Western MD 20.75 2,188 45.4 23.75 17.75 20.75 0.00 107.50 5.06
FFCH First Fin. Holdings Inc. of SC 18.75 6,366 119.4 22.25 18.00 18.75 0.00 53.06 -2.60
FPRY First Financial Bancorp of FL(8) 21.25 894 19.0 21.37 17.50 21.25 0.00 185.62 4.94
FFBI First Financial Bancorp of IL 16.00 472 7.6 16.25 15.00 16.00 0.00 N.A. 0.00
FFHC First Financial Corp. of WI 21.50 29,885 642.5 24.00 16.75 22.37 -3.89 36.51 -6.52
FFHS First Franklin Corp. of OH 15.00 1,187 17.8 17.50 13.50 15.00 0.00 14.33 -5.48
FGHC First Georgia Hold. Corp of GA 6.00 2,024 12.1 7.83 4.17 7.00 -14.29 56.66 -21.77
FSPG First Home SB, SLA of NJ 18.00 2,030 36.5 19.00 14.00 18.00 0.00 200.00 -5.26
FFSL First Independence Corp. of KS 17.75 583 10.3 19.25 15.50 17.75 0.00 N.A. -5.33
FISB First Indiana Corp. of IN 23.87 8,278 197.6 25.19 16.25 24.00 -0.54 76.81 11.23
FKFS First Keystone Fin. Corp of PA 17.50 1,292 22.6 20.87 14.25 17.00 2.94 N.A. -16.15
FLFC First Liberty Fin. Corp. of GA 21.75 3,982 86.6 22.75 16.25 21.75 0.00 185.43 2.35
CASH First Midwest Fin. Corp. of IA 22.50 1,790 40.3 24.25 17.25 23.50 -4.26 N.A. -4.26
FMBD First Mutual Bancorp of IL 12.50 4,352 54.4 14.75 11.12 13.00 -3.85 N.A. -8.22
FMSB First Mutual SB of Bellevue WA* 13.50 2,447 33.0 16.00 8.90 13.25 1.89 74.19 -0.30
FNGB First Northern Cap. Corp of WI 15.87 4,557 72.3 16.50 13.25 16.00 -0.81 9.00 -3.82
FFPB First Palm Beach Bancorp of FL 21.88 5,181 113.4 24.87 19.12 21.75 0.60 N.A. 3.60
FSNJ First SB of NJ, MHC (45.0) 14.25 3,017 19.4 19.50 12.50 14.37 -0.84 N.A. -17.39
FSBC First SB, FSB of Clovis NM 5.50 696 3.8 7.00 5.12 5.50 0.00 -18.52 -18.52
FSLA First SB, SLA MHC of NJ (37.6) 15.75 6,512 31.5 17.50 12.50 15.75 0.00 57.50 -4.55
SOPN First SB, SSB, Moore Co. of NC 19.00 3,744 71.1 20.25 17.25 18.25 4.11 N.A. 6.68
FWWB First Savings Bancorp of WA* 14.50 10,065 145.9 15.37 12.37 14.62 -0.82 N.A. 10.52
SHEN First Shenango Bancorp of PA 21.50 2,308 49.6 22.25 18.50 21.50 0.00 N.A. 4.88
FSFC First So.east Fin. Corp. of SC 18.00 4,101 73.8 20.25 17.25 17.87 0.73 N.A. -5.26
FSFI First State Fin. Serv. of NJ 10.50 4,025 42.3 14.12 10.00 10.37 1.25 158.62 -22.91
FFDP FirstFed Bancshares of IL 16.25 3,387 55.0 16.75 12.42 16.00 1.56 143.99 14.68
FLAG Flag Financial Corp of GA 12.00 2,008 24.1 15.00 10.75 12.50 -4.00 22.45 -12.73
FFPC Florida First Bancorp of FL(8) 11.12 3,374 37.5 11.19 5.50 11.19 -0.63 491.49 50.88
FFIC Flushing Fin. Corp. of NY* 16.37 7,958 130.3 16.50 14.12 15.87 3.15 N.A. 6.51
FBHC Fort Bend Holding Corp. of TX 17.75 817 14.5 20.25 16.50 17.75 0.00 N.A. -1.39
FTSB Fort Thomas Fin. Corp. of KY 17.00 1,574 26.8 17.00 11.25 16.75 1.49 N.A. 40.26
FKKY Frankfort First Bancorp of KY 12.12 3,450 41.8 15.87 11.00 11.87 2.11 N.A. -8.53
GFSB GFS Bancorp of Grinnell IA 20.25 515 10.4 20.75 15.25 20.25 0.00 N.A. 1.25
GUPB GFSB Bancorp of Gallup NM 13.87 949 13.2 15.00 12.87 13.50 2.74 N.A. -2.67
GWBC Gateway Bancorp of KY 13.87 1,176 16.3 16.25 13.50 13.87 0.00 N.A. -2.67
GBCI Glacier Bancorp of MT 21.50 3,360 72.2 22.27 16.14 21.75 -1.15 345.13 16.78
GLBK Glendale Co-op. Bank of MA* 16.50 247 4.1 19.00 12.75 16.50 0.00 N.A. -12.00
GFCO Glenway Financial Corp. of OH 21.75 1,091 23.7 24.50 16.19 20.25 7.41 N.A. -11.22
GTPS Great American Bancorp of IL 14.25 1,850 26.4 15.12 11.87 14.25 0.00 N.A. -2.13
GTFN Great Financial Corp. of KY 26.75 14,653 392.0 27.37 18.62 26.87 -0.45 N.A. 13.83
GSBC Great Southern Bancorp of MO 27.00 4,434 119.7 27.50 17.75 27.50 -1.82 824.66 9.09
GDVS Greater DV SB,MHC of PA(19.9)* 10.25 3,272 6.7 13.00 9.38 10.00 2.50 N.A. -14.58
GRTR Greater New York SB of NY* 11.00 13,289 146.2 13.31 9.25 11.25 -2.22 18.15 -8.33
GSFC Green Street Fin. Corp. of NC 13.00 4,298 55.9 13.12 12.12 12.87 1.01 N.A. N.A.
GROV GroveBank for Savings of MA* 26.00 1,538 40.0 26.50 23.00 25.37 2.48 193.12 5.05
GFED Guaranty FS&LA,MHC of MO(31.1) 11.25 3,125 8.8 12.50 8.00 11.62 -3.18 N.A. -5.22
GSLC Guaranty Svgs & Loan FA of VA 7.75 919 7.1 8.50 6.31 8.37 -7.41 N.A. 0.00
HEMT HF Bancorp of Hemet CA 9.75 6,612 64.5 10.25 8.19 9.75 0.00 N.A. -1.22
HFFC HF Financial Corp. of SD(8) 15.25 3,055 46.6 16.75 13.25 15.19 0.39 205.00 0.00
HFNC HFNC Financial Corp. of NC 16.37 17,192 281.4 16.62 13.12 16.50 -0.79 N.A. 24.77
HMNF HMN Financial, Inc. of MN 15.87 5,180 82.2 16.12 13.56 16.12 -1.55 N.A. -0.81
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C>
FTFC First Fed. Capital Corp. of WI 1.88 1.38 15.03 14.15 219.45
FFFB First Fed. Fin. Bancorp of OH 0.58 0.58 15.73 15.73 87.15
FFKY First Fed. Fin. Corp. of KY 1.32 1.15 11.69 10.91 83.28
FFBZ First Federal Bancorp of OH 2.39 2.35 17.23 17.21 220.63
FFWM First Fin. Corp of Western MD 0.64 0.59 18.70 18.70 149.22
FFCH First Fin. Holdings Inc. of SC 1.62 1.65 15.04 15.04 227.64
FPRY First Financial Bancorp of FL(8) 1.47 1.10 17.07 17.07 268.88
FFBI First Financial Bancorp of IL 1.12 1.17 16.66 16.66 187.74
FFHC First Financial Corp. of WI 2.34 2.27 13.30 12.63 181.34
FFHS First Franklin Corp. of OH 1.10 1.08 17.31 17.31 182.08
FGHC First Georgia Hold. Corp of GA 0.59 0.59 5.73 5.07 70.22
FSPG First Home SB, SLA of NJ 2.19 2.13 14.97 14.57 229.74
FFSL First Independence Corp. of KS 1.95 1.95 22.03 22.03 174.32
FISB First Indiana Corp. of IN 2.11 1.79 15.98 15.75 178.41
FKFS First Keystone Fin. Corp of PA 1.01 1.09 17.84 17.84 215.33
FLFC First Liberty Fin. Corp. of GA 2.15 1.70 16.84 14.14 246.53
CASH First Midwest Fin. Corp. of IA 1.95 1.55 21.72 20.25 173.02
FMBD First Mutual Bancorp of IL 0.61 0.59 16.56 16.56 65.56
FMSB First Mutual SB of Bellevue WA* 1.45 1.43 10.07 10.07 151.61
FNGB First Northern Cap. Corp of WI 1.03 0.88 15.98 15.98 125.56
FFPB First Palm Beach Bancorp of FL 1.69 1.68 21.60 21.03 282.84
FSNJ First SB of NJ, MHC (45.0) 0.08 0.66 17.70 17.70 217.79
FSBC First SB, FSB of Clovis NM 0.53 0.41 7.86 7.86 165.94
FSLA First SB, SLA MHC of NJ (37.6) 1.24 1.19 13.98 12.14 147.32
SOPN First SB, SSB, Moore Co. of NC 1.00 1.02 17.94 17.94 68.45
FWWB First Savings Bancorp of WA* 0.53 0.52 15.25 15.25 59.11
SHEN First Shenango Bancorp of PA 1.44 1.36 20.40 20.40 154.12
FSFC First So.east Fin. Corp. of SC 0.78 0.77 17.19 17.19 87.66
FSFI First State Fin. Serv. of NJ 0.96 0.75 10.69 10.13 156.19
FFDP FirstFed Bancshares of IL 1.10 0.69 16.62 15.87 184.23
FLAG Flag Financial Corp of GA 1.05 0.93 10.76 10.76 112.53
FFPC Florida First Bancorp of FL(8) 0.75 0.69 6.24 6.24 90.11
FFIC Flushing Fin. Corp. of NY* 0.48 0.46 17.39 17.39 92.91
FBHC Fort Bend Holding Corp. of TX 2.13 1.93 21.52 21.52 295.91
FTSB Fort Thomas Fin. Corp. of KY 0.70 0.70 13.58 13.58 55.88
FKKY Frankfort First Bancorp of KY 0.53 0.42 13.87 13.87 40.18
GFSB GFS Bancorp of Grinnell IA 1.57 1.54 18.91 18.91 157.11
GUPB GFSB Bancorp of Gallup NM 0.76 0.76 17.09 17.09 74.21
GWBC Gateway Bancorp of KY 0.66 0.66 15.52 15.52 62.08
GBCI Glacier Bancorp of MT 1.76 1.76 11.41 11.39 118.52
GLBK Glendale Co-op. Bank of MA* 1.13 0.95 23.71 23.71 145.36
GFCO Glenway Financial Corp. of OH 1.37 1.31 24.02 23.39 255.37
GTPS Great American Bancorp of IL 0.41 0.41 18.72 18.72 63.62
GTFN Great Financial Corp. of KY 1.55 1.26 19.19 18.88 169.06
GSBC Great Southern Bancorp of MO 2.48 2.33 15.04 14.79 148.62
GDVS Greater DV SB,MHC of PA(19.9)* 0.35 0.35 8.86 8.86 72.09
GRTR Greater New York SB of NY* 0.89 0.87 11.01 11.01 193.82
GSFC Green Street Fin. Corp. of NC 0.62 0.62 13.78 13.78 43.71
GROV GroveBank for Savings of MA* 2.96 2.79 23.79 23.74 381.30
GFED Guaranty FS&LA,MHC of MO(31.1) 0.58 0.31 8.69 8.69 59.37
GSLC Guaranty Svgs & Loan FA of VA 0.70 0.43 6.93 6.93 112.04
HEMT HF Bancorp of Hemet CA 0.20 0.20 13.05 13.04 114.09
HFFC HF Financial Corp. of SD(8) 1.41 1.10 16.86 16.81 187.90
HFNC HFNC Financial Corp. of NC 0.32 0.38 14.21 14.21 41.66
HMNF HMN Financial, Inc. of MN 1.13 1.01 17.54 17.54 104.64
</TABLE>
<PAGE> 31
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HALL Hallmark Capital Corp. of WI 14.75 1,443 21.3 16.25 13.25 15.00 -1.67 N.A. -4.84
HARB Harbor FSB, MHC of FL (45.7) 26.25 4,925 58.8 29.25 18.75 25.75 1.94 N.A. -4.55
HRBF Harbor Federal Bancorp of MD 13.12 1,754 23.0 15.50 12.50 13.12 0.00 31.20 -9.52
HFSA Hardin Bancorp of Hardin MO 11.75 1,058 12.4 13.00 11.25 11.75 0.00 N.A. -7.84
HARL Harleysville SA of PA 18.00 1,287 23.2 19.75 14.75 18.37 -2.01 1.41 20.00
HARS Harris SB, MHC of PA (23.1) 16.75 11,211 41.9 20.50 15.50 17.00 -1.47 N.A. -16.25
HFFB Harrodsburg 1st Fin Bcrp of KY 15.25 2,182 33.3 15.75 12.37 15.00 1.67 N.A. 1.67
HHFC Harvest Home Fin. Corp. of OH 12.50 895 11.2 13.00 10.00 13.00 -3.85 N.A. 2.04
HAVN Haven Bancorp of Woodhaven NY 28.00 4,287 120.0 28.37 17.75 28.31 -1.10 N.A. 18.54
HVFD Haverfield Corp. of OH 19.00 1,904 36.2 19.00 12.27 18.00 5.56 22.58 40.74
HTHR Hawthorne Fin. Corp. of CA 8.37 2,599 21.8 9.00 2.25 8.50 -1.53 -69.56 67.40
HSBK Hibernia SB of Quincy MA* 15.00 1,556 23.3 18.00 13.75 14.50 3.45 96.85 -7.69
HBNK Highland Federal Bank of CA 16.00 2,296 36.7 17.00 11.00 16.00 0.00 N.A. 3.23
HIFS Hingham Inst. for Sav. of MA* 14.50 1,297 18.8 14.75 10.50 14.00 3.57 217.98 -1.69
HNFC Hinsdale Financial Corp. of IL 25.75 2,690 69.3 26.00 17.80 25.00 3.00 157.50 19.77
HBFW Home Bancorp of Fort Wayne IN 15.06 3,094 46.6 16.00 12.87 14.87 1.28 N.A. -1.25
HBBI Home Building Bancorp of IN 17.75 322 5.7 18.00 13.00 17.69 0.34 N.A. 7.58
HOMF Home Fed Bancorp of Seymour IN 26.50 2,224 58.9 27.25 22.00 27.25 -2.75 76.67 0.00
HFMD Home Federal Corporation of MD(8) 10.75 2,519 27.1 11.37 5.87 10.75 0.00 10.26 38.71
HOFL Home Financial Corp. of FL(8) 12.69 24,771 314.3 16.25 12.62 13.62 -6.83 153.80 -18.13
HPBC Home Port Bancorp, Inc. of MA* 12.50 1,842 23.0 15.00 10.00 13.00 -3.85 56.25 6.38
HMCI Homecorp, Inc. of Rockford IL 18.00 1,126 20.3 18.50 14.00 17.50 2.86 80.00 8.30
LOAN Horizon Bancorp, Inc of TX* 10.37 1,387 14.4 11.50 7.50 10.75 -3.53 N.A. 15.22
HZFS Horizon Fin'l. Services of IA 15.25 448 6.8 16.37 11.75 15.50 -1.61 N.A. 0.00
HRZB Horizon Financial Corp. of WA* 12.62 6,580 83.0 13.75 11.37 12.56 0.48 -6.03 -2.92
IBSF IBS Financial Corp. of NJ 13.94 11,410 159.1 15.46 12.27 14.00 -0.43 N.A. 2.20
ISBF ISB Financial Corp. of LA 15.50 7,381 114.4 17.00 14.19 16.00 -3.13 N.A. 3.33
IFSB Independence FSB of DC 8.00 1,279 10.2 9.25 6.75 8.00 0.00 300.00 -5.21
INCB Indiana Comm. Bank, SB of IN 13.25 922 12.2 16.75 11.75 13.69 -3.21 N.A. -13.11
IFSL Indiana Federal Corp. of IN 20.50 4,737 97.1 21.50 16.25 20.37 0.64 171.88 -3.53
INBI Industrial Bancorp of OH 11.75 5,554 65.3 16.00 11.37 11.87 -1.01 N.A. -14.55
IWBK Interwest SB of Oak Harbor WA 24.37 6,434 156.8 25.12 13.75 24.00 1.54 143.70 19.64
IPSW Ipswich SB of Ipswich MA* 10.87 1,174 12.8 11.00 4.60 10.75 1.12 N.A. 31.76
IROQ Iroquois Bancorp of Auburn NY* 14.50 2,349 34.1 15.50 11.12 14.50 0.00 107.14 11.54
JSBF JSB Financial, Inc. of NY 32.87 10,333 339.6 34.87 28.87 33.12 -0.75 185.83 3.95
JXVL Jacksonville Bancorp of TX 10.56 2,662 28.1 11.99 7.41 10.62 -0.56 N.A. -9.28
JXSB Jcksnville SB,MHC of IL(43.3%) 13.00 1,250 7.3 14.25 10.50 14.00 -7.14 N.A. -6.27
JEBC Jefferson Bancorp of Gretna LA(8) 22.12 2,196 48.6 22.50 19.00 22.12 0.00 N.A. 14.91
JSBA Jefferson Svgs Bancorp of MO 25.50 4,182 106.6 30.75 18.00 26.00 -1.92 N.A. -8.11
JOAC Joachim Bancorp of MO 12.62 760 9.6 13.50 11.50 12.25 3.02 N.A. -6.52
KSAV KS Bancorp of Kenly NC 18.00 663 11.9 22.00 15.75 18.00 0.00 N.A. 2.86
KSBK KSB Bancorp of Kingfield ME* 22.00 374 8.2 22.25 15.50 22.00 0.00 N.A. 14.29
KFBI Klamath First Bancorp of OR 14.00 11,254 157.6 14.25 12.50 14.12 -0.85 N.A. 1.82
LBFI L&B Financial of S. Springs TX(8) 16.37 1,584 25.9 16.87 11.50 16.25 0.74 N.A. 14.88
LSBI LSB Bancorp of Lafayette IN 16.25 965 15.7 17.37 13.50 16.25 0.00 N.A. -5.80
LVSB Lakeview SB of Paterson NJ 20.50 2,266 46.5 20.62 15.23 20.50 0.00 N.A. 20.23
LARK Landmark Bancshares of KS 15.87 1,951 31.0 15.87 12.00 15.25 4.07 N.A. 15.42
LARL Laurel Capital Group of PA 14.75 1,508 22.2 16.50 13.67 14.75 0.00 15.23 -4.84
LSBX Lawrence Savings Bank of MA* 5.37 4,245 22.8 6.62 3.75 5.50 -2.36 56.10 16.23
LFCT Leader Fin. Corp of Memphis TN(8) 45.25 9,924 449.1 46.37 28.25 45.50 -0.55 N.A. 21.09
LFED Leeds FSB, MHC of MD (35.3) 13.75 3,448 17.2 16.75 12.50 13.75 0.00 N.A. -3.51
LXMO Lexington B&L Fin. Corp. of MO 9.62 1,265 12.2 10.00 9.50 10.00 -3.80 N.A. N.A.
LBCI Liberty Bancorp of Chicago IL 24.87 2,487 61.9 26.87 22.25 23.87 4.19 148.70 -1.50
LIFB Life Bancorp of Norfolk VA 14.19 10,403 147.6 16.62 13.81 14.12 0.50 N.A. -5.40
LFBI Little Falls Bancorp of NJ 9.87 3,042 30.0 11.50 9.50 9.87 0.00 N.A. N.A.
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C>
HALL Hallmark Capital Corp. of WI 1.14 1.02 18.38 18.38 235.12
HARB Harbor FSB, MHC of FL (45.7) 2.15 2.14 16.78 16.78 189.41
HRBF Harbor Federal Bancorp of MD 0.57 0.57 15.90 15.90 112.18
HFSA Hardin Bancorp of Hardin MO 0.48 0.48 15.16 15.16 78.81
HARL Harleysville SA of PA 1.71 1.74 15.02 15.02 212.90
HARS Harris SB, MHC of PA (23.1) 0.73 0.72 13.45 12.60 111.45
HFFB Harrodsburg 1st Fin Bcrp of KY 0.49 0.49 14.28 14.28 49.82
HHFC Harvest Home Fin. Corp. of OH 0.69 0.69 14.65 14.65 78.56
HAVN Haven Bancorp of Woodhaven NY 2.23 2.20 21.82 21.69 346.41
HVFD Haverfield Corp. of OH 1.19 1.12 14.81 14.76 178.38
HTHR Hawthorne Fin. Corp. of CA -0.59 -0.76 11.26 11.19 297.46
HSBK Hibernia SB of Quincy MA* 1.42 1.13 14.85 14.85 228.19
HBNK Highland Federal Bank of CA 0.43 0.42 15.08 15.08 192.47
HIFS Hingham Inst. for Sav. of MA* 1.45 1.45 13.88 13.88 138.31
HNFC Hinsdale Financial Corp. of IL 1.58 1.52 20.20 19.58 253.54
HBFW Home Bancorp of Fort Wayne IN 0.86 0.86 16.60 16.60 101.09
HBBI Home Building Bancorp of IN 0.59 0.59 18.61 18.61 131.70
HOMF Home Fed Bancorp of Seymour IN 3.18 2.76 22.59 21.72 272.60
HFMD Home Federal Corporation of MD(8) 1.00 0.98 7.41 7.31 86.02
HOFL Home Financial Corp. of FL(8) 0.83 0.79 12.64 12.64 49.55
HPBC Home Port Bancorp, Inc. of MA* 1.57 1.58 10.20 10.20 90.59
HMCI Homecorp, Inc. of Rockford IL 1.12 0.76 18.41 18.41 303.50
LOAN Horizon Bancorp, Inc of TX* 1.24 0.97 7.91 7.64 91.48
HZFS Horizon Fin'l. Services of IA 0.72 0.67 18.66 18.66 161.22
HRZB Horizon Financial Corp. of WA* 1.10 1.10 12.03 12.03 74.31
IBSF IBS Financial Corp. of NJ 0.71 0.72 13.53 13.53 66.34
ISBF ISB Financial Corp. of LA 0.98 0.98 16.37 16.36 84.50
IFSB Independence FSB of DC 1.10 0.52 13.36 11.48 206.21
INCB Indiana Comm. Bank, SB of IN 0.67 0.67 15.35 15.35 102.47
IFSL Indiana Federal Corp. of IN 1.56 1.46 14.88 13.83 151.51
INBI Industrial Bancorp of OH 0.82 0.82 11.26 11.26 58.88
IWBK Interwest SB of Oak Harbor WA 2.07 1.91 14.63 14.21 212.71
IPSW Ipswich SB of Ipswich MA* 1.43 1.25 7.22 7.22 114.20
IROQ Iroquois Bancorp of Auburn NY* 1.60 1.59 11.67 11.67 192.02
JSBF JSB Financial, Inc. of NY 2.19 2.32 32.70 32.70 149.84
JXVL Jacksonville Bancorp of TX 0.59 0.59 13.37 13.37 80.04
JXSB Jcksnville SB,MHC of IL(43.3%) 0.48 0.39 13.41 13.41 113.76
JEBC Jefferson Bancorp of Gretna LA(8) 1.21 1.21 16.13 16.13 120.69
JSBA Jefferson Svgs Bancorp of MO 1.52 1.49 19.19 15.72 273.30
JOAC Joachim Bancorp of MO 0.28 0.28 14.15 14.15 48.39
KSAV KS Bancorp of Kenly NC 1.51 1.53 20.56 20.53 135.55
KSBK KSB Bancorp of Kingfield ME* 2.67 2.56 23.33 21.47 340.57
KFBI Klamath First Bancorp of OR 0.66 0.66 14.90 14.90 53.73
LBFI L&B Financial of S. Springs TX(8) 0.93 0.92 15.50 15.50 90.42
LSBI LSB Bancorp of Lafayette IN 1.28 1.21 17.96 17.96 168.41
LVSB Lakeview SB of Paterson NJ 2.20 1.32 19.99 15.35 200.86
LARK Landmark Bancshares of KS 0.94 0.82 17.05 17.05 99.13
LARL Laurel Capital Group of PA 1.71 1.65 13.67 13.67 127.99
LSBX Lawrence Savings Bank of MA* 0.78 0.79 5.76 5.76 76.21
LFCT Leader Fin. Corp of Memphis TN(8) 4.04 3.95 25.71 25.71 320.21
LFED Leeds FSB, MHC of MD (35.3) 0.78 0.78 12.65 12.65 77.34
LXMO Lexington B&L Fin. Corp. of MO 0.62 0.61 14.27 14.27 48.50
LBCI Liberty Bancorp of Chicago IL 1.45 1.45 25.66 25.59 269.38
LIFB Life Bancorp of Norfolk VA 0.89 0.93 14.74 14.20 115.79
LFBI Little Falls Bancorp of NJ 0.18 0.13 14.29 13.14 93.87
</TABLE>
<PAGE> 32
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LOGN Logansport Fin. Corp. of IN 13.37 1,322 17.7 13.75 11.25 13.75 -2.76 N.A. 2.85
LONF London Financial Corp. of OH 10.31 529 5.5 11.25 9.75 10.50 -1.81 N.A. N.A.
LISB Long Island Bancorp of NY 29.69 24,859 738.1 30.44 18.75 30.12 -1.43 N.A. 12.59
MAFB MAF Bancorp of IL 24.25 5,244 127.2 26.81 20.45 24.25 0.00 185.29 -3.00
MBLF MBLA Financial Corp. of MO(8) 23.75 1,372 32.6 26.00 13.50 24.00 -1.04 N.A. 22.61
MFBC MFB Corp. of Mishawaka IN 14.00 2,078 29.1 16.25 13.00 14.00 0.00 N.A. -5.08
MLFB MLF Bancorp of Villanova PA 23.87 6,247 149.1 25.00 19.00 23.75 0.51 N.A. 7.28
MSBB MSB Bancorp of Middletown NY* 17.25 2,833 48.9 27.25 15.00 16.12 7.01 72.50 -6.76
MSBF MSB Financial Corp. of MI 17.25 676 11.7 19.50 14.50 16.87 2.25 N.A. -9.21
MGNL Magna Bancorp of MS 37.25 6,959 259.2 37.25 23.25 35.00 6.43 645.00 29.57
MARN Marion Capital Holdings of IN 20.75 2,003 41.6 20.75 18.50 20.75 0.00 N.A. 3.75
MFCX Marshalltown Fin. Corp. of IA(8) 15.56 1,411 22.0 16.75 12.75 15.50 0.39 N.A. -1.21
MFSL Maryland Fed. Bancorp of MD 28.75 3,150 90.6 33.25 28.50 28.50 0.88 173.81 -4.17
MASB MassBank Corp. of Reading MA* 33.50 2,734 91.6 34.50 26.00 32.87 1.92 171.70 5.51
MFLR Mayflower Co-Op. Bank of MA* 13.50 873 11.8 14.75 9.50 14.75 -8.47 170.00 22.73
MDBK Medford Savings Bank of MA* 23.25 4,530 105.3 24.25 17.25 21.50 8.14 232.14 8.14
MERI Meritrust FSB of Thibodaux LA 34.00 774 26.3 34.00 17.75 34.00 0.00 N.A. 9.68
MWBX Metro West of MA* 4.00 13,882 55.5 4.87 3.37 4.12 -2.91 -2.91 -2.91
MSEA Metropolitan Bancorp of WA 13.62 3,710 50.5 15.00 10.12 13.62 0.00 87.35 4.77
MCBS Mid Continent Bancshares of KS 19.25 2,061 39.7 19.25 15.50 18.50 4.05 N.A. 4.05
MIFC Mid Iowa Financial Corp. of IA 6.00 1,730 10.4 7.87 4.75 6.25 -4.00 20.00 -22.58
MCBN Mid-Coast Bancorp of ME 19.12 229 4.4 20.25 14.52 19.12 0.00 234.85 11.68
MIDC Midconn Bank of Kensington CT* 17.50 1,904 33.3 17.50 13.00 16.00 9.38 66.67 25.00
MWBI Midwest Bancshares, Inc. of IA 25.75 357 9.2 27.12 22.25 25.75 0.00 157.50 0.00
MWFD Midwest Fed. Fin. Corp of WI 15.25 1,633 24.9 16.00 8.25 15.87 -3.91 205.00 41.86
MFFC Milton Fed. Fin. Corp. of OH 13.00 2,301 29.9 17.12 11.87 12.87 1.01 N.A. -20.00
MIVI Miss. View Hold. Co. of MN 11.00 958 10.5 12.25 9.50 11.25 -2.22 N.A. -3.25
MBBC Monterey Bay Bancorp of CA 11.87 3,414 40.5 13.06 9.87 11.87 0.00 N.A. 2.15
MORG Morgan Financial Corp. of CO 12.25 833 10.2 12.50 9.00 12.25 0.00 N.A. -2.00
MFSB Mutual Bancompany of MO(8) 21.00 333 7.0 21.75 12.50 21.37 -1.73 N.A. 16.67
MSBK Mutual SB, FSB of Bay City MI 5.75 4,271 24.6 7.37 5.25 5.37 7.08 -34.29 -4.17
NHTB NH Thrift Bancshares of NH 9.75 1,690 16.5 11.00 9.25 9.87 -1.22 111.04 -3.66
NHSL NHS Financial, Inc. of CA(8) 10.75 2,523 27.1 11.00 7.75 10.87 -1.10 37.29 7.50
NSLB NS&L Bancorp of Neosho MO 12.50 888 11.1 13.75 11.75 12.87 -2.87 N.A. -5.66
NMSB Newmil Bancorp. of CT* 7.00 4,179 29.3 7.50 5.75 6.75 3.70 9.89 0.00
NFSL Newnan SB, FSB of Newnan GA 19.75 1,447 28.6 19.75 12.75 19.75 0.00 58.00 14.49
NASB North American SB of MO 29.50 2,276 67.1 32.37 22.50 30.50 -3.28 594.12 -7.81
NBSI North Bancshares of Chicago IL 15.75 1,172 18.5 16.25 12.87 15.75 0.00 N.A. 16.67
FFFD North Central Bancshares of IA 11.19 4,011 44.9 12.68 9.22 11.00 1.73 N.A. 6.07
NEIB Northeast Indiana Bncrp of IN 11.75 2,062 24.2 13.50 11.25 11.75 0.00 N.A. -2.08
NSBK Northside SB of Bronx NY* 35.75 4,815 172.1 36.25 23.50 36.25 -1.38 124.14 17.21
NWEQ Northwest Equity Corp. of WI 10.25 981 10.1 11.37 8.75 10.25 0.00 N.A. -5.70
NWSB Northwest SB, MHC of PA(29.9) 12.12 23,376 41.8 13.50 9.25 11.75 3.15 N.A. 0.00
NSSY Norwalk Savings Society of CT* 22.12 2,371 52.4 22.12 15.87 20.37 8.59 N.A. 16.42
NSSB Norwich Financial Corp. of CT* 14.50 5,604 81.3 15.25 11.25 13.56 6.93 107.14 12.67
NTMG Nutmeg FS&LA of CT 7.25 708 5.1 7.75 5.17 7.25 0.00 N.A. 8.70
OHSL OHSL Financial Corp. of OH 19.50 1,224 23.9 22.00 17.25 20.12 -3.08 N.A. -9.30
OSBF OSB Fin. Corp. of Oshkosh WI 24.05 1,141 27.4 24.87 22.75 24.00 0.21 109.13 1.26
OFCP Ottawa Financial Corp. of MI 16.50 5,455 90.0 16.75 13.31 16.37 0.79 N.A. 5.57
PFFB PFF Bancorp of Pomona CA 11.25 19,837 223.2 11.75 10.75 11.44 -1.66 N.A. N.A.
PVFC PVF Capital Corp. of OH 18.50 1,549 28.7 20.75 12.04 20.25 -8.64 177.36 1.37
PCCI Pacific Crest Capital of CA* 8.00 2,960 23.7 8.50 5.00 8.00 0.00 N.A. 10.34
PALM Palfed, Inc. of Aiken SC 12.62 5,222 65.9 13.50 11.00 12.50 0.96 -17.89 6.32
PSSB Palm Springs SB of CA(8) 13.87 1,131 15.7 14.00 7.62 13.87 0.00 206.86 58.51
PBCI Pamrapo Bancorp, Inc. of NJ 19.25 3,317 63.9 26.12 18.25 20.00 -3.75 241.92 -10.47
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C>
LOGN Logansport Fin. Corp. of IN 0.76 0.75 15.49 15.49 57.86
LONF London Financial Corp. of OH 0.37 0.37 14.81 14.81 70.99
LISB Long Island Bancorp of NY 1.84 1.72 20.79 20.79 194.47
MAFB MAF Bancorp of IL 3.11 3.20 20.91 20.91 377.61
MBLF MBLA Financial Corp. of MO(8) 1.00 1.00 20.67 20.67 142.18
MFBC MFB Corp. of Mishawaka IN 0.63 0.62 18.67 18.67 96.68
MLFB MLF Bancorp of Villanova PA 1.86 1.65 22.46 21.90 282.67
MSBB MSB Bancorp of Middletown NY* 0.83 0.89 15.53 15.26 160.30
MSBF MSB Financial Corp. of MI 1.53 1.40 18.86 18.86 83.31
MGNL Magna Bancorp of MS 3.08 2.91 18.12 17.02 185.48
MARN Marion Capital Holdings of IN 1.23 1.23 21.48 21.48 89.53
MFCX Marshalltown Fin. Corp. of IA(8) 0.29 0.29 13.71 13.71 89.46
MFSL Maryland Fed. Bancorp of MD 2.71 2.37 29.84 29.34 362.96
MASB MassBank Corp. of Reading MA* 3.24 3.17 31.91 31.91 314.16
MFLR Mayflower Co-Op. Bank of MA* 1.04 0.98 12.42 12.15 129.65
MDBK Medford Savings Bank of MA* 2.15 2.11 19.24 17.45 216.55
MERI Meritrust FSB of Thibodaux LA 2.89 2.89 21.83 21.83 293.44
MWBX Metro West of MA* 0.41 0.41 2.57 2.57 34.41
MSEA Metropolitan Bancorp of WA 1.39 1.50 13.71 12.41 209.75
MCBS Mid Continent Bancshares of KS 1.75 1.48 17.68 17.65 141.15
MIFC Mid Iowa Financial Corp. of IA 0.53 0.51 6.23 6.22 69.01
MCBN Mid-Coast Bancorp of ME 1.33 1.22 21.51 21.51 237.39
MIDC Midconn Bank of Kensington CT* 0.64 0.62 18.13 15.11 191.83
MWBI Midwest Bancshares, Inc. of IA 3.71 3.62 26.58 26.58 383.22
MWFD Midwest Fed. Fin. Corp of WI 1.22 0.98 10.20 9.74 109.15
MFFC Milton Fed. Fin. Corp. of OH 0.79 0.73 14.91 14.91 74.62
MIVI Miss. View Hold. Co. of MN 0.95 0.90 13.78 13.78 73.05
MBBC Monterey Bay Bancorp of CA 0.18 0.22 13.99 13.82 93.40
MORG Morgan Financial Corp. of CO 0.80 0.77 12.61 12.61 86.02
MFSB Mutual Bancompany of MO(8) 0.34 0.39 18.73 18.73 160.09
MSBK Mutual SB, FSB of Bay City MI 0.02 -0.16 9.19 9.19 168.46
NHTB NH Thrift Bancshares of NH 0.83 0.87 11.49 11.49 149.40
NHSL NHS Financial, Inc. of CA(8) 0.19 0.18 9.78 9.76 115.98
NSLB NS&L Bancorp of Neosho MO 0.59 0.55 15.62 15.62 66.50
NMSB Newmil Bancorp. of CT* 1.47 1.46 7.77 7.77 69.77
NFSL Newnan SB, FSB of Newnan GA 2.10 1.83 12.86 12.77 111.03
NASB North American SB of MO 3.74 3.57 21.44 20.58 291.85
NBSI North Bancshares of Chicago IL 0.54 0.49 16.92 16.92 97.56
FFFD North Central Bancshares of IA 0.65 0.61 13.72 13.72 47.52
NEIB Northeast Indiana Bncrp of IN 0.70 0.70 13.92 13.92 68.43
NSBK Northside SB of Bronx NY* 3.73 3.22 25.40 25.16 328.23
NWEQ Northwest Equity Corp. of WI 0.86 0.82 12.09 12.09 88.03
NWSB Northwest SB, MHC of PA(29.9) 0.73 0.73 8.07 7.97 75.61
NSSY Norwalk Savings Society of CT* 1.59 1.36 18.24 18.24 228.47
NSSB Norwich Financial Corp. of CT* 0.98 0.98 13.43 12.12 126.99
NTMG Nutmeg FS&LA of CT 0.76 0.46 7.20 7.20 120.33
OHSL OHSL Financial Corp. of OH 1.53 1.49 20.85 20.85 167.86
OSBF OSB Fin. Corp. of Oshkosh WI 0.38 0.66 28.00 28.00 222.36
OFCP Ottawa Financial Corp. of MI 0.72 0.72 14.92 11.96 136.66
PFFB PFF Bancorp of Pomona CA 0.10 0.10 14.57 14.40 101.23
PVFC PVF Capital Corp. of OH 2.26 1.99 13.77 13.77 205.36
PCCI Pacific Crest Capital of CA* 0.93 0.75 7.66 7.66 96.93
PALM Palfed, Inc. of Aiken SC 0.82 0.69 10.09 9.60 119.41
PSSB Palm Springs SB of CA(8) 1.07 0.57 10.34 10.34 169.84
PBCI Pamrapo Bancorp, Inc. of NJ 1.59 1.59 17.21 17.05 111.06
</TABLE>
<PAGE> 33
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PVSA Parkvale Financial Corp of PA 26.00 3,233 84.1 28.50 20.00 26.00 0.00 214.01 -5.45
PBIX Patriot Bank Corp. of PA 13.00 3,498 45.5 13.12 12.31 13.12 -0.91 N.A. 1.01
PEEK Peekskill Fin. Corp. of NY 11.62 4,100 47.6 12.12 11.12 11.75 -1.11 N.A. -4.13
PFSB PennFed Fin. Services of NJ 15.37 5,077 78.0 16.00 12.25 15.87 -3.15 N.A. 4.20
PWBC PennFirst Bancorp of PA 13.00 3,996 51.9 13.75 11.87 13.50 -3.70 62.91 -3.70
PBKB People's SB of Brockton MA* 9.50 3,340 31.7 10.50 6.00 9.87 -3.75 59.93 -9.52
PFDC Peoples Bancorp of Auburn IN 20.25 2,356 47.7 22.50 18.50 20.25 0.00 15.71 -1.79
PBCT Peoples Bank, MHC of CT(32.3)* 22.37 39,166 264.3 23.12 15.75 22.37 0.00 184.24 17.74
PHBK Peoples Heritage Fin Grp of ME* 21.12 17,028 359.6 22.75 15.00 20.25 4.30 37.95 -7.16
PBNB Peoples Sav. Fin. Corp. of CT* 21.50 1,915 41.2 22.50 18.78 20.50 4.88 117.83 11.69
PERM Permanent Bancorp of IN 15.94 2,186 34.8 18.50 14.00 15.75 1.21 N.A. -1.91
PMFI Perpetual Midwest Fin. of IA 17.50 2,017 35.3 17.75 14.25 17.00 2.94 N.A. 6.06
PCBC Perry Co. Fin. Corp. of MO 17.50 856 15.0 21.50 14.75 17.50 0.00 N.A. -10.26
PHFC Pittsburgh Home Fin. of PA 10.12 2,182 22.1 11.12 9.87 10.37 -2.41 N.A. N.A.
PFSL Pocahnts Fed, MHC of AR (46.4) 14.75 1,610 11.0 17.25 11.00 14.75 0.00 N.A. -7.06
POBS Portsmouth Bank Shrs Inc of NH(8)* 13.75 5,737 78.9 15.20 11.03 13.87 -0.87 32.08 -8.76
PKPS Poughkeepsie SB of NY 5.25 12,535 65.8 6.00 4.62 5.25 0.00 -32.26 0.00
PETE Primary Bank of NH* 12.00 1,953 23.4 15.50 11.75 12.25 -2.04 N.A. -4.91
PSAB Prime Bancorp, Inc. of PA 18.06 3,723 67.2 20.68 15.68 17.62 2.50 160.23 -10.81
PFNC Progress Financial Corp. of PA 6.25 3,730 23.3 7.25 4.75 6.25 0.00 -43.23 11.01
PSBK Progressive Bank, Inc. of NY* 29.50 2,631 77.6 29.75 24.25 29.50 0.00 120.64 0.00
PULB Pulaski SB, MHC of MO (29.0) 14.00 2,094 8.4 16.50 11.75 14.75 -5.08 N.A. -6.67
PULS Pulse Bancorp of S. River NJ 17.75 3,886 69.0 17.87 14.50 17.50 1.43 43.49 4.41
QCFB QCF Bancorp of Virginia MN 15.00 1,783 26.7 15.12 12.00 14.50 3.45 N.A. 1.69
QCBC Quaker City Bancorp of CA 14.00 3,928 55.0 14.75 11.12 14.37 -2.57 86.67 0.94
QCSB Queens County SB of NY* 46.62 6,110 284.8 47.87 31.50 47.62 -2.10 N.A. 17.85
RCSB RCSB Financial, Inc. of NY* 25.75 13,514 348.0 25.81 19.00 25.62 0.51 109.18 8.42
RARB Raritan Bancorp. of Raritan NJ* 20.75 1,427 29.6 22.50 20.50 20.75 0.00 112.82 -3.49
REDF RedFed Bancorp of Redlands CA 8.50 4,060 34.5 10.62 7.75 9.62 -11.64 N.A. -16.01
RELY Reliance Bancorp of NY 15.63 9,226 144.2 16.50 13.12 15.63 0.00 N.A. 6.91
RELI Reliance Bancshares Inc of WI* 7.77 2,562 19.9 8.50 7.50 7.87 -1.27 N.A. N.A.
RFED Roosevelt Fin. Grp. Inc. of MO 18.23 42,118 767.8 19.75 15.25 19.25 -5.30 367.44 -5.89
RVSB Rvrview SB,FSB MHC of WA(40.3) 15.00 2,155 11.8 17.00 11.36 15.00 0.00 N.A. 3.16
SCCB S. Carolina Comm. Bnshrs of SC 16.50 747 12.3 20.50 15.00 16.50 0.00 N.A. -8.94
SBFL SB Fing. Lakes MHC of NY(33.0) 16.00 1,785 9.4 16.75 9.50 16.00 0.00 N.A. -1.54
SFED SFS Bancorp of Schenectady NY 12.50 1,395 17.4 13.50 11.00 12.00 4.17 N.A. -3.85
SGVB SGV Bancorp of W. Covina CA 8.87 2,728 24.2 10.12 8.00 8.62 2.90 N.A. -9.03
SISB SIS Bank of Sprinfield MA* 18.25 5,718 104.4 18.75 12.62 17.25 5.80 N.A. 11.48
SJSB SJS Bancorp of St. Joseph MI 20.25 983 19.9 20.75 14.75 20.75 -2.41 N.A. 2.53
SWCB Sandwich Co-Op. Bank of MA* 19.75 1,873 37.0 21.50 15.63 20.00 -1.25 129.12 8.22
SFBM Security Bancorp of MT 20.25 1,462 29.6 21.25 19.75 20.25 0.00 161.29 -3.57
SECP Security Capital Corp. of WI 61.75 9,536 588.8 62.50 48.00 61.25 0.82 N.A. 2.49
SFSL Security First Corp. of OH 14.19 3,532 50.1 15.75 11.50 13.12 8.16 -9.90 -0.42
SHFC Seven Hills Fin. Corp. of OH(8) 16.00 536 8.6 17.37 14.37 16.00 0.00 6.67 10.34
SMFC Sho-Me Fin. Corp. of MO 15.63 1,821 28.5 16.75 14.50 15.75 -0.76 N.A. 4.20
SOBI Sobieski Bancorp of S. Bend IN 12.00 837 10.0 13.25 10.25 12.25 -2.04 N.A. -7.69
SOSA Somerset Savings Bank of MA(8)* 1.50 16,652 25.0 1.88 1.12 1.47 2.04 -70.70 9.49
SMBC Southern Missouri Bncrp of MO 14.75 1,724 25.4 17.50 13.50 14.75 0.00 N.A. -1.67
SWBI Southwest Bancshares of IL 27.00 1,871 50.5 28.25 26.00 27.12 -0.44 170.00 1.89
SVRN Sovereign Bancorp of PA 10.12 47,838 484.1 11.25 8.81 10.25 -1.27 126.40 4.98
STFR St. Francis Cap. Corp. of WI 25.00 5,857 146.4 28.00 19.50 25.25 -0.99 N.A. 7.53
SPBC St. Paul Bancorp, Inc. of IL 23.00 18,550 426.7 26.62 22.25 23.12 -0.52 36.34 -9.80
STND Standard Fin. of Chicago IL 15.25 16,765 255.7 15.37 12.87 15.12 0.86 N.A. 4.31
SFFC StateFed Financial Corp. of IA 16.12 823 13.3 19.75 15.25 16.00 0.75 N.A. -11.04
SFIN Statewide Fin. Corp. of NJ 12.37 5,270 65.2 13.75 11.75 12.31 0.49 N.A. -5.28
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C>
PVSA Parkvale Financial Corp of PA 2.90 2.71 20.99 20.89 282.71
PBIX Patriot Bank Corp. of PA 0.42 0.43 15.47 15.47 89.48
PEEK Peekskill Fin. Corp. of NY 0.44 0.46 14.49 14.49 47.24
PFSB PennFed Fin. Services of NJ 1.32 1.43 18.08 14.32 201.45
PWBC PennFirst Bancorp of PA 1.00 0.99 13.37 12.18 170.28
PBKB People's SB of Brockton MA* 0.74 0.53 7.87 7.45 159.62
PFDC Peoples Bancorp of Auburn IN 1.70 1.69 18.19 18.19 119.18
PBCT Peoples Bank, MHC of CT(32.3)* 1.90 1.53 14.12 14.12 176.59
PHBK Peoples Heritage Fin Grp of ME* 2.14 2.11 16.24 13.97 193.90
PBNB Peoples Sav. Fin. Corp. of CT* 1.80 1.88 22.94 21.22 212.15
PERM Permanent Bancorp of IN 0.53 0.53 19.26 18.98 172.88
PMFI Perpetual Midwest Fin. of IA 0.73 0.73 17.87 17.87 185.44
PCBC Perry Co. Fin. Corp. of MO 0.88 0.88 18.84 18.84 90.32
PHFC Pittsburgh Home Fin. of PA 0.54 0.54 13.58 13.58 82.64
PFSL Pocahnts Fed, MHC of AR (46.4) 1.23 1.26 13.64 13.64 229.43
POBS Portsmouth Bank Shrs Inc of NH(8)* 1.06 0.89 11.68 11.68 46.61
PKPS Poughkeepsie SB of NY 1.23 1.62 5.69 5.69 66.95
PETE Primary Bank of NH* -0.08 -0.07 12.76 12.71 201.31
PSAB Prime Bancorp, Inc. of PA 1.61 1.43 15.44 14.44 163.57
PFNC Progress Financial Corp. of PA 0.81 0.63 5.15 5.11 93.30
PSBK Progressive Bank, Inc. of NY* 2.73 2.81 26.45 26.45 298.58
PULB Pulaski SB, MHC of MO (29.0) 0.73 0.69 10.82 10.82 85.68
PULS Pulse Bancorp of S. River NJ 1.36 1.37 13.84 13.84 116.43
QCFB QCF Bancorp of Virginia MN 1.28 1.28 17.81 17.81 81.66
QCBC Quaker City Bancorp of CA 0.84 0.81 17.43 17.33 176.42
QCSB Queens County SB of NY* 3.39 3.50 35.00 35.00 206.14
RCSB RCSB Financial, Inc. of NY* 2.43 2.39 22.19 21.45 304.21
RARB Raritan Bancorp. of Raritan NJ* 1.94 1.91 17.60 17.16 243.06
REDF RedFed Bancorp of Redlands CA -1.06 -1.02 11.90 11.90 211.32
RELY Reliance Bancorp of NY 1.14 1.09 16.75 11.30 189.07
RELI Reliance Bancshares Inc of WI* 0.29 0.29 11.06 11.06 19.67
RFED Roosevelt Fin. Grp. Inc. of MO 1.35 1.83 10.54 9.96 216.88
RVSB Rvrview SB,FSB MHC of WA(40.3) 1.21 1.09 10.71 9.48 97.22
SCCB S. Carolina Comm. Bnshrs of SC 0.80 0.80 16.80 16.80 59.02
SBFL SB Fing. Lakes MHC of NY(33.0) -0.52 -0.19 11.40 11.40 98.92
SFED SFS Bancorp of Schenectady NY 0.74 0.74 16.68 16.68 118.69
SGVB SGV Bancorp of W. Covina CA 0.12 0.12 11.94 11.94 122.09
SISB SIS Bank of Sprinfield MA* 2.29 2.33 14.73 14.73 198.53
SJSB SJS Bancorp of St. Joseph MI 0.88 0.86 17.89 17.89 153.36
SWCB Sandwich Co-Op. Bank of MA* 1.92 1.80 19.46 18.18 226.31
SFBM Security Bancorp of MT 1.71 1.27 21.98 18.92 246.25
SECP Security Capital Corp. of WI 2.99 3.09 59.20 59.20 350.74
SFSL Security First Corp. of OH 1.50 1.57 11.58 11.26 132.97
SHFC Seven Hills Fin. Corp. of OH(8) 0.31 0.29 18.01 18.01 84.91
SMFC Sho-Me Fin. Corp. of MO 1.08 1.07 17.36 17.36 144.91
SOBI Sobieski Bancorp of S. Bend IN 0.39 0.39 16.87 16.87 91.23
SOSA Somerset Savings Bank of MA(8)* 0.10 0.10 1.67 1.67 30.60
SMBC Southern Missouri Bncrp of MO 0.78 0.73 15.41 15.41 93.96
SWBI Southwest Bancshares of IL 2.27 2.26 22.42 22.42 186.82
SVRN Sovereign Bancorp of PA 1.13 1.02 7.15 4.63 175.82
STFR St. Francis Cap. Corp. of WI 2.70 1.84 23.08 22.04 221.20
SPBC St. Paul Bancorp, Inc. of IL 1.95 1.90 20.64 20.57 223.33
STND Standard Fin. of Chicago IL 1.03 0.93 16.05 16.04 130.43
SFFC StateFed Financial Corp. of IA 1.03 1.03 18.13 18.13 90.14
SFIN Statewide Fin. Corp. of NJ 0.53 0.65 13.36 13.32 120.39
</TABLE>
<PAGE> 34
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 21, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STSA Sterling Financial Corp. of WA 14.00 5,426 76.0 14.75 10.23 14.75 -5.08 54.02 1.82
SSBK Strongsville SB of OH 21.75 2,531 55.0 21.75 17.00 21.25 2.35 N.A. 11.54
SFSB SuburbFed Fin. Corp. of IL 17.25 1,261 21.8 18.17 16.00 17.50 -1.43 158.62 4.55
SBCN Suburban Bancorp. of OH 14.25 1,481 21.1 18.50 14.25 15.00 -5.00 N.A. -22.97
SCSL Suncoast S&LA of Hollywood FL 6.12 1,990 12.2 7.19 5.87 6.12 0.00 -10.13 -2.08
THRD TF Financial Corp. of PA 14.62 4,523 66.1 16.00 13.25 14.50 0.83 N.A. -4.88
ROSE TR Financial Corp. of NY 26.37 8,948 236.0 27.75 17.37 26.50 -0.49 N.A. 3.41
TPNZ Tappan Zee Fin. Corp. of NY 12.00 1,620 19.4 13.00 11.25 12.25 -2.04 N.A. -4.91
PTRS The Potters S&L Co. of OH 16.06 533 8.6 18.50 15.25 16.25 -1.17 N.A. -5.86
THIR Third Financial Corp. of OH(8) 32.00 1,136 36.4 32.00 18.25 31.87 0.41 N.A. 21.90
TSBS Trenton SB, FSB MHC of NJ(35.0 13.87 8,912 43.2 15.00 11.37 14.25 -2.67 N.A. 6.69
TRIC Tri-County Bancorp of WY 18.00 631 11.4 18.50 13.87 18.50 -2.70 N.A. 9.09
THBC Troy Hill Bancorp of PA 13.50 1,068 14.4 14.00 11.50 13.00 3.85 N.A. 3.85
TWIN Twin City Bancorp of TN 16.00 898 14.4 18.25 13.50 16.00 0.00 N.A. -5.88
UFRM United FS&LA of Rocky Mount NC 8.13 3,065 24.9 8.50 5.25 8.00 1.63 150.15 8.40
UBMT United SB, FA of MT 18.75 1,223 22.9 18.75 17.00 18.25 2.74 78.57 7.14
VABF Va. Beach Fed. Fin. Corp of VA 7.37 4,962 36.6 9.94 6.81 7.37 0.00 57.14 -4.90
VAFD Valley FSB of Sheffield AL(8) 32.00 367 11.7 35.25 24.87 32.00 0.00 204.76 -8.57
VFFC Virginia First Savings of VA 13.50 5,615 75.8 14.00 8.37 12.75 5.88 ***.** 18.73
WBCI WFS Bancorp of Wichita KS(8) 22.87 1,561 35.7 22.87 18.75 22.87 0.00 N.A. 3.39
WHGB WHG Bancshares of MD 11.75 1,620 19.0 11.75 10.87 11.00 6.82 N.A. N.A.
WSFS WSFS Financial Corp. of DE* 7.44 14,179 105.5 10.00 5.63 7.50 -0.80 2.62 -17.33
WVFC WVS Financial Corp. of PA* 20.50 1,736 35.6 22.25 16.00 20.75 -1.20 N.A. 7.22
WLDN Walden Bancorp of MA* 19.25 5,312 102.3 20.00 15.75 18.75 2.67 170.37 1.32
WRNB Warren Bancorp of Peabody MA* 12.37 3,718 46.0 13.25 8.00 12.50 -1.04 267.06 9.96
WFSL Washington FS&LA of Seattle WA 20.50 42,592 873.1 23.46 19.32 21.50 -4.65 40.51 -12.02
WAMU Washington Mutual Inc. of WA* 28.87 72,007 2,078.8 32.00 22.75 29.62 -2.53 55.55 0.00
WAYN Wayne S&L Co., MHC of OH(46.7) 20.75 1,492 13.7 22.00 17.14 20.75 0.00 N.A. -5.29
WCFB Webster CityFSB,MHC of IA(45.2 12.62 2,100 12.0 13.50 9.75 13.50 -6.52 N.A. 0.96
WBST Webster Financial Corp. of CT 28.50 8,104 231.0 30.50 23.00 28.75 -0.87 201.91 -3.39
WEFC Wells Fin. Corp. of Wells MN 11.37 2,188 24.9 11.75 9.06 11.50 -1.13 N.A. 3.36
WCBI WestCo Bancorp of IL 21.75 2,678 58.2 22.00 14.83 21.62 0.60 117.50 21.99
WSTR WesterFed Fin. Corp. of MT 14.25 4,396 62.6 17.12 14.25 14.37 -0.84 N.A. -14.26
WOFC Western Ohio Fin. Corp. of OH 22.50 2,309 52.0 24.37 18.75 23.25 -3.23 N.A. -3.23
WWFC Westwood Fin. Corp. of NJ 10.75 647 7.0 11.00 10.25 10.38 3.56 N.A. N.A.
WFCO Winton Financial Corp. of OH(8) 13.50 1,986 26.8 15.00 10.87 13.50 0.00 N.A. 24.20
FFWD Wood Bancorp of OH 19.00 1,034 19.6 19.50 14.25 18.50 2.70 N.A. 5.56
WCHI Workingmens Cap. Hldgs of IN(8) 20.00 1,798 36.0 20.25 15.50 20.00 0.00 300.00 14.29
YFCB Yonkers Fin. Corp. of NY 10.00 3,571 35.7 10.12 9.31 9.38 6.61 N.A. N.A.
YFED York Financial Corp. of PA 17.25 6,050 104.4 18.86 14.32 16.87 2.25 82.54 2.25
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C>
STSA Sterling Financial Corp. of WA 0.92 0.90 11.55 9.26 276.01
SSBK Strongsville SB of OH 1.88 1.59 16.50 16.15 199.38
SFSB SuburbFed Fin. Corp. of IL 1.41 1.21 20.52 20.40 287.29
SBCN Suburban Bancorp. of OH 0.53 0.77 17.31 17.31 133.11
SCSL Suncoast S&LA of Hollywood FL 0.74 -0.92 6.59 6.56 234.42
THRD TF Financial Corp. of PA 0.94 0.91 16.43 16.43 114.79
ROSE TR Financial Corp. of NY 2.71 2.14 20.91 20.91 335.49
TPNZ Tappan Zee Fin. Corp. of NY 0.52 0.48 13.80 13.80 70.86
PTRS The Potters S&L Co. of OH 1.15 1.13 20.79 20.79 213.62
THIR Third Financial Corp. of OH(8) 1.89 1.69 24.87 24.87 137.05
TSBS Trenton SB, FSB MHC of NJ(35.0 1.05 0.70 11.08 10.83 58.20
TRIC Tri-County Bancorp of WY 0.98 0.95 20.75 20.75 116.38
THBC Troy Hill Bancorp of PA 1.02 0.93 16.73 16.73 75.36
TWIN Twin City Bancorp of TN 1.21 1.05 15.70 15.70 114.06
UFRM United FS&LA of Rocky Mount NC 0.73 0.64 6.81 6.81 82.27
UBMT United SB, FA of MT 1.32 1.31 20.12 20.12 85.51
VABF Va. Beach Fed. Fin. Corp of VA 0.32 0.01 8.28 8.28 125.95
VAFD Valley FSB of Sheffield AL(8) 1.09 1.06 26.14 26.14 323.23
VFFC Virginia First Savings of VA 1.48 1.22 9.82 9.46 127.15
WBCI WFS Bancorp of Wichita KS(8) 0.86 0.94 21.35 21.34 187.16
WHGB WHG Bancshares of MD 0.36 0.36 14.20 14.20 68.95
WSFS WSFS Financial Corp. of DE* 1.91 1.13 5.21 5.14 88.82
WVFC WVS Financial Corp. of PA* 1.63 1.82 20.93 20.93 138.41
WLDN Walden Bancorp of MA* 1.58 1.75 17.98 15.38 191.88
WRNB Warren Bancorp of Peabody MA* 1.56 1.49 8.54 8.54 95.45
WFSL Washington FS&LA of Seattle WA 1.88 1.80 14.04 13.36 115.73
WAMU Washington Mutual Inc. of WA* 2.62 2.61 19.33 17.19 310.31
WAYN Wayne S&L Co., MHC of OH(46.7) 0.95 0.89 15.32 15.32 166.56
WCFB Webster CityFSB,MHC of IA(45.2 0.51 0.51 10.32 10.32 46.31
WBST Webster Financial Corp. of CT 2.00 2.14 24.27 18.45 470.53
WEFC Wells Fin. Corp. of Wells MN 0.72 0.70 13.40 13.40 89.66
WCBI WestCo Bancorp of IL 1.50 1.49 18.07 18.07 115.48
WSTR WesterFed Fin. Corp. of MT 0.99 0.93 17.77 17.77 133.82
WOFC Western Ohio Fin. Corp. of OH 1.10 0.83 25.19 23.72 138.40
WWFC Westwood Fin. Corp. of NJ 0.99 0.99 14.61 12.51 136.46
WFCO Winton Financial Corp. of OH(8) 1.04 0.85 10.42 10.14 132.09
FFWD Wood Bancorp of OH 1.56 1.51 19.72 19.72 135.12
WCHI Workingmens Cap. Hldgs of IN(8) 1.07 1.05 14.55 14.55 118.84
YFCB Yonkers Fin. Corp. of NY 0.60 0.66 13.07 13.07 67.39
YFED York Financial Corp. of PA 1.65 1.44 15.22 15.22 173.33
</TABLE>
<PAGE> 35
!R! RES; FTMD 15; FONT 36; EXIT;
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(324) 13.32 13.12 0.87 8.15 6.96 0.81 7.33 0.97 126.96 0.88
NYSE Traded Companies(12) 6.31 5.96 0.70 11.72 8.02 0.58 9.64 1.58 62.19 1.33
AMEX Traded Companies(17) 18.41 18.32 0.83 6.71 5.48 0.80 6.35 0.61 132.94 0.70
NASDAQ Listed OTC Companies(295) 13.33 13.13 0.88 8.07 7.01 0.82 7.29 0.95 129.86 0.87
California Companies(25) 7.62 7.48 0.33 5.18 3.75 0.27 4.11 2.34 50.59 1.32
Florida Companies(10) 7.64 7.46 0.75 12.69 9.77 0.53 6.73 1.08 105.23 1.01
Mid-Atlantic Companies(64) 11.83 11.51 0.86 8.97 7.91 0.84 8.59 1.23 92.43 1.08
Mid-West Companies(150) 14.78 14.64 0.94 7.83 6.89 0.87 7.08 0.60 165.12 0.71
New England Companies(9) 8.08 7.66 0.63 8.69 8.43 0.53 7.21 1.35 49.90 1.10
North-West Companies(6) 10.61 10.24 0.96 10.34 7.39 0.90 9.45 0.87 71.09 0.84
South-East Companies(45) 15.70 15.54 1.02 8.66 6.70 0.97 8.06 0.99 124.58 0.86
South-West Companies(7) 12.45 12.34 0.72 7.33 8.23 0.69 6.85 0.86 41.09 0.86
Western Companies (Excl CA)(8) 17.09 16.91 1.04 7.61 6.41 0.99 7.17 0.26 211.26 0.67
Thrift Strategy(250) 14.89 14.71 0.87 7.07 6.35 0.83 6.63 0.86 135.92 0.81
Mortgage Banker Strategy(39) 7.52 7.21 0.84 11.92 9.30 0.64 8.38 1.32 77.80 0.94
Real Estate Strategy(16) 9.03 8.89 0.90 10.74 8.95 0.92 11.02 1.86 84.24 1.54
Diversified Strategy(15) 7.97 7.78 0.97 12.92 8.16 0.92 12.63 1.02 151.77 1.27
Retail Banking Strategy(4) 9.43 9.18 0.73 9.92 9.82 0.58 7.67 1.37 76.19 0.92
Companies Issuing Dividends(246) 13.40 13.19 0.95 8.73 7.37 0.88 7.92 0.84 131.91 0.84
Companies Without Dividends(78) 13.04 12.91 0.63 6.34 5.70 0.59 5.49 1.40 110.25 1.00
Equity/Assets <6%(29) 4.98 4.73 0.52 10.66 7.36 0.41 8.06 1.74 83.49 1.06
Equity/Assets 6-12%(148) 8.56 8.25 0.84 10.27 8.47 0.75 9.13 1.16 116.68 1.03
Equity/Assets >12%(147) 19.66 19.60 0.98 5.56 5.40 0.95 5.41 0.59 147.78 0.69
Converted Last 3 Mths (no MHC)(21) 23.22 23.14 0.82 4.62 4.39 0.83 4.72 0.77 165.96 0.77
Actively Traded Companies(53) 8.58 8.30 0.92 11.34 8.44 0.88 10.65 1.43 85.94 1.03
Market Value Below $20 Million(86) 15.82 15.76 0.84 6.64 6.82 0.76 5.36 0.81 122.06 0.71
Holding Company Structure(277) 13.87 13.68 0.87 7.74 6.70 0.82 7.10 0.92 129.58 0.85
Assets Over $1 Billion(61) 8.05 7.58 0.83 11.08 8.25 0.76 10.10 1.15 101.18 1.03
Assets $500 Million-$1 Billion(56) 11.31 11.07 0.85 8.76 6.98 0.81 8.14 1.34 133.20 1.03
Assets $250-$500 Million(79) 11.54 11.35 0.83 8.37 7.38 0.74 6.84 0.93 135.90 0.90
Assets less than $250 Million(128) 18.00 17.96 0.93 6.25 6.05 0.88 5.86 0.70 132.46 0.71
Goodwill Companies(134) 9.28 8.82 0.82 9.63 7.70 0.74 8.45 1.16 103.70 0.96
Non-Goodwill Companies(190) 16.25 16.25 0.91 7.07 6.43 0.87 6.52 0.81 145.66 0.82
Acquirors of FSLIC Cases(14) 7.07 6.70 0.88 12.89 9.82 0.84 12.16 1.45 51.18 0.92
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(324) 14.28 103.70 13.01 106.93 15.02 0.34 1.88 26.26
NYSE Traded Companies(12) 12.73 133.42 8.57 141.63 14.33 0.42 1.50 16.50
AMEX Traded Companies(17) 16.07 93.75 16.30 94.44 16.41 0.35 2.36 26.58
NASDAQ Listed OTC Companies(295) 14.28 102.97 13.01 106.12 14.99 0.33 1.87 26.71
California Companies(25) 13.67 100.93 7.42 103.65 15.34 0.27 1.13 16.04
Florida Companies(10) 11.58 107.26 7.93 109.92 13.93 0.16 0.88 11.16
Mid-Atlantic Companies(64) 13.22 101.50 11.38 106.49 13.56 0.32 1.75 23.25
Mid-West Companies(150) 14.96 102.40 14.16 104.55 15.76 0.34 1.90 27.12
New England Companies(9) 11.46 94.98 7.55 104.66 13.15 0.48 2.71 32.40
North-West Companies(6) 14.68 132.18 12.85 140.97 14.00 0.28 1.38 18.55
South-East Companies(45) 14.92 113.61 16.58 116.16 15.30 0.38 2.28 32.62
South-West Companies(7) 13.49 80.98 9.91 84.73 14.35 0.30 2.13 21.90
Western Companies (Excl CA)(8) 14.99 102.02 16.15 104.09 15.89 0.46 2.76 44.70
Thrift Strategy(250) 15.12 98.31 13.99 100.74 15.60 0.33 1.97 28.95
Mortgage Banker Strategy(39) 11.20 120.30 9.16 128.34 13.14 0.34 1.53 16.80
Real Estate Strategy(16) 12.71 109.34 9.59 111.33 12.88 0.17 0.82 8.83
Diversified Strategy(15) 12.12 146.34 11.58 151.13 12.54 0.60 2.45 28.13
Retail Banking Strategy(4) 12.13 90.94 8.32 93.92 15.91 0.14 1.35 18.06
Companies Issuing Dividends(246) 14.23 107.83 13.60 111.49 15.02 0.45 2.48 35.05
Companies Without Dividends(78) 14.49 90.78 11.16 92.67 15.01 0.00 0.00 0.00
Equity/Assets <6%(29) 10.89 118.46 5.94 127.37 12.77 0.24 1.16 13.46
Equity/Assets 6-12%(148) 12.67 113.07 9.55 117.95 13.46 0.36 1.82 22.48
Equity/Assets >12%(147) 16.98 91.54 17.82 92.01 17.32 0.33 2.09 33.12
Converted Last 3 Mths (no MHC)(21) 17.02 78.26 18.36 78.89 16.86 0.08 0.65 8.79
Actively Traded Companies(53) 11.65 123.95 10.45 130.90 12.27 0.49 2.14 25.36
Market Value Below $20 Million(86) 15.18 86.58 13.50 87.17 15.87 0.26 1.76 26.09
Holding Company Structure(277) 14.69 103.02 13.43 106.29 15.27 0.35 1.92 27.24
Assets Over $1 Billion(61) 12.18 125.42 9.88 135.50 13.24 0.49 2.01 24.03
Assets $500 Million-$1 Billion(56) 13.79 106.96 11.81 110.63 14.49 0.29 1.57 22.66
Assets $250-$500 Million(79) 13.93 104.64 11.64 106.53 14.88 0.33 1.95 26.14
Assets less than $250 Million(128) 16.02 90.64 15.97 91.02 16.43 0.29 1.92 29.40
Goodwill Companies(134) 12.79 112.91 10.21 120.58 13.82 0.39 1.88 24.10
Non-Goodwill Companies(190) 15.49 97.00 15.04 97.00 15.98 0.30 1.88 27.92
Acquirors of FSLIC Cases(14) 10.74 128.02 8.93 135.56 12.43 0.43 2.02 21.15
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
<PAGE> 36
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BIF-Insured Thrifts(71) 10.43 10.11 0.93 10.92 8.69 0.88 10.14 1.69 92.61 1.49
NYSE Traded Companies(3) 7.10 5.57 0.46 5.41 4.86 0.52 6.34 2.79 30.49 1.33
AMEX Traded Companies(4) 12.21 11.77 0.75 8.27 7.62 0.53 5.60 2.73 45.60 1.37
NASDAQ Listed OTC Companies(64) 10.48 10.24 0.97 11.40 8.96 0.93 10.66 1.59 97.81 1.51
California Companies(2) 6.78 6.77 0.61 11.41 6.97 0.51 9.40 4.57 31.17 1.83
Mid-Atlantic Companies(19) 10.53 10.22 0.84 10.10 8.02 0.81 9.35 1.98 76.75 1.45
Mid-West Companies(1) 56.23 56.23 1.47 2.62 3.73 1.47 2.62 0.00 0.00 0.49
New England Companies(44) 9.03 8.67 0.95 11.23 9.24 0.89 10.49 1.55 88.21 1.60
North-West Companies(4) 13.71 13.54 1.12 12.13 8.05 1.11 12.03 0.31 256.34 0.95
South-West Companies(1) 8.65 8.35 1.54 17.77 11.96 1.20 13.90 0.42 127.82 0.78
Thrift Strategy(44) 11.97 11.62 0.94 9.97 8.41 0.91 9.49 1.60 86.95 1.45
Mortgage Banker Strategy(11) 7.24 6.88 0.74 10.13 8.09 0.73 10.10 1.16 121.43 1.22
Real Estate Strategy(7) 9.61 9.56 1.24 14.45 9.85 1.12 12.71 2.07 95.15 1.73
Diversified Strategy(7) 6.87 6.55 1.16 18.46 12.87 0.98 15.19 2.69 91.76 2.03
Retail Banking Strategy(2) 6.32 6.16 0.05 0.82 1.02 0.05 0.86 1.31 68.51 1.24
Companies Issuing Dividends(49) 9.23 8.82 1.01 11.63 9.28 0.97 11.04 1.18 107.17 1.39
Companies Without Dividends(22) 13.27 13.18 0.74 9.26 7.28 0.68 8.03 3.25 48.95 1.72
Equity/Assets <6%(8) 5.38 5.31 0.74 14.03 9.52 0.58 10.93 3.69 44.18 1.81
Equity/Assets 6-12%(51) 8.30 7.89 0.95 11.69 9.39 0.90 11.02 1.52 92.99 1.52
Equity/Assets >12%(12) 23.69 23.69 0.97 5.38 4.79 0.99 5.44 1.31 137.58 1.19
Converted Last 3 Mths (no MHC)(3) 36.19 36.19 0.96 2.82 3.59 1.01 3.03 0.00 0.00 1.14
Actively Traded Companies(30) 8.50 8.10 0.90 10.73 8.67 0.89 10.63 1.29 95.02 1.52
Market Value Below $20 Million(12) 13.81 13.57 0.86 9.16 8.33 0.78 8.10 1.50 91.17 1.15
Holding Company Structure(45) 11.59 11.33 1.04 11.60 9.16 1.00 10.88 1.48 101.04 1.57
Assets Over $1 Billion(17) 8.01 7.44 0.98 12.97 9.38 0.93 11.93 2.06 75.96 1.57
Assets $500 Million-$1 Billion(17) 10.22 9.93 0.93 10.87 8.39 0.84 9.76 1.17 110.69 1.58
Assets $250-$500 Million(22) 10.17 9.94 0.89 10.50 8.56 0.88 10.14 2.02 80.14 1.51
Assets less than $250 Million(15) 13.39 13.20 0.94 9.48 8.44 0.88 8.71 1.40 110.08 1.31
Goodwill Companies(35) 7.93 7.30 0.83 10.82 8.54 0.75 9.62 1.48 82.80 1.42
Non-Goodwill Companies(36) 12.93 12.93 1.03 11.02 8.83 1.02 10.66 1.93 103.15 1.57
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BIF-Insured Thrifts(71) 11.30 111.41 10.85 116.12 11.78 0.38 2.00 22.50
NYSE Traded Companies(3) 16.70 109.74 7.56 134.98 13.80 0.27 0.93 13.14
AMEX Traded Companies(4) 10.93 98.31 10.95 104.48 13.19 0.52 2.71 32.48
NASDAQ Listed OTC Companies(64) 11.11 112.42 11.01 115.95 11.64 0.37 2.00 22.27
California Companies(2) 8.60 102.05 6.94 102.12 10.67 0.00 0.00 0.00
Mid-Atlantic Companies(19) 12.70 109.87 10.85 114.84 12.19 0.39 1.66 20.35
Mid-West Companies(1) 0.00 70.25 39.50 70.25 0.00 0.00 0.00 0.00
New England Companies(44) 10.87 112.26 9.82 117.24 11.74 0.40 2.33 25.05
North-West Companies(4) 10.60 120.85 14.93 125.50 10.66 0.40 2.11 28.55
South-West Companies(1) 8.36 131.10 11.34 135.73 10.69 0.16 1.54 12.90
Thrift Strategy(44) 11.62 107.33 11.76 112.34 12.07 0.39 2.09 24.19
Mortgage Banker Strategy(11) 11.98 115.72 8.35 120.78 11.83 0.38 2.06 23.71
Real Estate Strategy(7) 10.91 125.88 12.33 126.65 12.08 0.31 1.52 15.05
Diversified Strategy(7) 8.94 125.58 8.61 132.52 9.71 0.34 1.78 17.14
Retail Banking Strategy(2) 0.00 89.76 5.67 91.94 0.00 0.32 1.88 0.00
Companies Issuing Dividends(49) 10.91 115.77 10.53 121.97 11.37 0.53 2.84 31.39
Companies Without Dividends(22) 12.57 101.08 11.60 102.28 13.05 0.00 0.00 0.00
Equity/Assets <6%(8) 12.15 121.98 6.54 123.70 12.73 0.05 0.49 6.31
Equity/Assets 6-12%(51) 10.81 115.00 9.51 121.07 11.36 0.46 2.43 26.47
Equity/Assets >12%(12) 14.84 87.82 19.85 87.82 14.48 0.19 0.80 13.43
Converted Last 3 Mths (no MHC)(3) 21.81 71.47 25.78 71.47 18.98 0.00 0.00 0.00
Actively Traded Companies(30) 11.58 115.02 9.67 120.86 11.74 0.46 2.37 25.33
Market Value Below $20 Million(12) 10.33 95.24 11.63 98.63 11.86 0.21 1.46 13.04
Holding Company Structure(45) 11.07 111.64 12.02 115.61 11.36 0.40 2.14 24.86
Assets Over $1 Billion(17) 11.48 123.68 9.90 133.55 11.31 0.46 1.69 19.43
Assets $500 Million-$1 Billion(17) 11.23 113.15 11.16 117.36 12.41 0.53 2.76 32.38
Assets $250-$500 Million(22) 11.55 109.34 10.45 112.04 11.69 0.32 1.97 23.46
Assets less than $250 Million(15) 10.82 100.27 12.02 102.99 11.85 0.23 1.62 14.73
Goodwill Companies(35) 11.65 113.31 8.92 122.74 12.33 0.49 2.48 29.37
Non-Goodwill Companies(36) 10.94 109.51 12.77 109.51 11.22 0.26 1.51 16.06
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
<PAGE> 37
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(19) 11.89 11.67 0.78 6.84 5.24 0.73 6.57 0.69 83.87 0.82
BIF-Insured Thrifts(2) 10.14 10.14 0.80 9.31 5.95 0.69 7.88 2.36 44.03 1.42
NASDAQ Listed OTC Companies(21) 11.72 11.52 0.78 7.09 5.32 0.73 6.70 0.85 79.44 0.88
Florida Companies(3) 10.30 10.26 0.89 8.83 6.63 0.86 8.60 0.72 107.38 0.97
Mid-Atlantic Companies(9) 12.45 12.12 0.68 5.25 4.03 0.68 5.55 1.11 50.81 0.89
Mid-West Companies(7) 12.13 12.12 0.74 6.66 5.38 0.64 5.90 0.59 94.58 0.76
New England Companies(1) 8.00 8.00 1.11 14.66 8.49 0.89 11.81 1.66 65.45 1.65
North-West Companies(1) 11.02 9.75 1.30 11.97 8.07 1.17 10.78 0.26 119.16 0.51
Thrift Strategy(18) 11.97 11.81 0.74 6.39 4.99 0.70 6.19 0.84 77.83 0.85
Mortgage Banker Strategy(2) 11.02 9.75 1.30 11.97 8.07 1.17 10.78 0.26 119.16 0.51
Diversified Strategy(1) 8.00 8.00 1.11 14.66 8.49 0.89 11.81 1.66 65.45 1.65
Companies Issuing Dividends(21) 11.72 11.52 0.78 7.09 5.32 0.73 6.70 0.85 79.44 0.88
Equity/Assets <6%(1) 5.95 5.95 0.56 9.43 8.34 0.58 9.66 0.26 146.44 1.14
Equity/Assets 6-12%(13) 9.93 9.69 0.68 7.17 5.21 0.68 7.14 0.89 87.47 0.90
Equity/Assets >12%(7) 15.61 15.44 1.00 6.61 5.06 0.83 5.53 0.87 46.77 0.79
Actively Traded Companies(1) 9.49 8.24 0.86 9.52 7.87 0.83 9.13 0.96 55.11 1.08
Market Value Below $20 Million(1) 11.79 11.79 0.43 3.82 3.69 0.35 3.10 0.52 90.42 0.60
Holding Company Structure(1) 9.49 8.24 0.86 9.52 7.87 0.83 9.13 0.96 55.11 1.08
Assets Over $1 Billion(4) 10.25 9.95 0.95 9.86 6.29 0.87 8.88 1.13 67.59 1.17
Assets $500 Million-$1 Billion(6) 11.26 10.96 0.90 7.95 5.98 0.83 7.78 0.76 81.42 0.95
Assets $250-$500 Million(3) 10.24 10.22 0.74 7.85 6.87 0.73 7.72 0.15 187.85 0.64
Assets less than $250 Million(8) 13.17 13.01 0.65 5.11 3.86 0.60 4.70 1.09 51.85 0.80
Goodwill Companies(10) 11.19 10.75 0.95 8.90 6.44 0.82 7.79 0.68 93.85 0.80
Non-Goodwill Companies(11) 12.15 12.15 0.65 5.60 4.39 0.66 5.82 0.99 65.03 0.94
MHC Institutions(21) 11.72 11.52 0.78 7.09 5.32 0.73 6.70 0.85 79.44 0.88
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(19) 16.96 121.61 14.52 124.41 18.07 0.61 3.88 45.11
BIF-Insured Thrifts(2) 11.77 137.06 13.44 137.06 14.62 0.58 3.54 42.11
NASDAQ Listed OTC Companies(21) 16.64 123.16 14.41 125.68 17.85 0.60 3.85 44.78
Florida Companies(3) 15.57 123.81 12.49 124.26 16.21 0.83 4.48 63.26
Mid-Atlantic Companies(9) 16.62 119.73 15.04 123.51 18.69 0.44 3.15 35.56
Mid-West Companies(7) 18.71 119.35 14.63 119.43 19.30 0.71 4.75 54.74
New England Companies(1) 11.77 158.43 12.67 158.43 14.62 0.80 3.58 42.11
North-West Companies(1) 12.40 140.06 15.43 158.23 13.76 0.22 1.47 18.18
Thrift Strategy(18) 17.29 120.26 14.45 122.05 18.38 0.61 3.99 48.96
Mortgage Banker Strategy(2) 12.40 140.06 15.43 158.23 13.76 0.22 1.47 18.18
Diversified Strategy(1) 11.77 158.43 12.67 158.43 14.62 0.80 3.58 42.11
Companies Issuing Dividends(21) 16.64 123.16 14.41 125.68 17.85 0.60 3.85 44.78
Equity/Assets <6%(1) 11.99 108.14 6.43 108.14 11.71 0.80 5.42 65.04
Equity/Assets 6-12%(13) 15.24 124.98 12.37 128.24 16.82 0.59 3.30 43.52
Equity/Assets >12%(7) 19.52 122.18 19.06 123.79 21.15 0.60 4.56 33.33
Actively Traded Companies(1) 12.70 112.66 10.69 129.74 13.24 0.40 2.54 32.26
Market Value Below $20 Million(1) 0.00 96.94 11.43 96.94 0.00 0.40 3.08 0.00
Holding Company Structure(1) 12.70 112.66 10.69 129.74 13.24 0.40 2.54 32.26
Assets Over $1 Billion(4) 17.11 144.38 14.58 147.81 18.16 0.56 3.17 41.60
Assets $500 Million-$1 Billion(6) 14.52 114.96 13.09 118.51 17.21 0.63 3.67 48.03
Assets $250-$500 Million(3) 14.91 110.21 11.26 110.40 15.26 0.72 4.34 54.74
Assets less than $250 Million(8) 19.51 126.20 16.53 128.47 20.53 0.56 4.04 18.18
Goodwill Companies(10) 15.45 126.20 14.04 131.79 17.25 0.49 2.94 35.24
Non-Goodwill Companies(11) 17.83 120.67 14.72 120.67 18.46 0.70 4.59 63.85
MHC Institutions(21) 16.64 123.16 14.41 125.68 17.85 0.60 3.85 44.78
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
<PAGE> 38
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NYSE Traded Companies
- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AHM Ahmanson and Co. H.F. of CA 4.61 4.32 0.80 17.30 13.84 0.10 2.09 2.30 33.64 1.25
CAL CalFed Inc. of Los Angeles CA 4.52 4.52 0.58 13.78 9.40 0.55 12.96 1.61 77.66 1.85
CSA Coast Savings Financial of CA 5.16 5.08 0.46 9.62 6.46 0.40 8.33 1.62 48.77 1.17
CFB Commercial Federal Corp. of NE 6.05 5.43 0.84 15.46 9.04 0.84 15.37 1.02 73.31 1.02
DME Dime Savings Bank, FSB of NY* 5.08 5.03 0.34 6.97 5.18 0.46 9.54 NA NA 1.24
DSL Downey Financial Corp. of CA 8.33 8.18 0.61 7.57 8.30 0.53 6.62 2.03 29.06 0.66
FRC First Republic Bancorp of CA* 5.65 5.64 0.14 2.38 2.31 0.13 2.31 2.64 36.28 1.09
FED FirstFed Fin. Corp. of CA 4.69 4.61 0.18 3.94 4.09 0.20 4.38 2.56 73.84 2.55
GLN Glendale Fed. Bk, FSB of CA 5.37 4.95 0.12 2.49 2.35 0.29 5.87 2.08 65.06 1.78
GDW Golden West Fin. Corp. of CA 6.66 6.27 0.75 11.76 8.11 0.74 11.63 1.37 31.65 0.53
GWF Great Western Fin. Corp. of CA 5.78 5.06 0.60 10.98 8.08 0.54 10.01 1.81 43.93 1.15
GPT GreenPoint Fin. Corp. of NY* 10.58 6.03 0.92 6.87 7.09 0.96 7.17 2.94 24.69 1.67
SFB Standard Fed. Bancorp of MI 6.96 5.93 0.94 13.84 10.18 0.85 12.50 0.45 59.52 0.38
TCB TCF Financial Corp. of MN 7.69 7.35 1.37 20.13 8.66 1.29 19.04 0.92 102.63 1.23
WES Westcorp Inc. of Orange CA 9.89 9.86 1.21 13.72 7.68 0.60 6.86 1.24 107.17 2.37
AMEX Traded Companies
- ---------------------
BKC American Bank of Waterbury CT* 8.57 8.12 0.96 10.74 8.24 0.39 4.36 2.95 33.54 1.46
BFD BostonFed Bancorp of MA 13.51 13.51 0.21 2.42 1.63 0.18 2.05 1.67 40.40 0.85
CFX Cheshire Fin. Corp. of NH* 9.46 8.44 0.99 10.03 8.44 0.82 8.28 1.09 76.02 1.08
CZF Citisave Fin. Corp. of LA 18.18 18.17 1.28 9.16 7.29 0.88 6.28 0.30 38.75 0.21
CBK Citizens First Fin.Corp. of IL 15.57 15.57 0.63 4.01 5.53 0.68 4.37 NA NA 0.24
ESX Essex Bancorp of VA(8) 2.57 -0.08 0.32 7.80 47.09 -0.78 -18.91 3.32 47.35 1.88
FCB Falmouth Co-Op Bank of MA* 24.56 24.56 0.45 2.40 2.44 0.47 2.50 NA NA 1.31
GAF GA Financial Corp. of PA 22.44 22.44 0.58 4.73 2.97 0.78 6.30 0.19 78.79 0.41
KNK Kankakee Bancorp of IL 9.80 9.09 0.50 4.56 5.97 0.49 4.48 0.59 110.93 1.02
KYF Kentucky First Bancorp of KY 23.62 23.62 1.12 5.40 4.19 1.12 5.40 0.15 299.19 0.87
NYB New York Bancorp, Inc. of NY 5.78 5.78 1.18 19.84 10.67 1.12 18.82 1.63 45.81 1.22
PDB Piedmont Bancorp of NC 29.77 29.77 1.34 6.02 4.34 1.36 6.12 0.72 65.30 0.66
PLE Pinnacle Bank of AL 8.19 7.90 0.79 10.40 10.45 0.71 9.31 0.22 303.63 1.04
SSB Scotland Bancorp of NC 37.58 37.58 1.09 3.96 3.14 1.09 3.96 NA NA 0.52
SZB SouthFirst Bancshares of AL 14.89 14.89 0.55 3.25 4.40 0.76 4.49 0.56 52.60 0.45
SRN Southern Banc Company of AL 20.38 20.15 0.50 4.33 2.74 0.50 4.33 NA NA 0.25
SSM Stone Street Bancorp of NC 33.68 33.68 0.77 3.04 2.55 0.77 3.04 0.31 126.92 0.60
TSH Teche Holding Company of LA 17.16 17.16 1.17 7.06 6.94 1.14 6.91 0.24 362.84 1.10
FTF Texarkana Fst. Fin. Corp of AR 20.62 20.62 1.86 11.49 9.33 1.39 8.62 0.36 196.08 0.89
THR Three Rivers Fin. Corp. of MI 15.74 15.64 0.59 6.68 3.85 0.57 6.41 0.73 70.06 0.77
TBK Tolland Bank of CT* 6.25 5.96 0.61 9.90 11.35 0.44 7.25 4.14 27.24 1.62
WSB Washington SB, FSB of MD 8.23 8.23 0.94 12.58 10.99 0.70 9.38 NA NA 0.99
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 7.88 7.88 2.25 35.91 36.33 -0.16 -2.60 0.38 86.69 0.46
WFSB 1st Washington Bancorp of VA(8) 5.95 5.95 0.64 11.09 6.42 0.26 4.57 0.87 86.57 1.70
ALBK ALBANK Fin. Corp. of Albany NY 9.62 8.49 0.99 9.39 8.34 0.99 9.39 1.03 70.00 1.09
AMFC AMB Financial Corp. of IN 20.06 20.06 0.49 4.30 2.95 0.49 4.30 0.71 63.16 0.66
ASBP ASB Financial Corp. of OH 23.07 23.07 1.03 4.75 4.27 1.03 4.75 1.48 53.58 1.30
ABBK Abington Savings Bank of MA(8)* 6.50 5.69 0.36 5.29 5.57 0.24 3.48 0.37 88.30 0.58
AADV Advantage Bancorp of WI 9.77 8.47 0.90 9.33 7.54 0.81 8.40 0.56 100.02 1.04
AFCB Affiliated Comm BC, Inc of MA 10.25 10.17 0.71 6.31 6.94 0.86 7.56 1.34 57.09 1.28
ALBC Albion Banc Corp. of Albion NY 10.71 10.71 0.30 2.87 4.00 0.25 2.43 0.72 61.31 0.55
ATSB AmTrust Capital Corp. of IN 10.34 10.23 0.31 2.75 4.00 0.07 0.59 1.31 38.02 0.73
AHCI Ambanc Holding Co. of NY* 19.17 19.17 -0.03 -0.23 -0.21 -0.04 -0.35 4.22 24.58 1.64
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NYSE Traded Companies
- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AHM Ahmanson and Co. H.F. of CA 7.22 129.26 5.96 137.92 NM 0.88 3.34 24.11
CAL CalFed Inc. of Los Angeles CA 10.64 136.62 6.17 136.62 11.31 0.00 0.00 0.00
CSA Coast Savings Financial of CA 15.49 141.42 7.30 143.80 17.88 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 11.06 144.41 8.74 160.75 11.12 0.40 1.04 11.53
DME Dime Savings Bank, FSB of NY* 19.29 131.46 6.68 132.93 14.11 0.00 0.00 0.00
DSL Downey Financial Corp. of CA 12.05 88.70 7.39 90.28 13.78 0.48 2.37 28.57
FRC First Republic Bancorp of CA* NM 99.67 5.63 99.80 NM 0.00 0.00 0.00
FED FirstFed Fin. Corp. of CA 24.46 94.50 4.43 96.13 21.99 0.00 0.00 0.00
GLN Glendale Fed. Bk, FSB of CA NM 102.17 5.48 110.86 18.05 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 12.33 136.97 9.12 145.61 12.47 0.38 0.70 8.60
GWF Great Western Fin. Corp. of CA 12.37 128.94 7.45 147.24 13.57 1.00 4.21 52.08
GPT GreenPoint Fin. Corp. of NY* 14.10 98.08 10.38 172.20 13.50 0.80 2.80 39.41
SFB Standard Fed. Bancorp of MI 9.82 128.25 8.92 150.33 10.88 0.76 1.97 19.39
TCB TCF Financial Corp. of MN 11.55 212.72 16.35 222.44 12.21 0.75 2.33 26.98
WES Westcorp Inc. of Orange CA 13.03 157.05 15.54 157.58 NM 0.38 2.05 26.76
AMEX Traded Companies
- ---------------------
BKC American Bank of Waterbury CT* 12.13 126.48 10.84 133.37 NM 1.36 5.55 67.33
BFD BostonFed Bancorp of MA NM 88.13 11.91 88.13 NM 0.20 1.63 NM
CFX Cheshire Fin. Corp. of NH* 11.84 113.59 10.75 127.29 14.34 0.72 5.29 62.61
CZF Citisave Fin. Corp. of LA 13.73 93.21 16.95 93.27 20.00 0.30 2.14 29.41
CBK Citizens First Fin.Corp. of IL 18.07 72.54 11.30 72.54 16.59 0.00 0.00 0.00
ESX Essex Bancorp of VA(8) 2.12 26.68 0.69 NM NM 0.00 0.00 0.00
FCB Falmouth Co-Op Bank of MA* NM 69.07 16.96 69.07 NM 0.00 0.00 0.00
GAF GA Financial Corp. of PA NM 77.55 17.40 77.55 NM 0.00 0.00 0.00
KNK Kankakee Bancorp of IL 16.74 77.84 7.63 83.91 17.04 0.40 2.08 34.78
KYF Kentucky First Bancorp of KY 23.89 95.38 22.53 95.38 23.89 0.50 3.67 NM
NYB New York Bancorp, Inc. of NY 9.38 187.78 10.85 187.78 9.88 0.80 3.14 29.41
PDB Piedmont Bancorp of NC 23.05 95.16 28.33 95.16 22.66 0.48 3.59 NM
PLE Pinnacle Bank of AL 9.57 95.73 7.84 99.21 10.70 0.72 4.40 42.11
SSB Scotland Bancorp of NC NM 84.28 31.67 84.28 NM 0.00 0.00 0.00
SZB SouthFirst Bancshares of AL 22.73 80.75 12.02 80.75 16.45 0.50 4.00 NM
SRN Southern Banc Company of AL NM 84.59 17.24 85.53 NM 0.35 2.67 NM
SSM Stone Street Bancorp of NC NM 78.72 26.52 78.72 NM 0.44 2.61 NM
TSH Teche Holding Company of LA 14.40 91.32 15.67 91.32 14.72 0.50 3.77 54.35
FTF Texarkana Fst. Fin. Corp of AR 10.72 93.46 19.27 93.46 14.30 0.45 2.84 30.41
THR Three Rivers Fin. Corp. of MI NM 88.93 13.99 89.47 NM 0.30 2.26 58.82
TBK Tolland Bank of CT* 8.81 84.07 5.26 88.20 12.04 0.00 0.00 0.00
WSB Washington SB, FSB of MD 9.10 108.05 8.89 108.05 12.20 0.10 1.86 16.95
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 2.75 83.51 6.58 83.51 NM 0.40 1.48 4.08
WFSB 1st Washington Bancorp of VA(8) 15.57 165.76 9.87 165.76 NM 0.12 1.51 23.53
ALBK ALBANK Fin. Corp. of Albany NY 11.99 112.38 10.82 127.34 11.99 0.48 1.81 21.72
AMFC AMB Financial Corp. of IN NM 73.07 14.65 73.07 NM 0.00 0.00 0.00
ASBP ASB Financial Corp. of OH 23.44 99.73 23.01 99.73 23.44 0.30 2.00 46.88
ABBK Abington Savings Bank of MA(8)* 17.94 92.31 6.00 105.54 NM 0.40 2.62 47.06
AADV Advantage Bancorp of WI 13.27 119.95 11.72 138.45 14.74 0.32 0.96 12.75
AFCB Affiliated Comm BC, Inc of MA 14.41 91.93 9.43 92.67 12.03 0.48 2.75 39.67
ALBC Albion Banc Corp. of Albion NY 25.00 70.94 7.60 70.94 NM 0.31 1.88 46.97
ATSB AmTrust Capital Corp. of IN 25.00 69.44 7.18 70.18 NM 0.00 0.00 0.00
AHCI Ambanc Holding Co. of NY* NM 68.93 13.21 68.93 NM 0.00 0.00 NM
</TABLE>
<PAGE> 39
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASBI Ameriana Bancorp of IN 11.64 11.62 0.93 7.22 7.41 0.90 7.00 0.56 50.63 0.40
AFFFZ America First Fin. Fund of CA 6.80 6.64 0.81 12.56 11.91 0.81 12.48 0.65 46.82 0.50
AMFB American Federal Bank of SC 8.21 7.58 1.29 16.11 10.00 1.41 17.57 0.50 151.69 1.27
ANBK American Nat'l Bancorp of MD 10.91 10.91 0.34 3.61 3.61 0.33 3.51 1.40 69.89 1.61
ABCW Anchor Bancorp Wisconsin of WI 6.75 6.57 0.87 12.13 8.58 0.85 11.80 0.61 214.80 1.63
ANDB Andover Bancorp, Inc. of MA* 7.60 7.60 0.87 11.60 8.33 0.91 12.17 1.60 63.49 1.46
ASFC Astoria Financial Corp. of NY 8.55 6.95 0.75 8.45 8.20 0.74 8.37 0.85 23.49 0.62
AVND Avondale Fin. Corp. of IL 10.63 10.63 0.65 6.66 7.15 0.45 4.65 0.85 82.48 1.72
BFSI BFS Bankorp, Inc. of NY 8.14 8.14 1.84 24.85 16.53 1.78 24.01 1.48 69.83 1.13
BKCT Bancorp Connecticut of CT* 10.81 10.81 1.18 10.65 7.46 1.18 10.65 1.69 74.29 2.13
BWFC Bank West Fin. Corp. of MI 19.78 19.78 0.69 3.38 3.73 0.41 1.98 0.08 112.71 0.13
BANC BankAtlantic Bancorp of FL 8.33 7.65 0.97 14.59 11.08 0.76 11.35 1.25 91.39 2.12
BKUNA BankUnited SA of FL 6.11 5.77 1.02 26.11 14.93 0.78 20.05 0.90 32.13 0.38
BKCO Bankers Corp. of NJ* 9.81 9.60 1.12 11.36 9.39 1.18 11.99 1.59 24.80 0.56
BVFS Bay View Capital Corp. of CA 6.98 6.81 -0.10 -1.46 -1.36 0.26 3.66 1.23 76.86 1.33
BFSB Bedford Bancshares of VA 16.11 16.11 1.26 7.57 7.27 1.26 7.57 1.24 43.93 0.64
BTHL Bethel Bancorp. of ME* 7.56 6.36 0.61 8.16 8.64 0.47 6.27 NA NA 1.48
SBOS Boston Bancorp of MA(8)* 12.34 12.34 1.91 21.36 16.86 0.91 10.23 0.65 18.09 0.61
BSBC Branford SB of CT* 8.69 8.69 0.76 9.05 6.15 0.76 9.05 2.31 87.06 2.77
BRFC Bridgeville SB, FSB of PA 28.51 28.51 1.24 4.21 4.29 1.24 4.21 0.25 102.86 0.70
BYFC Broadway Fin. Corp. of CA 11.42 11.42 0.40 6.29 4.90 0.45 7.06 2.40 34.37 1.05
CBCO CB Bancorp of Michigan City IN 9.16 9.16 1.36 13.92 11.34 1.36 13.92 0.84 77.80 1.45
CCFH CCF Holding Company of GA 21.23 21.23 0.86 5.17 4.82 0.82 4.91 0.63 84.80 0.90
CENF CENFED Financial Corp. of CA 5.00 4.99 0.48 9.87 9.16 0.33 6.81 1.22 54.40 0.89
CFSB CFSB Bancorp of Lansing MI 8.29 8.29 0.94 11.62 7.71 0.92 11.40 0.09 662.31 0.69
CKFB CKF Bancorp of Danville KY 27.30 27.30 1.24 4.40 3.85 1.24 4.40 1.70 10.61 0.21
CNSB CNS Bancorp of MO 23.07 23.07 0.74 3.20 3.87 0.62 2.70 0.70 53.70 0.60
CSBF CSB Financial Group Inc of IL 30.89 30.89 0.82 3.62 3.51 0.82 3.62 0.78 37.38 0.55
CFHC California Fin. Hld. Co. of CA 6.75 6.69 0.28 4.24 3.48 0.24 3.69 1.39 46.09 0.87
CBCI Calumet Bancorp of Chicago IL 16.99 16.99 1.21 7.25 8.14 1.20 7.22 1.23 82.56 1.36
CAFI Camco Fin. Corp. of OH 8.33 8.33 1.22 15.53 10.81 0.93 11.87 0.56 54.79 0.36
CMRN Cameron Fin. Corp. of MO 26.54 26.54 1.61 5.79 7.19 1.59 5.73 0.79 86.49 0.81
CAPS Capital Savings Bancorp of MO 10.43 10.43 0.95 8.92 9.59 0.95 8.92 0.20 152.91 0.38
CARV Carver FSB of New York, NY 9.63 9.16 0.20 2.06 4.13 0.25 2.66 1.13 27.64 1.88
CASB Cascade SB of Everett WA 6.22 6.22 0.56 8.94 5.21 0.29 4.68 2.40 37.69 1.26
CATB Catskill Fin. Corp. of NY* 27.79 27.79 0.96 3.44 4.59 1.10 3.96 NA NA 1.63
CNIT Cenit Bancorp of Norfolk VA 6.98 6.72 0.42 5.90 4.62 0.49 6.92 0.51 109.75 1.17
CTBK Center Banks, Inc. of NY* 7.08 7.08 0.56 8.10 9.24 0.58 8.35 1.07 115.49 1.55
CFCX Center Fin. Corp of CT(8)* 6.10 5.70 0.70 11.37 6.63 0.47 7.75 2.61 44.33 1.46
CEBK Central Co-Op. Bank of MA* 9.95 8.69 0.60 6.40 6.00 0.57 6.01 2.31 41.68 1.39
CJFC Central Jersey Fin. Corp of NJ(8) 11.78 10.95 1.11 10.71 6.15 1.06 10.20 1.91 33.63 1.30
CBSB Charter Financial Inc. of IL 21.41 20.85 1.12 6.95 5.72 1.12 6.95 0.49 149.63 1.05
COFI Charter One Financial of OH(8) 6.90 6.79 0.18 2.81 1.04 1.18 18.12 0.42 117.80 0.92
CVAL Chester Valley Bancorp of PA 9.15 9.15 0.91 10.02 8.11 0.87 9.63 1.03 92.67 1.20
CRCL Circle Financial Corp.of OH(8) 10.65 9.24 0.50 4.34 4.32 0.43 3.72 0.10 213.87 0.35
CTZN CitFed Bancorp of Dayton OH 6.70 5.81 0.68 9.99 7.62 0.55 8.16 0.85 74.34 1.06
CLAS Classic Bancshares of KY 28.78 28.78 0.44 2.82 1.98 0.40 2.55 0.51 77.33 0.62
CMSB Cmnwealth SB, MHC OF PA (46.3)(8) 8.30 7.30 0.78 8.32 5.91 0.69 7.40 0.44 103.05 0.85
CBSA Coastal Bancorp of Houston TX 3.31 2.69 0.37 10.64 10.65 0.37 10.58 0.67 32.48 0.54
CFCP Coastal Fin. Corp. of SC 6.08 6.08 0.99 16.43 7.02 0.89 14.80 0.42 209.91 1.02
COFD Collective Bancorp Inc. of NJ 7.05 6.54 1.06 15.87 11.33 1.04 15.51 0.57 45.24 0.53
CMSV Commty. Svgs, MHC of FL(47.6) 11.82 11.82 0.83 6.60 6.39 0.81 6.40 1.24 44.70 1.02
CBIN Community Bank Shares of IN 11.36 11.36 0.90 8.26 7.46 0.88 8.09 0.12 219.42 0.50
CBNH Community Bankshares Inc of NH* 7.23 7.23 0.78 10.93 8.06 0.65 9.07 0.46 159.64 1.09
CFTP Community Fed. Bancorp of MS 33.10 33.10 1.17 6.28 3.13 1.14 6.13 0.34 84.38 0.53
CFFC Community Fin. Corp. of VA 13.70 13.70 1.29 9.70 7.90 1.29 9.70 0.45 139.66 0.70
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASBI Ameriana Bancorp of IN 13.50 100.67 11.72 100.82 13.92 0.56 4.15 56.00
AFFFZ America First Fin. Fund of CA 8.40 101.74 6.92 104.19 8.45 1.60 5.95 50.00
AMFB American Federal Bank of SC 10.00 153.92 12.64 166.85 9.17 0.40 2.58 25.81
ANBK American Nat'l Bancorp of MD NM 83.27 9.09 83.27 NM 0.00 0.00 0.00
ABCW Anchor Bancorp Wisconsin of WI 11.65 142.71 9.63 146.56 11.98 0.40 1.17 13.61
ANDB Andover Bancorp, Inc. of MA* 12.00 132.09 10.03 132.09 11.44 0.60 2.22 26.67
ASFC Astoria Financial Corp. of NY 12.19 102.98 8.80 126.60 12.30 0.44 1.63 19.91
AVND Avondale Fin. Corp. of IL 13.98 84.69 9.00 84.69 20.00 0.00 0.00 0.00
BFSI BFS Bankorp, Inc. of NY 6.05 132.98 10.82 132.98 6.26 0.00 0.00 0.00
BKCT Bancorp Connecticut of CT* 13.41 137.48 14.86 137.48 13.41 0.72 3.25 43.64
BWFC Bank West Fin. Corp. of MI NM 91.74 18.14 91.74 NM 0.28 2.55 68.29
BANC BankAtlantic Bancorp of FL 9.03 111.59 9.29 121.50 11.61 0.18 1.38 12.50
BKUNA BankUnited SA of FL 6.70 94.58 5.78 100.13 8.72 0.00 0.00 0.00
BKCO Bankers Corp. of NJ* 10.65 117.43 11.52 119.96 10.09 0.56 3.25 34.57
BVFS Bay View Capital Corp. of CA NM 114.56 8.00 117.51 NM 0.60 1.78 NM
BFSB Bedford Bancshares of VA 13.75 104.10 16.77 104.10 13.75 0.40 2.42 33.33
BTHL Bethel Bancorp. of ME* 11.57 91.11 6.89 108.41 15.06 0.32 2.56 29.63
SBOS Boston Bancorp of MA(8)* 5.93 104.24 12.86 104.24 12.39 0.00 0.00 0.00
BSBC Branford SB of CT* 16.25 140.69 12.22 140.69 16.25 0.00 0.00 0.00
BRFC Bridgeville SB, FSB of PA 23.31 97.31 27.74 97.31 23.31 0.32 2.33 54.24
BYFC Broadway Fin. Corp. of CA 20.41 67.89 7.75 67.89 18.18 0.20 2.00 40.82
CBCO CB Bancorp of Michigan City IN 8.82 115.58 10.59 115.58 8.82 0.00 0.00 0.00
CCFH CCF Holding Company of GA 20.76 82.83 17.59 82.83 21.88 0.40 3.27 67.80
CENF CENFED Financial Corp. of CA 10.91 102.28 5.12 102.48 15.81 0.33 1.53 16.75
CFSB CFSB Bancorp of Lansing MI 12.97 143.36 11.89 143.36 13.23 0.48 2.34 30.38
CKFB CKF Bancorp of Danville KY NM 113.31 30.93 113.31 NM 0.40 2.05 53.33
CNSB CNS Bancorp of MO NM 82.59 19.06 82.59 NM 0.00 0.00 0.00
CSBF CSB Financial Group Inc of IL NM 74.15 22.90 74.15 NM 0.00 0.00 0.00
CFHC California Fin. Hld. Co. of CA NM 119.70 8.08 120.74 NM 0.44 1.99 57.14
CBCI Calumet Bancorp of Chicago IL 12.28 87.53 14.87 87.53 12.33 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 9.25 135.12 11.25 135.12 12.11 0.46 2.34 21.70
CMRN Cameron Fin. Corp. of MO 13.92 84.06 22.31 84.06 14.06 0.28 2.07 28.87
CAPS Capital Savings Bancorp of MO 10.43 89.72 9.36 89.72 10.43 0.36 1.97 20.57
CARV Carver FSB of New York, NY 24.19 49.60 4.78 52.16 18.75 0.00 0.00 0.00
CASB Cascade SB of Everett WA 19.19 166.00 10.32 166.00 NM 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 21.81 75.09 20.87 75.09 18.98 0.00 0.00 0.00
CNIT Cenit Bancorp of Norfolk VA 21.66 117.24 8.18 121.78 18.48 0.80 2.35 50.96
CTBK Center Banks, Inc. of NY* 10.83 84.25 5.96 84.25 10.50 0.24 1.75 18.90
CFCX Center Fin. Corp of CT(8)* 15.09 156.14 9.53 167.17 22.15 0.28 1.16 17.50
CEBK Central Co-Op. Bank of MA* 16.67 100.73 10.02 115.38 17.74 0.00 0.00 0.00
CJFC Central Jersey Fin. Corp of NJ(8) 16.27 149.42 17.60 160.74 17.08 1.12 3.64 59.26
CBSB Charter Financial Inc. of IL 17.49 87.80 18.80 90.17 17.49 0.24 2.11 36.92
COFI Charter One Financial of OH(8) NM 176.09 12.16 178.93 14.85 0.92 2.59 NM
CVAL Chester Valley Bancorp of PA 12.34 119.50 10.93 119.50 12.84 0.40 2.11 25.97
CRCL Circle Financial Corp.of OH(8) 23.13 98.52 10.49 113.56 NM 0.68 2.00 46.26
CTZN CitFed Bancorp of Dayton OH 13.12 121.65 8.15 140.35 16.06 0.28 0.75 9.86
CLAS Classic Bancshares of KY NM 71.95 20.71 71.95 NM 0.00 0.00 0.00
CMSB Cmnwealth SB, MHC OF PA (46.3)(8) 16.93 134.97 11.21 153.57 19.03 0.50 2.33 39.37
CBSA Coastal Bancorp of Houston TX 9.39 96.59 3.20 119.05 9.44 0.40 2.21 20.73
CFCP Coastal Fin. Corp. of SC 14.24 219.61 13.36 219.61 15.81 0.50 2.33 33.11
COFD Collective Bancorp Inc. of NJ 8.82 132.34 9.33 142.54 9.03 0.80 3.46 30.53
CMSV Commty. Svgs, MHC of FL(47.6) 15.66 100.98 11.93 100.98 16.15 0.70 4.52 70.71
CBIN Community Bank Shares of IN 13.41 100.23 11.38 100.23 13.69 0.34 2.64 35.42
CBNH Community Bankshares Inc of NH* 12.41 113.20 8.18 113.20 14.96 0.60 3.43 42.55
CFTP Community Fed. Bancorp of MS NM 95.89 31.74 95.89 NM 0.30 2.18 69.77
CFFC Community Fin. Corp. of VA 12.66 116.01 15.90 116.01 12.66 0.52 2.60 32.91
</TABLE>
<PAGE> 40
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CIBI Community Inv. Corp. of OH 14.36 14.36 1.00 7.71 8.00 0.95 7.33 0.73 69.06 0.68
CONE Conestoga Bancorp of Roslyn NY(8) 16.17 16.17 0.67 4.11 3.23 0.54 3.33 0.16 26.87 0.18
COOP Cooperative Bk.for Svgs. of NC 9.34 8.21 0.28 3.11 3.53 0.24 2.64 0.22 95.46 0.28
CNSK Covenant Bank for Svgs. of NJ* 5.05 5.05 0.62 11.55 8.08 0.62 11.55 2.04 38.62 1.43
CRZY Crazy Woman Creek Bncorp of WY 32.70 32.70 0.92 4.63 3.28 0.78 3.95 0.70 85.20 1.14
DNFC D&N Financial Corp. of MI 5.63 5.54 1.05 19.69 13.33 0.93 17.40 0.59 138.44 0.98
DSBC DS Bancor Inc. of Derby CT* 6.55 6.33 0.66 10.49 7.47 0.59 9.40 1.82 31.42 0.79
DFIN Damen Fin. Corp. of Chicago IL 24.17 24.17 0.81 5.02 3.74 0.79 4.91 0.14 92.58 0.35
DIBK Dime Financial Corp. of CT* 7.95 7.56 1.50 19.84 13.20 1.69 22.30 0.99 199.52 2.98
EBSI Eagle Bancshares of Tucker GA 6.65 6.65 0.97 13.73 9.56 0.94 13.29 0.49 138.35 0.98
EGFC Eagle Financial Corp. of CT 7.14 5.16 1.30 17.60 14.21 0.63 8.61 1.23 55.16 1.20
ETFS East Texas Fin. Serv. of TX 19.63 19.63 0.89 4.59 6.00 0.83 4.27 0.45 55.47 0.65
EBCP Eastern Bancorp of NH 7.70 7.25 0.60 8.23 8.62 0.50 6.82 1.81 23.60 0.74
ESBK Elmira SB of Elmira NY* 6.30 6.01 0.14 2.29 2.71 0.14 2.29 0.80 89.84 1.00
EFBI Enterprise Fed. Bancorp of OH 15.58 15.55 1.12 5.47 7.07 0.77 3.75 0.01 NA 0.27
EQSB Equitable FSB of Wheaton MD 5.25 5.25 0.84 16.16 13.82 0.83 16.02 0.98 22.55 0.33
FFFG F.F.O. Financial Group of FL 6.01 6.01 0.46 6.98 5.28 0.46 6.98 3.77 45.17 2.74
FCBF FCB Fin. Corp. of Neenah WI 18.46 18.46 1.03 5.31 5.75 1.01 5.21 NA NA 0.51
FFBS FFBS Bancorp of Columbus MS 19.57 19.57 1.31 6.46 4.35 1.31 6.46 0.70 76.75 0.79
FFDF FFD Financial Corp. of OH 28.03 28.03 1.04 3.69 5.07 1.04 3.69 NA NA 0.32
FFLC FFLC Bancorp of Leesburg FL 16.97 16.97 0.94 5.42 6.16 0.94 5.47 0.08 365.93 0.51
FFFC FFVA Financial Corp. of VA 16.32 15.99 1.30 7.25 6.52 1.27 7.06 0.48 132.38 1.09
FFWC FFW Corporation of Wabash IN 10.80 10.80 0.90 8.12 9.04 1.01 9.05 0.06 620.00 0.52
FFYF FFY Financial Corp. of OH 18.35 18.35 1.21 6.53 5.76 1.25 6.73 0.88 66.89 0.78
FMCO FMS Financial Corp. of NJ 6.58 6.40 0.84 13.04 9.80 0.84 13.04 1.11 49.19 0.95
FFHH FSF Financial Corp. of MN 15.97 15.97 0.62 3.34 4.09 0.62 3.34 0.09 250.67 0.39
FMLY Family Bancorp of Haverhill MA(8)* 7.76 7.10 0.96 12.66 7.96 0.86 11.34 1.19 61.53 1.42
FMCT Farmers & Mechanics Bank of CT(8)* 5.55 5.55 0.06 1.13 0.66 -0.02 -0.39 2.52 33.97 1.43
FOBC Fed One Bancorp of Wheeling WV 12.12 11.47 1.00 7.73 9.03 1.00 7.73 0.28 152.99 1.16
FFRV Fid. Fin. Bkshrs. Corp. of VA 8.51 8.50 0.99 11.83 10.19 0.97 11.66 1.16 84.92 1.20
FBCI Fidelity Bancorp of Chicago IL 12.05 12.00 0.77 5.66 5.99 0.73 5.31 0.53 20.66 0.16
FSBI Fidelity Bancorp, Inc. of PA 7.28 7.22 0.60 7.78 7.46 0.59 7.65 0.81 55.09 1.02
FFFL Fidelity FSB, MHC of FL(47.2) 10.23 10.12 0.64 6.24 5.31 0.60 5.81 0.38 78.38 0.41
FFED Fidelity Fed. Bancorp of IN 5.07 5.07 1.30 26.09 11.50 1.22 24.57 0.07 428.14 0.35
FFOH Fidelity Financial of OH 20.37 20.37 0.82 5.54 4.55 0.82 5.54 0.40 80.88 0.43
FIBC Financial Bancorp of NY 10.66 10.60 0.65 5.40 6.34 0.64 5.33 2.80 19.48 1.07
FNSC Financial Security Corp. of IL(8) 14.36 14.36 0.77 5.66 5.53 0.71 5.26 2.77 31.27 1.24
FSBS First Ashland Fin. Corp. of KY(8) 26.33 26.33 0.87 4.09 2.79 0.87 4.09 NA NA 0.17
FBSI First Bancshares of MO 16.92 16.89 0.78 4.33 5.25 0.77 4.27 0.43 83.74 0.44
FBBC First Bell Bancorp of PA 21.05 21.05 1.55 7.69 6.78 1.53 7.61 0.11 97.74 0.14
FBER First Bergen Bancorp of NJ 16.52 16.52 0.28 3.06 2.19 0.42 4.59 2.49 59.97 3.49
FCIT First Cit. Fin. Corp of MD 6.28 6.28 0.71 11.35 8.11 0.58 9.23 3.43 33.61 1.63
FFBA First Colorado Bancorp of Co 16.19 16.00 0.98 8.50 5.39 0.98 8.50 0.25 84.38 0.33
FDEF First Defiance Fin.Corp. of OH 25.39 25.39 1.15 5.36 4.88 1.13 5.26 NA NA 0.48
FESX First Essex Bancorp of MA* 7.67 7.67 0.94 13.05 11.70 0.79 11.01 0.77 108.82 1.32
FFES First FS&LA of E. Hartford CT 6.19 6.17 0.60 8.87 11.48 0.59 8.78 0.83 40.36 1.94
FSSB First FS&LA of San Bern. CA 5.64 5.39 -0.17 -2.90 -5.20 -0.35 -6.09 4.86 16.11 1.21
FFSX First FS&LA. MHC of IA (45.0) 8.41 8.37 0.63 7.77 6.61 0.58 7.15 0.17 229.25 0.53
FFML First Family Bank, FSB of FL 5.61 5.61 0.82 16.10 11.14 0.48 9.50 0.42 105.69 0.61
FFSW First Fed Fin. Serv. of OH 5.32 4.84 0.85 15.68 8.53 0.69 12.62 0.15 196.94 0.47
BDJI First Fed. Bancorp. of MN 14.38 14.38 0.70 5.24 6.54 0.70 5.24 0.23 211.89 0.98
FFBH First Fed. Bancshares of AR 15.90 15.90 0.99 6.24 6.86 0.99 6.24 0.09 278.68 0.35
FFEC First Fed. Bancshares of WI 14.32 13.74 0.96 5.83 5.25 0.94 5.69 0.13 104.41 0.19
FTFC First Fed. Capital Corp. of WI 6.85 6.45 0.91 13.51 9.06 0.67 9.91 NA NA 0.84
FFFB First Fed. Fin. Bancorp of OH 18.05 18.05 0.67 3.69 5.52 0.67 3.69 NA NA NA
FFKY First Fed. Fin. Corp. of KY 14.04 13.10 1.65 11.51 6.44 1.44 10.03 0.45 102.40 0.53
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CIBI Community Inv. Corp. of OH 12.50 85.96 12.34 85.96 13.16 0.16 1.07 13.33
CONE Conestoga Bancorp of Roslyn NY(8) NM 124.73 20.17 124.73 NM 0.00 0.00 0.00
COOP Cooperative Bk.for Svgs. of NC NM 86.56 8.08 98.44 NM 0.00 0.00 0.00
CNSK Covenant Bank for Svgs. of NJ* 12.37 137.30 6.94 137.30 12.37 0.00 0.00 0.00
CRZY Crazy Woman Creek Bncorp of WY NM 70.69 23.12 70.69 NM 0.20 1.93 58.82
DNFC D&N Financial Corp. of MI 7.50 132.87 7.48 135.00 8.49 0.00 0.00 0.00
DSBC DS Bancor Inc. of Derby CT* 13.38 133.38 8.74 138.14 14.94 0.24 0.67 8.92
DFIN Damen Fin. Corp. of Chicago IL NM 81.94 19.81 81.94 NM 0.24 2.04 54.55
DIBK Dime Financial Corp. of CT* 7.58 137.54 10.94 144.75 6.74 0.28 1.92 14.51
EBSI Eagle Bancshares of Tucker GA 10.46 134.34 8.93 134.34 10.81 0.52 3.25 33.99
EGFC Eagle Financial Corp. of CT 7.04 113.44 8.10 156.82 14.39 0.92 3.57 25.14
ETFS East Texas Fin. Serv. of TX 16.67 76.72 15.06 76.72 17.90 0.20 1.38 22.99
EBCP Eastern Bancorp of NH 11.61 92.07 7.09 97.77 14.01 0.48 2.95 34.29
ESBK Elmira SB of Elmira NY* NM 85.47 5.38 89.47 NM 0.64 3.76 NM
EFBI Enterprise Fed. Bancorp of OH 14.14 90.21 14.05 90.38 20.59 0.00 0.00 0.00
EQSB Equitable FSB of Wheaton MD 7.24 108.79 5.71 108.79 7.30 0.00 0.00 0.00
FFFG F.F.O. Financial Group of FL 18.93 130.28 7.83 130.28 18.93 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 17.40 94.52 17.45 94.52 17.75 0.72 4.06 70.59
FFBS FFBS Bancorp of Columbus MS 23.00 149.64 29.28 149.64 23.00 0.50 2.17 50.00
FFDF FFD Financial Corp. of OH 19.71 72.80 20.40 72.80 19.71 0.00 0.00 0.00
FFLC FFLC Bancorp of Leesburg FL 16.23 87.02 14.77 87.02 16.09 0.40 2.16 35.09
FFFC FFVA Financial Corp. of VA 15.34 117.21 19.13 119.59 15.73 0.40 2.19 33.61
FFWC FFW Corporation of Wabash IN 11.06 88.47 9.55 88.47 9.92 0.60 3.12 34.48
FFYF FFY Financial Corp. of OH 17.35 114.81 21.07 114.81 16.85 0.60 2.58 44.78
FMCO FMS Financial Corp. of NJ 10.21 127.87 8.42 131.48 10.21 0.20 1.16 11.83
FFHH FSF Financial Corp. of MN 24.48 86.97 13.89 86.97 24.48 0.50 4.26 NM
FMLY Family Bancorp of Haverhill MA(8)* 12.56 149.94 11.63 163.85 14.03 0.48 1.90 23.88
FMCT Farmers & Mechanics Bank of CT(8)* NM 168.52 9.36 168.52 NM 0.00 0.00 0.00
FOBC Fed One Bancorp of Wheeling WV 11.07 87.72 10.63 92.65 11.07 0.54 3.72 41.22
FFRV Fid. Fin. Bkshrs. Corp. of VA 9.81 110.32 9.39 110.42 9.96 0.20 1.51 14.81
FBCI Fidelity Bancorp of Chicago IL 16.70 96.81 11.66 97.15 17.79 0.24 1.47 24.49
FSBI Fidelity Bancorp, Inc. of PA 13.40 104.30 7.60 105.15 13.62 0.29 1.73 23.20
FFFL Fidelity FSB, MHC of FL(47.2) 18.84 114.01 11.67 115.35 20.22 0.60 4.36 NM
FFED Fidelity Fed. Bancorp of IN 8.70 210.53 10.68 210.53 9.23 0.80 6.67 57.97
FFOH Fidelity Financial of OH 22.00 81.15 16.53 81.15 22.00 0.20 1.98 43.48
FIBC Financial Bancorp of NY 15.78 88.07 9.38 88.56 15.97 0.30 2.38 37.50
FNSC Financial Security Corp. of IL(8) 18.09 98.72 14.18 98.72 19.47 0.00 0.00 0.00
FSBS First Ashland Fin. Corp. of KY(8) NM 112.38 29.59 112.38 NM 0.00 0.00 0.00
FBSI First Bancshares of MO 19.06 83.52 14.13 83.70 19.30 0.20 1.31 25.00
FBBC First Bell Bancorp of PA 14.76 99.14 20.87 99.14 14.91 0.20 1.44 21.28
FBER First Bergen Bancorp of NJ NM 67.76 11.20 67.76 NM 0.00 0.00 0.00
FCIT First Cit. Fin. Corp of MD 12.32 132.86 8.34 132.86 15.14 0.00 0.00 0.00
FFBA First Colorado Bancorp of Co 18.57 107.65 17.42 108.93 18.57 0.32 2.50 46.38
FDEF First Defiance Fin.Corp. of OH 20.51 88.95 22.59 88.95 20.90 0.28 2.58 52.83
FESX First Essex Bancorp of MA* 8.55 107.47 8.24 107.47 10.13 0.48 4.39 37.50
FFES First FS&LA of E. Hartford CT 8.71 77.39 4.79 77.63 8.80 0.60 3.48 30.30
FSSB First FS&LA of San Bern. CA NM 56.27 3.18 58.93 NM 0.00 0.00 NM
FFSX First FS&LA. MHC of IA (45.0) 15.12 113.79 9.58 114.38 16.44 0.72 2.94 44.44
FFML First Family Bank, FSB of FL 8.97 133.16 7.47 133.16 15.22 0.16 0.76 6.84
FFSW First Fed Fin. Serv. of OH 11.72 174.92 9.31 192.31 14.56 0.48 1.70 19.92
BDJI First Fed. Bancorp. of MN 15.29 73.65 10.59 73.65 15.29 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 14.58 91.03 14.48 91.03 14.58 0.00 0.00 0.00
FFEC First Fed. Bancshares of WI 19.06 111.32 15.94 116.04 19.54 0.28 1.79 34.15
FTFC First Fed. Capital Corp. of WI 11.04 138.06 9.46 146.64 15.04 0.64 3.08 34.04
FFFB First Fed. Fin. Bancorp of OH 18.10 66.75 12.05 66.75 18.10 0.00 0.00 0.00
FFKY First Fed. Fin. Corp. of KY 15.53 175.36 24.62 187.90 17.83 0.48 2.34 36.36
</TABLE>
<PAGE> 41
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ______________________ _______________ NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFBZ First Federal Bancorp of OH 7.81 7.80 1.10 14.70 9.81 1.08 14.45 0.62 144.45 1.01
FFWM First Fin. Corp of Western MD 12.53 12.53 0.42 3.52 3.08 0.39 3.24 2.02 116.36 3.17
FFCH First Fin. Holdings Inc. of SC 6.61 6.61 0.75 11.29 8.64 0.77 11.50 1.36 55.75 0.93
FPRY First Financial Bancorp of FL(8) 6.35 6.35 0.57 8.93 6.92 0.43 6.68 NA NA 0.84
FFBI First Financial Bancorp of IL 8.87 8.87 0.69 6.63 7.00 0.72 6.93 0.40 98.60 0.55
FFHC First Financial Corp. of WI 7.33 6.96 1.28 18.96 10.88 1.24 18.40 0.52 85.22 0.67
FFHS First Franklin Corp. of OH 9.51 9.51 0.63 6.59 7.33 0.62 6.47 0.73 57.88 0.64
FGHC First Georgia Hold. Corp of GA 8.16 7.22 0.86 10.81 9.83 0.86 10.81 1.51 47.32 0.84
FSPG First Home SB, SLA of NJ 6.52 6.34 1.01 15.73 12.17 0.98 15.30 0.97 79.35 1.40
FFSL First Independence Corp. of KS 12.64 12.64 1.14 8.56 10.99 1.14 8.56 0.96 70.41 1.10
FISB First Indiana Corp. of IN 8.96 8.83 1.17 13.93 8.84 1.00 11.82 1.70 64.84 1.32
FKFS First Keystone Fin. Corp of PA 8.28 8.28 0.48 5.48 5.77 0.51 5.92 2.86 19.07 0.91
FLFC First Liberty Fin. Corp. of GA 6.83 5.74 0.96 14.60 9.89 0.76 11.54 0.88 92.83 1.12
CASH First Midwest Fin. Corp. of IA 12.55 11.70 1.22 9.29 8.67 0.97 7.38 0.39 148.22 0.81
FMBD First Mutual Bancorp of IL 25.26 25.26 0.98 4.24 4.88 0.95 4.10 0.09 471.37 0.52
FMSB First Mutual SB of Bellevue WA* 6.64 6.64 1.02 15.30 10.74 1.01 15.08 0.19 359.89 0.83
FNGB First Northern Cap. Corp of WI 12.73 12.73 0.84 6.54 6.49 0.72 5.58 0.13 358.40 0.52
FFPB First Palm Beach Bancorp of FL 7.64 7.44 0.68 8.13 7.72 0.67 8.08 0.81 48.51 0.55
FSNJ First SB of NJ, MHC (45.0) 8.13 8.13 0.04 0.52 0.56 0.37 4.27 0.98 41.68 1.18
FSBC First SB, FSB of Clovis NM 4.74 4.74 0.31 6.79 9.64 0.24 5.25 1.44 21.82 0.98
FSLA First SB, SLA MHC of NJ (37.6) 9.49 8.24 0.86 9.52 7.87 0.83 9.13 0.96 55.11 1.08
SOPN First SB, SSB, Moore Co. of NC 26.21 26.21 1.48 5.67 5.26 1.50 5.78 0.03 936.92 0.35
FWWB First Savings Bancorp of WA* 25.80 25.80 1.02 8.65 3.66 1.00 8.48 0.23 283.53 1.12
SHEN First Shenango Bancorp of PA 13.24 13.24 1.01 7.19 6.70 0.95 6.79 0.49 146.55 1.10
FSFC First So.east Fin. Corp. of SC 19.61 19.61 0.90 4.60 4.33 0.89 4.55 0.14 238.66 0.52
FSFI First State Fin. Serv. of NJ 6.84 6.49 0.63 9.28 9.14 0.49 7.25 4.97 21.02 1.28
FFDP FirstFed Bancshares of IL 9.02 8.61 0.63 6.51 6.77 0.39 4.08 0.14 145.75 0.38
FLAG Flag Financial Corp of GA 9.56 9.56 0.91 9.92 8.75 0.81 8.79 1.69 36.23 0.90
FFPC Florida First Bancorp of FL(8) 6.92 6.92 0.85 12.80 6.74 0.78 11.77 0.82 150.67 2.11
FFIC Flushing Fin. Corp. of NY* 18.72 18.72 0.58 4.55 2.93 0.56 4.36 0.90 80.61 1.78
FBHC Fort Bend Holding Corp. of TX 7.27 7.27 0.74 10.13 12.00 0.67 9.18 NA NA 1.42
FTSB Fort Thomas Fin. Corp. of KY 24.30 24.30 1.30 5.84 4.12 1.30 5.84 1.78 19.53 0.42
FKKY Frankfort First Bancorp of KY 34.52 34.52 1.36 4.94 4.37 1.08 3.91 0.10 66.67 0.09
GFSB GFS Bancorp of Grinnell IA 12.04 12.04 1.09 8.45 7.75 1.06 8.29 0.97 52.35 0.61
GUPB GFSB Bancorp of Gallup NM 23.03 23.03 1.24 5.07 5.48 1.24 5.07 NA NA 0.87
GWBC Gateway Bancorp of KY 25.00 25.00 1.05 3.92 4.76 1.05 3.92 0.19 57.04 0.46
GBCI Glacier Bancorp of MT 9.63 9.61 1.59 16.27 8.19 1.59 16.27 0.23 225.96 0.72
GLBK Glendale Co-op. Bank of MA* 16.31 16.31 0.78 4.96 6.85 0.65 4.17 NA NA 0.70
GFCO Glenway Financial Corp. of OH 9.41 9.16 0.56 5.87 6.30 0.54 5.62 NA NA 0.29
GTPS Great American Bancorp of IL 29.42 29.42 0.68 2.82 2.88 0.68 2.82 0.45 53.28 0.37
GTFN Great Financial Corp. of KY 11.35 11.17 1.00 8.15 5.79 0.81 6.62 4.16 11.85 0.67
GSBC Great Southern Bancorp of MO 10.12 9.95 1.72 17.10 9.19 1.62 16.07 2.03 106.34 2.54
GDVS Greater DV SB,MHC of PA(19.9)* 12.29 12.29 0.48 3.95 3.41 0.48 3.95 3.05 22.60 1.18
GRTR Greater New York SB of NY* 5.68 5.68 0.46 8.39 8.09 0.45 8.20 9.21 9.89 2.16
GSFC Green Street Fin. Corp. of NC 31.53 31.53 1.42 4.50 4.77 1.42 4.50 0.16 67.98 0.19
GROV GroveBank for Savings of MA* 6.24 6.23 0.81 13.33 11.38 0.77 12.57 0.80 70.34 0.78
GFED Guaranty FS&LA,MHC of MO(31.1) 14.64 14.64 1.02 7.29 5.16 0.55 3.89 0.07 NA 1.59
GSLC Guaranty Svgs & Loan FA of VA 6.19 6.19 0.68 11.24 9.03 0.42 6.90 3.14 23.56 0.94
HEMT HF Bancorp of Hemet CA 11.44 11.43 0.19 1.70 2.05 0.19 1.70 0.59 60.30 1.21
HFFC HF Financial Corp. of SD(8) 8.97 8.95 0.78 8.71 9.25 0.61 6.80 0.69 93.68 0.88
HFNC HFNC Financial Corp. of NC 34.11 34.11 0.80 3.76 1.95 0.95 4.46 1.62 64.19 1.59
HMNF HMN Financial, Inc. of MN 16.76 16.76 1.10 6.35 7.12 0.99 5.67 0.14 305.95 0.73
HALL Hallmark Capital Corp. of WI 7.82 7.82 0.57 6.40 7.73 0.51 5.73 0.09 390.48 0.60
HARB Harbor FSB, MHC of FL (45.7) 8.86 8.86 1.19 13.64 8.19 1.18 13.58 0.54 199.07 1.48
HRBF Harbor Federal Bancorp of MD 14.17 14.17 0.61 3.19 4.34 0.61 3.19 0.23 97.99 0.37
HFSA Hardin Bancorp of Hardin MO 19.24 19.24 0.64 4.18 4.09 0.64 4.18 0.11 140.43 0.29
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FFBZ First Federal Bancorp of OH 10.20 141.44 11.05 141.60 10.37 0.44 1.81 18.41
FFWM First Fin. Corp of Western MD NM 110.96 13.91 110.96 NM 0.48 2.31 NM
FFCH First Fin. Holdings Inc. of SC 11.57 124.67 8.24 124.67 11.36 0.64 3.41 39.51
FPRY First Financial Bancorp of FL(8) 14.46 124.49 7.90 124.49 19.32 0.80 3.76 54.42
FFBI First Financial Bancorp of IL 14.29 96.04 8.52 96.04 13.68 0.00 0.00 0.00
FFHC First Financial Corp. of WI 9.19 161.65 11.86 170.23 9.47 0.60 2.79 25.64
FFHS First Franklin Corp. of OH 13.64 86.66 8.24 86.66 13.89 0.28 1.87 25.45
FGHC First Georgia Hold. Corp of GA 10.17 104.71 8.54 118.34 10.17 0.00 0.00 0.00
FSPG First Home SB, SLA of NJ 8.22 120.24 7.83 123.54 8.45 0.48 2.67 21.92
FFSL First Independence Corp. of KS 9.10 80.57 10.18 80.57 9.10 0.40 2.25 20.51
FISB First Indiana Corp. of IN 11.31 149.37 13.38 151.56 13.34 0.56 2.35 26.54
FKFS First Keystone Fin. Corp of PA 17.33 98.09 8.13 98.09 16.06 0.00 0.00 0.00
FLFC First Liberty Fin. Corp. of GA 10.12 129.16 8.82 153.82 12.79 0.52 2.39 24.19
CASH First Midwest Fin. Corp. of IA 11.54 103.59 13.00 111.11 14.52 0.44 1.96 22.56
FMBD First Mutual Bancorp of IL 20.49 75.48 19.07 75.48 21.19 0.28 2.24 45.90
FMSB First Mutual SB of Bellevue WA* 9.31 134.06 8.90 134.06 9.44 0.20 1.48 13.79
FNGB First Northern Cap. Corp of WI 15.41 99.31 12.64 99.31 18.03 0.60 3.78 58.25
FFPB First Palm Beach Bancorp of FL 12.95 101.30 7.74 104.04 13.02 0.40 1.83 23.67
FSNJ First SB of NJ, MHC (45.0) NM 80.51 6.54 80.51 21.59 0.50 3.51 NM
FSBC First SB, FSB of Clovis NM 10.38 69.97 3.31 69.97 13.41 0.00 0.00 0.00
FSLA First SB, SLA MHC of NJ (37.6) 12.70 112.66 10.69 129.74 13.24 0.40 2.54 32.26
SOPN First SB, SSB, Moore Co. of NC 19.00 105.91 27.76 105.91 18.63 0.60 3.16 60.00
FWWB First Savings Bancorp of WA* NM 95.08 24.53 95.08 NM 0.20 1.38 37.74
SHEN First Shenango Bancorp of PA 14.93 105.39 13.95 105.39 15.81 0.48 2.23 33.33
FSFC First So.east Fin. Corp. of SC 23.08 104.71 20.53 104.71 23.38 0.48 2.67 61.54
FSFI First State Fin. Serv. of NJ 10.94 98.22 6.72 103.65 14.00 0.22 2.10 22.92
FFDP FirstFed Bancshares of IL 14.77 97.77 8.82 102.39 23.55 0.40 2.46 36.36
FLAG Flag Financial Corp of GA 11.43 111.52 10.66 111.52 12.90 0.34 2.83 32.38
FFPC Florida First Bancorp of FL(8) 14.83 178.21 12.34 178.21 16.12 0.24 2.16 32.00
FFIC Flushing Fin. Corp. of NY* NM 94.13 17.62 94.13 NM 0.00 0.00 0.00
FBHC Fort Bend Holding Corp. of TX 8.33 82.48 6.00 82.48 9.20 0.28 1.58 13.15
FTSB Fort Thomas Fin. Corp. of KY 24.29 125.18 30.42 125.18 24.29 0.25 1.47 35.71
FKKY Frankfort First Bancorp of KY 22.87 87.38 30.16 87.38 NM 0.36 2.97 67.92
GFSB GFS Bancorp of Grinnell IA 12.90 107.09 12.89 107.09 13.15 0.30 1.48 19.11
GUPB GFSB Bancorp of Gallup NM 18.25 81.16 18.69 81.16 18.25 0.40 2.88 52.63
GWBC Gateway Bancorp of KY 21.02 89.37 22.34 89.37 21.02 0.40 2.88 60.61
GBCI Glacier Bancorp of MT 12.22 188.43 18.14 188.76 12.22 0.58 2.70 32.95
GLBK Glendale Co-op. Bank of MA* 14.60 69.59 11.35 69.59 17.37 0.00 0.00 0.00
GFCO Glenway Financial Corp. of OH 15.88 90.55 8.52 92.99 16.60 0.68 3.13 49.64
GTPS Great American Bancorp of IL NM 76.12 22.40 76.12 NM 0.40 2.81 NM
GTFN Great Financial Corp. of KY 17.26 139.40 15.82 141.68 21.23 0.48 1.79 30.97
GSBC Great Southern Bancorp of MO 10.89 179.52 18.17 182.56 11.59 0.70 2.59 28.23
GDVS Greater DV SB,MHC of PA(19.9)* NM 115.69 14.22 115.69 NM 0.36 3.51 NM
GRTR Greater New York SB of NY* 12.36 99.91 5.68 99.91 12.64 0.00 0.00 0.00
GSFC Green Street Fin. Corp. of NC 20.97 94.34 29.74 94.34 20.97 0.00 0.00 0.00
GROV GroveBank for Savings of MA* 8.78 109.29 6.82 109.52 9.32 0.72 2.77 24.32
GFED Guaranty FS&LA,MHC of MO(31.1) 19.40 129.46 18.95 129.46 NM 0.64 5.69 NM
GSLC Guaranty Svgs & Loan FA of VA 11.07 111.83 6.92 111.83 18.02 0.10 1.29 14.29
HEMT HF Bancorp of Hemet CA NM 74.71 8.55 74.77 NM 0.00 0.00 0.00
HFFC HF Financial Corp. of SD(8) 10.82 90.45 8.12 90.72 13.86 0.33 2.16 23.40
HFNC HFNC Financial Corp. of NC NM 115.20 39.29 115.20 NM 0.00 0.00 0.00
HMNF HMN Financial, Inc. of MN 14.04 90.48 15.17 90.48 15.71 0.00 0.00 0.00
HALL Hallmark Capital Corp. of WI 12.94 80.25 6.27 80.25 14.46 0.00 0.00 0.00
HARB Harbor FSB, MHC of FL (45.7) 12.21 156.44 13.86 156.44 12.27 1.20 4.57 55.81
HRBF Harbor Federal Bancorp of MD 23.02 82.52 11.70 82.52 23.02 0.40 3.05 70.18
HFSA Hardin Bancorp of Hardin MO 24.48 77.51 14.91 77.51 24.48 0.40 3.40 NM
</TABLE>
<PAGE> 42
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HARL Harleysville SA of PA 7.05 7.05 0.82 11.92 9.50 0.83 12.13 0.05 NA 0.78
HARS Harris SB, MHC of PA (23.1) 12.07 11.31 0.69 5.54 4.36 0.68 5.47 0.75 66.68 0.92
HFFB Harrodsburg 1st Fin Bcrp of KY 28.66 28.66 1.05 4.73 3.21 1.05 4.73 0.60 45.62 0.40
HHFC Harvest Home Fin. Corp. of OH 18.65 18.65 0.89 4.74 5.52 0.89 4.74 0.20 75.00 0.28
HAVN Haven Bancorp of Woodhaven NY 6.30 6.26 0.67 10.24 7.96 0.66 10.11 1.17 50.83 1.48
HVFD Haverfield Corp. of OH 8.30 8.27 0.65 8.20 6.26 0.62 7.71 0.78 103.98 0.95
HTHR Hawthorne Fin. Corp. of CA 3.79 3.76 -0.21 -5.46 -7.05 -0.27 -7.03 11.39 17.41 2.44
HSBK Hibernia SB of Quincy MA* 6.51 6.51 0.68 9.99 9.47 0.54 7.95 0.42 146.75 1.03
HBNK Highland Federal Bank of CA 7.83 7.83 0.22 2.87 2.69 0.21 2.81 1.98 84.53 2.22
HIFS Hingham Inst. for Sav. of MA* 10.04 10.04 1.11 10.78 10.00 1.11 10.78 0.34 204.87 1.00
HNFC Hinsdale Financial Corp. of IL 7.97 7.72 0.62 8.20 6.14 0.59 7.88 0.13 277.71 0.39
HBFW Home Bancorp of Fort Wayne IN 16.42 16.42 0.86 5.00 5.71 0.86 5.00 NA NA 0.60
HBBI Home Building Bancorp of IN 14.13 14.13 0.45 3.17 3.32 0.45 3.17 0.23 446.39 1.48
HOMF Home Fed Bancorp of Seymour IN 8.29 7.97 1.20 15.06 12.00 1.04 13.07 0.47 102.67 0.58
HFMD Home Federal Corporation of MD(8) 8.61 8.50 1.18 14.27 9.30 1.16 13.98 4.75 35.71 2.59
HOFL Home Financial Corp. of FL(8) 25.51 25.51 1.71 6.69 6.54 1.63 6.37 0.06 499.44 1.43
HPBC Home Port Bancorp, Inc. of MA* 11.26 11.26 1.75 15.23 12.56 1.76 15.32 0.65 216.13 1.75
HMCI Homecorp, Inc. of Rockford IL 6.07 6.07 0.37 6.28 6.22 0.25 4.26 3.24 15.53 0.65
LOAN Horizon Bancorp, Inc of TX* 8.65 8.35 1.54 17.77 11.96 1.20 13.90 0.42 127.82 0.78
HZFS Horizon Fin'l. Services of IA 11.57 11.57 0.46 3.70 4.72 0.43 3.44 1.57 28.85 0.67
HRZB Horizon Financial Corp. of WA* 16.19 16.19 1.53 9.53 8.72 1.53 9.53 NA NA 0.82
IBSF IBS Financial Corp. of NJ 20.39 20.39 1.10 5.11 5.09 1.12 5.18 0.07 198.42 0.66
ISBF ISB Financial Corp. of LA 19.37 19.36 1.26 6.94 6.32 1.26 6.94 NA NA 0.91
IFSB Independence FSB of DC 6.48 5.57 0.55 8.92 13.75 0.26 4.22 2.68 7.66 0.38
INCB Indiana Comm. Bank, SB of IN 14.98 14.98 0.68 4.41 5.06 0.68 4.41 NA NA 0.61
IFSL Indiana Federal Corp. of IN 9.82 9.13 1.02 10.77 7.61 0.96 10.08 1.41 65.46 1.20
INBI Industrial Bancorp of OH 19.12 19.12 1.48 8.08 6.98 1.48 8.08 0.40 107.81 0.54
IWBK Interwest SB of Oak Harbor WA 6.88 6.68 1.08 14.86 8.49 1.00 13.71 0.59 59.11 0.62
IPSW Ipswich SB of Ipswich MA* 6.32 6.32 1.39 22.24 13.16 1.21 19.44 2.23 46.20 1.37
IROQ Iroquois Bancorp of Auburn NY* 6.08 6.08 0.86 14.60 11.03 0.86 14.51 1.60 46.24 1.00
JSBF JSB Financial, Inc. of NY 21.82 21.82 1.47 6.73 6.66 1.55 7.13 NA NA 0.61
JXVL Jacksonville Bancorp of TX 16.70 16.70 0.79 6.76 5.59 0.79 6.76 0.86 54.59 0.69
JXSB Jcksnville SB,MHC of IL(43.3%) 11.79 11.79 0.43 3.82 3.69 0.35 3.10 0.52 90.42 0.60
JEBC Jefferson Bancorp of Gretna LA(8) 13.36 13.36 1.00 7.78 5.47 1.00 7.78 0.46 54.63 1.08
JSBA Jefferson Svgs Bancorp of MO 7.02 5.75 0.60 8.20 5.96 0.59 8.04 0.97 48.62 0.66
JOAC Joachim Bancorp of MO 29.24 29.24 0.65 3.14 2.22 0.65 3.14 0.01 NA 0.31
KSAV KS Bancorp of Kenly NC 15.17 15.15 1.14 6.94 8.39 1.15 7.03 0.73 41.55 0.37
KSBK KSB Bancorp of Kingfield ME* 6.85 6.30 0.79 12.18 12.14 0.76 11.67 1.73 40.97 1.04
KFBI Klamath First Bancorp of OR 27.73 27.73 1.34 6.14 4.71 1.34 6.14 0.11 134.99 0.20
LBFI L&B Financial of S. Springs TX(8) 17.14 17.14 1.07 5.78 5.68 1.05 5.71 0.50 120.17 1.35
LSBI LSB Bancorp of Lafayette IN 10.66 10.66 0.82 6.96 7.88 0.78 6.58 0.19 295.51 0.65
LVSB Lakeview SB of Paterson NJ 9.95 7.64 1.15 10.31 10.73 0.69 6.19 1.89 34.35 1.75
LARK Landmark Bancshares of KS 17.20 17.20 0.91 5.28 5.92 0.79 4.60 0.37 97.05 0.64
LARL Laurel Capital Group of PA 10.68 10.68 1.36 13.21 11.59 1.31 12.75 0.70 142.16 1.31
LSBX Lawrence Savings Bank of MA* 7.56 7.56 1.12 14.66 14.53 1.13 14.85 1.98 62.75 2.73
LFCT Leader Fin. Corp of Memphis TN(8) 8.03 8.03 1.41 17.25 8.93 1.37 16.87 16.94 4.30 1.10
LFED Leeds FSB, MHC of MD (35.3) 16.36 16.36 1.03 6.35 5.67 1.03 6.35 0.01 NA 0.24
LXMO Lexington B&L Fin. Corp. of MO 29.42 29.42 1.28 4.34 6.44 1.26 4.27 1.15 35.02 0.49
LBCI Liberty Bancorp of Chicago IL 9.53 9.50 0.56 5.51 5.83 0.56 5.51 0.12 421.89 0.70
LIFB Life Bancorp of Norfolk VA 12.73 12.26 0.85 5.95 6.27 0.88 6.22 0.73 107.84 1.73
LFBI Little Falls Bancorp of NJ 15.22 14.00 0.22 2.42 1.82 0.16 1.75 1.56 20.85 0.94
LOGN Logansport Fin. Corp. of IN 26.77 26.77 1.41 5.71 5.68 1.40 5.63 0.37 79.86 0.44
LONF London Financial Corp. of OH 20.86 20.86 0.57 4.73 3.59 0.57 4.73 0.21 239.74 0.69
LISB Long Island Bancorp of NY 10.69 10.69 0.95 8.77 6.20 0.89 8.20 NA NA 1.45
MAFB MAF Bancorp of IL 5.54 5.54 0.88 15.21 12.82 0.90 15.65 0.46 104.05 0.63
MBLF MBLA Financial Corp. of MO(8) 14.54 14.54 0.70 4.81 4.21 0.70 4.81 0.33 83.20 0.51
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
HARL Harleysville SA of PA 10.53 119.84 8.45 119.84 10.34 0.40 2.22 23.39
HARS Harris SB, MHC of PA (23.1) 22.95 124.54 15.03 132.94 23.26 0.58 3.46 NM
HFFB Harrodsburg 1st Fin Bcrp of KY NM 106.79 30.61 106.79 NM 0.40 2.62 NM
HHFC Harvest Home Fin. Corp. of OH 18.12 85.32 15.91 85.32 18.12 0.40 3.20 57.97
HAVN Haven Bancorp of Woodhaven NY 12.56 128.32 8.08 129.09 12.73 0.60 2.14 26.91
HVFD Haverfield Corp. of OH 15.97 128.29 10.65 128.73 16.96 0.54 2.84 45.38
HTHR Hawthorne Fin. Corp. of CA NM 74.33 2.81 74.80 NM 0.00 0.00 NM
HSBK Hibernia SB of Quincy MA* 10.56 101.01 6.57 101.01 13.27 0.28 1.87 19.72
HBNK Highland Federal Bank of CA NM 106.10 8.31 106.10 NM 0.00 0.00 0.00
HIFS Hingham Inst. for Sav. of MA* 10.00 104.47 10.48 104.47 10.00 0.32 2.21 22.07
HNFC Hinsdale Financial Corp. of IL 16.30 127.48 10.16 131.51 16.94 0.00 0.00 0.00
HBFW Home Bancorp of Fort Wayne IN 17.51 90.72 14.90 90.72 17.51 0.20 1.33 23.26
HBBI Home Building Bancorp of IN NM 95.38 13.48 95.38 NM 0.30 1.69 50.85
HOMF Home Fed Bancorp of Seymour IN 8.33 117.31 9.72 122.01 9.60 0.50 1.89 15.72
HFMD Home Federal Corporation of MD(8) 10.75 145.07 12.50 147.06 10.97 0.16 1.49 16.00
HOFL Home Financial Corp. of FL(8) 15.29 100.40 25.61 100.40 16.06 0.80 6.30 NM
HPBC Home Port Bancorp, Inc. of MA* 7.96 122.55 13.80 122.55 7.91 0.60 4.80 38.22
HMCI Homecorp, Inc. of Rockford IL 16.07 97.77 5.93 97.77 23.68 0.00 0.00 0.00
LOAN Horizon Bancorp, Inc of TX* 8.36 131.10 11.34 135.73 10.69 0.16 1.54 12.90
HZFS Horizon Fin'l. Services of IA 21.18 81.73 9.46 81.73 22.76 0.32 2.10 44.44
HRZB Horizon Financial Corp. of WA* 11.47 104.90 16.98 104.90 11.47 0.32 2.54 29.09
IBSF IBS Financial Corp. of NJ 19.63 103.03 21.01 103.03 19.36 0.24 1.72 33.80
ISBF ISB Financial Corp. of LA 15.82 94.69 18.34 94.74 15.82 0.32 2.06 32.65
IFSB Independence FSB of DC 7.27 59.88 3.88 69.69 15.38 0.22 2.75 20.00
INCB Indiana Comm. Bank, SB of IN 19.78 86.32 12.93 86.32 19.78 0.35 2.64 52.24
IFSL Indiana Federal Corp. of IN 13.14 137.77 13.53 148.23 14.04 0.72 3.51 46.15
INBI Industrial Bancorp of OH 14.33 104.35 19.96 104.35 14.33 0.30 2.55 36.59
IWBK Interwest SB of Oak Harbor WA 11.77 166.58 11.46 171.50 12.76 0.52 2.13 25.12
IPSW Ipswich SB of Ipswich MA* 7.60 150.55 9.52 150.55 8.70 0.20 1.84 13.99
IROQ Iroquois Bancorp of Auburn NY* 9.06 124.25 7.55 124.25 9.12 0.32 2.21 20.00
JSBF JSB Financial, Inc. of NY 15.01 100.52 21.94 100.52 14.17 1.20 3.65 54.79
JXVL Jacksonville Bancorp of TX 17.90 78.98 13.19 78.98 17.90 0.50 4.73 NM
JXSB Jcksnville SB,MHC of IL(43.3%) NM 96.94 11.43 96.94 NM 0.40 3.08 NM
JEBC Jefferson Bancorp of Gretna LA(8) 18.28 137.14 18.33 137.14 18.28 0.30 1.36 24.79
JSBA Jefferson Svgs Bancorp of MO 16.78 132.88 9.33 162.21 17.11 0.32 1.25 21.05
JOAC Joachim Bancorp of MO NM 89.19 26.08 89.19 NM 0.50 3.96 NM
KSAV KS Bancorp of Kenly NC 11.92 87.55 13.28 87.68 11.76 0.60 3.33 39.74
KSBK KSB Bancorp of Kingfield ME* 8.24 94.30 6.46 102.47 8.59 0.20 0.91 7.49
KFBI Klamath First Bancorp of OR 21.21 93.96 26.06 93.96 21.21 0.26 1.86 39.39
LBFI L&B Financial of S. Springs TX(8) 17.60 105.61 18.10 105.61 17.79 0.40 2.44 43.01
LSBI LSB Bancorp of Lafayette IN 12.70 90.48 9.65 90.48 13.43 0.32 1.97 25.00
LVSB Lakeview SB of Paterson NJ 9.32 102.55 10.21 133.55 15.53 0.25 1.22 11.36
LARK Landmark Bancshares of KS 16.88 93.08 16.01 93.08 19.35 0.40 2.52 42.55
LARL Laurel Capital Group of PA 8.63 107.90 11.52 107.90 8.94 0.32 2.17 18.71
LSBX Lawrence Savings Bank of MA* 6.88 93.23 7.05 93.23 6.80 0.00 0.00 0.00
LFCT Leader Fin. Corp of Memphis TN(8) 11.20 176.00 14.13 176.00 11.46 0.72 1.59 17.82
LFED Leeds FSB, MHC of MD (35.3) 17.63 108.70 17.78 108.70 17.63 0.64 4.65 NM
LXMO Lexington B&L Fin. Corp. of MO 15.52 67.41 19.84 67.41 15.77 0.00 0.00 0.00
LBCI Liberty Bancorp of Chicago IL 17.15 96.92 9.23 97.19 17.15 0.60 2.41 41.38
LIFB Life Bancorp of Norfolk VA 15.94 96.27 12.25 99.93 15.26 0.44 3.10 49.44
LFBI Little Falls Bancorp of NJ NM 69.07 10.51 75.11 NM 0.10 1.01 55.56
LOGN Logansport Fin. Corp. of IN 17.59 86.31 23.11 86.31 17.83 0.40 2.99 52.63
LONF London Financial Corp. of OH NM 69.62 14.52 69.62 NM 0.00 0.00 0.00
LISB Long Island Bancorp of NY 16.14 142.81 15.27 142.81 17.26 0.40 1.35 21.74
MAFB MAF Bancorp of IL 7.80 115.97 6.42 115.97 7.58 0.32 1.32 10.29
MBLF MBLA Financial Corp. of MO(8) 23.75 114.90 16.70 114.90 23.75 0.40 1.68 40.00
</TABLE>
<PAGE> 43
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MFBC MFB Corp. of Mishawaka IN 19.31 19.31 0.69 3.41 4.50 0.68 3.36 0.05 325.00 0.25
MLFB MLF Bancorp of Villanova PA 7.95 7.75 0.70 8.06 7.79 0.62 7.15 0.59 125.65 1.64
MSBB MSB Bancorp of Middletown NY* 9.69 9.52 0.53 5.65 4.81 0.57 6.05 NA NA 0.57
MSBF MSB Financial Corp. of MI 22.64 22.64 1.93 7.88 8.87 1.76 7.21 0.60 100.59 0.69
MGNL Magna Bancorp of MS 9.77 9.18 1.76 18.10 8.27 1.66 17.10 4.18 16.96 1.01
MARN Marion Capital Holdings of IN 23.99 23.99 1.40 5.77 5.93 1.40 5.77 0.93 120.08 1.42
MFCX Marshalltown Fin. Corp. of IA(8) 15.33 15.33 0.33 2.14 1.86 0.33 2.14 NA NA 0.20
MFSL Maryland Fed. Bancorp of MD 8.22 8.08 0.75 9.08 9.43 0.65 7.94 0.48 81.70 0.45
MASB MassBank Corp. of Reading MA* 10.16 10.16 1.04 10.42 9.67 1.02 10.20 0.33 87.49 1.00
MFLR Mayflower Co-Op. Bank of MA* 9.58 9.37 0.88 8.50 7.70 0.83 8.01 1.23 76.96 1.50
MDBK Medford Savings Bank of MA* 8.88 8.06 1.02 11.63 9.25 1.00 11.41 0.55 135.58 1.38
MERI Meritrust FSB of Thibodaux LA 7.44 7.44 1.01 13.99 8.50 1.01 13.99 0.23 131.08 0.62
MWBX Metro West of MA* 7.47 7.47 1.25 17.15 10.25 1.25 17.15 2.43 38.37 1.37
MSEA Metropolitan Bancorp of WA 6.54 5.92 0.71 10.67 10.21 0.77 11.51 NA NA 1.76
MCBS Mid Continent Bancshares of KS 12.53 12.50 1.37 9.90 9.09 1.16 8.37 0.21 59.97 0.25
MIFC Mid Iowa Financial Corp. of IA 9.03 9.01 0.83 8.92 8.83 0.80 8.59 0.15 142.62 0.44
MCBN Mid-Coast Bancorp of ME 9.06 9.06 0.56 6.32 6.96 0.51 5.80 1.10 36.89 0.51
MIDC Midconn Bank of Kensington CT* 9.45 7.88 0.34 3.56 3.66 0.32 3.45 2.04 24.62 0.72
MWBI Midwest Bancshares, Inc. of IA 6.94 6.94 0.99 14.20 14.41 0.96 13.86 0.27 175.00 0.85
MWFD Midwest Fed. Fin. Corp of WI 9.34 8.92 1.19 12.30 8.00 0.96 9.88 0.26 294.77 1.06
MFFC Milton Fed. Fin. Corp. of OH 19.98 19.98 1.13 4.93 6.08 1.05 4.56 0.40 54.24 0.35
MIVI Miss. View Hold. Co. of MN 18.86 18.86 1.32 6.75 8.64 1.25 6.40 0.14 888.89 2.07
MBBC Monterey Bay Bancorp of CA 14.98 14.80 0.19 1.27 1.52 0.23 1.55 0.60 71.38 0.60
MORG Morgan Financial Corp. of CO 14.66 14.66 0.97 6.43 6.53 0.93 6.18 0.28 60.61 0.24
MFSB Mutual Bancompany of MO(8) 11.70 11.70 0.20 1.83 1.62 0.23 2.10 NA NA NA
MSBK Mutual SB, FSB of Bay City MI 5.46 5.46 0.01 0.21 0.35 -0.09 -1.71 0.11 215.12 0.83
NHTB NH Thrift Bancshares of NH 7.69 7.69 0.57 7.35 8.51 0.59 7.70 1.39 56.18 0.96
NHSL NHS Financial, Inc. of CA(8) 8.43 8.42 0.17 1.97 1.77 0.16 1.86 2.05 57.88 1.36
NSLB NS&L Bancorp of Neosho MO 23.49 23.49 0.93 4.27 4.72 0.87 3.98 0.18 40.95 0.15
NMSB Newmil Bancorp. of CT* 11.14 11.14 2.04 19.29 21.00 2.03 19.16 2.88 61.88 3.42
NFSL Newnan SB, FSB of Newnan GA 11.58 11.50 1.85 17.54 10.63 1.62 15.29 0.67 128.82 1.07
NASB North American SB of MO 7.35 7.05 1.33 18.45 12.68 1.27 17.61 3.36 26.33 1.05
NBSI North Bancshares of Chicago IL 17.34 17.34 0.57 3.03 3.43 0.52 2.75 NA NA 0.36
FFFD North Central Bancshares of IA 28.87 28.87 1.48 7.67 5.81 1.39 7.19 0.13 743.80 1.18
NEIB Northeast Indiana Bncrp of IN 20.34 20.34 1.10 5.50 5.96 1.10 5.50 0.25 272.13 0.74
NSBK Northside SB of Bronx NY* 7.74 7.67 1.14 15.51 10.43 0.98 13.39 0.51 84.90 1.67
NWEQ Northwest Equity Corp. of WI 13.73 13.73 1.08 6.99 8.39 1.03 6.67 0.92 54.33 0.61
NWSB Northwest SB, MHC of PA(29.9) 10.67 10.54 1.05 9.37 6.02 1.05 9.37 0.98 70.63 0.94
NSSY Norwalk Savings Society of CT* 7.98 7.98 0.75 8.92 7.19 0.64 7.63 3.01 27.48 1.20
NSSB Norwich Financial Corp. of CT* 10.58 9.54 0.84 7.50 6.76 0.84 7.50 1.92 113.80 3.44
NTMG Nutmeg FS&LA of CT 5.98 5.98 0.63 10.78 10.48 0.38 6.52 NA NA 0.56
OHSL OHSL Financial Corp. of OH 12.42 12.42 0.96 7.50 7.85 0.93 7.30 0.26 97.54 0.36
OSBF OSB Fin. Corp. of Oshkosh WI 12.59 12.59 0.17 1.33 1.58 0.30 2.31 0.14 258.58 0.56
OFCP Ottawa Financial Corp. of MI 10.92 8.75 0.92 4.93 4.36 0.92 4.93 0.38 95.16 0.45
PFFB PFF Bancorp of Pomona CA 14.39 14.23 0.10 1.37 0.89 0.10 1.37 2.29 42.84 1.23
PVFC PVF Capital Corp. of OH 6.71 6.71 1.13 17.84 12.22 0.99 15.71 NA NA NA
PCCI Pacific Crest Capital of CA* 7.90 7.90 1.09 20.44 11.63 0.88 16.48 6.49 26.06 2.56
PALM Palfed, Inc. of Aiken SC 8.45 8.04 0.66 8.56 6.50 0.56 7.20 4.14 31.72 1.69
PSSB Palm Springs SB of CA(8) 6.09 6.09 0.62 10.84 7.71 0.33 5.78 4.09 15.83 0.75
PBCI Pamrapo Bancorp, Inc. of NJ 15.50 15.35 1.42 9.06 8.26 1.42 9.06 3.05 24.34 1.26
PVSA Parkvale Financial Corp of PA 7.42 7.39 1.05 14.79 11.15 0.98 13.82 0.18 850.40 2.28
PBIX Patriot Bank Corp. of PA 17.29 17.29 0.56 3.99 3.23 0.57 4.08 0.23 243.20 0.88
PEEK Peekskill Fin. Corp. of NY 30.67 30.67 1.06 4.96 3.79 1.11 5.19 0.83 31.67 1.32
PFSB PennFed Fin. Services of NJ 8.97 7.11 0.73 7.10 8.59 0.79 7.70 0.96 26.31 0.44
PWBC PennFirst Bancorp of PA 7.85 7.15 0.61 7.47 7.69 0.60 7.40 0.64 63.45 1.45
PBKB People's SB of Brockton MA* 4.93 4.67 0.73 12.13 7.79 0.53 8.69 1.27 76.25 1.93
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MFBC MFB Corp. of Mishawaka IN 22.22 74.99 14.48 74.99 22.58 0.00 0.00 0.00
MLFB MLF Bancorp of Villanova PA 12.83 106.28 8.44 109.00 14.47 0.76 3.18 40.86
MSBB MSB Bancorp of Middletown NY* 20.78 111.08 10.76 113.04 19.38 0.60 3.48 72.29
MSBF MSB Financial Corp. of MI 11.27 91.46 20.71 91.46 12.32 0.50 2.90 32.68
MGNL Magna Bancorp of MS 12.09 205.57 20.08 218.86 12.80 0.60 1.61 19.48
MARN Marion Capital Holdings of IN 16.87 96.60 23.18 96.60 16.87 0.80 3.86 65.04
MFCX Marshalltown Fin. Corp. of IA(8) NM 113.49 17.39 113.49 NM 0.00 0.00 0.00
MFSL Maryland Fed. Bancorp of MD 10.61 96.35 7.92 97.99 12.13 0.64 2.23 23.62
MASB MassBank Corp. of Reading MA* 10.34 104.98 10.66 104.98 10.57 0.88 2.63 27.16
MFLR Mayflower Co-Op. Bank of MA* 12.98 108.70 10.41 111.11 13.78 0.40 2.96 38.46
MDBK Medford Savings Bank of MA* 10.81 120.84 10.74 133.24 11.02 0.68 2.92 31.63
MERI Meritrust FSB of Thibodaux LA 11.76 155.75 11.59 155.75 11.76 0.60 1.76 20.76
MWBX Metro West of MA* 9.76 155.64 11.62 155.64 9.76 0.10 2.50 24.39
MSEA Metropolitan Bancorp of WA 9.80 99.34 6.49 109.75 9.08 0.00 0.00 0.00
MCBS Mid Continent Bancshares of KS 11.00 108.88 13.64 109.07 13.01 0.40 2.08 22.86
MIFC Mid Iowa Financial Corp. of IA 11.32 96.31 8.69 96.46 11.76 0.08 1.33 15.09
MCBN Mid-Coast Bancorp of ME 14.38 88.89 8.05 88.89 15.67 0.50 2.62 37.59
MIDC Midconn Bank of Kensington CT* NM 96.53 9.12 115.82 NM 0.60 3.43 NM
MWBI Midwest Bancshares, Inc. of IA 6.94 96.88 6.72 96.88 7.11 0.52 2.02 14.02
MWFD Midwest Fed. Fin. Corp of WI 12.50 149.51 13.97 156.57 15.56 0.30 1.97 24.59
MFFC Milton Fed. Fin. Corp. of OH 16.46 87.19 17.42 87.19 17.81 0.48 3.69 60.76
MIVI Miss. View Hold. Co. of MN 11.58 79.83 15.06 79.83 12.22 0.00 0.00 0.00
MBBC Monterey Bay Bancorp of CA NM 84.85 12.71 85.89 NM 0.00 0.00 0.00
MORG Morgan Financial Corp. of CO 15.31 97.15 14.24 97.15 15.91 0.24 1.96 30.00
MFSB Mutual Bancompany of MO(8) NM 112.12 13.12 112.12 NM 0.00 0.00 0.00
MSBK Mutual SB, FSB of Bay City MI NM 62.57 3.41 62.57 NM 0.00 0.00 0.00
NHTB NH Thrift Bancshares of NH 11.75 84.86 6.53 84.86 11.21 0.50 5.13 60.24
NHSL NHS Financial, Inc. of CA(8) NM 109.92 9.27 110.14 NM 0.16 1.49 NM
NSLB NS&L Bancorp of Neosho MO 21.19 80.03 18.80 80.03 22.73 0.50 4.00 NM
NMSB Newmil Bancorp. of CT* 4.76 90.09 10.03 90.09 4.79 0.20 2.86 13.61
NFSL Newnan SB, FSB of Newnan GA 9.40 153.58 17.79 154.66 10.79 0.40 2.03 19.05
NASB North American SB of MO 7.89 137.59 10.11 143.34 8.26 0.63 2.14 16.84
NBSI North Bancshares of Chicago IL NM 93.09 16.14 93.09 NM 0.40 2.54 74.07
FFFD North Central Bancshares of IA 17.22 81.56 23.55 81.56 18.34 0.25 2.23 38.46
NEIB Northeast Indiana Bncrp of IN 16.79 84.41 17.17 84.41 16.79 0.30 2.55 42.86
NSBK Northside SB of Bronx NY* 9.58 140.75 10.89 142.09 11.10 1.00 2.80 26.81
NWEQ Northwest Equity Corp. of WI 11.92 84.78 11.64 84.78 12.50 0.36 3.51 41.86
NWSB Northwest SB, MHC of PA(29.9) 16.60 150.19 16.03 152.07 16.60 0.30 2.48 41.10
NSSY Norwalk Savings Society of CT* 13.91 121.27 9.68 121.27 16.26 0.00 0.00 0.00
NSSB Norwich Financial Corp. of CT* 14.80 107.97 11.42 119.64 14.80 0.40 2.76 40.82
NTMG Nutmeg FS&LA of CT 9.54 100.69 6.03 100.69 15.76 0.00 0.00 0.00
OHSL OHSL Financial Corp. of OH 12.75 93.53 11.62 93.53 13.09 0.76 3.90 49.67
OSBF OSB Fin. Corp. of Oshkosh WI NM 85.89 10.82 85.89 NM 0.64 2.66 NM
OFCP Ottawa Financial Corp. of MI 22.92 110.59 12.07 137.96 22.92 0.32 1.94 44.44
PFFB PFF Bancorp of Pomona CA NM 77.21 11.11 78.13 NM 0.00 0.00 0.00
PVFC PVF Capital Corp. of OH 8.19 134.35 9.01 134.35 9.30 0.00 0.00 0.00
PCCI Pacific Crest Capital of CA* 8.60 104.44 8.25 104.44 10.67 0.00 0.00 0.00
PALM Palfed, Inc. of Aiken SC 15.39 125.07 10.57 131.46 18.29 0.08 0.63 9.76
PSSB Palm Springs SB of CA(8) 12.96 134.14 8.17 134.14 24.33 0.12 0.87 11.21
PBCI Pamrapo Bancorp, Inc. of NJ 12.11 111.85 17.33 112.90 12.11 0.90 4.68 56.60
PVSA Parkvale Financial Corp of PA 8.97 123.87 9.20 124.46 9.59 0.52 2.00 17.93
PBIX Patriot Bank Corp. of PA NM 84.03 14.53 84.03 NM 0.24 1.85 57.14
PEEK Peekskill Fin. Corp. of NY NM 80.19 24.60 80.19 NM 0.36 3.10 NM
PFSB PennFed Fin. Services of NJ 11.64 85.01 7.63 107.33 10.75 0.00 0.00 0.00
PWBC PennFirst Bancorp of PA 13.00 97.23 7.63 106.73 13.13 0.36 2.77 36.00
PBKB People's SB of Brockton MA* 12.84 120.71 5.95 127.52 17.92 0.28 2.95 37.84
</TABLE>
<PAGE> 44
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PFDC Peoples Bancorp of Auburn IN 15.26 15.26 1.45 9.62 8.40 1.44 9.56 0.33 97.48 0.41
PBCT Peoples Bank, MHC of CT(32.3)* 8.00 8.00 1.11 14.66 8.49 0.89 11.81 1.66 65.45 1.65
PHBK Peoples Heritage Fin Grp of ME* 8.38 7.20 1.21 14.20 10.13 1.19 14.00 1.24 130.41 2.11
PBNB Peoples Sav. Fin. Corp. of CT* 10.81 10.00 0.85 7.91 8.37 0.89 8.26 0.44 86.77 0.64
PERM Permanent Bancorp of IN 11.14 10.98 0.32 2.72 3.32 0.32 2.72 1.85 31.59 1.07
PMFI Perpetual Midwest Fin. of IA 9.64 9.64 0.41 4.10 4.17 0.41 4.10 0.53 136.14 0.93
PCBC Perry Co. Fin. Corp. of MO 20.86 20.86 1.00 5.36 5.03 1.00 5.36 0.04 31.25 0.10
PHFC Pittsburgh Home Fin. of PA 16.43 16.43 0.65 3.98 5.34 0.65 3.98 1.53 34.96 0.93
PFSL Pocahnts Fed, MHC of AR (46.4) 5.95 5.95 0.56 9.43 8.34 0.58 9.66 0.26 146.44 1.14
POBS Portsmouth Bank Shrs Inc of NH(8)* 25.06 25.06 2.29 9.01 7.71 1.93 7.56 0.21 122.90 0.83
PKPS Poughkeepsie SB of NY 8.50 8.50 1.94 24.70 23.43 2.56 32.53 2.68 36.80 1.34
PETE Primary Bank of NH* 6.34 6.31 -0.04 -0.64 -0.67 -0.04 -0.56 1.81 47.18 1.48
PSAB Prime Bancorp, Inc. of PA 9.44 8.83 1.02 10.92 8.91 0.91 9.69 0.60 105.04 1.05
PFNC Progress Financial Corp. of PA 5.52 5.48 0.86 19.19 12.96 0.67 14.93 1.33 44.33 0.94
PSBK Progressive Bank, Inc. of NY* 8.86 8.86 0.98 10.51 9.25 1.01 10.82 1.09 97.07 1.52
PULB Pulaski SB, MHC of MO (29.0) 12.63 12.63 0.84 6.93 5.21 0.79 6.55 0.67 37.37 0.31
PULS Pulse Bancorp of S. River NJ 11.89 11.89 1.17 10.07 7.66 1.18 10.14 1.45 38.35 1.88
QCFB QCF Bancorp of Virginia MN 21.81 21.81 1.52 7.75 8.53 1.52 7.75 NA NA NA
QCBC Quaker City Bancorp of CA 9.88 9.82 0.50 4.91 6.00 0.48 4.74 2.31 57.33 1.54
QCSB Queens County SB of NY* 16.98 16.98 1.72 9.78 7.27 1.77 10.10 0.75 120.88 1.09
RCSB RCSB Financial, Inc. of NY* 7.29 7.05 0.80 10.95 9.44 0.79 10.77 0.83 76.65 1.27
RARB Raritan Bancorp. of Raritan NJ* 7.24 7.06 0.81 10.82 9.35 0.80 10.65 0.48 155.58 1.32
REDF RedFed Bancorp of Redlands CA 5.63 5.63 -0.47 -8.41 -12.47 -0.45 -8.09 4.50 31.29 1.76
RELY Reliance Bancorp of NY 8.86 5.98 0.88 6.79 7.29 0.85 6.49 0.85 29.31 0.54
RELI Reliance Bancshares Inc of WI* 56.23 56.23 1.47 2.62 3.73 1.47 2.62 NA NA 0.49
RFED Roosevelt Fin. Grp. Inc. of MO 4.86 4.59 0.63 13.98 7.41 0.85 18.94 0.40 59.09 0.57
RVSB Rvrview SB,FSB MHC of WA(40.3) 11.02 9.75 1.30 11.97 8.07 1.17 10.78 0.26 119.16 0.51
SCCB S. Carolina Comm. Bnshrs of SC 28.46 28.46 1.36 4.54 4.85 1.36 4.54 NA NA 0.89
SBFL SB Fing. Lakes MHC of NY(33.0) 11.52 11.52 -0.54 -4.46 -3.25 -0.20 -1.63 1.68 29.38 1.02
SFED SFS Bancorp of Schenectady NY 14.05 14.05 0.63 4.91 5.92 0.63 4.91 0.71 52.95 0.59
SGVB SGV Bancorp of W. Covina CA 9.78 9.78 0.11 1.12 1.35 0.11 1.12 1.84 13.07 0.31
SISB SIS Bank of Sprinfield MA* 7.42 7.42 1.26 17.35 12.55 1.28 17.65 1.11 116.01 2.54
SJSB SJS Bancorp of St. Joseph MI 11.67 11.67 0.63 5.03 4.35 0.61 4.91 0.29 144.27 0.67
SWCB Sandwich Co-Op. Bank of MA* 8.60 8.03 0.85 10.27 9.72 0.79 9.63 1.34 64.69 1.31
SFBM Security Bancorp of MT 8.93 7.68 0.69 7.99 8.44 0.51 5.94 0.14 235.42 0.71
SECP Security Capital Corp. of WI 16.88 16.88 0.89 5.11 4.84 0.92 5.28 0.12 964.94 1.53
SFSL Security First Corp. of OH 8.71 8.47 1.18 13.57 10.57 1.23 14.21 0.44 208.07 1.02
SHFC Seven Hills Fin. Corp. of OH(8) 21.21 21.21 0.36 1.69 1.94 0.34 1.58 0.22 51.02 0.14
SMFC Sho-Me Fin. Corp. of MO 11.98 11.98 0.83 6.18 6.91 0.82 6.12 NA NA 0.75
SOBI Sobieski Bancorp of S. Bend IN 18.49 18.49 0.42 2.27 3.25 0.42 2.27 NA NA 0.41
SOSA Somerset Savings Bank of MA(8)* 5.46 5.46 0.32 6.25 6.67 0.32 6.25 9.74 15.15 1.88
SMBC Southern Missouri Bncrp of MO 16.40 16.40 0.88 5.01 5.29 0.82 4.69 0.97 39.01 0.66
SWBI Southwest Bancshares of IL 12.00 12.00 1.19 8.94 8.41 1.19 8.90 0.25 87.66 0.31
SVRN Sovereign Bancorp of PA 4.07 2.63 0.70 16.67 11.17 0.63 15.04 0.55 74.40 0.68
STFR St. Francis Cap. Corp. of WI 10.43 9.96 1.30 11.85 10.80 0.89 8.08 0.04 906.03 0.76
SPBC St. Paul Bancorp, Inc. of IL 9.24 9.21 0.88 9.69 8.48 0.86 9.44 0.74 125.05 1.35
STND Standard Fin. of Chicago IL 12.31 12.30 0.87 6.21 6.75 0.79 5.61 0.14 189.20 0.49
SFFC StateFed Financial Corp. of IA 20.11 20.11 1.18 5.80 6.39 1.18 5.80 NA NA 0.38
SFIN Statewide Fin. Corp. of NJ 11.10 11.06 0.52 5.43 4.28 0.64 6.66 1.26 41.78 1.47
STSA Sterling Financial Corp. of WA 4.18 3.35 0.33 7.72 6.57 0.32 7.56 0.63 82.62 0.87
SSBK Strongsville SB of OH 8.28 8.10 1.00 11.90 8.64 0.85 10.06 0.49 46.78 0.31
SFSB SuburbFed Fin. Corp. of IL 7.14 7.10 0.51 7.04 8.17 0.44 6.04 0.27 82.72 0.51
SBCN Suburban Bancorp. of OH 13.00 13.00 0.40 2.98 3.72 0.57 4.33 0.20 794.18 2.06
SCSL Suncoast S&LA of Hollywood FL 2.81 2.80 0.33 11.53 12.09 -0.41 -14.33 0.31 47.77 0.19
THRD TF Financial Corp. of PA 14.31 14.31 0.92 5.57 6.43 0.89 5.39 0.35 82.72 0.53
ROSE TR Financial Corp. of NY 6.23 6.23 0.86 12.76 10.28 0.68 10.08 0.92 49.56 0.91
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PFDC Peoples Bancorp of Auburn IN 11.91 111.32 16.99 111.32 11.98 0.56 2.77 32.94
PBCT Peoples Bank, MHC of CT(32.3)* 11.77 158.43 12.67 158.43 14.62 0.80 3.58 42.11
PHBK Peoples Heritage Fin Grp of ME* 9.87 130.05 10.89 151.18 10.01 0.68 3.22 31.78
PBNB Peoples Sav. Fin. Corp. of CT* 11.94 93.72 10.13 101.32 11.44 0.92 4.28 51.11
PERM Permanent Bancorp of IN NM 82.76 9.22 83.98 NM 0.20 1.25 37.74
PMFI Perpetual Midwest Fin. of IA 23.97 97.93 9.44 97.93 23.97 0.30 1.71 41.10
PCBC Perry Co. Fin. Corp. of MO 19.89 92.89 19.38 92.89 19.89 0.30 1.71 34.09
PHFC Pittsburgh Home Fin. of PA 18.74 74.52 12.25 74.52 18.74 0.00 0.00 0.00
PFSL Pocahnts Fed, MHC of AR (46.4) 11.99 108.14 6.43 108.14 11.71 0.80 5.42 65.04
POBS Portsmouth Bank Shrs Inc of NH(8)* 12.97 117.72 29.50 117.72 15.45 0.60 4.36 56.60
PKPS Poughkeepsie SB of NY 4.27 92.27 7.84 92.27 3.24 0.10 1.90 8.13
PETE Primary Bank of NH* NM 94.04 5.96 94.41 NM 0.00 0.00 NM
PSAB Prime Bancorp, Inc. of PA 11.22 116.97 11.04 125.07 12.63 0.68 3.77 42.24
PFNC Progress Financial Corp. of PA 7.72 121.36 6.70 122.31 9.92 0.00 0.00 0.00
PSBK Progressive Bank, Inc. of NY* 10.81 111.53 9.88 111.53 10.50 0.80 2.71 29.30
PULB Pulaski SB, MHC of MO (29.0) 19.18 129.39 16.34 129.39 20.29 0.80 5.71 NM
PULS Pulse Bancorp of S. River NJ 13.05 128.25 15.25 128.25 12.96 0.70 3.94 51.47
QCFB QCF Bancorp of Virginia MN 11.72 84.22 18.37 84.22 11.72 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 16.67 80.32 7.94 80.78 17.28 0.00 0.00 0.00
QCSB Queens County SB of NY* 13.75 133.20 22.62 133.20 13.32 1.00 2.15 29.50
RCSB RCSB Financial, Inc. of NY* 10.60 116.04 8.46 120.05 10.77 0.48 1.86 19.75
RARB Raritan Bancorp. of Raritan NJ* 10.70 117.90 8.54 120.92 10.86 0.60 2.89 30.93
REDF RedFed Bancorp of Redlands CA NM 71.43 4.02 71.43 NM 0.00 0.00 NM
RELY Reliance Bancorp of NY 13.71 93.31 8.27 138.32 14.34 0.46 2.94 40.35
RELI Reliance Bancshares Inc of WI* NM 70.25 39.50 70.25 NM 0.00 0.00 0.00
RFED Roosevelt Fin. Grp. Inc. of MO 13.50 172.96 8.41 183.03 9.96 0.62 3.40 45.93
RVSB Rvrview SB,FSB MHC of WA(40.3) 12.40 140.06 15.43 158.23 13.76 0.22 1.47 18.18
SCCB S. Carolina Comm. Bnshrs of SC 20.63 98.21 27.96 98.21 20.63 0.60 3.64 75.00
SBFL SB Fing. Lakes MHC of NY(33.0) NM 140.35 16.17 140.35 NM 0.40 2.50 NM
SFED SFS Bancorp of Schenectady NY 16.89 74.94 10.53 74.94 16.89 0.00 0.00 0.00
SGVB SGV Bancorp of W. Covina CA NM 74.29 7.27 74.29 NM 0.00 0.00 0.00
SISB SIS Bank of Sprinfield MA* 7.97 123.90 9.19 123.90 7.83 0.00 0.00 0.00
SJSB SJS Bancorp of St. Joseph MI 23.01 113.19 13.20 113.19 23.55 0.40 1.98 45.45
SWCB Sandwich Co-Op. Bank of MA* 10.29 101.49 8.73 108.64 10.97 1.00 5.06 52.08
SFBM Security Bancorp of MT 11.84 92.13 8.22 107.03 15.94 0.64 3.16 37.43
SECP Security Capital Corp. of WI 20.65 104.31 17.61 104.31 19.98 0.60 0.97 20.07
SFSL Security First Corp. of OH 9.46 122.54 10.67 126.02 9.04 0.44 3.10 29.33
SHFC Seven Hills Fin. Corp. of OH(8) NM 88.84 18.84 88.84 NM 0.36 2.25 NM
SMFC Sho-Me Fin. Corp. of MO 14.47 90.03 10.79 90.03 14.61 0.00 0.00 0.00
SOBI Sobieski Bancorp of S. Bend IN NM 71.13 13.15 71.13 NM 0.00 0.00 0.00
SOSA Somerset Savings Bank of MA(8)* 15.00 89.82 4.90 89.82 15.00 0.00 0.00 0.00
SMBC Southern Missouri Bncrp of MO 18.91 95.72 15.70 95.72 20.21 0.50 3.39 64.10
SWBI Southwest Bancshares of IL 11.89 120.43 14.45 120.43 11.95 1.08 4.00 47.58
SVRN Sovereign Bancorp of PA 8.96 141.54 5.76 218.57 9.92 0.08 0.79 7.08
STFR St. Francis Cap. Corp. of WI 9.26 108.32 11.30 113.43 13.59 0.40 1.60 14.81
SPBC St. Paul Bancorp, Inc. of IL 11.79 111.43 10.30 111.81 12.11 0.40 1.74 20.51
STND Standard Fin. of Chicago IL 14.81 95.02 11.69 95.07 16.40 0.32 2.10 31.07
SFFC StateFed Financial Corp. of IA 15.65 88.91 17.88 88.91 15.65 0.40 2.48 38.83
SFIN Statewide Fin. Corp. of NJ 23.34 92.59 10.27 92.87 19.03 0.00 0.00 0.00
STSA Sterling Financial Corp. of WA 15.22 121.21 5.07 151.19 15.56 0.00 0.00 0.00
SSBK Strongsville SB of OH 11.57 131.82 10.91 134.67 13.68 0.48 2.21 25.53
SFSB SuburbFed Fin. Corp. of IL 12.23 84.06 6.00 84.56 14.26 0.32 1.86 22.70
SBCN Suburban Bancorp. of OH NM 82.32 10.71 82.32 18.51 0.60 4.21 NM
SCSL Suncoast S&LA of Hollywood FL 8.27 92.87 2.61 93.29 NM 0.00 0.00 0.00
THRD TF Financial Corp. of PA 15.55 88.98 12.74 88.98 16.07 0.32 2.19 34.04
ROSE TR Financial Corp. of NY 9.73 126.11 7.86 126.11 12.32 0.64 2.43 23.62
</TABLE>
<PAGE> 45
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 21, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TPNZ Tappan Zee Fin. Corp. of NY 19.48 19.48 0.80 6.07 4.33 0.74 5.61 1.77 32.15 1.26
PTRS The Potters S&L Co. of OH 9.73 9.73 0.54 5.69 7.16 0.53 5.59 2.49 72.71 3.96
THIR Third Financial Corp. of OH(8) 18.15 18.15 1.40 7.87 5.91 1.26 7.03 0.23 325.62 0.91
TSBS Trenton SB, FSB MHC of NJ(35.0 19.04 18.61 1.81 11.21 7.57 1.20 7.47 0.48 69.57 0.55
TRIC Tri-County Bancorp of WY 17.83 17.83 0.94 4.70 5.44 0.91 4.56 0.18 318.32 1.45
THBC Troy Hill Bancorp of PA 22.20 22.20 1.40 6.20 7.56 1.27 5.65 2.95 30.03 1.09
TWIN Twin City Bancorp of TN 13.76 13.76 1.07 7.77 7.56 0.93 6.74 0.46 39.79 0.26
UFRM United FS&LA of Rocky Mount NC 8.28 8.28 0.87 11.37 8.98 0.77 9.97 0.66 178.39 1.90
UBMT United SB, FA of MT 23.53 23.53 1.50 6.68 7.04 1.49 6.63 NA NA 0.25
VABF Va. Beach Fed. Fin. Corp of VA 6.57 6.57 0.23 3.94 4.34 0.01 0.12 1.76 36.50 0.93
VAFD Valley FSB of Sheffield AL(8) 8.09 8.09 0.32 4.06 3.41 0.31 3.95 0.79 42.34 0.43
VFFC Virginia First Savings of VA 7.72 7.44 1.19 16.32 10.96 0.98 13.45 2.89 31.46 1.01
WBCI WFS Bancorp of Wichita KS(8) 11.41 11.40 0.47 4.13 3.76 0.51 4.51 NA NA 0.72
WHGB WHG Bancshares of MD 20.59 20.59 0.64 5.18 3.06 0.64 5.18 0.35 42.31 0.23
WSFS WSFS Financial Corp. of DE* 5.87 5.79 2.17 42.73 25.67 1.29 25.28 3.27 59.85 3.01
WVFC WVS Financial Corp. of PA* 15.12 15.12 1.23 8.09 7.95 1.38 9.04 0.45 178.29 1.35
WLDN Walden Bancorp of MA* 9.37 8.02 0.96 10.85 8.21 1.07 12.02 0.75 158.52 1.89
WRNB Warren Bancorp of Peabody MA* 8.95 8.95 1.64 19.67 12.61 1.56 18.79 2.05 62.35 2.12
WFSL Washington FS&LA of Seattle WA 12.13 11.54 1.75 13.70 9.17 1.67 13.12 0.60 41.03 0.35
WAMU Washington Mutual Inc. of WA* 6.23 5.54 0.91 15.07 9.08 0.90 15.01 0.51 125.59 1.04
WAYN Wayne S&L Co., MHC of OH(46.7) 9.20 9.20 0.58 6.36 4.58 0.54 5.96 1.35 26.40 0.43
WCFB Webster CityFSB,MHC of IA(45.2 22.28 22.28 1.10 5.00 4.04 1.10 5.00 1.08 37.62 0.74
WBST Webster Financial Corp. of CT 5.16 3.92 0.51 10.33 7.02 0.55 11.05 1.44 89.48 1.86
WEFC Wells Fin. Corp. of Wells MN 14.95 14.95 0.81 6.24 6.33 0.79 6.07 0.39 70.55 0.32
WCBI WestCo Bancorp of IL 15.65 15.65 1.32 8.47 6.90 1.31 8.41 0.58 49.47 0.41
WSTR WesterFed Fin. Corp. of MT 13.28 13.28 0.76 5.73 6.95 0.72 5.38 0.07 468.93 0.55
WOFC Western Ohio Fin. Corp. of OH 18.20 17.14 1.10 4.22 4.89 0.83 3.18 0.34 78.86 0.44
WWFC Westwood Fin. Corp. of NJ 10.71 9.17 0.73 6.78 9.21 0.73 6.78 0.02 868.42 0.50
WFCO Winton Financial Corp. of OH(8) 7.89 7.68 0.93 12.26 7.70 0.76 10.02 0.53 64.84 0.41
FFWD Wood Bancorp of OH 14.59 14.59 1.17 8.14 8.21 1.14 7.88 0.18 192.22 0.46
WCHI Workingmens Cap. Hldgs of IN(8) 12.24 12.24 0.91 7.59 5.35 0.90 7.45 0.23 72.95 0.19
YFCB Yonkers Fin. Corp. of NY 19.39 19.39 0.89 4.59 6.00 0.98 5.05 1.63 26.77 1.09
YFED York Financial Corp. of PA 8.78 8.78 0.98 11.40 9.57 0.85 9.95 2.24 26.68 0.68
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TPNZ Tappan Zee Fin. Corp. of NY 23.08 86.96 16.93 86.96 25.00 0.20 1.67 38.46
PTRS The Potters S&L Co. of OH 13.97 77.25 7.52 77.25 14.21 0.24 1.49 20.87
THIR Third Financial Corp. of OH(8) 16.93 128.67 23.35 128.67 18.93 0.68 2.13 35.98
TSBS Trenton SB, FSB MHC of NJ(35.0 13.21 125.18 23.83 128.07 19.81 0.35 2.52 33.33
TRIC Tri-County Bancorp of WY 18.37 86.75 15.47 86.75 18.95 0.50 2.78 51.02
THBC Troy Hill Bancorp of PA 13.24 80.69 17.91 80.69 14.52 0.40 2.96 39.22
TWIN Twin City Bancorp of TN 13.22 101.91 14.03 101.91 15.24 0.64 4.00 52.89
UFRM United FS&LA of Rocky Mount NC 11.14 119.38 9.88 119.38 12.70 0.20 2.46 27.40
UBMT United SB, FA of MT 14.20 93.19 21.93 93.19 14.31 0.88 4.69 66.67
VABF Va. Beach Fed. Fin. Corp of VA 23.03 89.01 5.85 89.01 NM 0.16 2.17 50.00
VAFD Valley FSB of Sheffield AL(8) NM 122.42 9.90 122.42 NM 0.60 1.88 55.05
VFFC Virginia First Savings of VA 9.12 137.47 10.62 142.71 11.07 0.10 0.74 6.76
WBCI WFS Bancorp of Wichita KS(8) NM 107.12 12.22 107.17 24.33 0.40 1.75 46.51
WHGB WHG Bancshares of MD NM 82.75 17.04 82.75 NM 0.00 0.00 0.00
WSFS WSFS Financial Corp. of DE* 3.90 142.80 8.38 144.75 6.58 0.00 0.00 0.00
WVFC WVS Financial Corp. of PA* 12.58 97.95 14.81 97.95 11.26 0.40 1.95 24.54
WLDN Walden Bancorp of MA* 12.18 107.06 10.03 125.16 11.00 0.64 3.32 40.51
WRNB Warren Bancorp of Peabody MA* 7.93 144.85 12.96 144.85 8.30 0.44 3.56 28.21
WFSL Washington FS&LA of Seattle WA 10.90 146.01 17.71 153.44 11.39 0.88 4.29 46.81
WAMU Washington Mutual Inc. of WA* 11.02 149.35 9.30 167.95 11.06 0.88 3.05 33.59
WAYN Wayne S&L Co., MHC of OH(46.7) 21.84 135.44 12.46 135.44 23.31 0.84 4.05 NM
WCFB Webster CityFSB,MHC of IA(45.2 24.75 122.29 27.25 122.29 24.75 0.80 6.34 NM
WBST Webster Financial Corp. of CT 14.25 117.43 6.06 154.47 13.32 0.64 2.25 32.00
WEFC Wells Fin. Corp. of Wells MN 15.79 84.85 12.68 84.85 16.24 0.00 0.00 0.00
WCBI WestCo Bancorp of IL 14.50 120.37 18.83 120.37 14.60 0.48 2.21 32.00
WSTR WesterFed Fin. Corp. of MT 14.39 80.19 10.65 80.19 15.32 0.34 2.39 34.34
WOFC Western Ohio Fin. Corp. of OH 20.45 89.32 16.26 94.86 NM 1.00 4.44 NM
WWFC Westwood Fin. Corp. of NJ 10.86 73.58 7.88 85.93 10.86 0.00 0.00 0.00
WFCO Winton Financial Corp. of OH(8) 12.98 129.56 10.22 133.14 15.88 0.42 3.11 40.38
FFWD Wood Bancorp of OH 12.18 96.35 14.06 96.35 12.58 0.36 1.89 23.08
WCHI Workingmens Cap. Hldgs of IN(8) 18.69 137.46 16.83 137.46 19.05 0.36 1.80 33.64
YFCB Yonkers Fin. Corp. of NY 16.67 76.51 14.84 76.51 15.15 0.00 0.00 0.00
YFED York Financial Corp. of PA 10.45 113.34 9.95 113.34 11.98 0.60 3.48 36.36
</TABLE>
<PAGE> 46
EXHIBIT 2
Pro Forma Analysis Sheet
<PAGE> 47
EXHIBIT 2
PRO FORMA ANALYSIS SHEET
Kenwood Savings and Loan Association
Prices as of June 21, 1996
<TABLE>
<CAPTION>
Peer Group Ohio Companies All SAIF Insured
----------------------- --------------------- ------------------
Price Multiple Symbol Subject (1) Mean Median Mean Median Mean Median
-------------- ------ ----------- ---- ------ ---- ------ ---- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Price-earnings ratio = P/E 40.44 x 15.95x 15.88x 15.00x 14.33x 14.43x 14.20x
Price-book ratio = P/B 67.60% 89.05% 90.38% 101.96% 90.55% 104.72% 99.34%
Price-assets ratio = P/A 5.97% 11.61% 12.37% 13.62% 12.05% 13.09% 11.69%
</TABLE>
<TABLE>
<CAPTION>
Valuation Parameters
--------------------
<S> <C> <C> <C>
Pre-Conversion Earnings (Y) $62,000 ESOP Stock Purchases (E) 8.00%(5)
Pre-Conversion Book Value (B) $3,329,000 Cost of ESOP Borrowings (S) 0.00%(4)
Pre-Conv. Tang. Book Value (B) $3,329,000 ESOP Amortization (T) 10.00 years
Pre-Conversion Assets (A) $48,382,000 RRP Amount (M) 4.00%
Reinvestment Rate (2)(R) 3.64% RRP Vesting (N) 5.00 years (5)
Est. Conversion Expenses (3)(X) 22.20% Percentage Sold (PCT) 53.41%
Tax rate (TAX) 34.00% Ohio Franchise Tax(OHIO)(6) 10,078
</TABLE>
Calculation of Pro Forma Value After Conversion
<TABLE>
<S> <C>
1. V= P/E * (Y - OHIO) V= $2,952,141
-----------------------------------------------------
1 - P/E * PCT * ((1-X-E-M)*R - (1-TAX)*E/T - (1-TAX)*M/N)
2. V= P/B * V= $2,951,621
-----------------------
1 - P/B * PCT * (1-X-E-M)
3. V= P/A * A V= $2,950,305
-----------------------
1 - P/A * PCT * (1-X-E-M)
</TABLE>
<TABLE>
<CAPTION>
Full
Gross Exchange Conversion
Conclusion Proceeds Ratio Value
---------- -------- ----- -----
<S> <C> <C> <C>
Final Value $1,576,510 1.94631 $2,951,693
</TABLE>
- ---------------------------------------------------------------
(1) Pricing ratios shown reflect the closing value.
(2) Net return reflects a reinvestment rate of 5.51 percent, and a tax rate of
34.00 percent.
(3) $0.350 million of estimated expense at the midpoint of offering range.
(4) No cost is applicable since holding company will fund the ESOP loan.
(5) ESOP and MRP amortize over 10 years and 5 years, respectively;
amortizationexpenses tax effected at 34.0 percent.
(6) Increase in Ohio franchise tax, equal to 1.5 percent of capital retained
at the Bank.
<PAGE> 48
EXHIBIT 3
Pro Forma Effect of Conversion Proceeds
<PAGE> 49
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Kenwood Savings and Loan Association
At the Final Value
<TABLE>
<S> <C>
1. Conversion Proceeds
Full Conversion Value $2,951,693
Exchange Ratio 1.9463
Offering Proceeds $1,576,510
Less: Estimated Offering Expenses 350,000
-------
Net Conversion Proceeds $1,226,510
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $1,226,510
Less: Non-Cash Stock Purchases (1) 189,181
-------
Net Proceeds Reinvested $1,037,328
Estimated net incremental rate of return 3.64%
-----
Earnings Increase $37,723
Less: Ohio Franchise Tax (2) 10,078
Less: Estimated cost of ESOP borrowings (3) 0
Less: Amortization of ESOP borrowings (4) 8,324
Less: Recognition Plan Vesting (5) 8,324
-----
Net Earnings Increase $10,997
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
----------- -------- ----------
<S> <C> <C> <C>
12 Months ended March 31, 1996 (reported) $62,000 $10,997 $72,997
12 Months ended March 31, 1996 (core) $34,000 $10,997 $44,997
</TABLE>
<TABLE>
<CAPTION>
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
<S> <C> <C> <C>
March 31, 1996 $3,329,000 $1,037,328 $4,366,328
March 31, 1996(Tangible) $3,329,000 $1,037,328 $4,366,328
</TABLE>
<TABLE>
<CAPTION>
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
<S> <C> <C> <C>
March 31, 1996 $48,382,000 $1,037,328 $49,419,328
</TABLE>
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respective
(2) Increase in Ohio franchise tax, equal to 1.5 percent of capital retained at
the Bank.
(3) ESOP stock purchases are internally financed by a loan from the holding
company.
(4) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 34.00 percent rate.
(5) MRP is amortized over 5 years, and amortization expense is tax effected at
34.00 percent.
<PAGE> 50
EXHIBIT 4
Core Earnings Calculations
<PAGE> 51
RP FINANCIAL, LC.
- -------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Core Earnings Analysis
Comparable Institution Analysis
For the Twelve Months Ended March 31, 1996
<TABLE>
<CAPTION>
Estimated
Net Income Less: Net Tax Effect Less: Extd Core Income
to Common Gains(Loss) @ 34% Items to Common
---------- ----------- ---------- ---------- -----------
($000) ($000) $000) ($00O) ($000)
Comparable Group
- ----------------
<S> <C> <C> <C> <C> <C> <C>
CRCL Circle Financial Corp.of OH 1,041 -228 78 0 891
EFBI Enterprise Fed. Bancorp of OH(1) 2,059 -957 325 0 1,427
FFHS First Franklin Corp. of OH 1,301 -30 10 0 1,281
GFCO Glenway Financial Corp. of OH(1) 1,491 -95 32 0 1,428
HHFC Harvest Home Fin. Corp. of OH(1) 616 0 0 0 616
HBBI Home Building Bancorp of IN 190 0 0 0 190
HZFS Horizon Fin'l. Services of IA 324 -39 13 0 298
MFSB Mutual Bancompany of MO 114 25 -9 0 131
OHSL OHSL Financial Corp. of OH 1,873 -76 26 0 1,823
SHFC Seven Hills Fin. Corp. of OH 166 -12 4 0 158
<CAPTION>
Estimated
Shares Core EPS
------ ---------
($000) ($)
Comparable Group
- ----------------
<S> <C> <C> <C>
CRCL Circle Financial Corp.of OH 708 1.26
EFBI Enterprise Fed. Bancorp of OH(1) 2,085 0.68
FFHS First Franklin Corp. of OH 1,187 1.08
GFCO Glenway Financial Corp. of OH(1) 1,091 1.31
HHFC Harvest Home Fin. Corp. of OH(1) 895 0.69
HBBI Home Building Bancorp of IN 322 0.59
HZFS Horizon Fin'l. Services of IA 448 0.67
MFSB Mutual Bancompany of MO 333 0.39
OHSL OHSL Financial Corp. of OH 1,224 1.49
SHFC Seven Hills Fin. Corp. of OH 536 0.29
</TABLE>
(1) Financial information is for the quarter ending December 31, 1995.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, Inc. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1995 by RP Financial, LC.
<PAGE> 52
EXHIBIT 5
Firm Qualifications Statement
<PAGE> 53
FIRM QUALIFICATION
STATEMENT
RP Financial provides financial and management consulting and valuation
services to the financial services industry nationwide, with special emphasis
on federally-insured financial institutions. RP Financial has earned national
recognition as being knowledgeable, innovative and effective in implementing
solutions to complex management, financial and regulatory situations. RP
Financial establishes long-term client relationships through its wide array of
services, emphasis on quality and timeliness, hands-on involvement by our
principals and senior consulting staff, and careful structuring of strategic
plans and transactions. RP Financial's staff draws from backgrounds in
financial institution consulting, regulatory agencies and investment banking,
thereby providing our clients with considerable resources.
STRATEGIC AND CAPITAL PLANNING
RP Financial's strategic and capital planning services are designed to provide
effective workable plans with quantifiable results. Our planning services
involve conducting situation analyses and establishing mission statements,
strategic goals and objectives, with overall emphasis on enhancement of
franchise value, capital management and planning, earnings improvement and
operational issues. Our planning services include the development of
strategies in the following areas: capital formation and management, interest
rate risk management, development of investment and liquidity portfolio
targets, development of loan and servicing portfolio targets and development of
funding composition targets. Our proprietary financial simulation model
provides the basis for evaluating the financial impact of alternative
strategies as well as assessing the feasibility and compatibility of such
strategies with regulations and accounting guidelines.
MERGER AND ACQUISITION SERVICES
RP Financial's merger and acquisition (M&A) services include targeting
candidates and potential acquirors, assessing acquisition merit, conducting
detailed due diligence, negotiating and structuring transactions, preparing
merger business plans and financial simulations, rendering fairness opinions
and assisting in implementing post-acquisition strategies. Through our
financial simulations, in-house data bases of public and non-public banks and
savings institutions, valuation expertise and regulatory and accounting
knowledge, RP Financial's M&A consulting focuses on structuring transactions to
enhance shareholder returns.
VALUATION SERVICES
RP Financial's extensive valuation practice includes valuations for a variety
of purposes including mergers and acquisitions, mutual-to-stock conversions,
ESOPs, subsidiary and related industry companies, mark-to-market transactions,
loan and servicing portfolios, non-traded securities, deposit portfolios and
core deposits. Our principals and staff are highly experienced in performing
valuation appraisals which conform with regulatory guidelines and appraisal
industry standards. RP Financial is the nation's leading valuation firm for
mutual-to-stock conversions of mutual institutions.
OTHER CONSULTING SERVICES AND DATA BASES
RP Financial offers a variety of other services including branching strategies,
feasibility studies and special research studies, which are complemented by our
quantitative and computer skills. RP Financial's consulting services are aided
by its in-house data base resources for commercial banks and savings
institutions and proprietary valuation and financial simulation models.
RP Financial's Principals (Years of Relevant Experience)
Ronald S. Riggins, Managing Consultant (16)
William E. Pommerening, Managing Consultant (11)
Gregory E. Dunn, Senior Vice President (15)
James P. Hennessey, Senior Vice President (10)
James J. Oren, Vice President (9)
Timothy M. Biddle, Vice President (7)
Alan P. Carruthers, Senior Consultant - Community Banking (14)
