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Previous: FROST HANNA CAPITAL GROUP INC, 8-A12G, 1997-03-20 |
Next: MORGAN STANLEY ABS CAPITAL I INC, S-3/A, 1997-03-20 |
<PAGE> 1
As filed with the Securities and Exchange Commission on March 20, 1997
Registration No. 333-19093
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
PRE-EFFECTIVE
AMENDMENT NO. 3
TO
FORM SB-2
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
------------------------------
HCB BANCSHARES, INC.
(Name of small business issuer in its charter)
<TABLE>
<S> <C> <C>
OKLAHOMA 6035 62-1670792
------------------ --------------- -----------
(State or other jurisdiction of (Primary standard industrial (I.R.S. employer
incorporation or organization) classification code number) identification number)
</TABLE>
237 JACKSON STREET, CAMDEN, ARKANSAS 71701-0878
(501) 836 6841
------------------------------------------------------------------------------
(Address and telephone number of principal executive offices and principal
place of business)
MRS. VIDA H. LAMPKIN
PRESIDENT AND CHIEF EXECUTIVE OFFICER
HCB BANCSHARES, INC.
237 JACKSON STREET
CAMDEN, ARKANSAS 71701-0878
(501) 836-6841
- -------------------------------------------------------------------------------
(Name, address, and telephone number of agent for service)
PLEASE SEND COPIES OF ALL COMMUNICATIONS TO:
Gary R. Bronstein, Esquire
K. Scott Fife, Esquire
Housley Kantarian & Bronstein, P.C.
1220 19th Street, N.W., Suite 700
Washington, D.C. 20036
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
As soon as practicable after this registration statement becomes effective.
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [ ]
The registrant hereby amends this registration statement on such date or dates
as may be necessary to delay its effective date until the registrant shall file
a further amendment which specifically states that this registration statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the registration statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
<PAGE> 2
ITEM 27. EXHIBITS:
<TABLE>
<S> <C>
(a) The exhibits schedules filed as a part of this registration
statement are as follows:
* 1.1 Engagement Letter with Trident Securities, Inc.
* 1.2 Form of Agency Agreement with Trident Securities,
Inc.
* 2 Plan of Conversion (Exhibit A to Proxy Statement filed as Exhibit
99.2)
* 3.1 Articles of Incorporation of HCB Bancshares, Inc.
* 3.2 Bylaws of HCB Bancshares, Inc.
* 4 Form of Stock Certificate of HCB Bancshares, Inc.
* 5 Opinion of Housley Kantarian & Bronstein, P.C. regarding legality
of securities being registered
* 8.1 Federal Tax Opinion of Housley Kantarian & Bronstein, P.C.
* 8.2 State Tax Opinion of Gaunt & Co.
* 8.3 Opinion of Ferguson & Co., LLP as to the value of subscription rights for tax purposes
* 10.1 Form of HCB Bancshares, Inc. 1997 Stock Option and Incentive Plan
* 10.2 Form of HCB Bancshares, Inc. Management Recognition Plan and Trust Agreement
* 10.3(a) Employment Agreements by and between Heartland Community Bank and Vida H. Lampkin and Cameron D. McKeel
* 10.3(b) Employment Agreements by and between HCB Bancshares, Inc. and Vida H. Lampkin and Cameron D. McKeel
* 10.4(a) Change-in-Control Protective Agreement between Heartland Community Bank and William C. Lyon
* 10.4(b) Change-in-Control Protective Agreement between HCB Bancshares, Inc. and William C. Lyon
* 10.5 Heartland Community Bank Directors' Retirement Plan and the First Amendment Thereto
* 23.1 Consents of Housley Kantarian & Bronstein, P.C. (in opinions filed as Exhibits 5 and 8.1)
* 23.2 Consent of Gaunt & Co.
23.3 Consent of Ferguson & Co., LLP
* 24 Power of Attorney (reference is made to the signature page)
* 27 Financial Data Schedule
* 99.1 Form of Stock Order Form
* 99.2 Form of Proxy Statement for Special Meeting of Members of Heartland Community Bank; Form of Proxy
* 99.3 Form of Miscellaneous Solicitation and Marketing Materials
* 99.4 Conversion Valuation Report (as of December 20, 1996)
99.5 Conversion Valuation Report Update (as of March 14, 1997)
</TABLE>
- -----------
* Previously filed.
(b) FINANCIAL STATEMENT SCHEDULES.
No financial statement schedules are filed because the required
information is not applicable or is included in the consolidated financial
statements or related notes.
<PAGE> 3
SIGNATURES
In accordance with the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form SB-2 and authorized this amended
registration statement to be signed on its behalf by the undersigned, in the
City of Camden, State of Arkansas, as of the date set forth below.
HCB BANCSHARES, INC.
Date: March 19, 1997 By:/s/ Vida H. Lampkin
--------------------------------
Vida H. Lampkin
Chairman of the Board, President
and Chief Executive Officer
(Duly Authorized Representative)
In accordance with the requirements of the Securities Act of 1933,
this amended registration statement has been signed by the following persons in
the capacities stated as of the date set forth above.
<TABLE>
<S> <C>
/s/ Vida H. Lampkin /s/ Cameron D. McKeel
- -------------------------------------------------- --------------------------------------------------------
Vida H. Lampkin Cameron D. McKeel
Chairman of the Board, President Director and Vice President
and Chief Executive Officer
(Principal Executive, Financial
and Accounting Officer)
/s/ Roy Wayne Moseley* /s/ Bruce D. Murry*
- -------------------------------------------------- -----------------------------------------------------------
Roy Wayne Moseley Bruce D. Murry
Director Director
/s/ Carl E. Parker, Jr.* /s/ Lula Sue Silliman*
- -------------------------------------------------- -----------------------------------------------------------
Carl E. Parker, Jr. Lula Sue Silliman
Director Director
/s/ Clifford Steelman*
- ---------------------------------------------------
Clifford Steelman
Director
* /s/ Vida H. Lampkin
---------------------------------------------
Vida H. Lampkin
Attorney-in-Fact
</TABLE>
<PAGE> 1
EXHIBIT 23.3
[FERGUSON & CO., LLP LETTERHEAD]
March 20, 1997
Board of Directors
Heartland Community Bank
237 Jackson Street Southwest
Camden, Arkansas 71701
Dear Directors:
We hereby consent to the use of our firm's name in the Form AC
Application for Conversion of Heartland Community Bank, Camden, Arkansas and any
amendments thereto, and in the Form SB-2 Registration Statement of HCB
Bancshares, Inc., and any amendments thereto. We also hereby consent to the
inclusion of, summary of, and references to our Appraisal Report and our opinion
concerning subscription rights in such filings including the Prospectus of HCB
Bancshares, Inc.
Sincerely,
/s/ Charles M. Hebert
--------------------------------------------
Charles M. Hebert
Principal
<PAGE> 1
CONVERSION VALUATION REPORT UPDATE
------==================------
Valued as of March 14, 1997
HEARTLAND COMMUNITY BANK
CAMDEN, ARKANSAS
Prepared by:
Ferguson & Co., LLP
Suite 550
122 West John Carpenter Freeway
Irving, TX 75039
972-869-1177
<PAGE> 2
[FERGUSON & COMPANY LETTERHEAD]
March 18, 1997
Board of Directors
Heartland Community Bank
237 Jackson Street SW
Camden, Arkansas
Dear Directors:
We have completed and are providing, as of March 14, 1997, an updated
independent appraisal of the estimated pro forma market value Heartland
Community Bank ("Heartland" or the "Bank") in connection with the conversion of
Heartland from the mutual to stock form of organization ("Conversion"). Our
original appraisal report, dated December 20, 1996, is incorporated herein by
reference.
In preparing this appraisal update, we reviewed our original appraisal
and update and Heartland's Application for Approval of Conversion, including
the Proxy Statement as filed with the OTS. We considered, among other items,
recent developments in stock market conditions, and the Bank's most recent
financial statements. In addition, where appropriate, we considered
information based on other available published sources that we believe is
reliable; however, we cannot guarantee the accuracy or completeness of such
information.
Our appraisal update is based on the Bank's representation that the
information in the application for conversion and additional evidence furnished
us by the Bank are accurate and complete. We did not independently verify the
financial statements and other information furnished by the Bank, nor did we
independently value its assets and liabilities. The appraisal update considers
the Bank as a going concern and should not be considered as an indication of
its liquidation value.
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of
common stock in the Conversion. 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 sell such shares at prices related to our estimate of the Bank's pro
forma market value. Ferguson & Company ("F&C") is not a seller of securities
within the meaning of any federal or state securities laws and any report
prepared by F&C shall not be used as an offer or solicitation with respect to
the purchase or sale of any securities.
<PAGE> 3
Board of Directors
March 18, 1997
Page 2
RECENT FINANCIAL PERFORMANCE
The most recent financial information included in the offering
circular is as of December 31, 1996. Our original appraisal as of December 20,
1996, was based on September 30, 1996, financial data. The offering circular
has December 31, 1996, unaudited financial statements and no recent financial
developments in it. The pro forma calculations included in this update are
based on the December 31, 1996, information, the most recent financial
information available that is being disclosed to stock subscribers.
During the six month period ended December 31, 1996, and subsequent to
the audited report of June 30, 1996, the Bank's management initiated a review
of all existing loan files, including those of the subsidiary savings bank.
That review resulted in the determination that the loan loss reserve had a
substantial shortfall. After further review, it was determined that the
shortfall should be divided into two categories. The first category was for
conditions that existed at the time of the acquisition of the subsidiary
savings bank, which was May 3, 1996, and the second category was attributed to
events that occurred or materialized subsequent to June 30, 1996. The net
result was that the June 30, 1996 financial statements have been restated.
Changes to the June data included an increase in amortization of goodwill
(expense) of $4,998, an increase in cost in excess of fair value (goodwill)
$344,498, and changes in accrued and deferred income tax ($1,803). The
December 31, 1996, financial statements include an increase in the provision
for loan losses of $143,324, an increase in amortization of goodwill (expense)
of $17,225, and a net change in accrued and deferred income tax ($32,320).
The Bank's unaudited net loss as of December 31, 1996, was ($539,836),
including provisions for income tax benefits of $391,850. Adjusting for excess
loan provisions ($160,000). additional professional expenses related to the
name change and other ($150,000), the SAIF assessment ($882,000) and the loss
on sale of securities ($679,094) and related taxes thereon, estimated earnings
on an appraisal basis for the last twelve months were approximately $452,980
(see Exhibit V). The Bank's unaudited equity at December 31, 1996, is
$13,779,505, representing a $448,931 decrease from June 30, 1996. At December
31, 1996, the Bank had unrealized securities losses of $195,408, versus
unrealized losses of $286,313 at June 30, 1996.
RECENT THRIFT EQUITY MARKET CONDITIONS
Since our original appraisal as of December 20, 1996, the overall
thrift equity market has been robust. Figure I, "SNL Index" shows the movement
of the SNL Thrift index from December 20, 1996, to March 14, 1997, the date of
this update. The Figure shows that the index increased by 16.43% during that
period. Since the date of the last appraisal December 20, 1996, the index has
moved in an upward trend. It does reflect some downward adjustments, with the
most recent movement being the 1.58% decrease between February 27, 1997 and
March 14, 1997. Basically, the SNL Index has tracked other equity markets,
responding to good economic information, no interest rate increases to date,
and a proliferation of funds flowing into an overpriced market.
<PAGE> 4
Board of Directors
March 18, 1997
Page 3
INTEREST RATES
Interest rates (See Figure II -"Rate Environment") have been confined
to a relatively flat band of ranges for the last six months. Long term and
intermediate term rates actually trended downward until the end of November
1996, and then started a gradual upward movement, with some slight drops along
the way. For example, the long bond was 6.41% at November 29, 1996. It
started a gradual rise that ended January 1997 at 6.89%. It then fell to 6.65%
at February 14, 1997 and is now (March 14, 1997) at 6.85%. Intermediate issues
have displayed a similar track and the short term issues have traveled in a
much narrower band. At this time it is hard to determine if the recent rise in
the longer rates is in anticipation of a rate increase or a result of an influx
of foreign and retirement fund dollars into the market, but the current yield
curve is steeper than it has been since September 1996. Notwithstanding the
reason for the recent rise in rate, an increase in the rate structure would
have a negative effect on interest sensitive equities like bank and thrift
stocks. As an industry, thrift earnings are good, but price earning ratios are
also at high levels, indicating even greater expectations of the earnings
potential of thrifts. A rate increase could dim those expectations.
RECENT CONVERSIONS
Exhibit VI provides information on thrift conversions completed since
August 31, 1996. The average per share value of the group of 20 thrifts has
increased by 48.2% since completion of the conversion. However, individual
fluctuations have ranged from a low of 32.0%% to a high of 83.8%. The average
recent conversion sold at a price to pro forma book value ratio of 71.6%, with
a median of 72.1%. The average price earning ("P/E") ratio was 18.2 and the
median was 16.8%. The relatively high price to earnings ratios reflect the
attitude of the investors, which shows a willingness to purchase stocks at a
high P/E ratio, if there is an accompanying discount to the price to book value
of the stock. At the midpoint, Heartland stock would sell at a P/E ratio of
23.92 and a price to pro forma book value of 65.30%. However, the recent
changes in the financial statements of the Bank resulted in a larger good will
account and now makes the price to tangible book value 68.65% at the midpoint.
At the supermax, where this issue is likely to close, the P/E ratio is 26.45,
the price to book value is 72.85% and the price to tangible pro forma book
value is 75.89%. These numbers reflect significantly high P/E ratios, and
relatively low discounts to book value.
GENERAL
During the current update period, the group of comparative
institutions, which is included in Exhibit VII, increased 16.90% in average per
share value and 14.91% in median per share value. Two of the 12 institutions
included in the comparative group have been eliminated, one became a merger
candidate--C. B. Bancorp ("CBCO"), and--ASB Financial ("ASBP") had a large
return of capital dividend which distorted the group averages. Two others were
adjusted for stock splits.
<PAGE> 5
Board of Directors
March 18, 1997
Page 4
During 1993, it was not unusual for conversion stocks to increase in
price by more than 30% immediately. Price increases recorded in 1995 and the
first part of 1996 were not nearly as dramatic. However, Exhibit VI provides
results of conversions completed since August 31, 1996. Exhibit IV shows that,
for recent conversions, price increases have averaged 25.5% for one day, 28.3%
for one week, 33.1% for one month, and 48.2% since conversion. Approximately
half of the price change during the first month is taking place on the first
day, and the after conversion market contributes the remainder. The price
increases are reflective of the process of supply and demand. There are more
investment and speculation dollars chasing fewer conversions. There has also
been an increase in the number of smaller, knowledgeable speculators.
SUMMARY OF ADJUSTMENTS TO COMPARATIVE GROUP
There were no changes in the Bank as compared to its comparative group
that would cause us to change any of the adjustments as stated in our original
appraisal dated December 20, 1997.
VALUATION APPROACH
Exhibit VIII indicates the pro forma market valuation of Heartland
Bank versus the comparative group, the State of Arkansas, the Southeast Region,
and all publicly held thrifts. Pro forma pricing ratios for Heartland are based
on the financial information shown in Exhibit X. Pro forma earnings on the net
proceeds are based on the one year treasury bill rate for the week ended
December 31, 1996, and pro forma assets and book value information are taken
from the December 31, 1996, financial data included in the offering circular.
At the midpoint of the range, Heartland is valued at 65.30% of pro
forma book value, representing a discount of 49.87% from the mean and 45.45%
from the median of the comparative group. The price is 23.92 times pro forma
earnings, representing a premium of 77.19% over the mean and 84.00% over the
median of the comparative group.
As compared to all publicly held thrifts, at the midpoint, Heartland's
price earnings ratio of 23.92 represents a premium of 46.75% over the mean and
50.44% over the median. Heartland's value of 65.30% of pro forma book value is
well below the mean of 139.52% and median of 132.31% of all publicly held
thrifts, and represents a discount of 53.20% from the mean and a discount of
50.65% from the median.
<PAGE> 6
Board of Directors
March 18, 1997
Page 5
At the maximum of the range, Heartland is priced at 69.13% of pro
forma book value, representing a discount of 46.93% from the average of the
comparative group and a discount of 42.25% from the median. At the maximum,
the P/E ratio is 25.62, representing a premium of 89.78% over the average and
97.08% over the median of the comparative group.
At the maximum of the range, Heartland is priced at 69.13% of pro
forma book value, representing a discount of 50.45% from the average price to
book value of all publicly traded thrifts and a discount of 47.47% from the
median.
The changes in the financial statements of Heartland have had a
serious effect on some of the areas of comparison. The increase in the
goodwill accounts has increased the price to tangible book ratios at all
levels. At the midpoint, the price to pro forma book value is 65.30%, but
adjusting for intangibles, the price to tangible book value is 68.65%. At the
maximum, price to book is 69.13% and price to tangible book is 72.39%. At the
supermax, price to book value is 72.85% and price to tangible book value is
75.89%. In addition to affecting the price to book/tangible book values, the
increase in goodwill will also decrease future earnings potential due to the
amortization (expense) of that goodwill. The discovery, after the fact, of the
shortfall in the reserves for loan losses brings to question the possibility of
other similar discoveries that may or may not affect the value and future
earning capacity of the institution.
Our opinion is based upon circumstances as of the date hereof,
including current conditions in the United States securities markets. Events
occurring after the date hereof, including, but not limited to, changes
affecting the United States securities markets and subsequent results of
operations of Heartland Bank could materially affect the assumptions used in
preparing this opinion.
<PAGE> 7
Board of Directors
March 18, 1997
Page 6
Recognizing the 16.43% increase in the SNL Thrift Index since the
December 20, 1996, appraisal, and being aware of the 16.90% increase in the
value of the comparative group since the appraisal, and noting the after
conversion market performance for recent conversions, it is our opinion that
the pro forma market value of Heartland's conversion stock as of March 14,
1997, remains unchanged at $20,000,00. The allowable range of valuation
provides sufficient latitude to allow the original valuation to stand.
Therefore, it is our conclusion that as of March 14, 1997 the estimated pro
forma market value of Heartland Bank was $20,000,000, or 2,000,000 shares at
$10.00 per share. The valuation range remains the same, and is $17,000,000 at
the minimum (1,700,000 shares at $10.00 per share) to $23,000,000 at the
maximum (2,300,000 shares at $10.00 per share), based on a range of 15% below
and above the midpoint valuation. The supermaximum is $26,450,000 (2,645,000
shares at $10.00 per share).
Respectfully,
/s/ CHARLES M. HEBERT
Charles M. Hebert
Principal
<PAGE> 8
EXHIBITS
<PAGE> 9
FERGUSON & COMPANY
TABLE OF EXHIBITS
<TABLE>
<CAPTION>
TITLE PAGE
- --------------------------------------------- ----------
<S> <C> <C>
Figure I SNL Index & Graph 1
Figure II Rate Enviornment &
Graph 2
Exhibit I Publicly Traded Thrifts 3
Exhibit II Select Publicly Traded Thrifts 27
Exhibit III Southeast Thrifts 42
Exhibit IV Arkansas Thrifts 45
Exhibit V Appraisal Earnings 48
Exhibit VI Recent Conversions 49
Exhibit VII Comparable Rate Changes 52
Exhibit VIII Pro Forma Comparison 54
Exhibit IX Comparison Pricing Ratios 56
Exhibit X Pro FormaEffects of
Conversion Proceeds 57
</TABLE>
<PAGE> 10
FERGUSON & COMPANY
<TABLE>
<CAPTION>
SNL Index
---------
Date Index
- ----------------------------
<S> <C>
1/31/94 258.47
2/28/94 249.53 [GRAPH]
3/31/94 241.57
4/29/94 248.31
5/31/94 263.34
6/30/94 269.58
7/29/94 276.69
8/31/94 287.18
9/30/94 279.69
10/31/94 236.12
11/30/94 245.84
12/30/94 244.73
1/31/95 256.10
2/28/95 277.00
3/31/95 278.40
4/28/95 295.44
5/31/95 307.60
6/23/95 313.95
7/31/95 328.20
8/31/95 355.50
9/29/95 362.29
10/31/95 354.05
11/30/95 370.17
12/29/95 376.51 PERCENT CHANGE SINCE
1/31/95 370.69 ------------------------------------------------------------------------------
2/29/96 373.64 SNL Prev.
3/29/96 382.13 Date Index Date 12/31/94 12/20/96
4/30/96 377.24 ------------------------------------------------------------------------------
5/31/96 382.99 12/31/94 244.70
6/28/96 387.18 3/31/95 278.40 13.77% 13.77%
7/30/96 388.38 6/30/95 313.50 12.61% 28.12%
8/30/96 408.34 9/30/95 362.30 15.57% 48.06%
9/13/96 416.01 10/31/95 354.10 -2.26% 44.71%
9/20/96 419.50 11/30/95 370.20 4.55% 51.29%
9/30/96 429.28 12/31/95 376.50 1.70% 53.86%
10/30/96 456.70 1/12/96 372.40 -1.09% 52.19%
11/15/96 468.06 1/31/96 370.70 -0.46% 51.49%
11/29/96 485.83 2/29/96 373.60 0.78% 52.68%
12/13/96 473.64 3/29/96 382.10 2.28% 56.15%
12/20/96 481.56 4/30/96 377.20 -1.28% 54.15%
12/31/96 486.63 5/31/96 382.99 1.53% 56.51%
1/10/97 484.33 6/28/96 387.18 1.09% 58.23%
1/31/97 520.08 7/30/96 371.62 -4.02% 51.87%
2/14/97 547.17 8/30/96 408.34 9.88% 66.87%
2/27/97 569.67 9/20/96 419.50 2.73% 71.43%
3/14/97 560.67 9/30/96 429.28 2.33% 75.43%
10/30/96 456.70 6.39% 86.64%
11/29/96 485.83 6.38% 98.54%
12/13/96 473.64 -2.51% 93.56%
VALUATION AS OF DEC. 20, 1996 12/20/96 481.56 1.67% 96.80%
- --------------------------------------------------------------------------------------------------------------------
12/31/96 486.63 1.05% 98.87% 1.05
1/10/97 484.33 -0.47% 97.93% 0.58
1/31/97 520.08 7.38% 112.54% 8.00
2/14/97 547.17 5.21% 123.61% 13.62
2/27/97 569.67 4.11% 132.80% 18.30
------------
UPDATE AS OF MAR. 14, 1997 3/14/97 560.67 -1.58% 129.13% 16.43
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
FIGURE I - SNL INDEX
SOURCE: SNL SECURITIES, INC.,
AND F&C CALCULATIONS. 1
<PAGE> 11
FERGUSON & COMPANY
<TABLE>
<CAPTION>
--------------------------------------------------------
1 Year 5 Year 10 Year 30 Year
Fed Fds (*) T-bill Treas. Treas. Treas.
--------------------------------------------------------
<S> <C> <C> <C> <C> <C>
9/6/96 5.39 5.94 6.73 6.95 7.17
9/13/96 5.16 5.90 6.69 6.93 7.16
9/27/96 5.34 5.75 6.53 6.77 6.96
10/17/96 5.25 5.56 6.28 6.55 6.86
10/25/96 5.22 5.52 6.25 6.53 6.81
11/18/96 5.21 5.39 5.96 6.19 6.46
11/29/96 5.30 5.41 5.90 6.12 6.41
12/13/96 5.22 5.45 6.03 6.27 6.53
12/20/96 5.38 5.51 6.15 6.40 6.63
12/31/96 5.18 5.48 6.12 6.34 6.58
1/17/97 5.19 5.60 6.33 6.56 6.81
1/31/97 5.18 5.60 6.36 6.62 6.89
2/14/97 5.05 5.48 6.14 6.37 6.65
2/27/97 5.16 5.52 6.25 6.45 6.71
3/14/97 5.19 5.69 6.41 6.58 6.85
</TABLE>
(*) Seven-day average for week ending two days earlier than date shown.
RATES SEPTEMBER 6, 1996 TO MARCH 14, 1997
[CHART]
<TABLE>
<CAPTION>
--------------------------------------------------------
1 Year 5 Year 10 Year 30 Year
Fed Fds T-bill Treas. Treas. Treas.
--------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3/14/97 5.19 5.69 6.41 6.58 6.85
--------------------------------------------------------
</TABLE>
CURRENT YIELD CURVE
[CHART]
FIGURE II - RATE ENVIRONMENT
SOURCE: U.S. Financial Data, Feb. 27, 1997,
FEDERAL RESERVE BANK OF ST. LOUIS, MO.
2
<PAGE> 12
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AABC Access Anytime Bancorp, Inc. Clovis NM SW SAIF NASDAQ 08/08/86 5.250
AADV Advantage Bancorp, Inc. Kenosha WI MW SAIF NASDAQ 03/23/92 38.000
ABBK Abington Bancorp, Inc. Abington MA NE BIF NASDAQ 06/10/86 20.875
ABCL Alliance Bancorp, Inc. Hinsdale IL MW SAIF NASDAQ 07/07/92 29.875
ABCW Anchor BanCorp Wisconsin Madison WI MW SAIF NASDAQ 07/16/92 45.500
AFBC Advance Financial Bancorp Wellsburg WV SE SAIF NASDAQ 01/02/97 14.250
AFCB Affiliated Community Bancorp Waltham MA NE SAIF NASDAQ 10/19/95 27.000
AFED AFSALA Bancorp, Inc. Amsterdam NY MA SAIF NASDAQ 10/01/96 14.125
AFFFZ America First Financial Fund San Francisco CA WE SAIF NASDAQ NA 32.547
AHCI Ambanc Holding Co., Inc. Amsterdam NY MA BIF NASDAQ 12/27/95 14.375
AHM Ahmanson & Company (H.F.) Irwindale CA WE SAIF NYSE 10/25/72 40.250
ALBC Albion Banc Corp. Albion NY MA SAIF NASDAQ 07/26/93 18.500
ALBK ALBANK Financial Corporation Albany NY MA SAIF NASDAQ 04/01/92 34.875
AMFB American Federal Bank, FSB Greenville SC SE SAIF NASDAQ 01/19/89 29.625
AMFC AMB Financial Corp. Munster IN MW SAIF NASDAQ 04/01/96 13.688
ANA Acadiana Bancshares, Inc. Lafayette LA SW SAIF AMSE 07/16/96 18.000
ANBK American National Bancorp Baltimore MD MA SAIF NASDAQ 10/31/95 13.875
ANDB Andover Bancorp, Inc. Andover MA NE BIF NASDAQ 05/08/86 27.250
ASBI Ameriana Bancorp New Castle IN MW SAIF NASDAQ 03/02/87 15.750
ASBP ASB Financial Corp. Portsmouth OH MW SAIF NASDAQ 05/11/95 11.750
ASFC Astoria Financial Corporation Lake Success NY MA SAIF NASDAQ 11/18/93 39.750
ATSB AmTrust Capital Corp. Peru IN MW SAIF NASDAQ 03/28/95 12.250
AVND Avondale Financial Corp. Chicago IL MW SAIF NASDAQ 04/07/95 17.750
BANC BankAtlantic Bancorp, Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83 13.625
BDJI First Federal Bancorporation Bemidji MN MW SAIF NASDAQ 04/04/95 18.750
BFD BostonFed Bancorp, Inc. Burlington MA NE SAIF AMSE 10/24/95 16.750
BFFC Big Foot Financial Corp. Long Grove IL MW SAIF NASDAQ 12/20/96 14.125
BFSB Bedford Bancshares, Inc. Bedford VA SE SAIF NASDAQ 08/22/94 19.375
BFSI BFS Bankorp, Inc. New York NY MA SAIF NASDAQ 05/12/88 51.000
BKC American Bank of Connecticut Waterbury CT NE BIF AMSE 12/01/81 32.000
BKCO Bankers Corp. Perth Amboy NJ MA BIF NASDAQ 03/16/90 25.000
BKCT Bancorp Connecticut, Inc. Southington CT NE BIF NASDAQ 07/03/86 23.750
BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85 10.875
BNKU Bank United Corp. Houston TX SW SAIF NASDAQ NA 30.250
BPLS Bank Plus Corp. Los Angeles CA WE SAIF NASDAQ NA 13.250
BSBC Branford Savings Bank Branford CT NE BIF NASDAQ 11/04/86 4.000
BVFS Bay View Capital Corp. San Mateo CA WE SAIF NASDAQ 05/09/86 52.500
BWFC Bank West Financial Corp. Grand Rapids MI MW SAIF NASDAQ 03/30/95 11.500
BYFC Broadway Financial Corp. Los Angeles CA WE SAIF NASDAQ 01/09/96 11.250
CAFI Camco Financial Corp. Cambridge OH MW SAIF NASDAQ NA 17.500
CAPS Capital Savings Bancorp, Inc. Jefferson City MO MW SAIF NASDAQ 12/29/93 13.500
CARV Carver Bancorp, Inc. New York NY MA SAIF NASDAQ 10/25/94 10.125
CASB Cascade Financial Corp. Everett WA WE SAIF NASDAQ 09/16/92 17.500
CASH First Midwest Financial, Inc. Storm Lake IA MW SAIF NASDAQ 09/20/93 16.750
CATB Catskill Financial Corp. Catskill NY MA BIF NASDAQ 04/18/96 16.250
CBCI Calumet Bancorp, Inc. Dolton IL MW SAIF NASDAQ 02/20/92 35.500
CBCO CB Bancorp, Inc. Michigan City IN MW SAIF NASDAQ 12/28/92 33.250
CBES CBES Bancorp, Inc. Excelsior Springs MO MW SAIF NASDAQ 09/30/96 16.625
CBK Citizens First Financial Corp. Normal IL MW SAIF AMSE 05/01/96 15.625
CBNH Community Bankshares, Inc. Concord NH NE BIF NASDAQ 05/08/86 24.875
CBSA Coastal Bancorp, Inc. Houston TX SW SAIF NASDAQ NA 27.500
CBSB Charter Financial, Inc. Sparta IL MW SAIF NASDAQ 12/29/95 16.250
CCFH CCF Holding Company Jonesboro GA SE SAIF NASDAQ 07/12/95 16.375
CEBK Central Co-operative Bank Somerville MA NE BIF NASDAQ 10/24/86 18.250
CENB Century Bancorp, Inc. Thomasville NC SE SAIF NASDAQ 12/23/96 66.000
CENF CENFED Financial Corp. Pasadena CA WE SAIF NASDAQ 10/25/91 32.375
CFB Commercial Federal Corporation Omaha NE MW SAIF NYSE 12/31/84 36.750
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 3
<PAGE> 13
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90 23.500
CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88 23.500
CFHC California Financial Holding Stockton CA WE SAIF NASDAQ 04/01/83 28.875
CFNC Carolina Fincorp, Inc. Rockingham NC SE SAIF NASDAQ 11/25/96 14.625
CFSB CFSB Bancorp, Inc. Lansing MI MW SAIF NASDAQ 06/22/90 21.250
CFTP Community Federal Bancorp Tupelo MS SE SAIF NASDAQ 03/26/96 19.625
CFX CFX Corporation Keene NH NE BIF AMSE 02/12/87 17.125
CIBI Community Investors Bancorp Bucyrus OH MW SAIF NASDAQ 02/07/95 17.250
CKFB CKF Bancorp, Inc. Danville KY MW SAIF NASDAQ 01/04/95 18.875
CLAS Classic Bancshares, Inc. Ashland KY MW SAIF NASDAQ 12/29/95 13.500
CMRN Cameron Financial Corp Cameron MO MW SAIF NASDAQ 04/03/95 16.375
CMSB Commonwealth Bancorp, Inc. Valley Forge PA MA SAIF NASDAQ 06/17/96 15.375
CMSV Community Savings, MHC North Palm Beach FL SE SAIF NASDAQ 10/24/94 19.500
CNBA Chester Bancorp, Inc. Chester IL MW SAIF NASDAQ 10/08/96 15.000
CNIT CENIT Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 08/06/92 45.000
CNSB CNS Bancorp, Inc. Jefferson City MO MW SAIF NASDAQ 06/12/96 17.500
COFD Collective Bancorp, Inc. Egg Harbor City NJ MA SAIF NASDAQ 02/07/84 40.875
COFI Charter One Financial Cleveland OH MW SAIF NASDAQ 01/22/88 45.625
COOP Cooperative Bankshares, Inc. Wilmington NC SE SAIF NASDAQ 08/21/91 21.500
CRZY Crazy Woman Creek Bancorp Buffalo WY WE SAIF NASDAQ 03/29/96 14.000
CSA Coast Savings Financial Los Angeles CA WE SAIF NYSE 12/23/85 45.125
CSBF CSB Financial Group, Inc. Centralia IL MW SAIF NASDAQ 10/09/95 11.000
CTBK Center Banks Incorporated Skaneateles NY MA BIF NASDAQ 06/02/86 20.000
CTZN CitFed Bancorp, Inc. Dayton OH MW SAIF NASDAQ 01/23/92 35.250
CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87 21.500
CZF CitiSave Financial Corp Baton Rouge LA SW SAIF AMSE 07/14/95 14.000
DCBI Delphos Citizens Bancorp, Inc. Delphos OH MW SAIF NASDAQ 11/21/96 13.750
DFIN Damen Financial Corp. Schaumburg IL MW SAIF NASDAQ 10/02/95 14.500
DIBK Dime Financial Corp. Wallingford CT NE BIF NASDAQ 07/09/86 20.250
DIME Dime Community Bancorp, Inc. Brooklyn NY MA BIF NASDAQ 06/26/96 18.250
DME Dime Bancorp, Inc. New York NY MA BIF NYSE 08/19/86 17.250
DNFC D & N Financial Corp. Hancock MI MW SAIF NASDAQ 02/13/85 18.125
DSL Downey Financial Corp. Newport Beach CA WE SAIF NYSE 01/01/71 22.625
EBCP Eastern Bancorp Dover NH NE SAIF NASDAQ 11/17/83 24.938
EBSI Eagle Bancshares Tucker GA SE SAIF NASDAQ 04/01/86 17.250
EFBC Empire Federal Bancorp, Inc. Livingston MT WE SAIF NASDAQ 01/27/97 13.500
EFBI Enterprise Federal Bancorp West Chester OH MW SAIF NASDAQ 10/17/94 16.500
EGFC Eagle Financial Corp. Bristol CT NE SAIF NASDAQ 02/03/87 29.250
EGLB Eagle BancGroup, Inc. Bloomington IL MW SAIF NASDAQ 07/01/96 16.000
EIRE Emerald Isle Bancorp, Inc. Quincy MA NE BIF NASDAQ 09/08/86 19.625
EMLD Emerald Financial Corp. Strongsville OH MW SAIF NASDAQ NA 24.500
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 34.500
ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85 19.500
ESX Essex Bancorp, Inc. Norfolk VA SE SAIF AMSE NA 1.875
ETFS East Texas Financial Services Tyler TX SW SAIF NASDAQ 01/10/95 18.250
FAB FirstFed America Bancorp, Inc. Fall River MA NE SAIF AMSE 01/15/97 14.875
FBBC First Bell Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95 16.375
FBCI Fidelity Bancorp, Inc. Chicago IL MW SAIF NASDAQ 12/15/93 19.500
FBCV 1ST Bancorp Vincennes IN MW SAIF NASDAQ 04/07/87 31.000
FBER 1st Bergen Bancorp Wood-Ridge NJ MA SAIF NASDAQ 04/01/96 14.625
FBHC Fort Bend Holding Corp. Rosenberg TX SW SAIF NASDAQ 06/30/93 23.500
FBSI First Bancshares, Inc. Mountain Grove MO MW SAIF NASDAQ 12/22/93 20.000
FCB Falmouth Co-Operative Bank Falmouth MA NE BIF AMSE 03/28/96 15.125
FCBF FCB Financial Corp. Neenah WI MW SAIF NASDAQ 09/24/93 22.500
FCIT First Citizens Financial Corp. Gaithersburg MD MA SAIF NASDAQ 12/17/86 27.250
FCME First Coastal Corporation Westbrook ME NE BIF NASDAQ NA 9.750
FDEF First Defiance Financial Defiance OH MW SAIF NASDAQ 10/02/95 13.250
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 4
<PAGE> 14
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FED FirstFed Financial Corp. Santa Monica CA WE SAIF NYSE 12/16/83 25.750
FESX First Essex Bancorp, Inc. Andover MA NE BIF NASDAQ 08/04/87 16.000
FFBA First Colorado Bancorp, Inc. Lakewood CO SW SAIF NASDAQ 01/02/96 18.188
FFBH First Federal Bancshares of AR Harrison AR SE SAIF NASDAQ 05/03/96 19.500
FFBI First Financial Bancorp, Inc. Belvidere IL MW SAIF NASDAQ 10/04/93 15.500
FFBS FFBS BanCorp, Inc. Columbus MS SE SAIF NASDAQ 07/01/93 22.000
FFBZ First Federal Bancorp, Inc. Zanesville OH MW SAIF NASDAQ 07/13/92 17.500
FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83 28.250
FFDF FFD Financial Corp. Dover OH MW SAIF NASDAQ 04/03/96 14.000
FFDP FirstFed Bancshares Des Plaines IL MW SAIF NASDAQ 07/01/92 17.500
FFEC First Fed Bncshrs Eau Claire Eau Claire WI MW SAIF NASDAQ 10/12/94 18.688
FFED Fidelity Federal Bancorp Evansville IN MW SAIF NASDAQ 08/31/87 10.000
FFES First Federal of East Hartford East Hartford CT NE SAIF NASDAQ 06/23/87 28.500
FFFC FFVA Financial Corp. Lynchburg VA SE SAIF NASDAQ 10/12/94 23.000
FFFD North Central Bancshares, Inc. Fort Dodge IA MW SAIF NASDAQ 03/21/96 15.625
FFFG F.F.O. Financial Group, Inc. St. Cloud FL SE SAIF NASDAQ 10/13/88 4.250
FFFL Fidelity Bankshares Inc., MHC West Palm Beach FL SE SAIF NASDAQ 01/07/94 19.500
FFHC First Financial Corp. Stevens Point WI MW SAIF NASDAQ 12/24/80 26.750
FFHH FSF Financial Corp. Hutchinson MN MW SAIF NASDAQ 10/07/94 17.250
FFHS First Franklin Corporation Cincinnati OH MW SAIF NASDAQ 01/26/88 18.000
FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95 19.125
FFKY First Federal Financial Corp. Elizabethtown KY MW SAIF NASDAQ 07/15/87 20.875
FFLC FFLC Bancorp, Inc. Leesburg FL SE SAIF NASDAQ 01/04/94 26.000
FFOH Fidelity Financial of Ohio Cincinnati OH MW SAIF NASDAQ 03/04/96 13.375
FFPB First Palm Beach Bancorp, Inc. West Palm Beach FL SE SAIF NASDAQ 09/29/93 29.000
FFSL First Independence Corp. Independence KS MW SAIF NASDAQ 10/08/93 11.750
FFSW FirstFederal Financial Svcs Wooster OH MW SAIF NASDAQ 03/31/87 37.500
FFSX First Fed SB of Siouxland, MHC Sioux City IA MW SAIF NASDAQ 07/13/92 30.750
FFWC FFW Corp. Wabash IN MW SAIF NASDAQ 04/05/93 26.000
FFWD Wood Bancorp, Inc. Bowling Green OH MW SAIF NASDAQ 08/31/93 16.750
FFWM First Financial-W. Maryland Cumberland MD MA SAIF NASDAQ 02/11/92 32.250
FFYF FFY Financial Corp. Youngstown OH MW SAIF NASDAQ 06/28/93 25.250
FGHC First Georgia Holding, Inc. Brunswick GA SE SAIF NASDAQ 02/11/87 7.625
FIBC Financial Bancorp, Inc. Long Island City NY MA SAIF NASDAQ 08/17/94 17.875
FISB First Indiana Corporation Indianapolis IN MW SAIF NASDAQ 08/02/83 26.250
FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95 21.875
FKKY Frankfort First Bancorp, Inc. Frankfort KY MW SAIF NASDAQ 07/10/95 10.875
FLAG FLAG Financial Corp. LaGrange GA SE SAIF NASDAQ 12/11/86 12.375
FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83 22.500
FLKY First Lancaster Bancshares Lancaster KY MW SAIF NASDAQ 07/01/96 15.000
FMBD First Mutual Bancorp, Inc. Decatur IL MW SAIF NASDAQ 07/05/95 15.875
FMCO FMS Financial Corporation Burlington NJ MA SAIF NASDAQ 12/14/88 19.750
FMSB First Mutual Savings Bank Bellevue WA WE BIF NASDAQ 12/17/85 20.250
FNGB First Northern Capital Corp. Green Bay WI MW SAIF NASDAQ 12/29/83 18.500
FOBC Fed One Bancorp Wheeling WV SE SAIF NASDAQ 01/19/95 19.000
FRC First Republic Bancorp San Francisco CA WE BIF NYSE NA 24.000
FSBI Fidelity Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88 23.875
FSFC First Southeast Financial Corp Anderson SC SE SAIF NASDAQ 10/08/93 10.625
FSLA First Savings Bank, MHC Edison NJ MA SAIF NASDAQ 07/10/92 21.500
FSNJ First Savings Bk of NJ, MHC Bayonne NJ MA SAIF NASDAQ 01/09/95 24.125
FSPG First Home Bancorp, Inc. Pennsville NJ MA SAIF NASDAQ 04/20/87 17.875
FSSB First FS&LA of San Bernardino San Bernardino CA WE SAIF NASDAQ 02/02/93 9.750
FSTC First Citizens Corporation Newnan GA SE SAIF NASDAQ 03/01/86 25.000
FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 16.750
FTFC First Federal Capital Corp. La Crosse WI MW SAIF NASDAQ 11/02/89 28.250
FTNB Fulton Bancorp, Inc. Fulton MO MW SAIF NASDAQ 10/18/96 18.375
FTSB Fort Thomas Financial Corp. Fort Thomas KY MW SAIF NASDAQ 06/28/95 11.750
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 5
<PAGE> 15
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FWWB First SB of Washington Bancorp Walla Walla WA WE SAIF NASDAQ 11/01/95 19.750
GAF GA Financial, Inc. Pittsburgh PA MA SAIF AMSE 03/26/96 15.500
GBCI Glacier Bancorp, Inc. Kalispell MT WE SAIF NASDAQ 03/30/84 24.000
GDVS Greater Delaware Valley SB,MHC Broomall PA MA SAIF NASDAQ 03/03/95 13.250
GDW Golden West Financial Oakland CA WE SAIF NYSE 05/29/59 69.250
GFCO Glenway Financial Corp. Cincinnati OH MW SAIF NASDAQ 11/30/90 23.000
GFED Guaranty Federal SB, MHC Springfield MO MW SAIF NASDAQ 04/10/95 12.000
GFSB GFS Bancorp, Inc. Grinnell IA MW SAIF NASDAQ 01/06/94 21.500
GLBK Glendale Co-Operative Bank Everett MA NE BIF NASDAQ 01/10/94 26.000
GLN Glendale Federal Bank, FSB Glendale CA WE SAIF NYSE 10/01/83 25.750
GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94 56.750
GRTR Greater New York Savings Bank New York NY MA BIF NASDAQ 06/17/87 16.250
GSBC Great Southern Bancorp, Inc. Springfield MO MW SAIF NASDAQ 12/14/89 17.250
GSFC Green Street Financial Corp. Fayetteville NC SE SAIF NASDAQ 04/04/96 18.000
GSLC Guaranty Financial Corp. Charlottesville VA SE SAIF NASDAQ NA 9.625
GTFN Great Financial Corporation Louisville KY MW SAIF NASDAQ 03/31/94 31.000
GTPS Great American Bancorp Champaign IL MW SAIF NASDAQ 06/30/95 15.750
GUPB GFSB Bancorp, Inc. Gallup NM SW SAIF NASDAQ 06/30/95 16.250
GWBC Gateway Bancorp, Inc. Catlettsburg KY MW SAIF NASDAQ 01/18/95 14.250
GWF Great Western Financial Chatsworth CA WE SAIF NYSE NA 45.625
HALL Hallmark Capital Corp. West Allis WI MW SAIF NASDAQ 01/03/94 18.750
HARB Harbor Federal Savings Bk, MHC Fort Pierce FL SE SAIF NASDAQ 01/06/94 37.000
HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87 20.750
HARS Harris Savings Bank, MHC Harrisburg PA MA SAIF NASDAQ 01/25/94 20.375
HAVN Haven Bancorp, Inc. Woodhaven NY MA SAIF NASDAQ 09/23/93 35.250
HBBI Home Building Bancorp Washington IN MW SAIF NASDAQ 02/08/95 21.000
HBEI Home Bancorp of Elgin, Inc. Elgin IL MW SAIF NASDAQ 09/27/96 15.125
HBFW Home Bancorp Fort Wayne IN MW SAIF NASDAQ 03/30/95 20.500
HBNK Highland Federal Bank FSB Burbank CA WE SAIF NASDAQ NA 24.000
HBS Haywood Bancshares, Inc. Waynesville NC SE BIF AMSE 12/18/87 17.125
HCFC Home City Financial Corp. Springfield OH MW SAIF NASDAQ 12/30/96 13.625
HEMT HF Bancorp, Inc. Hemet CA WE SAIF NASDAQ 06/30/95 13.250
HFFB Harrodsburg First Fin Bancorp Harrodsburg KY MW SAIF NASDAQ 10/04/95 16.125
HFFC HF Financial Corp. Sioux Falls SD MW SAIF NASDAQ 04/08/92 19.500
HFGI Harrington Financial Group Richmond IN MW SAIF NASDAQ NA 10.500
HFNC HFNC Financial Corp. Charlotte NC SE SAIF NASDAQ 12/29/95 22.000
HFSA Hardin Bancorp, Inc. Hardin MO MW SAIF NASDAQ 09/29/95 15.250
HHFC Harvest Home Financial Corp. Cheviot OH MW SAIF NASDAQ 10/10/94 12.250
HIFS Hingham Instit. for Savings Hingham MA NE BIF NASDAQ 12/20/88 19.000
HMCI HomeCorp, Inc. Rockford IL MW SAIF NASDAQ 06/22/90 20.500
HMNF HMN Financial, Inc. Spring Valley MN MW SAIF NASDAQ 06/30/94 22.000
HOMF Home Federal Bancorp Seymour IN MW SAIF NASDAQ 01/23/88 27.250
HPBC Home Port Bancorp, Inc. Nantucket MA NE BIF NASDAQ 08/25/88 17.750
HRBF Harbor Federal Bancorp, Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 17.063
HRZB Horizon Financial Corp. Bellingham WA WE BIF NASDAQ 08/01/86 15.000
HTHR Hawthorne Financial Corp. El Segundo CA WE SAIF NASDAQ NA 10.625
HVFD Haverfield Corporation Cleveland OH MW SAIF NASDAQ 03/19/85 22.750
HWEN Home Financial Bancorp Spencer IN MW SAIF NASDAQ 07/02/96 15.500
HZFS Horizon Financial Svcs Corp. Oskaloosa IA MW SAIF NASDAQ 06/30/94 17.250
IBSF IBS Financial Corp. Cherry Hill NJ MA SAIF NASDAQ 10/13/94 17.500
IFSB Independence Federal Savings Washington DC MA SAIF NASDAQ 06/06/85 8.625
IFSL Indiana Federal Corporation Valparaiso IN MW SAIF NASDAQ 02/04/87 26.500
INBI Industrial Bancorp Bellevue OH MW SAIF NASDAQ 08/01/95 12.875
INCB Indiana Community Bank, SB Lebanon IN MW SAIF NASDAQ 12/15/94 18.750
IPSW Ipswich Savings Bank Ipswich MA NE BIF NASDAQ 05/26/93 15.750
ISBF ISB Financial Corporation New Iberia LA SW SAIF NASDAQ 04/07/95 25.625
ITLA ITLA Capital Corp. La Jolla CA WE BIF NASDAQ 10/24/95 16.375
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 6
<PAGE> 16
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IWBK InterWest Bancorp, Inc. Oak Harbor WA WE SAIF NASDAQ NA 33.500
JOAC Joachim Bancorp, Inc. De Soto MO MW SAIF NASDAQ 12/28/95 14.000
JSBA Jefferson Savings Bancorp Ballwin MO MW SAIF NASDAQ 04/08/93 29.250
JSBF JSB Financial, Inc. Lynbrook NY MA BIF NASDAQ 06/27/90 41.000
JXSB Jacksonville Savings Bank, MHC Jacksonville IL MW SAIF NASDAQ 04/21/95 16.500
JXVL Jacksonville Bancorp, Inc. Jacksonville TX SW SAIF NASDAQ 04/01/96 14.938
KFBI Klamath First Bancorp Klamath Falls OR WE SAIF NASDAQ 10/05/95 18.125
KNK Kankakee Bancorp, Inc. Kankakee IL MW SAIF AMSE 01/06/93 26.875
KSAV KS Bancorp, Inc. Kenly NC SE SAIF NASDAQ 12/30/93 21.500
KSBK KSB Bancorp, Inc. Kingfield ME NE BIF NASDAQ 06/24/93 28.000
KYF Kentucky First Bancorp, Inc. Cynthiana KY MW SAIF AMSE 08/29/95 11.750
LARK Landmark Bancshares, Inc. Dodge City KS MW SAIF NASDAQ 03/28/94 19.750
LARL Laurel Capital Group, Inc. Allison Park PA MA SAIF NASDAQ 02/20/87 21.000
LFBI Little Falls Bancorp, Inc. Little Falls NJ MA SAIF NASDAQ 01/05/96 13.625
LFED Leeds Federal Savings Bk, MHC Baltimore MD MA SAIF NASDAQ 05/02/94 18.563
LIFB Life Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 10/11/94 19.875
LISB Long Island Bancorp, Inc. Melville NY MA SAIF NASDAQ 04/18/94 35.000
LOGN Logansport Financial Corp. Logansport IN MW SAIF NASDAQ 06/14/95 14.813
LONF London Financial Corporation London OH MW SAIF NASDAQ 04/01/96 15.500
LSBI LSB Financial Corp. Lafayette IN MW BIF NASDAQ 02/03/95 20.000
LSBX Lawrence Savings Bank North Andover MA NE BIF NASDAQ 05/02/86 9.750
LVSB Lakeview Financial West Paterson NJ MA SAIF NASDAQ 12/22/93 33.500
LXMO Lexington B&L Financial Corp. Lexington MO MW SAIF NASDAQ 06/06/96 14.813
MAFB MAF Bancorp, Inc. Clarendon Hills IL MW SAIF NASDAQ 01/12/90 39.500
MARN Marion Capital Holdings Marion IN MW SAIF NASDAQ 03/18/93 21.250
MASB MASSBANK Corp. Reading MA NE BIF NASDAQ 05/28/86 41.750
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE 09/03/92 18.375
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE NA 18.375
MBBC Monterey Bay Bancorp, Inc. Watsonville CA WE SAIF NASDAQ 02/15/95 17.500
MBLF MBLA Financial Corp. Macon MO MW SAIF NASDAQ 06/24/93 20.750
MBSP Mitchell Bancorp, Inc. Spruce Pine NC SE SAIF NASDAQ 07/12/96 15.750
MCBN Mid-Coast Bancorp, Inc. Waldoboro ME NE SAIF NASDAQ 11/02/89 19.000
MCBS Mid Continent Bancshares Inc. El Dorado KS MW SAIF NASDAQ 06/27/94 26.125
MDBK Medford Savings Bank Medford MA NE BIF NASDAQ 03/18/86 27.750
MECH Mechanics Savings Bank Hartford CT NE BIF NASDAQ 06/26/96 18.000
MERI Meritrust Federal SB Thibodaux LA SW SAIF NASDAQ NA 35.500
METF Metropolitan Financial Corp. Mayfield Heights OH MW SAIF NASDAQ NA 10.750
MFBC MFB Corp. Mishawaka IN MW SAIF NASDAQ 03/25/94 18.875
MFCX Marshalltown Financial Corp. Marshalltown IA MW SAIF NASDAQ 03/31/94 14.750
MFFC Milton Federal Financial Corp. West Milton OH MW SAIF NASDAQ 10/07/94 13.750
MFLR Mayflower Co-operative Bank Middleboro MA NE BIF NASDAQ 12/23/87 19.750
MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 36.875
MGNL Magna Bancorp, Inc. Hattiesburg MS SE SAIF NASDAQ 03/13/91 19.000
MIDC MidConn Bank Kensington CT NE BIF NASDAQ 09/11/86 24.500
MIFC Mid-Iowa Financial Corp. Newton IA MW SAIF NASDAQ 10/14/92 8.250
MIVI Mississippi View Holding Co. Little Falls MN MW SAIF NASDAQ 03/24/95 15.125
MLBC ML Bancorp, Inc. Villanova PA MA SAIF NASDAQ 08/11/94 17.375
MSBF MSB Financial, Inc. Marshall MI MW SAIF NASDAQ 02/06/95 21.000
MSBK Mutual Savings Bank, FSB Bay City MI MW SAIF NASDAQ 07/17/92 7.750
MWBI Midwest Bancshares, Inc. Burlington IA MW SAIF NASDAQ 11/12/92 29.500
MWBX MetroWest Bank Framingham MA NE BIF NASDAQ 10/10/86 5.156
MWFD Midwest Federal Financial Baraboo WI MW SAIF NASDAQ 07/08/92 17.875
NASB North American Savings Bank Grandview MO MW SAIF NASDAQ 09/27/85 38.000
NBSI North Bancshares, Inc. Chicago IL MW SAIF NASDAQ 12/21/93 19.125
NEBC Northeast Bancorp Portland ME NE BIF NASDAQ 08/19/87 13.625
NEIB Northeast Indiana Bancorp Huntington IN MW SAIF NASDAQ 06/28/95 15.000
NHTB New Hampshire Thrift Bncshrs New London NH NE SAIF NASDAQ 05/22/86 12.000
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 7
<PAGE> 17
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NMSB NewMil Bancorp, Inc. New Milford CT NE BIF NASDAQ 02/01/86 9.250
NSLB NS&L Bancorp, Inc. Neosho MO MW SAIF NASDAQ 06/08/95 16.000
NSSB Norwich Financial Corp. Norwich CT NE BIF NASDAQ 11/14/86 21.000
NSSY Norwalk Savings Society Norwalk CT NE BIF NASDAQ 06/16/94 25.375
NTMG Nutmeg Federal S&LA Danbury CT NE SAIF NASDAQ NA 7.375
NWEQ Northwest Equity Corp. Amery WI MW SAIF NASDAQ 10/11/94 14.000
NWSB Northwest Savings Bank, MHC Warren PA MA SAIF NASDAQ 11/07/94 15.500
NYB New York Bancorp Inc. Douglaston NY MA SAIF NYSE 01/28/88 31.125
OCFC Ocean Financial Corp. Toms River NJ MA SAIF NASDAQ 07/03/96 30.875
OCWN Ocwen Financial Corporation West Palm Beach FL SE SAIF NASDAQ NA 33.250
OFCP Ottawa Financial Corp. Holland MI MW SAIF NASDAQ 08/19/94 20.375
OHSL OHSL Financial Corp. Cincinnati OH MW SAIF NASDAQ 02/10/93 22.000
OSBF OSB Financial Corp. Oshkosh WI MW SAIF NASDAQ 07/01/92 32.000
PALM Palfed, Inc. Aiken SC SE SAIF NASDAQ 12/15/85 16.250
PAMM PacificAmerica Money Center Woodland Hills CA WE BIF NASDAQ NA 29.000
PBCI Pamrapo Bancorp, Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89 20.750
PBCT People's Bank, MHC Bridgeport CT NE BIF NASDAQ 07/06/88 35.250
PBIX Patriot Bank Corp. Pottstown PA MA SAIF NASDAQ 12/04/95 16.750
PBKB People's Bancshares, Inc. South Easton MA NE BIF NASDAQ 10/23/86 12.250
PBNB People's Savings Financial Cp. New Britain CT NE BIF NASDAQ 08/20/86 31.000
PCBC Perry County Financial Corp. Perryville MO MW SAIF NASDAQ 02/13/95 19.000
PCCI Pacific Crest Capital Agoura Hills CA WE BIF NASDAQ NA 13.750
PDB Piedmont Bancorp, Inc. Hillsborough NC SE SAIF AMSE 12/08/95 10.750
PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95 14.875
PERM Permanent Bancorp, Inc. Evansville IN MW SAIF NASDAQ 04/04/94 22.250
PERT Perpetual Bank, MHC Anderson SC SE SAIF NASDAQ 10/26/93 26.000
PETE Primary Bank Peterborough NH NE BIF NASDAQ 10/14/93 17.250
PFDC Peoples Bancorp Auburn IN MW SAIF NASDAQ 07/07/87 22.500
PFED Park Bancorp, Inc. Chicago IL MW SAIF NASDAQ 08/12/96 15.750
PFFB PFF Bancorp, Inc. Pomona CA WE SAIF NASDAQ 03/29/96 15.750
PFFC Peoples Financial Corp. Massillon OH MW SAIF NASDAQ 09/13/96 15.500
PFNC Progress Financial Corporation Blue Bell PA MA SAIF NASDAQ 07/18/83 8.938
PFSB PennFed Financial Services,Inc West Orange NJ MA SAIF NASDAQ 07/15/94 25.250
PFSL Pocahontas FS&LA, MHC Pocahontas AR SE SAIF NASDAQ 04/05/94 20.000
PHBK Peoples Heritage Finl Group Portland ME NE BIF NASDAQ 12/04/86 31.500
PHFC Pittsburgh Home Financial Corp Pittsburgh PA MA SAIF NASDAQ 04/01/96 14.625
PKPS Poughkeepsie Savings Bank, FSB Poughkeepsie NY MA SAIF NASDAQ 11/19/85 6.250
PLE Pinnacle Bancshares, Inc. Jasper AL SE SAIF AMSE 12/17/86 21.500
PMFI Perpetual Midwest Financial Cedar Rapids IA MW SAIF NASDAQ 03/31/94 20.000
POBS Portsmouth Bank Shares Portsmouth NH NE BIF NASDAQ 02/09/88 15.250
PRBC Prestige Bancorp, Inc. Pleasant Hills PA MA SAIF NASDAQ 06/27/96 15.750
PROV Provident Financial Holdings Riverside CA WE SAIF NASDAQ 06/28/96 16.375
PSAB Prime Bancorp, Inc. Philadelphia PA MA SAIF NASDAQ 11/21/88 21.250
PSBK Progressive Bank, Inc. Fishkill NY MA BIF NASDAQ 08/01/84 24.250
PSFI PS Financial, Inc. Chicago IL MW SAIF NASDAQ 11/27/96 13.875
PTRS Potters Financial Corp. East Liverpool OH MW SAIF NASDAQ 12/31/93 20.000
PULB Pulaski Bank, Savings Bk, MHC St. Louis MO MW SAIF NASDAQ 05/11/94 17.000
PULS Pulse Bancorp South River NJ MA SAIF NASDAQ 09/18/86 18.125
PVFC PVF Capital Corp. Bedford Heights OH MW SAIF NASDAQ 12/30/92 16.750
PVSA Parkvale Financial Corporation Monroeville PA MA SAIF NASDAQ 07/16/87 28.500
PWBC PennFirst Bancorp, Inc. Ellwood City PA MA SAIF NASDAQ 06/13/90 13.500
PWBK Pennwood Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 07/15/96 14.000
QCBC Quaker City Bancorp, Inc. Whittier CA WE SAIF NASDAQ 12/30/93 19.250
QCFB QCF Bancorp, Inc. Virginia MN MW SAIF NASDAQ 04/03/95 19.000
QCSB Queens County Bancorp, Inc. Flushing NY MA BIF NASDAQ 11/23/93 57.750
RARB Raritan Bancorp, Inc. Raritan NJ MA BIF NASDAQ 03/01/87 24.750
RCSB RCSB Financial, Inc. Rochester NY MA BIF NASDAQ 04/29/86 33.750
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 8
<PAGE> 18
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REDF RedFed Bancorp Inc. Redlands CA WE SAIF NASDAQ 04/08/94 14.375
RELI Reliance Bancshares, Inc. Milwaukee WI MW SAIF NASDAQ 04/19/96 7.375
RELY Reliance Bancorp, Inc. Garden City NY MA SAIF NASDAQ 03/31/94 24.500
RFED Roosevelt Financial Group Chesterfield MO MW SAIF NASDAQ 01/23/87 22.438
RIVR River Valley Bancorp Madison IN MW SAIF NASDAQ 12/20/96 14.250
ROSE TR Financial Corp. Garden City NY MA BIF NASDAQ 06/29/93 35.250
RSLN Roslyn Bancorp, Inc. Roslyn NY MA BIF NASDAQ 01/13/97 18.000
RVSB Riverview Savings Bank, MHC Camas WA WE SAIF NASDAQ 10/26/93 17.750
SBCN Suburban Bancorporation, Inc. Cincinnati OH MW SAIF NASDAQ 09/30/93 19.375
SBFL SB of the Finger Lakes, MHC Geneva NY MA SAIF NASDAQ 11/11/94 15.125
SCBS Southern Community Bancshares Cullman AL SE SAIF NASDAQ 12/23/96 13.375
SCCB S. Carolina Community Bancshrs Winnsboro SC SE SAIF NASDAQ 07/07/94 20.000
SECP Security Capital Corporation Milwaukee WI MW SAIF NASDAQ 01/03/94 84.750
SFB Standard Federal Bancorp Troy MI MW SAIF NYSE 01/21/87 57.750
SFED SFS Bancorp, Inc. Schenectady NY MA SAIF NASDAQ 06/30/95 17.250
SFFC StateFed Financial Corporation Des Moines IA MW SAIF NASDAQ 01/05/94 18.625
SFIN Statewide Financial Corp. Jersey City NJ MA SAIF NASDAQ 10/02/95 16.375
SFNB Security First Network Bank Pineville KY MW SAIF NASDAQ NA 9.375
SFSB SuburbFed Financial Corp. Flossmoor IL MW SAIF NASDAQ 03/04/92 22.500
SFSL Security First Corp. Mayfield Heights OH MW SAIF NASDAQ 01/22/88 18.500
SGVB SGV Bancorp, Inc. West Covina CA WE SAIF NASDAQ 06/29/95 13.438
SHEN First Shenango Bancorp, Inc. New Castle PA MA SAIF NASDAQ 04/06/93 24.500
SISB SIS Bancorp, Inc. Springfield MA NE BIF NASDAQ 02/08/95 26.500
SJSB SJS Bancorp St. Joseph MI MW SAIF NASDAQ 02/16/95 25.500
SMBC Southern Missouri Bancorp, Inc Poplar Bluff MO MW SAIF NASDAQ 04/13/94 16.125
SMFC Sho-Me Financial Corp. Mt. Vernon MO MW SAIF NASDAQ 07/01/94 28.500
SOBI Sobieski Bancorp, Inc. South Bend IN MW SAIF NASDAQ 03/31/95 14.500
SOPN First Savings Bancorp, Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94 20.000
SOSA Somerset Savings Bank Somerville MA NE BIF NASDAQ 07/09/86 2.625
SPBC St. Paul Bancorp, Inc. Chicago IL MW SAIF NASDAQ 05/18/87 28.125
SRN Southern Banc Company, Inc Gadsden AL SE SAIF AMSE 10/05/95 14.625
SSB Scotland Bancorp, Inc Laurinburg NC SE SAIF AMSE 04/01/96 16.000
SSFC South Street Financial Corp. Albemarle NC SE SAIF NASDAQ 10/03/96 16.625
SSM Stone Street Bancorp, Inc. Mocksville NC SE SAIF AMSE 04/01/96 25.500
STFR St. Francis Capital Corp. Milwaukee WI MW SAIF NASDAQ 06/21/93 30.750
STND Standard Financial, Inc. Chicago IL MW SAIF NASDAQ 08/01/94 21.125
STSA Sterling Financial Corp. Spokane WA WE SAIF NASDAQ NA 16.875
SVRN Sovereign Bancorp, Inc. Wyomissing PA MA SAIF NASDAQ 08/12/86 13.188
SWBI Southwest Bancshares Hometown IL MW SAIF NASDAQ 06/24/92 18.750
SWCB Sandwich Co-operative Bank Sandwich MA NE BIF NASDAQ 07/25/86 31.000
SZB SouthFirst Bancshares, Inc. Sylacauga AL SE SAIF AMSE 02/14/95 14.500
TBK Tolland Bank Tolland CT NE BIF AMSE 12/19/86 15.375
TCB TCF Financial Corp. Minneapolis MN MW SAIF NYSE 06/17/86 44.625
THBC Troy Hill Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/27/94 20.250
THR Three Rivers Financial Corp. Three Rivers MI MW SAIF AMSE 08/24/95 14.875
THRD TF Financial Corporation Newtown PA MA SAIF NASDAQ 07/13/94 18.875
TPNZ Tappan Zee Financial, Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 14.500
TRIC Tri-County Bancorp, Inc. Torrington WY WE SAIF NASDAQ 09/30/93 18.500
TSBS Trenton SB, MHC Lawrenceville NJ MA BIF NASDAQ 08/03/95 18.500
TSH Teche Holding Co. Franklin LA SW SAIF AMSE 04/19/95 15.875
TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95 19.000
UBMT United Financial Corp. Great Falls MT WE SAIF NASDAQ 09/23/86 19.750
UFRM United Federal Savings Bank Rocky Mount NC SE SAIF NASDAQ 07/01/80 8.625
VABF Virginia Beach Fed. Financial Virginia Beach VA SE SAIF NASDAQ 11/01/80 10.625
VFFC Virginia First Financial Corp. Petersburg VA SE SAIF NASDAQ 01/01/78 14.625
WAMU Washington Mutual Inc. Seattle WA WE BIF NASDAQ 03/11/83 50.375
WAYN Wayne Savings & Loan Co. MHC Wooster OH MW SAIF NASDAQ 06/25/93 27.250
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 9
<PAGE> 19
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
WBST Webster Financial Corporation Waterbury CT NE SAIF NASDAQ 12/12/86 38.875
WCBI Westco Bancorp Westchester IL MW SAIF NASDAQ 06/26/92 22.000
WCFB Webster City Federal SB, MHC Webster City IA MW SAIF NASDAQ 08/15/94 14.500
WEFC Wells Financial Corp. Wells MN MW SAIF NASDAQ 04/11/95 14.750
WEHO Westwood Homestead Fin. Corp. Cincinnati OH MW SAIF NASDAQ 09/30/96 13.625
WES Westcorp Irvine CA WE SAIF NYSE 05/01/86 16.750
WFCO Winton Financial Corp. Cincinnati OH MW SAIF NASDAQ 08/04/88 12.516
WFSG Wilshire Financial Services Portland OR WE SAIF NASDAQ NA 16.750
WFSL Washington Federal, Inc. Seattle WA WE SAIF NASDAQ 11/17/82 24.875
WHGB WHG Bancshares Corp. Lutherville MD MA SAIF NASDAQ 04/01/96 14.438
WOFC Western Ohio Financial Corp. Springfield OH MW SAIF NASDAQ 07/29/94 21.500
WRNB Warren Bancorp, Inc. Peabody MA NE BIF NASDAQ 07/09/86 15.750
WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 5.250
WSFS WSFS Financial Corporation Wilmington DE MA BIF NASDAQ 11/26/86 11.750
WSTR WesterFed Financial Corp. Missoula MT WE SAIF NASDAQ 01/10/94 20.750
WVFC WVS Financial Corporation Pittsburgh PA MA SAIF NASDAQ 11/29/93 25.250
WWFC Westwood Financial Corporation Westwood NJ MA SAIF NASDAQ 06/07/96 18.250
WYNE Wayne Bancorp, Inc. Wayne NJ MA SAIF NASDAQ 06/27/96 16.875
YFCB Yonkers Financial Corporation Yonkers NY MA SAIF NASDAQ 04/18/96 15.250
YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84 18.125
Maximum 84.750
Minimum 1.875
Average 20.874
Median 18.500
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 10
<PAGE> 20
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AABC 3.84 NM 77.0 77.0 3.5 - 108,912 4.6 4.6 (0.36) (0.57)
AADV 124.46 16.7 138.0 149.0 12.1 1.05 1,031,221 8.7 8.2 2.28 0.32
ABBK 39.52 13.8 117.8 131.9 8.1 1.92 486,958 6.9 6.2 1.51 0.74
ABCL 159.35 18.7 142.2 146.2 12.1 - 667,964 8.5 8.3 1.60 0.47
ABCW 210.25 14.4 182.4 187.0 11.3 1.10 1,869,211 6.2 6.0 3.17 0.72
AFBC 15.45 NA NA NA NA - 100,209 15.7 15.7 NA NA
AFCB 139.03 14.2 134.7 135.5 13.5 2.22 1,032,213 9.8 9.8 1.90 0.88
AFED 20.55 NA 91.0 91.2 13.7 - 149,846 14.0 13.9 NA NA
AFFFZ 195.63 6.0 116.2 118.1 8.9 4.92 2,209,051 8.0 7.9 5.47 1.37
AHCI 63.14 NA 99.7 99.7 14.1 - 496,505 14.2 14.2 NA 0.27
AHM 4,111.66 18.1 210.8 250.5 8.2 2.19 49,902,044 4.9 4.3 2.23 0.29
ALBC 4.63 42.1 80.2 80.2 7.7 1.68 59,860 9.6 9.6 0.44 (0.10)
ALBK 450.26 15.2 141.1 163.4 12.8 1.72 3,506,136 9.1 8.0 2.30 0.77
AMFB 325.15 18.8 281.1 302.0 24.7 1.62 1,318,400 8.8 8.2 1.58 1.07
AMFC 14.62 NA 95.1 95.1 18.4 1.75 83,542 19.4 19.4 NA 0.49
ANA 49.16 NA 105.7 105.7 18.6 2.00 265,079 17.6 17.6 NA NA
ANBK 50.00 18.0 107.9 107.9 10.2 0.87 492,506 9.0 9.0 0.77 0.22
ANDB 139.90 11.0 146.0 146.0 11.6 2.20 1,204,813 8.0 8.0 2.48 1.09
ASBI 51.84 15.0 118.0 118.1 13.1 3.81 396,755 11.1 11.1 1.05 0.62
ASBP 20.23 19.9 108.4 108.4 18.1 3.40 111,824 15.7 15.7 0.59 0.60
ASFC 853.55 16.8 145.0 174.7 11.7 1.11 7,272,763 8.1 6.8 2.36 0.53
ATSB 6.51 47.1 88.3 89.2 9.0 1.63 72,219 10.2 10.1 0.26 0.30
AVND 62.57 NM 103.1 103.1 10.5 - 595,571 10.2 10.2 0.02 0.71
BANC 317.94 17.7 179.5 193.3 11.6 0.85 2,170,480 6.4 6.0 0.77 0.85
BDJI 13.14 18.8 105.3 105.3 12.0 - 109,729 11.4 11.4 1.00 0.32
BFD 104.86 24.3 113.6 NA 12.8 1.19 820,567 10.5 NA 0.69 0.40
BFFC 35.49 NA NA NA NA - 193,103 7.1 7.1 NA NA
BFSB 22.16 12.7 113.4 113.4 17.1 2.48 129,601 14.3 14.3 1.53 1.06
BFSI 84.57 8.1 162.0 162.0 13.0 - 650,514 8.0 8.0 6.29 1.47
BKC 73.38 13.9 155.6 162.9 13.1 4.50 558,437 8.5 8.1 2.30 1.26
BKCO 309.45 12.3 160.5 163.3 12.6 2.56 2,459,784 7.8 7.7 2.04 1.13
BKCT 61.05 14.2 142.8 142.8 14.6 3.45 419,398 10.2 10.2 1.67 1.26
BKUNA 92.70 24.2 143.3 178.9 6.5 - 1,329,044 7.4 6.6 0.45 0.40
BNKU 955.77 NA 175.4 180.5 8.6 1.85 11,059,646 4.9 4.8 NA 1.13
BPLS 241.75 NM 150.2 150.6 7.3 - 3,330,290 4.9 4.8 (0.32) (0.47)
BSBC 20.72 14.8 159.4 159.4 14.3 2.00 183,511 9.0 9.0 0.27 1.05
BVFS 350.42 17.9 175.2 184.6 10.6 1.22 3,300,262 6.1 5.8 2.93 0.34
BWFC 20.92 23.0 92.2 92.2 14.6 2.44 143,186 15.9 15.9 0.50 0.77
BYFC 10.04 NA 79.7 79.7 8.6 1.78 117,253 11.5 11.5 NA (0.16)
CAFI 53.60 12.1 119.1 129.7 11.4 2.74 469,449 9.6 8.9 1.45 0.79
CAPS 25.54 12.9 128.1 128.1 10.8 1.78 235,687 8.5 8.5 1.05 0.63
CARV 23.43 24.7 67.1 70.2 6.3 - 372,147 9.4 9.0 0.41 (0.03)
CASB 35.93 21.9 169.3 169.3 10.3 - 348,050 6.1 6.1 0.80 0.51
CASH 48.52 12.1 111.1 125.5 13.1 2.15 369,885 11.8 10.6 1.38 0.75
CATB 84.22 NA 109.7 109.7 30.6 1.72 275,625 27.9 27.9 NA 1.38
CBCI 83.04 14.0 103.2 103.2 16.5 - 510,217 16.0 16.0 2.54 1.08
CBCO 38.65 17.3 193.2 193.2 17.1 - 226,553 8.8 8.8 1.92 1.02
CBES 17.04 NA 98.4 98.4 18.6 2.41 91,672 18.9 18.9 NA NA
CBK 44.02 NA 109.2 109.2 16.8 - 261,637 15.4 15.4 NA 0.25
CBNH 60.92 15.3 149.3 149.3 11.1 2.57 550,596 7.4 7.4 1.63 0.94
CBSA 136.59 12.6 147.1 176.3 4.8 1.46 2,875,907 3.3 2.8 2.19 0.25
CBSB 69.12 16.6 119.5 129.0 18.2 1.48 380,051 15.2 14.3 0.98 0.98
CCFH 15.00 27.3 114.2 114.2 16.9 3.05 88,509 14.8 14.8 0.60 0.47
CEBK 35.86 16.7 107.7 121.4 11.1 1.75 324,297 10.3 9.2 1.09 0.59
CENB 26.88 NA 91.0 91.0 27.4 - 98,115 30.1 30.1 NA NA
CENF 166.88 10.0 146.4 146.6 7.6 1.11 2,184,858 5.2 5.2 3.23 0.55
CFB 789.77 13.5 200.1 227.6 11.5 0.76 6,868,213 5.8 5.1 2.73 0.66
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 11
<PAGE> 21
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CFCP 81.12 20.1 280.4 280.4 17.9 1.87 453,955 6.4 6.4 1.17 0.88
CFFC 29.90 13.9 130.3 130.3 17.9 2.38 166,664 13.8 13.8 1.69 1.04
CFHC 136.89 14.0 152.3 153.0 10.2 1.52 1,337,379 6.7 6.7 2.07 0.53
CFNC 27.08 NA 104.0 104.0 25.3 - 107,170 24.3 24.3 NA NA
CFSB 100.00 14.2 160.1 160.1 12.1 2.26 829,800 7.5 7.5 1.50 0.69
CFTP 84.04 NA 122.0 122.0 40.8 1.53 206,023 33.4 33.4 NA 1.27
CFX 222.30 15.6 167.2 179.7 14.4 5.14 1,547,092 8.6 8.1 1.10 0.86
CIBI 10.92 12.4 100.1 100.1 11.4 2.32 95,787 11.4 11.4 1.39 0.64
CKFB 17.50 23.0 110.9 110.9 29.2 2.33 60,038 25.2 25.2 0.82 1.30
CLAS 17.85 25.5 93.2 110.9 13.9 2.07 128,361 14.9 12.8 0.53 0.43
CMRN 46.66 16.9 98.4 98.4 24.3 1.71 191,879 24.7 24.7 0.97 1.15
CMSB 276.04 NA 119.0 152.7 13.0 1.56 2,119,961 10.9 8.7 NA 0.51
CMSV 95.74 16.0 125.8 125.8 14.6 4.10 655,209 11.6 11.6 1.22 0.64
CNBA 32.73 NA NA NA NA 1.60 154,771 7.8 7.8 NA NA
CNIT 73.51 18.6 152.3 167.2 10.7 2.22 685,962 7.0 6.5 2.42 0.40
CNSB 28.93 NA 119.9 119.9 29.3 1.14 98,898 24.4 24.4 NA NA
COFD 833.49 14.3 221.5 246.7 15.0 2.45 5,543,924 6.8 6.1 2.86 0.91
COFI 2,118.95 13.4 228.1 246.1 15.2 2.02 13,904,563 6.7 6.2 3.41 0.94
COOP 32.07 NM 126.0 126.0 9.4 - 341,300 7.5 7.5 0.04 (0.98)
CRZY 14.81 NA 94.7 94.7 28.2 2.86 52,593 29.8 29.8 NA 0.83
CSA 838.64 22.0 197.6 200.6 9.6 - 8,704,952 4.9 4.8 2.05 0.13
CSBF 10.36 31.4 86.7 92.1 21.8 - 47,527 25.2 24.0 0.35 0.51
CTBK 18.96 13.4 116.8 119.5 7.8 2.00 242,182 6.7 6.6 1.49 0.65
CTZN 302.60 15.3 163.7 184.7 10.4 0.91 2,918,160 6.3 5.7 2.30 0.51
CVAL 35.13 14.2 136.8 136.8 12.1 2.05 290,173 8.9 8.9 1.51 0.61
CZF 13.47 15.9 111.0 111.0 17.8 2.86 75,635 16.0 16.0 0.88 0.78
DCBI 28.03 NA 93.7 93.7 26.3 - 106,608 28.1 28.1 NA NA
DFIN 54.67 22.7 101.5 101.5 23.2 1.66 235,264 22.9 22.9 0.64 0.72
DIBK 103.87 8.2 165.9 172.5 13.8 1.78 751,303 8.3 8.0 2.46 1.82
DIME 265.49 NA 119.8 136.9 21.6 - 1,232,033 18.0 16.1 NA 0.98
DME 1,806.83 13.7 176.7 178.4 9.6 - 18,870,108 5.4 5.4 1.26 0.52
DNFC 151.31 12.8 177.7 179.8 10.3 - 1,473,054 5.9 5.8 1.42 0.67
DSL 576.01 17.7 147.1 149.4 11.1 1.41 5,198,157 7.5 7.4 1.28 0.42
EBCP 91.55 20.6 141.4 149.2 10.6 2.57 866,018 7.5 7.1 1.21 0.40
EBSI 78.53 15.0 135.4 135.4 11.8 3.48 666,166 8.7 8.7 1.15 0.59
EFBC 34.99 NA NA NA NA - 86,810 18.3 18.3 NA 0.72
EFBI 33.43 19.0 107.1 107.2 13.6 - 246,397 12.7 12.7 0.87 0.68
EGFC 132.92 15.9 126.3 168.5 9.1 3.15 1,458,050 7.2 5.5 1.84 0.97
EGLB 20.84 NA 94.1 94.1 12.1 - 172,666 12.8 12.8 NA (0.31)
EIRE 43.39 17.1 155.4 155.4 10.6 1.43 409,639 6.8 6.8 1.15 0.63
EMLD 62.00 13.9 143.7 146.4 10.9 1.96 567,490 7.6 7.5 1.76 0.68
EQSB 20.70 11.4 144.5 144.5 7.2 - 286,637 5.0 5.0 3.03 0.41
ESBK 13.78 22.9 97.8 102.2 6.2 3.28 222,839 6.3 6.1 0.85 0.28
ESX 1.97 NM NM NM 1.2 - 171,498 8.7 8.5 (4.78) (2.57)
ETFS 19.70 26.5 93.4 93.4 17.4 1.10 113,435 18.6 18.6 0.69 0.35
FAB 129.60 NA NA NA NA - 971,497 4.9 4.9 NA NA
FBBC 127.04 14.0 147.0 147.0 19.4 2.44 656,183 13.2 13.2 1.17 1.30
FBCI 54.34 17.4 110.4 110.7 11.2 1.64 484,106 10.2 10.1 1.12 0.50
FBCV 21.62 NM 101.1 101.1 8.3 1.29 260,211 8.2 8.2 (0.22) 0.17
FBER 44.10 NA 106.9 106.9 17.9 0.82 247,072 16.7 16.7 NA 0.30
FBHC 19.28 16.2 107.7 116.3 6.9 1.19 278,532 6.4 6.0 1.45 0.23
FBSI 23.90 15.3 103.2 103.4 15.2 1.00 157,014 14.8 14.7 1.31 0.83
FCB 22.00 NA 99.4 99.4 24.9 1.32 88,519 25.0 25.0 NA 0.77
FCBF 55.34 19.1 117.7 117.7 20.6 3.20 268,528 17.5 17.5 1.18 0.91
FCIT 80.06 19.6 192.3 192.3 11.7 - 687,196 6.1 6.1 1.39 0.49
FCME 13.24 3.1 161.4 161.4 9.7 - 136,429 6.0 6.0 3.20 1.49
FDEF 124.86 23.3 107.6 107.6 23.1 2.42 543,411 21.5 21.5 0.57 0.78
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 12
<PAGE> 22
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FED 271.14 15.2 139.3 141.3 6.5 - 4,143,852 4.7 4.6 1.69 0.20
FESX 118.74 12.5 142.9 166.5 11.1 3.00 1,067,175 7.8 6.8 1.28 1.08
FFBA 330.73 NA 152.7 154.7 21.8 1.98 1,514,086 14.3 14.2 NA 0.88
FFBH 100.50 NA 120.6 120.6 19.7 1.03 509,605 16.4 16.4 NA NA
FFBI 6.59 21.0 89.9 89.9 7.0 - 94,533 7.8 7.8 0.74 (0.17)
FFBS 34.44 18.8 131.9 131.9 27.1 2.27 127,125 19.4 19.4 1.17 1.13
FFBZ 27.51 15.9 209.1 209.3 14.6 1.37 189,065 7.6 7.6 1.10 0.77
FFCH 178.13 14.7 184.9 184.9 11.3 2.55 1,582,274 6.1 6.1 1.92 0.52
FFDF 20.37 NA 95.2 95.2 23.6 1.43 86,159 24.8 24.8 NA 0.76
FFDP 53.47 33.0 107.2 112.5 9.9 2.29 541,169 9.2 8.8 0.53 0.26
FFEC 128.11 21.0 128.3 133.1 17.7 1.50 724,074 13.8 13.4 0.89 0.66
FFED 24.89 35.7 197.6 197.6 9.6 4.00 260,171 4.8 4.8 0.28 0.17
FFES 74.85 12.3 124.4 124.4 7.8 2.11 958,550 6.3 6.3 2.32 0.43
FFFC 107.93 17.6 135.0 138.0 20.2 1.74 533,826 14.0 13.7 1.31 1.05
FFFD 53.59 NA 108.8 NA 26.4 1.60 203,093 24.2 NA NA 1.64
FFFG 35.83 19.3 190.6 190.6 11.5 - 311,028 6.1 6.1 0.22 0.21
FFFL 131.52 25.3 160.9 162.4 15.0 4.10 875,998 9.3 9.3 0.77 0.43
FFHC 984.47 14.7 239.9 247.7 17.3 2.24 5,700,431 7.2 7.0 1.82 0.91
FFHH 55.72 21.6 109.1 109.1 15.4 2.90 362,373 12.4 12.4 0.80 0.58
FFHS 20.82 17.3 105.5 106.3 9.4 1.78 222,302 8.9 8.8 1.04 0.13
FFIC 157.79 24.5 118.4 118.4 20.4 0.84 775,343 17.2 17.2 0.78 0.91
FFKY 87.30 17.3 174.7 186.4 23.8 2.49 367,067 13.6 12.9 1.21 1.23
FFLC 63.38 20.5 118.2 118.2 18.3 1.85 346,442 15.5 15.5 1.27 0.65
FFOH 74.82 NA 112.1 128.1 15.0 1.50 499,918 13.3 11.9 NA 0.53
FFPB 144.57 111.5 137.7 141.4 9.7 2.07 1,502,978 7.1 6.9 0.26 0.02
FFSL 12.43 14.9 103.7 103.7 11.4 2.13 108,914 11.0 11.0 0.79 0.58
FFSW 136.02 22.7 240.7 289.6 12.6 1.28 1,080,383 7.9 7.0 1.65 0.95
FFSX 57.91 17.7 154.8 156.3 12.7 2.34 457,311 8.2 8.1 1.74 0.41
FFWC 18.25 11.4 113.2 113.2 11.5 2.31 158,200 10.2 10.2 2.28 0.87
FFWD 25.00 14.4 122.4 122.4 15.7 2.39 159,693 12.8 12.8 1.16 0.92
FFWM 69.91 16.2 165.9 165.9 19.4 1.49 360,849 11.7 11.7 1.99 0.96
FFYF 109.05 17.0 130.8 130.8 18.7 2.77 582,331 14.3 14.3 1.49 0.84
FGHC 23.27 18.6 193.5 216.0 15.5 0.70 150,551 8.0 7.2 0.41 0.56
FIBC 31.24 14.2 121.3 121.9 12.1 2.24 259,104 9.9 9.9 1.26 0.50
FISB 217.96 14.7 157.2 159.3 14.6 2.29 1,496,421 9.3 9.2 1.79 0.90
FKFS 26.86 12.0 121.3 121.3 9.1 0.91 310,695 7.5 7.5 1.82 0.48
FKKY 37.41 27.9 110.6 110.6 28.8 3.31 129,911 26.0 26.0 0.39 0.66
FLAG 25.21 123.8 125.1 125.1 11.0 2.75 228,914 8.8 8.8 0.10 (0.07)
FLFC 160.44 16.8 196.2 223.2 13.2 1.78 1,212,681 7.4 6.6 1.34 0.80
FLKY 14.38 NA 105.0 105.0 39.0 - 36,858 37.1 37.1 NA 0.98
FMBD 59.83 34.5 96.2 96.2 18.0 2.02 331,776 18.8 18.8 0.46 0.38
FMCO 47.26 10.5 139.7 143.1 8.7 1.01 541,710 6.2 6.1 1.89 0.58
FMSB 49.68 13.8 181.3 NA 11.9 0.99 416,832 6.6 NA 1.47 1.01
FNGB 81.17 17.0 115.6 115.6 13.2 3.46 615,503 11.4 11.4 1.09 0.56
FOBC 46.72 14.6 112.6 118.4 13.7 3.05 341,897 11.7 11.2 1.30 0.69
FRC 184.22 18.9 145.8 146.0 8.5 - 2,156,599 5.9 5.9 1.27 0.61
FSBI 33.01 13.4 142.5 142.5 10.3 1.51 320,336 7.2 7.2 1.78 0.50
FSFC 46.62 15.0 138.2 138.2 14.3 1.88 326,013 10.4 10.4 0.71 (0.01)
FSLA 154.48 18.5 166.4 188.6 15.7 1.86 987,115 9.4 8.4 1.16 0.49
FSNJ 73.92 53.6 149.1 149.1 12.8 2.07 578,574 8.6 8.6 0.45 (0.33)
FSPG 48.41 10.3 148.3 151.2 9.7 2.24 498,399 6.6 6.4 1.73 0.90
FSSB 3.20 NM 68.0 71.2 3.2 - 100,334 4.7 4.5 (3.88) (1.07)
FSTC 40.44 9.9 164.7 209.4 15.4 1.76 257,288 9.4 7.5 2.52 2.04
FTF 30.71 10.6 116.9 116.9 18.8 2.69 163,571 16.1 16.1 1.58 1.39
FTFC 173.09 17.1 187.1 198.4 11.9 2.27 1,469,422 6.3 6.0 1.65 0.71
FTNB 31.59 NA 128.0 128.0 31.8 1.09 99,462 24.8 24.8 NA NA
FTSB 18.49 24.5 117.9 117.9 20.3 2.13 91,109 17.2 17.2 0.48 0.51
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 13
<PAGE> 23
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FWWB 208.74 20.4 130.7 142.3 21.4 1.01 977,075 15.1 14.1 0.97 1.05
GAF 131.05 NA 98.7 98.7 20.7 2.07 634,048 19.3 19.3 NA 1.00
GBCI 81.03 13.2 208.0 208.2 19.7 2.67 412,042 9.5 9.4 1.82 1.36
GDVS 43.36 88.3 156.1 156.1 18.4 2.72 236,259 11.8 11.8 0.15 (0.09)
GDW 3,970.96 9.2 168.9 168.9 10.5 0.64 37,730,598 6.2 6.2 7.57 1.03
GFCO 27.31 14.7 101.8 103.6 9.8 2.96 278,721 9.6 9.5 1.57 0.31
GFED 37.50 30.8 140.7 140.7 19.6 3.00 190,919 14.0 14.0 0.39 0.76
GFSB 10.69 11.3 106.9 106.9 12.3 1.86 87,625 11.5 11.5 1.91 0.96
GLBK 6.43 27.1 107.2 107.2 17.4 - 36,947 16.2 16.2 0.96 0.77
GLN 1,282.58 24.5 171.2 183.5 8.5 - 15,128,192 6.4 6.0 1.05 0.29
GPT 2,694.55 20.2 163.2 284.9 20.2 1.76 13,325,585 11.0 6.6 2.81 0.95
GRTR 219.93 24.6 143.7 143.7 8.7 1.23 2,541,888 8.3 8.3 0.66 0.72
GSBC 141.05 14.5 234.4 234.4 21.1 2.32 669,483 9.0 9.0 1.19 1.42
GSFC 77.37 NA 123.8 123.8 43.9 2.22 176,179 35.5 35.5 NA 1.31
GSLC 8.89 18.2 133.9 133.9 7.7 1.04 116,177 5.7 5.7 0.53 0.46
GTFN 437.62 23.3 156.0 162.6 15.1 1.55 2,897,162 9.7 9.3 1.33 0.73
GTPS 30.71 41.5 87.3 87.3 24.8 2.54 123,866 25.6 25.6 0.38 0.37
GUPB 14.65 20.1 100.7 100.7 17.9 2.46 81,775 17.8 17.8 0.81 0.76
GWBC 15.33 21.0 90.0 90.0 23.1 2.81 66,439 25.6 25.6 0.68 0.76
GWF 6,276.84 24.0 258.8 293.2 14.7 2.19 42,874,572 6.1 5.4 1.90 0.27
HALL 27.06 12.8 96.4 96.4 6.8 - 396,808 7.1 7.1 1.47 0.43
HARB 182.74 15.3 208.5 217.1 17.2 3.78 1,060,339 8.3 8.0 2.42 0.91
HARL 33.79 12.4 165.7 165.7 10.4 1.93 324,230 6.3 6.3 1.67 0.62
HARS 228.53 29.1 149.6 174.3 12.9 2.85 1,768,112 8.6 7.5 0.70 0.07
HAVN 152.47 11.7 153.4 154.1 9.6 1.70 1,583,545 6.3 6.3 3.02 0.62
HBBI 6.54 NM 110.1 110.1 14.7 1.43 44,564 12.5 12.5 (0.06) (0.36)
HBEI 106.01 NA 106.1 106.1 29.8 - 356,335 28.0 28.0 NA 0.20
HBFW 54.38 20.1 119.5 119.5 16.7 0.98 325,168 14.0 14.0 1.02 0.52
HBNK 55.10 23.3 158.1 158.1 11.3 - 489,701 7.1 7.1 1.03 0.15
HBS 20.56 15.3 102.4 106.6 15.7 3.27 130,859 15.3 14.8 1.12 0.70
HCFC 11.94 NA 85.4 85.4 17.5 - 68,140 20.5 20.5 NA NA
HEMT 83.23 44.2 102.5 NA 8.2 - 1,012,799 8.0 NA 0.30 (0.05)
HFFB 32.74 22.7 105.3 105.3 30.6 2.48 107,051 26.8 26.8 0.71 0.99
HFFC 56.75 13.8 115.0 115.3 10.3 1.85 552,735 9.3 9.2 1.41 0.61
HFGI 34.20 14.6 143.6 143.6 6.5 - 527,369 4.5 4.5 0.72 0.32
HFNC 378.24 31.0 150.5 150.5 42.0 90.91 901,613 27.9 27.9 0.71 1.21
HFSA 13.18 20.1 101.7 101.7 15.0 2.62 97,015 14.8 14.8 0.76 0.49
HHFC 11.45 26.6 110.2 110.2 13.7 3.27 83,659 12.4 12.4 0.46 0.21
HIFS 24.65 12.1 128.3 128.3 12.2 1.90 201,586 9.5 9.5 1.57 1.10
HMCI 23.14 22.8 110.9 110.9 6.9 - 335,824 6.2 6.2 0.90 0.11
HMNF 97.55 19.3 118.8 118.8 17.6 - 554,732 14.8 14.8 1.14 0.78
HOMF 91.33 13.0 169.4 175.4 14.0 1.47 650,433 8.3 8.0 2.09 1.01
HPBC 32.69 10.8 162.7 162.7 17.2 4.51 189,931 10.6 10.6 1.65 1.72
HRBF 29.94 23.4 106.1 106.1 13.7 2.34 218,777 12.9 12.9 0.73 0.33
HRZB 96.36 13.0 123.3 123.3 19.1 2.67 504,553 15.5 15.5 1.15 1.56
HTHR 27.62 18.6 86.7 86.7 3.3 - 827,784 5.3 5.3 0.57 0.89
HVFD 43.37 14.9 153.0 153.1 12.5 2.46 346,856 8.2 8.2 1.53 0.44
HWEN 7.84 NA 99.8 99.8 20.1 1.29 39,030 20.1 20.1 NA 0.57
HZFS 7.34 31.4 90.7 90.7 9.9 1.86 74,043 10.9 10.9 0.55 0.14
IBSF 172.04 25.0 132.3 132.3 23.1 1.83 752,798 17.5 17.5 0.70 0.58
IFSB 11.04 22.1 66.2 76.5 4.5 2.55 247,888 6.7 5.9 0.39 0.13
IFSL 126.37 17.7 179.5 192.5 15.5 2.72 809,123 8.7 8.1 1.50 0.69
INBI 70.87 15.9 114.1 114.1 21.7 3.11 326,613 19.0 19.0 0.81 0.75
INCB 17.29 39.9 152.8 152.8 19.4 1.92 89,215 12.7 12.7 0.47 0.15
IPSW 18.71 14.9 190.0 190.0 11.8 1.27 158,942 6.2 6.2 1.06 1.22
ISBF 180.69 24.0 148.1 175.5 19.4 1.33 929,264 12.3 10.6 1.07 0.74
ITLA 128.12 12.0 143.4 143.4 15.8 - 810,443 11.0 11.0 1.36 1.44
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 14
<PAGE> 24
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
IWBK 268.03 15.1 230.9 236.6 15.7 1.67 1,703,244 6.8 6.7 2.22 0.81
JOAC 10.65 35.9 99.5 99.5 30.3 3.57 35,110 30.5 30.5 0.39 0.49
JSBA 122.32 17.0 135.5 164.4 10.8 1.37 1,128,339 7.2 6.0 1.72 0.23
JSBF 401.10 17.0 119.6 119.6 26.5 3.42 1,516,016 22.1 22.1 2.41 1.74
JXSB 20.99 31.1 126.8 127.1 14.6 2.42 143,710 11.5 11.5 0.53 0.19
JXVL 38.50 NA 113.5 113.5 18.1 3.35 218,277 15.9 15.9 NA 0.78
KFBI 181.29 22.9 118.9 118.9 26.9 1.55 673,094 22.7 22.7 0.79 0.91
KNK 38.03 17.0 104.2 111.5 10.8 1.79 350,643 10.4 9.8 1.58 0.50
KSAV 14.26 13.5 103.9 104.0 14.1 2.79 100,840 13.6 13.6 1.59 0.88
KSBK 11.51 8.3 123.4 132.5 8.6 0.71 134,079 7.0 6.5 3.36 0.93
KYF 15.72 16.3 108.3 108.3 18.6 4.26 87,874 17.2 17.2 0.72 0.87
LARK 36.26 18.0 110.8 110.8 16.3 2.03 221,978 14.7 14.7 1.10 0.80
LARL 31.82 11.9 146.8 146.8 15.7 2.10 202,474 10.7 10.7 1.77 1.11
LFBI 39.37 NA 94.3 102.4 14.0 0.73 280,601 14.9 13.9 NA 0.15
LFED 64.13 21.3 142.6 142.6 23.0 3.66 278,311 16.2 16.2 0.87 0.77
LIFB 195.71 16.8 129.7 133.9 13.8 2.21 1,419,762 10.6 10.3 1.18 0.68
LISB 856.04 21.9 162.9 164.5 14.9 1.71 5,759,340 9.1 9.1 1.60 0.63
LOGN 18.61 17.0 120.6 120.6 24.0 2.70 77,668 19.9 19.9 0.87 1.20
LONF 8.20 NA 102.6 102.6 22.0 1.55 37,313 21.4 21.4 NA 0.75
LSBI 18.36 24.7 101.7 101.7 10.3 - 177,840 9.4 9.4 0.81 0.50
LSBX 41.44 8.2 142.8 142.8 12.3 - 337,856 8.6 8.6 1.19 1.61
LVSB 81.02 20.7 169.5 211.5 17.2 0.75 471,799 10.1 8.3 1.62 1.43
LXMO 18.74 NA 98.6 98.6 30.4 - 61,650 30.8 30.8 NA NA
MAFB 414.36 13.0 165.3 191.6 12.8 0.91 3,230,341 7.8 6.8 3.03 0.68
MARN 39.18 16.4 98.0 98.0 22.3 3.77 175,806 22.7 22.7 1.30 1.15
MASB 112.17 13.0 121.6 121.6 12.6 2.59 888,237 10.4 10.4 3.22 1.08
MBB 52.07 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17
MBB 52.07 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17
MBBC 56.76 33.7 115.2 126.2 13.3 0.57 425,762 10.8 9.9 0.52 0.26
MBLF 27.78 16.7 97.7 97.7 13.3 1.93 208,898 13.6 13.6 1.24 0.66
MBSP 15.43 NA 103.6 103.6 45.1 5.08 34,203 43.6 43.6 NA NA
MCBN 4.37 12.7 87.9 87.9 7.6 2.74 57,838 8.6 8.6 1.50 0.40
MCBS 52.69 13.0 134.9 134.9 14.8 1.53 355,525 10.6 10.6 2.01 1.05
MDBK 125.84 12.9 136.0 147.5 12.1 2.60 1,039,098 8.9 8.3 2.15 1.05
MECH 95.22 NA 127.2 127.2 12.8 - 746,686 10.0 10.0 NA 0.16
MERI 27.48 14.0 156.8 156.8 12.1 1.97 226,591 7.7 7.7 2.54 0.55
METF 37.90 NA 131.6 149.3 4.7 - 719,968 3.6 3.1 NA NA
MFBC 33.48 21.2 97.1 97.1 15.0 1.70 223,945 15.4 15.4 0.89 0.52
MFCX 20.82 35.1 106.3 106.3 16.5 - 125,923 15.6 15.6 0.42 0.19
MFFC 30.32 23.3 111.9 111.9 17.3 4.36 175,707 15.4 15.4 0.59 0.61
MFLR 17.57 17.8 151.3 154.2 14.6 3.04 120,448 9.6 9.5 1.11 0.94
MFSL 115.46 13.3 125.1 126.9 10.2 2.17 1,129,756 8.2 8.1 2.78 0.53
MGNL 261.08 12.3 200.4 208.8 19.5 3.16 1,341,985 9.7 9.4 1.55 1.37
MIDC 47.43 17.3 135.1 159.3 13.2 3.18 363,176 9.8 8.4 1.42 0.53
MIFC 13.83 NA 125.2 125.4 11.7 0.97 117,066 9.3 9.3 NA 0.84
MIVI 12.93 18.2 99.2 99.2 18.4 1.06 70,329 18.5 18.5 0.83 0.68
MLBC 202.65 17.2 132.9 136.3 10.8 2.19 1,875,091 7.5 7.4 1.01 0.71
MSBF 13.50 13.4 107.1 107.1 20.5 2.38 66,541 19.1 19.1 1.57 1.29
MSBK 33.12 NM 81.8 81.8 5.0 - 664,675 6.1 6.1 (0.10) (0.02)
MWBI 10.31 11.1 107.4 107.4 7.6 2.03 136,425 7.0 7.0 2.67 0.46
MWBX 71.61 10.7 182.8 182.8 13.7 2.33 522,570 7.5 7.5 0.48 1.33
MWFD 28.96 16.7 175.4 183.5 14.7 1.68 194,707 8.4 8.1 1.07 1.04
NASB 85.75 10.3 162.3 168.1 11.6 2.11 738,692 7.2 6.9 3.68 1.15
NBSI 20.23 28.5 113.8 113.8 17.2 2.51 117,473 15.1 15.1 0.67 0.42
NEBC 16.78 24.3 100.2 117.1 7.0 2.35 238,459 7.9 6.9 0.56 0.46
NEIB 26.44 16.7 105.0 105.0 18.3 2.13 160,032 17.4 17.4 0.90 1.02
NHTB 20.46 19.4 106.6 106.6 7.7 4.17 264,385 7.3 7.3 0.62 0.24
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 15
<PAGE> 25
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NMSB 37.39 16.8 114.2 114.2 12.0 2.60 311,863 10.5 10.5 0.55 0.82
NSLB 11.78 30.8 99.0 99.0 20.8 3.13 58,394 21.0 21.0 0.52 0.51
NSSB 113.39 19.1 148.2 158.4 16.6 2.29 683,299 11.2 10.6 1.10 0.95
NSSY 60.84 20.0 137.7 143.5 9.5 0.79 637,156 7.2 6.9 1.27 0.81
NTMG 5.24 22.4 104.2 104.2 5.6 - 93,924 5.8 5.8 0.33 0.32
NWEQ 13.01 15.1 101.3 101.3 13.5 3.14 96,518 12.3 12.3 0.93 0.76
NWSB 362.33 18.2 189.7 199.0 19.0 2.07 1,911,978 10.0 9.6 0.85 0.72
NYB 515.73 14.5 324.2 324.2 16.5 1.93 3,122,017 5.1 5.1 2.14 1.22
OCFC 279.70 NA 110.7 110.7 21.5 - 1,303,865 19.4 19.4 NA (0.15)
OCWN 889.24 21.7 436.9 436.9 35.8 - 2,483,685 8.2 8.2 1.53 2.49
OFCP 105.54 21.2 140.0 177.2 12.8 1.77 827,275 9.1 7.3 0.96 0.40
OHSL 26.53 15.9 106.9 106.9 12.4 4.00 217,627 11.6 11.6 1.38 0.57
OSBF 35.62 19.6 112.0 112.0 14.6 2.00 255,105 12.5 12.5 1.63 0.52
PALM 85.01 28.5 164.0 164.0 12.8 0.74 665,257 7.8 7.8 0.57 0.02
PAMM 52.38 NA 287.7 317.6 46.1 - 113,543 16.0 14.7 NA NA
PBCI 65.49 15.4 122.4 123.4 18.1 4.82 362,910 14.7 14.6 1.35 0.81
PBCT 1,432.89 23.0 231.3 231.6 18.7 2.50 7,645,200 8.1 8.1 1.53 1.13
PBIX 74.66 NA 129.4 129.4 15.3 1.97 489,558 10.5 10.5 NA 0.40
PBKB 43.65 17.3 140.5 146.9 8.8 2.94 496,133 6.3 6.0 0.71 0.74
PBNB 59.08 15.9 127.9 136.8 12.3 2.97 482,394 9.6 9.0 1.95 0.93
PCBC 15.72 15.7 103.7 103.7 19.6 2.11 80,408 18.9 18.9 1.21 0.71
PCCI 40.28 16.4 164.7 164.7 13.3 - 304,085 8.1 8.1 0.84 1.06
PDB 29.57 23.9 150.6 150.6 23.6 3.72 125,086 15.7 15.7 0.45 (0.21)
PEEK 49.00 19.8 102.7 102.7 26.8 2.42 187,534 26.1 26.1 0.75 1.13
PERM 46.34 23.2 115.6 116.8 11.2 1.35 412,967 9.7 9.6 0.96 0.24
PERT 39.12 19.1 132.1 132.1 17.5 4.62 223,000 13.3 13.3 1.36 0.76
PETE 35.98 11.4 127.9 128.2 8.4 - 427,407 6.6 6.6 1.52 0.85
PFDC 51.88 12.4 120.8 120.8 18.5 2.67 280,339 15.3 15.3 1.82 1.12
PFED 42.55 NA 102.4 102.4 24.1 - 176,732 23.5 23.5 NA NA
PFFB 296.82 NA 111.4 112.7 12.4 - 2,524,612 11.1 11.0 NA 0.05
PFFC 23.11 NA 95.9 95.9 25.9 1.94 89,242 27.0 27.0 NA 0.29
PFNC 33.47 21.8 167.7 193.5 8.7 0.90 383,981 5.2 4.5 0.41 0.35
PFSB 121.72 13.4 122.0 150.1 10.0 1.11 1,213,679 7.6 6.2 1.89 0.55
PFSL 32.56 14.2 139.7 139.7 8.7 4.50 373,084 6.3 6.3 1.41 0.55
PHBK 888.98 14.0 203.5 243.4 16.5 2.29 5,398,398 8.1 6.9 2.25 1.21
PHFC 30.32 NA 106.7 107.9 13.9 1.64 218,693 13.0 12.9 NA 0.52
PKPS 78.70 22.3 109.8 109.8 9.2 1.60 858,690 8.4 8.4 0.28 0.17
PLE 19.13 12.6 125.2 129.4 9.8 3.72 195,502 7.8 7.6 1.71 0.51
PMFI 38.15 38.5 113.6 113.6 9.8 1.50 388,529 8.6 8.6 0.52 0.09
POBS 88.84 18.6 134.5 134.5 32.7 3.86 271,604 24.3 24.3 0.82 2.25
PRBC 15.17 NA 98.3 98.3 13.2 0.76 114,640 13.5 13.5 NA 0.15
PROV 83.93 NA 97.4 97.4 14.2 - 591,193 14.6 14.6 NA 0.27
PSAB 112.44 16.5 159.4 NA 12.1 3.20 926,071 7.6 NA 1.29 0.46
PSBK 92.75 10.2 127.8 145.3 10.6 2.80 875,180 8.3 7.4 2.39 1.09
PSFI 30.28 NA NA NA NA - 53,520 21.9 21.9 NA 2.01
PTRS 10.12 22.7 98.3 98.3 8.1 1.40 125,497 8.2 8.2 0.88 0.03
PULB 35.60 24.6 155.8 155.8 20.2 5.88 176,436 13.0 13.0 0.69 0.57
PULS 55.48 12.0 139.5 139.5 10.9 3.86 509,690 7.8 7.8 1.51 0.72
PVFC 38.92 7.2 163.6 163.6 11.2 - 347,577 6.9 6.9 2.33 0.99
PVSA 115.31 12.3 162.3 163.8 12.2 1.83 945,302 7.5 7.5 2.32 0.77
PWBC 52.67 13.1 102.2 111.9 7.5 2.67 698,735 7.4 6.8 1.03 0.41
PWBK 8.54 NA 91.1 91.1 18.3 2.00 46,707 20.1 20.1 NA 0.53
QCBC 73.00 19.1 107.7 107.9 9.6 - 764,466 8.9 8.9 1.01 0.27
QCFB 27.10 12.6 103.6 103.6 18.3 - 148,321 17.6 17.6 1.51 1.24
QCSB 440.64 20.9 208.4 208.4 32.4 1.73 1,358,656 15.6 15.6 2.77 1.63
RARB 37.46 12.0 132.6 135.2 10.0 2.83 375,393 7.5 7.4 2.07 0.85
RCSB 517.43 14.8 159.8 164.1 12.9 1.78 4,014,317 8.1 7.9 2.28 1.00
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 16
<PAGE> 26
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REDF 101.89 NM 145.8 145.8 11.8 - 866,269 8.1 8.1 (0.97) (0.77)
RELI 18.65 NA 83.5 NA 41.8 - 44,605 50.1 NA NA NA
RELY 216.21 15.4 139.1 199.5 11.5 2.29 1,878,184 8.3 5.9 1.59 0.52
RFED 991.38 13.0 221.1 235.2 12.7 3.03 7,796,412 6.4 6.1 1.73 0.12
RIVR 16.96 NA NA NA NA - 86,604 7.6 7.4 NA 0.30
ROSE 309.74 12.3 140.9 140.9 9.5 2.50 3,259,627 6.3 6.3 2.87 1.00
RSLN 762.68 NA NA NA NA - 3,617,953 6.9 6.8 NA 0.79
RVSB 38.98 16.0 159.8 177.3 17.4 1.24 224,473 10.9 9.9 1.11 0.97
SBCN 28.58 23.3 107.4 107.4 13.1 3.10 218,734 11.8 11.8 0.83 0.19
SBFL 27.00 126.0 134.8 134.8 13.7 2.65 197,437 10.1 10.1 0.12 (0.06)
SCBS 15.21 NA 95.3 95.3 21.1 - 72,151 22.1 22.1 NA NA
SCCB 14.11 27.4 118.7 118.7 30.7 3.00 45,919 25.9 25.9 0.73 0.90
SECP 779.93 18.1 145.7 145.7 21.3 1.42 3,657,959 15.5 15.5 4.69 0.99
SFB 1,849.89 14.6 193.1 232.4 11.8 1.39 15,650,791 6.1 5.1 3.96 0.67
SFED 22.05 17.3 104.2 104.2 13.3 1.39 166,030 12.8 12.8 1.00 0.45
SFFC 14.70 14.7 99.2 99.2 17.6 2.15 82,809 17.8 17.8 1.27 1.01
SFIN 81.79 NA 125.1 125.4 12.4 2.44 662,067 9.9 9.9 NA 0.44
SFNB 76.03 NM 156.8 158.6 68.8 - 110,432 45.8 45.5 (1.28) (18.24)
SFSB 28.23 15.7 107.6 108.1 7.0 1.42 404,092 6.5 6.5 1.43 0.28
SFSL 92.02 12.9 159.6 162.6 14.7 2.38 624,296 9.2 9.1 1.43 0.94
SGVB 31.34 31.3 108.9 108.9 9.2 - 369,823 8.4 8.4 0.43 0.07
SHEN 50.47 14.1 117.2 117.2 12.4 1.96 405,785 10.6 10.6 1.74 0.82
SISB 151.68 8.4 144.9 144.9 11.3 1.81 1,348,612 7.6 7.6 3.16 1.52
SJSB 23.40 33.6 145.2 145.2 15.5 1.73 151,369 10.6 10.6 0.76 0.16
SMBC 26.41 15.8 102.3 102.3 16.5 3.10 159,653 16.2 16.2 1.02 0.74
SMFC 41.44 17.2 138.0 138.0 13.9 - 298,037 10.1 10.1 1.66 0.79
SOBI 12.79 30.2 85.0 85.0 16.2 1.93 78,978 17.7 17.7 0.48 0.21
SOPN 73.78 18.4 110.9 110.9 27.8 4.00 265,888 25.0 25.0 1.09 1.34
SOSA 43.71 15.4 146.7 146.7 8.5 - 517,342 5.8 5.8 0.17 0.55
SPBC 640.57 17.5 165.1 165.5 14.7 1.71 4,357,170 8.9 8.9 1.61 0.62
SRN 17.99 25.7 101.6 102.8 17.1 2.39 105,245 16.8 16.7 0.57 0.21
SSB 29.44 NA 117.3 117.3 43.3 1.88 68,067 36.9 36.9 NA 1.31
SSFC 74.75 NA 122.9 122.9 32.7 2.41 228,523 26.6 26.6 NA NA
SSM 46.54 NA 124.5 124.5 44.0 1.77 105,807 35.3 35.3 NA 1.43
STFR 164.70 17.3 129.6 136.4 11.7 1.56 1,409,316 8.9 8.5 1.78 0.72
STND 341.66 20.7 127.4 127.6 14.2 1.89 2,405,221 11.2 11.1 1.02 0.53
STSA 93.47 23.1 147.9 175.1 6.1 - 1,536,344 5.8 5.2 0.73 0.16
SVRN 786.55 13.9 198.6 281.2 8.3 0.61 9,433,154 5.0 3.9 0.95 0.58
SWBI 49.45 14.5 124.1 124.1 12.9 4.05 382,375 10.4 10.4 1.29 0.72
SWCB 58.95 14.5 152.6 160.7 12.7 3.87 464,555 8.3 7.9 2.14 0.94
SZB 11.91 NM 91.7 91.7 12.8 3.45 93,110 14.0 14.0 0.05 (0.06)
TBK 18.03 11.7 115.6 119.7 7.8 1.30 232,282 6.7 6.5 1.31 0.65
TCB 1,551.04 16.0 282.3 293.4 21.9 1.68 7,090,862 7.8 7.5 2.79 1.24
THBC 21.63 19.1 117.1 117.1 21.1 1.98 102,628 18.0 18.0 1.06 1.03
THR 12.66 17.3 98.9 99.3 14.2 2.42 89,271 14.3 14.3 0.86 0.53
THRD 80.81 17.0 103.1 118.1 12.5 2.12 647,853 11.2 9.9 1.11 0.61
TPNZ 22.32 19.1 105.0 105.0 19.1 1.38 116,726 18.2 18.2 0.76 0.71
TRIC 11.26 15.4 85.7 85.7 13.1 3.24 85,888 15.3 15.3 1.20 0.71
TSBS 167.19 24.7 161.7 177.0 27.8 1.89 601,017 17.2 15.9 0.75 1.56
TSH 54.56 15.0 105.7 105.7 14.0 3.15 388,910 13.3 13.3 1.06 0.69
TWIN 16.22 17.8 121.2 121.2 15.4 3.37 105,263 12.7 12.7 1.07 0.62
UBMT 24.16 15.4 99.3 99.3 22.4 4.76 107,945 22.5 22.5 1.28 1.20
UFRM 26.44 21.0 133.9 133.9 10.0 2.32 263,582 7.5 7.5 0.41 0.27
VABF 52.81 28.0 129.4 129.4 8.7 1.88 606,138 6.7 6.7 0.38 0.09
VFFC 84.67 15.9 133.1 138.2 10.5 0.68 808,545 7.9 7.6 0.92 1.42
WAMU 5,951.42 21.6 261.0 277.2 13.4 1.99 44,551,925 5.4 5.1 2.33 0.27
WAYN 40.84 25.2 179.0 179.0 16.3 3.38 250,057 9.1 9.1 1.08 0.28
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 17
<PAGE> 27
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WBST 308.14 13.5 156.8 202.5 7.9 1.85 3,917,600 5.3 4.2 2.89 0.67
WCBI 56.48 14.6 118.1 118.1 18.2 2.73 310,992 15.4 15.4 1.51 1.06
WCFB 30.45 NA 140.8 140.8 32.2 5.52 94,492 22.9 22.9 NA 0.87
WEFC 30.65 15.4 108.7 108.7 15.2 - 201,326 14.0 14.0 0.96 0.61
WEHO 38.74 NA 96.9 96.9 32.3 2.06 119,951 33.3 33.3 NA 0.34
WES 435.44 50.8 137.0 137.4 13.1 2.39 3,335,045 9.5 9.5 0.33 0.97
WFCO 24.86 11.6 116.3 119.2 8.5 3.36 292,264 7.3 7.2 1.08 0.67
WFSG 117.25 NA NA NA NA - 341,454 2.1 NA NA 0.24
WFSL 1,180.32 12.3 177.8 198.5 20.1 3.51 5,869,259 11.3 10.3 2.02 1.64
WHGB 23.39 NA 103.9 103.9 24.4 1.39 95,862 23.5 23.5 NA 0.49
WOFC 47.09 35.8 88.3 94.1 13.5 4.65 347,704 15.3 14.5 0.60 0.52
WRNB 57.67 10.0 167.4 167.4 16.1 2.79 358,954 9.6 9.6 1.58 1.87
WSB 22.16 10.9 105.4 105.4 8.7 1.91 255,049 8.2 8.2 0.48 0.48
WSFS 151.72 10.0 200.2 202.2 11.2 - 1,357,635 5.6 5.5 1.17 1.28
WSTR 91.24 18.7 114.8 114.8 16.2 1.93 563,617 14.1 14.1 1.11 0.61
WVFC 43.86 13.0 124.9 124.9 15.9 3.17 275,920 12.7 12.7 1.95 1.06
WWFC 11.80 NA 121.2 137.5 11.2 1.10 105,095 9.3 8.3 NA NA
WYNE 37.65 NA 102.0 102.0 15.4 1.19 244,081 15.1 15.1 NA 0.31
YFCB 48.38 NA 111.0 111.0 18.5 1.31 262,118 16.6 16.6 NA 0.74
YFED 123.11 16.0 130.2 130.2 10.6 3.31 1,160,035 8.2 8.2 1.13 0.55
Maximum 6,276.84 126.0 436.9 436.9 68.8 90.91 49,902,044 50.1 45.5 7.57 2.49
Minimum 1.97 3.1 66.2 70.2 1.2 - 34,203 2.1 2.8 (4.78) (18.24)
Average 184.11 19.5 134.1 140.1 15.5 2.01 1,416,625 12.4 12.1 1.30 0.62
Median 48.38 16.9 124.5 128.1 13.7 1.86 348,050 10.0 9.6 1.17 0.66
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 18
<PAGE> 28
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AABC (12.00) N 03/14/97 1.58 NM (0.38) (2.70) (56.76)
AADV 3.42 N 03/14/97 0.55 15.3 0.62 0.96 10.95
ABBK 11.00 N 03/14/97 0.31 12.7 0.41 0.76 11.32
ABCL 5.72 N 03/14/97 0.26 20.8 0.36 0.66 7.72
ABCW 11.06 N 03/14/97 0.80 12.5 0.91 0.99 16.05
AFBC NA N 03/14/97 0.25 NA NA 0.84 7.49
AFCB 8.70 N 03/14/97 0.49 12.7 0.53 1.06 10.84
AFED NA N 03/14/97 0.42 NA NA 0.72 5.21
AFFFZ 19.46 N 03/14/97 0.44 2.3 3.51 4.72 63.21
AHCI 1.79 N 03/14/97 3.60 30.0 0.12 0.48 3.15
AHM 4.53 N 03/14/97 2.07 15.3 0.66 0.73 16.58
ALBC (1.00) N 03/14/97 0.37 154.2 0.03 (1.14) (11.45)
ALBK 8.20 N 03/14/97 0.66 13.6 0.64 1.03 11.30
AMFB 13.10 Y 03/14/97 0.48 18.1 0.41 1.45 16.24
AMFC NA N 03/14/97 0.43 21.4 0.16 (0.06) (0.30)
ANA NA N 03/14/97 0.56 NA NA (0.53) (3.31)
ANBK 2.16 N 03/14/97 NA 15.8 0.22 0.64 6.81
ANDB 14.08 N 03/14/97 1.21 11.6 0.59 1.07 13.44
ASBI 5.40 N 03/14/97 0.41 16.4 0.24 0.90 8.20
ASBP 2.72 N 03/14/97 1.60 19.6 0.15 1.11 5.83
ASFC 6.38 N 03/14/97 0.53 15.8 0.63 0.75 9.37
ATSB 3.00 N 03/14/97 2.59 38.3 0.08 0.33 3.30
AVND 6.88 N 03/14/97 0.93 NM (0.43) 1.88 18.47
BANC 10.90 N 03/14/97 0.72 15.5 0.22 0.21 3.06
BDJI 2.45 N 03/14/97 0.22 16.2 0.29 0.71 6.25
BFD 3.32 N 03/14/97 NA 23.3 0.18 0.60 5.53
BFFC NA N 03/14/97 - NA NA (1.08) NA
BFSB 7.02 N 03/14/97 0.03 14.7 0.33 1.10 7.73
BFSI 18.45 Y 03/14/97 1.17 9.0 1.41 1.21 15.18
BKC 14.40 N 03/14/97 2.20 16.7 0.48 1.26 14.59
BKCO 13.04 Y 03/14/97 1.06 11.4 0.55 1.15 14.79
BKCT 11.73 N 03/14/97 1.03 13.5 0.44 1.24 11.84
BKUNA 2.35 N 03/14/97 0.66 20.9 0.13 0.62 7.38
BNKU 19.34 N 03/14/97 1.11 25.2 0.30 0.64 12.80
BPLS (10.04) N 03/14/97 3.18 47.3 0.07 0.19 4.05
BSBC 11.77 N 03/14/97 1.92 14.3 0.07 1.15 12.63
BVFS 5.39 N 03/14/97 0.73 15.4 0.85 0.58 9.79
BWFC 4.12 N 03/14/97 0.05 24.0 0.12 1.04 6.25
BYFC NA N 03/14/97 2.24 NM 0.01 (1.32) (11.88)
CAFI 9.19 N 03/14/97 0.35 13.7 0.32 1.05 10.82
CAPS 6.65 N 03/14/97 0.12 12.1 0.28 0.92 10.88
CARV (0.28) N 03/14/97 0.41 36.2 0.07 0.16 1.75
CASB 8.16 N 03/14/97 0.57 23.0 0.19 0.53 8.76
CASH 6.38 N 03/14/97 0.75 12.7 0.33 1.01 8.78
CATB NA N 03/14/97 0.47 20.3 0.20 1.53 5.28
CBCI 6.56 N 03/14/97 1.57 13.5 0.66 1.35 8.39
CBCO 10.70 Y 03/14/97 2.40 18.5 0.45 1.16 12.14
CBES NA N 03/14/97 0.68 14.3 0.29 1.28 7.02
CBK 2.19 N 03/14/97 0.52 30.1 0.13 0.63 4.11
CBNH 12.84 N 03/14/97 0.44 14.1 0.44 0.95 12.77
CBSA 7.48 N 03/14/97 0.56 12.3 0.56 0.45 13.95
CBSB 5.72 N 03/14/97 0.54 14.5 0.28 1.21 8.12
CCFH 2.39 N 03/14/97 0.43 40.9 0.10 0.42 2.58
CEBK 5.92 N 03/14/97 1.67 10.4 0.44 0.99 9.82
CENB NA N 03/14/97 0.46 NA NA 1.14 5.02
CENF 10.88 N 03/14/97 1.46 16.9 0.48 0.50 9.77
CFB 11.05 N 03/14/97 1.02 12.9 0.71 0.90 15.97
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 19
<PAGE> 29
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CFCP 14.38 N 03/14/97 0.19 19.0 0.31 1.12 18.06
CFFC 7.50 N 03/14/97 0.35 12.8 0.46 1.41 10.23
CFHC 7.89 Y 03/14/97 1.10 15.4 0.47 0.74 11.26
CFNC NA N 03/14/97 0.15 NA NA 1.07 6.28
CFSB 8.54 N 03/14/97 0.24 13.0 0.41 1.06 13.94
CFTP 4.26 N 03/14/97 0.32 23.4 0.21 1.72 5.15
CFX 9.58 N 03/14/97 0.68 13.8 0.31 1.18 13.67
CIBI 4.99 N 03/14/97 0.69 12.0 0.36 0.91 7.81
CKFB 4.87 N 03/14/97 0.52 21.5 0.22 1.31 5.19
CLAS 2.05 N 03/14/97 0.80 16.1 0.21 0.78 5.44
CMRN 4.39 N 03/14/97 0.13 17.1 0.24 1.35 5.46
CMSB 4.97 N 03/14/97 0.43 16.0 0.24 0.80 7.36
CMSV 5.37 N 03/14/97 0.63 22.2 0.22 0.71 6.11
CNBA NA N 03/14/97 0.17 NA NA (0.64) NA
CNIT 5.61 N 03/14/97 0.77 14.2 0.79 (0.07) (0.96)
CNSB NA N 03/14/97 0.33 43.8 0.10 (0.70) (2.85)
COFD 13.07 Y 03/14/97 0.47 13.8 0.74 1.10 16.15
COFI 13.89 N 03/14/97 0.26 13.4 0.85 1.24 18.54
COOP (12.66) N 03/14/97 0.24 16.3 0.33 0.64 8.24
CRZY 2.86 N 03/14/97 0.17 21.9 0.16 1.23 4.12
CSA 2.56 N 03/14/97 1.43 22.6 0.50 0.45 9.20
CSBF 1.78 N 03/14/97 0.78 30.6 0.09 0.89 3.49
CTBK 9.54 N 03/14/97 1.61 11.6 0.43 0.72 10.85
CTZN 7.68 N 03/14/97 0.52 13.6 0.65 0.83 12.72
CVAL 6.72 N 03/14/97 0.64 13.8 0.39 0.92 10.36
CZF 4.30 N 03/14/97 0.22 20.6 0.17 (0.45) (2.73)
DCBI NA N 03/14/97 - NA NA 0.79 3.98
DFIN 3.09 N 03/14/97 0.15 33.0 0.11 0.67 2.94
DIBK 22.19 N 03/14/97 0.50 8.3 0.61 1.90 22.36
DIME NA N 03/14/97 0.80 13.0 0.35 1.61 9.19
DME 10.36 N 03/14/97 2.20 13.5 0.32 0.63 12.05
DNFC 11.58 N 03/14/97 0.55 11.9 0.38 0.90 16.05
DSL 5.34 N 03/14/97 1.19 17.1 0.33 0.69 9.03
EBCP 5.28 Y 03/14/97 1.49 17.8 0.35 0.66 8.79
EBSI 6.63 N 03/14/97 0.88 15.4 0.28 0.75 8.43
EFBC NA N 03/14/97 - NA NA NA NA
EFBI 4.71 N 03/14/97 0.01 15.9 0.26 1.15 8.59
EGFC 13.49 N 03/14/97 1.20 12.0 0.61 0.83 11.37
EGLB (2.85) N 03/14/97 1.78 44.4 0.09 0.35 2.82
EIRE 9.38 N 03/14/97 0.26 12.6 0.39 0.83 12.16
EMLD 8.38 N 03/14/97 0.11 12.5 0.49 1.11 14.29
EQSB 8.08 N 03/14/97 0.73 10.7 0.81 0.73 14.81
ESBK 4.43 N 03/14/97 0.84 18.1 0.27 0.36 5.64
ESX (143.45) N 03/14/97 3.41 NM (0.60) (1.18) (614.26)
ETFS 1.83 N 03/14/97 0.44 26.8 0.17 0.64 3.48
FAB NA N 03/14/97 NA NA NA 0.33 NA
FBBC 6.75 N 03/14/97 0.10 15.2 0.27 1.24 7.57
FBCI 4.37 N 03/14/97 0.65 16.3 0.30 0.69 6.77
FBCV 2.04 N 03/14/97 0.82 NM 0.03 0.58 7.07
FBER 1.91 N 03/14/97 0.83 22.9 0.16 0.75 5.85
FBHC 3.47 N 03/14/97 1.18 17.3 0.34 0.60 9.41
FBSI 5.19 N 03/14/97 0.04 13.9 0.36 1.37 9.21
FCB 3.29 N 03/14/97 0.02 29.1 0.13 0.85 3.45
FCBF 5.09 Y 03/14/97 0.11 20.8 0.27 1.11 6.40
FCIT 7.95 Y 03/14/97 2.14 15.8 0.43 0.85 14.30
FCME 45.72 N 03/14/97 2.24 9.8 0.25 0.89 18.95
FDEF 3.26 N 03/14/97 0.41 27.6 0.12 0.87 3.93
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 20
<PAGE> 30
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FED 4.22 N 03/14/97 1.78 10.4 0.62 0.64 14.05
FESX 14.37 N 03/14/97 0.62 11.1 0.36 1.23 16.33
FFBA 5.72 N 03/14/97 0.19 18.2 0.25 1.14 7.90
FFBH NA N 03/14/97 0.15 17.4 0.28 (0.21) (1.25)
FFBI (2.04) N 03/14/97 0.14 16.9 0.23 (0.59) (7.34)
FFBS 5.72 N 03/14/97 0.32 17.7 0.31 1.50 7.70
FFBZ 10.08 N 03/14/97 0.66 18.2 0.24 0.90 11.97
FFCH 8.24 N 03/14/97 1.10 13.6 0.52 0.86 14.13
FFDF NA N 03/14/97 0.06 20.6 0.17 1.07 4.30
FFDP 2.94 N 03/14/97 0.02 25.7 0.17 0.42 4.78
FFEC 4.72 Y 03/14/97 0.06 29.2 0.16 0.74 5.41
FFED 3.18 N 03/14/97 0.17 13.9 0.18 0.81 15.80
FFES 6.91 N 03/14/97 0.42 14.8 0.48 0.49 7.81
FFFC 6.68 N 03/14/97 0.36 16.4 0.35 1.34 9.33
FFFD 7.92 N 03/14/97 NA 14.5 0.27 1.94 7.37
FFFG 3.28 Y 03/14/97 2.94 21.3 0.05 (0.63) (9.56)
FFFL 4.36 N 03/14/97 0.36 27.1 0.18 0.74 7.89
FFHC 12.48 N 03/14/97 0.28 13.7 0.49 1.37 18.81
FFHH 4.02 N 03/14/97 0.04 18.0 0.24 0.81 6.24
FFHS 1.35 N 03/14/97 0.39 15.5 0.29 0.09 0.98
FFIC 4.89 N 03/14/97 NA 20.8 0.23 0.90 5.16
FFKY 8.76 N 03/14/97 0.10 15.8 0.33 1.53 11.17
FFLC 3.94 N 03/14/97 0.30 20.3 0.32 0.94 5.92
FFOH 3.16 N 03/14/97 0.23 14.5 0.23 0.48 3.52
FFPB 0.27 N 03/14/97 1.07 19.1 0.38 0.61 8.77
FFSL 4.84 N 03/14/97 0.34 19.6 0.15 0.62 5.61
FFSW 14.27 N 03/14/97 0.39 49.3 0.19 1.16 18.01
FFSX 4.90 N 03/14/97 0.15 18.3 0.42 0.69 8.50
FFWC 8.36 N 03/14/97 0.11 11.0 0.59 1.09 10.79
FFWD 6.68 N 03/14/97 0.02 13.5 0.31 1.24 9.55
FFWM 7.84 Y 03/14/97 0.93 14.7 0.55 1.34 11.49
FFYF 4.74 N 03/14/97 0.86 17.5 0.36 1.27 7.38
FGHC 6.79 N 03/14/97 1.21 21.2 0.09 0.81 10.10
FIBC 4.78 N 03/14/97 3.62 13.1 0.34 0.90 9.20
FISB 10.23 N 03/14/97 1.78 16.8 0.39 1.17 12.62
FKFS 5.93 N 03/14/97 2.42 10.9 0.50 0.84 10.86
FKKY 2.20 N 03/14/97 - 34.0 0.08 0.80 3.05
FLAG (0.75) N 03/14/97 3.67 NM (0.46) (2.81) (30.67)
FLFC 11.32 N 03/14/97 0.83 18.2 0.31 1.00 15.15
FLKY NA N 03/14/97 0.36 23.4 0.16 1.52 4.18
FMBD 1.71 N 03/14/97 0.06 36.1 0.11 0.55 2.84
FMCO 9.05 N 03/14/97 1.20 9.0 0.55 1.06 16.36
FMSB 15.33 N 03/14/97 NA 12.7 0.40 0.99 15.05
FNGB 4.61 N 03/14/97 0.15 16.0 0.29 0.91 8.04
FOBC 5.70 N 03/14/97 0.17 14.0 0.34 0.99 8.51
FRC 10.86 N 03/14/97 1.32 17.7 0.34 0.65 11.43
FSBI 6.98 N 03/14/97 0.42 13.6 0.44 0.80 11.48
FSFC (0.08) N 03/14/97 0.10 14.8 0.18 0.97 9.57
FSLA 5.15 N 03/14/97 0.72 17.3 0.31 0.95 10.22
FSNJ (4.33) N 03/14/97 0.81 46.4 0.13 0.44 5.45
FSPG 13.77 N 03/14/97 0.83 10.9 0.41 0.93 14.20
FSSB (19.94) N 03/14/97 3.02 NM (0.19) (0.24) (5.17)
FSTC 19.36 N 03/14/97 NA 11.2 0.56 1.80 19.58
FTF 7.41 N 03/14/97 0.08 11.6 0.36 1.50 9.39
FTFC 10.18 N 03/14/97 0.12 12.6 0.56 (0.02) (0.25)
FTNB NA N 03/14/97 NA NA NA 1.16 NA
FTSB 2.32 N 03/14/97 1.68 16.3 0.18 1.16 6.58
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 21
<PAGE> 31
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FWWB 5.71 N 03/14/97 0.22 17.0 0.29 1.30 8.48
GAF 5.21 N 03/14/97 0.14 22.8 0.17 0.94 4.45
GBCI 14.25 N 03/14/97 0.09 13.3 0.45 0.82 8.66
GDVS (0.74) N 03/14/97 2.52 18.4 0.18 1.01 8.59
GDW 16.75 N 03/14/97 1.43 13.3 1.30 0.81 13.13
GFCO 3.28 N 03/14/97 0.21 14.7 0.39 0.72 7.63
GFED 5.29 N 03/14/97 0.33 20.0 0.15 0.98 6.80
GFSB 8.10 N 03/14/97 1.65 11.0 0.49 1.14 9.93
GLBK 4.84 Y 03/14/97 - 24.1 0.27 0.74 4.59
GLN 3.66 N 03/14/97 1.69 21.5 0.30 0.61 9.92
GPT 8.97 N 03/14/97 2.89 18.2 0.78 1.02 9.46
GRTR 7.55 N 03/14/97 7.84 22.6 0.18 0.80 8.38
GSBC 14.24 N 03/14/97 1.75 13.1 0.33 1.76 19.00
GSFC NA N 03/14/97 0.10 28.1 0.16 1.45 4.11
GSLC 7.77 N 03/14/97 1.94 80.2 0.03 0.63 11.16
GTFN 7.00 N 03/14/97 0.41 20.4 0.38 0.96 9.92
GTPS 1.31 N 03/14/97 0.05 35.8 0.11 (0.47) (1.75)
GUPB 3.68 N 03/14/97 0.15 23.9 0.17 0.72 3.99
GWBC 2.99 N 03/14/97 0.12 19.8 0.18 1.10 4.34
GWF 3.83 Y 03/14/97 1.27 43.9 0.26 0.05 0.28
HALL 5.81 N 03/14/97 0.02 11.7 0.40 0.58 8.28
HARB 10.74 N 03/14/97 0.57 15.2 0.61 1.17 14.41
HARL 9.33 N 03/14/97 0.04 10.8 0.48 1.00 16.02
HARS 0.68 N 03/14/97 0.77 18.9 0.27 0.58 6.72
HAVN 9.83 N 03/14/97 0.94 11.8 0.75 0.89 14.05
HBBI (2.60) N 03/14/97 1.14 21.9 0.24 0.63 4.92
HBEI 1.11 N 03/14/97 0.42 34.4 0.11 0.82 2.94
HBFW 3.36 N 03/14/97 - 19.7 0.26 0.80 5.66
HBNK 1.92 N 03/14/97 2.51 12.0 0.50 0.96 13.46
HBS 4.57 N 03/14/97 2.33 12.2 0.35 (0.04) (0.26)
HCFC NA N 03/14/97 0.34 NA NA 1.22 7.96
HEMT (0.54) N 03/14/97 NA 66.3 0.05 0.28 3.49
HFFB 3.52 N 03/14/97 - 21.2 0.19 1.34 4.92
HFFC 6.67 N 03/14/97 0.54 12.5 0.39 0.92 9.99
HFGI 7.42 N 03/14/97 0.23 11.4 0.23 0.44 10.32
HFNC 3.87 N 03/14/97 0.92 34.4 0.16 1.23 4.30
HFSA 2.82 N 03/14/97 0.18 15.9 0.24 0.93 5.92
HHFC 1.36 N 03/14/97 0.26 17.0 0.18 0.77 6.24
HIFS 11.06 N 03/14/97 0.59 10.3 0.46 1.22 12.57
HMCI 1.72 N 03/14/97 3.51 28.5 0.18 0.41 6.76
HMNF 4.82 N 03/14/97 0.06 18.3 0.30 0.93 6.09
HOMF 12.18 N 03/14/97 0.54 12.2 0.56 1.35 16.41
HPBC 15.84 N 03/14/97 0.04 10.1 0.44 1.74 16.28
HRBF 2.35 N 03/14/97 0.36 21.3 0.20 0.61 4.71
HRZB 9.70 N 03/14/97 - 11.7 0.32 1.63 10.36
HTHR 16.58 N 03/14/97 10.58 NM (0.11) (1.09) (32.90)
HVFD 5.21 N 03/14/97 0.78 13.2 0.43 0.96 11.56
HWEN NA N 03/14/97 0.62 18.5 0.21 0.91 4.51
HZFS 1.27 N 03/14/97 1.35 14.9 0.29 0.83 7.70
IBSF 2.94 N 03/14/97 0.09 27.3 0.16 0.83 4.53
IFSB 1.98 N 03/14/97 2.37 13.5 0.16 (0.55) (8.17)
IFSL 7.20 Y 03/14/97 1.05 16.2 0.41 0.10 1.11
INBI 3.62 N 03/14/97 0.16 15.3 0.21 1.68 8.86
INCB 1.13 N 03/14/97 NA 31.3 0.15 0.62 4.95
IPSW 20.14 N 03/14/97 2.02 13.6 0.29 1.24 20.61
ISBF 4.49 N 03/14/97 0.37 22.1 0.29 0.91 6.50
ITLA 12.86 N 03/14/97 1.56 11.7 0.35 1.46 12.84
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 22
<PAGE> 32
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IWBK 11.92 N 03/14/97 0.68 16.1 0.52 1.15 17.45
JOAC 1.66 N 03/14/97 0.74 31.8 0.11 0.85 2.84
JSBA 3.21 N 03/14/97 1.02 14.3 0.51 (1.01) (13.85)
JSBF 7.91 N 03/14/97 NA 17.7 0.58 1.92 8.79
JXSB 1.57 N 03/14/97 0.37 21.7 0.19 (0.73) (6.08)
JXVL 5.14 N 03/14/97 1.02 14.4 0.26 1.20 7.44
KFBI 3.55 N 03/14/97 0.03 23.9 0.19 1.11 4.90
KNK 4.95 N 03/14/97 0.60 12.9 0.52 0.91 8.90
KSAV 5.94 N 03/14/97 0.27 14.1 0.38 1.11 7.96
KSBK 13.70 N 03/14/97 1.37 7.1 0.99 0.85 12.28
KYF 3.88 N 03/14/97 - 16.3 0.18 1.05 5.33
LARK 4.91 N 03/14/97 0.23 17.0 0.29 1.19 7.99
LARL 10.45 N 03/14/97 0.60 11.4 0.46 1.54 14.51
LFBI NA N 03/14/97 1.18 31.0 0.11 (0.69) (4.52)
LFED 4.75 N 03/14/97 - 22.1 0.21 1.05 6.55
LIFB 5.52 N 03/14/97 0.44 14.6 0.34 0.90 8.56
LISB 6.22 N 03/14/97 1.08 19.9 0.44 0.87 9.10
LOGN 5.09 N 03/14/97 0.52 16.8 0.22 1.40 7.02
LONF 3.77 N 03/14/97 0.80 19.4 0.20 1.03 4.78
LSBI 4.77 N 03/14/97 1.37 13.5 0.37 0.79 8.31
LSBX 20.74 N 03/14/97 0.56 6.0 0.41 2.11 25.30
LVSB 13.98 N 03/14/97 1.14 23.9 0.35 2.09 20.52
LXMO NA N 03/14/97 0.92 20.6 0.18 1.33 4.34
MAFB 9.57 N 03/14/97 0.40 11.9 0.83 1.14 14.80
MARN 4.90 N 03/14/97 1.04 16.1 0.33 1.51 6.66
MASB 10.65 N 03/14/97 0.24 12.6 0.83 1.08 10.45
MBB 0.83 N 03/14/97 0.78 17.0 0.27 (0.41) (8.02)
MBB 0.83 N 03/14/97 0.78 17.0 0.27 (0.41) (8.02)
MBBC 1.83 N 03/14/97 0.41 29.2 0.15 0.55 4.43
MBLF 4.86 N 03/14/97 0.26 14.0 0.37 0.93 7.43
MBSP NA N 03/14/97 2.28 26.3 0.15 1.62 3.72
MCBN 4.50 N 03/14/97 0.34 9.7 0.49 0.85 9.79
MCBS 8.88 N 03/14/97 0.14 11.7 0.56 1.25 11.77
MDBK 11.72 N 03/14/97 0.36 12.6 0.55 1.05 11.70
MECH 2.34 N 03/14/97 1.77 8.0 0.56 1.58 15.80
MERI 7.36 N 03/14/97 0.29 12.3 0.72 1.01 13.56
METF NA N 03/14/97 0.83 11.7 0.23 (0.64) (17.60)
MFBC 2.93 N 03/14/97 - 18.2 0.26 0.86 5.30
MFCX 1.24 N 03/14/97 - 30.7 0.12 0.70 4.52
MFFC 3.24 N 03/14/97 0.17 24.6 0.14 0.88 5.28
MFLR 9.67 N 03/14/97 0.97 19.0 0.26 1.01 10.37
MFSL 6.48 N 03/14/97 0.42 7.6 1.22 0.17 2.16
MGNL 13.90 N 03/14/97 2.47 12.8 0.37 1.72 17.46
MIDC 5.54 Y 03/14/97 NA 17.5 0.35 0.76 7.80
MIFC 9.07 N 03/14/97 0.08 9.8 0.21 1.28 13.88
MIVI 3.63 N 03/14/97 0.26 18.0 0.21 0.98 5.32
MLBC 9.21 N 03/14/97 0.84 20.7 0.21 0.63 8.43
MSBF 6.07 N 03/14/97 0.47 12.8 0.41 1.54 7.93
MSBK (0.28) N 03/14/97 0.14 96.9 0.02 0.17 2.84
MWBI 6.61 N 03/14/97 0.68 10.9 0.68 0.82 11.63
MWBX 17.97 N 03/14/97 1.00 9.9 0.13 1.45 17.82
MWFD 11.26 N 03/14/97 0.24 17.2 0.26 0.21 2.45
NASB 16.09 N 03/14/97 NA 10.2 0.93 1.17 16.29
NBSI 2.59 N 03/14/97 - 26.6 0.18 0.81 5.42
NEBC 5.49 N 03/14/97 1.34 12.2 0.28 0.90 11.97
NEIB 4.97 N 03/14/97 0.20 13.4 0.28 0.57 3.16
NHTB 3.15 N 03/14/97 0.59 NM 0.01 0.04 0.54
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 23
<PAGE> 33
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NMSB 7.49 N 03/14/97 1.55 16.5 0.14 0.84 7.84
NSLB 2.29 N 03/14/97 - 28.6 0.14 0.85 4.04
NSSB 8.91 N 03/14/97 1.09 15.9 0.33 1.13 10.26
NSSY 10.27 N 03/14/97 1.99 11.8 0.54 0.82 11.66
NTMG 4.83 N 03/14/97 1.35 26.3 0.07 (0.67) (12.87)
NWEQ 5.88 N 03/14/97 1.52 12.5 0.28 1.04 8.47
NWSB 6.95 N 03/14/97 0.91 20.4 0.19 1.02 10.32
NYB 21.81 N 03/14/97 1.29 13.2 0.59 1.39 26.29
OCFC (1.03) N 03/14/97 0.71 20.3 0.38 1.04 5.23
OCWN 31.08 N 03/14/97 4.37 10.0 0.83 4.35 52.80
OFCP 3.11 N 03/14/97 0.18 18.2 0.28 (0.56) (5.68)
OHSL 4.60 N 03/14/97 0.01 18.3 0.30 (0.37) (3.14)
OSBF 4.14 Y 03/14/97 0.22 16.7 0.48 0.89 7.15
PALM 0.21 N 03/14/97 2.68 67.7 0.06 (0.68) (8.67)
PAMM NA N 03/14/97 NA 18.6 0.39 2.91 17.80
PBCI 5.25 N 03/14/97 2.23 15.3 0.34 1.20 8.08
PBCT 13.87 N 03/14/97 1.33 21.5 0.41 1.13 13.56
PBIX 3.05 N 03/14/97 0.15 16.8 0.25 (0.08) (0.70)
PBKB 13.03 N 03/14/97 0.95 18.0 0.17 0.74 12.44
PBNB 8.92 N 03/14/97 0.55 17.6 0.44 0.76 7.70
PCBC 3.69 N 03/14/97 - 18.3 0.26 1.43 7.65
PCCI 13.14 N 03/14/97 1.83 13.2 0.26 1.11 12.99
PDB (0.77) N 03/14/97 0.62 NM (0.16) (4.50) (22.16)
PEEK 3.78 N 03/14/97 0.60 23.2 0.16 1.21 4.33
PERM 2.37 N 03/14/97 1.08 17.9 0.31 0.69 7.17
PERT 6.85 N 03/14/97 0.26 17.1 0.38 1.08 7.69
PETE 13.39 N 03/14/97 1.04 9.2 0.47 0.96 14.77
PFDC 7.26 N 03/14/97 0.34 13.7 0.41 1.34 8.82
PFED NA N 03/14/97 0.15 NA NA 0.03 0.16
PFFB 0.46 N 03/14/97 1.92 28.1 0.14 0.35 3.08
PFFC NA N 03/14/97 0.01 22.8 0.17 1.09 4.08
PFNC 6.58 N 03/14/97 0.91 14.0 0.16 0.75 14.51
PFSB 6.39 N 03/14/97 0.78 12.4 0.51 0.82 10.51
PFSL 9.15 N 03/14/97 0.26 14.3 0.35 0.62 10.14
PHBK 14.41 N 03/14/97 0.86 12.5 0.63 1.33 16.97
PHFC NA N 03/14/97 1.71 16.6 0.22 0.86 6.03
PKPS 2.02 N 03/14/97 4.14 17.4 0.09 0.57 6.91
PLE 6.55 N 03/14/97 1.56 11.9 0.45 0.92 11.83
PMFI 0.94 N 03/14/97 0.41 NM (0.02) 0.08 0.96
POBS 9.19 Y 03/14/97 0.25 19.1 0.20 2.41 9.89
PRBC 1.23 N 03/14/97 0.34 23.2 0.17 0.54 3.84
PROV NA N 03/14/97 1.93 NM 0.01 0.53 3.64
PSAB 5.75 N 03/14/97 NA 44.3 0.12 (0.39) (4.82)
PSBK 13.13 N 03/14/97 0.85 12.1 0.50 0.87 10.57
PSFI NA N 03/14/97 1.45 NA NA NA NA
PTRS 0.27 N 03/14/97 2.20 25.0 0.20 (1.06) (12.06)
PULB 4.46 N 03/14/97 NA 22.4 0.19 1.08 8.49
PULS 7.60 N 03/14/97 0.61 10.5 0.43 1.06 14.02
PVFC 14.87 N 03/14/97 0.53 8.9 0.47 1.36 20.42
PVSA 10.67 N 03/14/97 0.30 11.5 0.62 1.12 15.44
PWBC 5.47 N 03/14/97 0.59 13.0 0.26 0.58 7.92
PWBK NA N 03/14/97 0.95 15.2 0.23 1.09 5.44
QCBC 2.87 N 03/14/97 1.51 15.0 0.32 0.67 7.48
QCFB 6.18 N 03/14/97 NA 10.8 0.44 0.39 2.11
QCSB 10.10 N 03/14/97 0.55 28.9 0.50 1.15 7.51
RARB 11.71 N 03/14/97 0.38 10.9 0.57 1.05 13.49
RCSB 12.39 N 03/14/97 0.64 14.3 0.59 0.96 11.98
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 24
<PAGE> 34
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REDF (12.78) N 03/14/97 3.94 NM (0.13) (1.97) (27.66)
RELI NA N 03/14/97 - 18.4 0.10 2.19 3.92
RELY 6.00 N 03/14/97 0.86 14.2 0.43 0.83 10.12
RFED 1.55 Y 03/14/97 0.86 13.4 0.42 (1.47) (28.98)
RIVR NA N 03/14/97 0.01 NA NA NA NA
ROSE 16.03 N 03/14/97 0.47 10.9 0.81 0.98 15.49
RSLN NA N 03/14/97 NA NA NA 0.56 NA
RVSB 8.87 N 03/14/97 0.28 15.9 0.28 1.10 10.18
SBCN 1.50 Y 03/14/97 0.26 18.6 0.26 0.70 5.88
SBFL (0.51) N 03/14/97 1.15 54.0 0.07 (0.67) (6.57)
SCBS NA N 03/14/97 NA NA NA 0.94 5.91
SCCB 3.21 N 03/14/97 1.83 25.0 0.20 1.20 4.42
SECP 6.02 N 03/14/97 0.11 14.2 1.49 1.57 9.93
SFB 10.70 Y 03/14/97 0.36 13.9 1.04 0.96 16.18
SFED 3.22 N 03/14/97 0.61 12.0 0.36 (0.30) (2.31)
SFFC 5.29 N 03/14/97 0.79 13.7 0.34 1.24 6.96
SFIN 4.01 N 03/14/97 0.84 9.5 0.43 (0.29) (3.07)
SFNB NA N 03/14/97 NA NM (0.56) (17.80) (37.52)
SFSB 4.04 N 03/14/97 0.25 14.8 0.38 0.66 10.05
SFSL 9.99 N 03/14/97 0.25 12.5 0.37 1.33 14.39
SGVB 0.76 N 03/14/97 0.70 24.0 0.14 0.46 5.32
SHEN 6.43 N 03/14/97 0.43 11.6 0.53 1.17 10.16
SISB 20.91 N 03/14/97 0.53 15.8 0.42 0.77 10.37
SJSB 1.41 Y 03/14/97 NA 26.6 0.24 0.59 5.56
SMBC 4.56 N 03/14/97 0.61 14.9 0.27 1.06 6.65
SMFC 7.14 N 03/14/97 0.09 14.3 0.50 1.17 11.52
SOBI 1.18 N 03/14/97 0.24 33.0 0.11 0.66 3.78
SOPN 5.18 N 03/14/97 0.08 16.7 0.30 1.77 7.02
SOSA 9.88 N 03/14/97 6.62 13.1 0.05 0.63 11.05
SPBC 6.85 N 03/14/97 0.15 15.6 0.45 1.01 11.40
SRN 1.11 N 03/14/97 - 40.6 0.09 0.41 2.33
SSB 3.86 N 03/14/97 0.05 22.2 0.18 1.77 4.84
SSFC NA N 03/14/97 0.40 NA NA 1.13 6.18
SSM 4.47 N 03/14/97 - 24.5 0.26 1.77 5.00
STFR 7.31 N 03/14/97 0.32 16.7 0.46 0.89 10.09
STND 4.45 N 03/14/97 0.18 20.3 0.26 0.70 25.30
STSA 0.91 N 03/14/97 0.42 14.6 0.29 0.57 11.09
SVRN 12.66 N 03/14/97 0.54 14.3 0.23 0.80 18.81
SWBI 6.30 N 03/14/97 0.24 14.2 0.33 0.96 9.31
SWCB 11.47 N 03/14/97 1.00 12.5 0.62 1.08 13.48
SZB (0.43) N 03/14/97 0.53 33.0 0.11 0.55 3.97
TBK 9.84 N 03/14/97 2.42 8.5 0.45 0.74 11.07
TCB 16.13 N 03/14/97 0.69 15.5 0.72 1.64 20.49
THBC 5.10 Y 03/14/97 NA 16.9 0.30 1.22 6.75
THR 3.59 N 03/14/97 1.23 14.9 0.25 0.91 6.35
THRD 4.74 N 03/14/97 0.32 17.5 0.27 0.73 6.59
TPNZ 3.82 N 03/14/97 0.93 20.1 0.18 0.87 4.83
TRIC 4.87 N 03/14/97 0.05 12.9 0.36 1.09 8.20
TSBS 8.34 N 03/14/97 0.50 27.2 0.17 1.38 7.59
TSH 4.42 N 03/14/97 0.08 14.7 0.27 0.92 6.80
TWIN 4.69 N 03/14/97 0.26 52.8 0.09 0.38 3.02
UBMT 5.24 N 03/14/97 0.62 15.4 0.32 0.14 0.60
UFRM 3.38 N 03/14/97 1.01 NM (0.02) (1.32) (16.96)
VABF 1.39 N 03/14/97 1.11 22.1 0.12 0.50 7.53
VFFC 17.69 N 03/14/97 1.98 15.2 0.24 1.10 13.85
WAMU 4.16 N 03/14/97 0.99 NM - (0.80) (16.80)
WAYN 2.97 N 03/14/97 0.69 26.2 0.26 0.65 7.04
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 25
<PAGE> 35
FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
WBST 12.23 N 03/14/97 0.80 13.1 0.74 0.78 15.00
WCBI 6.83 N 03/14/97 0.50 14.1 0.39 1.49 9.66
WCFB 3.88 N 03/14/97 0.45 NA NA - 0.02
WEFC 4.21 N 03/14/97 NA 16.0 0.23 0.96 6.88
WEHO 1.71 N 03/14/97 - 21.3 0.16 1.39 4.15
WES 10.33 N 03/14/97 NA NM (0.01) 0.96 9.86
WFCO 8.96 N 03/14/97 0.39 10.4 0.30 1.04 14.35
WFSG NA N 03/14/97 NA NA NA NA NA
WFSL 13.93 N 03/14/97 0.81 11.7 0.53 1.76 15.54
WHGB 2.29 N 03/14/97 0.40 36.1 0.10 0.64 2.71
WOFC 2.63 N 03/14/97 0.73 31.6 0.17 (0.20) (1.23)
WRNB 20.56 N 03/14/97 1.76 8.0 0.49 2.20 23.34
WSB 5.82 N 03/14/97 NA 13.1 0.10 (1.00) (11.86)
WSFS 21.19 N 03/14/97 2.23 10.9 0.27 1.18 19.07
WSTR 4.47 N 03/14/97 0.10 18.5 0.28 0.95 6.83
WVFC 7.78 N 03/14/97 0.33 12.1 0.52 1.31 10.44
WWFC NA N 03/14/97 - 13.8 0.33 0.84 8.88
WYNE 2.33 N 03/14/97 0.90 13.6 0.31 1.05 6.97
YFCB NA N 03/14/97 1.21 17.3 0.22 1.02 5.84
YFED 6.57 N 03/14/97 1.58 14.2 0.32 0.98 12.37
Maximum 45.72 10.58 154.2 3.51 4.72 63.21
Minimum (143.45) - 2.3 (0.60) (17.80) (614.26)
Average 6.11 0.84 18.9 0.33 0.75 5.84
Median 5.40 0.55 16.0 0.29 0.90 7.87
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 26
<PAGE> 36
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AADV Advantage Bancorp, Inc. Kenosha WI MW SAIF NASDAQ 03/23/92 38.000
ABBK Abington Bancorp, Inc. Abington MA NE BIF NASDAQ 06/10/86 20.875
ABCL Alliance Bancorp, Inc. Hinsdale IL MW SAIF NASDAQ 07/07/92 29.875
ABCW Anchor BanCorp Wisconsin Madison WI MW SAIF NASDAQ 07/16/92 45.500
AFCB Affiliated Community Bancorp Waltham MA NE SAIF NASDAQ 10/19/95 27.000
AFFFZ America First Financial Fund San Francisco CA WE SAIF NASDAQ NA 32.547
AHM Ahmanson & Company (H.F.) Irwindale CA WE SAIF NYSE 10/25/72 40.250
ALBK ALBANK Financial Corporation Albany NY MA SAIF NASDAQ 04/01/92 34.875
ANBK American National Bancorp Baltimore MD MA SAIF NASDAQ 10/31/95 13.875
ANDB Andover Bancorp, Inc. Andover MA NE BIF NASDAQ 05/08/86 27.250
ASBI Ameriana Bancorp New Castle IN MW SAIF NASDAQ 03/02/87 15.750
ASBP ASB Financial Corp. Portsmouth OH MW SAIF NASDAQ 05/11/95 11.750
ASFC Astoria Financial Corporation Lake Success NY MA SAIF NASDAQ 11/18/93 39.750
BANC BankAtlantic Bancorp, Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83 13.625
BDJI First Federal Bancorporation Bemidji MN MW SAIF NASDAQ 04/04/95 18.750
BFD BostonFed Bancorp, Inc. Burlington MA NE SAIF AMSE 10/24/95 16.750
BFSB Bedford Bancshares, Inc. Bedford VA SE SAIF NASDAQ 08/22/94 19.375
BKC American Bank of Connecticut Waterbury CT NE BIF AMSE 12/01/81 32.000
BKCT Bancorp Connecticut, Inc. Southington CT NE BIF NASDAQ 07/03/86 23.750
BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85 10.875
BSBC Branford Savings Bank Branford CT NE BIF NASDAQ 11/04/86 4.000
BVFS Bay View Capital Corp. San Mateo CA WE SAIF NASDAQ 05/09/86 52.500
BWFC Bank West Financial Corp. Grand Rapids MI MW SAIF NASDAQ 03/30/95 11.500
CAFI Camco Financial Corp. Cambridge OH MW SAIF NASDAQ NA 17.500
CAPS Capital Savings Bancorp, Inc. Jefferson City MO MW SAIF NASDAQ 12/29/93 13.500
CARV Carver Bancorp, Inc. New York NY MA SAIF NASDAQ 10/25/94 10.125
CASB Cascade Financial Corp. Everett WA WE SAIF NASDAQ 09/16/92 17.500
CASH First Midwest Financial, Inc. Storm Lake IA MW SAIF NASDAQ 09/20/93 16.750
CBCI Calumet Bancorp, Inc. Dolton IL MW SAIF NASDAQ 02/20/92 35.500
CBNH Community Bankshares, Inc. Concord NH NE BIF NASDAQ 05/08/86 24.875
CBSA Coastal Bancorp, Inc. Houston TX SW SAIF NASDAQ NA 27.500
CBSB Charter Financial, Inc. Sparta IL MW SAIF NASDAQ 12/29/95 16.250
CEBK Central Co-operative Bank Somerville MA NE BIF NASDAQ 10/24/86 18.250
CENF CENFED Financial Corp. Pasadena CA WE SAIF NASDAQ 10/25/91 32.375
CFB Commercial Federal Corporation Omaha NE MW SAIF NYSE 12/31/84 36.750
CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90 23.500
CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88 23.500
CFSB CFSB Bancorp, Inc. Lansing MI MW SAIF NASDAQ 06/22/90 21.250
CFX CFX Corporation Keene NH NE BIF AMSE 02/12/87 17.125
CIBI Community Investors Bancorp Bucyrus OH MW SAIF NASDAQ 02/07/95 17.250
CKFB CKF Bancorp, Inc. Danville KY MW SAIF NASDAQ 01/04/95 18.875
CMRN Cameron Financial Corp Cameron MO MW SAIF NASDAQ 04/03/95 16.375
CMSV Community Savings, MHC North Palm Beach FL SE SAIF NASDAQ 10/24/94 19.500
CNIT CENIT Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 08/06/92 45.000
COFI Charter One Financial Cleveland OH MW SAIF NASDAQ 01/22/88 45.625
CSA Coast Savings Financial Los Angeles CA WE SAIF NYSE 12/23/85 45.125
CTBK Center Banks Incorporated Skaneateles NY MA BIF NASDAQ 06/02/86 20.000
CTZN CitFed Bancorp, Inc. Dayton OH MW SAIF NASDAQ 01/23/92 35.250
CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87 21.500
CZF CitiSave Financial Corp Baton Rouge LA SW SAIF AMSE 07/14/95 14.000
DFIN Damen Financial Corp. Schaumburg IL MW SAIF NASDAQ 10/02/95 14.500
DIBK Dime Financial Corp. Wallingford CT NE BIF NASDAQ 07/09/86 20.250
DME Dime Bancorp, Inc. New York NY MA BIF NYSE 08/19/86 17.250
DNFC D & N Financial Corp. Hancock MI MW SAIF NASDAQ 02/13/85 18.125
DSL Downey Financial Corp. Newport Beach CA WE SAIF NYSE 01/01/71 22.625
EBSI Eagle Bancshares Tucker GA SE SAIF NASDAQ 04/01/86 17.250
EFBI Enterprise Federal Bancorp West Chester OH MW SAIF NASDAQ 10/17/94 16.500
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 27
<PAGE> 37
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EGFC Eagle Financial Corp. Bristol CT NE SAIF NASDAQ 02/03/87 29.250
EIRE Emerald Isle Bancorp, Inc. Quincy MA NE BIF NASDAQ 09/08/86 19.625
EMLD Emerald Financial Corp. Strongsville OH MW SAIF NASDAQ NA 24.500
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 34.500
ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85 19.500
FBBC First Bell Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95 16.375
FBCI Fidelity Bancorp, Inc. Chicago IL MW SAIF NASDAQ 12/15/93 19.500
FBHC Fort Bend Holding Corp. Rosenberg TX SW SAIF NASDAQ 06/30/93 23.500
FBSI First Bancshares, Inc. Mountain Grove MO MW SAIF NASDAQ 12/22/93 20.000
FCME First Coastal Corporation Westbrook ME NE BIF NASDAQ NA 9.750
FDEF First Defiance Financial Defiance OH MW SAIF NASDAQ 10/02/95 13.250
FED FirstFed Financial Corp. Santa Monica CA WE SAIF NYSE 12/16/83 25.750
FESX First Essex Bancorp, Inc. Andover MA NE BIF NASDAQ 08/04/87 16.000
FFBI First Financial Bancorp, Inc. Belvidere IL MW SAIF NASDAQ 10/04/93 15.500
FFBS FFBS BanCorp, Inc. Columbus MS SE SAIF NASDAQ 07/01/93 22.000
FFBZ First Federal Bancorp, Inc. Zanesville OH MW SAIF NASDAQ 07/13/92 17.500
FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83 28.250
FFES First Federal of East Hartford East Hartford CT NE SAIF NASDAQ 06/23/87 28.500
FFFC FFVA Financial Corp. Lynchburg VA SE SAIF NASDAQ 10/12/94 23.000
FFHC First Financial Corp. Stevens Point WI MW SAIF NASDAQ 12/24/80 26.750
FFHH FSF Financial Corp. Hutchinson MN MW SAIF NASDAQ 10/07/94 17.250
FFHS First Franklin Corporation Cincinnati OH MW SAIF NASDAQ 01/26/88 18.000
FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95 19.125
FFKY First Federal Financial Corp. Elizabethtown KY MW SAIF NASDAQ 07/15/87 20.875
FFLC FFLC Bancorp, Inc. Leesburg FL SE SAIF NASDAQ 01/04/94 26.000
FFSL First Independence Corp. Independence KS MW SAIF NASDAQ 10/08/93 11.750
FFSW FirstFederal Financial Svcs Wooster OH MW SAIF NASDAQ 03/31/87 37.500
FFSX First Fed SB of Siouxland, MHC Sioux City IA MW SAIF NASDAQ 07/13/92 30.750
FFWC FFW Corp. Wabash IN MW SAIF NASDAQ 04/05/93 26.000
FFWD Wood Bancorp, Inc. Bowling Green OH MW SAIF NASDAQ 08/31/93 16.750
FFYF FFY Financial Corp. Youngstown OH MW SAIF NASDAQ 06/28/93 25.250
FGHC First Georgia Holding, Inc. Brunswick GA SE SAIF NASDAQ 02/11/87 7.625
FIBC Financial Bancorp, Inc. Long Island City NY MA SAIF NASDAQ 08/17/94 17.875
FISB First Indiana Corporation Indianapolis IN MW SAIF NASDAQ 08/02/83 26.250
FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95 21.875
FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83 22.500
FMCO FMS Financial Corporation Burlington NJ MA SAIF NASDAQ 12/14/88 19.750
FMSB First Mutual Savings Bank Bellevue WA WE BIF NASDAQ 12/17/85 20.250
FNGB First Northern Capital Corp. Green Bay WI MW SAIF NASDAQ 12/29/83 18.500
FOBC Fed One Bancorp Wheeling WV SE SAIF NASDAQ 01/19/95 19.000
FRC First Republic Bancorp San Francisco CA WE BIF NYSE NA 24.000
FSBI Fidelity Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88 23.875
FSFC First Southeast Financial Corp Anderson SC SE SAIF NASDAQ 10/08/93 10.625
FSLA First Savings Bank, MHC Edison NJ MA SAIF NASDAQ 07/10/92 21.500
FSPG First Home Bancorp, Inc. Pennsville NJ MA SAIF NASDAQ 04/20/87 17.875
FSTC First Citizens Corporation Newnan GA SE SAIF NASDAQ 03/01/86 25.000
FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 16.750
FTFC First Federal Capital Corp. La Crosse WI MW SAIF NASDAQ 11/02/89 28.250
FTSB Fort Thomas Financial Corp. Fort Thomas KY MW SAIF NASDAQ 06/28/95 11.750
FWWB First SB of Washington Bancorp Walla Walla WA WE SAIF NASDAQ 11/01/95 19.750
GBCI Glacier Bancorp, Inc. Kalispell MT WE SAIF NASDAQ 03/30/84 24.000
GDW Golden West Financial Oakland CA WE SAIF NYSE 05/29/59 69.250
GFCO Glenway Financial Corp. Cincinnati OH MW SAIF NASDAQ 11/30/90 23.000
GFSB GFS Bancorp, Inc. Grinnell IA MW SAIF NASDAQ 01/06/94 21.500
GLN Glendale Federal Bank, FSB Glendale CA WE SAIF NYSE 10/01/83 25.750
GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94 56.750
GRTR Greater New York Savings Bank New York NY MA BIF NASDAQ 06/17/87 16.250
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 28
<PAGE> 38
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GSBC Great Southern Bancorp, Inc. Springfield MO MW SAIF NASDAQ 12/14/89 17.250
GSLC Guaranty Financial Corp. Charlottesville VA SE SAIF NASDAQ NA 9.625
GTFN Great Financial Corporation Louisville KY MW SAIF NASDAQ 03/31/94 31.000
GUPB GFSB Bancorp, Inc. Gallup NM SW SAIF NASDAQ 06/30/95 16.250
GWBC Gateway Bancorp, Inc. Catlettsburg KY MW SAIF NASDAQ 01/18/95 14.250
HALL Hallmark Capital Corp. West Allis WI MW SAIF NASDAQ 01/03/94 18.750
HARB Harbor Federal Savings Bk, MHC Fort Pierce FL SE SAIF NASDAQ 01/06/94 37.000
HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87 20.750
HAVN Haven Bancorp, Inc. Woodhaven NY MA SAIF NASDAQ 09/23/93 35.250
HBFW Home Bancorp Fort Wayne IN MW SAIF NASDAQ 03/30/95 20.500
HBNK Highland Federal Bank FSB Burbank CA WE SAIF NASDAQ NA 24.000
HBS Haywood Bancshares, Inc. Waynesville NC SE BIF AMSE 12/18/87 17.125
HFFB Harrodsburg First Fin Bancorp Harrodsburg KY MW SAIF NASDAQ 10/04/95 16.125
HFFC HF Financial Corp. Sioux Falls SD MW SAIF NASDAQ 04/08/92 19.500
HFGI Harrington Financial Group Richmond IN MW SAIF NASDAQ NA 10.500
HFSA Hardin Bancorp, Inc. Hardin MO MW SAIF NASDAQ 09/29/95 15.250
HIFS Hingham Instit. for Savings Hingham MA NE BIF NASDAQ 12/20/88 19.000
HMCI HomeCorp, Inc. Rockford IL MW SAIF NASDAQ 06/22/90 20.500
HMNF HMN Financial, Inc. Spring Valley MN MW SAIF NASDAQ 06/30/94 22.000
HOMF Home Federal Bancorp Seymour IN MW SAIF NASDAQ 01/23/88 27.250
HPBC Home Port Bancorp, Inc. Nantucket MA NE BIF NASDAQ 08/25/88 17.750
HRBF Harbor Federal Bancorp, Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 17.063
HRZB Horizon Financial Corp. Bellingham WA WE BIF NASDAQ 08/01/86 15.000
HTHR Hawthorne Financial Corp. El Segundo CA WE SAIF NASDAQ NA 10.625
HVFD Haverfield Corporation Cleveland OH MW SAIF NASDAQ 03/19/85 22.750
IFSB Independence Federal Savings Washington DC MA SAIF NASDAQ 06/06/85 8.625
INBI Industrial Bancorp Bellevue OH MW SAIF NASDAQ 08/01/95 12.875
IPSW Ipswich Savings Bank Ipswich MA NE BIF NASDAQ 05/26/93 15.750
ISBF ISB Financial Corporation New Iberia LA SW SAIF NASDAQ 04/07/95 25.625
ITLA ITLA Capital Corp. La Jolla CA WE BIF NASDAQ 10/24/95 16.375
IWBK InterWest Bancorp, Inc. Oak Harbor WA WE SAIF NASDAQ NA 33.500
JSBA Jefferson Savings Bancorp Ballwin MO MW SAIF NASDAQ 04/08/93 29.250
JSBF JSB Financial, Inc. Lynbrook NY MA BIF NASDAQ 06/27/90 41.000
KFBI Klamath First Bancorp Klamath Falls OR WE SAIF NASDAQ 10/05/95 18.125
KNK Kankakee Bancorp, Inc. Kankakee IL MW SAIF AMSE 01/06/93 26.875
KSAV KS Bancorp, Inc. Kenly NC SE SAIF NASDAQ 12/30/93 21.500
KSBK KSB Bancorp, Inc. Kingfield ME NE BIF NASDAQ 06/24/93 28.000
KYF Kentucky First Bancorp, Inc. Cynthiana KY MW SAIF AMSE 08/29/95 11.750
LARK Landmark Bancshares, Inc. Dodge City KS MW SAIF NASDAQ 03/28/94 19.750
LARL Laurel Capital Group, Inc. Allison Park PA MA SAIF NASDAQ 02/20/87 21.000
LFED Leeds Federal Savings Bk, MHC Baltimore MD MA SAIF NASDAQ 05/02/94 18.563
LIFB Life Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 10/11/94 19.875
LISB Long Island Bancorp, Inc. Melville NY MA SAIF NASDAQ 04/18/94 35.000
LOGN Logansport Financial Corp. Logansport IN MW SAIF NASDAQ 06/14/95 14.813
LSBI LSB Financial Corp. Lafayette IN MW BIF NASDAQ 02/03/95 20.000
LSBX Lawrence Savings Bank North Andover MA NE BIF NASDAQ 05/02/86 9.750
LVSB Lakeview Financial West Paterson NJ MA SAIF NASDAQ 12/22/93 33.500
MAFB MAF Bancorp, Inc. Clarendon Hills IL MW SAIF NASDAQ 01/12/90 39.500
MARN Marion Capital Holdings Marion IN MW SAIF NASDAQ 03/18/93 21.250
MASB MASSBANK Corp. Reading MA NE BIF NASDAQ 05/28/86 41.750
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE 09/03/92 18.375
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE NA 18.375
MBLF MBLA Financial Corp. Macon MO MW SAIF NASDAQ 06/24/93 20.750
MCBN Mid-Coast Bancorp, Inc. Waldoboro ME NE SAIF NASDAQ 11/02/89 19.000
MCBS Mid Continent Bancshares Inc. El Dorado KS MW SAIF NASDAQ 06/27/94 26.125
MDBK Medford Savings Bank Medford MA NE BIF NASDAQ 03/18/86 27.750
MERI Meritrust Federal SB Thibodaux LA SW SAIF NASDAQ NA 35.500
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 29
<PAGE> 39
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MFBC MFB Corp. Mishawaka IN MW SAIF NASDAQ 03/25/94 18.875
MFFC Milton Federal Financial Corp. West Milton OH MW SAIF NASDAQ 10/07/94 13.750
MFLR Mayflower Co-operative Bank Middleboro MA NE BIF NASDAQ 12/23/87 19.750
MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 36.875
MGNL Magna Bancorp, Inc. Hattiesburg MS SE SAIF NASDAQ 03/13/91 19.000
MIVI Mississippi View Holding Co. Little Falls MN MW SAIF NASDAQ 03/24/95 15.125
MLBC ML Bancorp, Inc. Villanova PA MA SAIF NASDAQ 08/11/94 17.375
MSBF MSB Financial, Inc. Marshall MI MW SAIF NASDAQ 02/06/95 21.000
MWBI Midwest Bancshares, Inc. Burlington IA MW SAIF NASDAQ 11/12/92 29.500
MWBX MetroWest Bank Framingham MA NE BIF NASDAQ 10/10/86 5.156
MWFD Midwest Federal Financial Baraboo WI MW SAIF NASDAQ 07/08/92 17.875
NASB North American Savings Bank Grandview MO MW SAIF NASDAQ 09/27/85 38.000
NEBC Northeast Bancorp Portland ME NE BIF NASDAQ 08/19/87 13.625
NEIB Northeast Indiana Bancorp Huntington IN MW SAIF NASDAQ 06/28/95 15.000
NHTB New Hampshire Thrift Bncshrs New London NH NE SAIF NASDAQ 05/22/86 12.000
NMSB NewMil Bancorp, Inc. New Milford CT NE BIF NASDAQ 02/01/86 9.250
NSSB Norwich Financial Corp. Norwich CT NE BIF NASDAQ 11/14/86 21.000
NSSY Norwalk Savings Society Norwalk CT NE BIF NASDAQ 06/16/94 25.375
NTMG Nutmeg Federal S&LA Danbury CT NE SAIF NASDAQ NA 7.375
NWEQ Northwest Equity Corp. Amery WI MW SAIF NASDAQ 10/11/94 14.000
NWSB Northwest Savings Bank, MHC Warren PA MA SAIF NASDAQ 11/07/94 15.500
NYB New York Bancorp Inc. Douglaston NY MA SAIF NYSE 01/28/88 31.125
OCWN Ocwen Financial Corporation West Palm Beach FL SE SAIF NASDAQ NA 33.250
OFCP Ottawa Financial Corp. Holland MI MW SAIF NASDAQ 08/19/94 20.375
OHSL OHSL Financial Corp. Cincinnati OH MW SAIF NASDAQ 02/10/93 22.000
PBCI Pamrapo Bancorp, Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89 20.750
PBCT People's Bank, MHC Bridgeport CT NE BIF NASDAQ 07/06/88 35.250
PBKB People's Bancshares, Inc. South Easton MA NE BIF NASDAQ 10/23/86 12.250
PBNB People's Savings Financial Cp. New Britain CT NE BIF NASDAQ 08/20/86 31.000
PCBC Perry County Financial Corp. Perryville MO MW SAIF NASDAQ 02/13/95 19.000
PCCI Pacific Crest Capital Agoura Hills CA WE BIF NASDAQ NA 13.750
PDB Piedmont Bancorp, Inc. Hillsborough NC SE SAIF AMSE 12/08/95 10.750
PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95 14.875
PERM Permanent Bancorp, Inc. Evansville IN MW SAIF NASDAQ 04/04/94 22.250
PERT Perpetual Bank, MHC Anderson SC SE SAIF NASDAQ 10/26/93 26.000
PETE Primary Bank Peterborough NH NE BIF NASDAQ 10/14/93 17.250
PFDC Peoples Bancorp Auburn IN MW SAIF NASDAQ 07/07/87 22.500
PFNC Progress Financial Corporation Blue Bell PA MA SAIF NASDAQ 07/18/83 8.938
PFSB PennFed Financial Services,Inc West Orange NJ MA SAIF NASDAQ 07/15/94 25.250
PFSL Pocahontas FS&LA, MHC Pocahontas AR SE SAIF NASDAQ 04/05/94 20.000
PHBK Peoples Heritage Finl Group Portland ME NE BIF NASDAQ 12/04/86 31.500
PKPS Poughkeepsie Savings Bank, FSB Poughkeepsie NY MA SAIF NASDAQ 11/19/85 6.250
PLE Pinnacle Bancshares, Inc. Jasper AL SE SAIF AMSE 12/17/86 21.500
PSAB Prime Bancorp, Inc. Philadelphia PA MA SAIF NASDAQ 11/21/88 21.250
PSBK Progressive Bank, Inc. Fishkill NY MA BIF NASDAQ 08/01/84 24.250
PTRS Potters Financial Corp. East Liverpool OH MW SAIF NASDAQ 12/31/93 20.000
PULB Pulaski Bank, Savings Bk, MHC St. Louis MO MW SAIF NASDAQ 05/11/94 17.000
PULS Pulse Bancorp South River NJ MA SAIF NASDAQ 09/18/86 18.125
PVFC PVF Capital Corp. Bedford Heights OH MW SAIF NASDAQ 12/30/92 16.750
PVSA Parkvale Financial Corporation Monroeville PA MA SAIF NASDAQ 07/16/87 28.500
PWBC PennFirst Bancorp, Inc. Ellwood City PA MA SAIF NASDAQ 06/13/90 13.500
QCBC Quaker City Bancorp, Inc. Whittier CA WE SAIF NASDAQ 12/30/93 19.250
QCFB QCF Bancorp, Inc. Virginia MN MW SAIF NASDAQ 04/03/95 19.000
QCSB Queens County Bancorp, Inc. Flushing NY MA BIF NASDAQ 11/23/93 57.750
RARB Raritan Bancorp, Inc. Raritan NJ MA BIF NASDAQ 03/01/87 24.750
RCSB RCSB Financial, Inc. Rochester NY MA BIF NASDAQ 04/29/86 33.750
RELY Reliance Bancorp, Inc. Garden City NY MA SAIF NASDAQ 03/31/94 24.500
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 30
<PAGE> 40
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ROSE TR Financial Corp. Garden City NY MA BIF NASDAQ 06/29/93 35.250
RVSB Riverview Savings Bank, MHC Camas WA WE SAIF NASDAQ 10/26/93 17.750
SECP Security Capital Corporation Milwaukee WI MW SAIF NASDAQ 01/03/94 84.750
SFED SFS Bancorp, Inc. Schenectady NY MA SAIF NASDAQ 06/30/95 17.250
SFFC StateFed Financial Corporation Des Moines IA MW SAIF NASDAQ 01/05/94 18.625
SFSB SuburbFed Financial Corp. Flossmoor IL MW SAIF NASDAQ 03/04/92 22.500
SFSL Security First Corp. Mayfield Heights OH MW SAIF NASDAQ 01/22/88 18.500
SHEN First Shenango Bancorp, Inc. New Castle PA MA SAIF NASDAQ 04/06/93 24.500
SISB SIS Bancorp, Inc. Springfield MA NE BIF NASDAQ 02/08/95 26.500
SMBC Southern Missouri Bancorp, Inc Poplar Bluff MO MW SAIF NASDAQ 04/13/94 16.125
SMFC Sho-Me Financial Corp. Mt. Vernon MO MW SAIF NASDAQ 07/01/94 28.500
SOPN First Savings Bancorp, Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94 20.000
SOSA Somerset Savings Bank Somerville MA NE BIF NASDAQ 07/09/86 2.625
SPBC St. Paul Bancorp, Inc. Chicago IL MW SAIF NASDAQ 05/18/87 28.125
STFR St. Francis Capital Corp. Milwaukee WI MW SAIF NASDAQ 06/21/93 30.750
STND Standard Financial, Inc. Chicago IL MW SAIF NASDAQ 08/01/94 21.125
STSA Sterling Financial Corp. Spokane WA WE SAIF NASDAQ NA 16.875
SVRN Sovereign Bancorp, Inc. Wyomissing PA MA SAIF NASDAQ 08/12/86 13.188
SWBI Southwest Bancshares Hometown IL MW SAIF NASDAQ 06/24/92 18.750
SWCB Sandwich Co-operative Bank Sandwich MA NE BIF NASDAQ 07/25/86 31.000
TBK Tolland Bank Tolland CT NE BIF AMSE 12/19/86 15.375
TCB TCF Financial Corp. Minneapolis MN MW SAIF NYSE 06/17/86 44.625
THR Three Rivers Financial Corp. Three Rivers MI MW SAIF AMSE 08/24/95 14.875
THRD TF Financial Corporation Newtown PA MA SAIF NASDAQ 07/13/94 18.875
TPNZ Tappan Zee Financial, Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 14.500
TRIC Tri-County Bancorp, Inc. Torrington WY WE SAIF NASDAQ 09/30/93 18.500
TSBS Trenton SB, MHC Lawrenceville NJ MA BIF NASDAQ 08/03/95 18.500
TSH Teche Holding Co. Franklin LA SW SAIF AMSE 04/19/95 15.875
TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95 19.000
UBMT United Financial Corp. Great Falls MT WE SAIF NASDAQ 09/23/86 19.750
UFRM United Federal Savings Bank Rocky Mount NC SE SAIF NASDAQ 07/01/80 8.625
VFFC Virginia First Financial Corp. Petersburg VA SE SAIF NASDAQ 01/01/78 14.625
WAMU Washington Mutual Inc. Seattle WA WE BIF NASDAQ 03/11/83 50.375
WBST Webster Financial Corporation Waterbury CT NE SAIF NASDAQ 12/12/86 38.875
WCBI Westco Bancorp Westchester IL MW SAIF NASDAQ 06/26/92 22.000
WEFC Wells Financial Corp. Wells MN MW SAIF NASDAQ 04/11/95 14.750
WFCO Winton Financial Corp. Cincinnati OH MW SAIF NASDAQ 08/04/88 12.516
WFSL Washington Federal, Inc. Seattle WA WE SAIF NASDAQ 11/17/82 24.875
WRNB Warren Bancorp, Inc. Peabody MA NE BIF NASDAQ 07/09/86 15.750
WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 5.250
WSFS WSFS Financial Corporation Wilmington DE MA BIF NASDAQ 11/26/86 11.750
WSTR WesterFed Financial Corp. Missoula MT WE SAIF NASDAQ 01/10/94 20.750
WVFC WVS Financial Corporation Pittsburgh PA MA SAIF NASDAQ 11/29/93 25.250
YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84 18.125
Maximum 84.750
Minimum 2.625
Average 22.280
Median 19.813
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 31
<PAGE> 41
FERGUSON & COMPANY
EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AADV 124.46 16.7 138.0 149.0 12.1 1.05 1,031,221 8.7 8.2 2.28 0.32
ABBK 39.52 13.8 117.8 131.9 8.1 1.92 486,958 6.9 6.2 1.51 0.74
ABCL 159.35 18.7 142.2 146.2 12.1 - 667,964 8.5 8.3 1.60 0.47
ABCW 210.25 14.4 182.4 187.0 11.3 1.10 1,869,211 6.2 6.0 3.17 0.72
AFCB 139.03 14.2 134.7 135.5 13.5 2.22 1,032,213 9.8 9.8 1.90 0.88
AFFFZ 195.63 6.0 116.2 118.1 8.9 4.92 2,209,051 8.0 7.9 5.47 1.37
AHM 4,111.66 18.1 210.8 250.5 8.2 2.19 49,902,044 4.9 4.3 2.23 0.29
ALBK 450.26 15.2 141.1 163.3 12.8 1.72 3,506,136 9.1 8.0 2.30 0.77
ANBK 50.00 18.0 107.9 107.9 10.2 0.87 492,506 9.0 9.0 0.77 0.22
ANDB 139.90 11.0 146.0 146.0 11.6 2.20 1,204,813 8.0 8.0 2.48 1.09
ASBI 51.84 15.0 118.0 118.1 13.1 3.81 396,755 11.1 11.1 1.05 0.62
ASBP 20.23 19.9 108.4 108.4 18.1 3.40 111,824 15.7 15.7 0.59 0.60
ASFC 853.55 16.8 145.0 174.7 11.7 1.11 7,272,763 8.1 6.8 2.36 0.53
BANC 317.94 17.7 179.5 193.3 11.6 0.85 2,170,480 6.4 6.0 0.77 0.85
BDJI 13.14 18.8 105.3 105.3 12.0 - 109,729 11.4 11.4 1.00 0.32
BFD 104.86 24.3 113.6 NA 12.8 1.19 820,567 10.5 NA 0.69 0.40
BFSB 22.16 12.7 113.4 113.4 17.1 2.48 129,601 14.3 14.3 1.53 1.06
BKC 73.38 13.9 155.6 162.9 13.1 4.50 558,437 8.5 8.1 2.30 1.26
BKCT 61.05 14.2 142.8 142.8 14.6 3.45 419,398 10.2 10.2 1.67 1.26
BKUNA 92.70 24.2 143.3 178.9 6.5 - 1,329,044 7.4 6.6 0.45 0.40
BSBC 20.72 14.8 159.4 159.4 14.3 2.00 183,511 9.0 9.0 0.27 1.05
BVFS 350.42 17.9 175.2 184.6 10.6 1.22 3,300,262 6.1 5.8 2.93 0.34
BWFC 20.92 23.0 92.2 92.2 14.6 2.44 143,186 15.9 15.9 0.50 0.77
CAFI 53.60 12.1 119.0 129.7 11.4 2.74 469,449 9.6 8.9 1.45 0.79
CAPS 25.54 12.9 128.1 128.1 10.8 1.78 235,687 8.5 8.5 1.05 0.63
CARV 23.43 24.7 67.1 70.2 6.3 - 372,147 9.4 9.0 0.41 (0.03)
CASB 35.93 21.9 169.3 169.3 10.3 - 348,050 6.1 6.1 0.80 0.51
CASH 48.52 12.1 111.1 125.5 13.1 2.15 369,885 11.8 10.6 1.38 0.75
CBCI 83.04 14.0 103.2 103.2 16.5 - 510,217 16.0 16.0 2.54 1.08
CBNH 60.92 15.3 149.3 149.3 11.1 2.57 550,596 7.4 7.4 1.63 0.94
CBSA 136.59 12.6 147.1 176.3 4.8 1.46 2,875,907 3.3 2.8 2.19 0.25
CBSB 69.12 16.6 119.5 129.0 18.2 1.48 380,051 15.2 14.3 0.98 0.98
CEBK 35.86 16.7 107.7 121.4 11.1 1.75 324,297 10.3 9.2 1.09 0.59
CENF 166.88 10.0 146.4 146.6 7.6 1.11 2,184,858 5.2 5.2 3.23 0.55
CFB 789.77 13.5 200.1 227.6 11.5 0.76 6,868,213 5.8 5.1 2.73 0.66
CFCP 81.12 20.1 280.4 280.4 17.9 1.87 453,955 6.4 6.4 1.17 0.88
CFFC 29.90 13.9 130.3 130.3 17.9 2.38 166,664 13.8 13.8 1.69 1.04
CFSB 100.00 14.2 160.1 160.1 12.1 2.26 829,800 7.5 7.5 1.50 0.69
CFX 222.30 15.6 167.2 179.7 14.4 5.14 1,547,092 8.6 8.1 1.10 0.86
CIBI 10.92 12.4 100.1 100.1 11.4 2.32 95,787 11.4 11.4 1.39 0.64
CKFB 17.50 23.0 110.9 110.9 29.2 2.33 60,038 25.2 25.2 0.82 1.30
CMRN 46.66 16.9 98.4 98.4 24.3 1.71 191,879 24.7 24.7 0.97 1.15
CMSV 95.74 16.0 125.8 125.8 14.6 4.10 655,209 11.6 11.6 1.22 0.64
CNIT 73.51 18.6 152.3 167.2 10.7 2.22 685,962 7.0 6.5 2.42 0.40
COFI 2,118.95 13.4 228.1 246.1 15.2 2.02 13,904,563 6.7 6.2 3.41 0.94
CSA 838.64 22.0 197.6 200.6 9.6 - 8,704,952 4.9 4.8 2.05 0.13
CTBK 18.96 13.4 116.8 119.5 7.8 2.00 242,182 6.7 6.6 1.49 0.65
CTZN 302.60 15.3 163.7 184.7 10.4 0.91 2,918,160 6.3 5.7 2.30 0.51
CVAL 35.13 14.2 136.8 136.8 12.1 2.05 290,173 8.9 8.9 1.51 0.61
CZF 13.47 15.9 111.0 111.0 17.8 2.86 75,635 16.0 16.0 0.88 0.78
DFIN 54.67 22.7 101.5 101.5 23.2 1.66 235,264 22.9 22.9 0.64 0.72
DIBK 103.87 8.2 165.8 172.5 13.8 1.78 751,303 8.3 8.0 2.46 1.82
DME 1,806.83 13.7 176.7 178.4 9.6 - 18,870,108 5.4 5.4 1.26 0.52
DNFC 151.31 12.8 177.7 179.8 10.3 - 1,473,054 5.9 5.8 1.42 0.67
DSL 576.01 17.7 147.1 149.4 11.1 1.41 5,198,157 7.5 7.4 1.28 0.42
EBSI 78.53 15.0 135.4 135.4 11.8 3.48 666,166 8.7 8.7 1.15 0.59
EFBI 33.43 19.0 107.1 107.2 13.6 - 246,397 12.7 12.7 0.87 0.68
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 32
<PAGE> 42
FERGUSON & COMPANY
EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EGFC 132.92 15.9 126.3 168.5 9.1 3.15 1,458,050 7.2 5.5 1.84 0.97
EIRE 43.39 17.1 155.4 155.4 10.6 1.43 409,639 6.8 6.8 1.15 0.63
EMLD 62.00 13.9 143.7 146.4 10.9 1.96 567,490 7.6 7.5 1.76 0.68
EQSB 20.70 11.4 144.5 144.5 7.2 - 286,637 5.0 5.0 3.03 0.41
ESBK 13.78 22.9 97.8 102.2 6.2 3.28 222,839 6.3 6.1 0.85 0.28
FBBC 127.04 14.0 147.0 147.0 19.4 2.44 656,183 13.2 13.2 1.17 1.30
FBCI 54.34 17.4 110.4 110.7 11.2 1.64 484,106 10.2 10.1 1.12 0.50
FBHC 19.28 16.2 107.7 116.3 6.9 1.19 278,532 6.4 6.0 1.45 0.23
FBSI 23.90 15.3 103.2 103.4 15.2 1.00 157,014 14.8 14.7 1.31 0.83
FCME 13.24 3.1 161.4 161.4 9.7 - 136,429 6.0 6.0 3.20 1.49
FDEF 124.86 23.3 107.6 107.6 23.1 2.42 543,411 21.5 21.5 0.57 0.78
FED 271.14 15.2 139.3 141.3 6.5 - 4,143,852 4.7 4.6 1.69 0.20
FESX 118.74 12.5 142.9 166.5 11.1 3.00 1,067,175 7.8 6.8 1.28 1.08
FFBI 6.59 21.0 89.9 89.9 7.0 - 94,533 7.8 7.8 0.74 (0.17)
FFBS 34.44 18.8 131.9 131.9 27.1 2.27 127,125 19.4 19.4 1.17 1.13
FFBZ 27.51 15.9 209.1 209.3 14.6 1.37 189,065 7.6 7.6 1.10 0.77
FFCH 178.13 14.7 184.9 184.9 11.3 2.55 1,582,274 6.1 6.1 1.92 0.52
FFES 74.85 12.3 124.4 124.4 7.8 2.11 958,550 6.3 6.3 2.32 0.43
FFFC 107.93 17.6 135.0 138.0 20.2 1.74 533,826 14.0 13.7 1.31 1.05
FFHC 984.47 14.7 239.9 247.7 17.3 2.24 5,700,431 7.2 7.0 1.82 0.91
FFHH 55.72 21.6 109.1 109.1 15.4 2.90 362,373 12.4 12.4 0.80 0.58
FFHS 20.82 17.3 105.5 106.3 9.4 1.78 222,302 8.9 8.8 1.04 0.13
FFIC 157.79 24.5 118.4 118.4 20.4 0.84 775,343 17.2 17.2 0.78 0.91
FFKY 87.30 17.3 174.7 186.4 23.8 2.49 367,067 13.6 12.9 1.21 1.23
FFLC 63.38 20.5 118.2 118.2 18.3 1.85 346,442 15.5 15.5 1.27 0.65
FFSL 12.43 14.9 103.7 103.7 11.4 2.13 108,914 11.0 11.0 0.79 0.58
FFSW 136.02 22.7 240.7 289.6 12.6 1.28 1,080,383 7.9 7.0 1.65 0.95
FFSX 57.91 17.7 154.8 156.3 12.7 2.34 457,311 8.2 8.1 1.74 0.41
FFWC 18.25 11.4 113.2 113.2 11.5 2.31 158,200 10.2 10.2 2.28 0.87
FFWD 25.00 14.4 122.4 122.4 15.7 2.39 159,693 12.8 12.8 1.16 0.92
FFYF 109.05 17.0 130.8 130.8 18.7 2.77 582,331 14.3 14.3 1.49 0.84
FGHC 23.27 18.6 193.5 216.0 15.5 0.70 150,551 8.0 7.2 0.41 0.56
FIBC 31.24 14.2 121.3 121.9 12.1 2.24 259,104 9.9 9.9 1.26 0.50
FISB 217.96 14.7 157.2 159.3 14.6 2.29 1,496,421 9.3 9.2 1.79 0.90
FKFS 26.86 12.0 121.3 121.3 9.1 0.91 310,695 7.5 7.5 1.82 0.48
FLFC 160.44 16.8 196.2 223.2 13.2 1.78 1,212,681 7.4 6.6 1.34 0.80
FMCO 47.26 10.5 139.7 143.1 8.7 1.01 541,710 6.2 6.1 1.89 0.58
FMSB 49.68 13.8 181.3 NA 11.9 0.99 416,832 6.6 NA 1.47 1.01
FNGB 81.17 17.0 115.5 115.5 13.2 3.46 615,503 11.4 11.4 1.09 0.56
FOBC 46.72 14.6 112.6 118.4 13.7 3.05 341,897 11.7 11.2 1.30 0.69
FRC 184.22 18.9 145.8 146.0 8.5 - 2,156,599 5.9 5.9 1.27 0.61
FSBI 33.01 13.4 142.5 142.5 10.3 1.51 320,336 7.2 7.2 1.78 0.50
FSFC 46.62 15.0 138.2 138.2 14.3 1.88 326,013 10.4 10.4 0.71 (0.01)
FSLA 154.48 18.5 166.4 188.6 15.7 1.86 987,115 9.4 8.4 1.16 0.49
FSPG 48.41 10.3 148.3 151.2 9.7 2.24 498,399 6.6 6.4 1.73 0.90
FSTC 40.44 9.9 164.7 209.4 15.4 1.76 257,288 9.4 7.5 2.52 2.04
FTF 30.71 10.6 116.9 116.9 18.8 2.69 163,571 16.1 16.1 1.58 1.39
FTFC 173.09 17.1 187.1 198.4 11.9 2.27 1,469,422 6.3 6.0 1.65 0.71
FTSB 18.49 24.5 117.8 117.8 20.3 2.13 91,109 17.2 17.2 0.48 0.51
FWWB 208.74 20.4 130.7 142.3 21.4 1.01 977,075 15.1 14.1 0.97 1.05
GBCI 81.03 13.2 208.0 208.2 19.7 2.67 412,042 9.5 9.4 1.82 1.36
GDW 3,970.96 9.2 168.9 168.9 10.5 0.64 37,730,598 6.2 6.2 7.57 1.03
GFCO 27.31 14.7 101.8 103.6 9.8 2.96 278,721 9.6 9.5 1.57 0.31
GFSB 10.69 11.3 106.9 106.9 12.3 1.86 87,625 11.5 11.5 1.91 0.96
GLN 1,282.58 24.5 171.2 183.5 8.5 - 15,128,192 6.4 6.0 1.05 0.29
GPT 2,694.55 20.2 163.2 284.9 20.2 1.76 13,325,585 11.0 6.6 2.81 0.95
GRTR 219.93 24.6 143.7 143.7 8.7 1.23 2,541,888 8.3 8.3 0.66 0.72
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 33
<PAGE> 43
FERGUSON & COMPANY
EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GSBC 141.05 14.5 234.4 234.4 21.1 2.32 669,483 9.0 9.0 1.19 1.42
GSLC 8.89 18.2 133.9 133.9 7.7 1.04 116,177 5.7 5.7 0.53 0.46
GTFN 437.62 23.3 156.0 162.6 15.1 1.55 2,897,162 9.7 9.3 1.33 0.73
GUPB 14.65 20.1 100.7 100.7 17.9 2.46 81,775 17.8 17.8 0.81 0.76
GWBC 15.33 21.0 90.0 90.0 23.1 2.81 66,439 25.6 25.6 0.68 0.76
HALL 27.06 12.8 96.4 96.4 6.8 - 396,808 7.1 7.1 1.47 0.43
HARB 182.74 15.3 208.4 217.1 17.2 3.78 1,060,339 8.3 8.0 2.42 0.91
HARL 33.79 12.4 165.7 165.7 10.4 1.93 324,230 6.3 6.3 1.67 0.62
HAVN 152.47 11.7 153.4 154.1 9.6 1.70 1,583,545 6.3 6.3 3.02 0.62
HBFW 54.38 20.1 119.5 119.5 16.7 0.98 325,168 14.0 14.0 1.02 0.52
HBNK 55.10 23.3 158.1 158.1 11.3 - 489,701 7.1 7.1 1.03 0.15
HBS 20.56 15.3 102.4 106.6 15.7 3.27 130,859 15.3 14.8 1.12 0.70
HFFB 32.74 22.7 105.3 105.3 30.6 2.48 107,051 26.8 26.8 0.71 0.99
HFFC 56.75 13.8 115.0 115.3 10.3 1.85 552,735 9.3 9.2 1.41 0.61
HFGI 34.20 14.6 143.6 143.6 6.5 - 527,369 4.5 4.5 0.72 0.32
HFSA 13.18 20.1 101.7 101.7 15.0 2.62 97,015 14.8 14.8 0.76 0.49
HIFS 24.65 12.1 128.3 128.3 12.2 1.90 201,586 9.5 9.5 1.57 1.10
HMCI 23.14 22.8 110.9 110.9 6.9 - 335,824 6.2 6.2 0.90 0.11
HMNF 97.55 19.3 118.8 118.8 17.6 - 554,732 14.8 14.8 1.14 0.78
HOMF 91.33 13.0 169.4 175.3 14.0 1.47 650,433 8.3 8.0 2.09 1.01
HPBC 32.69 10.8 162.7 162.7 17.2 4.51 189,931 10.6 10.6 1.65 1.72
HRBF 29.94 23.4 106.1 106.1 13.7 2.34 218,777 12.9 12.9 0.73 0.33
HRZB 96.36 13.0 123.3 123.3 19.1 2.67 504,553 15.5 15.5 1.15 1.56
HTHR 27.62 18.6 86.7 86.7 3.3 - 827,784 5.3 5.3 0.57 0.89
HVFD 43.37 14.9 153.0 153.1 12.5 2.46 346,856 8.2 8.2 1.53 0.44
IFSB 11.04 22.1 66.2 76.5 4.5 2.55 247,888 6.7 5.9 0.39 0.13
INBI 70.87 15.9 114.1 114.1 21.7 3.11 326,613 19.0 19.0 0.81 0.75
IPSW 18.71 14.9 190.0 190.0 11.8 1.27 158,942 6.2 6.2 1.06 1.22
ISBF 180.69 24.0 148.1 175.5 19.4 1.33 929,264 12.3 10.6 1.07 0.74
ITLA 128.12 12.0 143.4 143.4 15.8 - 810,443 11.0 11.0 1.36 1.44
IWBK 268.03 15.1 230.9 236.6 15.7 1.67 1,703,244 6.8 6.7 2.22 0.81
JSBA 122.32 17.0 135.5 164.4 10.8 1.37 1,128,339 7.2 6.0 1.72 0.23
JSBF 401.10 17.0 119.6 119.6 26.5 3.42 1,516,016 22.1 22.1 2.41 1.74
KFBI 181.29 22.9 118.8 118.8 26.9 1.55 673,094 22.7 22.7 0.79 0.91
KNK 38.03 17.0 104.2 111.5 10.8 1.79 350,643 10.4 9.8 1.58 0.50
KSAV 14.26 13.5 103.9 104.0 14.1 2.79 100,840 13.6 13.6 1.59 0.88
KSBK 11.51 8.3 123.3 132.5 8.6 0.71 134,079 7.0 6.5 3.36 0.93
KYF 15.72 16.3 108.3 108.3 18.6 4.26 87,874 17.2 17.2 0.72 0.87
LARK 36.26 18.0 110.8 110.8 16.3 2.03 221,978 14.7 14.7 1.10 0.80
LARL 31.82 11.9 146.8 146.8 15.7 2.10 202,474 10.7 10.7 1.77 1.11
LFED 64.13 21.3 142.6 142.6 23.0 3.66 278,311 16.2 16.2 0.87 0.77
LIFB 195.71 16.8 129.7 133.9 13.8 2.21 1,419,762 10.6 10.3 1.18 0.68
LISB 856.04 21.9 162.9 164.5 14.9 1.71 5,759,340 9.1 9.1 1.60 0.63
LOGN 18.61 17.0 120.6 120.6 24.0 2.70 77,668 19.9 19.9 0.87 1.20
LSBI 18.36 24.7 101.7 101.7 10.3 - 177,840 9.4 9.4 0.81 0.50
LSBX 41.44 8.2 142.8 142.8 12.3 - 337,856 8.6 8.6 1.19 1.61
LVSB 81.02 20.7 169.4 211.5 17.2 0.75 471,799 10.1 8.3 1.62 1.43
MAFB 414.36 13.0 165.3 191.6 12.8 0.91 3,230,341 7.8 6.8 3.03 0.68
MARN 39.18 16.4 98.0 98.0 22.3 3.77 175,806 22.7 22.7 1.30 1.15
MASB 112.17 13.0 121.6 121.6 12.6 2.59 888,237 10.4 10.4 3.22 1.08
MBB 52.07 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17
MBB 52.07 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17
MBLF 27.78 16.7 97.7 97.7 13.3 1.93 208,898 13.6 13.6 1.24 0.66
MCBN 4.37 12.7 87.9 87.9 7.6 2.74 57,838 8.6 8.6 1.50 0.40
MCBS 52.69 13.0 134.9 134.9 14.8 1.53 355,525 10.6 10.6 2.01 1.05
MDBK 125.84 12.9 136.0 147.4 12.1 2.60 1,039,098 8.9 8.3 2.15 1.05
MERI 27.48 14.0 156.8 156.8 12.1 1.97 226,591 7.7 7.7 2.54 0.55
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 34
<PAGE> 44
FERGUSON & COMPANY
EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MFBC 33.48 21.2 97.1 97.1 15.0 1.70 223,945 15.4 15.4 0.89 0.52
MFFC 30.32 23.3 111.9 111.9 17.3 4.36 175,707 15.4 15.4 0.59 0.61
MFLR 17.57 17.8 151.3 154.2 14.6 3.04 120,448 9.6 9.5 1.11 0.94
MFSL 115.46 13.3 125.1 126.9 10.2 2.17 1,129,756 8.2 8.1 2.78 0.53
MGNL 261.08 12.3 200.4 208.8 19.5 3.16 1,341,985 9.7 9.4 1.55 1.37
MIVI 12.93 18.2 99.2 99.2 18.4 1.06 70,329 18.5 18.5 0.83 0.68
MLBC 202.65 17.2 132.9 136.3 10.8 2.19 1,875,091 7.5 7.4 1.01 0.71
MSBF 13.50 13.4 107.1 107.1 20.5 2.38 66,541 19.1 19.1 1.57 1.29
MWBI 10.31 11.1 107.3 107.3 7.6 2.03 136,425 7.0 7.0 2.67 0.46
MWBX 71.61 10.7 182.8 182.8 13.7 2.33 522,570 7.5 7.5 0.48 1.33
MWFD 28.96 16.7 175.4 183.5 14.7 1.68 194,707 8.4 8.1 1.07 1.04
NASB 85.75 10.3 162.3 168.1 11.6 2.11 738,692 7.2 6.9 3.68 1.15
NEBC 16.78 24.3 100.2 117.0 7.0 2.35 238,459 7.9 6.9 0.56 0.46
NEIB 26.44 16.7 105.0 105.0 18.3 2.13 160,032 17.4 17.4 0.90 1.02
NHTB 20.46 19.4 106.6 106.6 7.7 4.17 264,385 7.3 7.3 0.62 0.24
NMSB 37.39 16.8 114.2 114.2 12.0 2.60 311,863 10.5 10.5 0.55 0.82
NSSB 113.39 19.1 148.2 158.4 16.6 2.29 683,299 11.2 10.6 1.10 0.95
NSSY 60.84 20.0 137.7 143.5 9.5 0.79 637,156 7.2 6.9 1.27 0.81
NTMG 5.24 22.4 104.2 104.2 5.6 - 93,924 5.8 5.8 0.33 0.32
NWEQ 13.01 15.1 101.3 101.3 13.5 3.14 96,518 12.3 12.3 0.93 0.76
NWSB 362.33 18.2 189.7 199.0 19.0 2.07 1,911,978 10.0 9.6 0.85 0.72
NYB 515.73 14.5 324.2 324.2 16.5 1.93 3,122,017 5.1 5.1 2.14 1.22
OCWN 889.24 21.7 436.9 436.9 35.8 - 2,483,685 8.2 8.2 1.53 2.49
OFCP 105.54 21.2 140.0 177.2 12.8 1.77 827,275 9.1 7.3 0.96 0.40
OHSL 26.53 15.9 106.9 106.9 12.4 4.00 217,627 11.6 11.6 1.38 0.57
PBCI 65.49 15.4 122.4 123.4 18.1 4.82 362,910 14.7 14.6 1.35 0.81
PBCT 1,432.89 23.0 231.3 231.6 18.7 2.50 7,645,200 8.1 8.1 1.53 1.13
PBKB 43.65 17.3 140.5 146.9 8.8 2.94 496,133 6.3 6.0 0.71 0.74
PBNB 59.08 15.9 127.9 136.8 12.3 2.97 482,394 9.6 9.0 1.95 0.93
PCBC 15.72 15.7 103.7 103.7 19.6 2.11 80,408 18.9 18.9 1.21 0.71
PCCI 40.28 16.4 164.7 164.7 13.3 - 304,085 8.1 8.1 0.84 1.06
PDB 29.57 23.9 150.6 150.6 23.6 3.72 125,086 15.7 15.7 0.45 (0.21)
PEEK 49.00 19.8 102.7 102.7 26.8 2.42 187,534 26.1 26.1 0.75 1.13
PERM 46.34 23.2 115.6 116.8 11.2 1.35 412,967 9.7 9.6 0.96 0.24
PERT 39.12 19.1 132.1 132.1 17.5 4.62 223,000 13.3 13.3 1.36 0.76
PETE 35.98 11.4 127.9 128.2 8.4 - 427,407 6.6 6.6 1.52 0.85
PFDC 51.88 12.4 120.8 120.8 18.5 2.67 280,339 15.3 15.3 1.82 1.12
PFNC 33.47 21.8 167.7 193.5 8.7 0.90 383,981 5.2 4.5 0.41 0.35
PFSB 121.72 13.4 122.0 150.1 10.0 1.11 1,213,679 7.6 6.2 1.89 0.55
PFSL 32.56 14.2 139.7 139.7 8.7 4.50 373,084 6.3 6.3 1.41 0.55
PHBK 888.98 14.0 203.5 243.4 16.5 2.29 5,398,398 8.1 6.9 2.25 1.21
PKPS 78.70 22.3 109.8 109.8 9.2 1.60 858,690 8.4 8.4 0.28 0.17
PLE 19.13 12.6 125.2 129.4 9.8 3.72 195,502 7.8 7.6 1.71 0.51
PSAB 112.44 16.5 159.4 NA 12.1 3.20 926,071 7.6 NA 1.29 0.46
PSBK 92.75 10.2 127.8 145.3 10.6 2.80 875,180 8.3 7.4 2.39 1.09
PTRS 10.12 22.7 98.3 98.3 8.1 1.40 125,497 8.2 8.2 0.88 0.03
PULB 35.60 24.6 155.8 155.8 20.2 5.88 176,436 13.0 13.0 0.69 0.57
PULS 55.48 12.0 139.5 139.5 10.9 3.86 509,690 7.8 7.8 1.51 0.72
PVFC 38.92 7.2 163.6 163.6 11.2 - 347,577 6.9 6.9 2.33 0.99
PVSA 115.31 12.3 162.3 163.8 12.2 1.83 945,302 7.5 7.5 2.32 0.77
PWBC 52.67 13.1 102.2 111.9 7.5 2.67 698,735 7.4 6.8 1.03 0.41
QCBC 73.00 19.1 107.7 107.9 9.6 - 764,466 8.9 8.9 1.01 0.27
QCFB 27.10 12.6 103.6 103.6 18.3 - 148,321 17.6 17.6 1.51 1.24
QCSB 440.64 20.9 208.4 208.4 32.4 1.73 1,358,656 15.6 15.6 2.77 1.63
RARB 37.46 12.0 132.6 135.2 10.0 2.83 375,393 7.5 7.4 2.07 0.85
RCSB 517.43 14.8 159.8 164.1 12.9 1.78 4,014,317 8.1 7.9 2.28 1.00
RELY 216.21 15.4 139.1 199.5 11.5 2.29 1,878,184 8.3 5.9 1.59 0.52
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 35
<PAGE> 45
FERGUSON & COMPANY
EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ROSE 309.74 12.3 140.9 140.9 9.5 2.50 3,259,627 6.3 6.3 2.87 1.00
RVSB 38.98 16.0 159.8 177.3 17.4 1.24 224,473 10.9 9.9 1.11 0.97
SECP 779.93 18.1 145.7 145.7 21.3 1.42 3,657,959 15.5 15.5 4.69 0.99
SFED 22.05 17.3 104.2 104.2 13.3 1.39 166,030 12.8 12.8 1.00 0.45
SFFC 14.70 14.7 99.2 99.2 17.6 2.15 82,809 17.8 17.8 1.27 1.01
SFSB 28.23 15.7 107.5 108.1 7.0 1.42 404,092 6.5 6.5 1.43 0.28
SFSL 92.02 12.9 159.6 162.6 14.7 2.38 624,296 9.2 9.1 1.43 0.94
SHEN 50.47 14.1 117.2 117.2 12.4 1.96 405,785 10.6 10.6 1.74 0.82
SISB 151.68 8.4 144.9 144.9 11.3 1.81 1,348,612 7.6 7.6 3.16 1.52
SMBC 26.41 15.8 102.3 102.3 16.5 3.10 159,653 16.2 16.2 1.02 0.74
SMFC 41.44 17.2 137.9 137.9 13.9 - 298,037 10.1 10.1 1.66 0.79
SOPN 73.78 18.4 110.9 110.9 27.8 4.00 265,888 25.0 25.0 1.09 1.34
SOSA 43.71 15.4 146.7 146.7 8.5 - 517,342 5.8 5.8 0.17 0.55
SPBC 640.57 17.5 165.1 165.5 14.7 1.71 4,357,170 8.9 8.9 1.61 0.62
STFR 164.70 17.3 129.6 136.4 11.7 1.56 1,409,316 8.9 8.5 1.78 0.72
STND 341.66 20.7 127.4 127.6 14.2 1.89 2,405,221 11.2 11.1 1.02 0.53
STSA 93.47 23.1 147.9 175.1 6.1 - 1,536,344 5.8 5.2 0.73 0.16
SVRN 786.55 13.9 198.6 281.2 8.3 0.61 9,433,154 5.0 3.9 0.95 0.58
SWBI 49.45 14.5 124.1 124.1 12.9 4.05 382,375 10.4 10.4 1.29 0.72
SWCB 58.95 14.5 152.6 160.7 12.7 3.87 464,555 8.3 7.9 2.14 0.94
TBK 18.03 11.7 115.6 119.7 7.8 1.30 232,282 6.7 6.5 1.31 0.65
TCB 1,551.04 16.0 282.3 293.4 21.9 1.68 7,090,862 7.8 7.5 2.79 1.24
THR 12.66 17.3 98.9 99.3 14.2 2.42 89,271 14.3 14.3 0.86 0.53
THRD 80.81 17.0 103.1 118.1 12.5 2.12 647,853 11.2 9.9 1.11 0.61
TPNZ 22.32 19.1 105.0 105.0 19.1 1.38 116,726 18.2 18.2 0.76 0.71
TRIC 11.26 15.4 85.7 85.7 13.1 3.24 85,888 15.3 15.3 1.20 0.71
TSBS 167.19 24.7 161.7 177.0 27.8 1.89 601,017 17.2 15.9 0.75 1.56
TSH 54.56 15.0 105.7 105.7 14.0 3.15 388,910 13.3 13.3 1.06 0.69
TWIN 16.22 17.8 121.2 121.2 15.4 3.37 105,263 12.7 12.7 1.07 0.62
UBMT 24.16 15.4 99.3 99.3 22.4 4.76 107,945 22.5 22.5 1.28 1.20
UFRM 26.44 21.0 133.9 133.9 10.0 2.32 263,582 7.5 7.5 0.41 0.27
VFFC 84.67 15.9 133.1 138.2 10.5 0.68 808,545 7.9 7.6 0.92 1.42
WAMU 5,951.42 21.6 261.0 277.2 13.4 1.99 44,551,925 5.4 5.1 2.33 0.27
WBST 308.14 13.5 156.8 202.5 7.9 1.85 3,917,600 5.3 4.2 2.89 0.67
WCBI 56.48 14.6 118.1 118.1 18.2 2.73 310,992 15.4 15.4 1.51 1.06
WEFC 30.65 15.4 108.7 108.7 15.2 - 201,326 14.0 14.0 0.96 0.61
WFCO 24.86 11.6 116.3 119.2 8.5 3.36 292,264 7.3 7.2 1.08 0.67
WFSL 1,180.32 12.3 177.8 198.5 20.1 3.51 5,869,259 11.3 10.3 2.02 1.64
WRNB 57.67 10.0 167.4 167.4 16.1 2.79 358,954 9.6 9.6 1.58 1.87
WSB 22.16 10.9 105.4 105.4 8.7 1.91 255,049 8.2 8.2 0.48 0.48
WSFS 151.72 10.0 200.2 202.2 11.2 - 1,357,635 5.6 5.5 1.17 1.28
WSTR 91.24 18.7 114.8 114.8 16.2 1.93 563,617 14.1 14.1 1.11 0.61
WVFC 43.86 13.0 124.9 124.9 15.9 3.17 275,920 12.7 12.7 1.95 1.06
YFED 123.11 16.0 130.2 130.2 10.6 3.31 1,160,035 8.2 8.2 1.13 0.55
Maximum 5,951.42 24.7 436.9 436.9 35.8 5.88 49,902,044 26.8 26.8 7.57 2.49
Minimum 4.37 3.1 66.2 0.0 3.3 - 57,838 3.3 2.8 0.17 (0.21)
Average 207.43 16.3 139.5 145.0 13.8 1.97 1,650,581 10.5 10.2 1.48 0.77
Median 54.47 15.9 132.3 136.4 12.8 1.98 423,403 9.0 8.6 1.29 0.72
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 36
<PAGE> 46
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AADV 3.42 N 03/14/97 0.55 15.3 0.62 0.96 10.95
ABBK 11.00 N 03/14/97 0.31 12.7 0.41 0.76 11.32
ABCL 5.72 N 03/14/97 0.26 20.8 0.36 0.66 7.72
ABCW 11.06 N 03/14/97 0.80 12.5 0.91 0.99 16.05
AFCB 8.70 N 03/14/97 0.49 12.7 0.53 1.06 10.84
AFFFZ 19.46 N 03/14/97 0.44 2.3 3.51 4.72 63.21
AHM 4.53 N 03/14/97 2.07 15.3 0.66 0.73 16.58
ALBK 8.20 N 03/14/97 0.66 13.6 0.64 1.03 11.30
ANBK 2.16 N 03/14/97 NA 15.8 0.22 0.64 6.81
ANDB 14.08 N 03/14/97 1.21 11.6 0.59 1.07 13.44
ASBI 5.40 N 03/14/97 0.41 16.4 0.24 0.90 8.20
ASBP 2.72 N 03/14/97 1.60 19.6 0.15 1.11 5.83
ASFC 6.38 N 03/14/97 0.53 15.8 0.63 0.75 9.37
BANC 10.90 N 03/14/97 0.72 15.5 0.22 0.21 3.06
BDJI 2.45 N 03/14/97 0.22 16.2 0.29 0.71 6.25
BFD 3.32 N 03/14/97 NA 23.3 0.18 0.60 5.53
BFSB 7.02 N 03/14/97 0.03 14.7 0.33 1.10 7.73
BKC 14.40 N 03/14/97 2.20 16.7 0.48 1.26 14.59
BKCT 11.73 N 03/14/97 1.03 13.5 0.44 1.24 11.84
BKUNA 2.35 N 03/14/97 0.66 20.9 0.13 0.62 7.38
BSBC 11.77 N 03/14/97 1.92 14.3 0.07 1.15 12.63
BVFS 5.39 N 03/14/97 0.73 15.4 0.85 0.58 9.79
BWFC 4.12 N 03/14/97 0.05 24.0 0.12 1.04 6.25
CAFI 9.19 N 03/14/97 0.35 13.7 0.32 1.05 10.82
CAPS 6.65 N 03/14/97 0.12 12.1 0.28 0.92 10.88
CARV (0.28) N 03/14/97 0.41 36.2 0.07 0.16 1.75
CASB 8.16 N 03/14/97 0.57 23.0 0.19 0.53 8.76
CASH 6.38 N 03/14/97 0.75 12.7 0.33 1.01 8.78
CBCI 6.56 N 03/14/97 1.57 13.5 0.66 1.35 8.39
CBNH 12.84 N 03/14/97 0.44 14.1 0.44 0.95 12.77
CBSA 7.48 N 03/14/97 0.56 12.3 0.56 0.45 13.95
CBSB 5.72 N 03/14/97 0.54 14.5 0.28 1.21 8.12
CEBK 5.92 N 03/14/97 1.67 10.4 0.44 0.99 9.82
CENF 10.88 N 03/14/97 1.46 16.9 0.48 0.50 9.77
CFB 11.05 N 03/14/97 1.02 12.9 0.71 0.90 15.97
CFCP 14.38 N 03/14/97 0.19 19.0 0.31 1.12 18.06
CFFC 7.50 N 03/14/97 0.35 12.8 0.46 1.41 10.23
CFSB 8.54 N 03/14/97 0.24 13.0 0.41 1.06 13.94
CFX 9.58 N 03/14/97 0.68 13.8 0.31 1.18 13.67
CIBI 4.99 N 03/14/97 0.69 12.0 0.36 0.91 7.81
CKFB 4.87 N 03/14/97 0.52 21.5 0.22 1.31 5.19
CMRN 4.39 N 03/14/97 0.13 17.1 0.24 1.35 5.46
CMSV 5.37 N 03/14/97 0.63 22.2 0.22 0.71 6.11
CNIT 5.61 N 03/14/97 0.77 14.2 0.79 (0.07) (0.96)
COFI 13.89 N 03/14/97 0.26 13.4 0.85 1.24 18.54
CSA 2.56 N 03/14/97 1.43 22.6 0.50 0.45 9.20
CTBK 9.54 N 03/14/97 1.61 11.6 0.43 0.72 10.85
CTZN 7.68 N 03/14/97 0.52 13.6 0.65 0.83 12.72
CVAL 6.72 N 03/14/97 0.64 13.8 0.39 0.92 10.36
CZF 4.30 N 03/14/97 0.22 20.6 0.17 (0.45) (2.73)
DFIN 3.09 N 03/14/97 0.15 33.0 0.11 0.67 2.94
DIBK 22.19 N 03/14/97 0.50 8.3 0.61 1.90 22.36
DME 10.36 N 03/14/97 2.20 13.5 0.32 0.63 12.05
DNFC 11.58 N 03/14/97 0.55 11.9 0.38 0.90 16.05
DSL 5.34 N 03/14/97 1.19 17.1 0.33 0.69 9.03
EBSI 6.63 N 03/14/97 0.88 15.4 0.28 0.75 8.43
EFBI 4.71 N 03/14/97 0.01 15.9 0.26 1.15 8.59
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 37
<PAGE> 47
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EGFC 13.49 N 03/14/97 1.20 12.0 0.61 0.83 11.37
EIRE 9.38 N 03/14/97 0.26 12.6 0.39 0.83 12.16
EMLD 8.38 N 03/14/97 0.11 12.5 0.49 1.11 14.29
EQSB 8.08 N 03/14/97 0.73 10.7 0.81 0.73 14.81
ESBK 4.43 N 03/14/97 0.84 18.1 0.27 0.36 5.64
FBBC 6.75 N 03/14/97 0.10 15.2 0.27 1.24 7.57
FBCI 4.37 N 03/14/97 0.65 16.3 0.30 0.69 6.77
FBHC 3.47 N 03/14/97 1.18 17.3 0.34 0.60 9.41
FBSI 5.19 N 03/14/97 0.04 13.9 0.36 1.37 9.21
FCME 45.72 N 03/14/97 2.24 9.8 0.25 0.89 18.95
FDEF 3.26 N 03/14/97 0.41 27.6 0.12 0.87 3.93
FED 4.22 N 03/14/97 1.78 10.4 0.62 0.64 14.05
FESX 14.37 N 03/14/97 0.62 11.1 0.36 1.23 16.33
FFBI (2.04) N 03/14/97 0.14 16.9 0.23 (0.59) (7.34)
FFBS 5.72 N 03/14/97 0.32 17.7 0.31 1.50 7.70
FFBZ 10.08 N 03/14/97 0.66 18.2 0.24 0.90 11.97
FFCH 8.24 N 03/14/97 1.10 13.6 0.52 0.86 14.13
FFES 6.91 N 03/14/97 0.42 14.8 0.48 0.49 7.81
FFFC 6.68 N 03/14/97 0.36 16.4 0.35 1.34 9.33
FFHC 12.48 N 03/14/97 0.28 13.7 0.49 1.37 18.81
FFHH 4.02 N 03/14/97 0.04 18.0 0.24 0.81 6.24
FFHS 1.35 N 03/14/97 0.39 15.5 0.29 0.09 0.98
FFIC 4.89 N 03/14/97 NA 20.8 0.23 0.90 5.16
FFKY 8.76 N 03/14/97 0.10 15.8 0.33 1.53 11.17
FFLC 3.94 N 03/14/97 0.30 20.3 0.32 0.94 5.92
FFSL 4.84 N 03/14/97 0.34 19.6 0.15 0.62 5.61
FFSW 14.27 N 03/14/97 0.39 49.3 0.19 1.16 18.01
FFSX 4.90 N 03/14/97 0.15 18.3 0.42 0.69 8.50
FFWC 8.36 N 03/14/97 0.11 11.0 0.59 1.09 10.79
FFWD 6.68 N 03/14/97 0.02 13.5 0.31 1.24 9.55
FFYF 4.74 N 03/14/97 0.86 17.5 0.36 1.27 7.38
FGHC 6.79 N 03/14/97 1.21 21.2 0.09 0.81 10.10
FIBC 4.78 N 03/14/97 3.62 13.1 0.34 0.90 9.20
FISB 10.23 N 03/14/97 1.78 16.8 0.39 1.17 12.62
FKFS 5.93 N 03/14/97 2.42 10.9 0.50 0.84 10.86
FLFC 11.32 N 03/14/97 0.83 18.2 0.31 1.00 15.15
FMCO 9.05 N 03/14/97 1.20 9.0 0.55 1.06 16.36
FMSB 15.33 N 03/14/97 NA 12.7 0.40 0.99 15.05
FNGB 4.61 N 03/14/97 0.15 16.0 0.29 0.91 8.04
FOBC 5.70 N 03/14/97 0.17 14.0 0.34 0.99 8.51
FRC 10.86 N 03/14/97 1.32 17.7 0.34 0.65 11.43
FSBI 6.98 N 03/14/97 0.42 13.6 0.44 0.80 11.48
FSFC (0.08) N 03/14/97 0.10 14.8 0.18 0.97 9.57
FSLA 5.15 N 03/14/97 0.72 17.3 0.31 0.95 10.22
FSPG 13.77 N 03/14/97 0.83 10.9 0.41 0.93 14.20
FSTC 19.36 N 03/14/97 NA 11.2 0.56 1.80 19.58
FTF 7.41 N 03/14/97 0.08 11.6 0.36 1.50 9.39
FTFC 10.18 N 03/14/97 0.12 12.6 0.56 (0.02) (0.25)
FTSB 2.32 N 03/14/97 1.68 16.3 0.18 1.16 6.58
FWWB 5.71 N 03/14/97 0.22 17.0 0.29 1.30 8.48
GBCI 14.25 N 03/14/97 0.09 13.3 0.45 0.82 8.66
GDW 16.75 N 03/14/97 1.43 13.3 1.30 0.81 13.13
GFCO 3.28 N 03/14/97 0.21 14.7 0.39 0.72 7.63
GFSB 8.10 N 03/14/97 1.65 11.0 0.49 1.14 9.93
GLN 3.66 N 03/14/97 1.69 21.5 0.30 0.61 9.92
GPT 8.97 N 03/14/97 2.89 18.2 0.78 1.02 9.46
GRTR 7.55 N 03/14/97 7.84 22.6 0.18 0.80 8.38
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 38
<PAGE> 48
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GSBC 14.24 N 03/14/97 1.75 13.1 0.33 1.76 19.00
GSLC 7.77 N 03/14/97 1.94 80.2 0.03 0.63 11.16
GTFN 7.00 N 03/14/97 0.41 20.4 0.38 0.96 9.92
GUPB 3.68 N 03/14/97 0.15 23.9 0.17 0.72 3.99
GWBC 2.99 N 03/14/97 0.12 19.8 0.18 1.10 4.34
HALL 5.81 N 03/14/97 0.02 11.7 0.40 0.58 8.28
HARB 10.74 N 03/14/97 0.57 15.2 0.61 1.17 14.41
HARL 9.33 N 03/14/97 0.04 10.8 0.48 1.00 16.02
HAVN 9.83 N 03/14/97 0.94 11.8 0.75 0.89 14.05
HBFW 3.36 N 03/14/97 - 19.7 0.26 0.80 5.66
HBNK 1.92 N 03/14/97 2.51 12.0 0.50 0.96 13.46
HBS 4.57 N 03/14/97 2.33 12.2 0.35 (0.04) (0.26)
HFFB 3.52 N 03/14/97 - 21.2 0.19 1.34 4.92
HFFC 6.67 N 03/14/97 0.54 12.5 0.39 0.92 9.99
HFGI 7.42 N 03/14/97 0.23 11.4 0.23 0.44 10.32
HFSA 2.82 N 03/14/97 0.18 15.9 0.24 0.93 5.92
HIFS 11.06 N 03/14/97 0.59 10.3 0.46 1.22 12.57
HMCI 1.72 N 03/14/97 3.51 28.5 0.18 0.41 6.76
HMNF 4.82 N 03/14/97 0.06 18.3 0.30 0.93 6.09
HOMF 12.18 N 03/14/97 0.54 12.2 0.56 1.35 16.41
HPBC 15.84 N 03/14/97 0.04 10.1 0.44 1.74 16.28
HRBF 2.35 N 03/14/97 0.36 21.3 0.20 0.61 4.71
HRZB 9.70 N 03/14/97 - 11.7 0.32 1.63 10.36
HTHR 16.58 N 03/14/97 10.58 NM (0.11) (1.09) (32.90)
HVFD 5.21 N 03/14/97 0.78 13.2 0.43 0.96 11.56
IFSB 1.98 N 03/14/97 2.37 13.5 0.16 (0.55) (8.17)
INBI 3.62 N 03/14/97 0.16 15.3 0.21 1.68 8.86
IPSW 20.14 N 03/14/97 2.02 13.6 0.29 1.24 20.61
ISBF 4.49 N 03/14/97 0.37 22.1 0.29 0.91 6.50
ITLA 12.86 N 03/14/97 1.56 11.7 0.35 1.46 12.84
IWBK 11.92 N 03/14/97 0.68 16.1 0.52 1.15 17.45
JSBA 3.21 N 03/14/97 1.02 14.3 0.51 (1.01) (13.85)
JSBF 7.91 N 03/14/97 NA 17.7 0.58 1.92 8.79
KFBI 3.55 N 03/14/97 0.03 23.9 0.19 1.11 4.90
KNK 4.95 N 03/14/97 0.60 12.9 0.52 0.91 8.90
KSAV 5.94 N 03/14/97 0.27 14.1 0.38 1.11 7.96
KSBK 13.70 N 03/14/97 1.37 7.1 0.99 0.85 12.28
KYF 3.88 N 03/14/97 - 16.3 0.18 1.05 5.33
LARK 4.91 N 03/14/97 0.23 17.0 0.29 1.19 7.99
LARL 10.45 N 03/14/97 0.60 11.4 0.46 1.54 14.51
LFED 4.75 N 03/14/97 - 22.1 0.21 1.05 6.55
LIFB 5.52 N 03/14/97 0.44 14.6 0.34 0.90 8.56
LISB 6.22 N 03/14/97 1.08 19.9 0.44 0.87 9.10
LOGN 5.09 N 03/14/97 0.52 16.8 0.22 1.40 7.02
LSBI 4.77 N 03/14/97 1.37 13.5 0.37 0.79 8.31
LSBX 20.74 N 03/14/97 0.56 6.0 0.41 2.11 25.30
LVSB 13.98 N 03/14/97 1.14 23.9 0.35 2.09 20.52
MAFB 9.57 N 03/14/97 0.40 11.9 0.83 1.14 14.80
MARN 4.90 N 03/14/97 1.04 16.1 0.33 1.51 6.66
MASB 10.65 N 03/14/97 0.24 12.6 0.83 1.08 10.45
MBB 0.83 N 03/14/97 0.78 17.0 0.27 (0.41) (8.02)
MBB 0.83 N 03/14/97 0.78 17.0 0.27 (0.41) (8.02)
MBLF 4.86 N 03/14/97 0.26 14.0 0.37 0.93 7.43
MCBN 4.50 N 03/14/97 0.34 9.7 0.49 0.85 9.79
MCBS 8.88 N 03/14/97 0.14 11.7 0.56 1.25 11.77
MDBK 11.72 N 03/14/97 0.36 12.6 0.55 1.05 11.70
MERI 7.36 N 03/14/97 0.29 12.3 0.72 1.01 13.56
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 39
<PAGE> 49
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MFBC 2.93 N 03/14/97 - 18.2 0.26 0.86 5.30
MFFC 3.24 N 03/14/97 0.17 24.6 0.14 0.88 5.28
MFLR 9.67 N 03/14/97 0.97 19.0 0.26 1.01 10.37
MFSL 6.48 N 03/14/97 0.42 7.6 1.22 0.17 2.16
MGNL 13.90 N 03/14/97 2.47 12.8 0.37 1.72 17.46
MIVI 3.63 N 03/14/97 0.26 18.0 0.21 0.98 5.32
MLBC 9.21 N 03/14/97 0.84 20.7 0.21 0.63 8.43
MSBF 6.07 N 03/14/97 0.47 12.8 0.41 1.54 7.93
MWBI 6.61 N 03/14/97 0.68 10.9 0.68 0.82 11.63
MWBX 17.97 N 03/14/97 1.00 9.9 0.13 1.45 17.82
MWFD 11.26 N 03/14/97 0.24 17.2 0.26 0.21 2.45
NASB 16.09 N 03/14/97 NA 10.2 0.93 1.17 16.29
NEBC 5.49 N 03/14/97 1.34 12.2 0.28 0.90 11.97
NEIB 4.97 N 03/14/97 0.20 13.4 0.28 0.57 3.16
NHTB 3.15 N 03/14/97 0.59 NM 0.01 0.04 0.54
NMSB 7.49 N 03/14/97 1.55 16.5 0.14 0.84 7.84
NSSB 8.91 N 03/14/97 1.09 15.9 0.33 1.13 10.26
NSSY 10.27 N 03/14/97 1.99 11.8 0.54 0.82 11.66
NTMG 4.83 N 03/14/97 1.35 26.3 0.07 (0.67) (12.87)
NWEQ 5.88 N 03/14/97 1.52 12.5 0.28 1.04 8.47
NWSB 6.95 N 03/14/97 0.91 20.4 0.19 1.02 10.32
NYB 21.81 N 03/14/97 1.29 13.2 0.59 1.39 26.29
OCWN 31.08 N 03/14/97 4.37 10.0 0.83 4.35 52.80
OFCP 3.11 N 03/14/97 0.18 18.2 0.28 (0.56) (5.68)
OHSL 4.60 N 03/14/97 0.01 18.3 0.30 (0.37) (3.14)
PBCI 5.25 N 03/14/97 2.23 15.3 0.34 1.20 8.08
PBCT 13.87 N 03/14/97 1.33 21.5 0.41 1.13 13.56
PBKB 13.03 N 03/14/97 0.95 18.0 0.17 0.74 12.44
PBNB 8.92 N 03/14/97 0.55 17.6 0.44 0.76 7.70
PCBC 3.69 N 03/14/97 - 18.3 0.26 1.43 7.65
PCCI 13.14 N 03/14/97 1.83 13.2 0.26 1.11 12.99
PDB (0.77) N 03/14/97 0.62 NM (0.16) (4.50) (22.16)
PEEK 3.78 N 03/14/97 0.60 23.2 0.16 1.21 4.33
PERM 2.37 N 03/14/97 1.08 17.9 0.31 0.69 7.17
PERT 6.85 N 03/14/97 0.26 17.1 0.38 1.08 7.69
PETE 13.39 N 03/14/97 1.04 9.2 0.47 0.96 14.77
PFDC 7.26 N 03/14/97 0.34 13.7 0.41 1.34 8.82
PFNC 6.58 N 03/14/97 0.91 14.0 0.16 0.75 14.51
PFSB 6.39 N 03/14/97 0.78 12.4 0.51 0.82 10.51
PFSL 9.15 N 03/14/97 0.26 14.3 0.35 0.62 10.14
PHBK 14.41 N 03/14/97 0.86 12.5 0.63 1.33 16.97
PKPS 2.02 N 03/14/97 4.14 17.4 0.09 0.57 6.91
PLE 6.55 N 03/14/97 1.56 11.9 0.45 0.92 11.83
PSAB 5.75 N 03/14/97 NA 44.3 0.12 (0.39) (4.82)
PSBK 13.13 N 03/14/97 0.85 12.1 0.50 0.87 10.57
PTRS 0.27 N 03/14/97 2.20 25.0 0.20 (1.06) (12.06)
PULB 4.46 N 03/14/97 NA 22.4 0.19 1.08 8.49
PULS 7.60 N 03/14/97 0.61 10.5 0.43 1.06 14.02
PVFC 14.87 N 03/14/97 0.53 8.9 0.47 1.36 20.42
PVSA 10.67 N 03/14/97 0.30 11.5 0.62 1.12 15.44
PWBC 5.47 N 03/14/97 0.59 13.0 0.26 0.58 7.92
QCBC 2.87 N 03/14/97 1.51 15.0 0.32 0.67 7.48
QCFB 6.18 N 03/14/97 NA 10.8 0.44 0.39 2.11
QCSB 10.10 N 03/14/97 0.55 28.9 0.50 1.15 7.51
RARB 11.71 N 03/14/97 0.38 10.9 0.57 1.05 13.49
RCSB 12.39 N 03/14/97 0.64 14.3 0.59 0.96 11.98
RELY 6.00 N 03/14/97 0.86 14.2 0.43 0.83 10.12
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 40
<PAGE> 50
FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ROSE 16.03 N 03/14/97 0.47 10.9 0.81 0.98 15.49
RVSB 8.87 N 03/14/97 0.28 15.9 0.28 1.10 10.18
SECP 6.02 N 03/14/97 0.11 14.2 1.49 1.57 9.93
SFED 3.22 N 03/14/97 0.61 12.0 0.36 (0.30) (2.31)
SFFC 5.29 N 03/14/97 0.79 13.7 0.34 1.24 6.96
SFSB 4.04 N 03/14/97 0.25 14.8 0.38 0.66 10.05
SFSL 9.99 N 03/14/97 0.25 12.5 0.37 1.33 14.39
SHEN 6.43 N 03/14/97 0.43 11.6 0.53 1.17 10.16
SISB 20.91 N 03/14/97 0.53 15.8 0.42 0.77 10.37
SMBC 4.56 N 03/14/97 0.61 14.9 0.27 1.06 6.65
SMFC 7.14 N 03/14/97 0.09 14.3 0.50 1.17 11.52
SOPN 5.18 N 03/14/97 0.08 16.7 0.30 1.77 7.02
SOSA 9.88 N 03/14/97 6.62 13.1 0.05 0.63 11.05
SPBC 6.85 N 03/14/97 0.15 15.6 0.45 1.01 11.40
STFR 7.31 N 03/14/97 0.32 16.7 0.46 0.89 10.09
STND 4.45 N 03/14/97 0.18 20.3 0.26 0.70 25.30
STSA 0.91 N 03/14/97 0.42 14.6 0.29 0.57 11.09
SVRN 12.66 N 03/14/97 0.54 14.3 0.23 0.80 18.81
SWBI 6.30 N 03/14/97 0.24 14.2 0.33 0.96 9.31
SWCB 11.47 N 03/14/97 1.00 12.5 0.62 1.08 13.48
TBK 9.84 N 03/14/97 2.42 8.5 0.45 0.74 11.07
TCB 16.13 N 03/14/97 0.69 15.5 0.72 1.64 20.49
THR 3.59 N 03/14/97 1.23 14.9 0.25 0.91 6.35
THRD 4.74 N 03/14/97 0.32 17.5 0.27 0.73 6.59
TPNZ 3.82 N 03/14/97 0.93 20.1 0.18 0.87 4.83
TRIC 4.87 N 03/14/97 0.05 12.9 0.36 1.09 8.20
TSBS 8.34 N 03/14/97 0.50 27.2 0.17 1.38 7.59
TSH 4.42 N 03/14/97 0.08 14.7 0.27 0.92 6.80
TWIN 4.69 N 03/14/97 0.26 52.8 0.09 0.38 3.02
UBMT 5.24 N 03/14/97 0.62 15.4 0.32 0.14 0.60
UFRM 3.38 N 03/14/97 1.01 NM (0.02) (1.32) (16.96)
VFFC 17.69 N 03/14/97 1.98 15.2 0.24 1.10 13.85
WAMU 4.16 N 03/14/97 0.99 NM - (0.80) (16.80)
WBST 12.23 N 03/14/97 0.80 13.1 0.74 0.78 15.00
WCBI 6.83 N 03/14/97 0.50 14.1 0.39 1.49 9.66
WEFC 4.21 N 03/14/97 NA 16.0 0.23 0.96 6.88
WFCO 8.96 N 03/14/97 0.39 10.4 0.30 1.04 14.35
WFSL 13.93 N 03/14/97 0.81 11.7 0.53 1.76 15.54
WRNB 20.56 N 03/14/97 1.76 8.0 0.49 2.20 23.34
WSB 5.82 N 03/14/97 NA 13.1 0.10 (1.00) (11.86)
WSFS 21.19 N 03/14/97 2.23 10.9 0.27 1.18 19.07
WSTR 4.47 N 03/14/97 0.10 18.5 0.28 0.95 6.83
WVFC 7.78 N 03/14/97 0.33 12.1 0.52 1.31 10.44
YFED 6.57 N 03/14/97 1.58 14.2 0.32 0.98 12.37
Maximum 45.72 10.58 80.2 3.51 4.72 63.21
Minimum (2.04) - 2.3 (0.16) (4.50) (32.90)
Average 7.93 0.86 15.9 0.39 0.89 9.39
Median 6.64 0.57 14.3 0.34 0.95 9.72
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 41
<PAGE> 51
FERGUSON & COMPANY
EXHIBIT III - SOUTHEAST SELECT - PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Deposit Current
Insurance Stock
Agency Price
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BANC BankAtlantic Bancorp, Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83 13.625
BFSB Bedford Bancshares, Inc. Bedford VA SE SAIF NASDAQ 08/22/94 19.375
BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85 10.875
CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90 23.500
CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88 23.500
CMSV Community Savings, MHC North Palm Beach FL SE SAIF NASDAQ 10/24/94 19.500
CNIT CENIT Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 08/06/92 45.000
EBSI Eagle Bancshares Tucker GA SE SAIF NASDAQ 04/01/86 17.250
FFBS FFBS BanCorp, Inc. Columbus MS SE SAIF NASDAQ 07/01/93 22.000
FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83 28.250
FFFC FFVA Financial Corp. Lynchburg VA SE SAIF NASDAQ 10/12/94 23.000
FFLC FFLC Bancorp, Inc. Leesburg FL SE SAIF NASDAQ 01/04/94 26.000
FGHC First Georgia Holding, Inc. Brunswick GA SE SAIF NASDAQ 02/11/87 7.625
FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83 22.500
FOBC Fed One Bancorp Wheeling WV SE SAIF NASDAQ 01/19/95 19.000
FSFC First Southeast Financial Corp Anderson SC SE SAIF NASDAQ 10/08/93 10.625
FSTC First Citizens Corporation Newnan GA SE SAIF NASDAQ 03/01/86 25.000
FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 16.750
GSLC Guaranty Financial Corp. Charlottesville VA SE SAIF NASDAQ NA 9.625
HARB Harbor Federal Savings Bk, MHC Fort Pierce FL SE SAIF NASDAQ 01/06/94 37.000
HBS Haywood Bancshares, Inc. Waynesville NC SE BIF AMSE 12/18/87 17.125
KSAV KS Bancorp, Inc. Kenly NC SE SAIF NASDAQ 12/30/93 21.500
LIFB Life Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 10/11/94 19.875
MGNL Magna Bancorp, Inc. Hattiesburg MS SE SAIF NASDAQ 03/13/91 19.000
OCWN Ocwen Financial Corporation West Palm Beach FL SE SAIF NASDAQ NA 33.250
PDB Piedmont Bancorp, Inc. Hillsborough NC SE SAIF AMSE 12/08/95 10.750
PERT Perpetual Bank, MHC Anderson SC SE SAIF NASDAQ 10/26/93 26.000
PFSL Pocahontas FS&LA, MHC Pocahontas AR SE SAIF NASDAQ 04/05/94 20.000
PLE Pinnacle Bancshares, Inc. Jasper AL SE SAIF AMSE 12/17/86 21.500
SOPN First Savings Bancorp, Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94 20.000
TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95 19.000
UFRM United Federal Savings Bank Rocky Mount NC SE SAIF NASDAQ 07/01/80 8.625
VFFC Virginia First Financial Corp. Petersburg VA SE SAIF NASDAQ 01/01/78 14.625
Maximum 45.000
Minimum 7.625
Average 20.341
Median 19.875
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 42
<PAGE> 52
FERGUSON & COMPANY
EXHIBIT III - SOUTHEAST SELECT - PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA
Current Price/ Current Current Current Total Equity/ Equity/ Core Before
Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra
Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%)
Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BANC 317.94 17.7 179.5 193.3 11.6 0.85 2,170,480 6.4 6.0 0.77 0.85
BFSB 22.16 12.7 113.4 113.4 17.1 2.48 129,601 14.3 14.3 1.53 1.06
BKUNA 92.70 24.2 143.3 178.9 6.5 - 1,329,044 7.4 6.6 0.45 0.40
CFCP 81.12 20.1 280.4 280.4 17.9 1.87 453,955 6.4 6.4 1.17 0.88
CFFC 29.90 13.9 130.3 130.3 17.9 2.38 166,664 13.8 13.8 1.69 1.04
CMSV 95.74 16.0 125.8 125.8 14.6 4.10 655,209 11.6 11.6 1.22 0.64
CNIT 73.51 18.6 152.3 167.2 10.7 2.22 685,962 7.0 6.5 2.42 0.40
EBSI 78.53 15.0 135.4 135.4 11.8 3.48 666,166 8.7 8.7 1.15 0.59
FFBS 34.44 18.8 131.9 131.9 27.1 2.27 127,125 19.4 19.4 1.17 1.13
FFCH 178.13 14.7 184.9 184.9 11.3 2.55 1,582,274 6.1 6.1 1.92 0.52
FFFC 107.93 17.6 135.0 138.0 20.2 1.74 533,826 14.0 13.7 1.31 1.05
FFLC 63.38 20.5 118.2 118.2 18.3 1.85 346,442 15.5 15.5 1.27 0.65
FGHC 23.27 18.6 193.5 216.0 15.5 0.70 150,551 8.0 7.2 0.41 0.56
FLFC 160.44 16.8 196.2 223.2 13.2 1.78 1,212,681 7.4 6.6 1.34 0.80
FOBC 46.72 14.6 112.6 118.4 13.7 3.05 341,897 11.7 11.2 1.30 0.69
FSFC 46.62 15.0 138.2 138.2 14.3 1.88 326,013 10.4 10.4 0.71 (0.01)
FSTC 40.44 9.9 164.7 209.4 15.4 1.76 257,288 9.4 7.5 2.52 2.04
FTF 30.71 10.6 116.9 116.9 18.8 2.69 163,571 16.1 16.1 1.58 1.39
GSLC 8.89 18.2 133.9 133.9 7.7 1.04 116,177 5.7 5.7 0.53 0.46
HARB 182.74 15.3 208.5 217.1 17.2 3.78 1,060,339 8.3 8.0 2.42 0.91
HBS 20.56 15.3 102.4 106.6 15.7 3.27 130,859 15.3 14.8 1.12 0.70
KSAV 14.26 13.5 103.9 104.0 14.1 2.79 100,840 13.6 13.6 1.59 0.88
LIFB 195.71 16.8 129.7 133.9 13.8 2.21 1,419,762 10.6 10.3 1.18 0.68
MGNL 261.08 12.3 200.4 208.8 19.5 3.16 1,341,985 9.7 9.4 1.55 1.37
OCWN 889.24 21.7 436.9 436.9 35.8 - 2,483,685 8.2 8.2 1.53 2.49
PDB 29.57 23.9 150.6 150.6 23.6 3.72 125,086 15.7 15.7 0.45 (0.21)
PERT 39.12 19.1 132.1 132.1 17.5 4.62 223,000 13.3 13.3 1.36 0.76
PFSL 32.56 14.2 139.7 139.7 8.7 4.50 373,084 6.3 6.3 1.41 0.55
PLE 19.13 12.6 125.2 129.4 9.8 3.72 195,502 7.8 7.6 1.71 0.51
SOPN 73.78 18.4 110.9 110.9 27.8 4.00 265,888 25.0 25.0 1.09 1.34
TWIN 16.22 17.8 121.2 121.2 15.4 3.37 105,263 12.7 12.7 1.07 0.62
UFRM 26.44 21.0 133.9 133.9 10.0 2.32 263,582 7.5 7.5 0.41 0.27
VFFC 84.67 15.9 133.1 138.2 10.5 0.68 808,545 7.9 7.6 0.92 1.42
Maximum 889.24 24.2 436.9 436.9 35.8 4.62 2,483,685 25.0 25.0 2.52 2.49
Minimum 8.89 9.9 102.4 104.0 6.5 - 100,840 5.7 5.7 0.41 (0.21)
Average 103.57 16.7 155.0 161.1 15.8 2.45 615,526 10.9 10.7 1.28 0.83
Median 46.72 16.8 133.9 135.4 15.4 2.38 341,897 9.7 9.4 1.27 0.70
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 43
<PAGE> 53
FERGUSON & COMPANY
EXHIBIT III - SOUTHEAST SELECT - PUBLICLY HELD THRIFTS
<TABLE>
<CAPTION>
ROACE ROAA ROACE
Before NPAs/ Price/ Core Before Before
Extra Merger Current Assets Core EPS Extra Extra
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BANC 10.90 N 03/14/97 0.72 15.5 0.22 0.21 3.06
BFSB 7.02 N 03/14/97 0.03 14.7 0.33 1.10 7.73
BKUNA 2.35 N 03/14/97 0.66 20.9 0.13 0.62 7.38
CFCP 14.38 N 03/14/97 0.19 19.0 0.31 1.12 18.06
CFFC 7.50 N 03/14/97 0.35 12.8 0.46 1.41 10.23
CMSV 5.37 N 03/14/97 0.63 22.2 0.22 0.71 6.11
CNIT 5.61 N 03/14/97 0.77 14.2 0.79 (0.07) (0.96)
EBSI 6.63 N 03/14/97 0.88 15.4 0.28 0.75 8.43
FFBS 5.72 N 03/14/97 0.32 17.7 0.31 1.50 7.70
FFCH 8.24 N 03/14/97 1.10 13.6 0.52 0.86 14.13
FFFC 6.68 N 03/14/97 0.36 16.4 0.35 1.34 9.33
FFLC 3.94 N 03/14/97 0.30 20.3 0.32 0.94 5.92
FGHC 6.79 N 03/14/97 1.21 21.2 0.09 0.81 10.10
FLFC 11.32 N 03/14/97 0.83 18.2 0.31 1.00 15.15
FOBC 5.70 N 03/14/97 0.17 14.0 0.34 0.99 8.51
FSFC (0.08) N 03/14/97 0.10 14.8 0.18 0.97 9.57
FSTC 19.36 N 03/14/97 NA 11.2 0.56 1.80 19.58
FTF 7.41 N 03/14/97 0.08 11.6 0.36 1.50 9.39
GSLC 7.77 N 03/14/97 1.94 80.2 0.03 0.63 11.16
HARB 10.74 N 03/14/97 0.57 15.2 0.61 1.17 14.41
HBS 4.57 N 03/14/97 2.33 12.2 0.35 (0.04) (0.26)
KSAV 5.94 N 03/14/97 0.27 14.1 0.38 1.11 7.96
LIFB 5.52 N 03/14/97 0.44 14.6 0.34 0.90 8.56
MGNL 13.90 N 03/14/97 2.47 12.8 0.37 1.72 17.46
OCWN 31.08 N 03/14/97 4.37 10.0 0.83 4.35 52.80
PDB (0.77) N 03/14/97 0.62 NM (0.16) (4.50) (22.16)
PERT 6.85 N 03/14/97 0.26 17.1 0.38 1.08 7.69
PFSL 9.15 N 03/14/97 0.26 14.3 0.35 0.62 10.14
PLE 6.55 N 03/14/97 1.56 11.9 0.45 0.92 11.83
SOPN 5.18 N 03/14/97 0.08 16.7 0.30 1.77 7.02
TWIN 4.69 N 03/14/97 0.26 52.8 0.09 0.38 3.02
UFRM 3.38 N 03/14/97 1.01 NM (0.02) (1.32) (16.96)
VFFC 17.69 N 03/14/97 1.98 15.2 0.24 1.10 13.85
Maximum 31.08 4.37 80.2 0.83 4.35 52.80
Minimum (0.77) 0.03 10.0 (0.16) (4.50) (22.16)
Average 8.09 0.85 18.7 0.32 0.83 8.97
Median 6.68 0.60 15.2 0.33 0.97 8.56
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 44
<PAGE> 54
FERGUSON & COMPANY EXHIBIT IV - ARKANSAS PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFBH First Federal Bancshares of AR Harrison AR SE SAIF NASDAQ 05/03/96 19.500 100.50
FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 16.750 30.71
PFSL Pocahontas FS&LA, MHC Pocahontas AR SE SAIF NASDAQ 04/05/94 20.000 32.56
Maximum 20.000 100.50
Minimum 16.750 30.71
Average 18.750 54.59
Median 19.500 32.56
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 45
<PAGE> 55
FERGUSON & COMPANY EXHIBIT IV - ARKANSAS PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
Tangible ROAA ROACE
Price/ Current Current Current Total Equity/ Equity/ Core Before Before
LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra Extra
Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) (%)
Ticker (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM LTM
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFBH NA 120.6 120.6 19.7 1.03 509,605 16.4 16.4 NA NA NA
FTF 10.6 116.9 116.9 18.8 2.69 163,571 16.1 16.1 1.58 1.39 7.41
PFSL 14.2 139.7 139.7 8.7 4.50 373,084 6.3 6.3 1.41 0.55 9.15
Maximum 14.2 139.7 139.7 19.7 4.50 509,605 16.4 16.4 1.58 1.39 9.15
Minimum 10.6 116.9 116.9 8.7 1.03 163,571 6.3 6.3 1.41 0.55 7.41
Average 12.4 125.7 125.7 15.7 2.74 348,753 12.9 12.9 1.50 0.97 8.28
Median 12.4 120.6 120.6 18.8 2.69 373,084 16.1 16.1 1.50 0.97 8.28
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 46
<PAGE> 56
FERGUSON & COMPANY EXHIBIT IV - ARKANSAS PUBLICLY TRADED THRIFTS
<TABLE>
<CAPTION>
ROAA ROACE
NPAs/ Price/ Core Before Before
Merger Current Assets Core EPS Extra Extra
Target? Pricing (%) EPS ($) (%) (%)
Ticker (Y/N) Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C> <C>
FFBH N 03/14/97 0.15 17.4 0.28 (0.21) (1.25)
FTF N 03/14/97 0.08 11.6 0.36 1.50 9.39
PFSL N 03/14/97 0.26 14.3 0.35 0.62 10.14
Maximum 0.26 17.4 0.36 1.50 10.14
Minimum 0.08 11.6 0.28 (0.21) (1.25)
Average 0.16 14.4 0.33 0.64 6.09
Median 0.15 14.3 0.35 0.62 9.39
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 47
<PAGE> 57
FERGUSON & COMPANY EXHIBIT V - APPRAISAL EARNINGS
APPRAISAL EARNINGS - HEARTLAND COMMUNITY BANK, CAMDEN, ARK.
31-DEC-96
<TABLE>
<S> <C>
Net Income June 30, 1996 224,989
-----------
Less:
Net Income December 31, 1995 -410,962
-----------
Plus:
Net Income December 31, 1996 -539,836
-----------
Net Income, Year ended Dec 31. 1996 -725,809
-----------
Add:
Excess Loan Provision 160,000(1)
Additional professional expenses
related to name change etc. 150,000
SAIF Assessment 882,000
Loss on Sale of Securities 679,094
-----------
Total Adjustments 1,871,094
-----------
Tax effect at 37% combine 0.37 -692,305
-----------
1,178,789
-----------
Appraisal Income LTM 452,980
===========
</TABLE>
(1) Excess provisions over the 15 BP provision made by comparable group.
SOURCE AUDITED AND UNAUDITED FINANCIAL STATEMENTS. 48
<PAGE> 58
FERGUSON & COMPANY EXHIBIT VI - RECENT CONVERSIONS
(COMPLETED SINCE AUGUST 31, 1996)
<TABLE>
<CAPTION>
Conversion Gross
Assets Proceeds
Ticker Short Name State IPO Date ($000) ($000)
<S> <C> <C> <C> <C> <C>
EFBC Empire Federal Bancorp, Inc. MT 01/27/97 86,810 25,921
FAB FirstFed America Bancorp, Inc. MA 01/15/97 723,778 87,126
RSLN Roslyn Bancorp, Inc. NY 01/13/97 1,596,744 423,714
AFBC Advance Financial Bancorp WV 01/02/97 91,852 10,845
HCFC Home City Financial Corp. OH 12/30/96 55,728 9,522
CENB Century Bancorp, Inc. NC 12/23/96 81,304 20,367
SCBS Southern Community Bancshares AL 12/23/96 64,381 11,374
BFFC Big Foot Financial Corp. IL 12/20/96 194,624 25,128
RIVR River Valley Bancorp IN 12/20/96 86,604 11,903
PSFI PS Financial, Inc. IL 11/27/96 53,520 21,821
CFNC Carolina Fincorp, Inc. NC 11/25/96 94,110 18,515
DCBI Delphos Citizens Bancorp, Inc. OH 11/21/96 88,022 20,387
FTNB Fulton Bancorp, Inc. MO 10/18/96 85,496 17,193
CNBA Chester Bancorp, Inc. IL 10/08/96 134,781 21,821
SSFC South Street Financial Corp. NC 10/03/96 166,978 44,965
AFED AFSALA Bancorp, Inc. NY 10/01/96 133,046 14,548
CBES CBES Bancorp, Inc. MO 09/30/96 86,168 10,250
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 96,638 28,434
HBEI Home Bancorp of Elgin, Inc. IL 09/27/96 304,520 70,093
PFFC Peoples Financial Corp. OH 09/13/96 78,078 14,910
Maximum 1,596,744 423,714
Minimum 53,520 9,522
Average 215,159 45,442
Median 89,937 20,377
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 49
<PAGE> 59
FERGUSON & COMPANY EXHIBIT VI - RECENT CONVERSIONS
(COMPLETED SINCE AUGUST 31, 1996)
<TABLE>
<CAPTION>
CONVERSION PRICING RATIOS
-----------------------------------------
Price/ Price/ Price/ Current Current Current
Offering Pro-Forma Pro-Forma Adjusted Stock Price/ Price/ T
Price Book Value Earnings Assets Price Book V Book V
Ticker ($) (%) (x) (%) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C>
EFBC 10.000 68.1 21.5 23.0 13.500 NA NA
FAB 10.000 72.0 13.6 10.7 14.875 NA NA
RSLN 10.000 72.0 9.3 21.0 18.000 NA NA
AFBC 10.000 71.1 16.8 10.6 14.250 NA NA
HCFC 10.000 71.2 13.7 14.6 13.625 85.4 85.4
CENB 50.000 72.1 18.9 20.0 66.000 91.0 91.0
SCBS 10.000 74.4 14.5 15.0 13.375 95.3 95.3
BFFC 10.000 72.7 33.1 11.4 14.125 NA NA
RIVR 10.000 73.0 15.2 12.1 14.250 NA NA
PSFI 10.000 71.9 17.2 29.0 13.875 NA NA
CFNC 10.000 77.0 17.2 16.4 14.625 104.0 104.0
DCBI 10.000 72.2 14.6 18.8 13.750 93.7 93.7
FTNB 10.000 72.5 14.6 16.7 18.375 128.0 128.0
CNBA 10.000 72.1 18.8 13.9 15.000 NA NA
SSFC 10.000 76.3 26.1 21.2 16.625 122.9 122.9
AFED 10.000 71.7 13.7 9.9 14.125 91.0 91.2
CBES 10.000 61.1 13.2 10.6 16.625 98.4 98.4
WEHO 10.000 73.8 NA 22.7 13.625 96.9 96.9
HBEI 10.000 72.6 24.9 18.7 15.125 106.1 106.1
PFFC 10.000 64.3 28.6 16.0 15.500 95.9 95.9
Maximum 50.000 77.0 33.1 29.0 66.000 128.0 128.0
Minimum 10.000 61.1 9.3 9.9 13.375 85.4 85.4
Average 12.000 71.6 18.2 16.6 17.463 100.7 100.7
Median 10.000 72.1 16.8 16.2 14.438 96.4 96.4
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 50
<PAGE> 60
FERGUSON & COMPANY EXHIBIT VI - RECENT CONVERSIONS
(COMPLETED SINCE AUGUST 31, 1996)
<TABLE>
<CAPTION>
POST CONVERSION PRICE INCREASE (DECREASE)
Price One Price One Price One -------------------------------------------------
Day After Week After Month After One One One To
Conversion Conversion Conversion Day Week Month Date
Ticker ($) ($) ($) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C>
EFBC 13.250 13.500 13.750 32.5 35.0 37.5 35.0
FAB 13.625 14.125 14.875 36.3 41.3 48.8 48.8
RSLN 15.000 15.938 16.000 50.0 59.4 60.0 80.0
AFBC 12.875 12.938 14.000 28.8 29.4 40.0 42.5
HCFC NA 12.500 13.500 NA 25.0 35.0 36.3
CENB 62.625 66.000 65.125 25.3 32.0 30.3 32.0
SCBS 13.000 13.750 13.500 30.0 37.5 35.0 33.8
BFFC 12.313 12.500 13.875 23.1 25.0 38.8 41.3
RIVR 13.688 13.875 15.000 36.9 38.8 50.0 42.5
PSFI 11.641 11.688 12.500 16.4 16.9 25.0 38.8
CFNC 13.000 13.000 13.625 30.0 30.0 36.3 46.3
DCBI 12.125 12.125 12.063 21.3 21.3 20.6 37.5
FTNB 12.500 12.875 14.750 25.0 28.8 47.5 83.8
CNBA 12.938 12.625 12.625 29.4 26.3 26.3 50.0
SSFC NA 12.500 12.375 NA 25.0 23.8 66.3
AFED 11.375 11.313 11.563 13.8 13.1 15.6 41.3
CBES 12.625 13.438 13.250 26.3 34.4 32.5 66.3
WEHO 10.750 10.625 10.500 7.5 6.3 5.0 36.3
HBEI 11.813 12.500 12.625 18.1 25.0 26.3 51.3
PFFC 10.875 11.500 12.750 8.8 15.0 27.5 55.0
Maximum 62.625 66.000 65.125 50.0 59.4 60.0 83.8
Minimum 10.750 10.625 10.500 7.5 6.3 5.0 32.0
Average 15.334 15.466 15.913 25.5 28.3 33.1 48.2
Median 12.750 12.750 13.500 25.8 27.5 33.8 42.5
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 51
<PAGE> 61
FERGUSON & COMPANY EXHIBIT VII - COMPARABLE PRICE CHANGES
<TABLE>
<CAPTION>
Total Dec. 20, 1996 Current
Number Assets Stock Stock
of ($000) Price Price
Ticker Short Name City State Offices Mst RctQ IPO Date ($) ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CBCI Calumet Bancorp, Inc. Dolton IL 5 510,217 02/20/92 32.630 35.500
EQSB Equitable Federal Savings Bank Wheaton MD 4 286,637 09/10/93 26.880 34.500
FGHC First Georgia Holding, Inc. Brunswick GA 9 150,551 02/11/87 5.753 (1) 7.625
FKFS First Keystone Financial Media PA 5 310,695 01/26/95 19.380 21.875
FSPG First Home Bancorp, Inc. Pennsville NJ 10 498,399 04/20/87 14.625 (2) 17.875
LARL Laurel Capital Group, Inc. Allison Park PA 6 202,474 02/20/87 15.880 21.000
SFED SFS Bancorp, Inc. Schenectady NY 3 166,030 06/30/95 14.750 17.250
SHEN First Shenango Bancorp, Inc. New Castle PA 4 405,785 04/06/93 22.750 24.500
WCBI Westco Bancorp Westchester IL 1 310,992 06/26/92 21.500 22.000
WSB Washington Savings Bank, FSB Waldorf MD 4 255,049 NA 5.000 5.250
Maximum 10 510,217 32.63 35.500
Minimum 1 150,551 5.00 5.250
Average 5 309,683 17.91 20.738
Median 5 298,666 17.63 21.438
</TABLE>
(1) Adjusted for a 3 for 2 stock split.
(2) Adjusted for a 4 for 3 stock split.
SOURCE: SNL SECURITIES INC., AND F&C CALCULATIONS. 52
<PAGE> 62
FERGUSON & COMPANY Exhibit VII - Comparable Price Changes
<TABLE>
<CAPTION>
% Increase Dec. 20, 1996 Current % Increase
Stock Market Market Market
Price Value Value Value
Ticker (%) ($M) ($M) (%)
<S> <C> <C> <C> <C>
CBCI 8.80 77.55 83.04 7.08
EQSB 28.35 16.13 20.70 28.33
FGHC 32.54 17.45 23.27 33.35
FKFS 12.87 25.04 26.86 7.27
FSPG 22.22 39.59 48.41 22.28
LARL 32.24 24.06 31.82 32.25
SFED 16.95 18.86 22.05 16.91
SHEN 7.69 51.37 50.47 (1.75)
WCBI 2.33 55.92 56.48 1.00
WSB 5.00 21.10 22.16 5.02
---------- ------------
Maximum 32.54 77.55 83.04 33.35
Minimum 2.33 16.13 20.70 (1.75)
Average 16.90 34.71 38.53 15.18
Median 14.91 24.55 29.34 12.09
---------- ------------
</TABLE>
(1) Adjusted for a 3 for 2 stock split.
(2) Adjusted for a 4 for 3 stock split.
SOURCE: SNL SECURITIES INC., AND F&C CALCULATIONS. 53
<PAGE> 63
FERGUSON & CO., LLP SECTION III
EXHIBIT VIII - PRO FORMA COMPARISON
CONVERTING INSTITUTION TO THE COMPARATIVE GROUP
<TABLE>
<CAPTION>
Heartland Community Bank, Camden, Arkansas
As of March 14, 1997
Ticker Name Price Mk Value PE P/Book P/TBook P/Assets Div Yld Assets Eq/A
($) ($Mil) (X) (%) (%) (%) (%) - (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Heartland Com. Bank
Before Conversion N/A N/A N/A N/A N/A N/A N/A 172,972 7.81
SuperMax 10.000 26.45 27.32 72.85 75.98 13.29 3.00 199,013 18.24
Maximum 10.000 23.00 25.62 69.13 72.39 11.74 3.00 195,976 16.98
Midpoint 10.000 20.00 23.92 65.30 68.65 10.34 3.00 193,337 15.84
Minimum 10.000 17.00 21.94 60.74 64.16 8.91 3.00 190,696 14.68
Comparative Group
Averages 20.738 38.53 13.50 130.25 132.79 12.63 1.39 309,683 10.08
Medians 21.438 29.34 13.00 119.71 119.71 12.86 1.65 298,666 9.43
Arkansas Public Thrifts
Averages 18.750 54.590 12.390 125.71 125.71 15.75 2.74 348,753 12.89
Medians 19.500 32.560 12.390 120.59 120.59 18.79 2.69 373,084 16.07
Southeast Region Thrifts
Averages 20.341 103.57 16.70 154.99 161.12 15.85 2.45 615,526 10.94
Medians 19.875 46.72 16.79 133.93 135.40 15.41 2.38 341,897 9.71
All Public Thrifts
Averages 22.280 207.43 16.30 139.52 146.58 13.80 1.97 1,650,581 10.47
Medians 19.813 54.47 15.90 132.31 136.42 12.77 1.98 423,403 8.96
Comparative Group
CBCI Calumet Bancorp-IL 35.500 83.04 13.98 103.20 103.20 16.54 - 510,217 16.03
EQSB EquitableFSB-MD 34.500 20.70 11.39 144.47 144.47 7.22 - 286,637 5.00
FGHC FrstGeorgiaHldg-GA 7.625 23.27 18.60 193.53 216.01 15.46 0.70 150,551 8.01
FKFS FrstKeystoneFin-PA 21.875 26.86 12.02 121.33 121.33 9.10 0.91 310,695 7.50
FSPG FrstHomeBancorp-NJ 17.875 48.41 10.33 148.34 151.23 9.71 2.24 498,399 6.55
LARL LaurelCapitalGp-PA 21.000 31.82 11.86 146.75 146.75 15.72 2.10 202,474 10.71
SFED SFSBancorp-NY 17.250 22.05 17.25 104.17 104.17 13.28 1.39 166,030 12.75
SHEN FstShenangoBcp-PA 24.500 50.47 14.08 117.22 117.22 12.44 1.96 405,785 10.61
WCBI WestcoBancorp-IL 22.000 56.48 14.57 118.09 118.09 18.16 2.73 310,992 15.38
WSB WashingtonSvBk-MD 5.250 22.16 10.94 105.42 105.42 8.69 1.91 255,049 8.24
</TABLE>
Note: Stock prices are closing prices
or last trade. Pro forma calculations
for Heartland are based on sales at $10
per share with a midpoint of
$20,000,000.
Sources: Heartlands' audited and
unaudited financial statements, SNL
Securities, and F&C calculations.
SOURCE: SNL SECURITIES, INC. AND
F&C CALCULATIONS. 54
<PAGE> 64
FERGUSON & CO., LLP SECTION III
EXHIBIT VIII - PRO FORMA COMPARISON
CONVERTING INSTITUTION TO THE COMPARATIVE GROUP
<TABLE>
<CAPTION>
Heartland Community Bank, Camden, Arkansas
As of March 14, 1997
Ticker Name TEq/A EPS ROAA ROAE
(%) ($) (%) (%)
<S> <C> <C> <C> <C> <C>
Heartland Com. Bank
Before Conversion 6.96 N/A 0.29 3.29
SuperMax 17.49 0.37 0.53 2.65
Maximum 16.21 0.39 0.50 2.68
Midpoint 15.07 0.42 0.48 2.71
Minimum 13.89 0.46 0.45 2.74
Comparative Group
Averages 9.99 1.60 0.74 7.39
Medians 9.43 1.74 0.69 6.68
Arkansas Public Thrifts
Averages 12.89 1.50 0.97 8.28
Medians 16.07 1.50 0.97 8.28
Southeast Region Thrifts
Averages 10.70 1.28 0.83 8.09
Medians 9.36 1.27 0.70 6.68
All Public Thrifts
Averages 10.21 1.48 0.77 7.93
Medians 8.60 1.29 0.72 6.64
Comparative Group
CBCI Calumet Bancorp-IL 16.03 2.54 1.08 6.56
EQSB EquitableFSB-MD 5.00 3.03 0.41 8.08
FGHC FrstGeorgiaHldg-GA 7.24 0.41 0.56 6.79
FKFS FrstKeystoneFin-PA 7.50 1.82 0.48 5.93
FSPG FrstHomeBancorp-NJ 6.43 1.73 0.90 13.77
LARL LaurelCapitalGp-PA 10.71 1.77 1.11 10.45
SFED SFSBancorp-NY 12.75 1.00 0.45 3.22
SHEN FstShenangoBcp-PA 10.61 1.74 0.82 6.43
WCBI WestcoBancorp-IL 15.38 1.51 1.06 6.83
WSB WashingtonSvBk-MD 8.24 0.48 0.48 5.82
</TABLE>
SOURCE: SNL SECURITIES, INC. AND
F&C CALCULATIONS. 55
<PAGE> 65
FERGUSON & CO., LLP SECTION IV
EXHIBIT IX
COMPARISON AND PRICING RATIOS
<TABLE>
<CAPTION>
Group Percent Premium
Heartland Compared to (Discount) Versus
Com. -------------------------- ---------------------------
Bank Average Median Average Median
--------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
COMPARISON OF PE RATIO AT
MIDPOINT TO:
- ---------------------------
Comparative group 23.92 13.50 13.00 77.19 84.00
Arkansas Thrifts 23.92 12.39 12.39 93.06 93.06
Southeast Region thrifts 23.92 16.71 16.79 43.15 42.47
All public thrifts 23.92 16.30 15.90 46.75 50.44
COMPARISON OF PE RATIO AT
MAXIMUM TO:
- ---------------------------
Comparative group 25.62 13.50 13.00 89.78 97.08
Arkansas Thrifts 25.62 12.39 12.39 106.78 106.78
Southeast Region thrifts 25.62 16.71 16.79 53.32 52.59
All public thrifts 25.62 16.30 15.90 57.18 61.13
COMPARISON OF PE RATIO AT
SUPERMAXIMUM TO:
- ---------------------------
Comparative group 27.32 13.50 13.00 102.37 110.15
Arkansas Thrifts 27.32 12.39 12.39 120.50 120.50
Southeast Region thrifts 27.32 16.71 16.79 63.49 62.72
All public thrifts 27.32 16.30 15.90 67.61 71.82
COMPARISON OF PB RATIO AT
MIDPOINT TO:
- ---------------------------
Comparative group 65.30 130.25 119.71 (49.87) (45.45)
Arkansas Thrifts 65.30 125.71 120.59 (48.06) (45.85)
Southeast Region thrifts 65.30 154.99 133.93 (57.87) (51.24)
All public thrifts 65.30 139.52 132.31 (53.20) (50.65)
COMPARISON OF PB RATIO AT
MAXIMUM TO:
- ---------------------------
Comparative group 69.13 130.25 119.71 (46.93) (42.25)
Arkansas Thrifts 69.13 125.71 120.59 (45.01) (42.67)
Southeast Region thrifts 69.13 154.99 133.93 (55.40) (48.38)
All public thrifts 69.13 139.52 132.31 (50.45) (47.75)
COMPARISON OF PB RATIO AT
SUPERMAXIMUM TO:
- ---------------------------
Comparative group 72.58 130.25 119.71 (44.28) (39.37)
Arkansas Thrifts 72.58 125.71 120.59 (42.26) (39.81)
Southeast Region thrifts 72.58 154.99 133.93 (53.17) (45.81)
All public thrifts 72.58 139.52 132.31 (47.98) (45.14)
</TABLE>
SOURCE: SNL & F&C CALCULATIONS 56
<PAGE> 66
FERGUSON & COMPANY
EXHIBIT X
PRO FORMA ASSUMPTIONS
1. Net proceeds from the conversion were invested at the beginning of the
period at 5.51%, which was the approximate rate on the one-year treasury bill
on December 31, 1996. This rate was selected because it is considered more
representative of the rate the Bank is likely to earn.
2. Heartland Community Bank's ESOP will acquire 8% of the conversion stock
with loan proceeds obtained from the Holding Company; therefore, there will be
no interest expense. We assumed that the ESOP expense is 10% annually of the
initial ESOP expense.
3. Heartland Community Bank's RP will acquire 4% of the stock through open
market purchases at $10 per share and the expense is recognized ratably over
five years as the shares vest.
4. All pro forma income and expense items are adjusted for income taxes at a
combined state and federal rate of 37%.
5. In calculating the pro forma adjustments to net worth, the ESOP and RP are
deducted in accordance with generally accepted accounting principles.
6. Earnings per share calculations have ignored AICPA OP 93-6. Calculating
earnings per share under SOP 93-6 and assuming 10% of the ESOP shares are
committed to be released and allocated to individual accounts at the beginning
of the period would yield earnings per share of $0.49, $0.45, $0.42 and $0.39,
and a price to earnings ratio of 21.94, 23.92, 25.62 and 27.32, at the minimum,
midpoint, maximum and super maximum, respectively.
57
<PAGE> 67
EXHIBIT X
PRO FORMA EFFECT OF CONVERSION PROCEEDS
AT THE MINIMUM OF THE CONVERSION VALUATION RANGE
31-DEC-96
<TABLE>
<S> <C>
HEARTLAND BANK, CAMDEN, ARKANSAS
- -------------------------------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Value (Minimum) $ 17,000,000
Less: Estimated Expenses (750,000)
---------------
Net Conversion Proceeds $ 16,250,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 16,250,000
Less: ESOP Contributions (1,360,000)
MRP Contributions (680,000)
---------------
Net Conversion Proceeds after ESOP & MRP $ 14,210,000
Estimated Incremental Rate of Return(1) 3.47%
---------------
Estimated Additional Income $ 493,272
Less: ESOP Expense (85,680)
MRP Expense (85,680)
---------------
$ 321,912
===============
</TABLE>
<TABLE>
<CAPTION>
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Pro Forma Earnings
Twelve Months Ended
31-Dec-96 $ 452,980 $ 321,912 $ 774,892
b. Pro Forma Net Worth
31-Dec-96 $ 13,779,505 $ 14,210,000 $ 27,989,505
c. Pro Forma Net Assets
31-Dec-96 $ 176,486,743 $ 14,210,000 $ 190,696,743
</TABLE>
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%.
58
<PAGE> 68
EXHIBIT X
PRO FORMA EFFECT OF CONVERSION PROCEEDS
AT THE MIDPOINT OF THE CONVERSION VALUATION RANGE
31-DEC-96
<TABLE>
<S> <C>
HEARTLAND BANK, CAMDEN, ARKANSAS
- -----------------------------------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation (Midpoint) $ 20,000,000
Less: Estimated Expenses (750,000)
--------------
Net Conversion Proceeds $ 19,250,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 19,250,000
Less: ESOP Contributions (1,600,000)
MRP Contributions (800,000)
--------------
Net Conversion Proceeds after ESOP & MRP $ 16,850,000
Estimated Incremental Rate of Return(1) 3.47%
--------------
Estimated Additional Income $ 584,914
Less: ESOP Expense (100,800)
MRP Expense (100,800)
--------------
$ 383,314
==============
3. Pro Forma Calculations
</TABLE>
<TABLE>
<CAPTION>
Before Conversion After
Period Conversion Results Conversion
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Pro Forma Earnings
Twelve Months Ended
31-Dec-96 $ 452,980 $ 383,314 $ 836,294
b. Pro Forma Net Worth
31-Dec-96 $ 13,779,505 $ 16,850,000 $ 30,629,505
c. Pro Forma Net Assets
31-Dec-96 $176,486,743 $ 16,850,000 $193,336,743
</TABLE>
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%.
59
<PAGE> 69
EXHIBIT X
PRO FORMA EFFECT OF CONVERSION PROCEEDS
AT THE MAXIMUM OF THE CONVERSION VALUATION RANGE
31-DEC-96
<TABLE>
<S> <C>
HEARTLAND BANK, CAMDEN, ARKANSAS
- ----------------------------------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation (Maximum) $ 23,000,000
Less: Estimated Expenses (750,000)
---------------
Net Conversion Proceeds $ 22,250,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 22,250,000
Less: ESOP Contributions (1,840,000)
MRP Contributions (920,000)
---------------
Net Conversion Proceeds after ESOP & MRP $ 19,490,000
Estimated Incremental Rate of Return(1) 3.47%
---------------
Estimated Additional Income $ 676,556
Less: ESOP Expense (115,920)
MRP Expense (115,920)
---------------
$ 444,716
===============
</TABLE>
<TABLE>
<CAPTION>
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Pro Forma Earnings
Twelve Months Ended
31-Dec-96 $ 452,980 $ 444,716 $ 897,696
b. Pro Forma Net Worth
31-Dec-96 $ 13,779,505 $ 19,490,000 $ 33,269,505
c. Pro Forma Net Assets
31-Dec-96 $ 176,486,743 $ 19,490,000 $ 195,976,743
</TABLE>
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%.
60
<PAGE> 70
EXHIBIT X
PRO FORMA EFFECT OF CONVERSION PROCEEDS
AT THE SUPERMAX OF THE CONVERSION VALUATION RANGE
31-DEC-96
<TABLE>
<S> <C>
HEARTLAND BANK, CAMDEN, ARKANSAS
- -----------------------------------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation (Final) $ 26,450,000
Less: Estimated Expenses $ (750,000)
----------------
Net Conversion Proceeds $ 25,700,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 25,700,000
Less: ESOP Contributions $ (2,116,000)
MRP Contributions $ (1,058,000)
----------------
Net Conversion Proceeds after ESOP & MRP $ 22,526,000
Estimated Incremental Rate of Return(1) 3.47%
----------------
Estimated Additional Income $ 781,945
Less: ESOP Expense $ (133,308)
MRP Expense $ (133,308)
----------------
$ 515,329
================
</TABLE>
<TABLE>
<CAPTION>
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
----------------------------------------------------------
<S> <C> <C> <C> <C>
a. Pro Forma Earnings
Twelve Months Ended
31-Dec-96 $ 452,980 $ 515,329 $ 968,309
b. Pro Forma Net Worth
31-Dec-96 $ 13,779,505 $ 22,526,000 $ 36,305,505
c. Pro Forma Net Assets
31-Dec-96 $ 176,486,743 $ 22,526,000 $ 199,012,743
</TABLE>
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%.
61
<PAGE> 71
EXHIBIT X
PRO FORMA ANALYSIS SHEET
<TABLE>
<CAPTION>
Name of Association: Heartland Bank, Camden, Arkansas
Date of Letter to Assn.: 18-Mar-97
Date of Market Prices: 14-Mar-97 Southeast Publicly All Publicly
Comparatives Held Thrifts Held Thrifts
------------- ------------ ------------
Symbols Value Mean Median Mean Median Mean Median
--------------------- ---- ------ ---- ------ ---- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Price-Earnings Ratio P/E
- --------------------
Last Twelve Months N/A
At Minimum of Range 21.94
At Midpoint of Range 23.92 13.50 13.00 16.70 16.79 16.30 15.90
At Maximum of Range 25.62
At SuperMax of Range 27.32
Price-Book Ratio P/B P/TB
- --------------------
Last Twelve Months N/A
At Minimum of Range 60.74% 64.16%
At Midpoint of Range 65.30% 68.65% 130.25 119.71 154.99 133.93 139.52 132.31
At Maximum of Range 69.13% 72.39%
At SuperMax of Range 72.85% 75.98%
Price-Asset Ratio P/A
- --------------------
Last Twelve Months N/A
At Minimum of Range 8.91%
At Midpoint of Range 10.34% 12.63 12.86 15.85 15.41 13.80 12.77
At Maximum of Range 11.74%
At SuperMax of Range 13.29%
Twelve Mo. Earnings Base Y $ 452,980
Period Ended 31-Dec-96
Book Value B $ 13,779,505
As of 35430
Total Assets A $ 176,486,743
As of 35430
Return on Money (1) R 3.47%
Conversion Expense X $ 750,000
Underwriting Commission C 0.00%
Percentage Underwritten S 0.00%
Estimate Dividend
Amount per share DA 0.30
Yield DY 3.00%
ESOP Contributions P $ 1,600,000
MRP Contributions I $ 800,000
ESOP Annual Expense E $ 100,800
MRP Annual Contributions M $ 100,800
Cost of ESOP Borrowings F 0.00%
</TABLE>
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%.
62
<PAGE> 72
EXHIBIT X
PRO FORMA ANALYSIS SHEET
<TABLE>
<S> <C>
Calculation of Estimated Value (V) at Midpoint Value
1. V= P/A(A-X-P-I) $ 20,000,000
--------------------------------
1-P/A(1-(CxS))
2. V= P/B(B-X-P-I) $ 20,000,000
--------------------------------
1-P/B(1-(CxX))
3. V= P/E(Y-R(X+P+I)-(E+M+ST)) $ 20,000,000
--------------------------------
1-P/E(R(1-(CxX))
</TABLE>
<TABLE>
<CAPTION>
Value
Estimated Value Per Share Total Shares Date
-------------------------- ------------------ ------------------- ---------------
<S> <C> <C> <C>
$20,000,000 $10.00 2,000,000 14-Mar-97
</TABLE>
Range of Value
$20 million x 1.15 = $23 million or 2,300,000 shares at $10.00 per share.
$20 million x .085 = $17 million or 1,700,000 shares at $10.00 per share.
63
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