<PAGE>
As filed with the Securities and Exchange Commission on March 20, 1997
Registration No.333-20489
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------------
PRE-EFFECTIVE
AMENDMENT NO. 2
TO
FORM SB-2
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
----------------------------------
ROCKY FORD FINANCIAL, INC.
------------------------------------------
(Name of Small Business Issuer in Its Charter)
<TABLE>
<CAPTION>
<S> <C> <C>
DELAWARE 6035 REQUESTED
- ------------------------------- ---------------------------- ---------------------
(State or other jurisdiction of (Primary standard industrial (I.R.S. employer
incorporation or organization) classification code number) identification number)
</TABLE>
801 SWINK AVENUE, ROCKY FORD, COLORADO 81067-0032
(719) 254-7642
- --------------------------------------------------------------------------------
(Address and telephone number of principal executive offices and
principal place of business)
MR. KEITH E. WAGGONER, PRESIDENT
ROCKY FORD FINANCIAL, INC.
801 SWINK AVENUE
ROCKY FORD, COLORADO 81067-0032
(719) 254-7642
-------------------------------------------------------------------------------
(Name, address, and telephone number of agent for service)
PLEASE SEND COPIES OF ALL COMMUNICATIONS TO:
Allan D. Housley, Esquire
Howard S. Parris, 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>
* Estimated.
ITEM 27. EXHIBITS:
The exhibits schedules filed as a part of this registration statement
are as follows:
<TABLE>
<S> <C> <C>
* 1.1 Engagement Letter with Trident Securities, Inc.
* 1.2 Form of Agency Agreement with Trident Securities, Inc.
* 2 Plan of Conversion
</TABLE>
II-1
<PAGE>
<TABLE>
<S> <C> <C>
* 3.1 Certificate of Incorporation of Rocky Ford Financial, Inc.
* 3.2 Bylaws of Rocky Ford Financial, Inc.
* 4 Form of Common Stock Certificate of Rocky Ford Financial, 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
* 8.3 Opinion of Ferguson & Company as to the value of subscription
rights for tax purposes
* 10.1 Proposed Employment Agreement between Rocky Ford Federal Savings
and Loan Association and Keith E. Waggoner
* 10.2 Proposed Employment Agreement between Rocky Ford Financial, Inc.
and Keith E. Waggoner
* 10.3 Proposed Rocky Ford Financial, Inc. 1997 Stock Option and
Incentive Plan
* 10.4 Proposed Rocky Ford Financial, Inc. Management Recognition Plan
* 10.5 Rocky Ford Federal Savings and Loan Association Retirement Plan
for Directors and Senior Officer
* 10.6 Proposed Rocky Ford Federal Savings and Loan Association Incentive
Compensation Plan
* 23.1 Consent of Grimsley, White & Company
* 23.2 Consent of Housley Kantarian & Bronstein, P.C. (in opinion filed as
Exhibit 5)
* 23.3 Consent of Ferguson & Company
* 24 Power of Attorney
* 27 Financial Data Schedule
* 99.1 Proxy statement and form of proxy for solicitation of members of
Rocky Ford Federal Savings and Loan Association
* 99.2 Proposed Stock Order Form and Form of Certification
* 99.3 Miscellaneous Marketing Materials
99.4 Appraisal Report
</TABLE>
_______________
* Previously filed.
II-2
<PAGE>
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 Rocky Ford, State of Colorado, on March 19, 1997.
ROCKY FORD FINANCIAL, INC.
By: /s/ Keith E. Waggoner
----------------------------------
Keith E. Waggoner
President and Chief Executive Officer
(Duly Authorized Representative)
In accordance with the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates stated.
<TABLE>
<CAPTION>
Signatures Title Date
---------- ----- ----
<S> <C> <C>
/s/ Keith E. Waggoner President and Chief March 19, 1997
- ------------------------
Keith E. Waggoner Executive Officer
(Principal Executive, Financial
and Accounting Officer)
* /s/ Donald F. Gause Chairman of the Board
- ------------------------
Donald F. Gause of Directors
* /s/ Norman Bailey Director
- ------------------------
Norman Bailey
* /s/ William E. Burrell Director
- ------------------------
William E. Burrell
* /s/ Francis E. Clute Director
- ------------------------
Francis E. Clute
* /s/ Brian H. Hancock Director
- ------------------------
Brian H. Hancock
* /s/ R. Dean Jones Director
- ------------------------
R. Dean Jones
* /s/ Wayne W. Whittaker Director
- ------------------------
Wayne W. Whittaker
*By: /s/ Keith E. Waggoner March 19, 1997
------------------------
Keith E. Waggoner
Attorney-in-Fact
</TABLE>
<PAGE>
Conversion Valuation Report Update
- --------------------------------------------------------------------------------
------------------------------------------------------------
Valued as of March 14, 1997
ROCKY FORD FEDERAL SAVINGS AND LOAN ASSOCIATION
OF COLORADO
Rocky Ford, Colorado
Prepared By:
Ferguson & Company
Suite 550
122 W. John Carpenter Freeway
Irving, TX 75039
972/869-1177
<PAGE>
[LETTERHEAD OF FERGUSON & COMPANY APPEARS HERE]
March 18, 1997
Board of Directors
Rocky Ford Federal Savings and Loan Association
of Colorado
801 Swink Avenue
Rocky Ford, Colorado 81067
Dear Directors:
We have completed and hereby provide, as of March 14, 1997, an updated
independent appraisal of the estimated pro forma market value of Rocky Ford
Federal Savings and Loan Association of Colorado, Rocky Ford, Colorado ("Rocky
Ford Federal" or the "Association"), in connection with the conversion of Rocky
Ford Federal from the mutual to stock form of organization ("Conversion"). This
appraisal report update is furnished pursuant to the filing of the Holding
Company's pre-effective Amendment No. 1 to its Registration Statement. Our
original appraisal report, dated December 13, 1996, is incorporated herein by
reference.
In preparing this appraisal update, we reviewed our original appraisal
and the various filings and applications filed with the Office of Thrift
Supervision ("OTS") and the Securities and Exchange Commission ("SEC"). We
considered, among other items, recent developments in stock market conditions
and recent financial information on the Association. 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 Association's representation that
the information in the applications for conversion and additional evidence
furnished us by the Association are accurate and complete. We did not
independently verify the financial statements and other information furnished by
the Association, nor did we independently value its assets and liabilities. The
appraisal update considers the Association 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 the foregoing estimate of the Association's pro
forma market value.
<PAGE>
Board of Directors
March 18, 1997
Page 2
Ferguson & Co., LLP is not a seller of securities within the meaning of any
federal or state securities laws and any report prepared by Ferguson & Co., LLP
shall not be used as an offer or solicitation with respect to the purchase or
sale of any securities.
Recent Financial Performance
- ----------------------------
The Association has a September 30 fiscal year. The initial conversion
application and appraisal are based on its September 30, 1996, financial
information. This update and the Holding Company's Pre-effective Amendment No. 1
contain more recent December 31, 1996, unaudited information. Set forth below
are the highlights of the December 31, 1996, quarter:
Table I
Financial Highlights
<TABLE>
<CAPTION>
Balance Sheet Data: September 30, December 31, Increase
1996 1996 (Decrease)
---- ---- ----------
<S> <C> <C> <C>
Total assets 20,388 20,536 148
Loans receivable, net 12,287 12,596 309
Mortgage-backed securities 2,617 2,595 -22
Interest-bearing deposits and securities 4,982 4,824 -158
Savings deposits 17,145 17,335 190
Equity 2,778 2,859 81
<CAPTION>
Income Statement Data: Three Months Ended December 31, Increase
-------------------------------------------
1995 1996 (Decrease)
---- ---- ----------
<S> <C> <C> <C>
Net interest income 163 188 25
Provision for loan losses - - -
Other income 5 11 6
Other expenses 94 117 23
Pretax income 74 82 8
Income taxes 28 25 -3
Net income 46 57 11
</TABLE>
Source: Offering circular
Net interest income increased $25,000 principally as a result of a
$900,000 increase in average earning assets and an increase of $300,000 in
average net earning assets (interest earning assets minus interest bearing
liabilities), despite a decrease of 8 basis points on asset yields coupled with
a 36 basis points increase in liability costs. Most of the increase in net
interest income, however, was offset by an increase in other expense. Net income
increased $11,000 from the 1995 period to the 1996 period. Appraisal earnings
for the year ended December 31, 1996, were $208,000, representing an $11,000
increase over the year ended September 30, 1996.
The changes in the balance sheet from September 30, to December 31,
1996, were minor.
<PAGE>
Board of Directors
March 18, 1997
Page 3
Summary of Adjustments to Comparative Group
- -------------------------------------------
There were no changes in the Association as compared to its comparative
group that would cause us to change any of the adjustments as stated in our
original appraisal as of December 13, 1996.
Recent Thrift Equity Market Conditions
- --------------------------------------
Since our original appraisal as of December 13, 1996, the overall
thrift equity market has shown some upward movement. Exhibit I shows the
movement of the SNL Thrift index from December 31, 1995, to March 14, 1997, the
date of this update. The table shows that the index increased by 18.4% during
the update period. The general level of interest rates has increased during the
update period (see Exhibit II).
Exhibit III provides information on thrift conversions completed since
August 31, 1996. All of the 20 thrifts have increased in value since conversion.
The thrifts have averaged an increase of 48.2%, with a median increase of 42.5%.
Individual changes have ranged from a 32.0% increase to an increase of 83.8%.
Short term price increases have occurred as follows: One day--average 25.5%,
median 25.8%; one week--average 28.3%, median 27.5%; and one month--average
33.1%, median 33.8%.
Exhibit IV provides information on pink sheet thrift conversions
completed since January 31, 1996. All of the 8 thrifts have increased in value
since conversion. The thrifts have averaged an increase of 37.5%, with a median
increase of 40.0%. Individual changes have ranged from a 17.5% increase to an
increase of 57.5%. The database does not contain short term price increase
information. However, the price change to date information, which covers six
months for stocks listed on the major exchanges versus twelve months for the
pink sheet thrifts, indicates that pink sheets do not appreciate in price nearly
as fast as the others.
The group of comparative institutions, which is included in Exhibit VI,
experienced an average increase in per share value of 11.4% and a median
increase in value of 5.7% during the update period, with nine increasing in
value and two decreasing in value. The total market value of the group increased
an average of 8.3% and a median of 2.4%, with eight increasing in value and
three decreasing in value.
During 1993, it was not unusual for conversion stocks to increase in
price by 30% or more immediately. As pointed out above, most recent conversions
have experienced more modest increases. However, conversions listed on major
exchanges and completed since September 30, 1996, have generally shown higher
immediate results. All of the conversions that have closed since September 30,
1996, have closed with price to book ratios above 70%, except for the most
recent one, which closed at 68.1% on January 27, 1997.
<PAGE>
Board of Directors
March 18, 1997
Page 4
Pink sheet conversions do not respond to changes in the overall market
in the same magnitude as major exchange conversions. Pink sheet conversions
closing since January 31, 1996, have closed at an average price to book of 65.9%
and a median of 65.3%. There has only been one that closed at 70% or higher, and
it was much larger than Rocky Ford Federal and it was in the process of doing a
charter flip to a national bank.
Valuation Approach
- ------------------
Exhibit VII indicates the pro forma market valuation of Rocky Ford
Federal versus the comparative group and all publicly held thrifts. Pro forma
pricing ratios for Rocky Ford Federal are based on the financial information
shown in Exhibit IX. Pro forma earnings are based on currently available
interest rates and pro forma assets and book value information are taken from
the December 31, 1996, financial data included in the offering circular.
At the $3,200,000 midpoint of the range, Rocky Ford Federal is valued
at 60.1% of pro forma book value, representing a discount of 38.0% from the mean
and 39.3% from the median of the comparative group. The midpoint price is 12.2
times pro forma earnings, representing a discount of 57.8% from the mean and a
discount of 58.1% from the median of the comparative group. Apparently, the
comparative group's price to earnings ("PE") ratio has been distorted by some
anomaly, as the PE ratio for the other groups is substantially lower.
As compared to all publicly held thrifts, at the midpoint of the range,
Rocky Ford Federal's PE ratio represents a discount of 25.2% from the mean and a
23.3% discount from the median. Rocky Ford Federal's value of 60.1% of pro forma
book value is well below the mean of 139.5% and median of 132.3% of all publicly
held thrifts.
As compared to major exchange thrift conversions completed within the
past six months (see Exhibit III), Rocky Ford Federal's price to pro forma book
of 60.1% represents a 16.1% discount from the mean and a discount of 16.6% from
the median. And its PE ratio of 12.2 represents a 33.0% discount from the mean
and a 27.4% discount from the median.
As compared to pink sheet thrift conversions completed since January
31, 1996 (see Exhibit IV), Rocky Ford Federal's price to pro forma book of 60.1%
represents an 8.8% discount from the mean and a discount of 8.0% from the
median. And its PE ratio of 12.2 represents a 32.6% discount from the mean and
an 11.6% discount from the median.
Conclusion
- ----------
In our opinion, Rocky Ford Federal's estimated pro forma market value
at March 14, 1997, was $3,200,000, unchanged from our original appraisal as of
December 13, 1996. The resulting valuation range is $2,720,000 at the minimum to
$3,680,000 at the maximum, based on a range of 15% below and 15% above the
midpoint valuation. The supermaximum is $4,232,000 based on
<PAGE>
Board of Directors
March 18, 1997
Page 5
1.15 times the maximum. Pro forma comparisons with the comparative group are
presented in Exhibit VII based on calculations shown in Exhibit IX.
During the update period from December 13, 1996, to March 14, 1997,
overall thrift equity markets have shown upward movement. Interest rates have
increased. The SNL Thrift Index increased 15.9%, the average value of the
comparative group increased 11.4%, and the median value of the comparative group
increased 5.7%. Recent major exchange conversions have shown dramatic
receptivity. Pink sheet conversions have not shown the same level of interest
and Colorado has not been one of the hot thrift acquisition states. Considering
all of the above factors together, we believe no change in the midpoint value is
justified.
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 Rocky Ford Federal, could materially affect the assumptions used
in preparing this opinion.
Respectfully,
Ferguson & Co., LLP
/s/ Robin L. Fussell
Robin L. Fussell
Principal
<PAGE>
EXHIBITS
<PAGE>
List of Exhibits
Title Page
- ----------------- ----------------
Exhibit I - SNL Index 1
Exhibit II - Selected Interest Rates 2
Exhibit III - Recent Conversions 3
Exhibit IV - Recent Pink Sheet Conversions 6
Exhibit V - Selected Publicly
Held Thrifts 9
Exhibit VI - Comparative Group
Price Changes 24
Exhibit VII - Pro Forma Comparisons 26
Exhibit VIII - Comparison of Pricing Ratios 28
Exhibit IX - Pro Forma Assumptions 29
Pro Forma Effect of
Conversion Proceeds 30
Pro Forma Analysis Sheet 34
<PAGE>
FERGUSON & COMPANY Exhibit I - SNL Index
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
PERCENT CHANGE SINCE
--------------------------------------------------
SNL PREVIOUS
DATE INDEX DATE 12/31/95 12/13/96 12/31/96
---- ----- ---- -------- -------- --------
<S> <C> <C> <C> <C> <C>
12/31/95 376.5
3/31/96 382.1 1.5% 1.5%
6/30/96 377.2 -1.3% 0.2%
9/30/96 429.3 13.8% 14.0%
12/13/96 473.6 10.3% 25.8%
12/31/96 483.6 2.1% 28.4% 2.1%
3/14/97 560.6 15.9% 48.9% 18.4% 15.9%
</TABLE>
Source: SNL & F&C calculations 1
<PAGE>
FERGUSON & COMPANY
- ------------------
<TABLE>
<CAPTION>
Exhibit II - Selected Interest Rates
Increase
3/14/97 12/6/96 (Decrease)
---------- ----------- ------------
<S> <C> <C> <C>
Federal funds rate 5.19 5.52 (0.33)
3 month T-bill discount (1) 5.06 4.92 0.14
1 year T-bill discount (1) 5.38 5.12 0.26
5 year treasury rate 6.41 5.86 0.55
10 year treasury rate 6.58 6.08 0.50
Long term treasury rate 6.85 6.37 0.48
</TABLE>
(1) Rates presented represent discounts, not yields.
Source: Federal Reserve Bank
of St. Louis
2
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit III - Recent Conversions
(completed since August 31, 1996)
<TABLE>
<CAPTION>
Conversion Gross Offering
Assets Proceeds Price
Ticker Short Name State IPO Date ($000) ($000) ($)
<S> <C> <C> <C> <C> <C> <C>
EFBC Empire Federal Bancorp, Inc. MT 01/27/97 86,810 25,921 10.000
FAB FirstFed America Bancorp, Inc. MA 01/15/97 723,778 87,126 10.000
RSLN Roslyn Bancorp, Inc. NY 01/13/97 1,596,744 423,714 10.000
AFBC Advance Financial Bancorp WV 01/02/97 91,852 10,845 10.000
HCFC Home City Financial Corp. OH 12/30/96 55,728 9,522 10.000
CENB Century Bancorp, Inc. NC 12/23/96 81,304 20,367 50.000
SCBS Southern Community Bancshares AL 12/23/96 64,381 11,374 10.000
BFFC Big Foot Financial Corp. IL 12/20/96 194,624 25,128 10.000
RIVR River Valley Bancorp IN 12/20/96 86,604 11,903 10.000
PSFI PS Financial, Inc. IL 11/27/96 53,520 21,821 10.000
CFNC Carolina Fincorp, Inc. NC 11/25/96 94,110 18,515 10.000
DCBI Delphos Citizens Bancorp, Inc. OH 11/21/96 88,022 20,387 10.000
FTNB Fulton Bancorp, Inc. MO 10/18/96 85,496 17,193 10.000
CNBA Chester Bancorp, Inc. IL 10/08/96 134,781 21,821 10.000
SSFC South Street Financial Corp. NC 10/03/96 166,978 44,965 10.000
AFED AFSALA Bancorp, Inc. NY 10/01/96 133,046 14,548 10.000
CBES CBES Bancorp, Inc. MO 09/30/96 86,168 10,250 10.000
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 96,638 28,434 10.000
HBEI Home Bancorp of Elgin, Inc. IL 09/27/96 304,520 70,093 10.000
PFFC Peoples Financial Corp. OH 09/13/96 78,078 14,910 10.000
Maximum 1,596,744 423,714 50.000
Minimum 53,520 9,522 10.000
Average 215,159 45,442 12.000
Median 89,937 20,377 10.000
</TABLE>
Sources: SNL & F&C calculations 3
<PAGE>
FERGUSON & COMPANY Exhibit III - Recent Conversions
- ------------------ (completed since August 31, 1996)
<TABLE>
<CAPTION>
Conversion Pricing Ratios
---------------------------------------
Price/ Price/ Price/ Current Current Current Price One Price One
Pro-Forma Pro-Forma Adjusted Stock Price/ Price/ T Day After Week After
Book Value Earnings Assets Price Book V Book V Conversion Conversion
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ticker (%) (x) (%) ($) (%) (%) ($) ($)
EFBC 68.1 21.5 23.0 13.500 NA NA 13.250 13.500
FAB 72.0 13.6 10.7 14.875 NA NA 13.625 14.125
RSLN 72.0 9.3 21.0 18.000 NA NA 15.000 15.938
AFBC 71.1 16.8 10.6 14.250 NA NA 12.875 12.938
HCFC 71.2 13.7 14.6 13.625 85.4 85.4 NA 12.500
CENB 72.1 18.9 20.0 66.000 91.0 91.0 62.625 66.000
SCBS 74.4 14.5 15.0 13.375 95.3 95.3 13.000 13.750
BFFC 72.7 33.1 11.4 14.125 NA NA 12.313 12.500
RIVR 73.0 15.2 12.1 14.250 NA NA 13.688 13.875
PSFI 71.9 17.2 29.0 13.875 NA NA 11.641 11.688
CFNC 77.0 17.2 16.4 14.625 104.0 104.0 13.000 13.000
DCBI 72.2 14.6 18.8 13.750 93.7 93.7 12.125 12.125
FTNB 72.5 14.6 16.7 18.375 128.0 128.0 12.500 12.875
CNBA 72.1 18.8 13.9 15.000 NA NA 12.938 12.625
SSFC 76.3 26.1 21.2 16.625 122.9 122.9 NA 12.500
AFED 71.7 13.7 9.9 14.125 91.0 91.2 11.375 11.313
CBES 61.1 13.2 10.6 16.625 98.4 98.4 12.625 13.438
WEHO 73.8 NA 22.7 13.625 96.9 96.9 10.750 10.625
HBEI 72.6 24.9 18.7 15.125 106.1 106.1 11.813 12.500
PFFC 64.3 28.6 16.0 15.500 95.9 95.9 10.875 11.500
Maximum 77.0 33.1 29.0 66.000 128.0 128.0 62.625 66.000
Minimum 61.1 9.3 9.9 13.375 85.4 85.4 10.750 10.625
Average 71.6 18.2 16.6 17.463 100.7 100.7 15.334 15.466
Median 72.1 16.8 16.2 14.438 96.4 96.4 12.750 12.750
</TABLE>
Source: SNL & F&C calculations
4
<PAGE>
FERGUSON & COMPANY Exhibit III - Recent Conversions
- ------------------ (completed since August 31, 1996)
<TABLE>
<CAPTION>
Price One Post Conversion Price Increase (Decrease)
----------------------------------------------------------
Month After One One One To
Conversion Day Week Month Date
Ticker ($) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C>
EFBC 13.750 32.5 35.0 37.5 35.0
FAB 14.875 36.3 41.3 48.8 48.8
RSLN 16.000 50.0 59.4 60.0 80.0
AFBC 14.000 28.8 29.4 40.0 42.5
HCFC 13.500 NA 25.0 35.0 36.3
CENB 65.125 25.3 32.0 30.3 32.0
SCBS 13.500 30.0 37.5 35.0 33.8
BFFC 13.875 23.1 25.0 38.8 41.3
RIVR 15.000 36.9 38.8 50.0 42.5
PSFI 12.500 16.4 16.9 25.0 38.8
CFNC 13.625 30.0 30.0 36.3 46.3
DCBI 12.063 21.3 21.3 20.6 37.5
FTNB 14.750 25.0 28.8 47.5 83.8
CNBA 12.625 29.4 26.3 26.3 50.0
SSFC 12.375 NA 25.0 23.8 66.3
AFED 11.563 13.8 13.1 15.6 41.3
CBES 13.250 26.3 34.4 32.5 66.3
WEHO 10.500 7.5 6.3 5.0 36.3
HBEI 12.625 18.1 25.0 26.3 51.3
PFFC 12.750 8.8 15.0 27.5 55.0
Maximum 65.120 50.0 59.4 60.0 83.8
Minimum 10.500 7.5 6.3 5.0 32.0
Average 15.913 25.5 28.3 33.1 48.2
Median 13.550 25.8 27.5 33.8 42.5
</TABLE>
Source: SNL & F&C calculations 5
<PAGE>
FERGUSON & COMPANY Exhibit IV - Recent Pink Sheet Conversions
- ------------------ (completed since January 31, 1996)
<TABLE>
<CAPTION>
Conversion
Assets IPO Proceeds
Ticker Short Name State IPO Date ($000) ($000)
<S> <C> <C> <C> <C> <C>
IFBH IFB Holdings, Inc. MO 12/30/96 52,587 5,925
FALN First Allen Parish Bncp, Inc. LA 09/30/96 29,605 2,645
MDWB Midwest Savings Bank IL 09/23/96 36,354 1,918
LNXC Lenox Bancorp, Incorporated OH 07/18/96 43,149 4,256
ALGC Algiers Bancorp, Incorporated LA 07/09/96 42,450 6,480
FFFB First Federal Finl Bncp, Inc. OH 06/04/96 51,296 6,718
NSGB North Cincinnati Savings Bank OH 05/01/96 56,637 3,968
WBIO Washington Bancorp IA 03/12/96 55,202 6,575
Maximum 56,637 6,718
Minimum 29,605 1,918
Average 45,910 4,811
Median 47,223 5,091
</TABLE>
Source: SNL & F&C calculations 6
<PAGE>
FERGUSON & COMPANY Exhibit IV - Recent Pink Sheet Conversions
- ------------------ (completed since January 31, 1996)
<TABLE>
<CAPTION>
Conversion Pricing Ratios
----------------------------------------------------------------
Price/ Price/ Price/ Price/ Current
Pro-Forma Pro-Forma Pro-Forma Adjusted Stock
IPO Price Book Value Tang. Book Earnings Assets Price
Ticker ($) (%) (%) (x) (%) ($)
<S> <C> <C> <C> <C> <C> <C>
IFBH 10.000 73.1 73.1 14.3 10.1 12.750
FALN 10.000 65.5 65.5 8.8 8.2 15.750
MDWB 10.000 65.1 65.1 NA 5.0 11.750
LNXC 10.000 59.6 59.6 40.9 9.0 14.000
ALGC 10.000 69.0 69.0 18.8 13.2 14.250
FFFB 10.000 64.5 64.5 13.2 11.6 12.750
NSGB 10.000 65.0 65.0 NA 6.5 14.000
WBIO 10.000 65.4 65.4 12.7 10.6 14.750
Maximum 10.000 73.1 73.1 40.9 13.2 15.750
Minimum 10.000 59.6 59.6 8.8 5.0 11.750
Average 10.000 65.9 65.9 18.1 9.3 13.750
Median 10.000 65.3 65.3 13.8 9.6 14.000
</TABLE>
Source: SNL & F&C calculations 7
<PAGE>
FERGUSON & COMPANY Exhibit IV - Recent Pink Sheet Conversions
- ------------------ (completed since January 31, 1996)
<TABLE>
<CAPTION>
To Date
Current Current Current Price
Price/ Price/ Tang Price/ Increase
Book Value Book Value Earnings (Decrease)
Ticker (%) (%) (x) (%)
<S> <C> <C> <C> <C>
IFBH 89.9 89.9 NA 27.5
FALN 96.6 96.6 NA 57.5
MDWB 81.3 81.3 NA 17.5
LNXC 83.8 83.8 NA 40.0
ALGC 87.1 87.1 NA 42.5
FFFB 79.7 79.7 26.6 27.5
NSGB 99.4 99.4 NM 40.0
WBIO 90.8 90.8 11.5 47.5
Maximum 99.4 99.4 26.6 57.5
Minimum 79.7 79.7 11.5 17.5
Average 88.6 88.6 19.0 37.5
Median 88.5 88.5 19.0 40.0
</TABLE>
Source SNL & F&C calculations 8
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held Thrifts
- ------------------
<TABLE>
<CAPTION>
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AADV Advantage Bancorp, Inc. Kenosha WI MW SAIF NASDAQ 03/23/92 38.000 124.46
ABBK Abington Bancorp, Inc. Abington MA NE BIF NASDAQ 06/10/86 20.875 39.52
ABCL Alliance Bancorp, Inc. Hinsdale IL MW SAIF NASDAQ 07/07/92 29.875 159.35
ABCW Anchor BanCorp Wisconsin Madison WI MW SAIF NASDAQ 07/16/92 45.500 210.25
AFCB Affiliated Community Bancorp Waltham MA NE SAIF NASDAQ 10/19/95 27.000 139.03
AFFFZ America First Financial Fund San Francisco CA WE SAIF NASDAQ NA 32.547 195.63
AHM Ahmanson & Company (H.F.) Irwindale CA WE SAIF NYSE 10/25/72 40.250 4,111.66
ALBK ALBANK Financial Corporation Albany NY MA SAIF NASDAQ 04/01/92 34.875 450.26
ANBK American National Bancorp Baltimore MD MA SAIF NASDAQ 10/31/95 13.875 50.00
ANDB Andover Bancorp, Inc. Andover MA NE BIF NASDAQ 05/08/86 27.250 139.90
ASBI Ameriana Bancorp New Castle IN MW SAIF NASDAQ 03/02/87 15.750 51.84
ASBP ASB Financial Corp. Portsmouth OH MW SAIF NASDAQ 05/11/95 11.750 20.23
ASFC Astoria Financial Corporation Lake Success NY MA SAIF NASDAQ 11/18/93 39.750 853.55
BANC BankAtlantic Bancorp, Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83 13.625 317.94
BDJI First Federal Bancorporation Bemidji MN MW SAIF NASDAQ 04/04/95 18.750 13.14
BFD BostonFed Bancorp, Inc. Burlington MA NE SAIF AMSE 10/24/95 16.750 104.86
BFSB Bedford Bancshares, Inc. Bedford VA SE SAIF NASDAQ 08/22/94 19.375 22.16
BKC American Bank of Connecticut Waterbury CT NE BIF AMSE 12/01/81 32.000 73.38
BKCT Bancorp Connecticut, Inc. Southington CT NE BIF NASDAQ 07/03/86 23.750 61.05
BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85 10.875 92.70
BSBC Branford Savings Bank Branford CT NE BIF NASDAQ 11/04/86 4.000 20.72
BVFS Bay View Capital Corp. San Mateo CA WE SAIF NASDAQ 05/09/86 52.500 350.42
BWFC Bank West Financial Corp. Grand Rapids MI MW SAIF NASDAQ 03/30/95 11.500 20.92
CAFI Camco Financial Corp. Cambridge OH MW SAIF NASDAQ NA 17.500 53.60
CAPS Capital Savings Bancorp, Inc. Jefferson City MO MW SAIF NASDAQ 12/29/93 13.500 25.54
CARV Carver Bancorp, Inc. New York NY MA SAIF NASDAQ 10/25/94 10.125 23.43
CASB Cascade Financial Corp. Everett WA WE SAIF NASDAQ 09/16/92 17.500 35.93
CASH First Midwest Financial, Inc. Storm Lake IA MW SAIF NASDAQ 09/20/93 16.750 48.52
CBCI Calumet Bancorp, Inc. Dolton IL MW SAIF NASDAQ 02/20/92 35.500 83.04
CBNH Community Bankshares, Inc. Concord NH NE BIF NASDAQ 05/08/86 24.875 60.92
CBSA Coastal Bancorp, Inc. Houston TX SW SAIF NASDAQ NA 27.500 136.59
CBSB Charter Financial, Inc. Sparta IL MW SAIF NASDAQ 12/29/95 16.250 69.12
CEBK Central Co-operative Bank Somerville MA NE BIF NASDAQ 10/24/86 18.250 35.86
CENF CENFED Financial Corp. Pasadena CA WE SAIF NASDAQ 10/25/91 32.375 166.88
CFB Commercial Federal Corporation Omaha NE MW SAIF NYSE 12/31/84 36.750 789.77
CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90 23.500 81.12
CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88 23.500 29.90
CFSB CFSB Bancorp, Inc. Lansing MI MW SAIF NASDAQ 06/22/90 21.250 100.00
CFX CFX Corporation Keene NH NE BIF AMSE 02/12/87 17.125 222.30
CIBI Community Investors Bancorp Bucyrus OH MW SAIF NASDAQ 02/07/95 17.250 10.92
CKFB CKF Bancorp, Inc. Danville KY MW SAIF NASDAQ 01/04/95 18.875 17.50
CMRN Cameron Financial Corp Cameron MO MW SAIF NASDAQ 04/03/95 16.375 46.66
CMSV Community Savings, MHC North Palm Beach FL SE SAIF NASDAQ 10/24/94 19.500 95.74
CNIT CENIT Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 08/06/92 45.000 73.51
COFI Charter One Financial Cleveland OH MW SAIF NASDAQ 01/22/88 45.625 2,118.95
CSA Coast Savings Financial Los Angeles CA WE SAIF NYSE 12/23/85 45.125 838.64
CTBK Center Banks Incorporated Skaneateles NY MA BIF NASDAQ 06/02/86 20.000 18.96
CTZN CitFed Bancorp, Inc. Dayton OH MW SAIF NASDAQ 01/23/92 35.250 302.60
CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87 21.500 35.13
CZF CitiSave Financial Corp Baton Rouge LA SW SAIF AMSE 07/14/95 14.000 13.47
DFIN Damen Financial Corp. Schaumburg IL MW SAIF NASDAQ 10/02/95 14.500 54.67
DIBK Dime Financial Corp. Wallingford CT NE BIF NASDAQ 07/09/86 20.250 103.87
DME Dime Bancorp, Inc. New York NY MA BIF NYSE 08/19/86 17.250 1,806.83
DNFC D & N Financial Corp. Hancock MI MW SAIF NASDAQ 02/13/85 18.125 151.31
DSL Downey Financial Corp. Newport Beach CA WE SAIF NYSE 01/01/71 22.625 576.01
EBSI Eagle Bancshares Tucker GA SE SAIF NASDAQ 04/01/86 17.250 78.53
</TABLE>
Source: SNL & F&C calculations 9
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held 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>
EFBI Enterprise Federal Bancorp West Chester OH MW SAIF NASDAQ 10/17/94 16.500 33.43
EGFC Eagle Financial Corp. Bristol CT NE SAIF NASDAQ 02/03/87 29.250 132.92
EIRE Emerald Isle Bancorp, Inc. Quincy MA NE BIF NASDAQ 09/08/86 19.625 43.39
EMLD Emerald Financial Corp. Strongsville OH MW SAIF NASDAQ NA 24.500 62.00
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 34.500 20.70
ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85 19.500 13.78
FBBC First Bell Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95 16.375 127.04
FBCI Fidelity Bancorp, Inc. Chicago IL MW SAIF NASDAQ 12/15/93 19.500 54.34
FBHC Fort Bend Holding Corp. Rosenberg TX SW SAIF NASDAQ 06/30/93 23.500 19.28
FBSI First Bancshares, Inc. Mountain Grove MO MW SAIF NASDAQ 12/22/93 20.000 23.90
FCME First Coastal Corporation Westbrook ME NE BIF NASDAQ NA 9.750 13.24
FDEF First Defiance Financial Defiance OH MW SAIF NASDAQ 10/02/95 13.250 124.86
FED FirstFed Financial Corp. Santa Monica CA WE SAIF NYSE 12/16/83 25.750 271.14
FESX First Essex Bancorp, Inc. Andover MA NE BIF NASDAQ 08/04/87 16.000 118.74
FFBI First Financial Bancorp, Inc. Belvidere IL MW SAIF NASDAQ 10/04/93 15.500 6.59
FFBS FFBS BanCorp, Inc. Columbus MS SE SAIF NASDAQ 07/01/93 22.000 34.44
FFBZ First Federal Bancorp, Inc. Zanesville OH MW SAIF NASDAQ 07/13/92 17.500 27.51
FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83 28.250 178.13
FFES First Federal of East Hartford East Hartford CT NE SAIF NASDAQ 06/23/87 28.500 74.85
FFFC FFVA Financial Corp. Lynchburg VA SE SAIF NASDAQ 10/12/94 23.000 107.93
FFHC First Financial Corp. Stevens Point WI MW SAIF NASDAQ 12/24/80 26.750 984.47
FFHH FSF Financial Corp. Hutchinson MN MW SAIF NASDAQ 10/07/94 17.250 55.72
FFHS First Franklin Corporation Cincinnati OH MW SAIF NASDAQ 01/26/88 18.000 20.82
FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95 19.125 157.79
FFKY First Federal Financial Corp. Elizabethtown KY MW SAIF NASDAQ 07/15/87 20.875 87.30
FFLC FFLC Bancorp, Inc. Leesburg FL SE SAIF NASDAQ 01/04/94 26.000 63.38
FFSL First Independence Corp. Independence KS MW SAIF NASDAQ 10/08/93 11.750 12.43
FFSW FirstFederal Financial Svcs Wooster OH MW SAIF NASDAQ 03/31/87 37.500 136.02
FFSX First Fed SB of Siouxland, MHC Sioux City IA MW SAIF NASDAQ 07/13/92 30.750 57.91
FFWC FFW Corp. Wabash IN MW SAIF NASDAQ 04/05/93 26.000 18.25
FFWD Wood Bancorp, Inc. Bowling Green OH MW SAIF NASDAQ 08/31/93 16.750 25.00
FFYF FFY Financial Corp. Youngstown OH MW SAIF NASDAQ 06/28/93 25.250 109.05
FGHC First Georgia Holding, Inc. Brunswick GA SE SAIF NASDAQ 02/11/87 7.625 23.27
FIBC Financial Bancorp, Inc. Long Island City NY MA SAIF NASDAQ 08/17/94 17.875 31.24
FISB First Indiana Corporation Indianapolis IN MW SAIF NASDAQ 08/02/83 26.250 217.96
FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95 21.875 26.86
FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83 22.500 160.44
FMCO FMS Financial Corporation Burlington NJ MA SAIF NASDAQ 12/14/88 19.750 47.26
FMSB First Mutual Savings Bank Bellevue WA WE BIF NASDAQ 12/17/85 20.250 49.68
FNGB First Northern Capital Corp. Green Bay WI MW SAIF NASDAQ 12/29/83 18.500 81.17
FOBC Fed One Bancorp Wheeling WV SE SAIF NASDAQ 01/19/95 19.000 46.72
FRC First Republic Bancorp San Francisco CA WE BIF NYSE NA 24.000 184.22
FSBI Fidelity Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88 23.875 33.01
FSFC First Southeast Financial Corp Anderson SC SE SAIF NASDAQ 10/08/93 10.625 46.62
FSLA First Savings Bank, MHC Edison NJ MA SAIF NASDAQ 07/10/92 21.500 154.48
FSPG First Home Bancorp, Inc. Pennsville NJ MA SAIF NASDAQ 04/20/87 17.875 48.41
FSTC First Citizens Corporation Newnan GA SE SAIF NASDAQ 03/01/86 25.000 40.44
FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 16.750 30.71
FTFC First Federal Capital Corp. La Crosse WI MW SAIF NASDAQ 11/02/89 28.250 173.09
FTSB Fort Thomas Financial Corp. Fort Thomas KY MW SAIF NASDAQ 06/28/95 11.750 18.49
FWWB First SB of Washington Bancorp Walla Walla WA WE SAIF NASDAQ 11/01/95 19.750 208.74
GBCI Glacier Bancorp, Inc. Kalispell MT WE SAIF NASDAQ 03/30/84 24.000 81.03
GDW Golden West Financial Oakland CA WE SAIF NYSE 05/29/59 69.250 3,970.96
GFCO Glenway Financial Corp. Cincinnati OH MW SAIF NASDAQ 11/30/90 23.000 27.31
GFSB GFS Bancorp, Inc. Grinnell IA MW SAIF NASDAQ 01/06/94 21.500 10.69
GLN Glendale Federal Bank, FSB Glendale CA WE SAIF NYSE 10/01/83 25.750 1,282.58
</TABLE>
Source: SNL & F&C calculations 10
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held 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>
GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94 56.750 2,694.55
GRTR Greater New York Savings Bank New York NY MA BIF NASDAQ 06/17/87 16.250 219.93
GSBC Great Southern Bancorp, Inc. Springfield MO MW SAIF NASDAQ 12/14/89 17.250 141.05
GSLC Guaranty Financial Corp. Charlottesville VA SE SAIF NASDAQ NA 9.625 8.89
GTFN Great Financial Corporation Louisville KY MW SAIF NASDAQ 03/31/94 31.000 437.62
GUPB GFSB Bancorp, Inc. Gallup NM SW SAIF NASDAQ 06/30/95 16.250 14.65
GWBC Gateway Bancorp, Inc. Catlettsburg KY MW SAIF NASDAQ 01/18/95 14.250 15.33
HALL Hallmark Capital Corp. West Allis WI MW SAIF NASDAQ 01/03/94 18.750 27.06
HARB Harbor Federal Savings Bk, MHC Fort Pierce FL SE SAIF NASDAQ 01/06/94 37.000 182.74
HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87 20.750 33.79
HAVN Haven Bancorp, Inc. Woodhaven NY MA SAIF NASDAQ 09/23/93 35.250 152.47
HBFW Home Bancorp Fort Wayne IN MW SAIF NASDAQ 03/30/95 20.500 54.38
HBNK Highland Federal Bank FSB Burbank CA WE SAIF NASDAQ NA 24.000 55.10
HBS Haywood Bancshares, Inc. Waynesville NC SE BIF AMSE 12/18/87 17.125 20.56
HFFB Harrodsburg First Fin Bancorp Harrodsburg KY MW SAIF NASDAQ 10/04/95 16.125 32.74
HFFC HF Financial Corp. Sioux Falls SD MW SAIF NASDAQ 04/08/92 19.500 56.75
HFGI Harrington Financial Group Richmond IN MW SAIF NASDAQ NA 10.500 34.20
HFSA Hardin Bancorp, Inc. Hardin MO MW SAIF NASDAQ 09/29/95 15.250 13.18
HIFS Hingham Instit. for Savings Hingham MA NE BIF NASDAQ 12/20/88 19.000 24.65
HMCI HomeCorp, Inc. Rockford IL MW SAIF NASDAQ 06/22/90 20.500 23.14
HMNF HMN Financial, Inc. Spring Valley MN MW SAIF NASDAQ 06/30/94 22.000 97.55
HOMF Home Federal Bancorp Seymour IN MW SAIF NASDAQ 01/23/88 27.250 91.33
HPBC Home Port Bancorp, Inc. Nantucket MA NE BIF NASDAQ 08/25/88 17.750 32.69
HRBF Harbor Federal Bancorp, Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 17.063 29.94
HRZB Horizon Financial Corp. Bellingham WA WE BIF NASDAQ 08/01/86 15.000 96.36
HTHR Hawthorne Financial Corp. El Segundo CA WE SAIF NASDAQ NA 10.625 27.62
HVFD Haverfield Corporation Cleveland OH MW SAIF NASDAQ 03/19/85 22.750 43.37
IFSB Independence Federal Savings Washington DC MA SAIF NASDAQ 06/06/85 8.625 11.04
INBI Industrial Bancorp Bellevue OH MW SAIF NASDAQ 08/01/95 12.875 70.87
IPSW Ipswich Savings Bank Ipswich MA NE BIF NASDAQ 05/26/93 15.750 18.71
ISBF ISB Financial Corporation New Iberia LA SW SAIF NASDAQ 04/07/95 25.625 180.69
ITLA ITLA Capital Corp. La Jolla CA WE BIF NASDAQ 10/24/95 16.375 128.12
IWBK InterWest Bancorp, Inc. Oak Harbor WA WE SAIF NASDAQ NA 33.500 268.03
JSBA Jefferson Savings Bancorp Ballwin MO MW SAIF NASDAQ 04/08/93 29.250 122.32
JSBF JSB Financial, Inc. Lynbrook NY MA BIF NASDAQ 06/27/90 41.000 401.10
KFBI Klamath First Bancorp Klamath Falls OR WE SAIF NASDAQ 10/05/95 18.125 181.29
KNK Kankakee Bancorp, Inc. Kankakee IL MW SAIF AMSE 01/06/93 26.875 38.03
KSAV KS Bancorp, Inc. Kenly NC SE SAIF NASDAQ 12/30/93 21.500 14.26
KSBK KSB Bancorp, Inc. Kingfield ME NE BIF NASDAQ 06/24/93 28.000 11.51
KYF Kentucky First Bancorp, Inc. Cynthiana KY MW SAIF AMSE 08/29/95 11.750 15.72
LARK Landmark Bancshares, Inc. Dodge City KS MW SAIF NASDAQ 03/28/94 19.750 36.26
LARL Laurel Capital Group, Inc. Allison Park PA MA SAIF NASDAQ 02/20/87 21.000 31.82
LFED Leeds Federal Savings Bk, MHC Baltimore MD MA SAIF NASDAQ 05/02/94 18.563 64.13
LIFB Life Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 10/11/94 19.875 195.71
LISB Long Island Bancorp, Inc. Melville NY MA SAIF NASDAQ 04/18/94 35.000 856.04
LOGN Logansport Financial Corp. Logansport IN MW SAIF NASDAQ 06/14/95 14.813 18.61
LSBI LSB Financial Corp. Lafayette IN MW BIF NASDAQ 02/03/95 20.000 18.36
LSBX Lawrence Savings Bank North Andover MA NE BIF NASDAQ 05/02/86 9.750 41.44
LVSB Lakeview Financial West Paterson NJ MA SAIF NASDAQ 12/22/93 33.500 81.02
MAFB MAF Bancorp, Inc. Clarendon Hills IL MW SAIF NASDAQ 01/12/90 39.500 414.36
MARN Marion Capital Holdings Marion IN MW SAIF NASDAQ 03/18/93 21.250 39.18
MASB MASSBANK Corp. Reading MA NE BIF NASDAQ 05/28/86 41.750 112.17
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE 09/03/92 18.375 52.07
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE NA 18.375 52.07
MBLF MBLA Financial Corp. Macon MO MW SAIF NASDAQ 06/24/93 20.750 27.78
MCBN Mid-Coast Bancorp, Inc. Waldoboro ME NE SAIF NASDAQ 11/02/89 19.000 4.37
</TABLE>
Source: SNL & F&C calculations 11
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit V - Selected Publicly Held 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>
MCBS Mid Continent Bancshares Inc. El Dorado KS MW SAIF NASDAQ 06/27/94 26.125 52.69
MDBK Medford Savings Bank Medford MA NE BIF NASDAQ 03/18/86 27.750 125.84
MERI Meritrust Federal SB Thibodaux LA SW SAIF NASDAQ NA 35.500 27.48
MFBC MFB Corp. Mishawaka IN MW SAIF NASDAQ 03/25/94 18.875 33.48
MFFC Milton Federal Financial Corp. West Milton OH MW SAIF NASDAQ 10/07/94 13.750 30.32
MFLR Mayflower Co-operative Bank Middleboro MA NE BIF NASDAQ 12/23/87 19.750 17.57
MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 36.875 115.46
MGNL Magna Bancorp, Inc. Hattiesburg MS SE SAIF NASDAQ 03/13/91 19.000 261.08
MIVI Mississippi View Holding Co. Little Falls MN MW SAIF NASDAQ 03/24/95 15.125 12.93
MLBC ML Bancorp, Inc. Villanova PA MA SAIF NASDAQ 08/11/94 17.375 202.65
MSBF MSB Financial, Inc. Marshall MI MW SAIF NASDAQ 02/06/95 21.000 13.50
MWBI Midwest Bancshares, Inc. Burlington IA MW SAIF NASDAQ 11/12/92 29.500 10.31
MWBX MetroWest Bank Framingham MA NE BIF NASDAQ 10/10/86 5.156 71.61
MWFD Midwest Federal Financial Baraboo WI MW SAIF NASDAQ 07/08/92 17.875 28.96
NASB North American Savings Bank Grandview MO MW SAIF NASDAQ 09/27/85 38.000 85.75
NEBC Northeast Bancorp Portland ME NE BIF NASDAQ 08/19/87 13.625 16.78
NEIB Northeast Indiana Bancorp Huntington IN MW SAIF NASDAQ 06/28/95 15.000 26.44
NHTB New Hampshire Thrift Bncshrs New London NH NE SAIF NASDAQ 05/22/86 12.000 20.46
NMSB NewMil Bancorp, Inc. New Milford CT NE BIF NASDAQ 02/01/86 9.250 37.39
NSSB Norwich Financial Corp. Norwich CT NE BIF NASDAQ 11/14/86 21.000 113.39
NSSY Norwalk Savings Society Norwalk CT NE BIF NASDAQ 06/16/94 25.375 60.84
NTMG Nutmeg Federal S&LA Danbury CT NE SAIF NASDAQ NA 7.375 5.24
NWEQ Northwest Equity Corp. Amery WI MW SAIF NASDAQ 10/11/94 14.000 13.01
NWSB Northwest Savings Bank, MHC Warren PA MA SAIF NASDAQ 11/07/94 15.500 362.33
NYB New York Bancorp Inc. Douglaston NY MA SAIF NYSE 01/28/88 31.125 515.73
OCWN Ocwen Financial Corporation West Palm Beach FL SE SAIF NASDAQ NA 33.250 889.24
OFCP Ottawa Financial Corp. Holland MI MW SAIF NASDAQ 08/19/94 20.375 105.54
OHSL OHSL Financial Corp. Cincinnati OH MW SAIF NASDAQ 02/10/93 22.000 26.53
PBCI Pamrapo Bancorp, Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89 20.750 65.49
PBCT People's Bank, MHC Bridgeport CT NE BIF NASDAQ 07/06/88 35.250 1,432.89
PBKB People's Bancshares, Inc. South Easton MA NE BIF NASDAQ 10/23/86 12.250 43.65
PBNB People's Savings Financial Cp. New Britain CT NE BIF NASDAQ 08/20/86 31.000 59.08
PCBC Perry County Financial Corp. Perryville MO MW SAIF NASDAQ 02/13/95 19.000 15.72
PCCI Pacific Crest Capital Agoura Hills CA WE BIF NASDAQ NA 13.750 40.28
PDB Piedmont Bancorp, Inc. Hillsborough NC SE SAIF AMSE 12/08/95 10.750 29.57
PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95 14.875 49.00
PERM Permanent Bancorp, Inc. Evansville IN MW SAIF NASDAQ 04/04/94 22.250 46.34
PERT Perpetual Bank, MHC Anderson SC SE SAIF NASDAQ 10/26/93 26.000 39.12
PETE Primary Bank Peterborough NH NE BIF NASDAQ 10/14/93 17.250 35.98
PFDC Peoples Bancorp Auburn IN MW SAIF NASDAQ 07/07/87 22.500 51.88
PFNC Progress Financial Corporation Blue Bell PA MA SAIF NASDAQ 07/18/83 8.938 33.47
PFSB PennFed Financial Services,Inc West Orange NJ MA SAIF NASDAQ 07/15/94 25.250 121.72
PFSL Pocahontas FS&LA, MHC Pocahontas AR SE SAIF NASDAQ 04/05/94 20.000 32.56
PHBK Peoples Heritage Finl Group Portland ME NE BIF NASDAQ 12/04/86 31.500 888.98
PKPS Poughkeepsie Savings Bank, FSB Poughkeepsie NY MA SAIF NASDAQ 11/19/85 6.250 78.70
PLE Pinnacle Bancshares, Inc. Jasper AL SE SAIF AMSE 12/17/86 21.500 19.13
PSAB Prime Bancorp, Inc. Philadelphia PA MA SAIF NASDAQ 11/21/88 21.250 112.44
PSBK Progressive Bank, Inc. Fishkill NY MA BIF NASDAQ 08/01/84 24.250 92.75
PTRS Potters Financial Corp. East Liverpool OH MW SAIF NASDAQ 12/31/93 20.000 10.12
PULB Pulaski Bank, Savings Bk, MHC St. Louis MO MW SAIF NASDAQ 05/11/94 17.000 35.60
PULS Pulse Bancorp South River NJ MA SAIF NASDAQ 09/18/86 18.125 55.48
PVFC PVF Capital Corp. Bedford Heights OH MW SAIF NASDAQ 12/30/92 16.750 38.92
PVSA Parkvale Financial Corporation Monroeville PA MA SAIF NASDAQ 07/16/87 28.500 115.31
PWBC PennFirst Bancorp, Inc. Ellwood City PA MA SAIF NASDAQ 06/13/90 13.500 52.67
QCBC Quaker City Bancorp, Inc. Whittier CA WE SAIF NASDAQ 12/30/93 19.250 73.00
QCFB QCF Bancorp, Inc. Virginia MN MW SAIF NASDAQ 04/03/95 19.000 27.10
</TABLE>
12
Source: SNL & F&C calculations
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held 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>
QCSB Queens County Bancorp, Inc. Flushing NY MA BIF NASDAQ 11/23/93 57.750 440.64
RARB Raritan Bancorp, Inc. Raritan NJ MA BIF NASDAQ 03/01/87 24.750 37.46
RCSB RCSB Financial, Inc. Rochester NY MA BIF NASDAQ 04/29/86 33.750 517.43
RELY Reliance Bancorp, Inc. Garden City NY MA SAIF NASDAQ 03/31/94 24.500 216.21
ROSE TR Financial Corp. Garden City NY MA BIF NASDAQ 06/29/93 35.250 309.74
RVSB Riverview Savings Bank, MHC Camas WA WE SAIF NASDAQ 10/26/93 17.750 38.98
SECP Security Capital Corporation Milwaukee WI MW SAIF NASDAQ 01/03/94 84.750 779.93
SFED SFS Bancorp, Inc. Schenectady NY MA SAIF NASDAQ 06/30/95 17.250 22.05
SFFC StateFed Financial Corporation Des Moines IA MW SAIF NASDAQ 01/05/94 18.625 14.70
SFSB SuburbFed Financial Corp. Flossmoor IL MW SAIF NASDAQ 03/04/92 22.500 28.23
SFSL Security First Corp. Mayfield Heights OH MW SAIF NASDAQ 01/22/88 18.500 92.02
SHEN First Shenango Bancorp, Inc. New Castle PA MA SAIF NASDAQ 04/06/93 24.500 50.47
SISB SIS Bancorp, Inc. Springfield MA NE BIF NASDAQ 02/08/95 26.500 151.68
SMBC Southern Missouri Bancorp, Inc Poplar Bluff MO MW SAIF NASDAQ 04/13/94 16.125 26.41
SMFC Sho-Me Financial Corp. Mt. Vernon MO MW SAIF NASDAQ 07/01/94 28.500 41.44
SOPN First Savings Bancorp, Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94 20.000 73.78
SOSA Somerset Savings Bank Somerville MA NE BIF NASDAQ 07/09/86 2.625 43.71
SPBC St. Paul Bancorp, Inc. Chicago IL MW SAIF NASDAQ 05/18/87 28.125 640.57
STFR St. Francis Capital Corp. Milwaukee WI MW SAIF NASDAQ 06/21/93 30.750 164.70
STND Standard Financial, Inc. Chicago IL MW SAIF NASDAQ 08/01/94 21.125 341.66
STSA Sterling Financial Corp. Spokane WA WE SAIF NASDAQ NA 16.875 93.47
SVRN Sovereign Bancorp, Inc. Wyomissing PA MA SAIF NASDAQ 08/12/86 13.188 786.55
SWBI Southwest Bancshares Hometown IL MW SAIF NASDAQ 06/24/92 18.750 49.45
SWCB Sandwich Co-operative Bank Sandwich MA NE BIF NASDAQ 07/25/86 31.000 58.95
TBK Tolland Bank Tolland CT NE BIF AMSE 12/19/86 15.375 18.03
TCB TCF Financial Corp. Minneapolis MN MW SAIF NYSE 06/17/86 44.625 1,551.04
THR Three Rivers Financial Corp. Three Rivers MI MW SAIF AMSE 08/24/95 14.875 12.66
THRD TF Financial Corporation Newtown PA MA SAIF NASDAQ 07/13/94 18.875 80.81
TPNZ Tappan Zee Financial, Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 14.500 22.32
TRIC Tri-County Bancorp, Inc. Torrington WY WE SAIF NASDAQ 09/30/93 18.500 11.26
TSBS Trenton SB, MHC Lawrenceville NJ MA BIF NASDAQ 08/03/95 18.500 167.19
TSH Teche Holding Co. Franklin LA SW SAIF AMSE 04/19/95 15.875 54.56
TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95 19.000 16.22
UBMT United Financial Corp. Great Falls MT WE SAIF NASDAQ 09/23/86 19.750 24.16
UFRM United Federal Savings Bank Rocky Mount NC SE SAIF NASDAQ 07/01/80 8.625 26.44
VFFC Virginia First Financial Corp. Petersburg VA SE SAIF NASDAQ 01/01/78 14.625 84.67
WAMU Washington Mutual Inc. Seattle WA WE BIF NASDAQ 03/11/83 50.375 5,951.42
WBST Webster Financial Corporation Waterbury CT NE SAIF NASDAQ 12/12/86 38.875 308.14
WCBI Westco Bancorp Westchester IL MW SAIF NASDAQ 06/26/92 22.000 56.48
WEFC Wells Financial Corp. Wells MN MW SAIF NASDAQ 04/11/95 14.750 30.65
WFCO Winton Financial Corp. Cincinnati OH MW SAIF NASDAQ 08/04/88 12.516 24.86
WFSL Washington Federal, Inc. Seattle WA WE SAIF NASDAQ 11/17/82 24.875 1,180.32
WRNB Warren Bancorp, Inc. Peabody MA NE BIF NASDAQ 07/09/86 15.750 57.67
WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 5.250 22.16
WSFS WSFS Financial Corporation Wilmington DE MA BIF NASDAQ 11/26/86 11.750 151.72
WSTR WesterFed Financial Corp. Missoula MT WE SAIF NASDAQ 01/10/94 20.750 91.24
WVFC WVS Financial Corporation Pittsburgh PA MA SAIF NASDAQ 11/29/93 25.250 43.86
YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84 18.125 123.11
Maximum 84.750 5,951.42
Minimum 2.625 4.37
Average 22.280 207.43
Median 19.813 54.47
</TABLE>
Source: SNL & F&C calculations 13
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held 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 Merger
Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) (%) Target?
Ticker (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM LTM (Y/N)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AADV 16.7 138.0 149.0 12.1 1.05 1,031,221 8.7 8.2 2.28 0.32 3.42 N
ABBK 13.8 117.8 131.9 8.1 1.92 486,958 6.9 6.2 1.51 0.74 11.00 N
ABCL 18.7 142.2 146.2 12.1 - 667,964 8.5 8.3 1.60 0.47 5.72 N
ABCW 14.4 182.4 187.0 11.3 1.10 1,869,211 6.2 6.0 3.17 0.72 11.06 N
AFCB 14.2 134.7 135.5 13.5 2.22 1,032,213 9.8 9.8 1.90 0.88 8.70 N
AFFFZ 6.0 116.2 118.1 8.9 4.92 2,209,051 8.0 7.9 5.47 1.37 19.46 N
AHM 18.1 210.8 250.5 8.2 2.19 49,902,044 4.9 4.3 2.23 0.29 4.53 N
ALBK 15.2 141.1 163.4 12.8 1.72 3,506,136 9.1 8.0 2.30 0.77 8.20 N
ANBK 18.0 107.9 107.9 10.2 0.87 492,506 9.0 9.0 0.77 0.22 2.16 N
ANDB 11.0 146.0 146.0 11.6 2.20 1,204,813 8.0 8.0 2.48 1.09 14.08 N
ASBI 15.0 118.0 118.1 13.1 3.81 396,755 11.1 11.1 1.05 0.62 5.40 N
ASBP 19.9 108.4 108.4 18.1 3.40 111,824 15.7 15.7 0.59 0.60 2.72 N
ASFC 16.8 145.0 174.7 11.7 1.11 7,272,763 8.1 6.8 2.36 0.53 6.38 N
BANC 17.7 179.5 193.3 11.6 0.85 2,170,480 6.4 6.0 0.77 0.85 10.90 N
BDJI 18.8 105.3 105.3 12.0 - 109,729 11.4 11.4 1.00 0.32 2.45 N
BFD 24.3 113.6 NA 12.8 1.19 820,567 10.5 NA 0.69 0.40 3.32 N
BFSB 12.7 113.4 113.4 17.1 2.48 129,601 14.3 14.3 1.53 1.06 7.02 N
BKC 13.9 155.6 162.9 13.1 4.50 558,437 8.5 8.1 2.30 1.26 14.40 N
BKCT 14.2 142.8 142.8 14.6 3.45 419,398 10.2 10.2 1.67 1.26 11.73 N
BKUNA 24.2 143.3 178.9 6.5 - 1,329,044 7.4 6.6 0.45 0.40 2.35 N
BSBC 14.8 159.4 159.4 14.3 2.00 183,511 9.0 9.0 0.27 1.05 11.77 N
BVFS 17.9 175.2 184.6 10.6 1.22 3,300,262 6.1 5.8 2.93 0.34 5.39 N
BWFC 23.0 92.2 92.2 14.6 2.44 143,186 15.9 15.9 0.50 0.77 4.12 N
CAFI 12.1 119.1 129.7 11.4 2.74 469,449 9.6 8.9 1.45 0.79 9.19 N
CAPS 12.9 128.1 128.1 10.8 1.78 235,687 8.5 8.5 1.05 0.63 6.65 N
CARV 24.7 67.1 70.2 6.3 - 372,147 9.4 9.0 0.41 (0.03) (0.28) N
CASB 21.9 169.3 169.3 10.3 - 348,050 6.1 6.1 0.80 0.51 8.16 N
CASH 12.1 111.1 125.5 13.1 2.15 369,885 11.8 10.6 1.38 0.75 6.38 N
CBCI 14.0 103.2 103.2 16.5 - 510,217 16.0 16.0 2.54 1.08 6.56 N
CBNH 15.3 149.3 149.3 11.1 2.57 550,596 7.4 7.4 1.63 0.94 12.84 N
CBSA 12.6 147.1 176.3 4.8 1.46 2,875,907 3.3 2.8 2.19 0.25 7.48 N
CBSB 16.6 119.5 129.0 18.2 1.48 380,051 15.2 14.3 0.98 0.98 5.72 N
CEBK 16.7 107.7 121.4 11.1 1.75 324,297 10.3 9.2 1.09 0.59 5.92 N
CENF 10.0 146.4 146.6 7.6 1.11 2,184,858 5.2 5.2 3.23 0.55 10.88 N
CFB 13.5 200.1 227.6 11.5 0.76 6,868,213 5.8 5.1 2.73 0.66 11.05 N
CFCP 20.1 280.4 280.4 17.9 1.87 453,955 6.4 6.4 1.17 0.88 14.38 N
CFFC 13.9 130.3 130.3 17.9 2.38 166,664 13.8 13.8 1.69 1.04 7.50 N
CFSB 14.2 160.1 160.1 12.1 2.26 829,800 7.5 7.5 1.50 0.69 8.54 N
CFX 15.6 167.2 179.7 14.4 5.14 1,547,092 8.6 8.1 1.10 0.86 9.58 N
CIBI 12.4 100.1 100.1 11.4 2.32 95,787 11.4 11.4 1.39 0.64 4.99 N
CKFB 23.0 110.9 110.9 29.2 2.33 60,038 25.2 25.2 0.82 1.30 4.87 N
CMRN 16.9 98.4 98.4 24.3 1.71 191,879 24.7 24.7 0.97 1.15 4.39 N
CMSV 16.0 125.8 125.8 14.6 4.10 655,209 11.6 11.6 1.22 0.64 5.37 N
CNIT 18.6 152.3 167.2 10.7 2.22 685,962 7.0 6.5 2.42 0.40 5.61 N
COFI 13.4 228.1 246.1 15.2 2.02 13,904,563 6.7 6.2 3.41 0.94 13.89 N
CSA 22.0 197.6 200.6 9.6 - 8,704,952 4.9 4.8 2.05 0.13 2.56 N
CTBK 13.4 116.8 119.5 7.8 2.00 242,182 6.7 6.6 1.49 0.65 9.54 N
CTZN 15.3 163.7 184.7 10.4 0.91 2,918,160 6.3 5.7 2.30 0.51 7.68 N
CVAL 14.2 136.8 136.8 12.1 2.05 290,173 8.9 8.9 1.51 0.61 6.72 N
CZF 15.9 111.0 111.0 17.8 2.86 75,635 16.0 16.0 0.88 0.78 4.30 N
DFIN 22.7 101.5 101.5 23.2 1.66 235,264 22.9 22.9 0.64 0.72 3.09 N
DIBK 8.2 165.9 172.5 13.8 1.78 751,303 8.3 8.0 2.46 1.82 22.19 N
DME 13.7 176.7 178.4 9.6 - 18,870,108 5.4 5.4 1.26 0.52 10.36 N
DNFC 12.8 177.7 179.8 10.3 - 1,473,054 5.9 5.8 1.42 0.67 11.58 N
DSL 17.7 147.1 149.4 11.1 1.41 5,198,157 7.5 7.4 1.28 0.42 5.34 N
EBSI 15.0 135.4 135.4 11.8 3.48 666,166 8.7 8.7 1.15 0.59 6.63 N
</TABLE>
Sources SNL & F&C calculations 14
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held 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 Merger
Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) (%) Target?
Ticker (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM LTM (Y/N)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EFBI 19.0 107.1 107.2 13.6 -- 246,397 12.7 12.7 0.87 0.68 4.71 N
EGFC 15.9 126.3 168.5 9.1 3.15 1,458,050 7.2 5.5 1.84 0.97 13.49 N
EIRE 17.1 155.4 155.4 10.6 1.43 409,639 6.8 6.8 1.15 0.63 9.38 N
EMLD 13.9 143.7 146.4 10.9 1.96 567,490 7.6 7.5 1.76 0.68 8.38 N
EQSB 11.4 144.5 144.5 7.2 -- 286,637 5.0 5.0 3.03 0.41 8.08 N
ESBK 22.9 97.8 102.2 6.2 3.28 222,839 6.3 6.1 0.85 0.28 4.43 N
FBBC 14.0 147.0 147.0 19.4 2.44 656,183 13.2 13.2 1.17 1.30 6.75 N
FBCI 17.4 110.4 110.7 11.2 1.64 484,106 10.2 10.1 1.12 0.50 4.37 N
FBHC 16.2 107.7 116.3 6.9 1.19 278,532 6.4 6.0 1.45 0.23 3.47 N
FBSI 15.3 103.2 103.4 15.2 1.00 157,014 14.8 14.7 1.31 0.83 5.19 N
FCME 3.1 161.4 161.4 9.7 -- 136,429 6.0 6.0 3.20 1.49 45.72 N
FDEF 23.3 107.6 107.6 23.1 2.42 543,411 21.5 21.5 0.57 0.78 3.26 N
FED 15.2 139.3 141.3 6.5 -- 4,143,852 4.7 4.6 1.69 0.20 4.22 N
FESX 12.5 142.9 166.5 11.1 3.00 1,067,175 7.8 6.8 1.28 1.08 14.37 N
FFBI 21.0 89.9 89.9 7.0 -- 94,533 7.8 7.8 0.74 (0.17) (2.04) N
FFBS 18.8 131.9 131.9 27.1 2.27 127,125 19.4 19.4 1.17 1.13 5.72 N
FFBZ 15.9 209.1 209.3 14.6 1.37 189,065 7.6 7.6 1.10 0.77 10.08 N
FFCH 14.7 184.9 184.9 11.3 2.55 1,582,274 6.1 6.1 1.92 0.52 8.24 N
FFES 12.3 124.4 124.4 7.8 2.11 958,550 6.3 6.3 2.32 0.43 6.91 N
FFFC 17.6 135.0 138.0 20.2 1.74 533,826 14.0 13.7 1.31 1.05 6.68 N
FFHC 14.7 239.9 247.7 17.3 2.24 5,700,431 7.2 7.0 1.82 0.91 12.48 N
FFHH 21.6 109.1 109.1 15.4 2.90 362,373 12.4 12.4 0.80 0.58 4.02 N
FFHS 17.3 105.5 106.3 9.4 1.78 222,302 8.9 8.8 1.04 0.13 1.35 N
FFIC 24.5 118.4 118.4 20.4 0.84 775,343 17.2 17.2 0.78 0.91 4.89 N
FFKY 17.3 174.7 186.4 23.8 2.49 367,067 13.6 12.9 1.21 1.23 8.76 N
FFLC 20.5 118.2 118.2 18.3 1.85 346,442 15.5 15.5 1.27 0.65 3.94 N
FFSL 14.9 103.7 103.7 11.4 2.13 108,914 11.0 11.0 0.79 0.58 4.84 N
FFSW 22.7 240.7 289.6 12.6 1.28 1,080,383 7.9 7.0 1.65 0.95 14.27 N
FFSX 17.7 154.8 156.3 12.7 2.34 457,311 8.2 8.1 1.74 0.41 4.90 N
FFWC 11.4 113.2 113.2 11.5 2.31 158,200 10.2 10.2 2.28 0.87 8.36 N
FFWD 14.4 122.4 122.4 15.7 2.39 159,693 12.8 12.8 1.16 0.92 6.68 N
FFYF 17.0 130.8 130.8 18.7 2.77 582,331 14.3 14.3 1.49 0.84 4.74 N
FGHC 18.6 193.5 216.0 15.5 0.70 150,551 8.0 7.2 0.41 0.56 6.79 N
FIBC 14.2 121.3 121.9 12.1 2.24 259,104 9.9 9.9 1.26 0.50 4.78 N
FISB 14.7 157.2 159.3 14.6 2.29 1,496,421 9.3 9.2 1.79 0.90 10.23 N
FKFS 12.0 121.3 121.3 9.1 0.91 310,695 7.5 7.5 1.82 0.48 5.93 N
FLFC 16.8 196.2 223.2 13.2 1.78 1,212,681 7.4 6.6 1.34 0.80 11.32 N
FMCO 10.5 139.7 143.1 8.7 1.01 541,710 6.2 6.1 1.89 0.58 9.05 N
FMSB 13.8 181.3 NA 11.9 0.99 416,832 6.6 NA 1.47 1.01 15.33 N
FNGB 17.0 115.6 115.6 13.2 3.46 615,503 11.4 11.4 1.09 0.56 4.61 N
FOBC 14.6 112.6 118.4 13.7 3.05 341,897 11.7 11.2 1.30 0.69 5.70 N
FRC 18.9 145.8 146.0 8.5 -- 2,156,599 5.9 5.9 1.27 0.61 10.86 N
FSBI 13.4 142.5 142.5 10.3 1.51 320,336 7.2 7.2 1.78 0.50 6.98 N
FSFC 15.0 138.2 138.2 14.3 1.88 326,013 10.4 10.4 0.71 (0.01) (0.08) N
FSLA 18.5 166.4 188.6 15.7 1.86 987,115 9.4 8.4 1.16 0.49 5.15 N
FSPG 10.3 148.3 151.2 9.7 2.24 498,399 6.6 6.4 1.73 0.90 13.77 N
FSTC 9.9 164.7 209.4 15.4 1.76 257,288 9.4 7.5 2.52 2.04 19.36 N
FTF 10.6 116.9 116.9 18.8 2.69 163,571 16.1 16.1 1.58 1.39 7.41 N
FTFC 17.1 187.1 198.4 11.9 2.27 1,469,422 6.3 6.0 1.65 0.71 10.18 N
FTSB 24.5 117.9 117.9 20.3 2.13 91,109 17.2 17.2 0.48 0.51 2.32 N
FWWB 20.4 130.7 142.3 21.4 1.01 977,075 15.1 14.1 0.97 1.05 5.71 N
GBCI 13.2 208.0 208.2 19.7 2.67 412,042 9.5 9.4 1.82 1.36 14.25 N
GDW 9.2 168.9 168.9 10.5 0.64 37,730,598 6.2 6.2 7.57 1.03 16.75 N
GFCO 14.7 101.8 103.6 9.8 2.96 278,721 9.6 9.5 1.57 0.31 3.28 N
GFSB 11.3 106.9 106.9 12.3 1.86 87,625 11.5 11.5 1.91 0.96 8.10 N
GLN 24.5 171.2 183.5 8.5 -- 15,128,192 6.4 6.0 1.05 0.29 3.66 N
</TABLE>
Source: SNL & F&C calculations 15
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Pubicly Held 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 Merger
Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) (%) Target?
Ticker (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM LTM (Y/N)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GPT 20.2 163.2 284.9 20.2 1.76 13,325,585 11.0 6.6 2.81 0.95 8.97 N
GRTR 24.6 143.7 143.7 8.7 1.23 2,541,888 8.3 8.3 0.66 0.72 7.55 N
GSBC 14.5 234.4 234.4 21.1 2.32 669,483 9.0 9.0 1.19 1.42 14.24 N
GSLC 18.2 133.9 133.9 7.7 1.04 116,177 5.7 5.7 0.53 0.46 7.77 N
GTFN 23.3 156.0 162.6 15.1 1.55 2,897,162 9.7 9.3 1.33 0.73 7.00 N
GUPB 20.1 100.7 100.7 17.9 2.46 81,775 17.8 17.8 0.81 0.76 3.68 N
GWBC 21.0 90.0 90.0 23.1 2.81 66,439 25.6 25.6 0.68 0.76 2.99 N
HALL 12.8 96.4 96.4 6.8 -- 396,808 7.1 7.1 1.47 0.43 5.81 N
HARB 15.3 208.5 217.1 17.2 3.78 1,060,339 8.3 8.0 2.42 0.91 10.74 N
HARL 12.4 165.7 165.7 10.4 1.93 324,230 6.3 6.3 1.67 0.62 9.33 N
HAVN 11.7 153.4 154.1 9.6 1.70 1,583,545 6.3 6.3 3.02 0.62 9.83 N
HBFW 20.1 119.5 119.5 16.7 0.98 325,168 14.0 14.0 1.02 0.52 3.36 N
HBNK 23.3 158.1 158.1 11.3 -- 489,701 7.1 7.1 1.03 0.15 1.92 N
HBS 15.3 102.4 106.6 15.7 3.27 130,859 15.3 14.8 1.12 0.70 4.57 N
HFFB 22.7 105.3 105.3 30.6 2.48 107,051 26.8 26.8 0.71 0.99 3.52 N
HFFC 13.8 115.0 115.3 10.3 1.85 552,735 9.3 9.2 1.41 0.61 6.67 N
HFGI 14.6 143.6 143.6 6.5 -- 527,369 4.5 4.5 0.72 0.32 7.42 N
HFSA 20.1 101.7 101.7 15.0 2.62 97,015 14.8 14.8 0.76 0.49 2.82 N
HIFS 12.1 128.3 128.3 12.2 1.90 201,586 9.5 9.5 1.57 1.10 11.06 N
HMCI 22.8 110.9 110.9 6.9 -- 335,824 6.2 6.2 0.90 0.11 1.72 N
HMNF 19.3 118.8 118.8 17.6 -- 554,732 14.8 14.8 1.14 0.78 4.82 N
HOMF 13.0 169.4 175.4 14.0 1.47 650,433 8.3 8.0 2.09 1.01 12.18 N
HPBC 10.8 162.7 162.7 17.2 4.51 189,931 10.6 10.6 1.65 1.72 15.84 N
HRBF 23.4 106.1 106.1 13.7 2.34 218,777 12.9 12.9 0.73 0.33 2.35 N
HRZB 13.0 123.3 123.3 19.1 2.67 504,553 15.5 15.5 1.15 1.56 9.70 N
HTHR 18.6 86.7 86.7 3.3 -- 827,784 5.3 5.3 0.57 0.89 16.58 N
HVFD 14.9 153.0 153.1 12.5 2.46 346,856 8.2 8.2 1.53 0.44 5.21 N
IFSB 22.1 66.2 76.5 4.5 2.55 247,888 6.7 5.9 0.39 0.13 1.98 N
INBI 15.9 114.1 114.1 21.7 3.11 326,613 19.0 19.0 0.81 0.75 3.62 N
IPSW 14.9 190.0 190.0 11.8 1.27 158,942 6.2 6.2 1.06 1.22 20.14 N
ISBF 24.0 148.1 175.5 19.4 1.33 929,264 12.3 10.6 1.07 0.74 4.49 N
ITLA 12.0 143.4 143.4 15.8 -- 810,443 11.0 11.0 1.36 1.44 12.86 N
IWBK 15.1 230.9 236.6 15.7 1.67 1,703,244 6.8 6.7 2.22 0.81 11.92 N
JSBA 17.0 135.5 164.4 10.8 1.37 1,128,339 7.2 6.0 1.72 0.23 3.21 N
JSBF 17.0 119.6 119.6 26.5 3.42 1,516,016 22.1 22.1 2.41 1.74 7.91 N
KFBI 22.9 118.9 118.9 26.9 1.55 673,094 22.7 22.7 0.79 0.91 3.55 N
KNK 17.0 104.2 111.5 10.8 1.79 350,643 10.4 9.8 1.58 0.50 4.95 N
KSAV 13.5 103.9 104.0 14.1 2.79 100,840 13.6 13.6 1.59 0.88 5.94 N
KSBK 8.3 123.4 132.5 8.6 0.71 134,079 7.0 6.5 3.36 0.93 13.70 N
KYF 16.3 108.3 108.3 18.6 4.26 87,874 17.2 17.2 0.72 0.87 3.88 N
LARK 18.0 110.8 110.8 16.3 2.03 221,978 14.7 14.7 1.10 0.80 4.91 N
LARL 11.9 146.8 146.8 15.7 2.10 202,474 10.7 10.7 1.77 1.11 10.45 N
LFED 21.3 142.6 142.6 23.0 3.66 278,311 16.2 16.2 0.87 0.77 4.75 N
LIFB 16.8 129.7 133.9 13.8 2.21 1,419,762 10.6 10.3 1.18 0.68 5.52 N
LISB 21.9 162.9 164.5 14.9 1.71 5,759,340 9.1 9.1 1.60 0.63 6.22 N
LOGN 17.0 120.6 120.6 24.0 2.70 77,668 19.9 19.9 0.87 1.20 5.09 N
LSBI 24.7 101.7 101.7 10.3 -- 177,840 9.4 9.4 0.81 0.50 4.77 N
LSBX 8.2 142.8 142.8 12.3 -- 337,856 8.6 8.6 1.19 1.61 20.74 N
LVSB 20.7 169.5 211.5 17.2 0.75 471,799 10.1 8.3 1.62 1.43 13.98 N
MAFB 13.0 165.3 191.6 12.8 0.91 3,230,341 7.8 6.8 3.03 0.68 9.57 N
MARN 16.4 98.0 98.0 22.3 3.77 175,806 22.7 22.7 1.30 1.15 4.90 N
MASB 13.0 121.6 121.6 12.6 2.59 888,237 10.4 10.4 3.22 1.08 10.65 N
MBB 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17 0.83 N
MBB 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17 0.83 N
MBLF 16.7 97.7 97.7 13.3 1.93 208,898 13.6 13.6 1.24 0.66 4.86 N
MCBN 12.7 87.9 87.9 7.6 2.74 57,838 8.6 8.6 1.50 0.40 4.50 N
</TABLE>
Source: SNL & F&C calculations 16
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held 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 Merger
Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) (%) Target?
Ticker (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM LTM (Y/N)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MCBS 13.0 134.9 134.9 14.8 1.53 355,525 10.6 10.6 2.01 1.05 8.88 N
MDBK 12.9 136.0 147.5 12.1 2.60 1,039,098 8.9 8.3 2.15 1.05 11.72 N
MERI 14.0 156.8 156.8 12.1 1.97 226,591 7.7 7.7 2.54 0.55 7.36 N
MFBC 21.2 97.1 97.1 15.0 1.70 223,945 15.4 15.4 0.89 0.52 2.93 N
MFFC 23.3 111.9 111.9 17.3 4.36 175,707 15.4 15.4 0.59 0.61 3.24 N
MFLR 17.8 151.3 154.2 14.6 3.04 120,448 9.6 9.5 1.11 0.94 9.67 N
MFSL 13.3 125.1 126.9 10.2 2.17 1,129,756 8.2 8.1 2.78 0.53 6.48 N
MGNL 12.3 200.4 208.8 19.5 3.16 1,341,985 9.7 9.4 1.55 1.37 13.90 N
MIVI 18.2 99.2 99.2 18.4 1.06 70,329 18.5 18.5 0.83 0.68 3.63 N
MLBC 17.2 132.9 136.3 10.8 2.19 1,875,091 7.5 7.4 1.01 0.71 9.21 N
MSBF 13.4 107.1 107.1 20.5 2.38 66,541 19.1 19.1 1.57 1.29 6.07 N
MWBI 11.1 107.4 107.4 7.6 2.03 136,425 7.0 7.0 2.67 0.46 6.61 N
MWBX 10.7 182.8 182.8 13.7 2.33 522,570 7.5 7.5 0.48 1.33 17.97 N
MWFD 16.7 175.4 183.5 14.7 1.68 194,707 8.4 8.1 1.07 1.04 11.26 N
NASB 10.3 162.3 168.1 11.6 2.11 738,692 7.2 6.9 3.68 1.15 16.09 N
NEBC 24.3 100.2 117.1 7.0 2.35 238,459 7.9 6.9 0.56 0.46 5.49 N
NEIB 16.7 105.0 105.0 18.3 2.13 160,032 17.4 17.4 0.90 1.02 4.97 N
NHTB 19.4 106.6 106.6 7.7 4.17 264,385 7.3 7.3 0.62 0.24 3.15 N
NMSB 16.8 114.2 114.2 12.0 2.60 311,863 10.5 10.5 0.55 0.82 7.49 N
NSSB 19.1 148.2 158.4 16.6 2.29 683,299 11.2 10.6 1.10 0.95 8.91 N
NSSY 20.0 137.7 143.5 9.5 0.79 637,156 7.2 6.9 1.27 0.81 10.27 N
NTMG 22.4 104.2 104.2 5.6 - 93,924 5.8 5.8 0.33 0.32 4.83 N
NWEQ 15.1 101.3 101.3 13.5 3.14 96,518 12.3 12.3 0.93 0.76 5.88 N
NWSB 18.2 189.7 199.0 19.0 2.07 1,911,978 10.0 9.6 0.85 0.72 6.95 N
NYB 14.5 324.2 324.2 16.5 1.93 3,122,017 5.1 5.1 2.14 1.22 21.81 N
OCWN 21.7 436.9 436.9 35.8 - 2,483,685 8.2 8.2 1.53 2.49 31.08 N
OFCP 21.2 140.0 177.2 12.8 1.77 827,275 9.1 7.3 0.96 0.40 3.11 N
OHSL 15.9 106.9 106.9 12.4 4.00 217,627 11.6 11.6 1.38 0.57 4.60 N
PBCI 15.4 122.4 123.4 18.1 4.82 362,910 14.7 14.6 1.35 0.81 5.25 N
PBCT 23.0 231.3 231.6 18.7 2.50 7,645,200 8.1 8.1 1.53 1.13 13.87 N
PBKB 17.3 140.5 146.9 8.8 2.94 496,133 6.3 6.0 0.71 0.74 13.03 N
PBNB 15.9 127.9 136.8 12.3 2.97 482,394 9.6 9.0 1.95 0.93 8.92 N
PCBC 15.7 103.7 103.7 19.6 2.11 80,408 18.9 18.9 1.21 0.71 3.69 N
PCCI 16.4 164.7 164.7 13.3 - 304,085 8.1 8.1 0.84 1.06 13.14 N
PDB 23.9 150.6 150.6 23.6 3.72 125,086 15.7 15.7 0.45 (0.21) (0.77) N
PEEK 19.8 102.7 102.7 26.8 2.42 187,534 26.1 26.1 0.75 1.13 3.78 N
PERM 23.2 115.6 116.8 11.2 1.35 412,967 9.7 9.6 0.96 0.24 2.37 N
PERT 19.1 132.1 132.1 17.5 4.62 223,000 13.3 13.3 1.36 0.76 6.85 N
PETE 11.4 127.9 128.2 8.4 - 427,407 6.6 6.6 1.52 0.85 13.39 N
PFDC 12.4 120.8 120.8 18.5 2.67 280,339 15.3 15.3 1.82 1.12 7.26 N
PFNC 21.8 167.7 193.5 8.7 0.90 383,981 5.2 4.5 0.41 0.35 6.58 N
PFSB 13.4 122.0 150.1 10.0 1.11 1,213,679 7.6 6.2 1.89 0.55 6.39 N
PFSL 14.2 139.7 139.7 8.7 4.50 373,084 6.3 6.3 1.41 0.55 9.15 N
PHBK 14.0 203.5 243.4 16.5 2.29 5,398,398 8.1 6.9 2.25 1.21 14.41 N
PKPS 22.3 109.8 109.8 9.2 1.60 858,690 8.4 8.4 0.28 0.17 2.02 N
PLE 12.6 125.2 129.4 9.8 3.72 195,502 7.8 7.6 1.71 0.51 6.55 N
PSAB 16.5 159.4 NA 12.1 3.20 926,071 7.6 NA 1.29 0.46 5.75 N
PSBK 10.2 127.8 145.3 10.6 2.80 875,180 8.3 7.4 2.39 1.09 13.13 N
PTRS 22.7 98.3 98.3 8.1 1.40 125,497 8.2 8.2 0.88 0.03 0.27 N
PULB 24.6 155.8 155.8 20.2 5.88 176,436 13.0 13.0 0.69 0.57 4.46 N
PULS 12.0 139.5 139.5 10.9 3.86 509,690 7.8 7.8 1.51 0.72 7.60 N
PVFC 7.2 163.6 163.6 11.2 - 347,577 6.9 6.9 2.33 0.99 14.87 N
PVSA 12.3 162.3 163.8 12.2 1.83 945,302 7.5 7.5 2.32 0.77 10.67 N
PWBC 13.1 102.2 111.9 7.5 2.67 698,735 7.4 6.8 1.03 0.41 5.47 N
QCBC 19.1 107.7 107.9 9.6 - 764,466 8.9 8.9 1.01 0.27 2.87 N
QCFB 12.6 103.6 103.6 18.3 - 148,321 17.6 17.6 1.51 1.24 6.18 N
</TABLE>
Source SNL & F&C calculations 17
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held 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 Merger
Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) (%) Target?
Ticker (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM LTM (Y/N)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
QCSB 20.9 208.4 208.4 32.4 1.73 1,358,656 15.6 15.6 2.77 1.63 10.10 N
RARB 12.0 132.6 135.2 10.0 2.83 375,393 7.5 7.4 2.07 0.85 11.71 N
RCSB 14.8 159.8 164.1 12.9 1.78 4,014,317 8.1 7.9 2.28 1.00 12.39 N
RELY 15.4 139.1 199.5 11.5 2.29 1,878,184 8.3 5.9 1.59 0.52 6.00 N
ROSE 12.3 140.9 140.9 9.5 2.50 3,259,627 6.3 6.3 2.87 1.00 16.03 N
RVSB 16.0 159.8 177.3 17.4 1.24 224,473 10.9 9.9 1.11 0.97 8.87 N
SECP 18.1 145.7 145.7 21.3 1.42 3,657,959 15.5 15.5 4.69 0.99 6.02 N
SFED 17.3 104.2 104.2 13.3 1.39 166,030 12.8 12.8 1.00 0.45 3.22 N
SFFC 14.7 99.2 99.2 17.6 2.15 82,809 17.8 17.8 1.27 1.01 5.29 N
SFSB 15.7 107.6 108.1 7.0 1.42 404,092 6.5 6.5 1.43 0.28 4.04 N
SFSL 12.9 159.6 162.6 14.7 2.38 624,296 9.2 9.1 1.43 0.94 9.99 N
SHEN 14.1 117.2 117.2 12.4 1.96 405,785 10.6 10.6 1.74 0.82 6.43 N
SISB 8.4 144.9 144.9 11.3 1.81 1,348,612 7.6 7.6 3.16 1.52 20.91 N
SMBC 15.8 102.3 102.3 16.5 3.10 159,653 16.2 16.2 1.02 0.74 4.56 N
SMFC 17.2 138.0 138.0 13.9 - 298,037 10.1 10.1 1.66 0.79 7.14 N
SOPN 18.4 110.9 110.9 27.8 4.00 265,888 25.0 25.0 1.09 1.34 5.18 N
SOSA 15.4 146.7 146.7 8.5 - 517,342 5.8 5.8 0.17 0.55 9.88 N
SPBC 17.5 165.1 165.5 14.7 1.71 4,357,170 8.9 8.9 1.61 0.62 6.85 N
STFR 17.3 129.6 136.4 11.7 1.56 1,409,316 8.9 8.5 1.78 0.72 7.31 N
STND 20.7 127.4 127.6 14.2 1.89 2,405,221 11.2 11.1 1.02 0.53 4.45 N
STSA 23.1 147.9 175.1 6.1 - 1,536,344 5.8 5.2 0.73 0.16 0.91 N
SVRN 13.9 198.6 281.2 8.3 0.61 9,433,154 5.0 3.9 0.95 0.58 12.66 N
SWBI 14.5 124.1 124.1 12.9 4.05 382,375 10.4 10.4 1.29 0.72 6.30 N
SWCB 14.5 152.6 160.7 12.7 3.87 464,555 8.3 7.9 2.14 0.94 11.47 N
TBK 11.7 115.6 119.7 7.8 1.30 232,282 6.7 6.5 1.31 0.65 9.84 N
TCB 16.0 282.3 293.4 21.9 1.68 7,090,862 7.8 7.5 2.79 1.24 16.13 N
THR 17.3 98.9 99.3 14.2 2.42 89,271 14.3 14.3 0.86 0.53 3.59 N
THRD 17.0 103.1 118.1 12.5 2.12 647,853 11.2 9.9 1.11 0.61 4.74 N
TPNZ 19.1 105.0 105.0 19.1 1.38 116,726 18.2 18.2 0.76 0.71 3.82 N
TRIC 15.4 85.7 85.7 13.1 3.24 85,888 15.3 15.3 1.20 0.71 4.87 N
TSBS 24.7 161.7 177.0 27.8 1.89 601,017 17.2 15.9 0.75 1.56 8.34 N
TSH 15.0 105.7 105.7 14.0 3.15 388,910 13.3 13.3 1.06 0.69 4.42 N
TWIN 17.8 121.2 121.2 15.4 3.37 105,263 12.7 12.7 1.07 0.62 4.69 N
UBMT 15.4 99.3 99.3 22.4 4.76 107,945 22.5 22.5 1.28 1.20 5.24 N
UFRM 21.0 133.9 133.9 10.0 2.32 263,582 7.5 7.5 0.41 0.27 3.38 N
VFFC 15.9 133.1 138.2 10.5 0.68 808,545 7.9 7.6 0.92 1.42 17.69 N
WAMU 21.6 261.0 277.2 13.4 1.99 44,551,925 5.4 5.1 2.33 0.27 4.16 N
WBST 13.5 156.8 202.5 7.9 1.85 3,917,600 5.3 4.2 2.89 0.67 12.23 N
WCBI 14.6 118.1 118.1 18.2 2.73 310,992 15.4 15.4 1.51 1.06 6.83 N
WEFC 15.4 108.7 108.7 15.2 - 201,326 14.0 14.0 0.96 0.61 4.21 N
WFCO 11.6 116.3 119.2 8.5 3.36 292,264 7.3 7.2 1.08 0.67 8.96 N
WFSL 12.3 177.8 198.5 20.1 3.51 5,869,259 11.3 10.3 2.02 1.64 13.93 N
WRNB 10.0 167.4 167.4 16.1 2.79 358,954 9.6 9.6 1.58 1.87 20.56 N
WSB 10.9 105.4 105.4 8.7 1.91 255,049 8.2 8.2 0.48 0.48 5.82 N
WSFS 10.0 200.2 202.2 11.2 - 1,357,635 5.6 5.5 1.17 1.28 21.19 N
WSTR 18.7 114.8 114.8 16.2 1.93 563,617 14.1 14.1 1.11 0.61 4.47 N
WVFC 13.0 124.9 124.9 15.9 3.17 275,920 12.7 12.7 1.95 1.06 7.78 N
YFED 16.0 130.2 130.2 10.6 3.31 1,160,035 8.2 8.2 1.13 0.55 6.57 N
Maximum 24.7 436.9 436.9 35.8 5.88 49,902,044 26.8 26.8 7.57 2.49 45.72
Minimum 3.1 66.2 70.2 3.3 - 57,838 3.3 2.8 0.17 (0.21) (2.04)
Average 16.3 139.5 146.6 13.8 1.97 1,650,581 10.5 10.2 1.48 0.77 7.93
Median 15.9 132.3 136.4 12.8 1.98 423,403 9.0 8.6 1.29 0.72 6.64
</TABLE>
Source: SNL & F&C calculations 18
<PAGE>
FERFUSON & COMPANY Exhibit V - Selected Publicly Held Thrifts
- ------------------
<TABLE>
<CAPTION>
ROAA ROACE
NPAs/ Price/ Core Before Before
Current Assets Core EPS Extra Extra
Pricing (%) EPS ($) (%) (%)
Ticker Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C>
AADV 03/14/97 0.55 15.3 0.62 0.96 10.95
ABBK 03/14/97 0.31 12.7 0.41 0.76 11.32
ABCL 03/14/97 0.26 20.8 0.36 0.66 7.72
ABCW 03/14/97 0.80 12.5 0.91 0.99 16.05
AFCB 03/14/97 0.49 12.7 0.53 1.06 10.84
AFFFZ 03/14/97 0.44 2.3 3.51 4.72 63.21
AHM 03/14/97 2.07 15.3 0.66 0.73 16.58
ALBK 03/14/97 0.66 13.6 0.64 1.03 11.30
ANBK 03/14/97 NA 15.8 0.22 0.64 6.81
ANDB 03/14/97 1.21 11.6 0.59 1.07 13.44
ASBI 03/14/97 0.41 16.4 0.24 0.90 8.20
ASBP 03/14/97 1.60 19.6 0.15 1.11 5.83
ASFC 03/14/97 0.53 15.8 0.63 0.75 9.37
BANC 03/14/97 0.72 15.5 0.22 0.21 3.06
BDJI 03/14/97 0.22 16.2 0.29 0.71 6.25
BFD 03/14/97 NA 23.3 0.18 0.60 5.53
BFSB 03/14/97 0.03 14.7 0.33 1.10 7.73
BKC 03/14/97 2.20 16.7 0.48 1.26 14.59
BKCT 03/14/97 1.03 13.5 0.44 1.24 11.84
BKUNA 03/14/97 0.66 20.9 0.13 0.62 7.38
BSBC 03/14/97 1.92 14.3 0.07 1.15 12.63
BVFS 03/14/97 0.73 15.4 0.85 0.58 9.79
BWFC 03/14/97 0.05 24.0 0.12 1.04 6.25
CAFI 03/14/97 0.35 13.7 0.32 1.05 10.82
CAPS 03/14/97 0.12 12.1 0.28 0.92 10.88
CARV 03/14/97 0.41 36.2 0.07 0.16 1.75
CASB 03/14/97 0.57 23.0 0.19 0.53 8.76
CASH 03/14/97 0.75 12.7 0.33 1.01 8.78
CBCI 03/14/97 1.57 13.5 0.66 1.35 8.39
CBNH 03/14/97 0.44 14.1 0.44 0.95 12.77
CBSA 03/14/97 0.56 12.3 0.56 0.45 13.95
CBSB 03/14/97 0.54 14.5 0.28 1.21 8.12
CEBK 03/14/97 1.67 10.4 0.44 0.99 9.82
CENF 03/14/97 1.46 16.9 0.48 0.50 9.77
CFB 03/14/97 1.02 12.9 0.71 0.90 15.97
CFCP 03/14/97 0.19 19.0 0.31 1.12 18.06
CFFC 03/14/97 0.35 12.8 0.46 1.41 10.23
CFSB 03/14/97 0.24 13.0 0.41 1.06 13.94
CFX 03/14/97 0.68 13.8 0.31 1.18 13.67
CIBI 03/14/97 0.69 12.0 0.36 0.91 7.81
CKFB 03/14/97 0.52 21.5 0.22 1.31 5.19
CMRN 03/14/97 0.13 17.1 0.24 1.35 5.46
CMSV 03/14/97 0.63 22.2 0.22 0.71 6.11
CNIT 03/14/97 0.77 14.2 0.79 (0.07) (0.96)
COFI 03/14/97 0.26 13.4 0.85 1.24 18.54
CSA 03/14/97 1.43 22.6 0.50 0.45 9.20
CTBK 03/14/97 1.61 11.6 0.43 0.72 10.85
CTZN 03/14/97 0.52 13.6 0.65 0.83 12.72
CVAL 03/14/97 0.64 13.8 0.39 0.92 10.36
CZF 03/14/97 0.22 20.6 0.17 (0.45) (2.73)
DFIN 03/14/97 0.15 33.0 0.11 0.67 2.94
DIBK 03/14/97 0.50 8.3 0.61 1.90 22.36
DME 03/14/97 2.20 13.5 0.32 0.63 12.05
DNFC 03/14/97 0.55 11.9 0.38 0.90 16.05
DSL 03/14/97 1.19 17.1 0.33 0.69 9.03
EBSI 03/14/97 0.88 15.4 0.28 0.75 8.43
</TABLE>
Source: SNL & F&C calculations 19
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held Thrifts
- ------------------
<TABLE>
<CAPTION>
ROAA ROACE
NPAs/ Price/ Core Before Before
Current Assets Core EPS Extra Extra
Pricing (%) EPS ($) (%) (%)
Ticker Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C>
EFBI 03/14/97 0.01 15.9 0.26 1.15 8.59
EGFC 03/14/97 1.20 12.0 0.61 0.83 11.37
EIRE 03/14/97 0.26 12.6 0.39 0.83 12.16
EMLD 03/14/97 0.11 12.5 0.49 1.11 14.29
EQSB 03/14/97 0.73 10.7 0.81 0.73 14.81
ESBK 03/14/97 0.84 18.1 0.27 0.36 5.64
FBBC 03/14/97 0.10 15.2 0.27 1.24 7.57
FBCI 03/14/97 0.65 16.3 0.30 0.69 6.77
FBHC 03/14/97 1.18 17.3 0.34 0.60 9.41
FBSI 03/14/97 0.04 13.9 0.36 1.37 9.21
FCME 03/14/97 2.24 9.8 0.25 0.89 18.95
FDEF 03/14/97 0.41 27.6 0.12 0.87 3.93
FED 03/14/97 1.78 10.4 0.62 0.64 14.05
FESX 03/14/97 0.62 11.1 0.36 1.23 16.33
FFBI 03/14/97 0.14 16.9 0.23 (0.59) (7.34)
FFBS 03/14/97 0.32 17.7 0.31 1.50 7.70
FFBZ 03/14/97 0.66 18.2 0.24 0.90 11.97
FFCH 03/14/97 1.10 13.6 0.52 0.86 14.13
FFES 03/14/97 0.42 14.8 0.48 0.49 7.81
FFFC 03/14/97 0.36 16.4 0.35 1.34 9.33
FFHC 03/14/97 0.28 13.7 0.49 1.37 18.81
FFHH 03/14/97 0.04 18.0 0.24 0.81 6.24
FFHS 03/14/97 0.39 15.5 0.29 0.09 0.98
FFIC 03/14/97 NA 20.8 0.23 0.90 5.16
FFKY 03/14/97 0.10 15.8 0.33 1.53 11.17
FFLC 03/14/97 0.30 20.3 0.32 0.94 5.92
FFSL 03/14/97 0.34 19.6 0.15 0.62 5.61
FFSW 03/14/97 0.39 49.3 0.19 1.16 18.01
FFSX 03/14/97 0.15 18.3 0.42 0.69 8.50
FFWC 03/14/97 0.11 11.0 0.59 1.09 10.79
FFWD 03/14/97 0.02 13.5 0.31 1.24 9.55
FFYF 03/14/97 0.86 17.5 0.36 1.27 7.38
FGHC 03/14/97 1.21 21.2 0.09 0.81 10.10
FIBC 03/14/97 3.62 13.1 0.34 0.90 9.20
FISB 03/14/97 1.78 16.8 0.39 1.17 12.62
FKFS 03/14/97 2.42 10.9 0.50 0.84 10.86
FLFC 03/14/97 0.83 18.2 0.31 1.00 15.15
FMCO 03/14/97 1.20 9.0 0.55 1.06 16.36
FMSB 03/14/97 NA 12.7 0.40 0.99 15.05
FNGB 03/14/97 0.15 16.0 0.29 0.91 8.04
FOBC 03/14/97 0.17 14.0 0.34 0.99 8.51
FRC 03/14/97 1.32 17.7 0.34 0.65 11.43
FSBI 03/14/97 0.42 13.6 0.44 0.80 11.48
FSFC 03/14/97 0.10 14.8 0.18 0.97 9.57
FSLA 03/14/97 0.72 17.3 0.31 0.95 10.22
FSPG 03/14/97 0.83 10.9 0.41 0.93 14.20
FSTC 03/14/97 NA 11.2 0.56 1.80 19.58
FTF 03/14/97 0.08 11.6 0.36 1.50 9.39
FTFC 03/14/97 0.12 12.6 0.56 (0.02) (0.25)
FTSB 03/14/97 1.68 16.3 0.18 1.16 6.58
FWWB 03/14/97 0.22 17.0 0.29 1.30 8.48
GBCI 03/14/97 0.09 13.3 0.45 0.82 8.66
GDW 03/14/97 1.43 13.3 1.30 0.81 13.13
GFCO 03/14/97 0.21 14.7 0.39 0.72 7.63
GFSB 03/14/97 1.65 11.0 0.49 1.14 9.93
GLN 03/14/97 1.69 21.5 0.30 0.61 9.92
</TABLE>
Source: SNL & F&C calculations 20
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held Thrifts
- ------------------
<TABLE>
<CAPTION>
ROAA ROACE
NPAs/ Price/ Core Before Before
Current Assets Core EPS Extra Extra
Pricing (%) EPS ($) (%) (%)
Ticker Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C>
GPT 03/14/97 2.89 18.2 0.78 1.02 9.46
GRTR 03/14/97 7.84 22.6 0.18 0.80 8.38
GSBC 03/14/97 1.75 13.1 0.33 1.76 19.00
GSLC 03/14/97 1.94 80.2 0.03 0.63 11.16
GTFN 03/14/97 0.41 20.4 0.38 0.96 9.92
GUPB 03/14/97 0.15 23.9 0.17 0.72 3.99
GWBC 03/14/97 0.12 19.8 0.18 1.10 4.34
HALL 03/14/97 0.02 11.7 0.40 0.58 8.28
HARB 03/14/97 0.57 15.2 0.61 1.17 14.41
HARL 03/14/97 0.04 10.8 0.48 1.00 16.02
HAVN 03/14/97 0.94 11.8 0.75 0.89 14.05
HBFW 03/14/97 - 19.7 0.26 0.80 5.66
HBNK 03/14/97 2.51 12.0 0.50 0.96 13.46
HBS 03/14/97 2.33 12.2 0.35 (0.04) (0.26)
HFFB 03/14/97 - 21.2 0.19 1.34 4.92
HFFC 03/14/97 0.54 12.5 0.39 0.92 9.99
HFGI 03/14/97 0.23 11.4 0.23 0.44 10.32
HFSA 03/14/97 0.18 15.9 0.24 0.93 5.92
HIFS 03/14/97 0.59 10.3 0.46 1.22 12.57
HMCI 03/14/97 3.51 28.5 0.18 0.41 6.76
HMNF 03/14/97 0.06 18.3 0.30 0.93 6.09
HOMF 03/14/97 0.54 12.2 0.56 1.35 16.41
HPBC 03/14/97 0.04 10.1 0.44 1.74 16.28
HRBF 03/14/97 0.36 21.3 0.20 0.61 4.71
HRZB 03/14/97 - 11.7 0.32 1.63 10.36
HTHR 03/14/97 10.58 NM (0.11) (1.09) (32.90)
HVFD 03/14/97 0.78 13.2 0.43 0.96 11.56
IFSB 03/14/97 2.37 13.5 0.16 (0.55) (8.17)
INBI 03/14/97 0.16 15.3 0.21 1.68 8.86
IPSW 03/14/97 2.02 13.6 0.29 1.24 20.61
ISBF 03/14/97 0.37 22.1 0.29 0.91 6.50
ITLA 03/14/97 1.56 11.7 0.35 1.46 12.84
IWBK 03/14/97 0.68 16.1 0.52 1.15 17.45
JSBA 03/14/97 1.02 14.3 0.51 (1.01) (13.85)
JSBF 03/14/97 NA 17.7 0.58 1.92 8.79
KFBI 03/14/97 0.03 23.9 0.19 1.11 4.90
KNK 03/14/97 0.60 12.9 0.52 0.91 8.90
KSAV 03/14/97 0.27 14.1 0.38 1.11 7.96
KSBK 03/14/97 1.37 7.1 0.99 0.85 12.28
KYF 03/14/97 - 16.3 0.18 1.05 5.33
LARK 03/14/97 0.23 17.0 0.29 1.19 7.99
LARL 03/14/97 0.60 11.4 0.46 1.54 14.51
LFED 03/14/97 - 22.1 0.21 1.05 6.55
LIFB 03/14/97 0.44 14.6 0.34 0.90 8.56
LISB 03/14/97 1.08 19.9 0.44 0.87 9.10
LOGN 03/14/97 0.52 16.8 0.22 1.40 7.02
LSBI 03/14/97 1.37 13.5 0.37 0.79 8.31
LSBX 03/14/97 0.56 6.0 0.41 2.11 25.30
LVSB 03/14/97 1.14 23.9 0.35 2.09 20.52
MAFB 03/14/97 0.40 11.9 0.83 1.14 14.80
MARN 03/14/97 1.04 16.1 0.33 1.51 6.66
MASB 03/14/97 0.24 12.6 0.83 1.08 10.45
MBB 03/14/97 0.78 17.0 0.27 (0.41) (8.02)
MBB 03/14/97 0.78 17.0 0.27 (0.41) (8.02)
MBLF 03/14/97 0.26 14.0 0.37 0.93 7.43
MCBN 03/14/97 0.34 9.7 0.49 0.85 9.79
</TABLE>
Source: SNL & F&C calculations 21
<PAGE>
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
<TABLE>
<CAPTION>
ROAA ROACE
NPAs/ Price/ Core Before Before
Current Assets Core EPS Extra Extra
Pricing (%) EPS ($) (%) (%)
Ticker Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C>
MCBS 03/14/97 0.14 11.7 0.56 1.25 11.77
MDBK 03/14/97 0.36 12.6 0.55 1.05 11.70
MERI 03/14/97 0.29 12.3 0.72 1.01 13.56
MFBC 03/14/97 - 18.2 0.26 0.86 5.30
MFFC 03/14/97 0.17 24.6 0.14 0.88 5.28
MFLR 03/14/97 0.97 19.0 0.26 1.01 10.37
MFSL 03/14/97 0.42 7.6 1.22 0.17 2.16
MGNL 03/14/97 2.47 12.8 0.37 1.72 17.46
MIVI 03/14/97 0.26 18.0 0.21 0.98 5.32
MLBC 03/14/97 0.84 20.7 0.21 0.63 8.43
MSBF 03/14/97 0.47 12.8 0.41 1.54 7.93
MWBI 03/14/97 0.68 10.9 0.68 0.82 11.63
MWBX 03/14/97 1.00 9.9 0.13 1.45 17.82
MWFD 03/14/97 0.24 17.2 0.26 0.21 2.45
NASB 03/14/97 NA 10.2 0.93 1.17 16.29
NEBC 03/14/97 1.34 12.2 0.28 0.90 11.97
NEIB 03/14/97 0.20 13.4 0.28 0.57 3.16
NHTB 03/14/97 0.59 NM 0.01 0.04 0.54
NMSB 03/14/97 1.55 16.5 0.14 0.84 7.84
NSSB 03/14/97 1.09 15.9 0.33 1.13 10.26
NSSY 03/14/97 1.99 11.8 0.54 0.82 11.66
NTMG 03/14/97 1.35 26.3 0.07 (0.67) (12.87)
NWEQ 03/14/97 1.52 12.5 0.28 1.04 8.47
NWSB 03/14/97 0.91 20.4 0.19 1.02 10.32
NYB 03/14/97 1.29 13.2 0.59 1.39 26.29
OCWN 03/14/97 4.37 10.0 0.83 4.35 52.80
OFCP 03/14/97 0.18 18.2 0.28 (0.56) (5.68)
OHSL 03/14/97 0.01 18.3 0.30 (0.37) (3.14)
PBCI 03/14/97 2.23 15.3 0.34 1.20 8.08
PBCT 03/14/97 1.33 21.5 0.41 1.13 13.56
PBKB 03/14/97 0.95 18.0 0.17 0.74 12.44
PBNB 03/14/97 0.55 17.6 0.44 0.76 7.70
PCBC 03/14/97 - 18.3 0.26 1.43 7.65
PCCI 03/14/97 1.83 13.2 0.26 1.11 12.99
PDB 03/14/97 0.62 NM (0.16) (4.50) (22.16)
PEEK 03/14/97 0.60 23.2 0.16 1.21 4.33
PERM 03/14/97 1.08 17.9 0.31 0.69 7.17
PERT 03/14/97 0.26 17.1 0.38 1.08 7.69
PETE 03/14/97 1.04 9.2 0.47 0.96 14.77
PFDC 03/14/97 0.34 13.7 0.41 1.34 8.82
PFNC 03/14/97 0.91 14.0 0.16 0.75 14.51
PFSB 03/14/97 0.78 12.4 0.51 0.82 10.51
PFSL 03/14/97 0.26 14.3 0.35 0.62 10.14
PHBK 03/14/97 0.86 12.5 0.63 1.33 16.97
PKPS 03/14/97 4.14 17.4 0.09 0.57 6.91
PLE 03/14/97 1.56 11.9 0.45 0.92 11.83
PSAB 03/14/97 NA 44.3 0.12 (0.39) (4.82)
PSBK 03/14/97 0.85 12.1 0.50 0.87 10.57
PTRS 03/14/97 2.20 25.0 0.20 (1.06) (12.06)
PULB 03/14/97 NA 22.4 0.19 1.08 8.49
PULS 03/14/97 0.61 10.5 0.43 1.06 14.02
PVFC 03/14/97 0.53 8.9 0.47 1.36 20.42
PVSA 03/14/97 0.30 11.5 0.62 1.12 15.44
PWBC 03/14/97 0.59 13.0 0.26 0.58 7.92
QCBC 03/14/97 1.51 15.0 0.32 0.67 7.48
QCFB 03/14/97 NA 10.8 0.44 0.39 2.11
</TABLE>
Source: SNL & F&C calculations 22
<PAGE>
FERGUSON & COMPANY Exhibit V - Selected Publicly Held Thrifts
- ------------------
<TABLE>
<CAPTION>
ROAA ROACE
NPAs/ Price/ Core Before Before
Current Assets Core EPS Extra Extra
Pricing (%) EPS ($) (%) (%)
Ticker Date MRQ (x) MRQ MRQ MRQ
<S> <C> <C> <C> <C> <C> <C>
QCSB 03/14/97 0.55 28.9 0.50 1.15 7.51
RARB 03/14/97 0.38 10.9 0.57 1.05 13.49
RCSB 03/14/97 0.64 14.3 0.59 0.96 11.98
RELY 03/14/97 0.86 14.2 0.43 0.83 10.12
ROSE 03/14/97 0.47 10.9 0.81 0.98 15.49
RVSB 03/14/97 0.28 15.9 0.28 1.10 10.18
SECP 03/14/97 0.11 14.2 1.49 1.57 9.93
SFED 03/14/97 0.61 12.0 0.36 (0.30) (2.31)
SFFC 03/14/97 0.79 13.7 0.34 1.24 6.96
SFSB 03/14/97 0.25 14.8 0.38 0.66 10.05
SFSL 03/14/97 0.25 12.5 0.37 1.33 14.39
SHEN 03/14/97 0.43 11.6 0.53 1.17 10.16
SISB 03/14/97 0.53 15.8 0.42 0.77 10.37
SMBC 03/14/97 0.61 14.9 0.27 1.06 6.65
SMFC 03/14/97 0.09 14.3 0.50 1.17 11.52
SOPN 03/14/97 0.08 16.7 0.30 1.77 7.02
SOSA 03/14/97 6.62 13.1 0.05 0.63 11.05
SPBC 03/14/97 0.15 15.6 0.45 1.01 11.40
STFR 03/14/97 0.32 16.7 0.46 0.89 10.09
STND 03/14/97 0.18 20.3 0.26 0.70 25.30
STSA 03/14/97 0.42 14.6 0.29 0.57 11.09
SVRN 03/14/97 0.54 14.3 0.23 0.80 18.81
SWBI 03/14/97 0.24 14.2 0.33 0.96 9.31
SWCB 03/14/97 1.00 12.5 0.62 1.08 13.48
TBK 03/14/97 2.42 8.5 0.45 0.74 11.07
TCB 03/14/97 0.69 15.5 0.72 1.64 20.49
THR 03/14/97 1.23 14.9 0.25 0.91 6.35
THRD 03/14/97 0.32 17.5 0.27 0.73 6.59
TPNZ 03/14/97 0.93 20.1 0.18 0.87 4.83
TRIC 03/14/97 0.05 12.9 0.36 1.09 8.20
TSBS 03/14/97 0.50 27.2 0.17 1.38 7.59
TSH 03/14/97 0.08 14.7 0.27 0.92 6.80
TWIN 03/14/97 0.26 52.8 0.09 0.38 3.02
UBMT 03/14/97 0.62 15.4 0.32 0.14 0.60
UFRM 03/14/97 1.01 NM (0.02) (1.32) (16.96)
VFFC 03/14/97 1.98 15.2 0.24 1.10 13.85
WAMU 03/14/97 0.99 NM -- (0.80) (16.80)
WBST 03/14/97 0.80 13.1 0.74 0.78 15.00
WCBI 03/14/97 0.50 14.1 0.39 1.49 9.66
WEFC 03/14/97 NA 16.0 0.23 0.96 6.88
WFCO 03/14/97 0.39 10.4 0.30 1.04 14.35
WFSL 03/14/97 0.81 11.7 0.53 1.76 15.54
WRNB 03/14/97 1.76 8.0 0.49 2.20 23.34
WSB 03/14/97 NA 13.1 0.10 (1.00) (11.86)
WSFS 03/14/97 2.23 10.9 0.27 1.18 19.07
WSTR 03/14/97 0.10 18.5 0.28 0.95 6.83
WVFC 03/14/97 0.33 12.1 0.52 1.31 10.44
YFED 03/14/97 1.58 14.2 0.32 0.98 12.37
Maximum 10.58 80.2 3.51 4.72 63.21
Minimum -- 2.3 (0.16) (4.50) (32.90)
Average 0.86 15.9 0.39 0.89 9.39
Median 0.57 14.3 0.34 0.95 9.72
</TABLE>
Source: SNL & F&C calculations 23
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit VI - Comparative Group Price Changes
<TABLE>
<CAPTION>
Total
Number Assets
of ($000)
Ticker Short Name City State Offices MRQ IPO Date
<S> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. Albion NY 2 59,860 07/26/93
ATSB AmTrust Capital Corp. Peru IN 2 72,219 03/28/95
CKFB CKF Bancorp, Inc. Danville KY 1 60,038 01/04/95
CRZY Crazy Woman Creek Bancorp Buffalo WY 1 52,593 03/29/96
CSBF CSB Financial Group, Inc. Centralia IL 2 47,527 10/09/95
GUPB GFSB Bancorp, Inc. Gallup NM 1 81,775 06/30/95
JOAC Joachim Bancorp, Inc. De Soto MO 1 35,110 12/28/95
MCBN Mid-Coast Bancorp, Inc. Waldoboro ME 2 57,838 11/02/89
MIVI Mississippi View Holding Co. Little Falls MN 1 70,329 03/24/95
NSLB NS&L Bancorp, Inc. Neosho MO 2 58,394 06/08/95
SCCB S. Carolina Community Bancshrs Winnsboro SC 3 45,919 07/07/94
Maximum 3 81,775
Minimum 1 35,110
Average 2 58,327
Median 2 58,394
</TABLE>
Source: SNL & F&C calculations 24
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit VI - Comparative Group Price Changes
<TABLE>
<CAPTION>
March 14, 1997 December 13, 1996 % Increase (Decrease)
----------------- ------------------ ---------------------
Stock Market Stock Market Stock Market
Price Value Price Value Price Value
Ticker ($) ($M) ($) ($M) (%) (%)
<S> <C> <C> <C> <C> <C> <C>
ALBC 18.500 4.63 17.500 4.38 5.71 5.71
ATSB 12.250 6.51 10.125 5.34 20.99 21.91
CKFB 18.875 17.50 19.750 18.59 (4.43) (5.86)
CRZY 14.000 14.81 11.750 12.43 19.15 19.15
CSBF 11.000 10.36 10.563 10.93 4.14 (5.22)
GUPB 16.250 14.65 15.875 14.31 2.36 2.38
JOAC 14.000 10.65 14.375 10.93 (2.61) (2.56)
MCBN 19.000 4.37 18.750 4.31 1.33 1.39
MIVI 15.125 12.93 11.750 10.31 28.72 25.41
NSLB 16.000 11.78 13.750 11.60 16.36 1.55
SCCB 20.000 14.11 15.000 11.03 33.33 27.92
Maximum 20.000 17.50 19.750 18.59 33.33 27.92
Minimum 11.000 4.37 10.125 4.31 (4.43) (5.86)
Average 15.909 11.12 14.472 10.38 11.37 8.34
Median 16.000 11.78 14.375 10.93 5.71 2.38
</TABLE>
Source: SNL & F&C calculations 25
<PAGE>
FERGUSON & COMPANY Exhibit VII - Pro Forma Comparisons
- ------------------
Rocky Ford Federal Savings and Loan Association
<TABLE>
<CAPTION>
As of March 14, 1997
Ticker Name Price Mk Value PE P/Book P/TBook P/Assets Div Yld Assets
($) ($Mil) (X) (%) (%) (%) (%) ($000)
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
Rocky Ford Federal
------------------
Before Conversion N/A N/A N/A N/A N/A N/A N/A 20,536
Pro Forma Supermax 10.000 4.23 14.9 67.9 67.9 17.7 3.00 23,910
Pro Forma Maximum 10.000 3.68 13.5 64.0 64.0 15.7 3.00 23,424
Pro Forma Midpoint 10.000 3.20 12.2 60.1 60.1 13.9 3.00 23,002
Pro Forma Minimum 10.000 2.72 10.8 55.4 55.4 12.0 3.00 22,590
Comparative Group
-----------------
Averages 15.909 11.12 28.9 96.9 97.5 20.1 2.22 58,327
Medians 16.000 11.78 29.1 99.0 99.0 20.8 2.46 58,394
Colorado Public Thrifts
-----------------------
Averages 18.188 330.73 NA 152.7 154.7 21.8 1.98 1,514,086
Medians 18.188 330.73 NA 152.7 154.7 21.8 1.98 1,514,086
Southwest Region Thrifts
------------------------
Averages 22.607 63.82 16.8 125.3 134.6 13.3 2.06 693,802
Medians 23.500 27.48 15.9 111.0 116.3 14.0 1.97 278,532
All Public Thrifts
------------------
Averages 22.280 207.43 16.3 139.5 146.6 13.8 1.97 1,650,581
Medians 19.813 54.47 15.9 132.3 136.4 12.8 1.98 423,403
Comparative Group
-----------------
ALBC AlbionBancCorp-NY 18.500 4.63 42.1 80.2 80.2 7.7 1.68 59,860
ATSB AmTrustCapCorp-IN 12.250 6.51 47.1 88.3 89.2 9.0 1.63 72,219
CKFB CKFBancorp-KY 18.875 17.50 23.0 110.9 110.9 29.2 2.33 60,038
CRZY CrazyWomanCreek-WY 14.000 14.81 NA 94.7 94.7 28.2 2.86 52,593
CSBF CSBFinancialGrp-IL 11.000 10.36 31.4 86.7 92.1 21.8 - 47,527
GUPB GFSBBancorp-NM 16.250 14.65 20.1 100.7 100.7 17.9 2.46 81,775
JOAC JoachimBancorp-MO 14.000 10.65 35.9 99.5 99.5 30.3 3.57 35,110
MCBN Mid-Coast Bncp-ME 19.000 4.37 12.7 87.9 87.9 7.6 2.74 57,838
MIVI MissViewHoldCo-MN 15.125 12.93 18.2 99.2 99.2 18.4 1.06 70,329
NSLB NS&LBancorp-MO 16.000 11.78 30.8 99.0 99.0 20.8 3.13 58,394
SCCB SCCommunBancsh-SC 20.000 14.11 27.4 118.7 118.7 30.7 3.00 45,919
</TABLE>
26
<PAGE>
FERGUSON & COMPANY Exhibit VII - Pro Forma Comparisons
- ------------------
Rocky Ford Federal Savings and Loan Association
As of March 14, 1997
<TABLE>
<CAPTION>
Ticker Name Eq/A TEq/A EPS ROAA ROAE
(%) (%) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C>
Rocky Ford Federal
------------------
Before Conversion 13.9 13.6 N/A 1.03 7.59
Pro Forma Supermax 26.1 26.1 0.67 1.21 4.65
Pro Forma Maximum 24.5 24.5 0.74 1.19 4.85
Pro Forma Midpoint 23.2 23.2 0.82 1.16 5.05
Pro Forma Minimum 21.8 21.8 0.93 1.14 5.28
Comparative Group
-----------------
Averages 20.2 20.1 0.67 0.60 2.77
Medians 21.0 21.0 0.63 0.51 3.00
Colorado Public Thrifts
-----------------------
Averages 14.3 14.2 NA 0.88 5.72
Medians 14.3 14.2 NA 0.88 5.72
Southwest Region Thrifts
------------------------
Averages 11.0 10.6 1.43 0.57 5.03
Medians 12.3 10.6 1.07 0.69 4.42
All Public Thrifts
------------------
Averages 10.5 10.2 1.48 0.77 7.93
Medians 9.0 8.6 1.29 0.72 6.64
Comparative Group
-----------------
ALBC AlbionBancCorp-NY 9.6 9.6 0.44 (0.10) (1.00)
ATSB AmTrustCapCorp-IN 10.2 10.1 0.26 0.30 3.00
CKFB CKFBancorp-KY 25.2 25.2 0.82 1.30 4.87
CRZY CrazyWomanCreek-WY 29.8 29.8 NA 0.83 2.86
CSBF CSBFinancialGrp-IL 25.2 24.0 0.35 0.51 1.78
GUPB GFSBBancorp-NM 17.8 17.8 0.81 0.76 3.68
JOAC JoachimBancorp-MO 30.5 30.5 0.39 0.49 1.66
MCBN Mid-Coast Bncp-ME 8.6 8.6 1.50 0.40 4.50
MIVI MissViewHoldCo-MN 18.5 18.5 0.83 0.68 3.63
NSLB NS&LBancorp-MO 21.0 21.0 0.52 0.51 2.29
SCCB SCCommunBancsh-SC 25.9 25.9 0.73 0.90 3.21
</TABLE>
Note: Stock prices are closing
prices or last trade. Pro forma
calculations for Rocky Ford are
based on sales at $10 per share
with a midpoint of $3,200,000,
minimum of $2,720,000, and maximum
of $3,680,000.
Sources: Rocky Ford's audited and
unaudited financial statements, SNL
Securities, and F&C calculations.
27
<PAGE>
FERGUSON & COMPANY Exhibit VIII
- ------------------ Comparison of Pricing Ratios
<TABLE>
<CAPTION>
Group Percent Premium
Rocky Compared to (Discount) Versus
Ford --------------------------------- ---------------------------------
Federal Average Median Average Median
--------------- ---------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C> <C>
Comparison of PE ratio at
midpoint to:
- ---------------------------------
Comparative group 12.2 28.9 29.1 (57.8) (58.1)
Colorado thrifts 12.2 NA NA NA NA
Southwest Region thrifts 12.2 16.8 15.9 (27.4) (23.3)
All public thrifts 12.2 16.3 15.9 (25.2) (23.3)
Recent conversions 12.2 18.2 16.8 (33.0) (27.4)
Recent pink sheet conversions 12.2 18.1 13.8 (32.6) (11.6)
Comparison of PE ratio at
maximum to:
- ---------------------------------
Comparative group 13.5 28.9 29.1 (53.3) (53.6)
Colorado thrifts 13.5 NA NA NA NA
Southwest Region thrifts 13.5 16.8 15.9 (19.6) (15.1)
All public thrifts 13.5 16.3 15.9 (17.2) (15.1)
Recent conversions 13.5 18.2 16.8 (25.8) (19.6)
Recent pink sheet conversions 13.5 18.1 13.8 (25.4) (2.2)
Comparison of PE ratio at
supermaximum to:
- ---------------------------------
Comparative group 14.9 28.9 29.1 (48.4) (48.8)
Colorado thrifts 14.9 NA NA NA NA
Southwest Region thrifts 14.9 16.8 15.9 (11.3) (6.3)
All public thrifts 14.9 16.3 15.9 (8.6) (6.3)
Recent conversions 14.9 18.2 16.8 (18.1) (11.3)
Recent pink sheet conversions 14.9 18.1 13.8 (17.7) 8.0
Comparison of PB ratio at
midpoint to:
- ---------------------------------
Comparative group 60.1 96.9 99.0 (38.0) (39.3)
Colorado thrifts 60.1 152.7 152.7 (60.6) (60.6)
Southwest Region thrifts 60.1 125.3 111.0 (52.0) (45.9)
All public thrifts 60.1 139.5 132.3 (56.9) (54.6)
Recent conversions 60.1 71.6 72.1 (16.1) (16.6)
Recent pink sheet conversions 60.1 65.9 65.3 (8.8) (8.0)
Comparison of PB ratio at
maximum to:
- ---------------------------------
Comparative group 64.0 96.9 99.0 (34.0) (35.4)
Colorado thrifts 64.0 152.7 152.7 (58.1) (58.1)
Southwest Region thrifts 64.0 125.3 111.0 (48.9) (42.3)
All public thrifts 64.0 139.5 132.3 (54.1) (51.6)
Recent conversions 64.0 71.6 72.1 (10.6) (11.2)
Recent pink sheet conversions 64.0 65.9 65.3 (2.9) (2.0)
Comparison of PB ratio at
supermaximum to:
- ---------------------------------
Comparative group 67.9 96.9 99.0 (29.9) (31.4)
Colorado thrifts 67.9 152.7 152.7 (55.5) (55.5)
Southwest Region thrifts 67.9 125.3 111.0 (45.8) (38.8)
All public thrifts 67.9 139.5 132.3 (51.3) (48.7)
Recent conversions 67.9 71.6 72.1 (5.2) (5.8)
Recent pink sheet conversions 67.9 65.9 65.3 3.0 4.0
</TABLE>
Source: SNL & F&C calculations 28
<PAGE>
FERGUSON & COMPANY Exhibit IX
- ------------------ Pro Forma Assumptions
1. Net proceeds from the conversion were invested at the beginning of the
period at 5.50%, 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 Association is likely to earn.
2. Rocky Ford'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 purchase.
3. Rocky Ford'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 35.0%.
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 SOP 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 the individual accounts at the
beginning of the period would yield earnings per share of $1.00, $.89, $.80,
and $.72, and price to earnings ratios of 10.0, 11.3, 12.5, and 13.8, at the
minimum, midpoint, maximum, and supermaximum of the range, respectively.
29
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit IX
Pro Forma Effect of Conversion Proceeds
At the Minimum of the Conversion Valuation Range
Valuation Date as of March 14, 1997
Rocky Ford Federal Savings and Loan Association, Rocky Ford, Colorado
- ---------------------------------------------------------------------
<TABLE>
<S> <C>
1. Conversion Proceeds
Pro Forma Market Value $ 2,720,000
Less: Estimated Expenses (340,000)
-----------------
Net Conversion Proceeds $ 2,380,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 2,380,000
Less: ESOP Contributions (217,600)
RP Contributions (108,800)
-----------------
Net Conversion Proceeds after ESOP & RP $ 2,053,600
Estimated Incremental Rate of Return(1) 3.58%
-----------------
Estimated Additional Income $ 73,416
Less: ESOP Expense (14,144)
RP Expense (14,144)
-----------------
$ 45,128
=================
</TABLE>
3. Pro Forma Calculations
<TABLE>
<CAPTION>
Before Conversion After
Period Conversion Results Conversion
-------------------------------------------------
<S> <C> <C> <C>
a. Pro Forma Earnings
Twelve Months Ended
December 31, 1996 $ 208,000 $ 45,128 $ 253,128
b. Pro Forma Net Worth
December 31, 1996 $ 2,859,000 $ 2,053,600 $ 4,912,600
c. Pro Forma Net Assets
December 31, 1996 $ 20,536,000 $ 2,053,600 $ 22,589,600
</TABLE>
(1) Assumes Proceeds can be reinvested at 5.50 percent and earnings taxed at a
rate of 35.0 percent.
30
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit IX
Pro Forma Effect of Conversion Proceeds
At the Midpoint of the Conversion Valuation Range
Valuation Date as of March 14, 1997
Rocky Ford Federal Savings and Loan Association, Rocky Ford, Colorado
- ---------------------------------------------------------------------
<TABLE>
<S> <C>
1. Conversion Proceeds
Pro Forma Market Valuation $ 3,200,000
Less: Estimated Expenses (350,000)
---------------
Net Conversion Proceeds $ 2,850,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 2,850,000
Less: ESOP Contributions (256,000)
RP Contributions (128,000)
---------------
Net Conversion Proceeds after ESOP & RP $ 2,466,000
Estimated Incremental Rate of Return(1) 3.58%
---------------
Estimated Additional Income $ 88,160
Less: ESOP Expense (16,640)
RP Expense (16,640)
---------------
$ 54,880
===============
</TABLE>
3. Pro Forma Calculations
<TABLE>
<CAPTION>
Before Conversion After
Period Conversion Results Conversion
-------------------------------------------------
<S> <C> <C> <C>
a. Pro Forma Earnings
Twelve Months Ended
December 31, 1996 $ 208,000 $ 54,880 $ 262,880
b. Pro Forma Net Worth
December 31, 1996 $ 2,859,000 $ 2,466,000 $ 5,325,000
c. Pro Forma Net Assets
December 31, 1996 $ 20,536,000 $ 2,466,000 $ 23,002,000
</TABLE>
(1) Assumes Proceeds can be reinvested at 5.50 percent and earnings taxed at a
rate of 35.0 percent.
31
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit IX
Pro Forma Effect of Conversion Proceeds
At the Maximum of the Conversion Valuation Range
Valuation Date as of March 14, 1997
Rocky Ford Federal Savings and Loan Association, Rocky Ford, Colorado
- ---------------------------------------------------------------------
<TABLE>
<S> <C>
1. Conversion Proceeds
Pro Forma Market Valuation $ 3,680,000
Less: Estimated Expenses (350,000)
-------------------------
Net Conversion Proceeds $ 3,330,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 3,330,000
Less: ESOP Contributions (294,400)
RP Contributions (147,200)
-------------------------
Net Conversion Proceeds after ESOP & RP $ 2,888,400
Estimated Incremental Rate of Return(1) 3.58%
-------------------------
Estimated Additional Income $ 103,260
Less: ESOP Expense (19,136)
RP Expense (19,136)
-------------------------
$ 64,988
=========================
</TABLE>
3. Pro Forma Calculations
<TABLE>
<CAPTION>
Before Conversion After
Period Conversion Results Conversion
--------------------------------------------------------------------
<S> <C> <C> <C>
a. Pro Forma Earnings
Twelve Months Ended
December 31, 1996 $ 208,000 $ 64,988 $ 272,988
b. Pro Forma Net Worth
December 31, 1996 $ 2,859,000 $ 2,888,400 $ 5,747,400
c. Pro Forma Net Assets
December 31, 1996 $ 20,536,000 $ 2,888,400 $ 23,424,400
</TABLE>
(1) Assumes Proceeds can be reinvested at 5.50 percent and earnings taxed at a
rate of 35.0 percent.
32
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit IX
Pro Forma Effect of Conversion Proceeds
At the SuperMax of the Conversion Valuation Range
Valuation Date as of March 14, 1997
Rocky Ford Federal Savings and Loan Association, Rocky Ford, Colorado
- ---------------------------------------------------------------------
<TABLE>
<S> <C> <C>
1. Conversion Proceeds
Pro Forma Market Valuation $ 4,232,000
Less: Estimated Expenses $ (350,000)
---------------------
Net Conversion Proceeds $ 3,882,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 3,882,000
Less: ESOP Contributions $ (338,560)
RP Contributions $ (169,280)
---------------------
Net Conversion Proceeds after ESOP & RP $ 3,374,160
Estimated Incremental Rate of Return(1) 3.58%
---------------------
Estimated Additional Income $ 120,626
Less: ESOP Expense $ (22,006)
RP Expense $ (22,006)
---------------------
$ 76,613
=====================
</TABLE>
<TABLE>
<CAPTION>
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
-------------------------------------------------------------
<S> <C> <C> <C>
a. Pro Forma Earnings
Twelve Months Ended
December 31, 1996 $ 208,000 $ 76,613 $ 284,613
b. Pro Forma Net Worth
December 31, 1996 $ 2,859,000 $ 3,374,160 $ 6,233,160
c. Pro Forma Net Assets
December 31, 1996 $ 20,536,000 $ 3,374,160 $ 23,910,160
</TABLE>
(1) Assumes Proceeds can be reinvested at 5.50 percent and earnings taxed at a
rate of 35.0 percent.
33
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit IX
Pro Forma Analysis Sheet
<TABLE>
<CAPTION>
Name of Association: Rocky Ford Federal Savings and Loan Association, Rocky Ford, Colorado
Date of Market Prices: March 14, 1997 Southwest 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>
Price-Earnings Ratio P/E
- --------------------
Last Twelve Months N/A
At Minimum of Range 10.7
At Midpoint of Range 12.2 28.9 29.1 16.8 15.9 16.3 15.9
At Maximum of Range 13.5
At Supermax of Range 14.9
Price-Book Ratio P/B
- ----------------
At Minimum of Range 55.4%
At Midpoint of Range 60.1% 96.9 99.0 125.3 111.0 139.5 132.3
At Maximum of Range 64.0%
At Supermax of Range 67.9%
Price-Asset Ratio P/A
- -----------------
At Minimum of Range 12.0%
At Midpoint of Range 13.9% 20.1 20.8 13.3 14.0 13.8 12.8
At Maximum of Range 15.7%
At Supermax of Range 17.7%
Twelve Mo. Earnings Base Y $ 208,000
Period Ended December 31, 1996
Book Value B $ 2,859,000
As of December 31, 1996
Total Assets A $ 20,536,000
As of December 31, 1996
Return on Money (1) R 3.58%
Conversion Expense X $ 350,000
Underwriting Commission C 0.00%
Percentage Underwritten S 0.00%
Estimated Dividend
Dollar Amount DA $ 96,000
Yield DY 3.00%
ESOP Contributions P $ 256,000
RP Contributions I $ 128,000
ESOP Annual Expense E $ 16,640
RP Annual Contributions M $ 16,640
Cost of ESOP Borrowings F 0.00%
</TABLE>
(1) Assumes Proceeds can be reinvested at 5.50 percent and earnings taxed at a
rate of 35.0 percent.
34
<PAGE>
FERGUSON & COMPANY
- ------------------
Exhibit IX
Pro Forma Analysis Sheet
Calculation of Estimated Value (V) at Midpoint Value
<TABLE>
<S> <C> <C>
P/A(A-X-P-I)
1. V= ----------------------- $ 3,200,000
1-P/A(1-(CxS))
P/B(B-X-P-I)
2. V= ----------------------- $ 3,200,000
1-P/B(1-(CxX))
P/E(Y-R(X+P+I)-(E+M))
3. V= -------------------------- $ 3,200,000
1-P/E(R(1-(CxX))
</TABLE>
<TABLE>
<CAPTION>
Value
Estimated Value Per Share Total Shares Date
------------------------------ ---------------- ------------------- -------------------------------
<S> <C> <C> <C>
$3,200,000 $10.00 320,000 March 14, 1997
</TABLE>
Range of Value
$3.2 million x 1.15 = $3.68 million or 368,000 shares at $10.00 per share
$3.2 million x .085 = $2.72 million or 272,000 shares at $10.00 per share
35
