As filed with the Securities and Exchange Commission on August 12, 1997
Registration No. 333-30203
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PRE-EFFECTIVE AMENDMENT NO. 3 TO
FORM S-1
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
(Including Exhibits)
RIVERVIEW BANCORP, INC.
(Exact name of registrant in its charter)
Washington 6035 91-1838969
- ------------------------------- ---------------- ----------------
(State or other jurisdiction of (Primary SIC No.) (I.R.S. Employer
incorporation or organization) Identification No.)
700 N.E. Fourth Avenue
Camas, Washington 98607
(360) 834-2231
(Address and telephone number of principal executive offices and
place of business)
John F. Breyer, Jr., Esquire
Victor L. Cangelosi, Esquire
BREYER & AGUGGIA
1300 I Street, N.W.
Suite 470 East
Washington, D.C. 20005
(202) 737-7900
(Name, address and telephone number of agent for service)
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. [ ]
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the
registrant has duly caused this Amended Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Camas,
State of Washington, on this 12th day of August 1997.
RIVERVIEW BANCORP, INC.
By: /s/ Patrick Sheaffer
-------------------------------------
Patrick Sheaffer
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed below by the following persons in
the capacities and on the dates indicated.
Signatures Title Date
- ---------- ----- ----
/s/ Patrick Sheaffer President, Chief Executive August 12, 1997
- ------------------------- and Director
Patrick Sheaffer (Principal Executive Officer)
/s/ Ron Wysaske* Treasurer, Chief Financial August 12, 1997
- ------------------------- Officer and Director
Ron Wysaske (Principal Financial and
Accounting Officer)
/s/ Roger Malfait* Director August 12, 1997
- -------------------------
Roger Malfait
/s/ Gary R. Douglass* Director August 12, 1997
- -------------------------
Gary R. Douglass
/s/ Dale E. Scarbrough* Director August 12, 1997
- -------------------------
Dale E. Scarbrough
/s/ Paul L. Runyan* Director August 12, 1997
- -------------------------
Paul L. Runyan
/s/ Robert K. Leick* Director August 12, 1997
- -------------------------
Robert K. Leick
*By power of attorney dated June 25, 1997.
<PAGE>
INDEX TO EXHIBITS
1.1 -- Form of proposed Agency Agreement among Riverview Bancorp, Inc.,
Riverview Savings Bank, FSB, Riverview, M.H.C. and Charles Webb &
Company (a)
1.2 -- Engagement Letter between Riverview Savings Bank, FSB and Charles
Webb & Company (a)
2 -- Plan of Conversion and Reorganization of Riverview Savings Bank, FSB
and Riverview, M.H.C. (a)
3.1 -- Articles of Incorporation of Riverview Bancorp, Inc. (a)
3.2 -- Bylaws of Riverview Bancorp, Inc. (a)
4 -- Form of Certificate for Common Stock (a)
5 -- Opinion of Breyer & Aguggia regarding legality of securities
registered (a)
8.1 -- Federal Tax Opinion of Breyer & Aguggia (a)
8.2 -- State Tax Opinion of Deloitte & Touche LLP (a)
8.3 -- Opinion of RP Financial, LC. as to the value of subscription
rights (a)
10.1 -- Proposed Form of Employment Agreement For Senior Officers (a)
10.2 -- Proposed Form of Severance Agreement for Key Officers (a)
10.3 -- Proposed Form of Employee Stock Ownership Plan (a)
10.4 -- Proposed Form of Employee Severance Compensation Plan (a)
10.5 -- Proposed Form of Employee's Savings & Profit Sharing Plan and
Trust (a)
11 -- Statement Regarding Computation of Earnings Per Share (a)
21 -- Subsidiaries of Riverview Bancorp, Inc. (a)
23.1 -- Consent of Deloitte & Touche LLP
23.2 -- Consent of Breyer & Aguggia (a)
23.3 -- Consent of RP Financial, LC. (a)
24 -- Power of Attorney (a)
99.1 -- Order and Acknowledgement Form (contained in the marketing materials
included herein as Exhibit 99.2) (a)
99.2 -- Solicitation and Marketing Materials (a)
99.3 -- Appraisal Agreement with RP Financial, LC. (a)
99.4 -- Appraisal Report of RP Financial, LC.
99.5 -- Proxy Statement for Special Meeting of Members of Riverview,
M.H.C. (a)
99.6 -- Proxy Statement for Annual Meeting of Stockholders of Riverview
Savings Bank, FSB (a)
- ---------------------
(a) Previously filed.
================================================================================
CONVERSION APPRAISAL UPDATE REPORT
RIVERVIEW BANCORP, INC.
PROPOSED HOLDING COMPANY FOR
RIVERVIEW SAVINGS BANK, FSB
Camas, Washington
Stock Prices As Of:
August 1, 1997
================================================================================
Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
<PAGE>
RP Financial, LC.
- ---------------------------------------
FINANCIAL SERVICES INDUSTRY CONSULTANTS
August 1, 1997
Boards of Directors
Riverview, M.H.C
Riverview Savings Bank, FSB
700 NE 4th Avenue
Camas, Washington 98607
Gentlemen:
We have completed and hereby provide an updated appraisal of the
estimated pro forma market value of the common stock which is to be issued by
Riverview Bancorp, Inc., Camas, Washington ("Riverview Bancorp" or the "Holding
Company"), in connection with the mutual-to-stock conversion of Riverview,
M.H.C. (the "Mutual Holding Company"). The Mutual Holding Company currently has
a majority ownership interest in, and its principal asset consists of, the
common stock of Riverview Savings Bank, FSB, Camas, Washington ("Riverview" or
the "Bank"). It is our understanding that the Holding Company will offer its
stock in a Subscription and Community offering to the Bank's Eligible Account
Holders, to the Bank's employee stock ownership plan ("ESOP"), to Supplemental
Eligible Account Holders of the Bank, to Other Members of the Bank, to Public
Stockholders, and to the community (the "Subscription and Community Offerings").
This appraisal update is being furnished to the Office of Thrift Supervision
("OTS"). Our original appraisal report, dated June 6, 1997 (the "Original
Appraisal"), is incorporated herein by reference. As in the preparation of our
Original Appraisal, we believe the data and information used herein is reliable;
however, we cannot guarantee the accuracy and completeness of such information.
This updated appraisal reflects the following: (1) a review of recent
developments in the Bank's financial condition, including updated financial data
through June 30, 1997; (2) an updated comparison of Riverview's financial
condition and operating results versus the Peer Group companies identified in
the Original Appraisal; and (3) a review of stock market conditions since the
Original Appraisal date, along with updated stock prices as of August 1, 1997.
Pro forma market value is defined as the price at which Riverview's
stock, immediately upon completion of the conversion offering, would change
hands between a willing buyer and a willing seller, neither being under any
compulsion to buy or sell and both having reasonable knowledge of relevant
facts.
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
common stock. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change from time to time, no assurance can be given that persons who purchase
shares of common stock in the conversion will thereafter be able to buy or sell
such shares at prices related to the foregoing valuation of the pro forma market
value thereof. RP Financial is not a seller of securities within the meaning of
any federal and state securities laws and any report prepared by RP Financial
shall not be used as an offer or solicitation with respect to the purchase or
sale of any securities. RP Financial maintains a policy which prohibits the
company, its principals or employees from purchasing stock of its client
institutions.
WASHINGTON HEADQUARTERS
Rosslyn Center
1700 North Moore Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788
<PAGE>
RP FINANCIAL, L.C.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 2
Discussion of Relevant Considerations
1. Financial Results
Table 1 presents summary balance sheet and income statement
details for the twelve months ended March 31, 1997 and updated unaudited
financial information through June 30, 1997. The overall composition of
Riverview's June 30, 1997 balance sheet was comparable to the March 31, 1997
data, with the Bank posting a moderate increase in assets consistent with recent
trends. Updated earnings for the Bank also reflect modest growth due in part, to
growth of interest-earning assets which has contributed to growth of Riverview's
net interest margin.
Riverview's total assets increased moderately by $5.1 million,
or 2.3 percent, from March 31, 1997 to June 30, 1997. Consistent with the
limited change in the total assets balance, the composition of the Bank's
interest-earning assets ("IEA") reflected modest change as well. Overall, the
concentration of loans equaled 67.2 percent of assets as of June 30, 1997, which
reflects an decrease from the 67.6 percent ratio reported as of March 31, 1997.
The loan portfolio continues to grow, primarily in the area of permanent
residential mortgage loans and construction loans.
The balance of interest-earning assets consisted of cash,
investments and mortgage-backed securities ("MBS"). As a result of Riverview's
strengthened capital position since 1994, the Bank has utilized MBS as a means
to increase the level of interest-earning assets, as an avenue to deploy excess
liquidity, and as an investment vehicle to leverage the balance sheet. MBS
equaled $37.6 million, or 16.4 percent of assets as of June 30, 1997, which
reflects an increase of $8.2 million for the quarter. The growth is a result of
management's on-going efforts to leverage the balance sheet and to in essence,
pre-fund the conversion through borrowings which will be retired once the
conversion transactions is consummated.
The balance of interest-earning assets have been invested in
cash, interest-earning assets and investment securities which totaled $25.7
million, equal to 11.2 percent of total assets as of June 30, 1997, down from a
level of $31.3 million as of the prior quarter end. Riverview anticipates the
level of cash and investments will initially increase following the completion
of the second step conversion and stock offering and be gradually reduced as the
Bank redeploys such funds into loans, which is its long-term use of proceeds.
Riverview's investment policy is relatively conservative with investment
securities limited to U.S. Treasury and agency issues with a maximum remaining
maturity of ten years, though the Bank does not typically purchase securities
with maturities greater than five years. The largest segment of the cash and
investment portfolio is comprised of securities classified as "held to
maturity", which equaled $17.4 million or 7.6 percent of total assets. New
securities purchased are primarily held as "available for sale" securities.
Asset quality ratios remained favorable for the Bank, with the
ratio of non-performing assets to total assets equaling 0.14 percent as of June
30, 1997, as compared to 0.10 percent as of March 31, 1997. Similarly, reserve
coverage ratios and allowances for loan losses as a percent of total loans did
not change materially over the quarter. However, notwithstanding the Bank's
historically strong asset quality, reserve levels are comparatively modest in
view of the extensive construction lending activity in which the Bank engages.
<PAGE>
RP FINANCIAL, L.C.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 3
Table 1
Riverview Savings Bank, FSB
Recent Financial Data
<TABLE>
<CAPTION>
At March 31, 1997 At June 30, 1997
(% of (% of
Amount Assets) Amount Assets)
($000) (%) ($000) (%)
<S> <C> <C> <C> <C>
Balance Sheet Data
Total Assets $224,384 100.0% $229,511 100.0%
Loans Receivable, Net 151,774 67.6 154,327 67.2
Mortgage-Backed Securities 29,392 13.1 37,601 16.4
Cash & Interest-Bearing Deposits 6,951 3.1 5,264 2.3
Investment Sec. Held to Maturity 20,456 9.1 17,433 7.6
Investment Sec. Available for Sale 3,899 1.7 2,986 1.3
Core Deposit Intangible 2,329 1.0 2,247 1.0
Deposits 169,416 75.5 168,622 73.5
Borrowings 27,417 12.2 32,787 14.3
Stockholders' Equity 25,025 11.2 25,718 11.2
Tangible Stockholders' Equity 22,696 10.1 23,471 10.2
12 Months Ended 12 Months Ended
March 31, 1996 June 30, 1997
(% of (% of
Avg. Avg.
Amount Assets) Amount Assets)
($000) (%) ($000) (%)
Summary Income Statement
Interest Income $17,476 8.01% $17,887 8.05%
Interest Expense (8,923) (4.09) (9,007) (4.05)
Net Interest Income $8,553 3.92% $8,880 4.00%
Provision for Loan Losses (180) (0.08) (180) (0.08)
Net Interest Income After Provisions $8,373 3.84% $8,700 3.91%
Other Non-Interest Income 1,767 0.81 1,790 0.81
Operating Expense (6,257) (2.87) (6,446) (2.90)
Net Operating Income $3,883 1.78% $4,044 1.82%
Gain on Loans Held for Sale 69 0.03 78 0.04
Gain on Sale of MBS & Other Sec. Held for Sale 37 0.02 37 0.02
Special SAIF Assessment (947) (0.43) (947) (0.43)
Gains and Net Non-Operating Income $(840) (0.38)% $(831) (0.37)%
Net Income Before Tax 3,043 1.39 3,213 1.45
Income Taxes (1,035) (0.47) (1,095) (0.49)
Net Income (Loss) $2,008 0.92% $2,118 0.95%
</TABLE>
Source: Riverview's prospectus and RP Financial calculations.
<PAGE>
RP FINANCIAL, L.C.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 4
Riverview's operations continued to be funded primarily with
retail deposits, however, deposits declined modestly to equal $168.6 million as
of June 30, 1997. Management believes that one factor leading to the reduction
of deposits during the quarter was the payment of income taxes by its
depositors. The increase in assets over the most recent quarter was funded by an
increase in borrowed funds, primarily consisting of advances from the FHLB of
Seattle, which increased to $32.8 million or 14.3 percent of assets as of June
30, 1997. Riverview has utilized advances from the FHLB of Seattle primarily as
a means of funding investments in MBS for the purpose of leveraging capital and
enhancing earnings. Approximately $30 million of the advances are currently
employed in such leverage transactions. Additionally, the Bank utilizes term
advances as a means of lengthening the duration of liabilities and minimizing
interest rate risk exposure.
Positive earnings during the quarter ended June 30, 1997
supported the increase in the Bank's capital to $25.7 million at June 30, 1997,
versus a comparative balance of $25.0 million at March 31, 1997. Asset growth
during the quarter resulted in the Bank's capital ratio remaining unchanged at
11.2 percent of assets. Tangible capital increased to $23.5 million or 10.2
percent of assets as of June 30, 1997.
Riverview's operating results for the twelve months ended
March 31, 1997 and June 30, 1997 are also set forth in Table 1. Updated earnings
for the Bank were slightly higher, which was largely attributable to balance
sheet growth which caused the net interest margin to expand at a faster pace the
operating expenses. Likewise, core earnings increased slightly for the more
current twelve month period. For the twelve months ended March 31, 1997 and June
30, 1997, estimated core earnings for the Bank totaled $2.562 million and $2.666
million, respectively.
The Bank's updated net interest income increased to $8.9
million from $8.6 million, and the ratio of net interest income to average
increased to 4.00 percent from 3.92 percent. Net interest income increased both
as a result of higher interest income and lower interest expensed as measured as
a percent of average assets.
Operating expenses were also higher as the larger asset size
and higher level of business activity increased overall operating costs. For the
twelve months ended June 30, 1997, Riverview's operating expenses equaled $6.5
million, equal to 2.90 percent of average assets, as compared to $6.3 million,
or 2.87 percent of average assets, for the twelve months ended March 31, 1997.
Riverview's operating costs remain above industry averages as its operations
include the costs of the Bank's mortgage broker activity, secondary market
operations (i,.e., marketing, originating, and selling loans), as well as
servicing loans for others in addition to the normal costs of maintaining
traditional thrift operations (branch operations, financial reporting and
portfolio lending). Construction lending also entails significant expense as
such lending is relatively labor intensive in relation to residential mortgage
lending. No material increases to the Bank's expenses are anticipated by
management in the future although Riverview may likely experience upward
pressures on expense levels due to inflation and the cost of stock based benefit
plans resulting from the second step conversion.
Riverview's diversified lending operations coupled with its
various fee generating activities (i.e., mortgage broker operations and loan
servicing) continue to provide it with a relatively high level of non-interest
income. For both periods shown in Table 1, non-interest income equaled $1.8
million, or 0.81 percent of average assets.
Other components of Riverview's income and expenses remained
relatively unchanged on a trailing twelve month basis incorporating updated
financial data. Provision for loans losses equaled $180,000, or 0.08 percent of
average assets for both fiscal 1997 and the twelve months ended June 30, 1997.
Similarly, gains and other non-operating income and expenses including primarily
the special SAIF assessment resulted in
<PAGE>
RP FINANCIAL, L.C.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 5
an expense of $831,000 for the twelve months ended June 30, 1997, which compared
closely to the figure of $840,000 reported for the twelve months ended March 31,
1997.
Overall, net income increased by $110,000 to equal $2.1
million, or 0.95 percent of average assets for the twelve months ended June 30,
1997, as compared to $2.0 million, or 0.92 percent of average assets for the
twelve months ended March 31, 1997. Core earnings adjusted to exclude net
non-operating items on a tax effected basis realized a similarly modest increase
and equaled $2.7 million, or 1.20 percent of average assets based on updated
financial data.
2. Peer Group Financial Comparisons
Tables 2 and 3 present the financial characteristics and
operating results for Riverview, the Peer Group and all publicly-traded
SAIF-insured thrifts. Riverview's financial information is based on results
through June 30, 1997, while financial data for the Peer Group is as of March
31, 1997, which is the latest data which is publicly available.
In general, the comparative balance sheet ratios for the Bank
and the Peer Group did not vary significantly from the ratios exhibited in the
Original Appraisal. Relative to the Peer Group, the Bank's interest-earning
asset composition continued to reflect a comparable level of loans, a modestly
higher levels of MBS and a lower balance of cash and investments. A more
detailed analysis of the respective loan portfolios of Riverview and the Peer
Group set forth in the Original Appraisal indicated that: (1) both Riverview and
the Peer Group are primarily mortgage lenders; and (2) Riverview has a greater
proportion of its portfolio invested in residential construction loans while
conversely, the Peer Group has diversified its portfolio to include a higher
proportion of income producing property loans including commercial real estate
and multi-family mortgage loans. Overall, Bank's interest-earning assets
amounted to 94.8 percent of assets, which was below the comparable Peer Group
ratio of 96.7 percent.
The mix of deposits and borrowings maintained by Riverview and
the Peer Group also did not change significantly. Riverview's funding
composition continued to reflect a higher concentration of deposits and a
modestly lower level of borrowed funds. Updated interest-bearing liabilities to
assets ratios equaled 87.8 percent and 82.3 percent for the Bank and the Peer
Group, respectively, with Riverview's higher ratio continuing to be largely
attributable to the maintenance of a lower capital position. Riverview posted an
updated equity-to-assets ratio of 11.2 percent, versus a comparative ratio of
16.1 percent for the Peer Group. Goodwill was negligible for the Peer Group
while intangibles equaled 1.0 percent of assets for Riverview, reducing tangible
equity to 10.2 percent of assets. Overall, Riverview's updated interest-earning
assets to interest-bearing liabilities ("IEA/IBL") ratio equaled 108.0 percent,
which remained below the comparative Peer Group average of 117.5 percent. As
noted in the Original Appraisal, the additional capital realized from the stock
conversion should serve to largely address the lower IEA/IBL ratio currently
maintained by the Bank.
Updated growth rates for Riverview and the Peer Group growth
rates reflect growth for the twelve months ended June 30, 1997 and March 31,
1997. Asset growth rates of positive 7.3 percent and 16.9 percent were posted by
the Bank and the Peer Group, respectively. The Bank's asset growth measures
reflect that strong loan growth was recorded during the period (positive growth
rate of 15.4 percent), with funding for the loan portfolio being largely
provided by the cash and investments portfolio (shrinkage of 31.6 percent). The
Peer Group's stronger asset growth was skewed upward by the strong growth posted
by First Savings Bancorp of Washington and WesterFed of Montana which completed
acquisitions during the year. (The median growth rate for the Peer Group equaled
12.8 percent which more closely approximated the average for the Bank.)
Paralleling growth trends observed with respect to Riverview's operations, the
Peer Group's growth was
<PAGE>
RP FINANCIAL, LC.
__________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
Table 2
Balance Sheet Composition and Growth Rates
Comparable Institution Analysis
As of March 31, 1997
Balance Sheet as a Percent of Assets
________________________________________________________________________________________
Cash and Borrowed Subd. Net Goodwill Tng Net MEMO:
Investments Loans MBS Deposits Funds Debt Worth & Intang Worth Pref.Stock
___________ ______ ______ ________ ________ _______ ________ ________ _______ __________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Riverview SB
June 30, 1997 11.2 67.2 16.4 73.5 14.3 0.0 11.2 1.0 10.2 0.0
SAIF-Insured Thrifts 18.2 67.0 11.4 71.7 14.2 0.2 12.6 0.2 12.3 0.0
State of WA 14.7 69.2 12.1 66.5 22.5 0.1 9.2 0.4 8.8 0.2
Comparable Group Average 21.1 66.9 8.7 65.8 16.5 0.0 16.1 0.4 15.7 0.0
Mid-West Companies 20.6 71.5 5.0 61.7 21.8 0.0 15.7 0.0 15.7 0.0
North-West Companies 17.4 72.0 8.1 65.7 15.6 0.0 16.8 0.4 16.4 0.0
Western Companies (Excl CA) 25.5 55.7 14.3 71.5 10.4 0.0 16.0 0.8 15.1 0.0
Comparable Group
Mid-West Companies
BWFC Bank West Fin. Corp. of MI 24.4 71.4 1.3 68.3 15.7 0.0 15.3 0.0 15.3 0.0
CMRN Cameron Fin. Corp. of MO 10.8 84.8 0.0 63.0 12.8 0.0 23.0 0.0 23.0 0.0
EFBI Enterprise Fed. Bancorp of OH(1) 13.5 65.6 18.8 58.1 28.4 0.0 12.7 0.0 12.7 0.0
FFHH FSF Financial Corp. of MN 33.7 64.2 0.0 57.2 30.3 0.0 11.8 0.0 11.8 0.0
North-West Companies
FWWB First Savings Bancorp of WA 29.2 64.1 3.1 54.1 29.1 0.0 14.8 1.2 13.6 0.0
HRZB Horizon Financial Corp. of WA 9.6 77.4 10.7 82.4 0.0 0.0 15.2 0.0 15.2 0.0
KFBI Klamath First Bancorp of OR 13.4 74.3 10.4 60.7 17.5 0.0 20.4 0.0 20.4 0.0
Western Companies (Excl CA)
FFBA First Colorado Bancorp of Co(1) 22.5 70.1 4.8 75.0 8.4 0.0 14.3 0.2 14.1 0.0
UBMT United Fin. Corp. of MT 42.7 33.1 20.6 71.5 4.6 0.0 22.6 0.0 22.6 0.0
WSTR WesterFed Fin. Corp. of MT 11.3 64.0 17.5 68.0 18.1 0.0 11.0 2.3 8.7 0.0
</TABLE>
<TABLE>
<CAPTION>
Balance Sheet Annual Growth Rates Regulatory Capital
____________________________________________________________ _________________________
Cash and Loans Borrows. Net Tng Net
Assets Investments & MBS Deposits &Subdebt Worth Worth Tangible Core Reg.Cap.
______ ___________ ______ ________ ________ ________ _______ ________ ________ ________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Riverview SB
June 30, 1997 7.31 -31.64 15.44 5.91 13.00 9.13 11.80 10.62 10.62 21.29
SAIF-Insured Thrifts 12.96 5.03 13.73 7.44 22.81 -1.54 -2.06 10.79 10.92 22.35
State of WA 15.31 17.33 12.63 17.76 8.98 12.00 5.69 8.25 10.34 20.80
Comparable Group Average 16.92 2.41 22.31 17.29 26.03 -3.99 -7.51 13.76 13.95 27.74
Mid-West Companies 12.82 -7.51 19.18 8.63 37.97 -9.96 -9.93 13.24 13.24 23.66
North-West Companies 18.02 -9.60 24.58 19.17 NM -7.01 -9.59 16.77 15.28 30.83
Western Companies (Excl CA) 21.27 27.63 24.21 26.96 8.12 6.98 -2.19 13.32 13.40 31.27
Comparable Group
Mid-West Companies
BWFC Bank West Fin. Corp. of MI 5.60 19.88 1.62 13.29 5.98 -18.27 -18.27 13.30 13.30 26.46
CMRN Cameron Fin. Corp. of MO 14.62 -13.39 17.05 2.73 NM -0.86 -0.86 17.95 17.95 26.76
EFBI Enterprise Fed. Bancorp of OH(1) 18.64 -34.04 35.41 7.23 75.00 -3.55 -3.46 11.40 11.40 21.30
FFHH FSF Financial Corp. of MN 12.43 -2.48 22.63 11.26 32.92 -17.14 -17.14 10.30 10.30 20.10
North-West Companies
FWWB First Savings Bancorp of WA 35.58 19.16 41.09 45.69 NM -3.57 -11.30 NM 13.68 26.77
HRZB Horizon Financial Corp. of WA 5.39 -23.12 9.92 5.50 NM -0.81 -0.81 NM 15.38 30.39
KFBI Klamath First Bancorp of OR 13.09 -24.83 22.74 6.31 NM -16.66 -16.66 16.77 16.77 35.32
Western Companies (Excl CA)
FFBA First Colorado Bancorp of Co(1) 2.29 68.93 -8.67 5.14 -2.81 -9.26 -9.26 11.43 11.59 22.14
UBMT United Fin. Corp. of MT 3.01 -14.65 24.34 -2.31 NM -0.86 -0.86 15.20 15.20 40.40
WSTR WesterFed Fin. Corp. of MT 58.51 28.61 56.97 78.04 19.05 31.06 3.54 NM NM NM
</TABLE>
(1) Financial information is for the quarter ending December 31, 1996.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, L.C.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 7
primarily realized in the loan and MBS portfolio with such growth funded
partially with a reduction in cash and investments.
Riverview's operations were funded both through growth of
deposits, which increased by 5.9 percent for the twelve months ended June 30,
1997 and by increasing borrowings, which grew by 13.0 percent. The Peer Group's
deposit growth was skewed somewhat by the aforementioned institutions that
completed an acquisition, but the median deposit growth nonetheless compared
closely to the Bank. Despite recording a comparable return on average assets
ratio, Bank posted a stronger capital growth rate than the Peer Group (positive
9.1 percent versus negative 4.0 percent for the Peer Group). Higher dividend
payments and stock repurchases (the Peer Group is comprised of full stock
companies), as well as possible negative SFAS 115 adjustments, were likely
factors that accounted for the Peer Group's slightly negative capital growth
rate. Following the increase in capital realized from conversion proceeds, the
Bank's capital growth rate will be depressed by (1) a higher pro forma capital
position and comparatively lower marginal returns, (2) dividends which will be
paid on all outstanding shares (dividends on shares owned by the mutual holding
company have been waived to date) and (3) potentially stock repurchases.
Table 3 displays comparative operating results for Riverview
and the Peer Group, based on their earnings for the twelve ended June 30, 1997
and March 31, 1997, respectively. Updated earnings for the Bank relative to the
Peer Group did not change significantly from the Original Appraisal, and thus,
the ROA for the Bank and the Peer Group continued to compare closely Riverview's
and the Peer Group's return on average assets ratios both equaled 0.95 percent
of assets. Consistent with the characteristics observed in the Original
Appraisal, the Bank's operations compared favorably to the Peer Group with
respect to net interest income and non-interest income, which is partially
reflective of the high yields and fee income generated by Riverview's
construction lending operations. The benefits of the Bank's higher revenues
however, are offset by its higher operating expenses.
Riverview's net interest margin equaled 4.00 percent based on
updated financial data and continued to exceed the Peer Group average 3.34
percent. A number of factors contribute to Riverview's favorable level of net
interest income including a strong spread supported by high yields and modestly
lower cost of funds. Asset yields are supported by Riverview's greater
proportionate investment in higher yielding loans and the composition of the
loan portfolio which is heavily weighted toward comparatively higher yielding
construction loans. The yield on the loan portfolio is further enhanced as many
of the Bank's residential loans were originated as construction/permanent loans
wherein the Bank is typically able to charge a modest rate premium.
Consistent with the financial data reported in the Original
Appraisal, Riverview's operating expenses remain well above the Peer Group
average, equal to 2.75 percent and 1.92 percent, respectively. The higher
expenses are principally the result of Riverview's involvement in construction
lending, mortgage broker and servicing activities. At the same time, the
activities continue to provide the Bank with a higher level of non-interest
income, equal to 0.81 percent of assets versus an average of 0.31 percent for
the Peer Group. Riverview's updated efficiency ratio, equal to 60.3 percent
remained modestly above the Peer Group average of 52.9 percent but should
improve with the reinvestment of the conversion proceeds.
Non-operating losses continued to have a more significant
impact on Riverview's earnings than the earnings of the Peer Group, totaling
0.37 percent of assets and 0.17 percent of assets. Non-operating losses for
Riverview and the Peer Group were primarily attributable to expenses related to
the recapitalization of the SAIF insurance fund. Both the Bank and the Peer
Group companies are in a fully taxable position with effective tax rates in the
range of 34 to 36 percent.
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3
Income as a Percent of Average Assets and Yields, Costs, Spreads
Comparable Institution Analysis
For the Twelve Months Ended March 31, 1997
<TABLE>
<CAPTION>
Net Interest Income Other Income
____________________________ ___________________
Loss NII Total
Net Provis. After Loan R.E. Other Other
Income Income Expense NII on IEA Provis. Fees Oper. Income Income
______ ______ _______ ______ _______ _______ ____ _____ ______ ______
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Riverview SB
June 30, 1997 0.95 8.05 4.05 4.00 0.08 3.91 0.63 0.00 0.18 0.81
SAIF-Insured Thrifts 0.64 7.35 4.08 3.26 0.14 3.12 0.12 0.01 0.29 0.42
State of WA 0.75 7.69 4.45 3.24 0.21 3.04 0.12 0.01 0.40 0.52
Comparable Group Average 0.95 7.35 4.01 3.34 0.08 3.26 0.15 0.00 0.16 0.31
Mid-West Companies 0.80 7.47 4.20 3.27 0.10 3.18 0.08 0.00 0.18 0.26
North-West Companies 1.17 7.59 4.07 3.52 0.08 3.43 0.10 0.00 0.10 0.20
Western Companies (Excl CA) 0.93 6.94 3.68 3.25 0.06 3.19 0.29 0.00 0.20 0.49
Comparable Group
Mid-West Companies
BWFC Bank West Fin. Corp. of MI 0.74 7.18 4.19 2.99 0.06 2.93 0.16 0.00 0.33 0.49
CMRN Cameron Fin. Corp. of MO 1.12 8.00 3.91 4.10 0.25 3.85 0.08 0.00 0.02 0.10
EFBI Enterprise Fed. Bancorp of OH(1) 0.68 7.40 4.41 3.00 0.05 2.94 0.00 0.00 0.05 0.05
FFHH FSF Financial Corp. of MN 0.64 7.31 4.29 3.02 0.03 2.99 0.08 0.00 0.32 0.39
North-West Companies
FWWB First Savings Bancorp of WA 1.05 7.58 4.10 3.48 0.16 3.32 0.09 0.00 0.19 0.28
HRZB Horizon Financial Corp. of WA 1.56 7.73 4.16 3.57 0.04 3.53 0.21 0.00 0.06 0.26
KFBI Klamath First Bancorp of OR 0.90 7.45 3.95 3.49 0.05 3.44 0.00 0.01 0.06 0.07
Western Companies (Excl CA)
FFBA First Colorado Bancorp of Co(1)(3) 1.13 7.05 3.90 3.15 0.16 2.99 0.00 0.01 0.33 0.34
UBMT United Fin. Corp. of MT 1.09 6.86 3.30 3.56 0.00 3.56 0.41 0.00 0.23 0.64
WSTR WesterFed Fin. Corp. of MT 0.56 6.90 3.85 3.05 0.02 3.03 0.45 0.00 0.05 0.50
</TABLE>
<TABLE>
<CAPTION>
G&A/Other Exp. Non-Op. Items Yields, Costs, and Spreads
________________ ______________ _________________________
MEMO: MEMO:
G&A Goodwill Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Expense Amort. Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
_______ _______ _______ _______ _________ ________ ______ __________ ________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Riverview SB
June 30, 1997 2.75 0.15 -0.37 0.00 8.65 4.82 3.83 2,700 34.08
SAIF-Insured Thrifts 2.21 0.02 -0.33 0.00 7.18 4.51 2.67 4,402 35.74
State of WA 2.12 0.05 -0.21 0.00 7.12 4.53 2.59 4,232 38.01
Comparable Group Average 1.92 0.01 -0.17 0.00 6.85 4.53 2.32 4,288 35.46
Mid-West Companies 2.07 0.00 -0.11 0.00 7.70 5.17 2.53 4,298 35.87
North-West Companies 1.69 0.01 -0.17 0.00 7.77 5.25 2.52 4,843 34.31
Western Companies (Excl CA) 1.96 0.01 -0.23 0.00 4.81 2.97 1.84 3,434 36.37
Comparable Group
Mid-West Companies
BWFC Bank West Fin. Corp. of MI 2.63 0.00 0.33 0.00 7.46 5.13 2.33 2,723 33.94
CMRN Cameron Fin. Corp. of MO 1.75 0.00 -0.41 0.00 8.28 5.32 2.96 3,730 37.53
EFBI Enterprise Fed. Bancorp of OH(1) 1.87 0.01 -0.10 0.00 7.55 5.22 2.34 6,659 32.83
FFHH FSF Financial Corp. of MN 2.05 0.00 -0.28 0.00 7.48 5.00 2.48 4,081 39.18
North-West Companies
FWWB First Savings Bancorp of WA 2.15 0.04 0.08 0.00 7.82 5.40 2.42 3,463 29.64
HRZB Horizon Financial Corp. of WA 1.49 0.00 0.05 0.00 7.92 5.05 2.87 4,295 33.87
KFBI Klamath First Bancorp of OR 1.44 0.00 -0.65 0.00 7.58 5.29 2.29 6,771 39.42
Western Companies (Excl CA)
FFBA First Colorado Bancorp of Co(1)(3) 1.47 0.02 0.02 0.00 0.00 0.00 0.00 4,277 NM
UBMT United Fin. Corp. of MT 2.09 0.00 -0.38 0.00 7.15 4.36 2.79 NM 37.16
WSTR WesterFed Fin. Corp. of MT 2.32 0.02 -0.33 0.00 7.29 4.56 2.73 2,590 35.59
</TABLE>
(1) Financial information is for the quarter ending December 31, 1996.
(3) Income and expense information has been annualized from available financial
information.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, L.C.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 9
3. Stock Market Conditions
Since the date of the Original Appraisal, the performance of
the overall stock market has generally been favorable. Non-threatening inflation
data, such as declining retail sales and wholesale prices for May, provided for
positive trends in stock and bond prices through in mid-June 1997. The stock
market rally stalled in late-June, following remarks by Japan's Prime Minister
which were interpreted as an indication that Japan would be a seller of U.S.
stocks and bonds. However, the downturn was brief, as the Federal Reserve's
decision to leave rates unchanged at the July 2 meeting, along with new economic
data that indicated inflation was still under control, pushed stock and bond
prices in early-July. Technology stocks rallied the stock market to new highs
through the end of July, as a number of technology companies posted favorable
second quarter earnings. Congressional testimony by the Federal Reserve Chairman
on July 22 sent the financial markets soaring, as he indicated the state of the
economy was favorable and an increase in interest rates was not imminent. On
August 1, 1997, the Dow Jones Industrial Average closed at 8194.04, an increase
of 10.2 percent since the date of the Original Appraisal.
Thrift prices have generally paralleled trends in the overall
stock market since early-June 1997, with most thrift issues trading higher since
the date of the original appraisal. Thrift prices trended higher throughout most
of June 1997, which was largely attributable to the improved interest-rate
outlook and the ongoing trend of consolidation occurring among thrift and bank
issues. Generally favorable second quarter earnings and the 30-year U.S.
Treasury bond yield declining below 6.50 percent sustained the positive trend in
thrift prices during July. On August 1, 1997, the SNL Index closed at 682.2, an
increase of 15.5 percent since the date of the Original Appraisal. More detailed
pricing information for all publicly-traded SAIF-insured institutions, as well
as the Peer Group and recent conversions, is shown on the following page.
Consistent with the SNL index, the pricing measures for all
publicly-traded SAIF-insured thrifts and the Peer Group generally increased
since the date of the Original Appraisal. On average, the increase in the Peer
Group pricing was in the range of 5 to 7 percent. The more significant increase
posted in the SNL index reflects the weighted impact of the larger market
capitalization thrifts on the SNL index which, for the most part, have
experienced more significant increases than smaller market capitalization issues
since the date of the Original Appraisal. Additionally, the averages shown above
exclude companies which are under acquisition, which likely had a limiting
impact on the pricing measure increases posted by all publicly-traded
SAIF-insured thrifts. Comparatively, the SNL index does not exclude companies
that have become the subject of an announced acquisition.
The "new issue" market is separate and distinct from the
market for seasoned issues like the Peer Group companies. Accordingly, as
discussed in the Original Appraisal, RP Financial has considered the pro forma
pricing and trading level of recently converted companies in this updated
appraisal. In general, the pace of conversion activity has been relatively
strong and investor reception to these offerings has been strong with most
offerings oversubscribed. In initial trading activity, all of the new issues
traded higher. As shown in Table 4, the median one week change in price for
offerings completed during the latest three months equaled positive 43.4 percent
(excluding second steps).
<PAGE>
RP FINANCIAL, L.C.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 10
Average Pricing Characteristics
<TABLE>
<CAPTION>
At June 6, At Aug. 1, %
1997 1997 Change
<S> <C> <C> <C>
Peer Group
Price/Earnings(x) 21.68x 22.87x 5.5%
Price/Core Earnings (x) 20.02 21.21 5.9
Price/Book (%) 122.97% 130.55% 6.2
Price/Tangible Book(%) 126.09 135.58 7.5
Price/Assets (%) 19.59 20.79 6.1
Avg. Market Capitalization ($Mil) $112.39 $118.05 5.0
Price/Share 17.99 19.32 7.4
SAIF-Insured Thrifts
Price/Earnings(x) 20.14x 21.47x 6.6%
Price/Core Earnings (x) 17.72 19.04 7.4
Price/Book (%) 128.40% 137.67% 7.2
Price/Tangible Book (%) 131.47 140.66 7.0
Price/Assets (%) 15.64 17.19 9.9
Avg. Market Capitalization ($Mil) 132.40 149.70 13.1
Price/Share 19.97 21.96 10.0
Recent Conversions Last Three Months(1)
Price/Core Earnings (x) 22.16x 23.61x 6.5%
Price/Tangible Book (%) 93.40% 112.86% 20.8
</TABLE>
(1) Ratios based on conversions completed for prior three months.
Shown in Table 5 is a summary of recently completed
conversions which closed in the last three months. Relative to the Original
Appraisal date, which reflected pricing ratios as of June 6, 1997, the newly
converted companies increased in value by 20.8 percent on a price-to-book basis,
from an average 93.40 percent pro forma P/TB ratio at June 6, 1997, to 112.86
percent as of August 1, 1997. Comparatively, a 6.5 percent increase was recorded
in the pro forma core P/E multiple for the recent conversions over the
corresponding time frame.
Table 6 reflects the pricing characteristics and after-market
trends for second step conversions of mutual holding companies. Riverview's P/B
ratio is priced at a premium relative to these transactions reflecting today's
strong market for thrift issues generally as well as new issues.
<PAGE>
RP Financial, LC.
Table 4
Recent Conversions (Last Three Months)
Conversion Pricing Characteristics: Sorted Chronologically
<TABLE>
<CAPTION>
Institutional Information Pre-Conversion Data Offering Insider Purchases
Financial Info. Asset Quality Information
Benefit Plans
Conversion Equity/ NPAs/ Res. Gross % of Exp./ Recog. Mgmt.
Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc. ESOP Plans & Dirs.
($Mil (%) (%)(2 (%) ($Mil) (%) (%) (%) (%) (%)(3)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FirstSpartan Fin. Corp. SC *07/09/97 FSPT 388 11.81% 0.75% 44% 88.6 132% 1.6% 8.0% 4.0% 1.5%
GSB Financial Corp. NY 07/09/97 GOSB $96 12.68% 0.07% 188% $22.5 132% 4.1% 8.0% 4.0% 2.6%
FirstBank Corp. ID *07/02/97 FBNW 138 8.00% 0.99% 68% 19.8 132% 3.5% 8.0% 4.0% 8.2%
Montgomery Fin. Corp.(8) IN 07/01/97 MONT 94 9.83% 0.91% 20% 11.9 132% 4.5% 8.0% 4.0% 4.6%
Community First Bankg. Co GA 07/01/97 CFBC 366 7.02% 1.68% 40% 48.3 132% 2.9% 8.0% 4.0% 1.0%
First Robinson Fin. Corp. IL 06/30/97 FRFC 72 6.78% 0.63% 89% 8.6 132% 4.7% 8.0% 4.0% 9.8%
Security Bancorp TN 06/30/97 P. Sheet 46 5.46% 0.06% NM 4.4 132% 6.9% 8.0% 4.0% 2.0%
Sistersville Bancorp WV 06/26/97 P. Sheet 27 17.91% 0.31% 198% 6.6 110% 6.8% 8.0% 4.0% 5.4%
SFB Bancorp TN 05/30/97 P.Sheet 47 10.04% 0.80% 82% 7.7 132% 3.2% 8.0% 4.0% 5.3%
Rocky Ford Financial CO 05/22/97 P.Sheet 21 13.92% 0.00% NA 4.2 132% 8.3% 8.0% 4.0% 23.6%
HCB Bancshares AR 05/07/97 HCBB 176 7.81% 0.21% 110% 26.5 132% 2.8% 8.0% 4.0% 4.3%
Peoples Sidney Fin. Corp. OH 04/28/97 PSFC 92 10.08% 1.11% 33% 17.9 132% 3.2% 8.0% 4.0% 9.8%
Averages: $130 10.11% 0.63% 87% $22.2 130% 4.4% 8.0% 4.0% 6.5%
Medians: 93 9.94% 0.69% 75% 14.9 132% 3.8% 8.0% 4.0% 4.9%
Averages, Excluding 2nd Steps $133 10.14% 0.60% 95% 23.2 130% 4.4% 8.0% 4.0% 6.7%
Medians, Excluding 2nd Steps $92 10.04% 0.63% 82% 17.9 132% 3.5% 8.0% 4.0% 5.3%
</TABLE>
<TABLE>
<CAPTION>
Institutional Information Pro Forma Data
Pricing Ratios(4) Fin. Characteristics
Conversion IPO
Institution State Date Ticker P/TB P/E(5) P/A ROA TE/A ROE Price
(%) (x) (%) (%) (%) (%) ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FirstSpartan Fin. Corp. SC *07/09/97 FSPT 72.4% 17.3 19.1% 1.1% 26.3% 4.2% $20.00
GSB Financial Corp. NY 07/09/97 GOSB 72.5% 22.5 19.6% 0.9% 27.1% 3.2% 10.00
FirstBank Corp. ID *07/02/97 FBNW 71.4% 22.8 12.9% 0.6% 18.0% 3.1% 10.00
Montgomery Fin. Corp.(8) IN 07/01/97 MONT 89.1% 24.1 16.0% 0.7% 17.9% 3.7% 10.00
Community First Bankg. Co GA 07/01/97 CFBC 72.3% 24.5 11.9% 0.5% 16.4% 2.9% 20.00
First Robinson Fin. Corp. IL 06/30/97 FRFC 71.4% 16.7 10.9% 0.7% 15.2% 4.3% 10.00
Security Bancorp TN 06/30/97 P. Sheet 72.0% 14.1 8.8% 0.6% 12.2% 5.1% 10.00
Sistersville Bancorp WV 06/26/97 P. Sheet 65.0% 18.9 20.6% 1.1% 31.6% 3.4% 10.00
SFB Bancorp TN 05/30/97 P.Sheet 70.1% 13.9 14.5% 1.0% 20.7% 5.1% 10.00
Rocky Ford Financial CO 05/22/97 P.Sheet 67.9% 14.6 17.7% 1.2% 26.1% 4.6% 10.00
HCB Bancshares AR 05/07/97 HCBB 72.9% 34.4 13.3% 0.4% 18.2% 2.1% 10.00
Peoples Sidney Fin. Corp. OH 04/28/97 PSFC 71.0% 13.7 16.5% 1.2% 23.3% 5.2% 10.00
Averages: 72.3% 19.8 15.1% 0.8% 21.1% 3.9%$11.67
Medians: 71.7% 18.1 15.2% 0.8% 19.5% 3.9% 10.00
Averages, Excluding 2nd Steps 70.8% 19.4 15.1% 0.8% 21.4% 3.9%$11.82
Medians, Excluding 2nd Steps 71.4% 17.3 14.5% 0.9% 20.7% 4.2% 10.00
</TABLE>
<TABLE>
<CAPTION>
Institutional Information Post-IPO Pricing Trends
Closing Price:
First After After
Conversion Trading % First % First %
Institution State Date Ticker Day Chg. Week(6) Chg. Month(7) Chg.
($) (%) ($) (%) ($) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FirstSpartan Fin. Corp. SC *07/09/97 FSPT $36.69 83.4% $36.62 83.1% $36.69 83.4%
GSB Financial Corp. NY 07/09/97 GOSB 14.63 46.3% 14.75 47.5% 14.75 47.5%
FirstBank Corp. ID *07/02/97 FBNW 15.81 58.1% 15.56 55.6% 17.00 70.0%
Montgomery Fin. Corp.(8) IN 07/01/97 MONT 11.13 11.2% 11.25 12.5% 11.37 13.7%
Community First Bankg. Co GA 07/01/97 CFBC 31.88 59.4% 33.00 65.0% 34.75 73.8%
First Robinson Fin. Corp. IL 06/30/97 FRFC 14.50 45.0% 14.38 43.8% 14.75 47.5%
Security Bancorp TN 06/30/97 P. Sheet 14.50 45.0% 15.00 50.0% 14.75 47.5%
Sistersville Bancorp WV 06/26/97 P. Sheet 13.75 37.5% 13.88 38.8% 14.25 42.5%
SFB Bancorp TN 05/30/97 P.Sheet 13.81 38.1% 13.38 33.8% 14.00 40.0%
Rocky Ford Financial CO 05/22/97 P.Sheet 13.00 30.0% 13.13 31.3% 13.50 35.0%
HCB Bancshares AR 05/07/97 HCBB 12.63 26.3% 12.69 26.9% 12.88 28.8%
Peoples Sidney Fin. Corp. OH 04/28/97 PSFC 12.56 25.6% 13.25 32.5% 12.88 28.8%
Averages: $17.07 42.2% $17.25 43.4% $17.63 46.5%
Medians: 14.16 41.6% 14.13 41.3% 14.50 45.0%
Averages, Excluding 2nd Steps $17.61 45.0% $16.64 43.8% $15.86 44.3%
Medians, Excluding 2nd Steps 14.50 45.0% 14.38 43.8% 14.75 47.5%
Note: * - Appraisal performed by RP Financial; "NT" - Not Traded; July 17, 1997
"NA" - Not Applicable, Not Available.
(1) Non-OTS regulated thrifts.
(2) As reported in summary pages of prospectus.
(3) As reported in prospectus.
(4) Does not take into account the adoption of SOP 93-6.
(5) Excludes impact of special SAIF assessment on earnings.
(6) Latest price if offering less than one week old.
(7) Latest price if offering more than one week but less than one month old.
(8) Second-step conversions.
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Market Pricing Comparatives
Prices As of August 1, 1997
<TABLE>
<CAPTION>
Market Per Share Data
Capitalization Core Book Pricing Ratios(3) Dividends(4)
Price/ Market 12-Mth Value/ Amount/ Payout
Financial Institution Share Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5)
($) ($Mil) ($) ($) (X) (%) (%) (%) (X) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts 21.96 149.70 1.14 15.62 21.47 137.67 17.19 140.66 19.04 0.38 1.77 29.65
Special Selection Grouping(8) 19.65 51.17 0.62 17.06 27.66 112.31 23.17 112.86 23.61 0.03 0.16 3.42
State of WA 29.33 1,360.61 1.37 13.40 19.18 171.39 18.89 182.63 18.69 0.44 1.38 26.38
Comparable Group
Special Comparative Group(8)
CFBC Community First Bnkg Co.
of GA 34.00 82.08 0.82 27.66 NM 122.92 20.18 122.92 NM 0.00 0.00 0.00
FBNW FirstBank Corp of
Clarkston WA 17.75 35.22 0.44 14.00 NM 126.79 22.87 126.79 NM 0.00 0.00 0.00
FSPT FirstSpartan Fin. Corp.
of SC 35.75 158.37 1.16 27.63 NM 129.39 34.06 129.39 NM 0.00 0.00 0.00
GOSB GSB Financial Corp. of NY 14.37 32.30 0.44 13.78 27.63 104.28 28.22 104.28 NM 0.00 0.00 0.00
HCBB HCB Bancshares of AR 13.75 36.37 0.29 13.73 NM 100.15 18.27 104.48 NM 0.00 0.00 0.00
MONT Montgomery Financial Corp
of IN 12.06 19.94 0.42 11.22 NM 107.49 19.26 107.49 28.71 0.00 0.00 0.00
PHSB Peoples Home SB of PA 14.00 17.39 0.67 14.36 NM 97.49 16.87 97.49 20.90 0.00 0.00 0.00
PSFC Peoples Sidney Fin.
Corp of OH 15.50 27.67 0.73 14.09 27.68 110.01 25.59 110.01 21.23 0.20 1.29 27.40
</TABLE>
<TABLE>
<CAPTION>
Financial Characteristics(6)
Total Equity/ NPAs/ Reported Core
Assets Assets Assets ROA ROE ROA ROE
($Mil) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts 1,113 13.05 0.80 0.62 5.32 0.85 7.37
Special Selection Grouping(8) 222 20.57 1.48 0.57 2.59 0.76 3.65
State of WA 7,158 10.23 0.71 0.89 8.51 1.01 10.96
Comparable Group
Special Comparative Group(8)
CFBC Community First Bnkg Co.
of GA 407 16.42 NA 0.25 1.52 0.49 2.96
FBNW FirstBank Corp of
Clarkston WA 154 18.04 1.95 0.70 3.86 0.57 3.14
FSPT FirstSpartan Fin. Corp.
of SC 465 26.32 NA 0.95 3.62 1.11 4.20
GOSB GSB Financial Corp. of NY 114 27.06 NA 1.02 3.77 0.86 3.19
HCBB HCB Bancshares of AR 199 18.25 NA -0.11 -0.58 0.39 2.11
MONT Montgomery Financial Corp
of IN 104 17.91 NA 0.42 2.32 0.67 3.74
PHSB Peoples Home SB of PA 229 17.31 NA 0.39 2.23 0.81 4.67
PSFC Peoples Sidney Fin.
Corp of OH 108 23.26 1.00 0.92 3.97 1.21 5.18
</TABLE>
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on
a tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets;
P/TP = Price to tangible book value; and P/CORE = Price to estimated core
earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month earnings and average equity and assets
balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Converted Last 3 Mths (no MHC);
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been
obtained from sources we believe are reliable, but we cannot
guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP Financial, LC.
Pricing Characteristics and After-Market Trends
Second Step Conversions
<TABLE>
<CAPTION>
Institutional Information Pre-Conversion Data Offering Insider Purchases
Financial Info. Asset Quality Information
Benefit Plans
Conversion Equity/ NPAs/ Res. Gross % of Exp./ Recog. Mgmt.
Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc. ESOP Plans & Dirs.
($Mil (%) (%)(2 (%) ($Mil) (%) (%) (%) (%) (%)(3)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Montgomery Fin. Corp. IN 07/01/97 MONT $94 9.83% 0.91% 20% $11.9 132% 4.5% 8.0% 4.0% 4.6%
Cumberland Mtn. Bncshrs. KY *04/01/97 P. Sheet 92 5.14% 1.31% 19% 4.4 132% 8.0% 6.2% 4.0% 4.5%
Kenwood Bancorp OH *07/01/96 P. Sheet 48 6.88% 0.00% NM 1.6 102% 22.2% 8.0% 4.0% 6.4%
Commonwealth Bancorp PA *06/17/96 CMSB 2,054 6.71% 0.51% 109% 98.7 110% 1.9% 8.0% 4.0% 0.1%
Westwood Financial Corp. NJ 06/07/96 WWFC 85 7.05% 0.00% NM 3.9 99% 9.9% 0.0% 0.0% 2.5%
Jacksonville Bancorp TX 04/01/96 JXVL 198 10.47% 1.41% 36% 16.2 106% 4.4% 8.0% 4.0% 2.0%
North Central Bancshares IA 03/21/96 FFFD 180 16.47% 0.17% 562% 26 106% 3.5% 3.2% 0.0% 0.5%
Fidelity Financial of Ohi OH *03/04/96 FFOH 227 13.23% 0.50% 69% 22.8 132% 3.2% 8.0% 4.0% 5.6%
First Colorado Bancorp CO *01/02/96 FFBA 1,400 12.71% 0.31% 20% 134.1 105% 1.9% 10.0% 2.0% 2.0%
Charter Financial IL *12/29/95 CBSB 293 12.17% 0.27% 281% 29.2 116% 3.4% 3.3% 0.0% 0.1%
American Nat'l Bancorp MD *11/03/95 ANBK 426 6.80% 2.23% 67% 21.8 132% 3.3% 8.0% 4.0% 0.6%
First Defiance Fin. Corp. OH *10/02/95 FDEF 476 15.27% 0.24% 135% 64.8 132% 2.3% 8.0% 4.0% 0.9%
Community Bank Shares IN *04/10/95 CBIN 205 7.00% 0.33% 80% 10.1 132% 4.4% 8.0% 0.0% 17.9%
Fed One Bancorp WV *01/19/95 FOBC 305 9.2% 0.32% 142% 16.1 85% 7.7% 7.0% 4.0% 0.9%
Home Financial Corp. FL *10/25/94 HOFL 1,005 13.4% 0.91% 44% 175.6 112% 3.1% 8.0% 4.0% 0.6%
Jefferson Bancorp LA *08/18/94 JEBC 257 6.3% 0.9% 25% 16.1 107% 3.9% 7.0% 3.0% 1.5%
Average $459 9.92% 0.65% 115%$40,099 115% 5.5% 6.8% 2.8% 3.2%
Medians 242 9.54% 0.42% 68% 19,003 111% 3.7% 8.0% 4.0% 1.8%
</TABLE>
<TABLE>
<CAPTION>
Institutional Information Pro Forma Data
Pricing Ratios(4) Fin. Characteristics
Conversion IPO
Institution State Date Ticker P/TB P/E(7)P/Core P/A ROA TE/A ROE Price
(%) (x) (x) (%) (%) (%) (%) ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Montgomery Fin. Corp. IN 07/01/97 MONT 89.1% 24.1 24.1 16.0% 0.7% 17.9% 3.7% $10.00
Cumberland Mtn. Bncshrs. KY *04/01/97 P. Sheet 81.2% 13.8 13.8 7.1% 0.5% 8.8% 5.9% 10.00
Kenwood Bancorp OH *07/01/96 P. Sheet 67.6% NM NM 6.0% 0.1% 8.8% 1.7% 10.00
Commonwealth Bancorp PA *06/17/96 CMSB 109.3% 12.1 12.5 8.4% 0.7% 6.7% 10.4% 10.00
Westwood Financial Corp. NJ 06/07/96 WWFC 80.0% 10.1 10.1 7.3% 0.7% 9.2% 7.9% 10.00
Jacksonville Bancorp TX 04/01/96 JXVL 77.7% 14.9 14.9 12.6% 0.8% 16.2% 5.2% 10.00
North Central Bancshares IA 03/21/96 FFFD 74.2% 12.1 12.5 19.7% 1.6% 26.5% 6.1% 10.00
Fidelity Financial of Ohi OH *03/04/96 FFOH 82.6% 18.1 18.1 16.6% 0.9% 20.0% 4.6% 10.00
First Colorado Bancorp CO *01/02/96 FFBA 87.0% 12.7 13.4 13.2% 1.0% 15.2% 6.9% 10.00
Charter Financial IL *12/29/95 CBSB 81.4% 12.3 12.3 15.5% 1.3% 19.1% 6.6% 10.00
American Nat'l Bancorp MD *11/03/95 ANBK 83.9% 17.7 17.7 9.0% 0.5% 10.7% 4.7% 10.00
First Defiance Fin. Corp. OH *10/02/95 FDEF 85.6% 18.2 18.2 20.6% 1.1% 24.1% 4.7% 10.00
Community Bank Shares IN *04/10/95 CBIN 85.5% 10.3 9.0 9.3% 0.9% 10.9% 8.3% 10.00
Fed One Bancorp WV *01/19/95 FOBC 67.9% 9.0 9.0 8.8% 1.0% 13.0% 7.6% 10.00
Home Financial Corp. FL *10/25/94 HOFL 86.4% 10.6 12.4 21.3% 2.0% 24.6% 8.2% 10.00
Jefferson Bancorp LA *08/18/94 JEBC 71.7% 10.2 10.2 7.9% 0.8% 11.1% 7.0% 10.00
Average 81.9% 13.7 13.9 12.4% 0.9% 15.2% 6.2% $10.00
Medians 82.0% 12.3 12.5 10.9% 0.9% 14.1% 6.4% 10.00
</TABLE>
<TABLE>
<CAPTION>
Institutional Information Post-IPO Pricing Trends
Closing Price:
First After After
Conversion Trading % First % First %
Institution State Date Ticker Day Chg. Week(5) Chg. Month(6) Chg.
($) (%) ($) (%) ($) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Montgomery Fin. Corp. IN 07/01/97 MONT $11.13 11.2% $11.25 12.5% $12.13 21.3%
Cumberland Mtn. Bncshrs. KY *04/01/97 P. Sheet 11.88 18.8% 12.25 22.5% 12.63 26.3%
Kenwood Bancorp OH *07/01/96 P. Sheet NT NA NT NA NT NA
Commonwealth Bancorp PA *06/17/96 CMSB 10.50 5.0% 10.75 7.5% 10.00 0.0%
Westwood Financial Corp. NJ 06/07/96 WWFC 10.75 7.5% 10.38 3.8% 10.62 6.2%
Jacksonville Bancorp TX 04/01/96 JXVL 9.75 -2.5% 9.63 -3.8% 9.88 -1.2%
North Central Bancshares IA 03/21/96 FFFD 10.88 8.7% 10.69 6.9% 10.44 4.4%
Fidelity Financial of Ohi OH *03/04/96 FFOH 10.50 5.0% 10.00 0.0% 10.13 1.3%
First Colorado Bancorp CO *01/02/96 FFBA 11.44 14.4% 11.63 16.3% 12.00 20.0%
Charter Financial IL *12/29/95 CBSB 10.81 8.1% 10.88 8.7% 11.38 13.8%
American Nat'l Bancorp MD *11/03/95 ANBK 9.38 -6.3% 9.75 -2.5% 9.88 -1.2%
First Defiance Fin. Corp. OH *10/02/95 FDEF 10.38 3.8% 10.31 3.1% 10.13 1.3%
Community Bank Shares IN *04/10/95 CBIN 12.00 20.0% 12.75 27.5% 12.25 22.5%
Fed One Bancorp WV *01/19/95 FOBC 11.00 10.0% 11.00 10.0% 11.62 16.2%
Home Financial Corp. FL *10/25/94 HOFL 9.59 -4.1% 10.00 0.0% 10.31 3.1%
Jefferson Bancorp LA *08/18/94 JEBC 13.00 30.0% 14.25 42.5% 14.25 42.5%
Average $10.86 8.6% $11.03 10.3% $11.17 11.7%
Medians 10.81 8.1% 10.75 7.5% 10.62 6.2%
Note: "NT" - Not Traded; "NA" - Not Applicable, Not Available. August 6, 1997
(1) Non-OTS regulated thrifts.
(2) As reported in summary pages of prospectus.
(3) As reported in prospectus.
(4) Does not take into account the adoption of SOP 93-6.
(5) Latest price if offering less than one week old.
(6) Latest price if offering more than one week but less than one month old.
(7) Price to core earnings if converted after 9/30/96 due to impact of SAIF
assessment.
</TABLE>
<PAGE>
RP FINANCIAL, L.C.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 14
Summary of Adjustments
We have changed only one key valuation parameter since the Original
Appraisal, as shown below.
<TABLE>
<CAPTION>
Previous Current
Key Valuation Parameters: Valuation Adjustment Valuation Adjustment
<S> <C> <C>
Financial Condition Slight Downward No Change
Profitability, Growth and Viability of Earnings No Adjustment No Change
Asset Growth No Adjustment No Change
Primary Market Area No Adjustment No Change
Dividends Slight Downward No Change
Liquidity of the Shares Slight Downward No Change
Marketing of the Issue No Adjustment Moderate Upward
Management No Adjustment No Change
Effect of Government Regulations & Regulatory Reform No Adjustment No Change
</TABLE>
There were no material changes in the updated financial condition of
the Bank and the Peer Group and in their updated operating results. Riverview's
balance sheet remained substantially unchanged while core earnings remained
above the Peer Group average. The factors concerning the valuation parameters of
asset growth, primary market area, dividends, liquidity of the shares,
management and effect of government regulation and regulatory reform did not
change since the Original Appraisal date. Accordingly, those parameters were not
discussed further in this update.
The new issue market for thrift stocks remains strong with all the
recent issues being oversubscribed and trading above their IPO price.
Additionally, we also considered the increase in the Peer Group prices in the
range of 5 to 7 percent coupled with the continued retention of earnings by
Riverview through the quarter ended June 30, 1997. We have also considered the
increase in the trading price of Riverview's stock from $20.25 as of June 6,
1997 to $25.25/$27.50 (low/high) as of August 1, 1997, but have discounted this
factor somewhat given the limited trading volume (2700 shares traded the week
ended August 1, 1997) and the different characteristics of the minority shares
versus the shares following the second step conversion. Overall, taking into
account the foregoing factors, we believe that an increase in Riverview's pro
forma value is appropriate.
Valuation Approaches
In applying the accepted valuation methodology promulgated by the OTS,
i.e., the pro forma market value approach, we considered the three key pricing
ratios in valuing Riverview's to-be-issued stock -- the price/earnings ("P/E"),
price/book ("P/B"), and price/assets ("P/A") approaches -- all performed on a
pro forma basis including the effects of the conversion proceeds from selling
the MHC's interest to the public. In computing the pro forma impact of the
conversion and the related pricing ratios, the valuation parameters for
effective tax rate, reinvestment rate, offering expenses and stock benefit plan
assumptions have been derived from the assumptions set forth in the prospectus.
The pro assumptions are summarized in Exhibits 3 and 4.
Consistent with the Original Appraisal, this updated appraisal
continues to be based primarily on fundamental analysis techniques applied to
the Peer Group, including the P/E approach, the P/B approach and the P/A
approach. To capture the anticipated aftermarket trading of Riverview's stock,
the updated appraisal also incorporates a technical analysis of recently
completed stock conversions, including principally the P/B
<PAGE>
RP FINANCIAL, LC.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 15
approach which (as discussed in the Original Appraisal) is the most meaningful
pricing ratio as the pro forma P/E ratios reflect an assumed reinvestment rate
and do not yet reflect the actual use of proceeds.
Based on the foregoing, we have concluded that the pro forma market
value range of Riverview's stock is subject to an increase. Therefore, as of
August 1, 1997, the pro forma market value of Riverview's conversion stock has
been increased from $41,187,500 to $46,336,020 (please note that this figure
reflects rounding of the stock offering amount). This updated midpoint value
reflects a 12.5 percent increase in value relative to the Original Appraisal.
The Bank has adopted Statement of Position ("SOP" 93-6) which will
cause earnings per share computations to be based on shares issued and
outstanding excluding shares owned by an ESOP where there is not a commitment to
release such shares. For the purpose of preparing the pro forma pricing tables
and exhibits, we have reflected all shares issued in the offering including
shares purchased by the ESOP as outstanding to capture the full dilutive impact
of such stock to the Bank's shareholders. However, we have considered the impact
of the Bank's adoption of SOP 93-6 in the determination of Riverview's pro forma
value.
1. P/TB Approach. Based on the updated midpoint value of
$46.34 million, Riverview's pro forma P/TB ratio at the midpoint equaled 99.75
percent, which approximates the increase in the Peer Group's book value based
pricing ratios since the date of the Original Appraisal. The resulting discount
relative to the Peer Group's average P/TB ratio equaled 26.4 percent versus 23.9
percent in the Original Appraisal. Relative to the average of recent
conversions, Riverview's pro forma P/TB ratio was at a discount of 11.6 percent.
2. P/E Approach. The application of the P/E valuation method
requires calculating the Bank's pro forma market value by applying a valuation
P/E multiple times the pro forma earnings base. Ideally, the pro forma earnings
base is composed principally of the Bank's recurring earnings base, that is,
earnings adjusted to exclude any one-time non-operating items, plus the
estimated after-tax earnings benefit of the reinvestment of net conversion
proceeds. As shown below, the Bank recorded several non-operating items during
the twelve month period which were all deemed non-operating and not included in
the core earnings base. The Bank's core earnings were calculated to equal the
following (Note: the adjustments applied to the Peer Group's earnings in the
calculation of core earnings are shown in Exhibit 2, including the SAIF
assessment):
Amount
($000)
Net Income $2,118
Less: Gains of Loans HFS (78)
Less: Gains on MBS & Investments (37)
Plus: SAIF Assessment 947
Tax-Effect Adjustments @ 34% (283)
Adjusted (Core) Income After Tax $2,667
Based on Riverview's core earnings, and incorporating the
impact of the pro forma assumptions discussed previously, the Bank's core P/E
multiple at the midpoint value of $46.34 million equaled 14.10 times (versus the
13.09x midpoint valuation in the Original Appraisal). Comparatively, the Peer
Group posted an average core P/E multiple of 21.21 times, which indicated a
discount of 33.5 percent in the Bank's core P/E multiple (versus a discount of
34.6 percent as indicated in the Original Appraisal). The implied
<PAGE>
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Public Market Pricing
Riverview SB and the Comparables
As of August 1, 1997
<TABLE>
<CAPTION>
Market Per Share Data
Capitalization --------------
------------------ Core Book Pricing Ratios(3)
Price/ Market 12-Mth Value/ --------------------------------------
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
Riverview SB
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Superrange 10.00 61.28 0.48 9.18 20.80 108.95 23.57 113.49 17.54
Range Maximum 10.00 53.29 0.53 9.80 18.79 102.06 20.82 106.65 15.75
Range Midpoint 10.00 46.34 0.59 10.51 16.92 95.14 18.36 99.75 14.10
Range Minimum 10.00 39.39 0.67 11.47 14.90 87.15 15.82 91.71 12.34
SAIF-Insured Thrifts(7)
Averages 21.96 149.70 1.14 15.62 21.47 137.67 17.19 140.66 19.04
Medians - - - - 21.90 132.72 15.75 136.34 18.38
All Non-MHC State of WA(7)
Averages 29.33 1360.61 1.37 13.40 19.18 171.39 18.89 182.63 18.69
Medians - - - - 15.19 186.48 20.37 207.46 16.26
Comparable Group Averages
Averages 19.32 118.05 0.90 14.95 22.87 130.55 20.79 135.58 21.21
Medians - - - - 24.28 125.91 20.85 130.45 20.47
State of WA
CASB Cascade SB of Everett WA(7) 12.50 32.10 0.77 8.47 20.49 147.58 9.11 147.58 16.23
FMSB First Mutual SB of Bellevue WA 21.75 58.77 1.40 10.14 15.00 214.50 14.10 214.50 15.54
FWWB First Savings Bancorp of WA 24.37 256.35 0.84 14.13 27.38 172.47 25.44 187.46 29.01
FBNW FirstBank Corp of Clarkston WA 17.75 35.22 0.44 14.00 NM 126.79 22.87 126.79 NM
HRZB Horizon Financial Corp. of WA 15.25 113.11 1.03 10.59 14.52 144.00 21.95 144.00 14.81
IWBK Interwest SB of Oak Harbor WA 39.75 319.43 2.34 14.78 23.80 NM 18.03 NM 16.99
STSA Sterling Financial Corp. of WA 19.00 105.77 0.86 11.17 NM 170.10 6.79 200.42 22.09
WFSL Washington FS&LA of Seattle WA 28.25 1340.80 2.06 14.09 15.19 200.50 23.16 222.62 13.71
WAMU Washington Mutual Inc. of WA 68.50 8655.45 1.99 18.28 NM NM 18.80 NM NM
Comparable Group
BWFC Bank West Fin. Corp. of MI 14.50 25.85 0.42 12.62 24.58 114.90 17.58 114.90 NM
CMRN Cameron Fin. Corp. of MO 18.00 48.28 0.96 16.92 23.38 106.38 24.42 106.38 18.75
EFBI Enterprise Fed. Bancorp of OH 19.75 39.72 0.82 15.52 26.33 127.26 16.12 127.42 24.09
FFHH FSF Financial Corp. of MN 17.75 53.84 0.95 14.25 23.99 124.56 14.66 124.56 18.68
FFBA First Colorado Bancorp of CO 18.06 299.09 1.02 13.08 17.53 138.07 19.75 139.89 17.71
FWWB First Savings Bancorp of WA 24.37 256.35 0.84 14.13 27.38 172.47 25.44 187.46 29.01
HRZB Horizon Financial Corp. of WA 15.25 113.11 1.03 10.59 14.52 144.00 21.95 144.00 14.81
KFBI Klamath First Bancorp of OR 18.62 186.55 0.86 13.59 NM 133.48 27.28 133.48 21.65
UBMT United Fin. Corp. of MT 23.75 29.05 1.16 19.95 25.27 119.05 26.96 119.05 20.47
WSTR WesterFed Fin. Corp. of MT 23.12 128.66 0.90 18.44 NM 125.38 13.76 158.68 25.69
</TABLE>
<TABLE>
<CAPTION>
Financial Characteristics(6)
Dividends(4) --------------------------------------------------
------------------------- Reported Core
(Amount/ Payout Total Equity/ NPAs/ ----------- ----------- MEMO: MEMO:
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE Exchange Offering
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%) Ratio ($Mil)
Riverview SB
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Superrange 0.11 1.06 22.15 260 21.64 0.12 1.13 5.24 1.34 6.21 2.5359 35.7
Range Maximum 0.12 1.22 23.01 256 20.40 0.12 1.11 5.43 1.32 6.48 2.2051 31.1
Range Midpoint 0.14 1.41 23.82 252 19.30 0.12 1.09 5.62 1.30 6.75 1.9175 27.0
Range Minimum 0.17 1.66 24.68 249 18.16 0.13 1.06 5.85 1.28 7.06 1.6299 23.0
SAIF-Insured Thrifts(7)
Averages 0.38 1.77 29.65 1,113 13.05 0.80 0.62 5.32 0.85 7.37
Medians - - - - - - - - - -
All Non-MHC State of WA(7)
Averages 0.44 1.38 26.38 7,158 10.23 0.71 0.89 8.51 1.01 10.96
Medians - - - - - - - - - -
Comparable Group Averages
Averages 0.49 2.50 43.17 572 16.11 0.22 0.95 5.49 1.06 6.06
Medians - - - - - - - - - -
State of WA
CASB Cascade SB of Everett WA(7) 0.00 0.00 0.00 352 6.17 0.59 0.46 7.48 0.58 9.45
FMSB First Mutual SB of Bellevue WA 0.20 0.92 14.29 417 6.57 0.01 1.01 15.33 0.98 14.80
FWWB First Savings Bancorp of WA 0.28 1.15 33.33 1,008 14.75 0.32 1.05 6.25 1.00 5.90
FBNW FirstBank Corp of Clarkston WA 0.00 0.00 0.00 154 18.04 1.95 0.70 3.86 0.57 3.14
HRZB Horizon Financial Corp. of WA 0.40 2.62 38.83 515 15.24 NA 1.56 9.85 1.53 9.66
IWBK Interwest SB of Oak Harbor WA 0.60 1.51 25.64 1,772 6.70 0.64 0.84 12.51 1.18 17.53
STSA Sterling Financial Corp. of WA 0.00 0.00 0.00 1,557 3.99 0.61 0.07 1.61 0.31 7.71
WFSL Washington FS&LA of Seattle WA 0.92 3.26 44.66 5,789 11.55 0.73 1.65 14.21 1.83 15.74
WAMU Washington Mutual Inc. of WA 1.08 1.58 54.27 46,051 5.02 NA 0.24 4.44 0.70 13.19
Comparable Group
BWFC Bank West Fin. Corp. of MI 0.28 1.93 66.67 147 15.30 0.03 0.74 4.25 0.53 3.03
CMRN Cameron Fin. Corp. of MO 0.28 1.56 29.17 198 22.95 0.60 1.12 4.46 1.39 5.56
EFBI Enterprise Fed. Bancorp of OH 1.00 5.06 NM 246 12.67 0.01 0.68 4.72 0.75 5.16
FFHH FSF Financial Corp. of MN 0.50 2.82 52.63 367 11.77 0.03 0.64 4.76 0.83 6.11
FFBA First Colorado Bancorp of CO 0.44 2.44 43.14 1,514 14.31 0.23 1.13 7.87 1.12 7.80
FWWB First Savings Bancorp of WA 0.28 1.15 33.33 1,008 14.75 0.32 1.05 6.25 1.00 5.90
HRZB Horizon Financial Corp. of WA 0.40 2.62 38.83 515 15.24 NA 1.56 9.85 1.53 9.66
KFBI Klamath First Bancorp of OR 0.30 1.61 34.88 684 20.44 0.08 0.89 3.75 1.32 5.56
UBMT United Fin. Corp. of MT 0.96 4.04 NM 108 22.65 0.42 1.09 4.70 1.34 5.80
WSTR WesterFed Fin. Corp. of MT 0.42 1.82 46.67 935 10.98 0.25 0.56 4.33 0.78 5.99
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) EPS (core basis) is based on actual trailing twelve month data, adjusted to
omit the impact of non-operating items (including the SAIF assessment) on a
tax effected basis, and is shown on a pro forma basis where appropriate.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB =
Price to Tangible Book; and P/CORE = Price to Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and total
assets balances.
(7) Excludes from averages and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
<PAGE>
RP FINANCIAL, LC.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 17
conversion pricing ratios relative to the Peer Group's pricing ratios are
indicated in Table 7, and the updated pro forma calculations are detailed in
Exhibits 3 and 4.
3. P/A Approach. P/A ratios are generally not as a reliable
indicator of market value, as investors do not place significant weight on total
assets as a determinant of market value. Investors place significantly greater
weight on book value and earnings -- which have received greater weight in our
valuation analysis. At the $46.34 million proposed closing value, Riverview
exhibited a pro forma P/A ratio of 18.36 percent. In comparison to the Peer
Group's average P/A ratio of 20.79 percent, Riverview's P/A ratio indicated a
discount of 11.7 percent (versus a discount of 14.0 percent at the midpoint
valuation in the Original Appraisal).
Summary
We have concluded that the Bank's estimated pro forma market value
should be increased since the date of the Original Appraisal based on the
positive trends exhibited in the market for thrift stocks and the growth of the
Bank's capital and earnings based on updated financial data. Accordingly, it is
our opinion, as of August 1, 1997 the aggregate pro forma market value of the
Bank, inclusive of the sale of the MHC's ownership interest in the Subscription
and Community Offering was $46,336,020 at the midpoint. Based on this valuation
and the approximate 58.27 percent ownership interest being sold in the
Subscription and Community Offerings, the midpoint value of the Holding
Company's stock offering was $27,000,000 (i.e., 0.5827 x $46,336,020), equal to
2,700,000 shares at a per share value of $10.00. Pursuant to OTS conversion
guidelines, the 15 percent offering range includes a minimum offering value of
$22,950,000 and a maximum value of $31,050,000. Based on the $10.00 per share
offering price, this range equates to an offering of 2,295,000 shares at the
minimum to 3,105,000 shares at the maximum. The Holding Company's offering also
includes a provision for a superrange, which if exercised, would result in an
offering size of $35,707,500, equal to 3,570,750 shares at the $10.00 per share
offering price. The comparative pro forma valuation ratios relative to the Peer
Group are shown in Table 7, and the key valuation assumptions are detailed in
Exhibit 3. The pro forma calculations for the range are detailed in Exhibit 4.
Establishment of Exchange Ratio
OTS regulations provide that in a conversion of a mutual holding
company, the minority stockholders are entitled to exchange their shares of the
Bank's common stock for common stock of the Holding Company. The Board of
Directors of the Mutual Holding Company has independently established a formula
to determine the exchange ratio. The formula has been designed to preserve the
current aggregate percentage ownership in the Bank represented by the Public
Savings Bank Shares, which is an approximate 41.73 percent ownership interest.
Pursuant to the formula, the Exchange Ratio will be determined at the end of the
Holding Company's stock offering based on the total number of shares sold in the
Subscription and Community offerings. Based upon this formula, and the valuation
conclusion and offering range concluded above, the Exchange Ratio would be
1.6299 shares, 1.9175 shares, 2.2051 shares and 2.5359 shares of Riverview
Bancorp stock issued for each Public Savings Bank Share, at the minimum,
midpoint, maximum and supermaximum of the offering, respectively.
The Exchange Ratio formula and share exchange procedures were
determined independently by the Board of Directors. RP Financial expresses no
opinion on the proposed exchange of Holding Company shares for the Public
Savings Bank Shares or on the proposed Exchange Ratio.
<PAGE>
RP FINANCIAL, LC.
BOARDS OF DIRECTORS
AUGUST 1, 1997
PAGE 18
Table 8
Riverview Savings Bank, FSB
Calculation of Exchange Ratios
<TABLE>
<CAPTION>
Shares Price/ Exchange Implied
Offered Share Shares(1) Exch. Ratio(2)
($000)
<S> <C> <C> <C> <C>
Super Maximum 3,570,500 $10.00 2,557,188 2.5359
Maximum 3,105,000 10.00 2,223,642 2.2051
Midpoint 2,700,000 10.00 1,933,602 1.9175
Minimum 2,295,000 10.00 1,643,561 1.6299
</TABLE>
(1) Calculated to preserve the Public Savings Bank Shares
percentage ownership in the Holding Company at 41.73 percent
(1,008,410 existing public shares outstanding divided by
2,416,301 total shares outstanding).
(2) Calculated as pro forma exchange shares divided by 1,008,410
existing Public Savings Bank Shares outstanding.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ William E. Pommerening
William E. Pommerening
Chief Executive Officer
/s/ James P. Hennessey
James P. Hennessey
Senior Vice President
<PAGE>
EXHIBITS
<PAGE>
RP FINANCIAL, LC.
LIST OF EXHIBITS
Exhibit
Number Description
1 Stock Prices: As of August 1, 1997
2 Peer Group Core Earnings Analysis
3 Pro Forma Analysis Sheet
4 Pro Forma Effect of Conversion Proceeds
5 Firm Qualifications Statement
<PAGE>
EXHIBIT 1
Stock Prices
As of August 1, 1997
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Price Change Data
Market Capitalization -----------------------------------------------
-------------------------- % Change From
Shares Market 52 Week (1) --------------------
Price/ Outst- Capital- ---------------- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ----------------- -------- ------- ------ ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(313) 21.92 5,374 156.3 22.71 14.84 21.69 1.02 193.86 26.02
NYSE Traded Companies(8) 41.09 38,503 1,815.3 42.10 24.79 40.86 0.11 267.92 29.90
AMEX Traded Companies(18) 18.37 4,231 91.0 19.65 12.40 18.24 0.88 307.78 23.91
NASDAQ Listed OTC Companies(287) 21.56 4,454 110.7 22.32 14.69 21.32 1.05 182.46 26.02
California Companies(21) 26.72 18,893 770.4 27.51 16.14 26.28 1.92 132.36 31.08
Florida Companies(6) 25.41 12,195 344.1 25.65 15.04 24.41 2.51 147.08 33.74
Mid-Atlantic Companies(61) 22.44 6,313 152.6 23.19 14.54 22.28 0.61 177.09 32.34
Mid-West Companies(151) 20.81 3,294 88.4 21.63 14.56 20.65 0.87 214.26 22.72
New England Companies(10) 24.22 4,651 139.8 24.65 15.57 23.61 2.68 334.00 29.84
North-West Companies(7) 23.02 12,610 337.7 23.40 16.41 22.47 2.25 166.72 23.33
South-East Companies(45) 21.99 3,368 72.4 23.07 15.55 21.75 0.95 173.65 26.58
South-West Companies(6) 20.44 1,905 43.8 20.69 12.94 20.14 1.68 -3.70 20.22
Western Companies (Excl CA)(6) 20.12 5,285 101.7 21.06 14.54 20.14 -0.01 285.50 19.35
Thrift Strategy(247) 20.87 3,517 81.9 21.68 14.45 20.67 0.96 165.82 24.73
Mortgage Banker Strategy(38) 27.08 12,847 485.8 27.78 17.02 26.83 1.03 255.91 33.97
Real Estate Strategy(11) 23.36 7,516 205.3 24.00 14.50 23.08 1.38 206.81 32.37
Diversified Strategy(12) 31.09 23,662 817.4 31.63 18.63 30.19 2.27 227.81 26.34
Retail Banking Strategy(5) 15.62 3,214 54.5 17.37 11.61 15.53 0.79 372.50 17.28
Companies Issuing Dividends(259) 22.21 5,313 159.2 23.08 15.00 22.00 0.89 205.60 25.58
Companies Without Dividends(54) 20.40 5,698 141.5 20.78 14.02 20.07 1.71 118.38 28.93
Equity/Assets <6%(23) 26.08 17,668 571.9 26.68 15.47 25.83 1.43 206.51 34.23
Equity/Assets 6-12%(152) 24.33 5,944 189.4 25.04 15.76 24.08 0.92 195.20 29.58
Equity/Assets >12%(138) 18.78 2,778 54.5 19.69 13.81 18.58 1.05 168.50 20.53
Converted Last 3 Mths (no MHC)(8) 19.65 2,490 51.2 20.37 18.30 19.45 1.09 0.00 -7.23
Actively Traded Companies(44) 30.23 17,215 655.1 31.08 18.91 29.70 1.69 214.05 34.06
Market Value Below $20 Million(64) 17.07 891 14.2 17.76 12.40 16.80 1.65 229.72 21.74
Holding Company Structure(275) 21.97 5,232 157.1 22.81 15.00 21.75 0.97 176.30 24.80
Assets Over $1 Billion(63) 32.38 17,245 612.5 33.26 19.99 31.94 1.17 226.18 31.18
Assets $500 Million-$1 Billion(50) 20.97 5,504 105.0 21.87 13.73 20.89 0.48 211.35 30.10
Assets $250-$500 Million(67) 22.14 2,561 53.7 22.82 15.13 21.88 1.25 173.88 28.53
Assets less than $250 Million(133) 17.58 1,475 24.5 18.35 12.86 17.40 1.04 131.03 20.73
Goodwill Companies(124) 25.35 8,886 266.2 26.13 16.20 25.14 0.74 221.55 29.08
Non-Goodwill Companies(188) 19.71 3,103 85.3 20.52 13.98 19.46 1.22 151.31 23.88
Acquirors of FSLIC Cases(10) 34.43 33,585 1,515.7 34.82 21.17 33.77 2.50 268.53 36.12
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
-----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- ------- ------ ------ -------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
<S> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(313) 0.83 1.15 15.80 15.31 153.36
NYSE Traded Companies(8) 1.81 2.69 20.95 20.05 375.54
AMEX Traded Companies(18) 0.61 0.93 14.11 13.92 109.67
NASDAQ Listed OTC Companies(287) 0.82 1.12 15.75 15.25 149.33
California Companies(21) 0.93 1.32 16.52 15.50 256.67
Florida Companies(6) 0.99 0.96 13.53 12.82 176.63
Mid-Atlantic Companies(61) 0.95 1.34 15.88 15.20 166.83
Mid-West Companies(151) 0.80 1.08 16.00 15.68 137.22
New England Companies(10) 0.83 1.30 16.19 15.18 214.52
North-West Companies(7) 0.86 1.17 13.79 13.22 135.05
South-East Companies(45) 0.74 1.02 14.95 14.66 121.11
South-West Companies(6) 0.58 1.10 16.39 15.61 216.55
Western Companies (Excl CA)(6) 0.86 1.03 16.01 15.30 104.06
Thrift Strategy(247) 0.77 1.08 16.02 15.58 138.48
Mortgage Banker Strategy(38) 1.19 1.52 15.82 14.92 230.14
Real Estate Strategy(11) 0.75 1.33 14.38 14.07 219.64
Diversified Strategy(12) 1.49 1.75 12.84 12.47 178.63
Retail Banking Strategy(5) 0.20 0.20 13.18 12.82 147.30
Companies Issuing Dividends(259) 0.91 1.23 15.90 15.39 151.36
Companies Without Dividends(54) 0.45 0.75 15.27 14.86 163.80
Equity/Assets <6%(23) 1.04 1.63 13.82 12.87 286.43
Equity/Assets 6-12%(152) 1.01 1.37 15.94 15.18 192.25
Equity/Assets >12%(138) 0.62 0.84 15.98 15.84 92.04
Converted Last 3 Mths (no MHC)(8) 0.44 0.62 17.06 16.99 85.42
Actively Traded Companies(44) 1.42 1.94 17.21 16.62 231.80
Market Value Below $20 Million(64) 0.52 0.81 15.25 15.14 117.68
Holding Company Structure(275) 0.81 1.13 16.09 15.61 151.06
Assets Over $1 Billion(63) 1.37 1.88 17.77 16.48 252.17
Assets $500 Million-$1 Billion(50) 0.86 1.09 14.17 13.44 154.21
Assets $250-$500 Million(67) 0.82 1.19 16.51 16.01 165.58
Assets less than $250 Million(133) 0.59 0.84 15.20 15.15 103.99
Goodwill Companies(124) 1.03 1.41 16.17 15.04 201.69
Non-Goodwill Companies(188) 0.70 0.98 15.57 15.49 122.07
Acquirors of FSLIC Cases(10) 1.52 2.32 18.35 17.36 300.27
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are
not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number
of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and
secondary offerings.
</TABLE>
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Price Change Data
Market Capitalization -----------------------------------------------
-------------------------- % Change From
Shares Market 52 Week (1) --------------------
Price/ Outst- Capital- ---------------- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ----------------- -------- ------- ------ ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BIF-Insured Thrifts(68) 24.93 10,053 362.8 25.58 15.30 24.45 1.81 196.61 32.66
NYSE Traded Companies(3) 36.50 52,819 1,749.1 37.12 19.04 35.79 2.34 266.09 38.79
AMEX Traded Companies(5) 22.69 4,239 92.0 23.27 13.60 22.37 1.89 98.67 45.01
NASDAQ Listed OTC Companies(60) 24.46 8,069 306.7 25.12 15.24 23.98 1.77 201.77 31.02
California Companies(3) 19.10 6,820 139.6 19.33 11.25 18.29 5.30 434.67 32.08
Mid-Atlantic Companies(18) 26.54 17,449 524.7 27.26 15.60 25.87 2.63 128.42 32.83
Mid-West Companies(2) 12.00 942 11.3 12.50 9.00 12.50 -4.00 0.00 18.58
New England Companies(36) 23.23 4,752 114.5 23.96 14.30 23.07 0.84 207.71 32.81
North-West Companies(4) 32.47 36,749 2,270.9 33.09 18.01 31.11 4.08 161.09 39.36
South-East Companies(5) 30.30 2,083 44.6 30.60 21.90 29.30 2.40 0.00 29.08
Thrift Strategy(44) 25.15 4,997 164.8 25.85 15.86 24.72 1.54 192.84 32.10
Mortgage Banker Strategy(10) 24.28 25,706 552.4 25.00 14.18 23.69 2.93 219.49 36.13
Real Estate Strategy(6) 15.14 4,671 66.0 15.55 9.49 14.74 2.80 241.02 24.43
Diversified Strategy(6) 34.05 35,842 2,047.1 34.62 18.25 33.39 1.11 181.59 41.70
Retail Banking Strategy(2) 23.75 706 16.8 23.75 14.75 23.00 3.26 65.27 30.14
Companies Issuing Dividends(57) 26.25 10,776 405.0 26.95 16.18 25.76 1.82 190.68 32.86
Companies Without Dividends(11) 16.63 5,540 98.9 17.00 9.80 16.33 1.73 259.78 31.45
Equity/Assets <6%(5) 29.97 61,522 2,740.5 30.42 16.09 28.95 2.86 162.82 48.86
Equity/Assets 6-12%(45) 24.59 6,132 198.0 25.33 14.80 24.26 1.56 206.55 32.82
Equity/Assets >12%(18) 24.47 6,501 159.7 24.96 16.28 23.79 2.13 33.54 27.92
Actively Traded Companies(24) 26.66 17,482 707.9 27.56 15.97 26.43 0.42 237.21 32.74
Market Value Below $20 Million(7) 16.98 892 14.8 17.20 11.61 16.78 0.85 126.94 16.06
Holding Company Structure(45) 25.27 10,134 402.2 25.96 15.87 24.71 1.83 194.85 31.36
Assets Over $1 Billion(18) 32.56 29,491 1,223.3 33.19 17.96 31.57 3.20 205.05 38.95
Assets $500 Million-$1 Billion(15) 24.72 5,435 109.3 25.63 16.12 24.30 2.17 146.44 30.64
Assets $250-$500 Million(19) 20.92 2,938 56.7 21.66 12.86 20.88 0.55 249.49 29.72
Assets less than $250 Million(16) 21.48 1,734 27.9 21.84 14.35 21.05 1.36 174.71 31.48
Goodwill Companies(32) 26.73 16,101 647.3 27.41 16.08 26.36 1.25 193.38 34.18
Non-Goodwill Companies(35) 23.24 4,409 97.2 23.87 14.56 22.68 2.33 202.07 31.29
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
-----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- ------- ------ ------ -------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
<S> <C> <C> <C> <C> <C>
BIF-Insured Thrifts(68) 1.41 1.43 15.61 14.78 156.70
NYSE Traded Companies(3) 1.90 1.85 19.56 14.99 232.57
AMEX Traded Companies(5) 1.15 1.13 14.63 14.25 139.73
NASDAQ Listed OTC Companies(60) 1.41 1.43 15.48 14.82 153.85
California Companies(3) 1.28 1.18 12.30 12.28 148.48
Mid-Atlantic Companies(18) 1.22 1.31 16.42 14.53 165.58
Mid-West Companies(2) 0.25 0.38 13.57 12.80 53.10
New England Companies(36) 1.64 1.59 14.06 13.49 164.39
North-West Companies(4) 1.02 1.32 13.29 12.75 171.00
South-East Companies(5) 1.22 1.27 26.79 26.79 98.12
Thrift Strategy(44) 1.41 1.40 16.81 15.82 147.75
Mortgage Banker Strategy(10) 1.37 1.49 14.01 13.62 178.62
Real Estate Strategy(6) 1.22 1.14 9.04 9.03 105.26
Diversified Strategy(6) 1.75 2.00 14.01 12.97 217.35
Retail Banking Strategy(2) 0.89 0.85 19.87 19.02 315.32
Companies Issuing Dividends(57) 1.48 1.51 16.24 15.28 164.13
Companies Without Dividends(11) 0.95 0.95 11.73 11.62 110.25
Equity/Assets <6%(5) 1.07 1.36 10.77 10.38 203.31
Equity/Assets 6-12%(45) 1.66 1.61 14.74 13.56 178.93
Equity/Assets >12%(18) 0.90 1.01 18.90 18.77 92.24
Actively Traded Companies(24) 1.72 1.74 14.87 14.13 180.88
Market Value Below $20 Million(7) 0.68 0.75 15.20 14.59 136.27
Holding Company Structure(45) 1.33 1.39 15.97 15.25 144.65
Assets Over $1 Billion(18) 1.69 1.81 15.91 14.43 191.64
Assets $500 Million-$1 Billion(15) 1.63 1.58 15.75 14.41 174.46
Assets $250-$500 Million(19) 1.27 1.25 13.82 13.49 142.02
Assets less than $250 Million(16) 1.08 1.09 16.99 16.73 121.06
Goodwill Companies(32) 1.48 1.54 15.52 13.79 190.03
Non-Goodwill Companies(35) 1.34 1.33 15.70 15.70 125.59
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are
not annualized.
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the
number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends,
and secondary offerings.
</TABLE>
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
Shares Market 52 Week (1) % Change From
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. MHC Institutions
SAIF-Insured Thrifts(21) 22.64 5,055 42.1 23.73 14.35 22.13 2.16 233.65 31.56
BIF-Insured Thrifts(2) 21.94 32,163 222.8 22.63 11.63 22.00 -1.77 265.31 47.58
NASDAQ Listed OTC Companies(23) 22.57 7,766 60.2 23.62 14.08 22.12 1.77 244.21 33.34
Florida Companies(3) 30.17 5,609 76.1 31.46 17.33 29.42 2.84 0.00 22.30
Mid-Atlantic Companies(10) 19.09 7,085 46.9 19.73 12.36 19.03 0.24 185.00 36.23
Mid-West Companies(7) 20.31 2,029 15.1 22.21 14.01 20.04 1.77 282.31 28.59
New England Companies(1) 28.75 61,053 435.7 28.75 14.00 27.62 4.09 265.31 49.35
South-East Companies(1) 38.50 1,505 27.1 38.50 20.25 35.00 10.00 0.00 58.76
Thrift Strategy(21) 22.25 4,962 40.4 23.35 14.08 21.83 1.65 233.65 32.40
Diversified Strategy(1) 28.75 61,053 435.7 28.75 14.00 27.62 4.09 265.31 49.35
Companies Issuing Dividends(23) 22.57 7,766 60.2 23.62 14.08 22.12 1.77 244.21 33.34
Equity/Assets 6-12%(15) 23.50 10,212 79.2 24.94 14.37 23.25 1.07 244.21 31.44
Equity/Assets >12%(8) 20.85 3,223 24.8 21.18 13.53 20.02 3.06 0.00 38.28
Actively Traded Companies(1) 28.50 7,247 97.0 29.50 14.09 29.00 -1.72 185.00 54.05
Holding Company Structure(1) 28.50 7,247 97.0 29.50 14.09 29.00 -1.72 185.00 54.05
Assets Over $1 Billion(5) 28.42 21,574 163.8 29.20 15.47 28.02 1.55 225.16 37.13
Assets $500 Million-$1 Billion(4) 22.42 6,964 64.4 23.37 13.92 21.67 3.51 0.00 24.51
Assets $250-$500 Million(4) 21.94 2,541 19.7 24.47 15.17 21.63 2.00 282.31 26.40
Assets less than $250 Million(10) 19.29 2,050 14.1 19.81 12.72 18.84 1.13 0.00 39.22
Goodwill Companies(9) 26.36 15,813 122.2 28.19 15.48 25.95 1.78 244.21 34.11
Non-Goodwill Companies(14) 20.05 2,402 18.9 20.58 13.14 19.56 1.76 0.00 32.72
MHC Institutions(23) 22.57 7,766 60.2 23.62 14.08 22.12 1.77 244.21 33.34
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
Market Averages. MHC Institutions
SAIF-Insured Thrifts(21) 0.63 0.99 12.71 12.39 123.46
BIF-Insured Thrifts(2) 0.67 0.65 9.38 9.37 98.21
NASDAQ Listed OTC Companies(23) 0.64 0.95 12.38 12.09 120.94
Florida Companies(3) 1.08 1.51 15.13 14.87 164.45
Mid-Atlantic Companies(10) 0.40 0.69 11.05 10.51 98.91
Mid-West Companies(7) 0.59 0.97 12.11 12.09 127.27
New England Companies(1) 1.33 1.06 10.39 10.37 123.47
South-East Companies(1) 1.00 1.41 19.69 19.69 148.17
Thrift Strategy(21) 0.60 0.95 12.48 12.18 120.80
Diversified Strategy(1) 1.33 1.06 10.39 10.37 123.47
Companies Issuing Dividends(23) 0.64 0.95 12.38 12.09 120.94
Equity/Assets 6-12%(15) 0.69 1.06 12.45 12.09 141.76
Equity/Assets >12%(8) 0.55 0.74 12.24 12.10 82.27
Actively Traded Companies(1) 0.69 1.22 13.00 11.52 141.40
Holding Company Structure(1) 0.69 1.22 13.00 11.52 141.40
Assets Over $1 Billion(5) 0.97 1.30 12.73 11.82 149.16
Assets $500 Million-$1 Billion(4) 0.71 0.91 12.89 12.53 113.45
Assets $250-$500 Million(4) 0.74 1.17 12.85 12.82 146.66
Assets less than $250 Million(10) 0.35 0.64 11.73 11.73 93.25
Goodwill Companies(9) 0.86 1.15 12.58 11.85 139.48
Non-Goodwill Companies(14) 0.49 0.82 12.25 12.25 108.58
MHC Institutions(23) 0.64 0.95 12.38 12.09 120.94
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are
not annualized.
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number
of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and
secondary offerings.
</TABLE>
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
Shares Market 52 Week (1) % Change From
Price/ Outst- Capital- Last Last Dec 31, Dec 31, /
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NYSE Traded Companies
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AHM Ahmanson and Co. H.F. of CA 52.44 97,336 5,104.3 53.19 25.00 53.00 -1.06 179.68 61.35
CSA Coast Savings Financial of CA 48.00 18,616 893.6 48.75 30.25 47.56 0.93 315.22 31.08
CFB Commercial Federal Corp. of NE 39.00 21,523 839.4 40.00 25.00 39.31 -0.79 956.91 21.88
DME Dime Bancorp, Inc. of NY* 19.87 103,719 2,060.9 20.06 12.50 19.00 4.58 97.51 34.71
DSL Downey Financial Corp. of CA 22.87 26,733 611.4 23.75 14.60 22.25 2.79 110.59 22.36
FRC First Republic Bancorp of CA* 24.06 9,693 233.2 24.75 12.62 23.87 0.80 434.67 43.64
FED FirstFed Fin. Corp. of CA 34.00 10,575 359.6 34.62 17.75 34.50 -1.45 110.53 54.55
GLN Glendale Fed. Bk, FSB of CA 28.75 50,306 1,446.3 28.00 17.50 28.75 0.00 76.92 23.66
GDW Golden West Fin. Corp. of CA 83.56 56,739 4,741.1 84.62 55.00 80.75 3.48 219.05 32.38
GPT GreenPoint Fin. Corp. of NY* 65.56 45,044 2,953.1 66.56 32.00 64.50 1.64 N.A. 38.02
WES Westcorp Inc. of Orange CA 20.12 26,195 527.0 23.87 13.25 20.75 -3.04 174.49 -8.04
AMEX Traded Companies
ANA Acadiana Bancshares of LA* 21.62 2,731 59.0 22.25 11.75 21.12 2.37 N.A. 45.39
BKC American Bank of Waterbury CT* 38.00 2,306 87.6 39.00 25.50 38.37 -0.96 102.67 35.71
BFD BostonFed Bancorp of MA 19.75 5,947 117.5 19.94 11.75 19.12 3.29 N.A. 33.90
CFX CFX Corp of NH* 19.94 13,144 262.1 21.00 12.50 19.12 4.29 67.56 28.65
CZF Citisave Fin. Corp. of LA(8) 20.37 962 19.6 20.37 13.00 20.25 0.59 N.A. 45.50
CBK Citizens First Fin.Corp. of IL 16.25 2,789 45.3 16.75 10.25 15.87 2.39 N.A. 13.08
ESX Essex Bancorp of VA(8) 1.56 1,055 1.6 2.37 1.00 1.75 -10.86 -90.69 -28.77
FCB Falmouth Co-Op Bank of MA* 17.50 1,455 25.5 17.50 10.75 16.87 3.73 N.A. 33.38
FAB FirstFed America Bancorp of MA 18.12 8,707 157.8 18.56 13.62 17.87 1.40 N.A. N.A.
GAF GA Financial Corp. of PA 17.87 7,985 142.7 19.50 11.50 17.00 5.12 N.A. 18.19
KNK Kankakee Bancorp of IL 29.37 1,420 41.7 30.75 19.00 30.37 -3.29 193.70 18.67
KYF Kentucky First Bancorp of KY 12.31 1,319 16.2 15.12 10.56 12.37 -0.49 N.A. 13.25
NYB New York Bancorp, Inc. of NY 31.12 21,591 671.9 32.00 13.75 31.62 -1.58 338.93 60.66
PDB Piedmont Bancorp of NC 10.94 2,751 30.1 19.12 9.25 11.00 -0.55 N.A. 4.19
PLE Pinnacle Bank of AL 26.25 890 23.4 22.62 16.12 25.88 1.43 288.89 51.12
SSB Scotland Bancorp of NC 16.25 1,914 31.1 16.75 12.00 16.00 1.56 N.A. 15.08
SZB SouthFirst Bancshares of AL 16.75 821 13.8 17.25 12.25 16.75 0.00 N.A. 26.42
SRN Southern Banc Company of AL 15.75 1,230 19.4 15.75 12.25 15.37 2.47 N.A. 20.05
SSM Stone Street Bancorp of NC 21.88 1,825 39.9 27.25 16.50 21.50 1.77 N.A. 6.73
TSH Teche Holding Company of LA 18.75 3,438 64.5 19.37 12.62 18.50 1.35 N.A. 30.48
FTF Texarkana Fst. Fin. Corp of AR 21.25 1,790 38.0 21.25 13.62 21.00 1.19 N.A. 35.96
THR Three Rivers Fin. Corp. of MI 16.25 824 13.4 16.62 12.62 16.06 1.18 N.A. 16.07
TBK Tolland Bank of CT* 16.37 1,560 25.5 16.62 7.50 16.37 0.00 125.79 81.89
WSB Washington SB, FSB of MD 6.37 4,247 27.1 7.00 4.38 6.50 -2.00 409.60 30.80
NASDAQ Listed OTC Companies
FBCV 1st Bancorp of Vincennes IN 33.75 698 23.6 34.00 26.19 32.75 3.05 N.A. 18.42
AFED AFSALA Bancorp, Inc. of NY 15.25 1,455 22.2 15.75 11.31 15.75 -3.17 N.A. 27.08
ALBK ALBANK Fin. Corp. of Albany NY 38.25 12,825 490.6 41.00 25.37 38.25 0.00 64.52 21.93
AMFC AMB Financial Corp. of IN 15.00 1,068 16.0 15.00 10.25 14.75 1.69 N.A. 13.21
ASBP ASB Financial Corp. of OH 12.62 1,721 21.7 18.25 11.50 12.00 5.17 N.A. -2.92
ABBK Abington Savings Bank of MA* 29.75 1,894 56.3 31.00 16.00 30.37 -2.04 349.40 52.56
AABC Access Anytime Bancorp of NM 6.50 1,193 7.8 6.50 5.25 6.19 5.01 -3.70 18.18
AFBC Advance Fin. Bancorp of WV 15.25 1,084 16.5 16.00 12.75 15.37 -0.78 N.A. N.A.
AADV Advantage Bancorp of WI 40.00 3,234 129.4 41.25 31.25 40.00 0.00 334.78 24.03
AFCB Affiliated Comm BC, Inc of MA 24.12 6,465 155.9 25.00 13.90 23.94 0.75 N.A. 41.05
ALBC Albion Banc Corp. of Albion NY 23.62 250 5.9 24.00 16.50 23.62 0.00 81.69 41.01
ABCL Allied Bancorp of IL 31.25 5,345 167.0 31.25 22.00 30.62 2.06 212.50 25.00
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
($) ($) ($) ($) ($)
NYSE Traded Companies
<S> <C> <C> <C> <C> <C> <C>
AHM Ahmanson and Co. H.F. of CA 1.45 2.89 19.69 16.62 500.30
CSA Coast Savings Financial of CA 0.73 2.31 23.42 23.10 472.55
CFB Commercial Federal Corp. of NE 1.99 2.84 18.99 16.90 320.67
DME Dime Bancorp, Inc. of NY* 1.06 1.36 10.16 10.06 178.03
DSL Downey Financial Corp. of CA 0.84 1.42 14.98 14.76 205.16
FRC First Republic Bancorp of CA* 1.42 1.26 16.70 16.69 225.26
FED FirstFed Fin. Corp. of CA 0.95 1.88 18.45 18.22 390.52
GLN Glendale Fed. Bk, FSB of CA 0.65 1.63 17.31 16.10 306.00
GDW Golden West Fin. Corp. of CA 6.55 8.02 42.54 42.54 679.07
GPT GreenPoint Fin. Corp. of NY* 3.21 2.93 31.81 18.23 294.41
WES Westcorp Inc. of Orange CA 1.29 0.51 12.21 12.17 130.02
AMEX Traded Companies
ANA Acadiana Bancshares of LA* 0.29 0.30 17.24 17.24 96.80
BKC American Bank of Waterbury CT* 3.02 2.61 20.36 19.46 255.24
BFD BostonFed Bancorp of MA 0.64 0.88 14.08 13.60 158.23
CFX CFX Corp of NH* 0.93 1.17 10.18 9.49 132.72
CZF Citisave Fin. Corp. of LA(8) 0.40 0.61 12.95 12.95 77.90
CBK Citizens First Fin.Corp. of IL 0.25 0.53 14.26 14.26 97.39
ESX Essex Bancorp of VA(8) -7.54 -3.77 0.12 -0.08 170.55
FCB Falmouth Co-Op Bank of MA* 0.52 0.50 15.17 15.17 62.04
FAB FirstFed America Bancorp of MA -0.28 0.44 14.03 14.03 112.52
GAF GA Financial Corp. of PA 0.81 1.02 14.49 14.34 83.95
KNK Kankakee Bancorp of IL 1.51 1.94 25.74 24.10 241.11
KYF Kentucky First Bancorp of KY 0.53 0.70 10.86 10.86 67.42
NYB New York Bancorp, Inc. of NY 1.81 2.14 7.44 7.44 147.05
PDB Piedmont Bancorp of NC -0.14 0.36 7.31 7.31 43.08
PLE Pinnacle Bank of AL 1.26 1.89 17.34 16.78 224.27
SSB Scotland Bancorp of NC 0.55 0.67 13.74 13.74 37.46
SZB SouthFirst Bancshares of AL 0.05 0.30 15.82 15.82 113.17
SRN Southern Banc Company of AL 0.13 0.44 14.42 14.27 85.35
SSM Stone Street Bancorp of NC 0.99 1.15 20.72 20.72 57.80
TSH Teche Holding Company of LA 0.80 1.10 15.23 15.23 114.47
FTF Texarkana Fst. Fin. Corp of AR 1.28 1.59 15.05 15.05 93.91
THR Three Rivers Fin. Corp. of MI 0.61 0.88 15.22 15.22 110.64
TBK Tolland Bank of CT* 1.01 1.09 10.22 9.91 151.83
WSB Washington SB, FSB of MD 0.30 0.44 5.05 5.05 60.83
NASDAQ Listed OTC Companies
FBCV 1st Bancorp of Vincennes IN 0.91 0.13 31.17 30.48 391.25
AFED AFSALA Bancorp, Inc. of NY 0.61 0.61 14.05 14.05 102.70
ALBK ALBANK Fin. Corp. of Albany NY 2.17 2.71 25.08 21.76 272.62
AMFC AMB Financial Corp. of IN 0.55 0.69 14.29 14.29 87.68
ASBP ASB Financial Corp. of OH 0.39 0.57 10.00 10.00 63.58
ABBK Abington Savings Bank of MA* 1.98 1.72 17.86 16.00 259.80
AABC Access Anytime Bancorp of NM -0.54 -0.21 6.07 6.07 89.26
AFBC Advance Fin. Bancorp of WV 0.35 0.71 14.76 14.76 95.55
AADV Advantage Bancorp of WI 1.08 2.68 27.92 25.87 316.04
AFCB Affiliated Comm BC, Inc of MA 1.44 1.66 15.94 15.84 163.19
ALBC Albion Banc Corp. of Albion NY 0.22 0.93 23.62 23.62 265.26
ABCL Allied Bancorp of IL 0.63 1.06 22.88 22.58 245.68
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
Shares Market 52 Week (1) % Change From
Price/ Outst- Capital- Last Last Dec 31, Dec 31, /
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. of IN 12.62 526 6.6 12.75 8.62 12.50 0.96 N.A. 26.20
AHCI Ambanc Holding Co., Inc. of NY* 16.00 4,392 70.3 16.62 9.62 15.87 0.82 N.A. 42.22
ASBI Ameriana Bancorp of IN 19.00 3,260 61.9 19.00 13.25 17.50 8.57 105.85 18.75
AFFFZ America First Fin. Fund of CA(8) 39.50 6,011 237.4 39.56 28.00 39.25 0.64 110.67 30.58
AMFB American Federal Bank of SC(8) 37.20 11,035 410.5 37.20 15.81 35.12 5.92 683.16 97.14
ANBK American Nat'l Bancorp of MD(8) 19.75 3,613 71.4 19.75 9.87 19.44 1.59 N.A. 62.95
ABCW Anchor Bancorp Wisconsin of WI 52.25 4,524 236.4 53.50 33.00 53.50 -2.34 77.90 46.15
ANDB Andover Bancorp, Inc. of MA* 30.87 5,148 158.9 32.25 19.48 30.50 1.21 187.16 20.49
ASFC Astoria Financial Corp. of NY 48.75 20,978 1,022.7 48.75 26.12 47.37 2.91 85.71 32.22
AVND Avondale Fin. Corp. of IL 14.37 3,495 50.2 18.50 12.75 14.12 1.77 N.A. -16.06
BKCT Bancorp Connecticut of CT* 27.75 2,534 70.3 28.75 20.75 27.25 1.83 217.14 23.33
BPLS Bank Plus Corp. of CA 11.87 19,308 229.2 13.75 9.62 11.87 0.00 N.A. 3.22
BWFC Bank West Fin. Corp. of MI 14.50 1,783 25.9 14.50 10.25 14.00 3.57 N.A. 36.53
BANC BankAtlantic Bancorp of FL 16.12 17,978 289.8 16.50 9.10 16.37 -1.53 210.00 50.65
BKUNA BankUnited SA of FL 10.00 8,869 88.7 11.25 7.25 10.12 -1.19 84.16 0.00
BKCO Bankers Corp. of NJ(8)* 29.00 12,392 359.4 30.12 17.62 29.62 -2.09 364.00 44.14
BVCC Bay View Capital Corp. of CA 26.37 12,979 342.3 28.62 17.50 24.87 6.03 33.52 24.45
BFSB Bedford Bancshares of VA 24.75 1,142 28.3 25.25 16.50 25.25 -1.98 135.71 40.47
BFFC Big Foot Fin. Corp. of IL 17.37 2,513 43.7 17.37 12.31 17.37 0.00 N.A. 33.62
BSBC Branford SB of CT* 4.94 6,559 32.4 5.00 3.00 4.94 0.00 133.02 27.65
BYFC Broadway Fin. Corp. of CA 10.75 893 9.6 11.25 9.00 10.50 2.38 N.A. 16.22
CBCO CB Bancorp of Michigan City IN(8) 35.00 1,239 43.4 35.00 17.25 34.62 1.10 218.18 47.37
CBES CBES Bancorp of MO 17.50 1,025 17.9 17.87 12.62 17.12 2.22 N.A. 22.81
CCFH CCF Holding Company of GA 17.12 865 14.8 17.12 11.75 17.12 0.00 N.A. 16.07
CENF CENFED Financial Corp. of CA 33.75 5,729 193.4 34.87 20.23 32.50 3.85 115.24 26.93
CFSB CFSB Bancorp of Lansing MI 26.37 5,096 134.4 26.62 16.11 25.25 4.44 193.00 48.73
CKFB CKF Bancorp of Danville KY 20.00 927 18.5 20.75 17.50 19.50 2.56 N.A. -1.23
CNSB CNS Bancorp of MO 16.75 1,653 27.7 17.50 11.25 16.00 4.69 N.A. 10.78
CSBF CSB Financial Group Inc of IL* 12.00 942 11.3 12.50 9.00 12.50 -4.00 N.A. 18.58
CBCI Calumet Bancorp of Chicago IL 40.87 2,111 86.3 41.25 27.75 39.50 3.47 101.83 22.92
CAFI Camco Fin. Corp. of OH 18.87 3,215 60.7 19.25 14.05 18.75 0.64 N.A. 24.80
CMRN Cameron Fin. Corp. of MO 18.00 2,682 48.3 18.00 14.00 17.12 5.14 N.A. 12.50
CAPS Capital Savings Bancorp of MO 16.50 1,892 31.2 18.25 9.38 17.12 -3.62 24.53 26.92
CFNC Carolina Fincorp of NC* 17.75 1,851 32.9 17.75 13.00 16.62 6.80 N.A. 32.76
CNY Carver Bancorp, Inc. of NY 12.25 2,314 28.3 12.50 7.37 12.25 0.00 96.00 48.48
CASB Cascade SB of Everett WA(8) 12.50 2,568 32.1 16.80 10.40 13.00 -3.85 -2.34 -3.10
CATB Catskill Fin. Corp. of NY* 16.25 4,720 76.7 16.50 10.50 16.25 0.00 N.A. 16.07
CNIT Cenit Bancorp of Norfolk VA 50.62 1,640 83.0 51.50 31.75 50.00 1.24 218.77 21.98
CEBK Central Co-Op. Bank of MA* 20.00 1,965 39.3 20.69 14.75 20.50 -2.44 280.95 14.29
CENB Century Bancshares of NC* 77.00 407 31.3 77.00 62.00 73.25 5.12 N.A. 18.46
CBSB Charter Financial Inc. of IL 21.44 4,150 89.0 21.44 11.00 21.00 2.10 N.A. 71.52
COFI Charter One Financial of OH 57.69 46,186 2,664.5 57.94 34.17 54.75 5.37 229.66 37.36
CNBA Chester Bancorp of IL 14.75 2,182 32.2 15.37 12.62 15.68 -5.93 N.A. 12.42
CVAL Chester Valley Bancorp of PA 22.87 2,054 47.0 23.25 14.10 23.25 -1.63 101.85 54.53
CTZN CitFed Bancorp of Dayton OH 43.37 8,638 374.6 45.25 25.00 43.50 -0.30 381.89 31.42
CLAS Classic Bancshares of KY 14.25 1,320 18.8 15.00 11.00 14.50 -1.72 N.A. 22.63
CMSB Cmnwealth Bancorp of PA 16.37 17,096 279.9 16.87 10.50 16.00 2.31 N.A. 9.13
COVB CoVest Bancshares of IL 21.75 3,018 65.6 19.00 16.25 22.25 -2.25 226.58 26.09
CBSA Coastal Bancorp of Houston TX 30.50 4,972 151.6 30.87 17.62 30.25 0.83 N.A. 33.36
CFCP Coastal Fin. Corp. of SC 26.00 4,637 120.6 27.75 14.25 26.75 -2.80 160.00 65.08
COFD Collective Bancorp Inc. of NJ(8) 52.00 20,484 1,065.2 52.00 23.87 51.00 1.96 582.41 48.06
CMSV Commty. Svgs, MHC of FL (48.5) 24.00 5,090 56.8 25.62 16.00 23.50 2.13 N.A. 17.07
CBNH Community Bankshares Inc of NH(8)* 39.87 2,489 99.2 40.25 18.00 39.25 1.58 963.20 94.49
CFTP Community Fed. Bancorp of MS 17.75 4,282 76.0 20.00 12.87 18.00 -1.39 N.A. 4.41
CFFC Community Fin. Corp. of VA 22.25 1,275 28.4 23.50 20.50 21.50 3.49 217.86 7.23
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. of IN 0.40 0.26 13.73 13.58 135.04
AHCI Ambanc Holding Co., Inc. of NY* -0.65 -0.65 13.85 13.85 108.86
ASBI Ameriana Bancorp of IN 0.73 1.05 13.38 13.37 123.36
AFFFZ America First Fin. Fund of CA(8) 5.32 6.51 30.07 29.64 363.18
AMFB American Federal Bank of SC(8) 1.35 1.67 10.65 9.93 118.43
ANBK American Nat'l Bancorp of MD(8) 0.19 0.68 12.33 12.33 134.69
ABCW Anchor Bancorp Wisconsin of WI 3.08 4.02 26.06 25.55 416.66
ANDB Andover Bancorp, Inc. of MA* 2.52 2.60 18.95 18.95 234.97
ASFC Astoria Financial Corp. of NY 1.79 2.65 27.86 23.18 366.55
AVND Avondale Fin. Corp. of IL -1.22 -2.30 14.88 14.88 180.27
BKCT Bancorp Connecticut of CT* 2.01 1.92 16.81 16.81 161.61
BPLS Bank Plus Corp. of CA -0.63 -0.07 8.88 8.86 180.58
BWFC Bank West Fin. Corp. of MI 0.59 0.42 12.62 12.62 82.46
BANC BankAtlantic Bancorp of FL 1.15 0.88 8.49 6.91 154.25
BKUNA BankUnited SA of FL 0.21 0.41 7.33 5.89 164.25
BKCO Bankers Corp. of NJ(8)* 2.04 2.18 15.96 15.71 205.11
BVCC Bay View Capital Corp. of CA 0.94 1.59 14.80 14.07 234.58
BFSB Bedford Bancshares of VA 1.16 1.48 16.49 16.49 115.15
BFFC Big Foot Fin. Corp. of IL 0.04 0.35 14.34 14.34 84.46
BSBC Branford SB of CT* 0.31 0.30 2.58 2.58 27.05
BYFC Broadway Fin. Corp. of CA -0.31 0.16 14.26 14.26 131.13
CBCO CB Bancorp of Michigan City IN(8) 1.99 2.25 17.94 17.94 195.47
CBES CBES Bancorp of MO 0.69 0.86 17.08 17.08 92.90
CCFH CCF Holding Company of GA 0.25 0.41 14.39 14.39 100.51
CENF CENFED Financial Corp. of CA 1.85 2.71 20.16 20.13 395.08
CFSB CFSB Bancorp of Lansing MI 1.17 1.57 12.32 12.32 161.46
CKFB CKF Bancorp of Danville KY 0.84 0.83 15.38 15.38 64.94
CNSB CNS Bancorp of MO 0.31 0.47 14.73 14.73 59.35
CSBF CSB Financial Group Inc of IL* 0.25 0.38 13.57 12.80 53.10
CBCI Calumet Bancorp of Chicago IL 2.64 3.42 37.35 37.35 234.28
CAFI Camco Fin. Corp. of OH 0.94 1.11 14.24 13.10 146.95
CMRN Cameron Fin. Corp. of MO 0.77 0.96 16.92 16.92 73.71
CAPS Capital Savings Bancorp of MO 0.77 1.10 10.89 10.89 125.75
CFNC Carolina Fincorp of NC* 0.65 0.61 13.92 13.92 58.71
CNY Carver Bancorp, Inc. of NY -0.76 -0.05 14.76 14.13 183.02
CASB Cascade SB of Everett WA(8) 0.61 0.77 8.47 8.47 137.20
CATB Catskill Fin. Corp. of NY* 0.84 0.85 14.70 14.70 54.49
CNIT Cenit Bancorp of Norfolk VA 3.17 2.95 30.25 27.58 431.16
CEBK Central Co-Op. Bank of MA* 1.44 1.46 17.07 15.20 163.33
CENB Century Bancshares of NC* 4.31 4.36 73.51 73.51 245.57
CBSB Charter Financial Inc. of IL 0.85 1.08 13.45 11.80 95.14
COFI Charter One Financial of OH 2.89 3.67 20.60 19.16 304.00
CNBA Chester Bancorp of IL 0.71 0.71 14.50 14.50 65.30
CVAL Chester Valley Bancorp of PA 0.87 1.28 12.72 12.72 148.58
CTZN CitFed Bancorp of Dayton OH 1.76 2.55 21.59 19.23 341.03
CLAS Classic Bancshares of KY 0.45 0.62 14.67 12.38 99.66
CMSB Cmnwealth Bancorp of PA 0.67 0.85 12.51 9.61 130.79
COVB CoVest Bancshares of IL 0.31 0.85 16.36 15.59 183.09
CBSA Coastal Bancorp of Houston TX 1.49 2.49 19.63 16.58 573.77
CFCP Coastal Fin. Corp. of SC 0.89 0.98 6.37 6.37 104.51
COFD Collective Bancorp Inc. of NJ(8) 2.45 2.97 18.85 17.05 269.36
CMSV Commty. Svgs, MHC of FL (48.5) 0.81 1.22 15.05 15.05 134.05
CBNH Community Bankshares Inc of NH(8)* 2.06 1.66 16.64 16.64 233.28
CFTP Community Fed. Bancorp of MS 0.68 0.81 16.13 16.13 48.12
CFFC Community Fin. Corp. of VA 1.36 1.71 18.30 18.30 131.53
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
Shares Market 52 Week (1) % Change From
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CFBC Community First Bnkg Co. of GA 34.00 2,414 82.1 34.87 31.87 33.87 0.38 N.A. N.A.
CIBI Community Inv. Bancorp of OH 14.50 949 13.8 14.50 10.00 13.50 7.41 N.A. 27.98
COOP Cooperative Bk.for Svgs. of NC 27.00 1,492 40.3 27.00 16.75 26.50 1.89 170.00 33.33
CRZY Crazy Woman Creek Bncorp of WY 14.12 955 13.5 14.25 10.12 14.12 0.00 N.A. 17.67
DNFC D&N Financial Corp. of MI 19.25 8,191 157.7 19.50 12.69 19.12 0.68 120.00 14.93
DFIN Damen Fin. Corp. of Chicago IL 14.75 3,247 47.9 15.00 11.00 14.82 -0.47 N.A. 34.09
DCBI Delphos Citizens Bancorp of OH 16.62 2,039 33.9 16.62 11.75 16.50 0.73 N.A. 38.50
DIME Dime Community Bancorp of NY 19.25 13,126 252.7 20.00 12.12 19.50 -1.28 N.A. 30.51
DIBK Dime Financial Corp. of CT* 28.00 5,136 143.8 28.00 15.12 27.00 3.70 166.67 62.32
EGLB Eagle BancGroup of IL 16.50 1,238 20.4 16.87 11.37 16.50 0.00 N.A. 10.96
EBSI Eagle Bancshares of Tucker GA 17.37 4,552 79.1 18.50 13.62 17.50 -0.74 139.59 12.06
EGFC Eagle Financial Corp. of CT 33.25 6,279 208.8 34.50 23.75 34.50 -3.62 280.00 9.02
ETFS East Texas Fin. Serv. of TX 18.53 1,025 19.0 18.75 14.25 18.25 1.53 N.A. 13.19
EMLD Emerald Financial Corp of OH 14.75 5,062 74.7 15.00 10.37 14.75 0.00 N.A. 31.11
EIRE Emerald Island Bancorp, MA* 19.50 2,246 43.8 20.50 11.30 20.00 -2.50 155.91 21.88
EFBC Empire Federal Bancorp of MT 14.75 2,592 38.2 15.00 12.50 14.62 0.89 N.A. N.A.
EFBI Enterprise Fed. Bancorp of OH 19.75 2,011 39.7 19.75 12.75 18.75 5.33 N.A. 36.21
EQSB Equitable FSB of Wheaton MD 38.75 602 23.3 39.25 24.25 38.50 0.65 N.A. 37.17
FFFG F.F.O. Financial Group of FL(8) 4.75 8,430 40.0 5.12 2.62 4.94 -3.85 -42.84 40.95
FCBF FCB Fin. Corp. of Neenah WI 26.75 2,464 65.9 27.50 17.00 27.25 -1.83 N.A. 44.59
FFBS FFBS Bancorp of Columbus MS 24.00 1,557 37.4 26.00 19.75 24.00 0.00 N.A. 4.35
FFDF FFD Financial Corp. of OH 15.63 1,455 22.7 15.63 10.12 14.50 7.79 N.A. 17.96
FFLC FFLC Bancorp of Leesburg FL 27.25 2,318 63.2 28.50 18.25 27.25 0.00 N.A. 26.74
FFFC FFVA Financial Corp. of VA 29.50 4,521 133.4 30.00 17.00 28.50 3.51 N.A. 43.90
FFWC FFW Corporation of Wabash IN 28.75 697 20.0 29.25 19.50 28.62 0.45 N.A. 31.40
FFYF FFY Financial Corp. of OH 26.00 4,328 112.5 26.37 23.87 25.50 1.96 N.A. 2.73
FMCO FMS Financial Corp. of NJ 26.00 2,388 62.1 31.50 15.50 29.25 -11.11 188.89 42.47
FFHH FSF Financial Corp. of MN 17.75 3,033 53.8 18.25 11.50 17.75 0.00 N.A. 17.39
FOBC Fed One Bancorp of Wheeling WV 21.00 2,373 49.8 21.75 13.50 20.75 1.20 110.00 33.33
FBCI Fidelity Bancorp of Chicago IL 21.50 2,792 60.0 21.50 15.69 21.00 2.38 N.A. 26.47
FSBI Fidelity Bancorp, Inc. of PA 20.25 1,541 31.2 21.70 14.54 21.25 -4.71 161.97 11.39
FFFL Fidelity FSB, MHC of FL (47.4) 22.50 6,766 71.7 23.00 12.25 21.50 4.65 N.A. 26.76
FFED Fidelity Fed. Bancorp of IN 8.87 2,490 22.1 11.75 7.50 8.75 1.37 25.82 -9.03
FFOH Fidelity Financial of OH 15.63 5,594 87.4 16.37 9.62 16.37 -4.52 N.A. 35.91
FIBC Financial Bancorp, Inc. of NY 19.75 1,722 34.0 19.75 13.75 18.75 5.33 N.A. 31.67
FBSI First Bancshares of MO 24.00 1,160 27.8 25.25 15.00 22.75 5.49 88.24 44.40
FBBC First Bell Bancorp of PA 16.62 6,511 108.2 17.37 13.12 17.00 -2.24 N.A. 25.43
FBER First Bergen Bancorp of NJ 16.62 3,015 50.1 16.75 9.50 16.75 -0.78 N.A. 44.52
SKBO First Carnegie,MHC of PA(45.0) 13.75 2,300 14.2 14.75 11.62 14.00 -1.79 N.A. N.A.
FCIT First Cit. Fin. Corp of MD(8) 35.50 2,944 104.5 36.50 16.12 36.00 -1.39 308.52 94.52
FSTC First Citizens Corp of GA 30.00 1,829 54.9 30.00 19.50 30.00 0.00 140.00 18.81
FFBA First Colorado Bancorp of Co 18.06 16,561 299.1 20.12 13.50 18.12 -0.33 447.27 6.24
FDEF First Defiance Fin.Corp. of OH 15.50 9,341 144.8 15.50 10.00 15.06 2.92 N.A. 25.30
FESX First Essex Bancorp of MA* 17.25 7,484 129.1 18.25 10.75 17.75 -2.82 187.50 31.48
FFES First FS&LA of E. Hartford CT 30.00 2,676 80.3 30.37 17.50 29.00 3.45 361.54 30.43
FFSX First FS&LA. MHC of IA (46.0) 25.50 2,828 22.1 35.00 20.75 26.00 -1.92 282.31 30.77
FFSW First Fed Fin. Serv. of OH 42.50 4,588 195.0 42.00 22.60 42.00 1.19 212.50 36.66
BDJI First Fed. Bancorp. of MN 20.62 701 14.5 21.25 12.75 21.25 -2.96 N.A. 11.46
FFBH First Fed. Bancshares of AR 21.50 4,896 105.3 21.62 13.25 20.87 3.02 N.A. 35.48
FTFC First Fed. Capital Corp. of WI 24.25 9,141 221.7 26.50 13.00 26.50 -8.49 223.33 54.75
FFKY First Fed. Fin. Corp. of KY 21.37 4,170 89.1 23.00 17.75 21.00 1.76 35.68 5.53
FFBZ First Federal Bancorp of OH 18.75 1,572 29.5 19.00 11.75 18.50 1.35 87.50 17.19
FFCH First Fin. Holdings Inc. of SC 32.50 6,357 206.6 34.50 18.37 32.50 0.00 165.31 44.44
FFBI First Financial Bancorp of IL 18.25 415 7.6 18.75 15.50 18.25 0.00 N.A. 15.00
FFHC First Financial Corp. of WI(8) 31.75 36,209 1,149.6 31.75 18.00 30.37 4.54 101.59 29.59
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C>
CFBC Community First Bnkg Co. of GA 0.42 0.82 27.66 27.66 168.47
CIBI Community Inv. Bancorp of OH 0.66 0.98 11.82 11.82 102.68
COOP Cooperative Bk.for Svgs. of NC -1.96 0.29 17.49 17.49 233.58
CRZY Crazy Woman Creek Bncorp of WY 0.54 0.68 15.17 15.17 54.49
DNFC D&N Financial Corp. of MI 1.07 1.45 10.84 10.72 186.60
DFIN Damen Fin. Corp. of Chicago IL 0.51 0.64 14.12 14.12 70.03
DCBI Delphos Citizens Bancorp of OH 0.62 0.62 14.88 14.88 52.51
DIME Dime Community Bancorp of NY 0.87 0.97 14.53 12.47 94.26
DIBK Dime Financial Corp. of CT* 2.61 2.69 12.41 11.96 158.57
EGLB Eagle BancGroup of IL -0.27 0.16 16.67 16.67 137.75
EBSI Eagle Bancshares of Tucker GA 0.80 1.09 12.74 12.74 146.35
EGFC Eagle Financial Corp. of CT 1.34 1.79 16.61 12.51 240.81
ETFS East Texas Fin. Serv. of TX 0.36 0.72 20.73 20.73 108.96
EMLD Emerald Financial Corp of OH 0.75 0.96 8.73 8.58 116.28
EIRE Emerald Island Bancorp, MA* 1.40 1.48 12.77 12.77 183.50
EFBC Empire Federal Bancorp of MT 0.35 0.46 14.76 14.76 42.30
EFBI Enterprise Fed. Bancorp of OH 0.75 0.82 15.52 15.50 122.52
EQSB Equitable FSB of Wheaton MD 2.20 3.52 24.92 24.92 491.70
FFFG F.F.O. Financial Group of FL(8) 0.19 0.31 2.41 2.41 37.60
FCBF FCB Fin. Corp. of Neenah WI 0.99 1.17 19.25 19.25 110.06
FFBS FFBS Bancorp of Columbus MS 0.96 1.21 16.05 16.05 82.64
FFDF FFD Financial Corp. of OH 0.44 0.61 14.50 14.50 58.62
FFLC FFLC Bancorp of Leesburg FL 1.01 1.48 22.39 22.39 154.68
FFFC FFVA Financial Corp. of VA 1.27 1.57 15.78 15.43 121.60
FFWC FFW Corporation of Wabash IN 1.98 2.46 22.75 22.75 227.32
FFYF FFY Financial Corp. of OH 1.20 1.72 19.50 19.50 138.32
FMCO FMS Financial Corp. of NJ 1.41 2.15 14.58 14.28 231.83
FFHH FSF Financial Corp. of MN 0.74 0.95 14.25 14.25 121.11
FOBC Fed One Bancorp of Wheeling WV 0.99 1.41 16.94 16.14 145.90
FBCI Fidelity Bancorp of Chicago IL 0.88 1.26 17.74 17.69 174.07
FSBI Fidelity Bancorp, Inc. of PA 1.07 1.70 14.81 14.81 212.78
FFFL Fidelity FSB, MHC of FL (47.4) 0.49 0.78 12.08 11.98 136.99
FFED Fidelity Fed. Bancorp of IN 0.17 0.30 5.17 5.17 100.52
FFOH Fidelity Financial of OH 0.40 0.64 12.03 10.57 91.72
FIBC Financial Bancorp, Inc. of NY 0.77 1.42 14.98 14.91 154.00
FBSI First Bancshares of MO 1.18 1.45 19.80 19.77 137.97
FBBC First Bell Bancorp of PA 1.12 1.32 11.10 11.10 108.89
FBER First Bergen Bancorp of NJ 0.35 0.63 13.76 13.76 83.68
SKBO First Carnegie,MHC of PA(45.0) 0.24 0.35 10.21 10.21 65.23
FCIT First Cit. Fin. Corp of MD(8) 1.19 1.79 14.39 14.39 235.67
FSTC First Citizens Corp of GA 2.52 2.11 13.18 10.37 140.67
FFBA First Colorado Bancorp of Co 1.03 1.02 13.08 12.91 91.42
FDEF First Defiance Fin.Corp. of OH 0.45 0.61 12.52 12.52 58.46
FESX First Essex Bancorp of MA* 1.27 1.11 11.20 9.65 153.24
FFES First FS&LA of E. Hartford CT 1.54 2.46 22.77 22.77 364.24
FFSX First FS&LA. MHC of IA (46.0) 0.68 1.17 13.32 13.20 163.72
FFSW First Fed Fin. Serv. of OH 2.01 1.59 14.35 12.12 237.17
BDJI First Fed. Bancorp. of MN 0.48 1.00 17.17 17.17 153.66
FFBH First Fed. Bancshares of AR 0.81 1.16 16.79 16.79 106.16
FTFC First Fed. Capital Corp. of WI 1.18 1.37 10.64 9.97 167.40
FFKY First Fed. Fin. Corp. of KY 1.08 1.29 12.16 11.42 89.39
FFBZ First Federal Bancorp of OH 0.86 1.18 9.34 9.33 121.94
FFCH First Fin. Holdings Inc. of SC 1.35 2.05 15.57 15.57 253.24
FFBI First Financial Bancorp of IL -0.05 1.05 17.52 17.52 224.47
FFHC First Financial Corp. of WI(8) 1.44 1.96 11.20 10.88 160.42
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
Shares Market 52 Week (1) % Change From
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFHS First Franklin Corp. of OH 20.00 1,192 23.8 21.00 14.25 21.00 -4.76 52.44 21.21
FGHC First Georgia Hold. Corp of GA 7.06 3,052 21.5 8.25 4.00 7.75 -8.90 84.33 24.51
FSPG First Home Bancorp of NJ 19.00 2,708 51.5 20.12 13.31 20.12 -5.57 216.67 36.99
FFSL First Independence Corp. of KS 12.91 997 12.9 13.12 9.25 12.37 4.37 N.A. 24.49
FISB First Indiana Corp. of IN 21.75 10,561 229.7 24.30 17.37 21.75 0.00 61.11 1.64
FKFS First Keystone Fin. Corp of PA 26.19 1,228 32.2 26.25 16.75 24.75 5.82 N.A. 36.05
FLKY First Lancaster Bncshrs of KY 15.25 959 14.6 16.25 13.75 15.50 -1.61 N.A. 4.31
FLFC First Liberty Fin. Corp. of GA 23.75 7,725 183.5 23.75 13.67 23.50 1.06 367.52 29.29
CASH First Midwest Fin. Corp. of IA 17.12 2,827 48.4 17.87 14.50 17.00 0.71 N.A. 11.68
FMBD First Mutual Bancorp of IL 15.37 3,507 53.9 16.12 12.50 15.63 -1.66 N.A. 2.47
FMSB First Mutual SB of Bellevue WA* 21.75 2,702 58.8 22.00 11.14 20.50 6.10 180.65 36.71
FNGB First Northern Cap. Corp of WI 24.75 4,419 109.4 25.75 15.25 24.50 1.02 69.99 52.31
FFPB First Palm Beach Bancorp of FL 31.94 5,009 160.0 34.00 20.37 30.31 5.38 N.A. 35.22
FSLA First SB SLA MHC of NJ (47.5) 28.50 7,247 97.0 29.50 14.09 29.00 -1.72 185.00 54.05
FSNJ First SB of NJ, MHC (45.9)(8) 31.62 3,064 44.4 34.00 14.00 34.00 -7.00 N.A. 37.48
SOPN First SB, SSB, Moore Co. of NC 22.25 3,697 82.3 24.00 16.75 22.50 -1.11 N.A. 18.67
FWWB First Savings Bancorp of WA* 24.37 10,519 256.3 24.75 15.37 23.00 5.96 N.A. 32.66
SHEN First Shenango Bancorp of PA 29.25 2,072 60.6 29.25 20.25 27.75 5.41 N.A. 30.00
FSFC First So.east Fin. Corp. of SC(8) 14.50 4,388 63.6 14.87 9.12 14.75 -1.69 N.A. 54.58
FBNW FirstBank Corp of Clarkston WA 17.75 1,984 35.2 18.00 15.50 17.25 2.90 N.A. N.A.
FSPT FirstSpartan Fin. Corp. of SC 35.75 4,430 158.4 37.00 35.00 35.25 1.42 N.A. N.A.
FLAG Flag Financial Corp of GA 14.50 2,037 29.5 14.87 9.75 14.75 -1.69 47.96 34.88
FFIC Flushing Fin. Corp. of NY* 20.62 7,979 164.5 23.50 17.25 20.37 1.23 N.A. 13.80
FBHC Fort Bend Holding Corp. of TX 31.62 827 26.1 31.75 16.87 30.12 4.98 N.A. 24.00
FTSB Fort Thomas Fin. Corp. of KY 10.50 1,495 15.7 17.75 9.25 10.50 0.00 N.A. -28.18
FKKY Frankfort First Bancorp of KY 9.12 3,385 30.9 12.25 8.00 9.25 -1.41 N.A. -19.79
FTNB Fulton Bancorp of MO 19.87 1,719 34.2 20.37 12.50 20.25 -1.88 N.A. 29.28
GFSB GFS Bancorp of Grinnell IA 13.37 988 13.2 14.25 10.12 13.37 0.00 N.A. 25.89
GUPB GFSB Bancorp of Gallup NM 19.00 839 15.9 19.75 13.50 19.75 -3.80 N.A. 19.72
GSLA GS Financial Corp. of LA 16.00 3,439 55.0 16.00 13.37 15.87 0.82 N.A. N.A.
GOSB GSB Financial Corp. of NY 14.37 2,248 32.3 14.87 14.25 14.37 0.00 N.A. N.A.
GWBC Gateway Bancorp of KY(8) 17.62 1,076 19.0 18.25 13.00 17.62 0.00 N.A. 23.65
GBCI Glacier Bancorp of MT 18.50 6,799 125.8 20.25 13.50 18.12 2.10 283.02 13.29
GFCO Glenway Financial Corp. of OH 24.50 1,144 28.0 26.50 18.25 26.50 -7.55 N.A. 19.51
GTPS Great American Bancorp of IL 16.75 1,760 29.5 17.25 13.25 17.12 -2.16 N.A. 13.10
GTFN Great Financial Corp. of KY 34.62 13,791 477.4 35.12 26.44 35.00 -1.09 N.A. 18.89
GSBC Great Southern Bancorp of MO 17.00 8,288 140.9 18.00 13.62 16.50 3.03 482.19 -4.55
GDVS Greater DV SB,MHC of PA (19.9)* 15.12 3,272 9.8 16.50 9.25 16.37 -7.64 N.A. 45.81
GSFC Green Street Fin. Corp. of NC 17.75 4,298 76.3 18.87 12.50 17.87 -0.67 N.A. 14.52
GSLC Guaranty Svgs & Loan FA of VA 12.25 1,499 18.4 11.00 7.25 12.50 -2.00 N.A. 40.00
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 18.50 3,125 17.9 20.50 9.75 18.37 0.71 N.A. 53.40
HCBB HCB Bancshares of AR 13.75 2,645 36.4 14.12 12.62 13.75 0.00 N.A. N.A.
HEMT HF Bancorp of Hemet CA 14.87 6,282 93.4 14.87 9.25 14.25 4.35 N.A. 33.72
HFFC HF Financial Corp. of SD 21.75 2,998 65.2 21.88 14.75 21.50 1.16 335.00 25.65
HFNC HFNC Financial Corp. of NC 16.00 17,192 275.1 22.06 14.87 16.62 -3.73 N.A. -10.46
HMNF HMN Financial, Inc. of MN 25.75 4,212 108.5 25.75 15.25 25.25 1.98 N.A. 42.11
HALL Hallmark Capital Corp. of WI 23.25 1,443 33.5 23.75 14.50 23.75 -2.11 N.A. 30.99
HARB Harbor FSB, MHC of FL (46.0) 44.00 4,970 99.9 45.75 23.75 43.25 1.73 N.A. 23.08
HRBF Harbor Federal Bancorp of MD 19.75 1,754 34.6 19.75 12.50 19.50 1.28 97.50 25.40
HFSA Hardin Bancorp of Hardin MO 16.75 859 14.4 16.75 11.25 16.62 0.78 N.A. 34.00
HARL Harleysville SA of PA 25.00 1,652 41.3 25.00 14.00 24.25 3.09 40.85 58.23
HARS Harris SB, MHC of PA (24.2) 23.25 11,223 63.1 24.37 14.75 23.25 0.00 N.A. 27.40
HFFB Harrodsburg 1st Fin Bcrp of KY 15.87 2,025 32.1 19.00 14.75 15.25 4.07 N.A. -15.90
HHFC Harvest Home Fin. Corp. of OH 12.75 935 11.9 13.75 9.25 12.50 2.00 N.A. 30.77
HAVN Haven Bancorp of Woodhaven NY 36.50 4,377 159.8 38.37 25.56 36.87 -1.00 N.A. 27.53
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C>
FFHS First Franklin Corp. of OH 0.27 1.14 16.74 16.62 189.79
FGHC First Georgia Hold. Corp of GA 0.47 0.28 4.09 3.73 48.20
FSPG First Home Bancorp of NJ 1.63 2.14 12.36 12.14 187.68
FFSL First Independence Corp. of KS 0.53 0.82 11.51 11.51 109.56
FISB First Indiana Corp. of IN 1.26 1.44 13.44 13.27 140.25
FKFS First Keystone Fin. Corp of PA 1.24 1.84 18.12 18.12 256.22
FLKY First Lancaster Bncshrs of KY 0.46 0.56 14.44 14.44 42.18
FLFC First Liberty Fin. Corp. of GA 1.76 1.42 11.87 10.62 161.56
CASH First Midwest Fin. Corp. of IA 0.96 1.24 15.18 13.43 130.94
FMBD First Mutual Bancorp of IL 0.14 0.36 16.24 12.50 121.07
FMSB First Mutual SB of Bellevue WA* 1.45 1.40 10.14 10.14 154.27
FNGB First Northern Cap. Corp of WI 0.81 1.20 16.09 16.09 139.83
FFPB First Palm Beach Bancorp of FL -0.02 0.15 21.04 20.50 311.09
FSLA First SB SLA MHC of NJ (47.5) 0.69 1.22 13.00 11.52 141.40
FSNJ First SB of NJ, MHC (45.9)(8) -0.70 0.47 16.18 16.18 188.83
SOPN First SB, SSB, Moore Co. of NC 0.99 1.19 18.04 18.04 73.34
FWWB First Savings Bancorp of WA* 0.89 0.84 14.13 13.00 95.79
SHEN First Shenango Bancorp of PA 1.54 2.07 20.70 20.70 193.49
FSFC First So.east Fin. Corp. of SC(8) 0.01 0.70 7.80 7.80 76.29
FBNW FirstBank Corp of Clarkston WA 0.54 0.44 14.00 14.00 77.62
FSPT FirstSpartan Fin. Corp. of SC 1.00 1.16 27.63 27.63 104.97
FLAG Flag Financial Corp of GA -0.07 0.15 10.25 10.25 109.02
FFIC Flushing Fin. Corp. of NY* 0.87 0.90 16.28 16.28 101.67
FBHC Fort Bend Holding Corp. of TX 0.74 1.72 21.78 20.15 338.85
FTSB Fort Thomas Fin. Corp. of KY 0.30 0.46 10.19 10.19 63.33
FKKY Frankfort First Bancorp of KY 0.24 0.36 9.93 9.93 37.91
FTNB Fulton Bancorp of MO 0.41 0.58 14.47 14.47 57.86
GFSB GFS Bancorp of Grinnell IA 0.85 1.09 10.32 10.32 89.22
GUPB GFSB Bancorp of Gallup NM 0.69 0.87 16.88 16.88 103.59
GSLA GS Financial Corp. of LA 0.29 0.29 15.77 15.77 34.03
GOSB GSB Financial Corp. of NY 0.52 0.44 13.78 13.78 50.92
GWBC Gateway Bancorp of KY(8) 0.53 0.74 15.95 15.95 61.16
GBCI Glacier Bancorp of MT 1.00 1.13 7.77 7.55 81.24
GFCO Glenway Financial Corp. of OH 0.92 1.67 23.46 23.10 245.47
GTPS Great American Bancorp of IL 0.33 0.42 16.58 16.58 78.35
GTFN Great Financial Corp. of KY 1.49 1.43 20.24 19.36 217.69
GSBC Great Southern Bancorp of MO 1.09 1.23 7.35 7.35 81.94
GDVS Greater DV SB,MHC of PA (19.9)* 0.01 0.24 8.37 8.37 72.95
GSFC Green Street Fin. Corp. of NC 0.57 0.70 14.64 14.64 40.57
GSLC Guaranty Svgs & Loan FA of VA 0.33 0.31 4.43 4.43 77.50
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 0.30 0.49 8.68 8.68 62.73
HCBB HCB Bancshares of AR -0.08 0.29 13.73 13.16 75.24
HEMT HF Bancorp of Hemet CA -0.36 -2.62 12.91 0.00 131.63
HFFC HF Financial Corp. of SD 1.10 1.51 17.21 17.17 187.22
HFNC HFNC Financial Corp. of NC 0.51 0.67 9.23 9.23 49.03
HMNF HMN Financial, Inc. of MN 0.99 1.20 18.70 18.70 131.30
HALL Hallmark Capital Corp. of WI 1.20 1.58 19.82 19.82 283.64
HARB Harbor FSB, MHC of FL (46.0) 1.93 2.54 18.27 17.58 222.32
HRBF Harbor Federal Bancorp of MD 0.51 0.82 16.09 16.09 125.12
HFSA Hardin Bancorp of Hardin MO 0.54 0.88 15.38 15.38 120.32
HARL Harleysville SA of PA 1.30 1.86 12.81 12.81 201.31
HARS Harris SB, MHC of PA (24.2) 0.36 0.88 13.70 11.82 173.16
HFFB Harrodsburg 1st Fin Bcrp of KY 0.55 0.73 14.08 14.08 53.43
HHFC Harvest Home Fin. Corp. of OH 0.17 0.44 11.12 11.12 89.47
HAVN Haven Bancorp of Woodhaven NY 2.26 3.29 22.88 22.79 394.74
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
Shares Market 52 Week (1) % Change From
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HVFD Haverfield Corp. of OH(8) 27.00 1,906 51.5 27.37 17.00 26.00 3.85 74.19 41.21
HTHR Hawthorne Fin. Corp. of CA 14.87 2,629 39.1 14.87 6.62 12.87 15.54 -45.93 82.90
HMLK Hemlock Fed. Fin. Corp. of IL 15.50 2,076 32.2 15.50 12.50 15.25 1.64 N.A. N.A.
HBNK Highland Federal Bank of CA 26.00 2,300 59.8 26.00 14.25 25.00 4.00 N.A. 52.94
HIFS Hingham Inst. for Sav. of MA* 23.75 1,303 30.9 25.25 14.00 23.50 1.06 420.83 26.67
HBEI Home Bancorp of Elgin IL 18.00 6,856 123.4 19.31 11.81 18.25 -1.37 N.A. 33.33
HBFW Home Bancorp of Fort Wayne IN 21.00 2,623 55.1 21.37 15.50 20.87 0.62 N.A. 10.53
HBBI Home Building Bancorp of IN 20.50 312 6.4 22.00 17.00 20.87 -1.77 N.A. 3.80
HCFC Home City Fin. Corp. of OH 14.50 952 13.8 14.94 12.00 14.50 0.00 N.A. 9.43
HOMF Home Fed Bancorp of Seymour IN 30.50 3,390 103.4 30.50 17.33 29.75 2.52 203.48 18.45
HWEN Home Financial Bancorp of IN 15.25 486 7.4 15.75 10.50 15.25 0.00 N.A. 19.61
HPBC Home Port Bancorp, Inc. of MA* 21.00 1,842 38.7 21.00 13.50 20.25 3.70 162.50 27.27
HMCI Homecorp, Inc. of Rockford IL 15.25 1,693 25.8 15.25 11.83 14.00 8.93 52.50 19.61
HZFS Horizon Fin'l. Services of IA 18.87 426 8.0 19.75 14.00 18.87 0.00 N.A. 24.80
HRZB Horizon Financial Corp. of WA* 15.25 7,417 113.1 16.50 10.65 15.25 0.00 33.54 29.90
IBSF IBS Financial Corp. of NJ 16.75 11,012 184.5 18.75 12.06 17.25 -2.90 N.A. 23.25
ISBF ISB Financial Corp. of LA 24.87 7,001 174.1 26.25 14.37 25.00 -0.52 N.A. 38.17
ITLA Imperial Thrift & Loan of CA* 18.00 7,829 140.9 18.00 13.00 17.12 5.14 N.A. 20.00
IFSB Independence FSB of DC 14.50 1,280 18.6 14.50 6.75 13.50 7.41 625.00 81.25
INCB Indiana Comm. Bank, SB of IN 15.25 922 14.1 19.00 13.25 15.25 0.00 N.A. -6.15
IFSL Indiana Federal Corp. of IN(8) 29.00 4,786 138.8 29.25 18.50 29.00 0.00 284.62 29.64
INBI Industrial Bancorp of OH 14.25 5,277 75.2 14.25 9.87 14.00 1.79 N.A. 11.76
IWBK Interwest SB of Oak Harbor WA 39.75 8,036 319.4 39.75 24.37 38.75 2.58 297.50 23.26
IPSW Ipswich SB of Ipswich MA* 23.25 1,188 27.6 25.00 9.75 24.50 -5.10 N.A. 93.75
JSBF JSB Financial, Inc. of NY 44.50 9,845 438.1 46.50 32.87 42.62 4.41 286.96 17.11
JXVL Jacksonville Bancorp of TX 16.50 2,572 42.4 16.50 10.12 16.25 1.54 N.A. 12.86
JXSB Jcksnville SB,MHC of IL (44.6) 16.62 1,272 9.4 18.00 11.50 16.75 -0.78 N.A. 25.43
JSBA Jefferson Svgs Bancorp of MO 31.37 4,971 155.9 31.37 22.25 29.50 6.34 N.A. 20.65
JOAC Joachim Bancorp of MO 14.50 760 11.0 15.25 12.50 14.50 0.00 N.A. 0.00
KSAV KS Bancorp of Kenly NC 18.50 885 16.4 19.12 13.59 18.50 0.00 N.A. 24.08
KSBK KSB Bancorp of Kingfield ME(8)* 13.50 1,238 16.7 16.00 6.82 13.50 0.00 N.A. 76.01
KFBI Klamath First Bancorp of OR 18.62 10,019 186.6 20.12 13.56 18.75 -0.69 N.A. 18.22
LSBI LSB Fin. Corp. of Lafayette IN 20.75 945 19.6 21.25 14.76 20.75 0.00 N.A. 11.74
LVSB Lakeview SB of Paterson NJ 33.00 2,302 76.0 33.87 18.86 33.00 0.00 N.A. 32.69
LARK Landmark Bancshares of KS 21.50 1,711 36.8 21.50 15.25 20.50 4.88 N.A. 19.44
LARL Laurel Capital Group of PA 21.00 1,498 31.5 22.50 14.75 21.50 -2.33 64.06 27.27
LSBX Lawrence Savings Bank of MA* 11.62 4,274 49.7 12.87 5.75 11.87 -2.11 237.79 42.93
LFED Leeds FSB, MHC of MD (36.2) 21.00 3,455 26.2 21.12 13.00 20.25 3.70 N.A. 31.25
LXMO Lexington B&L Fin. Corp. of MO 16.00 1,088 17.4 16.62 9.87 16.19 -1.17 N.A. 18.52
LIFB Life Bancorp of Norfolk VA 25.66 9,847 252.7 26.62 14.25 25.12 2.15 N.A. 42.56
LFBI Little Falls Bancorp of NJ 17.37 2,745 47.7 17.37 10.25 16.50 5.27 N.A. 36.24
LOGN Logansport Fin. Corp. of IN 14.25 1,261 18.0 15.00 11.12 14.00 1.79 N.A. 26.67
LONF London Financial Corp. of OH 15.63 515 8.0 17.50 10.00 15.12 3.37 N.A. 10.69
LISB Long Island Bancorp, Inc of NY 39.66 23,968 950.6 41.00 27.75 37.62 5.42 N.A. 13.31
MAFB MAF Bancorp of IL 33.87 15,393 521.4 34.75 16.83 33.12 2.26 298.47 46.18
MBLF MBLA Financial Corp. of MO 23.50 1,316 30.9 24.75 19.00 23.75 -1.05 N.A. 23.68
MFBC MFB Corp. of Mishawaka IN 20.00 1,690 33.8 20.00 14.75 20.00 0.00 N.A. 20.34
MLBC ML Bancorp of Villanova PA 20.00 10,415 208.3 20.50 12.19 20.50 -2.44 N.A. 41.64
MBB MSB Bancorp of Middletown NY* 22.12 2,837 62.8 22.69 15.50 21.75 1.70 121.20 12.74
MSBF MSB Financial Corp. of MI 28.25 630 17.8 30.00 16.75 28.25 0.00 N.A. 48.68
MGNL Magna Bancorp of MS(8) 26.25 13,754 361.0 27.37 16.75 26.12 0.50 425.00 50.00
MARN Marion Capital Holdings of IN 23.37 1,768 41.3 23.75 19.25 23.06 1.34 N.A. 21.40
MRKF Market Fin. Corp. of OH 14.25 1,336 19.0 14.75 12.25 14.75 -3.39 N.A. N.A.
MFCX Marshalltown Fin. Corp. of IA(8) 16.75 1,411 23.6 16.87 14.25 16.75 0.00 N.A. 12.64
MFSL Maryland Fed. Bancorp of MD 49.37 3,210 158.5 50.50 27.38 49.37 0.00 370.19 42.07
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C>
HVFD Haverfield Corp. of OH(8) 0.88 1.88 15.04 15.04 179.26
HTHR Hawthorne Fin. Corp. of CA 2.39 1.65 12.37 12.37 318.74
HMLK Hemlock Fed. Fin. Corp. of IL -0.29 0.37 14.49 14.49 79.24
HBNK Highland Federal Bank of CA 0.59 1.02 15.58 15.58 208.78
HIFS Hingham Inst. for Sav. of MA* 1.73 1.73 15.07 15.07 157.84
HBEI Home Bancorp of Elgin IL 0.15 0.40 14.71 14.71 52.32
HBFW Home Bancorp of Fort Wayne IN 0.68 1.10 17.43 17.43 124.97
HBBI Home Building Bancorp of IN 0.27 0.74 18.11 18.11 150.01
HCFC Home City Fin. Corp. of OH 0.51 0.77 14.77 14.77 71.68
HOMF Home Fed Bancorp of Seymour IN 1.93 2.29 16.54 16.00 195.77
HWEN Home Financial Bancorp of IN 0.45 0.64 15.12 15.12 81.16
HPBC Home Port Bancorp, Inc. of MA* 1.69 1.68 11.11 11.11 102.72
HMCI Homecorp, Inc. of Rockford IL 0.23 0.77 12.52 12.52 198.73
HZFS Horizon Fin'l. Services of IA 0.75 1.05 19.31 19.31 183.96
HRZB Horizon Financial Corp. of WA* 1.05 1.03 10.59 10.59 69.48
IBSF IBS Financial Corp. of NJ 0.35 0.60 11.45 11.45 67.20
ISBF ISB Financial Corp. of LA 0.75 1.01 16.28 13.74 132.73
ITLA Imperial Thrift & Loan of CA* 1.37 1.37 11.77 11.72 103.52
IFSB Independence FSB of DC 0.29 0.66 13.39 11.74 205.28
INCB Indiana Comm. Bank, SB of IN 0.16 0.50 12.27 12.27 99.06
IFSL Indiana Federal Corp. of IN(8) 1.10 1.56 15.03 14.12 171.11
INBI Industrial Bancorp of OH 0.45 0.88 11.70 11.70 63.26
IWBK Interwest SB of Oak Harbor WA 1.67 2.34 14.78 14.44 220.45
IPSW Ipswich SB of Ipswich MA* 1.53 1.20 8.59 8.59 139.32
JSBF JSB Financial, Inc. of NY 2.75 2.61 34.47 34.47 155.50
JXVL Jacksonville Bancorp of TX 0.74 1.02 13.27 13.27 84.89
JXSB Jcksnville SB,MHC of IL (44.6) 0.33 0.77 13.26 13.26 128.80
JSBA Jefferson Svgs Bancorp of MO 0.57 1.43 18.09 14.12 230.96
JOAC Joachim Bancorp of MO 0.24 0.37 13.60 13.60 46.92
KSAV KS Bancorp of Kenly NC 1.01 1.32 15.76 15.75 113.98
KSBK KSB Bancorp of Kingfield ME(8)* 2.75 2.74 21.90 20.27 320.90
KFBI Klamath First Bancorp of OR 0.58 0.86 13.95 13.95 68.25
LSBI LSB Fin. Corp. of Lafayette IN 0.94 0.79 18.06 18.06 198.97
LVSB Lakeview SB of Paterson NJ 2.78 1.93 19.91 15.92 209.23
LARK Landmark Bancshares of KS 0.98 1.22 18.11 18.11 123.78
LARL Laurel Capital Group of PA 1.50 1.92 14.51 14.51 139.24
LSBX Lawrence Savings Bank of MA* 1.30 1.29 7.03 7.03 80.03
LFED Leeds FSB, MHC of MD (36.2) 0.63 0.90 13.20 13.20 81.59
LXMO Lexington B&L Fin. Corp. of MO 0.42 0.58 15.17 15.17 54.92
LIFB Life Bancorp of Norfolk VA 0.96 1.18 15.42 14.94 142.97
LFBI Little Falls Bancorp of NJ 0.27 0.53 14.30 13.16 110.52
LOGN Logansport Fin. Corp. of IN 0.73 0.95 12.41 12.41 63.14
LONF London Financial Corp. of OH 0.54 0.79 14.63 14.63 73.66
LISB Long Island Bancorp, Inc of NY 1.40 1.65 21.86 21.65 242.59
MAFB MAF Bancorp of IL 1.51 2.10 16.57 14.39 210.25
MBLF MBLA Financial Corp. of MO 1.05 1.36 21.51 21.51 159.41
MFBC MFB Corp. of Mishawaka IN 0.72 1.10 20.11 20.11 138.63
MLBC ML Bancorp of Villanova PA 1.33 1.16 13.03 12.77 188.18
MBB MSB Bancorp of Middletown NY* 0.44 0.48 19.72 8.48 285.75
MSBF MSB Financial Corp. of MI 1.22 1.52 19.94 19.94 120.05
MGNL Magna Bancorp of MS(8) 1.33 1.57 9.62 9.30 100.56
MARN Marion Capital Holdings of IN 1.27 1.53 21.99 21.99 95.41
MRKF Market Fin. Corp. of OH 0.24 0.24 14.59 14.59 42.17
MFCX Marshalltown Fin. Corp. of IA(8) 0.30 0.63 14.06 14.06 90.08
MFSL Maryland Fed. Bancorp of MD 2.03 2.96 29.68 29.28 351.55
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
Shares Market 52 Week (1) % Change From
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MASB MassBank Corp. of Reading MA* 51.50 2,681 138.1 53.00 32.50 51.00 0.98 317.68 35.10
MFLR Mayflower Co-Op. Bank of MA* 19.50 890 17.4 19.75 13.50 19.00 2.63 290.00 14.71
MECH Mechanics SB of Hartford CT* 20.75 5,290 109.8 20.75 11.87 20.00 3.75 N.A. 31.75
MDBK Medford Savings Bank of MA* 30.25 4,541 137.4 32.00 21.50 30.62 -1.21 332.14 17.48
MERI Meritrust FSB of Thibodaux LA 41.00 774 31.7 41.50 30.75 40.37 1.56 N.A. 29.66
MWBX Metro West of MA* 6.44 13,953 89.9 6.69 3.62 6.00 7.33 56.31 19.93
MCBS Mid Continent Bancshares of KS 30.25 1,958 59.2 31.75 17.50 29.50 2.54 N.A. 29.44
MIFC Mid Iowa Financial Corp. of IA 9.50 1,676 15.9 9.50 6.00 9.50 0.00 90.00 49.14
MCBN Mid-Coast Bancorp of ME 25.00 231 5.8 25.00 18.00 22.00 13.64 337.83 31.58
MWBI Midwest Bancshares, Inc. of IA 34.75 348 12.1 34.75 24.50 34.75 0.00 247.50 31.13
MWFD Midwest Fed. Fin. Corp of WI 19.50 1,625 31.7 24.50 15.25 21.00 -7.14 290.00 5.41
MFFC Milton Fed. Fin. Corp. of OH 14.12 2,310 32.6 16.00 11.50 13.75 2.69 N.A. -2.62
MIVI Miss. View Hold. Co. of MN 15.00 819 12.3 15.63 10.87 15.00 0.00 N.A. 25.00
MBSP Mitchell Bancorp of NC* 16.37 931 15.2 16.75 10.62 16.75 -2.27 N.A. 14.88
MBBC Monterey Bay Bancorp of CA 16.25 3,245 52.7 18.25 12.31 16.50 -1.52 N.A. 10.17
MONT Montgomery Financial Corp ofIN 12.06 1,653 19.9 14.00 11.00 11.50 4.87 N.A. -7.23
MSBK Mutual SB, FSB of Bay City MI 10.25 4,274 43.8 11.25 5.12 10.25 0.00 17.14 86.36
NHTB NH Thrift Bancshares of NH 16.25 2,041 33.2 16.75 9.75 16.37 -0.73 251.73 28.76
NSLB NS&L Bancorp of Neosho MO 16.62 708 11.8 17.25 12.00 16.62 0.00 N.A. 22.03
NMSB Newmil Bancorp. of CT* 12.12 3,834 46.5 12.12 7.00 12.00 1.00 90.27 24.31
NASB North American SB of MO 53.00 2,257 119.6 55.00 29.50 53.00 0.00 ***.** 54.74
NBSI North Bancshares of Chicago IL 21.50 997 21.4 22.25 15.75 20.37 5.55 N.A. 30.30
FFFD North Central Bancshares of IA 16.69 3,258 54.4 16.75 11.00 16.50 1.15 N.A. 23.08
NBN Northeast Bancorp of ME* 14.75 1,275 18.8 14.94 12.75 14.69 0.41 25.53 5.36
NEIB Northeast Indiana Bncrp of IN 18.00 1,763 31.7 18.00 12.00 17.87 0.73 N.A. 32.16
NWEQ Northwest Equity Corp. of WI 15.25 839 12.8 15.25 10.25 15.25 0.00 N.A. 25.83
NWSB Northwest SB, MHC of PA (29.9) 17.62 23,376 123.1 17.62 10.75 17.00 3.65 N.A. 31.79
NSSY Norwalk Savings Society of CT* 32.00 2,404 76.9 32.50 20.87 29.75 7.56 N.A. 36.93
NSSB Norwich Financial Corp. of CT* 22.37 5,413 121.1 23.25 14.75 22.50 -0.58 219.57 14.02
NTMG Nutmeg FS&LA of CT 9.62 725 7.0 9.75 7.00 9.00 6.89 N.A. 28.27
OHSL OHSL Financial Corp. of OH 24.62 1,208 29.7 25.25 19.50 23.75 3.66 N.A. 15.21
OCFC Ocean Fin. Corp. of NJ 34.87 9,059 315.9 35.75 20.87 35.62 -2.11 N.A. 36.75
OCWN Ocwen Financial Corp. of FL 41.75 26,800 1,118.9 38.00 20.25 38.00 9.87 N.A. 56.07
OFCP Ottawa Financial Corp. of MI 25.25 4,913 124.1 25.50 16.00 24.50 3.06 N.A. 50.21
PFFB PFF Bancorp of Pomona CA 19.25 18,716 360.3 19.25 11.00 19.12 0.68 N.A. 29.46
PSFI PS Financial of Chicago IL 14.62 2,182 31.9 14.87 11.62 14.75 -0.88 N.A. 24.43
PVFC PVF Capital Corp. of OH 21.25 2,323 49.4 21.25 12.67 19.75 7.59 382.95 34.92
PCCI Pacific Crest Capital of CA* 15.25 2,938 44.8 15.25 8.13 13.87 9.95 N.A. 32.61
PALM Palfed, Inc. of Aiken SC 16.00 5,284 84.5 17.50 12.50 15.87 0.82 4.10 14.29
PBCI Pamrapo Bancorp, Inc. of NJ 21.00 2,843 59.7 23.75 18.50 20.75 1.20 273.00 5.00
PFED Park Bancorp of Chicago IL 16.37 2,431 39.8 16.75 10.19 16.75 -2.27 N.A. 25.92
PVSA Parkvale Financial Corp of PA 28.00 4,055 113.5 29.50 20.80 26.75 4.67 238.16 7.69
PBIX Patriot Bank Corp. of PA 17.50 4,266 74.7 16.75 10.62 17.50 0.00 N.A. 29.63
PEEK Peekskill Fin. Corp. of NY 16.12 3,193 51.5 16.12 12.00 15.75 2.35 N.A. 13.12
PFSB PennFed Fin. Services of NJ 29.87 4,822 144.0 30.00 16.75 27.62 8.15 N.A. 47.51
PWBC PennFirst Bancorp of PA 16.25 3,911 63.6 16.59 12.27 17.75 -8.45 103.63 31.15
PWBK Pennwood SB of PA* 15.50 610 9.5 15.50 9.06 14.75 5.08 N.A. 12.73
PBKB People's SB of Brockton MA* 16.50 3,592 59.3 17.37 9.62 16.50 0.00 177.78 55.37
PFDC Peoples Bancorp of Auburn IN 27.00 2,274 61.4 27.00 19.25 25.25 6.93 54.29 33.33
PBCT Peoples Bank, MHC of CT (37.4)* 28.75 61,053 435.7 28.75 14.00 27.62 4.09 265.31 49.35
PFFC Peoples Fin. Corp. of OH 16.87 1,491 25.2 17.00 10.87 16.62 1.50 N.A. 24.96
PHBK Peoples Heritage Fin Grp of ME* 40.25 27,371 1,101.7 40.25 20.00 39.50 1.90 162.90 43.75
PHSB Peoples Home SB of PA 14.00 2,760 17.4 14.37 13.62 14.00 0.00 N.A. N.A.
PBNB Peoples Sav. Fin. Corp. of CT(8)* 43.00 1,907 82.0 43.00 22.00 40.63 5.83 335.66 54.95
PSFC Peoples Sidney Fin. Corp of OH 15.50 1,785 27.7 15.75 12.56 15.63 -0.83 N.A. N.A.
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C>
MASB MassBank Corp. of Reading MA* 3.61 3.34 33.55 33.55 336.11
MFLR Mayflower Co-Op. Bank of MA* 1.33 1.30 13.21 12.98 140.10
MECH Mechanics SB of Hartford CT* 0.35 0.37 14.50 14.50 149.06
MDBK Medford Savings Bank of MA* 2.33 2.26 20.42 18.91 232.12
MERI Meritrust FSB of Thibodaux LA 1.77 2.88 23.34 23.34 295.34
MWBX Metro West of MA* 0.49 0.50 2.92 2.92 39.77
MCBS Mid Continent Bancshares of KS 1.75 2.00 19.04 19.04 189.57
MIFC Mid Iowa Financial Corp. of IA 0.64 0.84 6.71 6.70 73.73
MCBN Mid-Coast Bancorp of ME 1.05 1.63 21.97 21.97 255.09
MWBI Midwest Bancshares, Inc. of IA 1.84 3.04 27.71 27.71 399.44
MWFD Midwest Fed. Fin. Corp of WI 1.16 1.13 10.66 10.24 123.74
MFFC Milton Fed. Fin. Corp. of OH 0.40 0.55 11.32 11.32 76.82
MIVI Miss. View Hold. Co. of MN 0.58 0.86 15.55 15.55 85.17
MBSP Mitchell Bancorp of NC* 0.48 0.61 15.77 15.77 36.41
MBBC Monterey Bay Bancorp of CA 0.31 0.57 13.98 12.82 130.16
MONT Montgomery Financial Corp ofIN 0.26 0.42 11.22 11.22 62.63
MSBK Mutual SB, FSB of Bay City MI 0.15 0.06 9.31 9.31 155.02
NHTB NH Thrift Bancshares of NH 0.44 0.65 11.47 9.72 153.37
NSLB NS&L Bancorp of Neosho MO 0.41 0.62 16.35 16.35 82.05
NMSB Newmil Bancorp. of CT* 0.65 0.63 8.13 8.13 81.54
NASB North American SB of MO 3.85 3.74 24.35 23.56 305.38
NBSI North Bancshares of Chicago IL 0.54 0.77 17.59 17.59 120.37
FFFD North Central Bancshares of IA 1.03 1.20 15.36 15.36 62.46
NBN Northeast Bancorp of ME* 0.64 0.61 13.49 11.66 194.14
NEIB Northeast Indiana Bncrp of IN 0.94 1.11 14.87 14.87 98.06
NWEQ Northwest Equity Corp. of WI 0.85 1.08 12.94 12.94 113.35
NWSB Northwest SB, MHC of PA (29.9) 0.56 0.81 8.30 7.80 85.45
NSSY Norwalk Savings Society of CT* 2.42 2.77 20.69 19.95 256.81
NSSB Norwich Financial Corp. of CT* 1.34 1.26 14.23 12.77 129.55
NTMG Nutmeg FS&LA of CT 0.34 0.44 7.35 7.35 129.17
OHSL OHSL Financial Corp. of OH 1.08 1.54 21.00 21.00 190.24
OCFC Ocean Fin. Corp. of NJ -0.06 1.30 27.30 27.30 153.20
OCWN Ocwen Financial Corp. of FL 2.59 1.88 8.40 8.40 98.86
OFCP Ottawa Financial Corp. of MI 0.70 1.20 15.07 12.06 170.42
PFFB PFF Bancorp of Pomona CA 0.15 0.56 14.19 14.03 135.49
PSFI PS Financial of Chicago IL 0.66 0.68 14.88 14.88 34.43
PVFC PVF Capital Corp. of OH 1.54 1.98 10.77 10.77 153.36
PCCI Pacific Crest Capital of CA* 1.06 0.90 8.42 8.42 116.66
PALM Palfed, Inc. of Aiken SC 0.07 0.70 10.07 10.07 124.23
PBCI Pamrapo Bancorp, Inc. of NJ 1.07 1.51 16.43 16.29 128.31
PFED Park Bancorp of Chicago IL 0.53 0.74 15.88 15.88 73.21
PVSA Parkvale Financial Corp of PA 1.65 2.47 17.93 17.78 239.85
PBIX Patriot Bank Corp. of PA 0.52 0.71 11.26 11.26 139.25
PEEK Peekskill Fin. Corp. of NY 0.63 0.81 14.63 14.63 57.19
PFSB PennFed Fin. Services of NJ 1.35 2.01 19.55 16.12 259.78
PWBC PennFirst Bancorp of PA 0.76 1.14 12.77 11.65 180.58
PWBK Pennwood SB of PA* 0.46 0.73 15.30 15.30 78.57
PBKB People's SB of Brockton MA* 1.16 0.69 8.57 8.21 152.78
PFDC Peoples Bancorp of Auburn IN 1.36 1.79 18.91 18.91 124.56
PBCT Peoples Bank, MHC of CT (37.4)* 1.33 1.06 10.39 10.37 123.47
PFFC Peoples Fin. Corp. of OH 0.05 0.24 16.18 16.18 60.15
PHBK Peoples Heritage Fin Grp of ME* 2.08 2.22 16.36 13.81 199.41
PHSB Peoples Home SB of PA 0.32 0.67 14.36 14.36 82.97
PBNB Peoples Sav. Fin. Corp. of CT(8)* 2.20 2.19 24.13 22.61 251.23
PSFC Peoples Sidney Fin. Corp of OH 0.56 0.73 14.09 14.09 60.57
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
Shares Market 52 Week (1) % Change From
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PERM Permanent Bancorp of IN 25.75 2,052 52.8 26.50 15.75 25.25 1.98 N.A. 27.16
PMFI Perpetual Midwest Fin. of IA 19.00 1,907 36.2 22.00 17.00 20.25 -6.17 N.A. -1.30
PERT Perpetual of SC, MHC (46.8) 38.50 1,505 27.1 38.50 20.25 35.00 10.00 N.A. 58.76
PCBC Perry Co. Fin. Corp. of MO 21.37 808 17.3 22.25 15.50 21.62 -1.16 N.A. 25.71
PHFC Pittsburgh Home Fin. of PA 17.00 1,969 33.5 17.00 10.25 16.62 2.29 N.A. 27.15
PFSL Pocahnts Fed, MHC of AR (46.4) 22.00 1,632 16.6 22.50 14.25 22.50 -2.22 N.A. 25.71
POBS Portsmouth Bank Shrs Inc of NH(8)* 17.87 5,872 104.9 18.50 12.38 17.50 2.11 71.66 30.25
PTRS Potters Financial Corp of OH 24.50 487 11.9 24.75 15.50 23.50 4.26 N.A. 22.50
PKPS Poughkeepsie Fin. Corp. of NY 7.94 12,595 100.0 8.13 4.75 8.00 -0.75 2.45 51.24
PRBC Prestige Bancorp of PA 15.87 915 14.5 16.50 10.19 15.87 0.00 N.A. 17.56
PETE Primary Bank of NH(8)* 26.00 2,089 54.3 26.75 11.19 25.75 0.97 N.A. 70.60
PFNC Progress Financial Corp. of PA 12.06 3,814 46.0 12.06 6.00 11.50 4.87 9.54 44.09
PSBK Progressive Bank, Inc. of NY* 29.75 3,821 113.7 32.00 19.33 30.25 -1.65 122.51 30.77
PROV Provident Fin. Holdings of CA 19.37 5,075 98.3 19.37 10.69 18.37 5.44 N.A. 38.36
PULB Pulaski SB, MHC of MO (29.0) 22.00 2,094 13.2 22.00 12.37 21.50 2.33 N.A. 51.72
PLSK Pulaski SB, MHC of NJ (46.0) 13.44 2,070 12.8 13.87 11.50 13.62 -1.32 N.A. N.A.
PULS Pulse Bancorp of S. River NJ 20.12 3,071 61.8 21.00 15.50 21.00 -4.19 62.65 27.75
QCFB QCF Bancorp of Virginia MN 25.00 1,426 35.7 25.00 14.75 25.00 0.00 N.A. 36.99
QCBC Quaker City Bancorp of CA 20.00 4,703 94.1 20.50 11.40 20.50 -2.44 166.67 31.58
QCSB Queens County Bancorp of NY* 51.25 10,181 521.8 51.25 23.50 49.00 4.59 N.A. 62.29
RCSB RCSB Financial, Inc. of NY(8)* 51.25 14,591 747.8 51.75 24.37 48.75 5.13 316.33 76.72
RARB Raritan Bancorp. of Raritan NJ* 23.00 2,412 55.5 25.50 13.67 24.00 -4.17 257.14 48.39
REDF RedFed Bancorp of Redlands CA 16.50 7,164 118.2 16.87 9.00 16.62 -0.72 N.A. 22.22
RELY Reliance Bancorp, Inc. of NY 28.87 8,776 253.4 29.62 16.62 27.69 4.26 N.A. 48.05
RELI Reliance Bancshares Inc of WI(8)* 8.50 2,528 21.5 10.12 6.50 8.50 0.00 N.A. 25.93
RIVR River Valley Bancorp of IN 15.50 1,190 18.4 16.12 13.25 15.50 0.00 N.A. 12.73
RSLN Roslyn Bancorp, Inc. of NY* 23.75 43,642 1,036.5 23.94 15.00 22.50 5.56 N.A. N.A.
RVSB Rvrview SB,FSB MHC of WA(41.7)(8) 27.50 2,416 25.2 27.50 13.18 26.75 2.80 N.A. 72.85
SCCB S. Carolina Comm. Bnshrs of SC 25.25 704 17.8 25.25 15.00 19.12 32.06 N.A. 68.33
SBFL SB Fngr Lakes MHC of NY (33.1) 18.37 1,785 10.8 18.37 12.75 17.75 3.49 N.A. 33.60
SFED SFS Bancorp of Schenectady NY 18.75 1,271 23.8 18.87 12.37 18.75 0.00 N.A. 27.12
SGVB SGV Bancorp of W. Covina CA 14.87 2,342 34.8 15.00 8.50 15.00 -0.87 N.A. 32.18
SISB SIS Bancorp Inc of MA* 29.25 5,577 163.1 30.37 18.25 29.37 -0.41 N.A. 27.90
SWCB Sandwich Co-Op. Bank of MA* 33.75 1,906 64.3 34.12 20.25 34.12 -1.08 291.53 13.45
SECP Security Capital Corp. of WI(8) 97.25 9,208 895.5 98.50 60.25 97.87 -0.63 N.A. 31.86
SFSL Security First Corp. of OH 16.50 5,003 82.5 16.50 8.83 16.00 3.13 58.65 36.59
SMFC Sho-Me Fin. Corp. of MO(8) 38.25 1,499 57.3 40.25 16.75 38.00 0.66 N.A. 75.86
SOBI Sobieski Bancorp of S. Bend IN 16.37 760 12.4 16.50 11.75 16.37 0.00 N.A. 12.90
SOSA Somerset Savings Bank of MA(8)* 3.53 16,652 58.8 3.53 1.44 3.44 2.62 -31.05 79.19
SSFC South Street Fin. Corp. of NC* 18.75 4,496 84.3 19.25 12.12 18.75 0.00 N.A. 33.93
SCBS Southern Commun. Bncshrs of AL 15.75 1,137 17.9 15.75 13.00 15.50 1.61 N.A. 18.87
SMBC Southern Missouri Bncrp of MO 17.25 1,638 28.3 18.00 13.50 17.50 -1.43 N.A. 15.00
SWBI Southwest Bancshares of IL 20.75 2,652 55.0 21.75 17.83 21.75 -4.60 107.50 13.70
SVRN Sovereign Bancorp of PA 16.06 70,010 1,124.4 16.50 8.33 16.37 -1.89 259.28 46.80
STFR St. Francis Cap. Corp. of WI 36.00 5,386 193.9 38.75 25.00 36.25 -0.69 N.A. 38.46
SPBC St. Paul Bancorp, Inc. of IL 23.75 33,988 807.2 24.37 12.60 23.62 0.55 113.39 51.56
STND Standard Fin. of Chicago IL(8) 25.62 16,210 415.3 25.62 16.12 25.50 0.47 N.A. 30.58
SFFC StateFed Financial Corp. of IA 21.75 784 17.1 22.75 15.25 22.44 -3.07 N.A. 31.82
SFIN Statewide Fin. Corp. of NJ 18.00 4,771 85.9 19.00 11.75 18.62 -3.33 N.A. 25.26
STSA Sterling Financial Corp. of WA 19.00 5,567 105.8 19.25 13.00 18.37 3.43 109.02 34.56
SFSB SuburbFed Fin. Corp. of IL 26.87 1,261 33.9 26.87 16.25 26.87 0.00 302.85 41.42
ROSE T R Financial Corp. of NY* 28.19 17,519 493.9 28.19 13.75 24.50 15.06 N.A. 58.82
THRD TF Financial Corp. of PA 19.50 4,087 79.7 20.50 14.12 20.00 -2.50 N.A. 20.00
TPNZ Tappan Zee Fin., Inc. of NY 16.62 1,497 24.9 17.50 12.00 17.50 -5.03 N.A. 22.03
ESBK The Elmira SB FSB of Elmira NY* 23.75 706 16.8 23.75 14.75 23.00 3.26 65.27 30.14
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C>
PERM Permanent Bancorp of IN 0.64 1.21 19.05 18.89 206.48
PMFI Perpetual Midwest Fin. of IA 0.18 0.52 17.72 17.72 208.59
PERT Perpetual of SC, MHC (46.8) 1.00 1.41 19.69 19.69 148.17
PCBC Perry Co. Fin. Corp. of MO 0.70 0.95 18.76 18.76 99.51
PHFC Pittsburgh Home Fin. of PA 0.60 0.85 13.80 13.64 120.36
PFSL Pocahnts Fed, MHC of AR (46.4) 1.34 1.87 14.61 14.61 229.14
POBS Portsmouth Bank Shrs Inc of NH(8)* 1.02 0.89 11.25 11.25 44.78
PTRS Potters Financial Corp of OH 0.75 1.62 21.38 21.38 240.08
PKPS Poughkeepsie Fin. Corp. of NY 0.14 0.32 5.75 5.75 68.37
PRBC Prestige Bancorp of PA 0.32 0.68 16.11 16.11 137.86
PETE Primary Bank of NH(8)* 1.68 1.66 13.82 13.79 208.78
PFNC Progress Financial Corp. of PA 0.44 0.54 5.47 4.79 104.97
PSBK Progressive Bank, Inc. of NY* 2.49 2.50 19.19 17.00 229.70
PROV Provident Fin. Holdings of CA 0.26 0.13 17.06 17.06 119.94
PULB Pulaski SB, MHC of MO (29.0) 0.42 0.67 10.75 10.75 85.39
PLSK Pulaski SB, MHC of NJ (46.0) 0.23 0.52 9.83 9.83 81.83
PULS Pulse Bancorp of S. River NJ 1.17 1.75 13.10 13.10 168.00
QCFB QCF Bancorp of Virginia MN 1.32 1.32 18.35 18.35 104.01
QCBC Quaker City Bancorp of CA 0.50 0.91 14.79 14.77 166.03
QCSB Queens County Bancorp of NY* 2.24 2.27 20.21 20.21 134.89
RCSB RCSB Financial, Inc. of NY(8)* 2.66 2.64 21.69 21.14 276.36
RARB Raritan Bancorp. of Raritan NJ* 1.45 1.58 12.54 12.31 163.32
REDF RedFed Bancorp of Redlands CA 0.15 0.57 10.37 10.36 126.84
RELY Reliance Bancorp, Inc. of NY 1.16 1.77 17.65 12.37 219.55
RELI Reliance Bancshares Inc of WI(8)* 0.25 0.25 11.59 11.59 18.98
RIVR River Valley Bancorp of IN -0.21 -0.21 14.37 14.15 116.24
RSLN Roslyn Bancorp, Inc. of NY* 0.23 0.93 14.08 14.01 65.29
RVSB Rvrview SB,FSB MHC of WA(41.7)(8) 0.83 1.06 10.36 9.39 92.87
SCCB S. Carolina Comm. Bnshrs of SC 0.52 0.70 17.11 17.11 65.93
SBFL SB Fngr Lakes MHC of NY (33.1) 0.08 0.54 11.27 11.27 119.23
SFED SFS Bancorp of Schenectady NY 0.60 1.08 17.26 17.26 132.84
SGVB SGV Bancorp of W. Covina CA 0.22 0.57 12.41 12.18 170.70
SISB SIS Bancorp Inc of MA* 3.32 3.29 18.17 18.17 251.70
SWCB Sandwich Co-Op. Bank of MA* 2.24 2.27 20.55 19.59 249.34
SECP Security Capital Corp. of WI(8) 4.40 5.26 62.79 62.79 396.07
SFSL Security First Corp. of OH 1.28 1.62 11.88 11.67 126.88
SMFC Sho-Me Fin. Corp. of MO(8) 1.75 2.08 19.38 19.38 203.13
SOBI Sobieski Bancorp of S. Bend IN 0.30 0.60 16.03 16.03 104.05
SOSA Somerset Savings Bank of MA(8)* 0.18 0.18 1.85 1.85 31.36
SSFC South Street Fin. Corp. of NC* 0.35 0.47 13.51 13.51 53.11
SCBS Southern Commun. Bncshrs of AL 0.40 0.71 13.30 13.30 64.05
SMBC Southern Missouri Bncrp of MO 1.02 1.00 15.85 15.85 101.15
SWBI Southwest Bancshares of IL 1.04 1.45 15.11 15.11 140.11
SVRN Sovereign Bancorp of PA 0.55 0.91 5.94 4.36 146.93
STFR St. Francis Cap. Corp. of WI 1.53 1.81 23.74 20.89 293.16
SPBC St. Paul Bancorp, Inc. of IL 0.86 1.27 11.53 11.49 131.95
STND Standard Fin. of Chicago IL(8) 0.68 1.02 16.73 16.71 153.54
SFFC StateFed Financial Corp. of IA 1.06 1.30 19.15 19.15 108.78
SFIN Statewide Fin. Corp. of NJ 0.70 1.22 13.21 13.18 141.98
STSA Sterling Financial Corp. of WA 0.18 0.86 11.17 9.48 279.72
SFSB SuburbFed Fin. Corp. of IL 1.02 1.67 21.23 21.14 323.39
ROSE T R Financial Corp. of NY* 1.77 1.55 11.98 11.98 194.32
THRD TF Financial Corp. of PA 0.79 1.11 17.09 14.90 157.66
TPNZ Tappan Zee Fin., Inc. of NY 0.52 0.48 14.00 14.00 78.14
ESBK The Elmira SB FSB of Elmira NY* 0.89 0.85 19.87 19.02 315.32
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
Shares Market 52 Week (1) % Change From
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GRTR The Greater New York SB of NY(8)* 22.94 13,717 314.7 22.94 10.87 22.12 3.71 146.40 68.43
TSBS Trenton SB, FSB MHC of NJ(35.0 20.75 9,037 64.7 21.50 13.50 20.00 3.75 N.A. 29.69
TRIC Tri-County Bancorp of WY 23.19 609 14.1 24.25 18.00 23.00 0.83 N.A. 28.83
TWIN Twin City Bancorp of TN 20.06 853 17.1 20.50 16.25 20.00 0.30 N.A. 16.29
UFRM United FS&LA of Rocky Mount NC 12.25 3,074 37.7 12.25 7.00 12.00 2.08 276.92 44.12
UBMT United Fin. Corp. of MT 23.75 1,223 29.0 24.00 18.00 24.00 -1.04 126.19 23.38
VABF Va. Beach Fed. Fin. Corp of VA 13.50 4,976 67.2 15.00 7.00 13.50 0.00 187.85 43.01
VFFC Virginia First Savings of VA(8) 23.62 5,805 137.1 23.75 11.00 23.75 -0.55 ***.** 85.25
WHGB WHG Bancshares of MD 15.37 1,539 23.7 15.50 11.00 15.00 2.47 N.A. 17.15
WSFS WSFS Financial Corp. of DE* 15.00 12,421 186.3 15.12 7.37 14.62 2.60 106.90 47.20
WVFC WVS Financial Corp. of PA* 27.50 1,737 47.8 27.75 20.25 27.75 -0.90 N.A. 11.70
WRNB Warren Bancorp of Peabody MA* 18.00 3,781 68.1 19.00 12.00 17.75 1.41 434.12 20.00
WFSL Washington FS&LA of Seattle WA 28.25 47,462 1,340.8 28.25 19.55 27.06 4.40 93.63 17.27
WAMU Washington Mutual Inc. of WA* 68.50 126,357 8,655.5 69.12 34.87 65.69 4.28 269.07 58.16
WYNE Wayne Bancorp of NJ 19.75 2,120 41.9 20.25 12.00 19.75 0.00 N.A. 29.51
WAYN Wayne S&L Co. MHC of OH (47.8) 19.25 2,248 13.8 19.25 12.67 17.75 8.45 N.A. 17.88
WCFB Wbstr Cty FSB MHC of IA (45.2) 16.50 2,100 15.7 16.50 12.50 15.75 4.76 N.A. 20.00
WBST Webster Financial Corp. of CT 50.87 11,985 609.7 50.87 29.12 48.50 4.89 438.88 38.42
WEFC Wells Fin. Corp. of Wells MN 16.00 1,959 31.3 16.00 11.75 15.25 4.92 N.A. 21.95
WCBI WestCo Bancorp of IL 25.75 2,476 63.8 26.75 20.00 25.50 0.98 157.50 19.77
WSTR WesterFed Fin. Corp. of MT 23.12 5,565 128.7 23.50 14.12 23.50 -1.62 N.A. 26.68
WOFC Western Ohio Fin. Corp. of OH 22.50 2,312 52.0 22.75 19.62 21.50 4.65 N.A. 3.45
WWFC Westwood Fin. Corp. of NJ 21.44 645 13.8 21.75 10.31 19.00 12.84 N.A. 29.94
WEHO Westwood Hmstd Fin Corp of OH 15.50 2,795 43.3 15.87 10.37 15.37 0.85 N.A. 27.89
WFCO Winton Financial Corp. of OH 15.50 1,986 30.8 16.75 11.25 15.50 0.00 N.A. 34.78
FFWD Wood Bancorp of OH 15.00 1,493 22.4 15.83 8.50 14.52 3.31 N.A. 32.39
YFCB Yonkers Fin. Corp. of NY 17.12 3,141 53.8 17.25 10.00 16.75 2.21 N.A. 33.02
YFED York Financial Corp. of PA 22.50 7,008 157.7 22.75 14.54 21.88 2.83 138.10 38.46
</TABLE>
<TABLE>
<CAPTION>
Current Per Share Financials
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C>
GRTR The Greater New York SB of NY(8)* 0.86 0.74 11.75 11.75 187.40
TSBS Trenton SB, FSB MHC of NJ(35.0 0.84 0.74 11.54 10.55 69.31
TRIC Tri-County Bancorp of WY 1.00 1.30 21.62 21.62 141.17
TWIN Twin City Bancorp of TN 0.70 0.97 15.83 15.83 122.49
UFRM United FS&LA of Rocky Mount NC 0.19 0.40 6.70 6.70 88.12
UBMT United Fin. Corp. of MT 0.94 1.16 19.95 19.95 88.08
VABF Va. Beach Fed. Fin. Corp of VA 0.18 0.50 8.29 8.29 122.16
VFFC Virginia First Savings of VA(8) 1.81 1.66 11.35 10.96 140.79
WHGB WHG Bancshares of MD 0.47 0.47 14.00 14.00 63.98
WSFS WSFS Financial Corp. of DE* 1.39 1.40 6.05 5.99 117.97
WVFC WVS Financial Corp. of PA* 1.64 2.04 20.50 20.50 161.14
WRNB Warren Bancorp of Peabody MA* 1.97 1.63 9.65 9.65 95.55
WFSL Washington FS&LA of Seattle WA 1.86 2.06 14.09 12.69 121.97
WAMU Washington Mutual Inc. of WA* 0.67 1.99 18.28 17.25 364.45
WYNE Wayne Bancorp of NJ 0.40 0.40 16.85 16.85 115.77
WAYN Wayne S&L Co. MHC of OH (47.8) 0.32 0.73 10.28 10.28 112.18
WCFB Wbstr Cty FSB MHC of IA (45.2) 0.46 0.61 10.45 10.45 44.36
WBST Webster Financial Corp. of CT 1.19 2.42 23.66 19.91 465.88
WEFC Wells Fin. Corp. of Wells MN 0.64 1.03 14.67 14.67 103.06
WCBI WestCo Bancorp of IL 1.37 1.76 19.49 19.49 125.17
WSTR WesterFed Fin. Corp. of MT 0.65 0.90 18.44 14.57 167.98
WOFC Western Ohio Fin. Corp. of OH 0.48 0.69 23.21 21.87 173.04
WWFC Westwood Fin. Corp. of NJ 0.67 1.24 15.43 13.67 167.41
WEHO Westwood Hmstd Fin Corp of OH 0.22 0.37 14.15 14.15 45.71
WFCO Winton Financial Corp. of OH 0.84 1.07 10.49 10.23 147.15
FFWD Wood Bancorp of OH 1.02 1.26 13.91 13.91 109.51
YFCB Yonkers Fin. Corp. of NY 0.67 0.92 13.68 13.68 89.43
YFED York Financial Corp. of PA 0.97 1.25 13.99 13.99 166.02
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
Exhibit IV-1
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
Key Financial Ratios Asset Quality Ratios
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(313) 13.14 12.87 0.63 5.34 3.49 0.85 7.34 0.82 125.00 0.83
NYSE Traded Companies(8) 6.02 5.78 0.50 7.79 4.05 0.67 11.62 1.30 76.40 1.34
AMEX Traded Companies(18) 15.54 15.44 0.60 4.60 3.02 0.94 7.22 0.71 123.18 0.74
NASDAQ Listed OTC Companies(287) 13.21 12.93 0.63 5.31 3.51 0.85 7.22 0.81 126.93 0.82
California Companies(21) 7.52 6.89 0.28 4.51 2.65 0.36 6.45 2.28 61.78 1.36
Florida Companies(6) 7.94 7.53 0.90 10.91 3.82 0.82 9.69 1.50 64.74 0.79
Mid-Atlantic Companies(61) 11.03 10.67 0.62 6.14 3.96 0.86 8.72 0.77 97.59 0.94
Mid-West Companies(151) 14.35 14.17 0.65 5.07 3.58 0.88 6.88 0.62 143.88 0.70
New England Companies(10) 8.48 8.08 0.41 5.03 3.36 0.64 8.28 0.58 115.43 1.01
North-West Companies(7) 15.94 15.62 0.83 6.39 3.38 1.05 8.80 0.80 90.77 0.61
South-East Companies(45) 15.93 15.74 0.71 5.12 3.12 0.96 6.90 0.86 121.43 0.87
South-West Companies(6) 11.27 11.10 0.31 1.82 1.50 0.59 5.42 0.94 73.21 0.66
Western Companies (Excl CA)(6) 16.78 16.32 0.99 6.61 4.34 1.18 7.76 0.27 290.36 0.73
Thrift Strategy(247) 14.47 14.21 0.64 4.80 3.46 0.88 6.76 0.72 129.88 0.74
Mortgage Banker Strategy(38) 7.45 7.03 0.52 7.25 3.78 0.65 9.39 1.17 92.91 1.01
Real Estate Strategy(11) 7.34 7.14 0.47 5.74 3.31 0.73 9.71 1.54 108.39 1.38
Diversified Strategy(12) 7.83 7.68 1.08 13.23 4.85 1.14 14.52 1.28 118.75 1.28
Retail Banking Strategy(5) 11.04 10.86 0.26 2.38 0.99 0.28 2.94 1.26 133.80 1.60
Companies Issuing Dividends(259) 13.32 13.05 0.68 5.79 3.84 0.91 7.79 0.68 127.95 0.79
Companies Without Dividends(54) 12.25 11.97 0.33 2.98 1.69 0.50 5.03 1.59 107.33 1.03
Equity/Assets <6%(23) 4.96 4.62 0.41 8.00 3.93 0.59 11.78 1.77 92.26 1.12
Equity/Assets 6-12%(152) 8.61 8.21 0.57 6.52 3.78 0.75 8.75 0.91 114.65 0.94
Equity/Assets >12%(138) 19.09 18.96 0.72 3.70 3.13 0.98 5.19 0.55 142.31 0.66
Converted Last 3 Mths (no MHC)(8) 20.57 20.48 0.57 2.59 2.27 0.76 3.65 1.48 34.87 0.80
Actively Traded Companies(44) 8.68 8.45 0.71 8.55 4.59 0.94 11.67 1.26 100.77 0.98
Market Value Below $20 Million(64) 15.17 15.09 0.53 3.35 2.85 0.78 5.23 0.76 124.19 0.70
Holding Company Structure(275) 13.67 13.41 0.63 5.14 3.46 0.85 7.12 0.81 122.41 0.81
Assets Over $1 Billion(63) 7.83 7.28 0.65 8.42 4.07 0.83 11.13 1.00 93.29 1.00
Assets $500 Million-$1 Billion(50) 10.34 9.86 0.60 5.91 3.76 0.78 7.68 1.05 152.05 1.02
Assets $250-$500 Million(67) 11.15 10.82 0.57 5.25 3.48 0.82 7.61 0.74 127.08 0.78
Assets less than $250 Million(133) 17.45 17.40 0.65 3.83 3.15 0.89 5.44 0.68 128.10 0.69
Goodwill Companies(124) 8.97 8.36 0.59 6.69 3.89 0.78 9.05 0.83 113.00 0.90
Non-Goodwill Companies(188) 15.87 15.82 0.65 4.46 3.23 0.89 6.25 0.81 132.80 0.78
Acquirors of FSLIC Cases(10) 7.14 6.76 0.54 7.07 3.74 0.80 11.25 1.17 58.22 0.91
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(313) 21.43 135.22 17.01 138.39 18.77 0.36 1.70 36.53
NYSE Traded Companies(8) 18.79 182.08 11.23 188.63 16.41 0.29 0.79 18.82
AMEX Traded Companies(18) 22.57 122.01 19.46 123.36 17.67 0.38 2.12 44.21
NASDAQ Listed OTC Companies(287) 21.42 134.72 17.04 137.90 18.89 0.36 1.70 36.82
California Companies(21) 18.02 147.67 10.86 151.97 19.30 0.15 0.52 13.45
Florida Companies(6) 19.04 149.95 17.33 170.14 20.83 0.24 0.88 14.49
Mid-Atlantic Companies(61) 21.28 137.92 14.85 143.08 17.51 0.38 1.68 38.01
Mid-West Companies(151) 21.54 128.56 17.54 131.61 18.86 0.36 1.81 37.43
New England Companies(10) 23.02 146.26 11.90 134.85 19.55 0.43 1.60 40.96
North-West Companies(7) 19.50 146.16 22.17 156.65 18.61 0.35 1.40 27.42
South-East Companies(45) 21.84 145.68 22.00 146.19 19.68 0.42 1.99 42.52
South-West Companies(6) 23.43 122.32 12.79 129.04 18.88 0.31 1.45 50.23
Western Companies (Excl CA)(6) 22.13 136.82 20.93 143.83 19.81 0.55 2.72 57.88
Thrift Strategy(247) 21.87 128.72 17.91 131.70 18.97 0.38 1.83 39.69
Mortgage Banker Strategy(38) 20.32 165.18 12.45 171.21 18.32 0.33 1.20 26.44
Real Estate Strategy(11) 15.74 157.97 11.16 160.93 16.94 0.13 0.78 14.66
Diversified Strategy(12) 20.16 202.50 19.83 205.94 17.16 0.44 1.56 31.79
Retail Banking Strategy(5) 19.38 121.69 12.67 125.13 18.67 0.16 1.10 16.90
Companies Issuing Dividends(259) 21.54 136.45 17.32 139.78 18.62 0.43 2.01 43.18
Companies Without Dividends(54) 20.15 128.83 15.43 131.22 19.93 0.01 0.07 1.02
Equity/Assets <6%(23) 19.37 170.24 9.70 175.67 17.46 0.22 0.81 16.80
Equity/Assets 6-12%(152) 20.41 148.33 13.13 154.00 17.49 0.39 1.61 35.84
Equity/Assets >12%(138) 23.24 117.69 22.16 119.04 20.59 0.36 1.94 41.85
Converted Last 3 Mths (no MHC)(8) 27.66 112.31 23.17 112.86 23.61 0.03 0.16 5.10
Actively Traded Companies(44) 20.04 167.37 14.60 171.04 16.86 0.49 1.71 33.00
Market Value Below $20 Million(64) 23.12 111.35 16.89 112.27 20.26 0.33 1.91 44.77
Holding Company Structure(275) 21.83 133.15 17.43 136.17 19.00 0.37 1.75 38.10
Assets Over $1 Billion(63) 20.90 169.67 14.17 181.91 17.88 0.45 1.37 30.57
Assets $500 Million-$1 Billion(50) 18.89 149.10 15.20 154.58 18.49 0.34 1.58 39.12
Assets $250-$500 Million(67) 21.31 136.54 15.07 137.67 17.78 0.35 1.71 33.23
Assets less than $250 Million(133) 22.77 116.16 19.85 116.76 19.86 0.34 1.88 40.79
Goodwill Companies(124) 20.70 152.36 13.50 161.16 17.96 0.40 1.59 34.34
Non-Goodwill Companies(188) 21.98 124.40 19.32 124.46 19.32 0.34 1.78 38.37
Acquirors of FSLIC Cases(10) 20.16 168.27 12.29 177.20 17.54 0.38 1.35 30.06
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are
not annualized.
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and assets balances; ROI (return on investment) is current EPS divided by current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number
of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and
secondary offerings.
</TABLE>
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang. Reported Earnings Core Earnings
Equity/ Equity/ Reported Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BIF-Insured Thrifts(68) 11.81 11.42 0.99 10.42 5.71 1.02 10.51 0.87 143.70 1.46
NYSE Traded Companies(3) 7.98 6.42 0.76 10.53 5.38 0.76 10.86 2.23 29.91 1.03
AMEX Traded Companies(5) 12.93 12.71 0.80 8.54 4.62 0.82 8.83 1.13 275.32 1.38
NASDAQ Listed OTC Companies(60) 11.93 11.60 1.02 10.60 5.84 1.05 10.65 0.78 136.41 1.49
California Companies(3) 8.67 8.65 1.05 12.33 6.82 0.98 11.27 1.54 77.18 1.41
Mid-Atlantic Companies(18) 12.10 11.42 0.79 8.21 4.39 0.91 8.95 0.93 126.68 1.40
Mid-West Companies(2) 25.56 24.11 0.54 2.08 2.08 0.82 3.16 0.74 41.29 0.53
New England Companies(36) 9.01 8.70 1.09 12.87 6.98 1.05 12.40 0.92 161.70 1.69
North-West Companies(4) 10.40 10.03 0.96 8.97 4.55 1.05 10.89 0.17 210.94 1.07
South-East Companies(5) 28.04 28.04 1.05 4.10 3.08 1.17 4.53 0.36 132.78 0.77
Thrift Strategy(44) 13.42 12.97 1.00 9.42 5.40 1.01 9.29 0.85 150.16 1.39
Mortgage Banker Strategy(10) 9.12 8.92 0.77 10.69 5.48 0.95 11.82 0.63 135.58 1.40
Real Estate Strategy(6) 9.04 9.03 1.31 14.62 7.79 1.21 13.51 1.21 109.09 1.81
Diversified Strategy(6) 6.58 6.05 1.05 15.06 6.83 1.13 16.67 0.93 161.39 1.87
Retail Banking Strategy(2) 6.30 6.03 0.28 4.48 3.75 0.27 4.28 0.83 76.33 0.80
Companies Issuing Dividends(57) 11.33 10.91 0.98 10.32 5.68 1.01 10.44 0.83 146.01 1.43
Companies Without Dividends(11) 14.81 14.62 1.03 11.05 5.95 1.08 10.91 1.16 124.27 1.61
Equity/Assets <6%(5) 5.37 5.21 0.73 13.14 5.65 0.80 14.68 1.38 73.28 1.57
Equity/Assets 6-12%(45) 8.39 7.89 1.04 12.58 6.79 1.02 12.23 0.99 128.97 1.58
Equity/Assets >12%(18) 21.54 21.37 0.92 4.61 3.16 1.08 5.37 0.49 190.35 1.14
Actively Traded Companies(24) 8.69 8.30 1.11 13.07 7.09 1.10 13.03 0.84 150.58 1.58
Market Value Below $20 Million(7) 18.50 18.03 0.68 4.77 3.82 0.84 5.36 1.02 68.50 1.04
Holding Company Structure(45) 13.24 12.87 1.03 9.86 5.39 1.08 10.16 0.70 151.66 1.50
Assets Over $1 Billion(18) 9.25 8.60 0.98 11.84 5.74 1.08 12.81 0.99 140.39 1.49
Assets $500 Million-$1 Billion(15) 9.64 9.09 1.06 11.51 6.40 1.03 11.05 1.02 127.70 1.67
Assets $250-$500 Million(19) 10.90 10.74 0.96 10.64 6.05 0.94 10.34 0.69 156.95 1.53
Assets less than $250 Million(16) 17.16 16.95 0.96 7.85 4.76 1.02 7.90 0.83 146.52 1.17
Goodwill Companies(32) 9.20 8.40 0.87 10.60 5.77 0.93 11.01 1.11 118.49 1.50
Non-Goodwill Companies(35) 14.25 14.25 1.10 10.26 5.66 1.10 10.03 0.65 167.85 1.42
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BIF-Insured Thrifts(68) 16.01 159.07 17.83 159.92 16.95 0.48 1.79 28.73
NYSE Traded Companies(3) 18.70 181.91 14.70 170.84 18.69 0.39 0.78 15.42
AMEX Traded Companies(5) 16.74 156.69 18.25 162.27 15.54 0.61 2.39 33.67
NASDAQ Listed OTC Companies(60) 15.76 157.86 17.98 159.15 16.93 0.47 1.79 29.29
California Companies(3) 14.82 159.37 13.71 159.62 16.39 0.00 0.00 0.00
Mid-Atlantic Companies(18) 18.46 157.99 18.59 152.48 18.86 0.48 1.74 36.36
Mid-West Companies(2) 0.00 88.43 22.60 93.75 0.00 0.00 0.00 0.00
New England Companies(36) 14.39 166.86 14.90 169.99 15.01 0.52 2.13 29.74
North-West Companies(4) 18.97 176.99 20.07 181.99 19.78 0.49 1.57 27.78
South-East Companies(5) 22.59 120.05 32.84 120.05 24.53 0.60 1.55 27.78
Thrift Strategy(44) 16.37 150.19 19.05 153.92 17.41 0.52 1.91 32.06
Mortgage Banker Strategy(10) 16.57 178.31 15.99 183.52 17.28 0.36 1.50 15.21
Real Estate Strategy(6) 13.31 172.95 15.64 173.08 14.15 0.18 1.19 14.44
Diversified Strategy(6) 13.13 202.24 14.91 169.87 13.32 0.58 1.63 22.80
Retail Banking Strategy(2) 26.69 119.53 7.53 124.87 27.94 0.64 2.69 71.91
Companies Issuing Dividends(57) 16.39 160.04 17.68 162.98 17.09 0.55 2.08 34.08
Companies Without Dividends(11) 12.84 153.34 18.73 140.69 15.96 0.00 0.00 0.00
Equity/Assets <6%(5) 14.59 212.01 13.37 199.24 16.41 0.42 1.26 17.68
Equity/Assets 6-12%(45) 14.97 168.52 14.27 172.31 15.45 0.50 1.96 27.70
Equity/Assets >12%(18) 21.22 125.16 27.40 126.57 22.02 0.43 1.54 34.60
Actively Traded Companies(24) 14.05 170.05 15.09 172.40 14.76 0.54 1.96 27.72
Market Value Below $20 Million(7) 21.46 111.67 19.39 116.74 23.04 0.31 1.67 39.43
Holding Company Structure(45) 16.51 157.68 19.72 157.87 17.38 0.50 1.85 28.75
Assets Over $1 Billion(18) 17.04 187.54 18.28 180.67 17.64 0.56 1.70 25.44
Assets $500 Million-$1 Billion(15) 14.38 163.43 15.29 173.53 15.39 0.50 1.91 26.02
Assets $250-$500 Million(19) 14.60 155.42 15.90 158.44 14.80 0.42 1.80 27.54
Assets less than $250 Million(16) 18.31 132.48 21.51 135.01 19.92 0.43 1.78 34.99
Goodwill Companies(32) 16.44 165.64 15.07 168.66 17.25 0.51 1.84 28.35
Non-Goodwill Companies(35) 15.56 152.73 20.41 152.73 16.66 0.45 1.75 29.07
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not
annualized.
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and assets balances; ROI (return on investment) is current EPS divided by current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of
institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary
offerings.
</TABLE>
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. MHC Institutions
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(21) 11.58 11.32 0.56 4.93 2.65 0.85 7.73 0.50 172.73 0.73
BIF-Insured Thrifts(2) 9.94 9.94 0.56 6.88 2.35 0.61 6.84 1.85 82.27 1.77
NASDAQ Listed OTC Companies(23) 11.42 11.19 0.56 5.12 2.62 0.83 7.64 0.67 161.43 0.85
Florida Companies(3) 9.42 9.29 0.65 6.89 3.31 0.93 9.79 0.44 122.12 0.77
Mid-Atlantic Companies(10) 12.03 11.57 0.48 3.65 2.02 0.76 6.22 0.87 179.29 0.96
Mid-West Companies(7) 11.69 11.67 0.51 4.79 2.85 0.83 7.90 0.37 165.19 0.52
New England Companies(1) 8.41 8.40 1.10 13.64 4.63 0.88 10.87 0.90 121.39 1.60
South-East Companies(1) 13.29 13.29 0.75 6.48 2.60 1.06 9.13 0.00 0.00 1.01
Thrift Strategy(21) 11.57 11.33 0.53 4.67 2.52 0.83 7.47 0.65 164.09 0.80
Diversified Strategy(1) 8.41 8.40 1.10 13.64 4.63 0.88 10.87 0.90 121.39 1.60
Companies Issuing Dividends(23) 11.42 11.19 0.56 5.12 2.62 0.83 7.64 0.67 161.43 0.85
Equity/Assets 6-12%(15) 9.11 8.86 0.47 5.43 2.66 0.76 8.40 0.74 114.20 0.96
Equity/Assets >12%(8) 15.70 15.50 0.72 4.55 2.54 0.96 6.22 0.45 303.10 0.62
Actively Traded Companies(1) 9.19 8.15 0.51 5.44 2.42 0.90 9.61 0.61 88.82 1.05
Holding Company Structure(1) 9.19 8.15 0.51 5.44 2.42 0.90 9.61 0.61 88.82 1.05
Assets Over $1 Billion(5) 8.69 8.08 0.70 7.95 3.23 0.92 10.33 0.67 117.58 1.17
Assets $500 Million-$1 Billion(4) 12.23 11.73 0.79 5.67 3.20 0.92 7.11 0.55 67.73 0.57
Assets $250-$500 Million(4) 9.96 9.95 0.52 5.70 3.35 0.83 9.11 0.28 457.02 0.42
Assets less than $250 Million(10) 13.54 13.54 0.41 2.86 1.65 0.73 5.42 0.98 84.13 0.91
Goodwill Companies(9) 9.63 9.05 0.71 7.07 3.13 0.89 9.21 0.56 133.37 0.93
Non-Goodwill Companies(14) 12.61 12.61 0.46 3.82 2.28 0.78 6.59 0.77 189.48 0.78
MHC Institutions(23) 11.42 11.19 0.56 5.12 2.62 0.83 7.64 0.67 161.43 0.85
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(21) 23.39 176.32 20.06 177.76 23.36 0.68 2.95 63.11
BIF-Insured Thrifts(2) 21.62 180.65 22.01 180.65 27.12 0.52 2.36 50.38
NASDAQ Listed OTC Companies(23) 23.03 176.55 20.26 177.92 23.60 0.66 2.89 61.29
Florida Companies(3) 26.21 195.52 18.04 173.64 21.95 1.03 3.50 72.54
Mid-Atlantic Companies(10) 24.70 172.80 20.39 182.31 24.79 0.43 2.25 56.12
Mid-West Companies(7) 16.42 169.53 19.70 169.82 21.71 0.70 3.50 68.88
New England Companies(1) 21.62 0.00 23.29 0.00 27.12 0.67 2.33 50.38
South-East Companies(1) 0.00 195.53 25.98 195.53 27.30 1.40 3.64 0.00
Thrift Strategy(21) 23.39 176.55 20.10 177.92 23.36 0.66 2.92 63.11
Diversified Strategy(1) 21.62 0.00 23.29 0.00 27.12 0.67 2.33 50.38
Companies Issuing Dividends(23) 23.03 176.55 20.26 177.92 23.60 0.66 2.89 61.29
Equity/Assets 6-12%(15) 22.62 182.17 17.15 183.39 22.36 0.64 2.69 64.56
Equity/Assets >12%(8) 24.70 166.91 26.02 169.32 26.31 0.70 3.25 41.67
Actively Traded Companies(1) 0.00 219.23 20.16 247.40 23.36 0.48 1.68 69.57
Holding Company Structure(1) 0.00 219.23 20.16 247.40 23.36 0.48 1.68 69.57
Assets Over $1 Billion(5) 22.21 210.51 19.46 223.33 23.20 0.69 2.30 62.41
Assets $500 Million-$1 Billion(4) 27.17 175.18 21.42 181.32 25.52 0.68 3.00 41.67
Assets $250-$500 Million(4) 16.42 172.09 17.02 172.53 20.82 0.69 3.20 68.88
Assets less than $250 Million(10) 0.00 162.31 21.94 162.31 25.45 0.62 3.05 0.00
Goodwill Companies(9) 23.04 199.94 19.90 207.95 24.33 0.63 2.33 60.31
Non-Goodwill Companies(14) 23.02 162.90 20.49 162.90 22.87 0.68 3.26 67.16
MHC Institutions(23) 23.03 176.55 20.26 177.92 23.60 0.66 2.89 61.29
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not
annualized.
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and assets balances; ROI (return on investment) is current EPS divided by current price.
(6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve
month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number
of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and
secondary offerings.
</TABLE>
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NYSE Traded Companies
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AHM Ahmanson and Co. H.F. of CA 3.94 3.32 0.28 6.87 2.77 0.57 13.69 1.90 42.90 1.25
CSA Coast Savings Financial of CA 4.96 4.89 0.16 3.19 1.52 0.50 10.10 1.40 65.70 1.37
CFB Commercial Federal Corp. of NE 5.92 5.27 0.64 10.83 5.10 0.91 15.46 1.01 70.94 0.96
DME Dime Bancorp, Inc. of NY* 5.71 5.65 0.57 10.83 5.33 0.73 13.89 1.57 31.98 0.85
DSL Downey Financial Corp. of CA 7.30 7.19 0.45 5.74 3.67 0.76 9.71 0.95 55.76 0.58
FRC First Republic Bancorp of CA* 7.41 7.41 0.66 10.88 5.90 0.58 9.66 NA NA 0.94
FED FirstFed Fin. Corp. of CA 4.72 4.67 0.24 5.25 2.79 0.48 10.38 1.39 134.39 2.46
GLN Glendale Fed. Bk, FSB of CA 5.66 5.26 0.22 3.99 2.26 0.55 10.01 1.66 64.79 1.45
GDW Golden West Fin. Corp. of CA 6.26 6.26 1.01 15.84 7.84 1.24 19.40 1.31 42.43 0.68
GPT GreenPoint Fin. Corp. of NY* 10.80 6.19 1.05 9.89 4.90 0.96 9.03 2.89 27.84 1.30
WES Westcorp Inc. of Orange CA 9.39 9.36 0.99 10.57 6.41 0.39 4.18 0.74 134.25 1.95
AMEX Traded Companies
ANA Acadiana Bancshares of LA* 17.81 17.81 0.31 2.70 1.34 0.33 2.79 0.51 192.62 1.37
BKC American Bank of Waterbury CT* 7.98 7.62 1.27 15.19 7.95 1.10 13.13 1.81 48.13 1.45
BFD BostonFed Bancorp of MA 8.90 8.60 0.47 4.33 3.24 0.65 5.95 NA NA 0.74
CFX CFX Corp of NH* 7.67 7.15 0.90 10.54 4.66 1.13 13.27 NA NA 1.23
CZF Citisave Fin. Corp. of LA(8) 16.62 16.62 0.50 3.00 1.96 0.77 4.58 0.20 46.05 0.15
CBK Citizens First Fin.Corp. of IL 14.64 14.64 0.27 1.97 1.54 0.58 4.18 0.54 35.90 0.24
ESX Essex Bancorp of VA(8) 0.07 -0.05 -3.47 NM NM -1.73 NM 3.23 40.63 1.50
FCB Falmouth Co-Op Bank of MA* 24.45 24.45 0.85 3.46 2.97 0.82 3.32 0.07 806.45 0.98
FAB FirstFed America Bancorp of MA 12.47 12.47 -0.27 -3.69 -1.55 0.42 5.80 NA NA 1.06
GAF GA Financial Corp. of PA 17.26 17.08 1.07 5.21 4.53 1.35 6.56 0.12 132.49 0.43
KNK Kankakee Bancorp of IL 10.68 10.00 0.61 5.97 5.14 0.78 7.67 1.06 64.54 1.01
KYF Kentucky First Bancorp of KY 16.11 16.11 0.80 3.99 4.31 1.06 5.27 0.14 295.31 0.77
NYB New York Bancorp, Inc. of NY 5.06 5.06 1.31 24.76 5.82 1.55 29.27 1.22 48.76 0.97
PDB Piedmont Bancorp of NC 16.97 16.97 -0.31 -1.27 -1.28 0.79 3.28 0.91 71.58 0.79
PLE Pinnacle Bank of AL 7.73 7.48 0.58 7.39 4.80 0.88 11.08 1.53 39.16 0.87
SSB Scotland Bancorp of NC 36.68 36.68 1.46 4.01 3.38 1.78 4.88 NA NA 0.50
SZB SouthFirst Bancshares of AL 13.98 13.98 0.05 0.31 0.30 0.27 1.89 0.64 44.97 0.40
SRN Southern Banc Company of AL 16.90 16.72 0.15 0.82 0.83 0.51 2.77 NA NA NA
SSM Stone Street Bancorp of NC 35.85 35.85 1.67 4.76 4.52 1.94 5.52 0.18 274.87 0.62
TSH Teche Holding Company of LA 13.30 13.30 0.73 5.04 4.27 1.01 6.94 0.27 303.33 0.97
FTF Texarkana Fst. Fin. Corp of AR 16.03 16.03 1.39 7.82 6.02 1.73 9.72 0.46 145.12 0.79
THR Three Rivers Fin. Corp. of MI 13.76 13.76 0.57 3.94 3.75 0.82 5.68 1.21 44.02 0.80
TBK Tolland Bank of CT* 6.73 6.53 0.69 10.79 6.17 0.75 11.65 2.13 54.09 1.87
WSB Washington SB, FSB of MD 8.30 8.30 0.50 6.00 4.71 0.73 8.80 NA NA 0.92
NASDAQ Listed OTC Companies
FBCV 1st Bancorp of Vincennes IN 7.97 7.79 0.24 2.95 2.70 0.03 0.42 0.94 45.77 0.66
AFED AFSALA Bancorp, Inc. of NY 13.68 13.68 0.59 4.34 4.00 0.59 4.34 NA NA NA
ALBK ALBANK Fin. Corp. of Albany NY 9.20 7.98 0.81 8.74 5.67 1.01 10.91 0.91 78.77 0.99
AMFC AMB Financial Corp. of IN 16.30 16.30 0.69 3.72 3.67 0.87 4.67 0.58 64.22 0.50
ASBP ASB Financial Corp. of OH 15.73 15.73 0.60 3.01 3.09 0.88 4.40 1.58 50.98 1.22
ABBK Abington Savings Bank of MA* 6.87 6.16 0.77 11.55 6.66 0.67 10.04 0.30 133.04 0.64
AABC Access Anytime Bancorp of NM 6.80 6.80 -0.59 -11.37 -8.31 -0.23 -4.42 1.60 29.31 0.92
AFBC Advance Fin. Bancorp of WV 15.45 15.45 0.39 3.45 2.30 0.79 7.00 0.37 89.84 0.40
AADV Advantage Bancorp of WI 8.83 8.19 0.35 3.80 2.70 0.86 9.43 0.44 128.03 1.01
AFCB Affiliated Comm BC, Inc of MA 9.77 9.71 0.93 9.39 5.97 1.07 10.83 0.39 191.75 1.20
ALBC Albion Banc Corp. of Albion NY 8.90 8.90 0.09 0.93 0.93 0.38 3.93 NA NA 0.65
ABCL Allied Bancorp of IL 9.31 9.19 0.42 4.89 2.02 0.71 8.23 0.15 257.09 0.53
ATSB AmTrust Capital Corp. of IN 10.17 10.06 0.29 2.88 3.17 0.19 1.87 2.84 23.48 0.93
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
NYSE Traded Companies
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AHM Ahmanson and Co. H.F. of CA NM NM 10.48 NM 18.15 0.88 1.68 60.69
CSA Coast Savings Financial of CA NM 204.95 10.16 207.79 20.78 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 19.60 205.37 12.16 230.77 13.73 0.28 0.72 14.07
DME Dime Bancorp, Inc. of NY* 18.75 195.57 11.16 197.51 14.61 0.16 0.81 15.09
DSL Downey Financial Corp. of CA 27.23 152.67 11.15 154.95 16.11 0.32 1.40 38.10
FRC First Republic Bancorp of CA* 16.94 144.07 10.68 144.16 19.10 0.00 0.00 0.00
FED FirstFed Fin. Corp. of CA NM 184.28 8.71 186.61 18.09 0.00 0.00 0.00
GLN Glendale Fed. Bk, FSB of CA NM 166.09 9.40 178.57 17.64 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 12.76 196.43 12.31 196.43 10.42 0.44 0.53 6.72
GPT GreenPoint Fin. Corp. of NY* 20.42 206.10 22.27 NM 22.38 1.00 1.53 31.15
WES Westcorp Inc. of Orange CA 15.60 164.78 15.47 165.32 NM 0.40 1.99 31.01
AMEX Traded Companies
ANA Acadiana Bancshares of LA* NM 125.41 22.33 125.41 NM 0.36 1.67 NM
BKC American Bank of Waterbury CT* 12.58 186.64 14.89 195.27 14.56 1.44 3.79 47.68
BFD BostonFed Bancorp of MA NM 140.27 12.48 145.22 22.44 0.28 1.42 43.75
CFX CFX Corp of NH* 21.44 195.87 15.02 210.12 17.04 0.88 4.41 NM
CZF Citisave Fin. Corp. of LA(8) NM 157.30 26.15 157.30 NM 0.40 1.96 NM
CBK Citizens First Fin.Corp. of IL NM 113.96 16.69 113.96 NM 0.00 0.00 0.00
ESX Essex Bancorp of VA(8) NM NM 0.91 NM NM 0.00 0.00 NM
FCB Falmouth Co-Op Bank of MA* NM 115.36 28.21 115.36 NM 0.20 1.14 38.46
FAB FirstFed America Bancorp of MA NM 129.15 16.10 129.15 NM 0.00 0.00 NM
GAF GA Financial Corp. of PA 22.06 123.33 21.29 124.62 17.52 0.48 2.69 59.26
KNK Kankakee Bancorp of IL 19.45 114.10 12.18 121.87 15.14 0.48 1.63 31.79
KYF Kentucky First Bancorp of KY 23.23 113.35 18.26 113.35 17.59 0.50 4.06 NM
NYB New York Bancorp, Inc. of NY 17.19 NM 21.16 NM 14.54 0.60 1.93 33.15
PDB Piedmont Bancorp of NC NM 149.66 25.39 149.66 NM 0.40 3.66 NM
PLE Pinnacle Bank of AL 20.83 151.38 11.70 156.44 13.89 0.80 3.05 63.49
SSB Scotland Bancorp of NC 29.55 118.27 43.38 118.27 24.25 0.30 1.85 54.55
SZB SouthFirst Bancshares of AL NM 105.88 14.80 105.88 NM 0.50 2.99 NM
SRN Southern Banc Company of AL NM 109.22 18.45 110.37 NM 0.35 2.22 NM
SSM Stone Street Bancorp of NC 22.10 105.60 37.85 105.60 19.03 0.45 2.06 45.45
TSH Teche Holding Company of LA 23.44 123.11 16.38 123.11 17.05 0.50 2.67 62.50
FTF Texarkana Fst. Fin. Corp of AR 16.60 141.20 22.63 141.20 13.36 0.56 2.64 43.75
THR Three Rivers Fin. Corp. of MI 26.64 106.77 14.69 106.77 18.47 0.36 2.22 59.02
TBK Tolland Bank of CT* 16.21 160.18 10.78 165.19 15.02 0.15 0.92 14.85
WSB Washington SB, FSB of MD 21.23 126.14 10.47 126.14 14.48 0.10 1.57 33.33
NASDAQ Listed OTC Companies
FBCV 1st Bancorp of Vincennes IN NM 108.28 8.63 110.73 NM 0.40 1.19 43.96
AFED AFSALA Bancorp, Inc. of NY 25.00 108.54 14.85 108.54 25.00 0.16 1.05 26.23
ALBK ALBANK Fin. Corp. of Albany NY 17.63 152.51 14.03 175.78 14.11 0.60 1.57 27.65
AMFC AMB Financial Corp. of IN 27.27 104.97 17.11 104.97 21.74 0.24 1.60 43.64
ASBP ASB Financial Corp. of OH NM 126.20 19.85 126.20 22.14 0.40 3.17 NM
ABBK Abington Savings Bank of MA* 15.03 166.57 11.45 185.94 17.30 0.40 1.34 20.20
AABC Access Anytime Bancorp of NM NM 107.08 7.28 107.08 NM 0.00 0.00 NM
AFBC Advance Fin. Bancorp of WV NM 103.32 15.96 103.32 21.48 0.32 2.10 NM
AADV Advantage Bancorp of WI NM 143.27 12.66 154.62 14.93 0.40 1.00 37.04
AFCB Affiliated Comm BC, Inc of MA 16.75 151.32 14.78 152.27 14.53 0.48 1.99 33.33
ALBC Albion Banc Corp. of Albion NY NM 100.00 8.90 100.00 25.40 0.31 1.31 NM
ABCL Allied Bancorp of IL NM 136.58 12.72 138.40 29.48 0.65 2.08 NM
ATSB AmTrust Capital Corp. of IN NM 91.92 9.35 92.93 NM 0.20 1.58 50.00
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AHCI Ambanc Holding Co., Inc. of NY* 12.72 12.72 -0.62 -4.16 -4.06 -0.62 -4.16 1.06 72.94 1.47
ASBI Ameriana Bancorp of IN 10.85 10.84 0.60 5.40 3.84 0.86 7.77 0.43 63.58 0.38
AFFFZ America First Fin. Fund of CA(8) 8.28 8.16 1.42 19.23 13.47 1.74 23.53 0.40 81.55 0.49
AMFB American Federal Bank of SC(8) 8.99 8.38 1.10 13.34 3.63 1.37 16.50 0.44 193.22 1.30
ANBK American Nat'l Bancorp of MD(8) 9.15 9.15 0.15 1.44 0.96 0.54 5.14 0.74 102.82 1.17
ABCW Anchor Bancorp Wisconsin of WI 6.25 6.13 0.76 12.01 5.89 0.99 15.68 0.92 126.05 1.48
ANDB Andover Bancorp, Inc. of MA* 8.06 8.06 1.09 14.05 8.16 1.13 14.50 1.01 99.08 1.41
ASFC Astoria Financial Corp. of NY 7.60 6.32 0.52 6.53 3.67 0.77 9.67 0.51 37.96 0.48
AVND Avondale Fin. Corp. of IL 8.25 8.25 -0.71 -7.35 -8.49 -1.34 -13.86 3.18 96.19 5.33
BKCT Bancorp Connecticut of CT* 10.40 10.40 1.26 11.92 7.24 1.20 11.39 1.19 100.82 1.98
BPLS Bank Plus Corp. of CA 4.92 4.91 -0.35 -6.90 -5.31 -0.04 -0.77 2.88 58.99 2.11
BWFC Bank West Fin. Corp. of MI 15.30 15.30 0.74 4.25 4.07 0.53 3.03 0.03 458.70 0.20
BANC BankAtlantic Bancorp of FL 5.50 4.48 0.93 14.39 7.13 0.71 11.01 NA NA 1.39
BKUNA BankUnited SA of FL 4.46 3.59 0.18 3.57 2.10 0.35 6.97 0.60 28.73 0.21
BKCO Bankers Corp. of NJ(8)* 7.78 7.66 1.10 13.29 7.03 1.18 14.20 1.14 26.36 0.50
BVCC Bay View Capital Corp. of CA 6.31 6.00 0.38 6.13 3.56 0.64 10.37 NA NA 1.51
BFSB Bedford Bancshares of VA 14.32 14.32 1.05 7.12 4.69 1.35 9.09 0.60 79.85 0.56
BFFC Big Foot Fin. Corp. of IL 16.98 16.98 0.05 0.28 0.23 0.42 2.45 0.09 151.52 0.34
BSBC Branford SB of CT* 9.54 9.54 1.14 12.65 6.28 1.11 12.24 1.42 141.26 3.06
BYFC Broadway Fin. Corp. of CA 10.87 10.87 -0.24 -2.42 -2.88 0.12 1.25 2.42 41.50 1.19
CBCO CB Bancorp of Michigan City IN(8) 9.18 9.18 1.10 11.76 5.69 1.24 13.30 NA NA NA
CBES CBES Bancorp of MO 18.39 18.39 0.77 5.22 3.94 0.96 6.51 0.77 54.05 0.46
CCFH CCF Holding Company of GA 14.32 14.32 0.26 1.47 1.46 0.43 2.41 0.34 189.90 0.79
CENF CENFED Financial Corp. of CA 5.10 5.10 0.49 9.62 5.48 0.71 14.09 1.28 58.93 1.10
CFSB CFSB Bancorp of Lansing MI 7.63 7.63 0.75 9.50 4.44 1.00 12.75 0.17 308.01 0.61
CKFB CKF Bancorp of Danville KY 23.68 23.68 1.31 5.12 4.20 1.29 5.05 1.48 12.02 0.20
CNSB CNS Bancorp of MO 24.82 24.82 0.53 2.41 1.85 0.81 3.66 0.45 80.36 0.57
CSBF CSB Financial Group Inc of IL* 25.56 24.11 0.54 2.08 2.08 0.82 3.16 0.74 41.29 0.53
CBCI Calumet Bancorp of Chicago IL 15.94 15.94 1.11 6.86 6.46 1.44 8.89 NA NA 1.57
CAFI Camco Fin. Corp. of OH 9.69 8.91 0.75 8.51 4.98 0.88 10.05 0.68 38.86 0.32
CMRN Cameron Fin. Corp. of MO 22.95 22.95 1.12 4.46 4.28 1.39 5.56 0.60 135.41 0.95
CAPS Capital Savings Bancorp of MO 8.66 8.66 0.65 7.16 4.67 0.92 10.23 0.26 116.53 0.38
CFNC Carolina Fincorp of NC* 23.71 23.71 1.11 4.65 3.66 1.05 4.36 0.28 133.67 0.54
CNY Carver Bancorp, Inc. of NY 8.06 7.72 -0.47 -5.07 -6.20 -0.03 -0.33 1.53 34.62 1.12
CASB Cascade SB of Everett WA(8) 6.17 6.17 0.46 7.48 4.88 0.58 9.45 0.59 142.60 1.02
CATB Catskill Fin. Corp. of NY* 26.98 26.98 1.42 6.14 5.17 1.44 6.22 0.47 140.85 1.48
CNIT Cenit Bancorp of Norfolk VA 7.02 6.40 0.74 10.48 6.26 0.68 9.75 0.65 85.28 0.87
CEBK Central Co-Op. Bank of MA* 10.45 9.31 0.88 8.78 7.20 0.90 8.90 NA NA 1.23
CENB Century Bancshares of NC* 29.93 29.93 1.76 5.86 5.60 1.78 5.93 0.39 139.39 0.91
CBSB Charter Financial Inc. of IL 14.14 12.40 0.96 5.92 3.96 1.22 7.52 0.56 104.84 0.79
COFI Charter One Financial of OH 6.78 6.30 0.97 14.40 5.01 1.23 18.29 0.27 164.80 0.73
CNBA Chester Bancorp of IL 22.21 22.21 1.09 4.90 4.81 1.09 4.90 0.25 107.12 0.70
CVAL Chester Valley Bancorp of PA 8.56 8.56 0.63 7.00 3.80 0.92 10.30 0.47 187.15 1.10
CTZN CitFed Bancorp of Dayton OH 6.33 5.64 0.55 8.47 4.06 0.79 12.27 0.41 143.79 0.95
CLAS Classic Bancshares of KY 14.72 12.42 0.56 3.08 3.16 0.77 4.25 0.82 74.44 0.97
CMSB Cmnwealth Bancorp of PA 9.56 7.35 0.56 5.51 4.09 0.72 7.00 0.50 86.40 0.79
COVB CoVest Bancshares of IL 8.94 8.51 0.16 1.78 1.43 0.43 4.89 0.23 118.11 0.43
CBSA Coastal Bancorp of Houston TX 3.42 2.89 0.26 7.88 4.89 0.44 13.16 NA NA 0.51
CFCP Coastal Fin. Corp. of SC 6.10 6.10 0.90 14.66 3.42 0.99 16.14 0.26 350.59 1.14
COFD Collective Bancorp Inc. of NJ(8) 7.00 6.33 0.95 13.58 4.71 1.15 16.46 0.43 55.58 0.45
CMSV Commty. Svgs, MHC of FL (48.5) 11.23 11.23 0.63 5.46 3.38 0.96 8.22 0.57 66.20 0.64
CBNH Community Bankshares Inc of NH(8)* 7.13 7.13 0.93 13.02 5.17 0.75 10.49 0.49 141.22 1.01
CFTP Community Fed. Bancorp of MS 33.52 33.52 1.43 4.31 3.83 1.70 5.13 0.35 79.45 0.47
CFFC Community Fin. Corp. of VA 13.91 13.91 1.07 7.68 6.11 1.34 9.66 0.40 153.55 0.69
CFBC Community First Bnkg Co. of GA 16.42 16.42 0.25 1.52 1.24 0.49 2.96 NA NA 0.87
CIBI Community Inv. Bancorp of OH 11.51 11.51 0.67 5.51 4.55 1.00 8.19 0.72 65.53 0.62
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AHCI Ambanc Holding Co., Inc. of NY* NM 115.52 14.70 115.52 NM 0.20 1.25 NM
ASBI Ameriana Bancorp of IN 26.03 142.00 15.40 142.11 18.10 0.60 3.16 NM
AFFFZ America First Fin. Fund of CA(8) 7.42 131.36 10.88 133.27 6.07 1.60 4.05 30.08
AMFB American Federal Bank of SC(8) 27.56 NM 31.41 NM 22.28 0.48 1.29 35.56
ANBK American Nat'l Bancorp of MD(8) NM 160.18 14.66 160.18 29.04 0.12 0.61 63.16
ABCW Anchor Bancorp Wisconsin of WI 16.96 200.50 12.54 204.50 13.00 0.64 1.22 20.78
ANDB Andover Bancorp, Inc. of MA* 12.25 162.90 13.14 162.90 11.87 0.68 2.20 26.98
ASFC Astoria Financial Corp. of NY 27.23 174.98 13.30 210.31 18.40 0.60 1.23 33.52
AVND Avondale Fin. Corp. of IL NM 96.57 7.97 96.57 NM 0.00 0.00 NM
BKCT Bancorp Connecticut of CT* 13.81 165.08 17.17 165.08 14.45 1.00 3.60 49.75
BPLS Bank Plus Corp. of CA NM 133.67 6.57 133.97 NM 0.00 0.00 NM
BWFC Bank West Fin. Corp. of MI 24.58 114.90 17.58 114.90 NM 0.28 1.93 47.46
BANC BankAtlantic Bancorp of FL 14.02 189.87 10.45 233.29 18.32 0.12 0.74 10.43
BKUNA BankUnited SA of FL NM 136.43 6.09 169.78 24.39 0.00 0.00 0.00
BKCO Bankers Corp. of NJ(8)* 14.22 181.70 14.14 184.60 13.30 0.64 2.21 31.37
BVCC Bay View Capital Corp. of CA 28.05 178.18 11.24 187.42 16.58 0.32 1.21 34.04
BFSB Bedford Bancshares of VA 21.34 150.09 21.49 150.09 16.72 0.56 2.26 48.28
BFFC Big Foot Fin. Corp. of IL NM 121.13 20.57 121.13 NM 0.00 0.00 0.00
BSBC Branford SB of CT* 15.94 191.47 18.26 191.47 16.47 0.08 1.62 25.81
BYFC Broadway Fin. Corp. of CA NM 75.39 8.20 75.39 NM 0.20 1.86 NM
CBCO CB Bancorp of Michigan City IN(8) 17.59 195.09 17.91 195.09 15.56 0.00 0.00 0.00
CBES CBES Bancorp of MO 25.36 102.46 18.84 102.46 20.35 0.40 2.29 57.97
CCFH CCF Holding Company of GA NM 118.97 17.03 118.97 NM 0.55 3.21 NM
CENF CENFED Financial Corp. of CA 18.24 167.41 8.54 167.66 12.45 0.36 1.07 19.46
CFSB CFSB Bancorp of Lansing MI 22.54 214.04 16.33 214.04 16.80 0.60 2.28 51.28
CKFB CKF Bancorp of Danville KY 23.81 130.04 30.80 130.04 24.10 0.50 2.50 59.52
CNSB CNS Bancorp of MO NM 113.71 28.22 113.71 NM 0.20 1.19 64.52
CSBF CSB Financial Group Inc of IL* NM 88.43 22.60 93.75 NM 0.00 0.00 0.00
CBCI Calumet Bancorp of Chicago IL 15.48 109.42 17.44 109.42 11.95 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 20.07 132.51 12.84 144.05 17.00 0.49 2.60 52.13
CMRN Cameron Fin. Corp. of MO 23.38 106.38 24.42 106.38 18.75 0.28 1.56 36.36
CAPS Capital Savings Bancorp of MO 21.43 151.52 13.12 151.52 15.00 0.24 1.45 31.17
CFNC Carolina Fincorp of NC* 27.31 127.51 30.23 127.51 29.10 0.24 1.35 36.92
CNY Carver Bancorp, Inc. of NY NM 82.99 6.69 86.69 NM 0.20 1.63 NM
CASB Cascade SB of Everett WA(8) 20.49 147.58 9.11 147.58 16.23 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 19.35 110.54 29.82 110.54 19.12 0.28 1.72 33.33
CNIT Cenit Bancorp of Norfolk VA 15.97 167.34 11.74 183.54 17.16 1.00 1.98 31.55
CEBK Central Co-Op. Bank of MA* 13.89 117.16 12.25 131.58 13.70 0.32 1.60 22.22
CENB Century Bancshares of NC* 17.87 104.75 31.36 104.75 17.66 2.00 2.60 46.40
CBSB Charter Financial Inc. of IL 25.22 159.41 22.54 181.69 19.85 0.32 1.49 37.65
COFI Charter One Financial of OH 19.96 NM 18.98 NM 15.72 1.00 1.73 34.60
CNBA Chester Bancorp of IL 20.77 101.72 22.59 101.72 20.77 0.24 1.63 33.80
CVAL Chester Valley Bancorp of PA 26.29 179.80 15.39 179.80 17.87 0.44 1.92 50.57
CTZN CitFed Bancorp of Dayton OH 24.64 200.88 12.72 225.53 17.01 0.36 0.83 20.45
CLAS Classic Bancshares of KY NM 97.14 14.30 115.11 22.98 0.28 1.96 62.22
CMSB Cmnwealth Bancorp of PA 24.43 130.86 12.52 170.34 19.26 0.28 1.71 41.79
COVB CoVest Bancshares of IL NM 132.95 11.88 139.51 25.59 0.40 1.84 NM
CBSA Coastal Bancorp of Houston TX 20.47 155.37 5.32 183.96 12.25 0.48 1.57 32.21
CFCP Coastal Fin. Corp. of SC 29.21 NM 24.88 NM 26.53 0.36 1.38 40.45
COFD Collective Bancorp Inc. of NJ(8) 21.22 NM 19.31 NM 17.51 1.00 1.92 40.82
CMSV Commty. Svgs, MHC of FL (48.5) 29.63 159.47 17.90 159.47 19.67 0.90 3.75 NM
CBNH Community Bankshares Inc of NH(8)* 19.35 239.60 17.09 239.60 24.02 0.64 1.61 31.07
CFTP Community Fed. Bancorp of MS 26.10 110.04 36.89 110.04 21.91 0.30 1.69 44.12
CFFC Community Fin. Corp. of VA 16.36 121.58 16.92 121.58 13.01 0.56 2.52 41.18
CFBC Community First Bnkg Co. of GA NM 122.92 20.18 122.92 NM 0.00 0.00 0.00
CIBI Community Inv. Bancorp of OH 21.97 122.67 14.12 122.67 14.80 0.32 2.21 48.48
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COOP Cooperative Bk.for Svgs. of NC 7.49 7.49 -0.89 -10.79 -7.26 0.13 1.60 0.46 50.09 0.29
CRZY Crazy Woman Creek Bncorp of WY 27.84 27.84 1.02 3.37 3.82 1.28 4.24 0.39 136.15 1.04
DNFC D&N Financial Corp. of MI 5.81 5.74 0.63 10.92 5.56 0.85 14.80 0.34 198.09 0.93
DFIN Damen Fin. Corp. of Chicago IL 20.16 20.16 0.71 3.13 3.46 0.89 3.93 0.20 76.94 0.38
DCBI Delphos Citizens Bancorp of OH 28.34 28.34 1.27 6.07 3.73 1.27 6.07 0.10 93.46 0.13
DIME Dime Community Bancorp of NY 15.41 13.23 0.93 6.19 4.52 1.03 6.90 0.82 97.78 1.45
DIBK Dime Financial Corp. of CT* 7.83 7.54 1.85 22.66 9.32 1.91 23.35 0.46 337.58 3.23
EGLB Eagle BancGroup of IL 12.10 12.10 -0.21 -1.92 -1.64 0.12 1.14 1.48 35.83 0.76
EBSI Eagle Bancshares of Tucker GA 8.71 8.71 0.59 6.82 4.61 0.80 9.29 0.88 65.80 0.84
EGFC Eagle Financial Corp. of CT 6.90 5.19 0.58 8.17 4.03 0.78 10.91 0.44 110.50 0.86
ETFS East Texas Fin. Serv. of TX 19.03 19.03 0.32 1.71 1.94 0.65 3.43 0.17 141.97 0.50
EMLD Emerald Financial Corp of OH 7.51 7.38 0.69 8.89 5.08 0.89 11.37 NA NA 0.35
EIRE Emerald Island Bancorp, MA* 6.96 6.96 0.81 11.98 7.18 0.86 12.66 0.40 151.40 0.89
EFBC Empire Federal Bancorp of MT 34.89 34.89 0.83 2.37 2.37 1.09 3.12 NA NA 0.47
EFBI Enterprise Fed. Bancorp of OH 12.67 12.65 0.68 4.72 3.80 0.75 5.16 0.01 NA 0.28
EQSB Equitable FSB of Wheaton MD 5.07 5.07 0.48 9.33 5.68 0.76 14.93 1.07 19.82 0.31
FFFG F.F.O. Financial Group of FL(8) 6.41 6.41 0.52 8.41 4.00 0.85 13.72 3.17 55.02 2.47
FCBF FCB Fin. Corp. of Neenah WI 17.49 17.49 0.92 5.19 3.70 1.08 6.14 0.15 347.77 0.62
FFBS FFBS Bancorp of Columbus MS 19.42 19.42 1.19 6.07 4.00 1.49 7.65 0.42 109.44 0.66
FFDF FFD Financial Corp. of OH 24.74 24.74 0.78 3.42 2.82 1.08 4.74 NA NA 0.27
FFLC FFLC Bancorp of Leesburg FL 14.48 14.48 0.69 4.30 3.71 1.01 6.30 0.19 163.65 0.44
FFFC FFVA Financial Corp. of VA 12.98 12.69 1.08 7.35 4.31 1.34 9.09 0.18 318.63 0.98
FFWC FFW Corporation of Wabash IN 10.01 10.01 0.90 8.74 6.89 1.11 10.86 0.22 150.42 0.48
FFYF FFY Financial Corp. of OH 14.10 14.10 0.89 5.44 4.62 1.27 7.80 0.72 73.17 0.69
FMCO FMS Financial Corp. of NJ 6.29 6.16 0.64 9.90 5.42 0.97 15.10 1.06 48.60 0.92
FFHH FSF Financial Corp. of MN 11.77 11.77 0.64 4.76 4.17 0.83 6.11 0.03 636.64 0.34
FOBC Fed One Bancorp of Wheeling WV 11.61 11.06 0.69 5.80 4.71 0.98 8.26 0.40 101.18 0.93
FBCI Fidelity Bancorp of Chicago IL 10.19 10.16 0.53 4.92 4.09 0.75 7.05 0.80 21.76 0.22
FSBI Fidelity Bancorp, Inc. of PA 6.96 6.96 0.52 7.41 5.28 0.83 11.77 0.50 101.57 1.06
FFFL Fidelity FSB, MHC of FL (47.4) 8.82 8.75 0.39 4.09 2.18 0.62 6.51 0.30 77.48 0.31
FFED Fidelity Fed. Bancorp of IN 5.14 5.14 0.16 3.18 1.92 0.28 5.62 0.16 455.75 0.85
FFOH Fidelity Financial of OH 13.12 11.52 0.63 3.90 2.56 1.01 6.24 0.18 174.34 0.38
FIBC Financial Bancorp, Inc. of NY 9.73 9.68 0.51 5.14 3.90 0.95 9.49 NA NA NA
FBSI First Bancshares of MO 14.35 14.33 0.91 5.88 4.92 1.11 7.22 0.32 88.44 0.35
FBBC First Bell Bancorp of PA 10.19 10.19 1.19 7.36 6.74 1.41 8.67 0.07 147.42 0.13
FBER First Bergen Bancorp of NJ 16.44 16.44 0.42 2.50 2.11 0.75 4.50 0.74 161.82 2.41
SKBO First Carnegie,MHC of PA(45.0) 15.65 15.65 0.37 2.35 1.75 0.54 3.43 0.74 33.56 0.66
FCIT First Cit. Fin. Corp of MD(8) 6.11 6.11 0.53 8.65 3.35 0.79 13.02 1.92 52.05 1.33
FSTC First Citizens Corp of GA 9.37 7.37 1.79 19.12 8.40 1.50 16.01 NA NA 1.50
FFBA First Colorado Bancorp of Co 14.31 14.12 1.13 7.87 5.70 1.12 7.80 0.23 121.82 0.38
FDEF First Defiance Fin.Corp. of OH 21.42 21.42 0.79 3.42 2.90 1.07 4.63 0.45 96.96 0.57
FESX First Essex Bancorp of MA* 7.31 6.30 1.01 13.37 7.36 0.88 11.68 0.62 143.10 1.42
FFES First FS&LA of E. Hartford CT 6.25 6.25 0.43 7.02 5.13 0.69 11.21 0.37 71.33 1.42
FFSX First FS&LA. MHC of IA (46.0) 8.14 8.06 0.43 5.19 2.67 0.73 8.93 0.11 342.10 0.52
FFSW First Fed Fin. Serv. of OH 6.05 5.11 0.87 15.36 4.73 0.69 12.15 0.38 73.66 0.40
BDJI First Fed. Bancorp. of MN 11.17 11.17 0.32 2.58 2.33 0.66 5.38 0.31 127.79 0.82
FFBH First Fed. Bancshares of AR 15.82 15.82 0.79 5.42 3.77 1.13 7.76 0.19 127.62 0.31
FTFC First Fed. Capital Corp. of WI 6.36 5.96 0.74 11.34 4.87 0.86 13.16 NA NA NA
FFKY First Fed. Fin. Corp. of KY 13.60 12.78 1.25 9.03 5.05 1.49 10.79 0.64 71.13 0.52
FFBZ First Federal Bancorp of OH 7.66 7.65 0.74 9.58 4.59 1.01 13.14 0.53 163.59 1.01
FFCH First Fin. Holdings Inc. of SC 6.15 6.15 0.55 8.85 4.15 0.84 13.43 1.66 41.99 0.84
FFBI First Financial Bancorp of IL 7.81 7.81 -0.02 -0.27 -0.27 0.47 5.76 0.27 200.40 0.69
FFHC First Financial Corp. of WI(8) 6.98 6.78 0.93 12.89 4.54 1.26 17.55 0.26 148.86 0.64
FFHS First Franklin Corp. of OH 8.82 8.76 0.15 1.61 1.35 0.62 6.78 0.52 82.31 0.62
FGHC First Georgia Hold. Corp of GA 8.49 7.74 0.96 11.69 6.66 0.57 6.97 1.35 50.33 0.79
FSPG First Home Bancorp of NJ 6.59 6.47 0.90 13.90 8.58 1.19 18.24 0.79 93.39 1.41
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COOP Cooperative Bk.for Svgs. of NC NM 154.37 11.56 154.37 NM 0.00 0.00 NM
CRZY Crazy Woman Creek Bncorp of WY 26.15 93.08 25.91 93.08 20.76 0.40 2.83 74.07
DNFC D&N Financial Corp. of MI 17.99 177.58 10.32 179.57 13.28 0.00 0.00 0.00
DFIN Damen Fin. Corp. of Chicago IL 28.92 104.46 21.06 104.46 23.05 0.24 1.63 47.06
DCBI Delphos Citizens Bancorp of OH 26.81 111.69 31.65 111.69 26.81 0.00 0.00 0.00
DIME Dime Community Bancorp of NY 22.13 132.48 20.42 154.37 19.85 0.18 0.94 20.69
DIBK Dime Financial Corp. of CT* 10.73 225.62 17.66 234.11 10.41 0.40 1.43 15.33
EGLB Eagle BancGroup of IL NM 98.98 11.98 98.98 NM 0.00 0.00 NM
EBSI Eagle Bancshares of Tucker GA 21.71 136.34 11.87 136.34 15.94 0.60 3.45 75.00
EGFC Eagle Financial Corp. of CT 24.81 200.18 13.81 NM 18.58 0.92 2.77 68.66
ETFS East Texas Fin. Serv. of TX NM 89.39 17.01 89.39 25.74 0.20 1.08 55.56
EMLD Emerald Financial Corp of OH 19.67 168.96 12.68 171.91 15.36 0.24 1.63 32.00
EIRE Emerald Island Bancorp, MA* 13.93 152.70 10.63 152.70 13.18 0.28 1.44 20.00
EFBC Empire Federal Bancorp of MT NM 99.93 34.87 99.93 NM 0.30 2.03 NM
EFBI Enterprise Fed. Bancorp of OH 26.33 127.26 16.12 127.42 24.09 1.00 5.06 NM
EQSB Equitable FSB of Wheaton MD 17.61 155.50 7.88 155.50 11.01 0.00 0.00 0.00
FFFG F.F.O. Financial Group of FL(8) 25.00 197.10 12.63 197.10 15.32 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 27.02 138.96 24.30 138.96 22.86 0.72 2.69 72.73
FFBS FFBS Bancorp of Columbus MS 25.00 149.53 29.04 149.53 19.83 0.50 2.08 52.08
FFDF FFD Financial Corp. of OH NM 107.79 26.66 107.79 25.62 0.30 1.92 68.18
FFLC FFLC Bancorp of Leesburg FL 26.98 121.71 17.62 121.71 18.41 0.48 1.76 47.52
FFFC FFVA Financial Corp. of VA 23.23 186.95 24.26 191.19 18.79 0.48 1.63 37.80
FFWC FFW Corporation of Wabash IN 14.52 126.37 12.65 126.37 11.69 0.72 2.50 36.36
FFYF FFY Financial Corp. of OH 21.67 133.33 18.80 133.33 15.12 0.70 2.69 58.33
FMCO FMS Financial Corp. of NJ 18.44 178.33 11.22 182.07 12.09 0.20 0.77 14.18
FFHH FSF Financial Corp. of MN 23.99 124.56 14.66 124.56 18.68 0.50 2.82 67.57
FOBC Fed One Bancorp of Wheeling WV 21.21 123.97 14.39 130.11 14.89 0.58 2.76 58.59
FBCI Fidelity Bancorp of Chicago IL 24.43 121.20 12.35 121.54 17.06 0.32 1.49 36.36
FSBI Fidelity Bancorp, Inc. of PA 18.93 136.73 9.52 136.73 11.91 0.36 1.78 33.64
FFFL Fidelity FSB, MHC of FL (47.4) NM 186.26 16.42 187.81 28.85 0.80 3.56 NM
FFED Fidelity Fed. Bancorp of IN NM 171.57 8.82 171.57 29.57 0.40 4.51 NM
FFOH Fidelity Financial of OH NM 129.93 17.04 147.87 24.42 0.28 1.79 70.00
FIBC Financial Bancorp, Inc. of NY 25.65 131.84 12.82 132.46 13.91 0.40 2.03 51.95
FBSI First Bancshares of MO 20.34 121.21 17.40 121.40 16.55 0.20 0.83 16.95
FBBC First Bell Bancorp of PA 14.84 149.73 15.26 149.73 12.59 0.40 2.41 35.71
FBER First Bergen Bancorp of NJ NM 120.78 19.86 120.78 26.38 0.12 0.72 34.29
SKBO First Carnegie,MHC of PA(45.0) NM 134.67 21.08 134.67 NM 0.30 2.18 NM
FCIT First Cit. Fin. Corp of MD(8) 29.83 246.70 15.06 246.70 19.83 0.00 0.00 0.00
FSTC First Citizens Corp of GA 11.90 227.62 21.33 NM 14.22 0.44 1.47 17.46
FFBA First Colorado Bancorp of Co 17.53 138.07 19.75 139.89 17.71 0.44 2.44 42.72
FDEF First Defiance Fin.Corp. of OH NM 123.80 26.51 123.80 25.41 0.32 2.06 71.11
FESX First Essex Bancorp of MA* 13.58 154.02 11.26 178.76 15.54 0.48 2.78 37.80
FFES First FS&LA of E. Hartford CT 19.48 131.75 8.24 131.75 12.20 0.60 2.00 38.96
FFSX First FS&LA. MHC of IA (46.0) NM 191.44 15.58 193.18 21.79 0.48 1.88 70.59
FFSW First Fed Fin. Serv. of OH 21.14 NM 17.92 NM 26.73 0.44 1.04 21.89
BDJI First Fed. Bancorp. of MN NM 120.09 13.42 120.09 20.62 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 26.54 128.05 20.25 128.05 18.53 0.20 0.93 24.69
FTFC First Fed. Capital Corp. of WI 20.55 227.91 14.49 243.23 17.70 0.48 1.98 40.68
FFKY First Fed. Fin. Corp. of KY 19.79 175.74 23.91 187.13 16.57 0.52 2.43 48.15
FFBZ First Federal Bancorp of OH 21.80 200.75 15.38 200.96 15.89 0.24 1.28 27.91
FFCH First Fin. Holdings Inc. of SC 24.07 208.73 12.83 208.73 15.85 0.72 2.22 53.33
FFBI First Financial Bancorp of IL NM 104.17 8.13 104.17 17.38 0.00 0.00 NM
FFHC First Financial Corp. of WI(8) 22.05 NM 19.79 NM 16.20 0.60 1.89 41.67
FFHS First Franklin Corp. of OH NM 119.47 10.54 120.34 17.54 0.32 1.60 NM
FGHC First Georgia Hold. Corp of GA 15.02 172.62 14.65 189.28 25.21 0.05 0.71 10.64
FSPG First Home Bancorp of NJ 11.66 153.72 10.12 156.51 8.88 0.40 2.11 24.54
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFSL First Independence Corp. of KS 10.51 10.51 0.49 4.24 4.11 0.77 6.55 0.87 69.37 0.91
FISB First Indiana Corp. of IN 9.58 9.46 0.90 9.73 5.79 1.03 11.12 NA NA 1.62
FKFS First Keystone Fin. Corp of PA 7.07 7.07 0.51 6.65 4.73 0.76 9.86 2.46 34.36 1.46
FLKY First Lancaster Bncshrs of KY 34.23 34.23 1.15 3.72 3.02 1.40 4.52 0.75 32.89 0.29
FLFC First Liberty Fin. Corp. of GA 7.35 6.57 1.09 14.83 7.41 0.88 11.96 0.82 105.31 1.23
CASH First Midwest Fin. Corp. of IA 11.59 10.26 0.76 6.54 5.61 0.98 8.44 0.79 81.68 0.97
FMBD First Mutual Bancorp of IL 13.41 10.32 0.15 0.76 0.91 0.38 1.95 0.18 187.34 0.46
FMSB First Mutual SB of Bellevue WA* 6.57 6.57 1.01 15.33 6.67 0.98 14.80 0.01 NA 1.27
FNGB First Northern Cap. Corp of WI 11.51 11.51 0.60 5.05 3.27 0.89 7.48 0.13 368.77 0.54
FFPB First Palm Beach Bancorp of FL 6.76 6.59 -0.01 -0.09 -0.06 0.05 0.69 1.09 46.69 0.74
FSLA First SB SLA MHC of NJ (47.5) 9.19 8.15 0.51 5.44 2.42 0.90 9.61 0.61 88.82 1.05
FSNJ First SB of NJ, MHC (45.9)(8) 8.57 8.57 -0.34 -4.31 -2.21 0.23 2.89 0.87 58.25 1.21
SOPN First SB, SSB, Moore Co. of NC 24.60 24.60 1.39 5.48 4.45 1.67 6.58 0.08 274.55 0.32
FWWB First Savings Bancorp of WA* 14.75 13.57 1.05 6.25 3.65 1.00 5.90 0.32 210.94 1.03
SHEN First Shenango Bancorp of PA 10.70 10.70 0.83 7.06 5.26 1.12 9.49 0.54 135.75 1.15
FSFC First So.east Fin. Corp. of SC(8) 10.22 10.22 0.01 0.11 0.07 0.92 7.48 0.11 362.15 0.50
FBNW FirstBank Corp of Clarkston WA 18.04 18.04 0.70 3.86 3.04 0.57 3.14 1.95 27.73 0.74
FSPT FirstSpartan Fin. Corp. of SC 26.32 26.32 0.95 3.62 2.80 1.11 4.20 NA NA 0.49
FLAG Flag Financial Corp of GA 9.40 9.40 -0.06 -0.68 -0.48 0.14 1.45 4.52 44.14 2.91
FFIC Flushing Fin. Corp. of NY* 16.01 16.01 0.90 5.14 4.22 0.93 5.32 0.32 200.33 1.15
FBHC Fort Bend Holding Corp. of TX 6.43 5.95 0.23 3.44 2.34 0.54 7.99 NA NA NA
FTSB Fort Thomas Fin. Corp. of KY 16.09 16.09 0.50 2.50 2.86 0.76 3.83 2.02 25.00 0.57
FKKY Frankfort First Bancorp of KY 26.19 26.19 0.62 2.19 2.63 0.93 3.29 0.06 138.89 0.08
FTNB Fulton Bancorp of MO 25.01 25.01 0.74 3.81 2.06 1.05 5.39 NA NA 1.01
GFSB GFS Bancorp of Grinnell IA 11.57 11.57 0.99 8.43 6.36 1.27 10.81 1.54 45.77 0.81
GUPB GFSB Bancorp of Gallup NM 16.30 16.30 0.74 3.86 3.63 0.93 4.86 NA NA 0.69
GSLA GS Financial Corp. of LA 46.34 46.34 0.85 1.84 1.81 0.85 1.84 0.13 214.61 0.85
GOSB GSB Financial Corp. of NY 27.06 27.06 1.02 3.77 3.62 0.86 3.19 NA NA NA
GWBC Gateway Bancorp of KY(8) 26.08 26.08 0.82 3.25 3.01 1.15 4.54 0.78 15.82 0.40
GBCI Glacier Bancorp of MT 9.56 9.29 1.39 14.68 5.41 1.57 16.59 0.28 212.30 0.85
GFCO Glenway Financial Corp. of OH 9.56 9.41 0.38 3.95 3.76 0.68 7.17 0.32 83.26 0.32
GTPS Great American Bancorp of IL 21.16 21.16 0.43 1.95 1.97 0.55 2.48 0.23 140.69 0.44
GTFN Great Financial Corp. of KY 9.30 8.89 0.73 7.40 4.30 0.70 7.10 3.06 15.68 0.72
GSBC Great Southern Bancorp of MO 8.97 8.97 1.36 14.03 6.41 1.53 15.83 1.83 124.20 2.60
GDVS Greater DV SB,MHC of PA (19.9)* 11.47 11.47 0.01 0.12 0.07 0.33 2.81 2.79 43.15 1.93
GSFC Green Street Fin. Corp. of NC 36.09 36.09 1.33 4.48 3.21 1.64 5.50 0.14 97.92 0.19
GSLC Guaranty Svgs & Loan FA of VA 5.72 5.72 0.46 7.73 2.69 0.43 7.26 NA NA 1.00
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 13.84 13.84 0.50 3.50 1.62 0.81 5.71 0.50 216.62 1.36
HCBB HCB Bancshares of AR 18.25 17.49 -0.11 -0.58 -0.58 0.39 2.11 NA NA 1.47
HEMT HF Bancorp of Hemet CA 9.81 0.00 -0.31 -2.63 -2.42 -2.27 -19.11 NA NA NA
HFFC HF Financial Corp. of SD 9.19 9.17 0.59 6.44 5.06 0.81 8.85 0.40 200.58 1.04
HFNC HFNC Financial Corp. of NC 18.83 18.83 1.07 3.82 3.19 1.41 5.01 0.99 94.51 1.26
HMNF HMN Financial, Inc. of MN 14.24 14.24 0.75 4.93 3.84 0.91 5.98 0.08 531.97 0.71
HALL Hallmark Capital Corp. of WI 6.99 6.99 0.45 6.30 5.16 0.60 8.30 0.02 NA 0.60
HARB Harbor FSB, MHC of FL (46.0) 8.22 7.91 0.93 11.13 4.39 1.22 14.65 0.46 222.68 1.37
HRBF Harbor Federal Bancorp of MD 12.86 12.86 0.43 3.20 2.58 0.68 5.15 0.13 131.49 0.26
HFSA Hardin Bancorp of Hardin MO 12.78 12.78 0.51 3.17 3.22 0.82 5.16 NA NA NA
HARL Harleysville SA of PA 6.36 6.36 0.70 10.70 5.20 0.99 15.31 0.03 NA 0.77
HARS Harris SB, MHC of PA (24.2) 7.91 6.83 0.25 2.68 1.55 0.60 6.55 0.65 64.15 0.97
HFFB Harrodsburg 1st Fin Bcrp of KY 26.35 26.35 1.03 3.73 3.47 1.36 4.95 0.47 58.12 0.37
HHFC Harvest Home Fin. Corp. of OH 12.43 12.43 0.21 1.35 1.33 0.54 3.49 0.15 90.48 0.26
HAVN Haven Bancorp of Woodhaven NY 5.80 5.77 0.63 10.28 6.19 0.91 14.97 0.74 86.28 1.15
HVFD Haverfield Corp. of OH(8) 8.39 8.39 0.49 5.94 3.26 1.05 12.69 1.00 87.44 1.00
HTHR Hawthorne Fin. Corp. of CA 3.88 3.88 0.75 19.32 16.07 0.52 13.34 12.66 12.87 1.92
HMLK Hemlock Fed. Fin. Corp. of IL 18.29 18.29 -0.39 -2.85 -1.87 0.49 3.64 NA NA 1.30
HBNK Highland Federal Bank of CA 7.46 7.46 0.29 3.91 2.27 0.51 6.75 3.09 55.00 2.13
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFSL First Independence Corp. of KS 24.36 112.16 11.78 112.16 15.74 0.25 1.94 47.17
FISB First Indiana Corp. of IN 17.26 161.83 15.51 163.90 15.10 0.48 2.21 38.10
FKFS First Keystone Fin. Corp of PA 21.12 144.54 10.22 144.54 14.23 0.20 0.76 16.13
FLKY First Lancaster Bncshrs of KY NM 105.61 36.15 105.61 27.23 0.50 3.28 NM
FLFC First Liberty Fin. Corp. of GA 13.49 200.08 14.70 223.63 16.73 0.40 1.68 22.73
CASH First Midwest Fin. Corp. of IA 17.83 112.78 13.07 127.48 13.81 0.36 2.10 37.50
FMBD First Mutual Bancorp of IL NM 94.64 12.70 122.96 NM 0.32 2.08 NM
FMSB First Mutual SB of Bellevue WA* 15.00 214.50 14.10 214.50 15.54 0.20 0.92 13.79
FNGB First Northern Cap. Corp of WI NM 153.82 17.70 153.82 20.63 0.64 2.59 NM
FFPB First Palm Beach Bancorp of FL NM 151.81 10.27 155.80 NM 0.60 1.88 NM
FSLA First SB SLA MHC of NJ (47.5) NM 219.23 20.16 247.40 23.36 0.48 1.68 69.57
FSNJ First SB of NJ, MHC (45.9)(8) NM 195.43 16.75 195.43 NM 0.50 1.58 NM
SOPN First SB, SSB, Moore Co. of NC 22.47 123.34 30.34 123.34 18.70 0.80 3.60 NM
FWWB First Savings Bancorp of WA* 27.38 172.47 25.44 187.46 29.01 0.28 1.15 31.46
SHEN First Shenango Bancorp of PA 18.99 141.30 15.12 141.30 14.13 0.60 2.05 38.96
FSFC First So.east Fin. Corp. of SC(8) NM 185.90 19.01 185.90 20.71 0.24 1.66 NM
FBNW FirstBank Corp of Clarkston WA NM 126.79 22.87 126.79 NM 0.00 0.00 0.00
FSPT FirstSpartan Fin. Corp. of SC NM 129.39 34.06 129.39 NM 0.00 0.00 0.00
FLAG Flag Financial Corp of GA NM 141.46 13.30 141.46 NM 0.34 2.34 NM
FFIC Flushing Fin. Corp. of NY* 23.70 126.66 20.28 126.66 22.91 0.24 1.16 27.59
FBHC Fort Bend Holding Corp. of TX NM 145.18 9.33 156.92 18.38 0.28 0.89 37.84
FTSB Fort Thomas Fin. Corp. of KY NM 103.04 16.58 103.04 22.83 0.25 2.38 NM
FKKY Frankfort First Bancorp of KY NM 91.84 24.06 91.84 25.33 0.36 3.95 NM
FTNB Fulton Bancorp of MO NM 137.32 34.34 137.32 NM 0.20 1.01 48.78
GFSB GFS Bancorp of Grinnell IA 15.73 129.55 14.99 129.55 12.27 0.26 1.94 30.59
GUPB GFSB Bancorp of Gallup NM 27.54 112.56 18.34 112.56 21.84 0.40 2.11 57.97
GSLA GS Financial Corp. of LA NM 101.46 47.02 101.46 NM 0.28 1.75 NM
GOSB GSB Financial Corp. of NY 27.63 104.28 28.22 104.28 NM 0.00 0.00 0.00
GWBC Gateway Bancorp of KY(8) NM 110.47 28.81 110.47 23.81 0.40 2.27 NM
GBCI Glacier Bancorp of MT 18.50 238.10 22.77 245.03 16.37 0.48 2.59 48.00
GFCO Glenway Financial Corp. of OH 26.63 104.43 9.98 106.06 14.67 0.80 3.27 NM
GTPS Great American Bancorp of IL NM 101.03 21.38 101.03 NM 0.40 2.39 NM
GTFN Great Financial Corp. of KY 23.23 171.05 15.90 178.82 24.21 0.60 1.73 40.27
GSBC Great Southern Bancorp of MO 15.60 231.29 20.75 231.29 13.82 0.40 2.35 36.70
GDVS Greater DV SB,MHC of PA (19.9)* NM 180.65 20.73 180.65 NM 0.36 2.38 NM
GSFC Green Street Fin. Corp. of NC NM 121.24 43.75 121.24 25.36 0.44 2.48 NM
GSLC Guaranty Svgs & Loan FA of VA NM NM 15.81 NM NM 0.10 0.82 30.30
GFED Guarnty FS&LA,MHC of MO (31.0)(8) NM 213.13 29.49 213.13 NM 0.40 2.16 NM
HCBB HCB Bancshares of AR NM 100.15 18.27 104.48 NM 0.00 0.00 NM
HEMT HF Bancorp of Hemet CA NM 115.18 11.30 NM NM 0.00 0.00 NM
HFFC HF Financial Corp. of SD 19.77 126.38 11.62 126.67 14.40 0.42 1.93 38.18
HFNC HFNC Financial Corp. of NC NM 173.35 32.63 173.35 23.88 0.28 1.75 54.90
HMNF HMN Financial, Inc. of MN 26.01 137.70 19.61 137.70 21.46 0.00 0.00 0.00
HALL Hallmark Capital Corp. of WI 19.38 117.31 8.20 117.31 14.72 0.00 0.00 0.00
HARB Harbor FSB, MHC of FL (46.0) 22.80 240.83 19.79 NM 17.32 1.40 3.18 72.54
HRBF Harbor Federal Bancorp of MD NM 122.75 15.78 122.75 24.09 0.40 2.03 NM
HFSA Hardin Bancorp of Hardin MO NM 108.91 13.92 108.91 19.03 0.48 2.87 NM
HARL Harleysville SA of PA 19.23 195.16 12.42 195.16 13.44 0.40 1.60 30.77
HARS Harris SB, MHC of PA (24.2) NM 169.71 13.43 196.70 26.42 0.58 2.49 NM
HFFB Harrodsburg 1st Fin Bcrp of KY 28.85 112.71 29.70 112.71 21.74 0.40 2.52 72.73
HHFC Harvest Home Fin. Corp. of OH NM 114.66 14.25 114.66 28.98 0.40 3.14 NM
HAVN Haven Bancorp of Woodhaven NY 16.15 159.53 9.25 160.16 11.09 0.60 1.64 26.55
HVFD Haverfield Corp. of OH(8) NM 179.52 15.06 179.52 14.36 0.56 2.07 63.64
HTHR Hawthorne Fin. Corp. of CA 6.22 120.21 4.67 120.21 9.01 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL NM 106.97 19.56 106.97 NM 0.00 0.00 NM
HBNK Highland Federal Bank of CA NM 166.88 12.45 166.88 25.49 0.00 0.00 0.00
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HIFS Hingham Inst. for Sav. of MA* 9.55 9.55 1.17 12.01 7.28 1.17 12.01 0.41 165.13 0.89
HBEI Home Bancorp of Elgin IL 28.12 28.12 0.30 1.37 0.83 0.81 3.67 0.41 NA NA
HBFW Home Bancorp of Fort Wayne IN 13.95 13.95 0.56 3.74 3.24 0.90 6.05 0.09 468.58 0.53
HBBI Home Building Bancorp of IN 12.07 12.07 0.19 1.47 1.32 0.53 4.02 0.38 47.98 0.29
HCFC Home City Fin. Corp. of OH 20.61 20.61 0.78 5.01 3.52 1.17 7.57 0.62 110.38 0.87
HOMF Home Fed Bancorp of Seymour IN 8.45 8.17 1.03 12.42 6.33 1.22 14.74 0.44 118.47 0.61
HWEN Home Financial Bancorp of IN 18.63 18.63 0.57 3.68 2.95 0.82 5.23 NA NA 0.63
HPBC Home Port Bancorp, Inc. of MA* 10.82 10.82 1.70 15.85 8.05 1.69 15.76 0.08 NA 1.56
HMCI Homecorp, Inc. of Rockford IL 6.30 6.30 0.11 1.87 1.51 0.38 6.24 3.35 14.24 0.59
HZFS Horizon Fin'l. Services of IA 10.50 10.50 0.43 3.87 3.97 0.60 5.42 1.02 36.63 0.56
HRZB Horizon Financial Corp. of WA* 15.24 15.24 1.56 9.85 6.89 1.53 9.66 NA NA 0.84
IBSF IBS Financial Corp. of NJ 17.04 17.04 0.52 2.73 2.09 0.88 4.68 0.15 94.57 0.52
ISBF ISB Financial Corp. of LA 12.27 10.35 0.74 4.49 3.02 1.00 6.05 NA NA 0.79
ITLA Imperial Thrift & Loan of CA* 11.37 11.32 1.46 13.06 7.61 1.46 13.06 1.78 75.09 1.63
IFSB Independence FSB of DC 6.52 5.72 0.14 2.19 2.00 0.33 4.98 NA NA 0.34
INCB Indiana Comm. Bank, SB of IN 12.39 12.39 0.16 1.24 1.05 0.51 3.88 NA NA 0.71
IFSL Indiana Federal Corp. of IN(8) 8.78 8.25 0.67 7.44 3.79 0.95 10.55 0.82 102.87 1.11
INBI Industrial Bancorp of OH 18.50 18.50 0.73 3.86 3.16 1.43 7.54 0.30 156.98 0.55
IWBK Interwest SB of Oak Harbor WA 6.70 6.55 0.84 12.51 4.20 1.18 17.53 0.64 73.79 0.78
IPSW Ipswich SB of Ipswich MA* 6.17 6.17 1.18 19.52 6.58 0.93 15.31 1.52 56.87 1.18
JSBF JSB Financial, Inc. of NY 22.17 22.17 1.77 8.09 6.18 1.68 7.68 NA NA 0.62
JXVL Jacksonville Bancorp of TX 15.63 15.63 0.88 5.43 4.48 1.21 7.48 1.04 48.35 0.67
JXSB Jcksnville SB,MHC of IL (44.6) 10.30 10.30 0.29 2.50 1.99 0.67 5.84 0.39 125.08 0.63
JSBA Jefferson Svgs Bancorp of MO 7.83 6.11 0.25 3.41 1.82 0.63 8.56 0.52 117.45 0.82
JOAC Joachim Bancorp of MO 28.99 28.99 0.51 1.71 1.66 0.78 2.64 0.68 30.45 0.31
KSAV KS Bancorp of Kenly NC 13.83 13.82 0.93 6.48 5.46 1.21 8.47 0.35 80.53 0.33
KSBK KSB Bancorp of Kingfield ME(8)* 6.82 6.32 0.88 13.36 20.37 0.88 13.31 NA NA 1.03
KFBI Klamath First Bancorp of OR 20.44 20.44 0.89 3.75 3.11 1.32 5.56 0.08 213.23 0.23
LSBI LSB Fin. Corp. of Lafayette IN 9.08 9.08 0.50 5.26 4.53 0.42 4.42 1.34 68.99 1.07
LVSB Lakeview SB of Paterson NJ 9.52 7.61 1.37 13.73 8.42 0.95 9.53 0.98 66.74 1.50
LARK Landmark Bancshares of KS 14.63 14.63 0.84 5.40 4.56 1.05 6.72 NA NA NA
LARL Laurel Capital Group of PA 10.42 10.42 1.12 10.59 7.14 1.43 13.55 0.51 181.26 1.31
LSBX Lawrence Savings Bank of MA* 8.78 8.78 1.67 20.44 11.19 1.65 20.28 0.30 328.94 2.29
LFED Leeds FSB, MHC of MD (36.2) 16.18 16.18 0.79 4.89 3.00 1.13 6.98 0.02 977.36 0.30
LXMO Lexington B&L Fin. Corp. of MO 27.62 27.62 0.76 2.77 2.63 1.06 3.82 0.63 58.31 0.49
LIFB Life Bancorp of Norfolk VA 10.79 10.45 0.71 6.30 3.74 0.87 7.74 NA NA 1.48
LFBI Little Falls Bancorp of NJ 12.94 11.91 0.25 1.78 1.55 0.50 3.48 NA NA 0.81
LOGN Logansport Fin. Corp. of IN 19.65 19.65 1.17 5.26 5.12 1.53 6.84 0.61 44.88 0.38
LONF London Financial Corp. of OH 19.86 19.86 0.74 3.55 3.45 1.09 5.19 0.79 62.54 0.64
LISB Long Island Bancorp, Inc of NY 9.01 8.92 0.62 6.43 3.53 0.73 7.58 1.03 55.21 0.92
MAFB MAF Bancorp of IL 7.88 6.84 0.79 10.57 4.46 1.10 14.70 0.46 119.42 0.71
MBLF MBLA Financial Corp. of MO 13.49 13.49 0.66 4.90 4.47 0.86 6.34 0.25 111.87 0.49
MFBC MFB Corp. of Mishawaka IN 14.51 14.51 0.56 3.33 3.60 0.85 5.09 NA NA 0.19
MLBC ML Bancorp of Villanova PA 6.92 6.79 0.74 9.94 6.65 0.64 8.67 0.55 137.38 1.73
MBB MSB Bancorp of Middletown NY* 6.90 2.97 0.15 2.23 1.99 0.17 2.43 0.70 36.62 0.60
MSBF MSB Financial Corp. of MI 16.61 16.61 1.20 6.08 4.32 1.49 7.58 1.02 48.65 0.57
MGNL Magna Bancorp of MS(8) 9.57 9.25 1.38 14.29 5.07 1.63 16.86 2.92 26.42 1.11
MARN Marion Capital Holdings of IN 23.05 23.05 1.32 5.68 5.43 1.59 6.85 0.81 144.01 1.35
MRKF Market Fin. Corp. of OH 34.60 34.60 0.63 2.36 1.68 0.63 2.36 0.89 10.40 0.20
MFCX Marshalltown Fin. Corp. of IA(8) 15.61 15.61 0.34 2.17 1.79 0.71 4.55 NA NA NA
MFSL Maryland Fed. Bancorp of MD 8.44 8.33 0.58 6.97 4.11 0.84 10.17 NA NA 0.46
MASB MassBank Corp. of Reading MA* 9.98 9.98 1.10 10.92 7.01 1.02 10.10 0.16 149.80 0.87
MFLR Mayflower Co-Op. Bank of MA* 9.43 9.26 1.00 10.42 6.82 0.98 10.18 1.03 90.08 1.56
MECH Mechanics SB of Hartford CT* 9.73 9.73 0.25 2.93 1.69 0.27 3.10 NA NA 2.58
MDBK Medford Savings Bank of MA* 8.80 8.15 1.04 11.72 7.70 1.01 11.37 0.37 176.45 1.22
MERI Meritrust FSB of Thibodaux LA 7.90 7.90 0.60 7.91 4.32 0.98 12.87 0.37 83.87 0.58
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HIFS Hingham Inst. for Sav. of MA* 13.73 157.60 15.05 157.60 13.73 0.48 2.02 27.75
HBEI Home Bancorp of Elgin IL NM 122.37 34.40 122.37 NM 0.40 2.22 NM
HBFW Home Bancorp of Fort Wayne IN NM 120.48 16.80 120.48 19.09 0.20 0.95 29.41
HBBI Home Building Bancorp of IN NM 113.20 13.67 113.20 27.70 0.30 1.46 NM
HCFC Home City Fin. Corp. of OH 28.43 98.17 20.23 98.17 18.83 0.32 2.21 62.75
HOMF Home Fed Bancorp of Seymour IN 15.80 184.40 15.58 190.63 13.32 0.50 1.64 25.91
HWEN Home Financial Bancorp of IN NM 100.86 18.79 100.86 23.83 0.20 1.31 44.44
HPBC Home Port Bancorp, Inc. of MA* 12.43 189.02 20.44 189.02 12.50 0.80 3.81 47.34
HMCI Homecorp, Inc. of Rockford IL NM 121.81 7.67 121.81 19.81 0.00 0.00 0.00
HZFS Horizon Fin'l. Services of IA 25.16 97.72 10.26 97.72 17.97 0.32 1.70 42.67
HRZB Horizon Financial Corp. of WA* 14.52 144.00 21.95 144.00 14.81 0.40 2.62 38.10
IBSF IBS Financial Corp. of NJ NM 146.29 24.93 146.29 27.92 0.40 2.39 NM
ISBF ISB Financial Corp. of LA NM 152.76 18.74 181.00 24.62 0.40 1.61 53.33
ITLA Imperial Thrift & Loan of CA* 13.14 152.93 17.39 153.58 13.14 0.00 0.00 0.00
IFSB Independence FSB of DC NM 108.29 7.06 123.51 21.97 0.22 1.52 NM
INCB Indiana Comm. Bank, SB of IN NM 124.29 15.39 124.29 NM 0.36 2.36 NM
IFSL Indiana Federal Corp. of IN(8) 26.36 192.95 16.95 205.38 18.59 0.72 2.48 65.45
INBI Industrial Bancorp of OH NM 121.79 22.53 121.79 16.19 0.48 3.37 NM
IWBK Interwest SB of Oak Harbor WA 23.80 NM 18.03 NM 16.99 0.60 1.51 35.93
IPSW Ipswich SB of Ipswich MA* 15.20 NM 16.69 NM 19.38 0.24 1.03 15.69
JSBF JSB Financial, Inc. of NY 16.18 129.10 28.62 129.10 17.05 1.40 3.15 50.91
JXVL Jacksonville Bancorp of TX 22.30 124.34 19.44 124.34 16.18 0.50 3.03 67.57
JXSB Jcksnville SB,MHC of IL (44.6) NM 125.34 12.90 125.34 21.58 0.40 2.41 NM
JSBA Jefferson Svgs Bancorp of MO NM 173.41 13.58 222.17 21.94 0.40 1.28 70.18
JOAC Joachim Bancorp of MO NM 106.62 30.90 106.62 NM 0.50 3.45 NM
KSAV KS Bancorp of Kenly NC 18.32 117.39 16.23 117.46 14.02 0.60 3.24 59.41
KSBK KSB Bancorp of Kingfield ME(8)* 4.91 61.64 4.21 66.60 4.93 0.08 0.59 2.91
KFBI Klamath First Bancorp of OR NM 133.48 27.28 133.48 21.65 0.30 1.61 51.72
LSBI LSB Fin. Corp. of Lafayette IN 22.07 114.89 10.43 114.89 26.27 0.32 1.54 34.04
LVSB Lakeview SB of Paterson NJ 11.87 165.75 15.77 207.29 17.10 0.25 0.76 8.99
LARK Landmark Bancshares of KS 21.94 118.72 17.37 118.72 17.62 0.40 1.86 40.82
LARL Laurel Capital Group of PA 14.00 144.73 15.08 144.73 10.94 0.52 2.48 34.67
LSBX Lawrence Savings Bank of MA* 8.94 165.29 14.52 165.29 9.01 0.00 0.00 0.00
LFED Leeds FSB, MHC of MD (36.2) NM 159.09 25.74 159.09 23.33 0.76 3.62 NM
LXMO Lexington B&L Fin. Corp. of MO NM 105.47 29.13 105.47 27.59 0.30 1.88 71.43
LIFB Life Bancorp of Norfolk VA 26.73 166.41 17.95 171.75 21.75 0.48 1.87 50.00
LFBI Little Falls Bancorp of NJ NM 121.47 15.72 131.99 NM 0.20 1.15 74.07
LOGN Logansport Fin. Corp. of IN 19.52 114.83 22.57 114.83 15.00 0.40 2.81 54.79
LONF London Financial Corp. of OH 28.94 106.84 21.22 106.84 19.78 0.24 1.54 44.44
LISB Long Island Bancorp, Inc of NY 28.33 181.43 16.35 183.19 24.04 0.60 1.51 42.86
MAFB MAF Bancorp of IL 22.43 204.41 16.11 235.37 16.13 0.28 0.83 18.54
MBLF MBLA Financial Corp. of MO 22.38 109.25 14.74 109.25 17.28 0.40 1.70 38.10
MFBC MFB Corp. of Mishawaka IN 27.78 99.45 14.43 99.45 18.18 0.32 1.60 44.44
MLBC ML Bancorp of Villanova PA 15.04 153.49 10.63 156.62 17.24 0.40 2.00 30.08
MBB MSB Bancorp of Middletown NY* NM 112.17 7.74 NM NM 0.60 2.71 NM
MSBF MSB Financial Corp. of MI 23.16 141.68 23.53 141.68 18.59 0.56 1.98 45.90
MGNL Magna Bancorp of MS(8) 19.74 NM 26.10 NM 16.72 0.60 2.29 45.11
MARN Marion Capital Holdings of IN 18.40 106.28 24.49 106.28 15.27 0.88 3.77 69.29
MRKF Market Fin. Corp. of OH NM 97.67 33.79 97.67 NM 0.28 1.96 NM
MFCX Marshalltown Fin. Corp. of IA(8) NM 119.13 18.59 119.13 26.59 0.00 0.00 0.00
MFSL Maryland Fed. Bancorp of MD 24.32 166.34 14.04 168.61 16.68 0.80 1.62 39.41
MASB MassBank Corp. of Reading MA* 14.27 153.50 15.32 153.50 15.42 1.28 2.49 35.46
MFLR Mayflower Co-Op. Bank of MA* 14.66 147.62 13.92 150.23 15.00 0.60 3.08 45.11
MECH Mechanics SB of Hartford CT* NM 143.10 13.92 143.10 NM 0.00 0.00 0.00
MDBK Medford Savings Bank of MA* 12.98 148.14 13.03 159.97 13.38 0.72 2.38 30.90
MERI Meritrust FSB of Thibodaux LA 23.16 175.66 13.88 175.66 14.24 0.70 1.71 39.55
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MWBX Metro West of MA* 7.34 7.34 1.34 17.88 7.61 1.37 18.25 0.91 126.64 1.48
MCBS Mid Continent Bancshares of KS 10.04 10.04 1.02 9.26 5.79 1.17 10.58 0.15 71.76 0.19
MIFC Mid Iowa Financial Corp. of IA 9.10 9.09 0.91 9.88 6.74 1.19 12.96 NA NA NA
MCBN Mid-Coast Bancorp of ME 8.61 8.61 0.43 4.88 4.20 0.67 7.57 0.40 124.47 0.60
MWBI Midwest Bancshares, Inc. of IA 6.94 6.94 0.46 6.80 5.29 0.77 11.24 0.82 61.28 0.84
MWFD Midwest Fed. Fin. Corp of WI 8.61 8.28 0.94 10.88 5.95 0.91 10.60 0.14 543.01 1.01
MFFC Milton Fed. Fin. Corp. of OH 14.74 14.74 0.53 3.00 2.83 0.72 4.13 0.32 86.42 0.46
MIVI Miss. View Hold. Co. of MN 18.26 18.26 0.68 3.67 3.87 1.01 5.44 0.25 488.70 1.93
MBSP Mitchell Bancorp of NC* 43.31 43.31 1.31 3.02 2.93 1.67 3.84 NA NA 0.62
MBBC Monterey Bay Bancorp of CA 10.74 9.85 0.28 2.17 1.91 0.51 3.99 0.36 94.16 0.61
MONT Montgomery Financial Corp ofIN 17.91 17.91 0.42 2.32 2.16 0.67 3.74 NA NA 0.20
MSBK Mutual SB, FSB of Bay City MI 6.01 6.01 0.09 1.62 1.46 0.04 0.65 0.11 272.91 0.67
NHTB NH Thrift Bancshares of NH 7.48 6.34 0.33 4.46 2.71 0.49 6.59 1.03 91.05 1.14
NSLB NS&L Bancorp of Neosho MO 19.93 19.93 0.49 2.30 2.47 0.74 3.47 0.06 127.27 0.13
NMSB Newmil Bancorp. of CT* 9.97 9.97 0.82 7.86 5.36 0.80 7.62 1.11 152.08 3.18
NASB North American SB of MO 7.97 7.71 1.23 16.83 7.26 1.19 16.35 3.34 26.40 1.00
NBSI North Bancshares of Chicago IL 14.61 14.61 0.46 2.95 2.51 0.65 4.20 NA NA 0.27
FFFD North Central Bancshares of IA 24.59 24.59 1.70 6.30 6.17 1.98 7.34 0.12 823.53 1.20
NBN Northeast Bancorp of ME* 6.95 6.01 0.33 4.74 4.34 0.31 4.52 1.37 77.15 1.32
NEIB Northeast Indiana Bncrp of IN 15.16 15.16 1.04 5.98 5.22 1.23 7.07 NA NA 0.71
NWEQ Northwest Equity Corp. of WI 11.42 11.42 0.77 6.16 5.57 0.97 7.83 NA NA 0.59
NWSB Northwest SB, MHC of PA (29.9) 9.71 9.13 0.69 6.88 3.18 1.00 9.95 0.72 90.87 0.88
NSSY Norwalk Savings Society of CT* 8.06 7.77 0.97 12.51 7.56 1.11 14.32 2.09 56.84 1.70
NSSB Norwich Financial Corp. of CT* 10.98 9.86 1.03 9.62 5.99 0.97 9.05 1.29 151.12 2.83
NTMG Nutmeg FS&LA of CT 5.69 5.69 0.27 4.76 3.53 0.35 6.16 NA NA 0.60
OHSL OHSL Financial Corp. of OH 11.04 11.04 0.61 5.15 4.39 0.86 7.34 0.33 68.18 0.31
OCFC Ocean Fin. Corp. of NJ 17.82 17.82 -0.04 -0.29 -0.17 0.95 6.33 0.64 69.12 0.88
OCWN Ocwen Financial Corp. of FL 8.50 8.50 2.70 32.38 6.20 1.96 23.50 4.10 19.90 1.19
OFCP Ottawa Financial Corp. of MI 8.84 7.08 0.43 4.52 2.77 0.74 7.76 0.32 112.76 0.42
PFFB PFF Bancorp of Pomona CA 10.47 10.36 0.12 0.99 0.78 0.45 3.71 1.76 59.73 1.46
PSFI PS Financial of Chicago IL 43.22 43.22 1.92 4.46 4.51 1.98 4.59 0.43 57.23 0.52
PVFC PVF Capital Corp. of OH 7.02 7.02 1.05 15.54 7.25 1.35 19.98 1.20 61.53 0.79
PCCI Pacific Crest Capital of CA* 7.22 7.22 1.05 13.05 6.95 0.89 11.08 1.29 79.26 1.67
PALM Palfed, Inc. of Aiken SC 8.11 8.11 0.06 0.70 0.44 0.57 6.99 2.12 51.22 1.32
PBCI Pamrapo Bancorp, Inc. of NJ 12.80 12.70 0.84 5.70 5.10 1.18 8.04 3.10 23.30 1.29
PFED Park Bancorp of Chicago IL 21.69 21.69 0.77 4.08 3.24 1.07 5.70 0.21 134.41 0.73
PVSA Parkvale Financial Corp of PA 7.48 7.41 0.72 9.56 5.89 1.07 14.31 0.27 537.53 1.97
PBIX Patriot Bank Corp. of PA 8.09 8.09 0.47 4.26 2.97 0.65 5.81 0.13 242.39 0.65
PEEK Peekskill Fin. Corp. of NY 25.58 25.58 1.07 3.73 3.91 1.37 4.79 1.22 27.97 1.35
PFSB PennFed Fin. Services of NJ 7.53 6.21 0.57 7.10 4.52 0.85 10.57 NA NA 0.28
PWBC PennFirst Bancorp of PA 7.07 6.45 0.43 5.89 4.68 0.64 8.84 0.58 86.14 1.57
PWBK Pennwood SB of PA* 19.47 19.47 0.61 3.89 2.97 0.97 6.17 1.13 57.64 1.40
PBKB People's SB of Brockton MA* 5.61 5.37 0.80 14.39 7.03 0.47 8.56 0.88 91.08 1.65
PFDC Peoples Bancorp of Auburn IN 15.18 15.18 1.10 7.20 5.04 1.45 9.47 0.36 83.87 0.38
PBCT Peoples Bank, MHC of CT (37.4)* 8.41 8.40 1.10 13.64 4.63 0.88 10.87 0.90 121.39 1.60
PFFC Peoples Fin. Corp. of OH 26.90 26.90 0.08 0.31 0.30 0.40 1.48 0.01 NA 0.41
PHBK Peoples Heritage Fin Grp of ME* 8.20 6.93 1.24 14.94 5.17 1.32 15.95 NA NA 1.66
PHSB Peoples Home SB of PA 17.31 17.31 0.39 2.23 2.29 0.81 4.67 NA NA 1.40
PBNB Peoples Sav. Fin. Corp. of CT(8)* 9.60 9.00 0.93 9.31 5.12 0.92 9.26 0.54 70.66 0.69
PSFC Peoples Sidney Fin. Corp of OH 23.26 23.26 0.92 3.97 3.61 1.21 5.18 1.00 42.00 0.45
PERM Permanent Bancorp of IN 9.23 9.15 0.32 3.27 2.49 0.60 6.18 1.11 45.38 1.00
PMFI Perpetual Midwest Fin. of IA 8.50 8.50 0.09 0.99 0.95 0.26 2.87 0.41 172.00 0.94
PERT Perpetual of SC, MHC (46.8) 13.29 13.29 0.75 6.48 2.60 1.06 9.13 NA NA 1.01
PCBC Perry Co. Fin. Corp. of MO 18.85 18.85 0.71 3.66 3.28 0.96 4.97 0.05 64.10 0.20
PHFC Pittsburgh Home Fin. of PA 11.47 11.33 0.57 4.63 3.53 0.81 6.56 1.60 32.18 0.76
PFSL Pocahnts Fed, MHC of AR (46.4) 6.38 6.38 0.58 9.56 6.09 0.81 13.35 NA NA NA
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MWBX Metro West of MA* 13.14 220.55 16.19 220.55 12.88 0.12 1.86 24.49
MCBS Mid Continent Bancshares of KS 17.29 158.88 15.96 158.88 15.13 0.40 1.32 22.86
MIFC Mid Iowa Financial Corp. of IA 14.84 141.58 12.88 141.79 11.31 0.08 0.84 12.50
MCBN Mid-Coast Bancorp of ME 23.81 113.79 9.80 113.79 15.34 0.52 2.08 49.52
MWBI Midwest Bancshares, Inc. of IA 18.89 125.41 8.70 125.41 11.43 0.60 1.73 32.61
MWFD Midwest Fed. Fin. Corp of WI 16.81 182.93 15.76 190.43 17.26 0.34 1.74 29.31
MFFC Milton Fed. Fin. Corp. of OH NM 124.73 18.38 124.73 25.67 0.60 4.25 NM
MIVI Miss. View Hold. Co. of MN 25.86 96.46 17.61 96.46 17.44 0.16 1.07 27.59
MBSP Mitchell Bancorp of NC* NM 103.80 44.96 103.80 26.84 0.00 0.00 0.00
MBBC Monterey Bay Bancorp of CA NM 116.24 12.48 126.76 28.51 0.12 0.74 38.71
MONT Montgomery Financial Corp ofIN NM 107.49 19.26 107.49 28.71 0.00 0.00 0.00
MSBK Mutual SB, FSB of Bay City MI NM 110.10 6.61 110.10 NM 0.00 0.00 0.00
NHTB NH Thrift Bancshares of NH NM 141.67 10.60 167.18 25.00 0.50 3.08 NM
NSLB NS&L Bancorp of Neosho MO NM 101.65 20.26 101.65 26.81 0.50 3.01 NM
NMSB Newmil Bancorp. of CT* 18.65 149.08 14.86 149.08 19.24 0.24 1.98 36.92
NASB North American SB of MO 13.77 217.66 17.36 224.96 14.17 0.80 1.51 20.78
NBSI North Bancshares of Chicago IL NM 122.23 17.86 122.23 27.92 0.48 2.23 NM
FFFD North Central Bancshares of IA 16.20 108.66 26.72 108.66 13.91 0.25 1.50 24.27
NBN Northeast Bancorp of ME* 23.05 109.34 7.60 126.50 24.18 0.32 2.17 50.00
NEIB Northeast Indiana Bncrp of IN 19.15 121.05 18.36 121.05 16.22 0.32 1.78 34.04
NWEQ Northwest Equity Corp. of WI 17.94 117.85 13.45 117.85 14.12 0.52 3.41 61.18
NWSB Northwest SB, MHC of PA (29.9) NM 212.29 20.62 225.90 21.75 0.32 1.82 57.14
NSSY Norwalk Savings Society of CT* 13.22 154.66 12.46 160.40 11.55 0.40 1.25 16.53
NSSB Norwich Financial Corp. of CT* 16.69 157.20 17.27 175.18 17.75 0.56 2.50 41.79
NTMG Nutmeg FS&LA of CT 28.29 130.88 7.45 130.88 21.86 0.00 0.00 0.00
OHSL OHSL Financial Corp. of OH 22.80 117.24 12.94 117.24 15.99 0.88 3.57 NM
OCFC Ocean Fin. Corp. of NJ NM 127.73 22.76 127.73 26.82 0.80 2.29 NM
OCWN Ocwen Financial Corp. of FL 16.12 NM 42.23 NM 22.21 0.00 0.00 0.00
OFCP Ottawa Financial Corp. of MI NM 167.55 14.82 209.37 21.04 0.40 1.58 57.14
PFFB PFF Bancorp of Pomona CA NM 135.66 14.21 137.21 NM 0.00 0.00 0.00
PSFI PS Financial of Chicago IL 22.15 98.25 42.46 98.25 21.50 0.32 2.19 48.48
PVFC PVF Capital Corp. of OH 13.80 197.31 13.86 197.31 10.73 0.00 0.00 0.00
PCCI Pacific Crest Capital of CA* 14.39 181.12 13.07 181.12 16.94 0.00 0.00 0.00
PALM Palfed, Inc. of Aiken SC NM 158.89 12.88 158.89 22.86 0.12 0.75 NM
PBCI Pamrapo Bancorp, Inc. of NJ 19.63 127.81 16.37 128.91 13.91 1.00 4.76 NM
PFED Park Bancorp of Chicago IL NM 103.09 22.36 103.09 22.12 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 16.97 156.16 11.67 157.48 11.34 0.52 1.86 31.52
PBIX Patriot Bank Corp. of PA NM 155.42 12.57 155.42 24.65 0.35 2.00 67.31
PEEK Peekskill Fin. Corp. of NY 25.59 110.18 28.19 110.18 19.90 0.36 2.23 57.14
PFSB PennFed Fin. Services of NJ 22.13 152.79 11.50 185.30 14.86 0.28 0.94 20.74
PWBC PennFirst Bancorp of PA 21.38 127.25 9.00 139.48 14.25 0.33 2.03 43.42
PWBK Pennwood SB of PA* NM 101.31 19.73 101.31 21.23 0.32 2.06 69.57
PBKB People's SB of Brockton MA* 14.22 192.53 10.80 200.97 23.91 0.44 2.67 37.93
PFDC Peoples Bancorp of Auburn IN 19.85 142.78 21.68 142.78 15.08 0.60 2.22 44.12
PBCT Peoples Bank, MHC of CT (37.4)* 21.62 NM 23.29 NM 27.12 0.67 2.33 50.38
PFFC Peoples Fin. Corp. of OH NM 104.26 28.05 104.26 NM 0.50 2.96 NM
PHBK Peoples Heritage Fin Grp of ME* 19.35 246.03 20.18 NM 18.13 0.76 1.89 36.54
PHSB Peoples Home SB of PA NM 97.49 16.87 97.49 20.90 0.00 0.00 0.00
PBNB Peoples Sav. Fin. Corp. of CT(8)* 19.55 178.20 17.12 190.18 19.63 0.92 2.14 41.82
PSFC Peoples Sidney Fin. Corp of OH 27.68 110.01 25.59 110.01 21.23 0.20 1.29 35.71
PERM Permanent Bancorp of IN NM 135.17 12.47 136.32 21.28 0.40 1.55 62.50
PMFI Perpetual Midwest Fin. of IA NM 107.22 9.11 107.22 NM 0.30 1.58 NM
PERT Perpetual of SC, MHC (46.8) NM 195.53 25.98 195.53 27.30 1.40 3.64 NM
PCBC Perry Co. Fin. Corp. of MO NM 113.91 21.48 113.91 22.49 0.40 1.87 57.14
PHFC Pittsburgh Home Fin. of PA 28.33 123.19 14.12 124.63 20.00 0.24 1.41 40.00
PFSL Pocahnts Fed, MHC of AR (46.4) 16.42 150.58 9.60 150.58 11.76 0.90 4.09 67.16
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
POBS Portsmouth Bank Shrs Inc of NH(8)* 25.12 25.12 2.24 8.99 5.71 1.95 7.85 0.38 69.08 0.70
PTRS Potters Financial Corp of OH 8.91 8.91 0.31 3.45 3.06 0.67 7.45 0.83 231.18 3.23
PKPS Poughkeepsie Fin. Corp. of NY 8.41 8.41 0.21 2.47 1.76 0.47 5.65 NA NA 1.45
PRBC Prestige Bancorp of PA 11.69 11.69 0.27 2.17 2.02 0.58 4.61 0.30 85.33 0.38
PETE Primary Bank of NH(8)* 6.62 6.61 0.84 13.14 6.46 0.83 12.98 0.80 77.36 1.08
PFNC Progress Financial Corp. of PA 5.21 4.56 0.45 8.54 3.65 0.56 10.49 1.46 51.92 1.08
PSBK Progressive Bank, Inc. of NY* 8.35 7.40 1.10 13.22 8.37 1.10 13.27 0.85 131.46 1.65
PROV Provident Fin. Holdings of CA 14.22 14.22 0.23 1.72 1.34 0.11 0.86 1.97 44.11 1.03
PULB Pulaski SB, MHC of MO (29.0) 12.59 12.59 0.49 3.91 1.91 0.78 6.24 NA NA 0.33
PLSK Pulaski SB, MHC of NJ (46.0) 12.01 12.01 0.28 2.34 1.71 0.64 5.29 NA NA NA
PULS Pulse Bancorp of S. River NJ 7.80 7.80 0.72 8.50 5.82 1.08 12.71 0.69 65.20 1.93
QCFB QCF Bancorp of Virginia MN 17.64 17.64 1.24 6.25 5.28 1.24 6.25 NA NA NA
QCBC Quaker City Bancorp of CA 8.91 8.90 0.32 3.45 2.50 0.58 6.28 1.31 NA NA
QCSB Queens County Bancorp of NY* 14.98 14.98 1.72 10.82 4.37 1.75 10.97 0.68 95.23 0.74
RCSB RCSB Financial, Inc. of NY(8)* 7.85 7.65 0.96 12.26 5.19 0.96 12.17 0.76 83.90 1.18
RARB Raritan Bancorp. of Raritan NJ* 7.68 7.54 0.93 12.31 6.30 1.01 13.41 0.29 297.45 1.29
REDF RedFed Bancorp of Redlands CA 8.18 8.17 0.12 1.71 0.91 0.47 6.50 3.26 34.86 1.33
RELY Reliance Bancorp, Inc. of NY 8.04 5.63 0.56 6.63 4.02 0.85 10.11 NA NA 0.57
RELI Reliance Bancshares Inc of WI(8)* 61.06 61.06 1.32 2.16 2.94 1.32 2.16 NA NA 0.52
RIVR River Valley Bancorp of IN 12.36 12.17 -0.18 -1.46 -1.35 -0.18 -1.46 0.12 700.00 1.06
RSLN Roslyn Bancorp, Inc. of NY* 21.57 21.46 0.35 1.63 0.97 1.42 6.61 0.27 278.21 3.46
RVSB Rvrview SB,FSB MHC of WA(41.7)(8) 11.16 10.11 0.92 8.38 3.02 1.17 10.71 0.10 372.65 0.54
SCCB S. Carolina Comm. Bnshrs of SC 25.95 25.95 0.82 2.99 2.06 1.10 4.03 1.78 35.52 0.81
SBFL SB Fngr Lakes MHC of NY (33.1) 9.45 9.45 0.07 0.71 0.44 0.49 4.77 0.69 76.89 1.16
SFED SFS Bancorp of Schenectady NY 12.99 12.99 0.46 3.46 3.20 0.83 6.22 0.69 58.23 0.57
SGVB SGV Bancorp of W. Covina CA 7.27 7.14 0.14 1.66 1.48 0.37 4.29 0.61 49.82 0.42
SISB SIS Bancorp Inc of MA* 7.22 7.22 1.45 19.63 11.35 1.44 19.46 0.47 244.29 2.48
SWCB Sandwich Co-Op. Bank of MA* 8.24 7.86 0.94 11.30 6.64 0.95 11.45 1.28 62.63 1.13
SECP Security Capital Corp. of WI(8) 15.85 15.85 1.15 7.17 4.52 1.38 8.57 0.12 918.65 1.44
SFSL Security First Corp. of OH 9.36 9.20 1.10 11.88 7.76 1.39 15.04 0.26 301.46 0.87
SMFC Sho-Me Fin. Corp. of MO(8) 9.54 9.54 0.91 8.67 4.58 1.08 10.31 0.14 425.11 0.66
SOBI Sobieski Bancorp of S. Bend IN 15.41 15.41 0.29 1.67 1.83 0.58 3.35 0.25 102.04 0.35
SOSA Somerset Savings Bank of MA(8)* 5.90 5.90 0.58 10.29 5.10 0.58 10.29 6.28 22.01 1.81
SSFC South Street Fin. Corp. of NC* 25.44 25.44 0.77 4.27 1.87 1.03 5.74 0.27 65.44 0.39
SCBS Southern Commun. Bncshrs of AL 20.77 20.77 0.62 3.01 2.54 1.11 5.34 2.28 50.34 2.02
SMBC Southern Missouri Bncrp of MO 15.67 15.67 1.03 6.46 5.91 1.01 6.33 1.10 37.60 0.64
SWBI Southwest Bancshares of IL 10.78 10.78 0.75 6.86 5.01 1.05 9.56 0.30 67.34 0.28
SVRN Sovereign Bancorp of PA 4.04 2.97 0.41 10.32 3.42 0.68 17.07 0.57 78.85 0.72
STFR St. Francis Cap. Corp. of WI 8.10 7.13 0.59 6.39 4.25 0.69 7.56 0.27 143.07 0.88
SPBC St. Paul Bancorp, Inc. of IL 8.74 8.71 0.68 7.65 3.62 1.00 11.30 0.32 232.75 1.09
STND Standard Fin. of Chicago IL(8) 10.90 10.88 0.47 4.12 2.65 0.71 6.18 NA NA 0.49
SFFC StateFed Financial Corp. of IA 17.60 17.60 1.04 5.60 4.87 1.27 6.87 NA NA NA
SFIN Statewide Fin. Corp. of NJ 9.30 9.28 0.51 5.01 3.89 0.89 8.74 0.49 80.61 0.81
STSA Sterling Financial Corp. of WA 3.99 3.39 0.07 1.61 0.95 0.31 7.71 0.61 79.43 0.82
SFSB SuburbFed Fin. Corp. of IL 6.56 6.54 0.33 4.93 3.80 0.54 8.08 0.27 75.49 0.33
ROSE T R Financial Corp. of NY* 6.17 6.17 0.98 15.64 6.28 0.85 13.69 NA NA 0.80
THRD TF Financial Corp. of PA 10.84 9.45 0.54 4.44 4.05 0.76 6.24 0.33 88.83 0.60
TPNZ Tappan Zee Fin., Inc. of NY 17.92 17.92 0.69 4.14 3.13 0.64 3.82 NA NA 1.18
ESBK The Elmira SB FSB of Elmira NY* 6.30 6.03 0.28 4.48 3.75 0.27 4.28 0.83 76.33 0.80
GRTR The Greater New York SB of NY(8)* 6.27 6.27 0.46 7.69 3.75 0.40 6.62 NA NA 1.71
TSBS Trenton SB, FSB MHC of NJ(35.0 16.65 15.22 1.36 7.47 4.05 1.20 6.58 0.77 59.50 0.75
TRIC Tri-County Bancorp of WY 15.31 15.31 0.76 4.72 4.31 0.99 6.14 0.05 965.12 1.16
TWIN Twin City Bancorp of TN 12.92 12.92 0.57 4.36 3.49 0.79 6.04 0.16 130.95 0.29
UFRM United FS&LA of Rocky Mount NC 7.60 7.60 0.22 2.86 1.55 0.47 6.02 0.58 135.44 0.98
UBMT United Fin. Corp. of MT 22.65 22.65 1.09 4.70 3.96 1.34 5.80 0.42 16.41 0.21
VABF Va. Beach Fed. Fin. Corp of VA 6.79 6.79 0.15 2.19 1.33 0.41 6.09 1.26 56.59 0.93
</TABLE>
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
POBS Portsmouth Bank Shrs Inc of NH(8)* 17.52 158.84 39.91 158.84 20.08 0.60 3.36 58.82
PTRS Potters Financial Corp of OH NM 114.59 10.20 114.59 15.12 0.36 1.47 48.00
PKPS Poughkeepsie Fin. Corp. of NY NM 138.09 11.61 138.09 24.81 0.10 1.26 71.43
PRBC Prestige Bancorp of PA NM 98.51 11.51 98.51 23.34 0.12 0.76 37.50
PETE Primary Bank of NH(8)* 15.48 188.13 12.45 188.54 15.66 0.00 0.00 0.00
PFNC Progress Financial Corp. of PA 27.41 220.48 11.49 NM 22.33 0.12 1.00 27.27
PSBK Progressive Bank, Inc. of NY* 11.95 155.03 12.95 175.00 11.90 0.68 2.29 27.31
PROV Provident Fin. Holdings of CA NM 113.54 16.15 113.54 NM 0.00 0.00 0.00
PULB Pulaski SB, MHC of MO (29.0) NM 204.65 25.76 204.65 NM 1.00 4.55 NM
PLSK Pulaski SB, MHC of NJ (46.0) NM 136.72 16.42 136.72 25.85 0.30 2.23 NM
PULS Pulse Bancorp of S. River NJ 17.20 153.59 11.98 153.59 11.50 0.70 3.48 59.83
QCFB QCF Bancorp of Virginia MN 18.94 136.24 24.04 136.24 18.94 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA NM 135.23 12.05 135.41 21.98 0.00 0.00 0.00
QCSB Queens County Bancorp of NY* 22.88 NM 37.99 NM 22.58 1.00 1.95 44.64
RCSB RCSB Financial, Inc. of NY(8)* 19.27 236.28 18.54 242.43 19.41 0.60 1.17 22.56
RARB Raritan Bancorp. of Raritan NJ* 15.86 183.41 14.08 186.84 14.56 0.48 2.09 33.10
REDF RedFed Bancorp of Redlands CA NM 159.11 13.01 159.27 28.95 0.00 0.00 0.00
RELY Reliance Bancorp, Inc. of NY 24.89 163.57 13.15 233.39 16.31 0.64 2.22 55.17
RELI Reliance Bancshares Inc of WI(8)* NM 73.34 44.78 73.34 NM 0.00 0.00 0.00
RIVR River Valley Bancorp of IN NM 107.86 13.33 109.54 NM 0.00 0.00 NM
RSLN Roslyn Bancorp, Inc. of NY* NM 168.68 36.38 169.52 25.54 0.20 0.84 NM
RVSB Rvrview SB,FSB MHC of WA(41.7)(8) NM NM 29.61 NM 25.94 0.24 0.87 28.92
SCCB S. Carolina Comm. Bnshrs of SC NM 147.57 38.30 147.57 NM 0.60 2.38 NM
SBFL SB Fngr Lakes MHC of NY (33.1) NM 163.00 15.41 163.00 NM 0.40 2.18 NM
SFED SFS Bancorp of Schenectady NY NM 108.63 14.11 108.63 17.36 0.28 1.49 46.67
SGVB SGV Bancorp of W. Covina CA NM 119.82 8.71 122.09 26.09 0.00 0.00 0.00
SISB SIS Bancorp Inc of MA* 8.81 160.98 11.62 160.98 8.89 0.56 1.91 16.87
SWCB Sandwich Co-Op. Bank of MA* 15.07 164.23 13.54 172.28 14.87 1.20 3.56 53.57
SECP Security Capital Corp. of WI(8) 22.10 154.88 24.55 154.88 18.49 1.20 1.23 27.27
SFSL Security First Corp. of OH 12.89 138.89 13.00 141.39 10.19 0.32 1.94 25.00
SMFC Sho-Me Fin. Corp. of MO(8) 21.86 197.37 18.83 197.37 18.39 0.00 0.00 0.00
SOBI Sobieski Bancorp of S. Bend IN NM 102.12 15.73 102.12 27.28 0.28 1.71 NM
SOSA Somerset Savings Bank of MA(8)* 19.61 190.81 11.26 190.81 19.61 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* NM 138.79 35.30 138.79 NM 0.40 2.13 NM
SCBS Southern Commun. Bncshrs of AL NM 118.42 24.59 118.42 22.18 0.30 1.90 75.00
SMBC Southern Missouri Bncrp of MO 16.91 108.83 17.05 108.83 17.25 0.50 2.90 49.02
SWBI Southwest Bancshares of IL 19.95 137.33 14.81 137.33 14.31 0.76 3.66 73.08
SVRN Sovereign Bancorp of PA 29.20 NM 10.93 NM 17.65 0.08 0.50 14.55
STFR St. Francis Cap. Corp. of WI 23.53 151.64 12.28 172.33 19.89 0.48 1.33 31.37
SPBC St. Paul Bancorp, Inc. of IL 27.62 205.98 18.00 206.70 18.70 0.40 1.68 46.51
STND Standard Fin. of Chicago IL(8) NM 153.14 16.69 153.32 25.12 0.40 1.56 58.82
SFFC StateFed Financial Corp. of IA 20.52 113.58 19.99 113.58 16.73 0.40 1.84 37.74
SFIN Statewide Fin. Corp. of NJ 25.71 136.26 12.68 136.57 14.75 0.40 2.22 57.14
STSA Sterling Financial Corp. of WA NM 170.10 6.79 200.42 22.09 0.00 0.00 0.00
SFSB SuburbFed Fin. Corp. of IL 26.34 126.57 8.31 127.11 16.09 0.32 1.19 31.37
ROSE T R Financial Corp. of NY* 15.93 235.31 14.51 235.31 18.19 0.60 2.13 33.90
THRD TF Financial Corp. of PA 24.68 114.10 12.37 130.87 17.57 0.40 2.05 50.63
TPNZ Tappan Zee Fin., Inc. of NY NM 118.71 21.27 118.71 NM 0.28 1.68 53.85
ESBK The Elmira SB FSB of Elmira NY* 26.69 119.53 7.53 124.87 27.94 0.64 2.69 71.91
GRTR The Greater New York SB of NY(8)* 26.67 195.23 12.24 195.23 NM 0.20 0.87 23.26
TSBS Trenton SB, FSB MHC of NJ(35.0 24.70 179.81 29.94 196.68 28.04 0.35 1.69 41.67
TRIC Tri-County Bancorp of WY 23.19 107.26 16.43 107.26 17.84 0.60 2.59 60.00
TWIN Twin City Bancorp of TN 28.66 126.72 16.38 126.72 20.68 0.64 3.19 NM
UFRM United FS&LA of Rocky Mount NC NM 182.84 13.90 182.84 NM 0.24 1.96 NM
UBMT United Fin. Corp. of MT 25.27 119.05 26.96 119.05 20.47 0.96 4.04 NM
VABF Va. Beach Fed. Fin. Corp of VA NM 162.85 11.05 162.85 27.00 0.20 1.48 NM
</TABLE>
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 1, 1997
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
VFFC Virginia First Savings of VA(8) 8.06 7.78 1.36 17.14 7.66 1.25 15.72 2.29 47.29 1.19
WHGB WHG Bancshares of MD 21.88 21.88 0.74 3.28 3.06 0.74 3.28 0.39 57.59 0.28
WSFS WSFS Financial Corp. of DE* 5.13 5.08 1.30 22.90 9.27 1.31 23.06 1.70 96.79 2.65
WVFC WVS Financial Corp. of PA* 12.72 12.72 1.08 8.12 5.96 1.34 10.10 0.31 229.86 1.31
WRNB Warren Bancorp of Peabody MA* 10.10 10.10 2.09 22.34 10.94 1.73 18.48 1.15 98.45 1.79
WFSL Washington FS&LA of Seattle WA 11.55 10.40 1.65 14.21 6.58 1.83 15.74 0.73 59.65 0.60
WAMU Washington Mutual Inc. of WA* 5.02 4.73 0.24 4.44 0.98 0.70 13.19 NA NA 1.12
WYNE Wayne Bancorp of NJ 14.55 14.55 0.37 2.61 2.03 0.37 2.61 0.91 83.50 1.15
WAYN Wayne S&L Co. MHC of OH (47.8) 9.16 9.16 0.29 3.14 1.66 0.66 7.16 0.70 51.61 0.43
WCFB Wbstr Cty FSB MHC of IA (45.2) 23.56 23.56 1.01 4.44 2.79 1.35 5.89 0.27 141.96 0.67
WBST Webster Financial Corp. of CT 5.08 4.27 0.34 6.63 2.34 0.69 13.47 0.85 103.47 1.45
WEFC Wells Fin. Corp. of Wells MN 14.23 14.23 0.63 4.42 4.00 1.02 7.11 NA NA NA
WCBI WestCo Bancorp of IL 15.57 15.57 1.09 7.05 5.32 1.41 9.06 0.60 47.07 0.38
WSTR WesterFed Fin. Corp. of MT 10.98 8.67 0.56 4.33 2.81 0.78 5.99 0.25 NA NA
WOFC Western Ohio Fin. Corp. of OH 13.41 12.64 0.31 2.02 2.13 0.44 2.90 0.96 45.88 0.59
WWFC Westwood Fin. Corp. of NJ 9.22 8.17 0.43 4.44 3.13 0.80 8.22 0.14 146.31 0.54
WEHO Westwood Hmstd Fin Corp of OH 30.96 30.96 0.55 2.11 1.42 0.93 3.54 0.06 255.81 0.21
WFCO Winton Financial Corp. of OH 7.13 6.95 0.66 8.78 5.42 0.84 11.18 NA NA 0.33
FFWD Wood Bancorp of OH 12.70 12.70 1.00 7.48 6.80 1.24 9.24 0.10 346.50 0.41
YFCB Yonkers Fin. Corp. of NY 15.30 15.30 0.84 5.28 3.91 1.16 7.25 0.57 65.11 1.02
YFED York Financial Corp. of PA 8.43 8.43 0.60 7.20 4.31 0.77 9.28 2.39 23.05 0.64
</TABLE>
<TABLE>
<CAPTION>
Pricing Ratios Dividend Data(6)
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
VFFC Virginia First Savings of VA(8) 13.05 208.11 16.78 215.51 14.23 0.10 0.42 5.52
WHGB WHG Bancshares of MD NM 109.79 24.02 109.79 NM 0.20 1.30 42.55
WSFS WSFS Financial Corp. of DE* 10.79 247.93 12.72 NM 10.71 0.00 0.00 0.00
WVFC WVS Financial Corp. of PA* 16.77 134.15 17.07 134.15 13.48 0.80 2.91 48.78
WRNB Warren Bancorp of Peabody MA* 9.14 186.53 18.84 186.53 11.04 0.52 2.89 26.40
WFSL Washington FS&LA of Seattle WA 15.19 200.50 23.16 222.62 13.71 0.92 3.26 49.46
WAMU Washington Mutual Inc. of WA* NM NM 18.80 NM NM 1.08 1.58 NM
WYNE Wayne Bancorp of NJ NM 117.21 17.06 117.21 NM 0.20 1.01 50.00
WAYN Wayne S&L Co. MHC of OH (47.8) NM 187.26 17.16 187.26 26.37 0.62 3.22 NM
WCFB Wbstr Cty FSB MHC of IA (45.2) NM 157.89 37.20 157.89 27.05 0.80 4.85 NM
WBST Webster Financial Corp. of CT NM 215.00 10.92 NM 21.02 0.80 1.57 67.23
WEFC Wells Fin. Corp. of Wells MN 25.00 109.07 15.52 109.07 15.53 0.48 3.00 NM
WCBI WestCo Bancorp of IL 18.80 132.12 20.57 132.12 14.63 0.60 2.33 43.80
WSTR WesterFed Fin. Corp. of MT NM 125.38 13.76 158.68 25.69 0.42 1.82 64.62
WOFC Western Ohio Fin. Corp. of OH NM 96.94 13.00 102.88 NM 1.00 4.44 NM
WWFC Westwood Fin. Corp. of NJ NM 138.95 12.81 156.84 17.29 0.20 0.93 29.85
WEHO Westwood Hmstd Fin Corp of OH NM 109.54 33.91 109.54 NM 0.28 1.81 NM
WFCO Winton Financial Corp. of OH 18.45 147.76 10.53 151.52 14.49 0.46 2.97 54.76
FFWD Wood Bancorp of OH 14.71 107.84 13.70 107.84 11.90 0.40 2.67 39.22
YFCB Yonkers Fin. Corp. of NY 25.55 125.15 19.14 125.15 18.61 0.24 1.40 35.82
YFED York Financial Corp. of PA 23.20 160.83 13.55 160.83 18.00 0.60 2.67 61.86
</TABLE>
<PAGE>
EXHIBIT 2
Core Earnings Analysis
<PAGE>
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Core Earnings Analysis
Comparable Institution Analysis
For the Twelve Months Ended March 31, 1997
<TABLE>
<CAPTION>
Estimated
Net Income Less: Net Tax Effect Less: Extd Core Income Estimated
to Common Gains(Loss) @ 34% Items to Common Shares Core EPS
__________ ___________ __________ __________ __________ __________ __________
($000) ($000) $000) ($000) ($000) ($000) ($)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Comparable Group
BWFC Bank West Fin. Corp. of MI 1,053 -473 161 0 741 1,783 0.42
CMRN Cameron Fin. Corp. of MO 2,077 749 -255 0 2,571 2,682 0.96
EFBI Enterprise Fed. Bancorp of OH(1) 1,506 212 -72 0 1,646 2,011 0.82
FFHH FSF Financial Corp. of MN 2,234 989 -336 0 2,887 3,033 0.95
FFBA First Colorado Bancorp of Co(1)(5) 4,280 -77 26 0 4,229 16,561 1.02
FWWB First Savings Bancorp of WA 9,314 -701 238 0 8,851 10,519 0.84
HRZB Horizon Financial Corp. of WA 7,803 -269 91 0 7,625 7,417 1.03
KFBI Klamath First Bancorp of OR 5,856 4,252 -1,446 0 8,662 10,019 0.86
UBMT United Fin. Corp. of MT 1,150 400 -136 0 1,414 1,223 1.16
WSTR WesterFed Fin. Corp. of MT 3,596 2,151 -731 0 5,016 5,565 0.90
</TABLE>
(1) Financial information is for the quarter ending December 31, 1996.
(5) Figures are for one quarter of financial data, EPS figures are annualized.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
EXHIBIT 3
Pro Forma Analysis Sheet
<PAGE>
Exhibit 3
PRO FORMA ANALYSIS SHEET
Riverview Savings Bank, FSB
Prices as of August 1, 1997
<TABLE>
<CAPTION>
Peer Group Washington Companies All SAIF Insured
Price Multiple Symbol Subject (1) Mean Median Mean Median Mean Median
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Price-earnings ratio = P/E 16.9x 22.87x 24.28x 19.18x 15.19x 21.47x 21.90x
Price-book ratio = P/B 95.14% 130.55% 125.91% 171.39% 186.48% 137.67% 132.72%
Price-tangible book ratio = P/TB 99.75% 135.58% 130.45% 182.63% 207.46% 140.66% 136.34%
Price-assets ratio = P/A 18.36% 20.79% 20.85% 18.89% 20.37% 17.19% 15.75%
</TABLE>
<TABLE>
<CAPTION>
Valuation Parameters
<S> <C> <C> <C>
Pre-Conversion Earnings (Y) $2,118,000 ESOP Stock Purchases (E) 8.00%
Pre-Conversion Book Value (B) $25,812,000 Cost of ESOP Borrowings (S) 0.(4)
Pre-Conv. Tang. Book Value (TB) $23,565,000 ESOP Amortization (T) 10.years
Pre-Conversion Assets (A) $229,511,000 RRP Amount (M) 4.00%
Reinvestment Rate (2)(R) 3.96% RRP Vesting (N) 5.years
Est. Conversion Expenses (3)(X) 3.23% Percentage Sold (PCT) 58.27%
Tax rate (TAX) 34.00%
</TABLE>
<TABLE>
<CAPTION>
Calculation of Pro Forma Value After Conversion
<S> <C> <C>
1. V= P/E * Y V= $46,336,022
-----------------------------------------------------------
1 - P/E * PCT * ((1-X-E-M)*R - (1-TAX)*E/T - (1-TAX)*M/N)
2. V= P/B * B V= $46,336,022
-----------------------------------
1 - P/B * PCT * (1-X-E-M)
3. V= P/TB * TB V= $46,336,022
----------------------------------------------------------
1 - P/TB * PCT * (1-X-E-M)
4. V= P/A * A V= $46,336,022
----------------------------------------------------------
1 - P/A * PCT * (1-X-E-M)
</TABLE>
Full
Gross Exchange Conversion
Conclusion Proceeds Ratio Value
Minimum $22,950,000 1.6299 $39,385,619
Midpoint $27,000,000 1.9175 $46,336,022
Maximum $31,050,000 2.2051 $53,286,425
Supermaximum Value $35,707,500 2.5359 $61,279,389
(1) Pricing ratios shown reflect the midpoint of the offering.
(2) Net return reflects a reinvestment rate of 6.00 percent, and a tax rate
of 34.00 percent.
(3) Estimated offering expenses based on prospectus.
(4) No cost is applicable since holding company will fund the ESOP loan.
<PAGE>
EXHIBIT 4
Pro Forma Effect of Conversion Proceeds
<PAGE>
Exhibit 4
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Riverview Savings Bank, FSB
At the Minimum Value
<TABLE>
<CAPTION>
<S> <C> <C>
1. Conversion Proceeds
Full Conversion Value $39,385,619
Exchange Ratio 1.6299
Offering Proceeds $22,950,000
Less: Estimated Offering Expenses 815,510
Net Conversion Proceeds $22,134,490
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $22,134,490
Less: Non-Cash Stock Purchases (1) 2,754,000
Net Proceeds Reinvested $19,380,490
Estimated net incremental rate of return 3.96%
Earnings Increase $767,467
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 121,176
Less: Recognition Plan Vesting (4) 121,176
Net Earnings Increase $525,115
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
<S> <C> <C> <C> <C>
12 Months ended June 30, 1997 (reported) $2,118,000 $525,115 $2,643,115
12 Months ended June 30, 1997 (core) $2,666,000 $525,115 $3,191,115
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
Reported as of June 30, 1997 $25,812,000 $19,380,490 $45,192,490
Tangible as of June 30, 1997 $23,565,000 $19,380,490 $42,945,490
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
Reported as of June 30, 1997 $229,511,000 $19,380,490 $248,891,490
</TABLE>
(1) Includes ESOP and Recognition Plan stock purchases equal to 8.0 percent and
4.0 percent of the offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 34.00 percent rate.
(4) Recognition plan is vested over five years, amortization expense is
tax-effected at a 34.00 percent rate.
<PAGE>
Exhibit 4
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Riverview Savings Bank, FSB
At the Midpoint Value
<TABLE>
<CAPTION>
<S> <C> <C>
1. Conversion Proceeds $46,336,022
Full Conversion Value 1.9175
Exchange Ratio
Offering Proceeds $27,000,000
Less: Estimated Offering Expenses 871,400
Net Conversion Proceeds $26,128,600
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $26,128,600
Less: Non-Cash Stock Purchases (1) 3,240,000
Net Proceeds Reinvested $22,888,600
Estimated net incremental rate of return 3.96%
Earnings Increase $906,389
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 142,560
Less: Recognition Plan Vesting (4) 142,560
Net Earnings Increase $621,269
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
<S> <C> <C> <C> <C>
12 Months ended June 30, 1997 (reported) $2,118,000 $621,269 $2,739,269
12 Months ended June 30, 1997 (core) $2,666,000 $621,269 $3,287,269
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
Reported as of June 30, 1997 $25,812,000 $22,888,600 $48,700,600
Tangible as of June 30, 1997 $23,565,000 $22,888,600 $46,453,600
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
Reported as of June 30, 1997 $229,511,000 $22,888,600 $252,399,600
</TABLE>
(1) Includes ESOP and Recognition Plan stock purchases equal to 8.0 percent and
4.0 percent of the offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 34.00 percent rate.
(4) Recognition plan is vested over five years, amortization expense is
tax-effected at a 34.00 percent rate.
<PAGE>
Exhibit 4
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Riverview Savings Bank, FSB
At the Maximum Value
<TABLE>
<CAPTION>
<S> <C> <C>
1. Conversion Proceeds
Full Conversion Value $53,286,425
Exchange Ratio 2.2051
Offering Proceeds $31,050,000
Less: Estimated Offering Expenses 927,290
Net Conversion Proceeds $30,122,710
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $30,122,710
Less: Non-Cash Stock Purchases (1) 3,726,000
Net Proceeds Reinvested $26,396,710
Estimated net incremental rate of return 3.96%
Earnings Increase $1,045,310
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 163,944
Less: Recognition Plan Vesting (4) 163,944
Net Earnings Increase $717,422
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
<S> <C> <C> <C> <C>
12 Months ended June 30, 1997 (reported) $2,118,000 $717,422 $2,835,422
12 Months ended June 30, 1997 (core) $2,666,000 $717,422 $3,383,422
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
Reported as of June 30, 1997 $25,812,000 $26,396,710 $52,208,710
Tangible as of June 30, 1997 $23,565,000 $26,396,710 $49,961,710
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
Reported as of June 30, 1997 $229,511,000 $26,396,710 $255,907,710
</TABLE>
(1) Includes ESOP and Recognition Plan stock purchases equal to 8.0 percent and
4.0 percent of the offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 34.00 percent rate.
(4) Recognition plan is vested over five years, amortization expense is
tax-effected at a 34.00 percent rate.
<PAGE>
Exhibit 4
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Riverview Savings Bank, FSB
At the Supermaximum Value
<TABLE>
<CAPTION>
<S> <C> <C>
1. Conversion Proceeds
Full Conversion Value $61,279,389
Exchange Ratio 2.5359
Offering Proceeds $35,707,500
Less: Estimated Offering Expenses 991,564
Net Conversion Proceeds $34,715,936
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $34,715,936
Less: Non-Cash Stock Purchases (1) 4,284,900
Net Proceeds Reinvested $30,431,036
Estimated net incremental rate of return 3.96%
Earnings Increase $1,205,069
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 188,536
Less: Recognition Plan Vesting (4) 188,536
Net Earnings Increase $827,998
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
<S> <C> <C> <C> <C>
12 Months ended June 30, 1997 (reported) $2,118,000 $827,998 $2,945,998
12 Months ended June 30, 1997 (core) $2,666,000 $827,998 $3,493,998
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
Reported as of June 30, 1997 $25,812,000 $30,431,036 $56,243,036
Tangible as of June 30, 1997 $23,565,000 $30,431,036 $53,996,036
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
June 30, 1997 $229,511,000 $30,431,036 $259,942,036
</TABLE>
(1) Includes ESOP and Recognition Plan stock purchases equal to 8.0 percent and
4.0 percent of the offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 34.00 percent rate.
(4) Recognition plan is vested over five years, amortization expense is
tax-effected at a 34.00 percent rate.
<PAGE>
EXHIBIT 5
Firm Qualifications Statement
<PAGE>
RP FINANCIAL, LC.
FINANCIAL SERVICES INDUSTRY CONSULTANTS FIRM QUALIFICATION STATEMENT
RP Financial provides financial and management consulting and valuation services
to the financial services industry nationwide, particularly federally-insured
financial institutions. RP Financial establishes long-term client relationships
through its wide array of services, emphasis on quality and timeliness, hands-on
involvement by our principals and senior consulting staff, and careful
structuring of strategic plans and transactions. RP Financial's staff draws from
backgrounds in consulting, regulatory agencies and investment banking, thereby
providing our clients with considerable resources.
STRATEGIC AND CAPITAL PLANNING
RP Financial's strategic and capital planning services are designed to provide
effective workable plans with quantifiable results. Through a program known as
SAFE (Strategic Alternatives Financial Evaluations), RP Financial analyzes
strategic options to enhance shareholder value or other established objectives.
Our planning services involve conducting situation analyses; establishing
mission statements, strategic goals and objectives; and identifying strategies
for enhancement of franchise value, capital management and planning, earnings
improvement and operational issues. Strategy development typically includes the
following areas: capital formation and management, asset/liability targets,
profitability, return on equity and market value of stock. Our proprietary
financial simulation model provides the basis for evaluating the financial
impact of alternative strategies and assessing the feasibility/compatibility of
such strategies with regulations and/or other guidelines.
MERGER AND ACQUISITION SERVICES
RP Financial's merger and acquisition (M&A) services include targeting
candidates and potential acquirors, assessing acquisition merit, conducting
detailed due diligence, negotiating and structuring transactions, preparing
merger business plans and financial simulations, rendering fairness opinions and
assisting in implementing post-acquisition strategies. Through our financial
simulations, comprehensive in-house data bases, valuation expertise and
regulatory knowledge, RP Financial's M&A consulting focuses on structuring
transactions to enhance shareholder returns.
VALUATION SERVICES
RP Financial's extensive valuation practice includes valuations for a variety of
purposes including mergers and acquisitions, mutual-to-stock conversions, ESOPs,
subsidiary companies, mark-to-market transactions, loan and servicing
portfolios, non-traded securities, core deposits, FAS 107 (fair market value
disclosure), FAS 122 (loan servicing rights) and FAS 123 (stock options). Our
principals and staff are highly experienced in performing valuation appraisals
which conform with regulatory guidelines and appraisal industry standards. RP
Financial is the nation's leading valuation firm for mutual-to-stock conversions
of thrift institutions.
OTHER CONSULTING SERVICES AND DATA BASES
RP Financial offers a variety of other services including branching strategies,
feasibility studies and special research studies, which are complemented by our
quantitative and computer skills. RP Financial's consulting services are aided
by its in-house data base resources for commercial banks and savings
institutions and proprietary valuation and financial simulation models.
YEAR 2000 SERVICES
RP Financial, through a relationship with a computer research and development
company with a proprietary methodology, offers Year 2000 advisory and conversion
services to financial institutions which are more cost effective and less
disruptive than most other providers of such service.
RP Financial's Key Personnel (Years of Relevant Experience)
Ronald S. Riggins, Managing Director (17)
William E. Pommerening, Managing Director (13)
Gregory E. Dunn, Senior Vice President (15)
James P. Hennessey, Senior Vice President (12)
James J. Oren, Vice President (10)
Timothy M. Biddle, Vice President (8)
WASHINGTON HEADQUARTERS
Rosslyn Center
1700 North Moore Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788
