<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 12, 1997
REGISTRATION NO. 333-29793
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PRE-EFFECTIVE AMENDMENT NO. 2
TO FORM SB-2
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
(INCLUDING EXHIBITS)
LANDMARK FINANCIAL CORP.
(Name of Small Business Issuer in Its Charter )
DELAWARE 6712 (TO BE APPLIED FOR)
(State or Jurisdiction (Primary Standard (I.R.S. Employer
of Incorporation or Industrial Classification Code Identification No.)
Organization) Number)
26 CHURCH STREET
CANAJOHARIE, NEW YORK 13117
(518) 673-2012
(Address and Telephone Number
of Principal Executive Offices)
26 CHURCH STREET
CANAJOHARIE, NEW YORK 13117
(Address of Principle Place of
Business or Intended Principal
Place of Business)
GORDON E. COLEMAN
CHIEF EXECUTIVE OFFICER
26 CHURCH STREET
CANAJOHARIE, NEW YORK 13117
(518) 673-2012
(Name, Address and Telephone Number
of Agent for Service)
COPIES TO:
ERIC LUSE, ESQ.
ALAN SCHICK, ESQ.
LUSE LEHMAN GORMAN POMERENK & SCHICK, P.C.
5335 WISCONSIN AVENUE, N.W.
SUITE 400
WASHINGTON, D.C. 20015
APPROXIMATE DATE OF PROPOSED SALE TO THE PUBLIC: As soon as practicable after
this registration statement becomes effective.
If this Form is filed to register additional shares 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 the delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box: / /
If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box: /x/
<PAGE>
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
Proposed
Proposed maximum
Number of maximum aggregate Amount of
Title of each class of Shares to be offering price offering price registration fee
securities to be registered registered per share (1) (2)
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------
Common Stock, $.10 par value per share 152,000 $10.00 $1,520,000 $0.00
- --------------------------------
</TABLE>
(1) Estimated solely for the purpose of calculating the registration fee.
(2) A Filing fee of $475.00 was paid with the initial registration statement
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS
REGISTRATION SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION
8(A) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL
BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION,
ACTING PURSUANT TO SAID SECTION 8(A), MAY DETERMINE
- -----------------------------------------------------------------------------
<PAGE>
PROSPECTUS
LANDMARK FINANCIAL CORP.
(Proposed Holding Company for Landmark Community Bank)
Up to 132,000 Shares of Common Stock
(Anticipated Maximum)
Landmark Financial Corp. (the "Company"), a Delaware corporation, is
offering up to 132,000 shares of its common stock, par value $.10 per share
(the "Common Stock"), in connection with the conversion of Landmark Community
Bank (the "Bank"), from a federally chartered mutual savings bank to a
federally chartered stock savings bank, and the issuance of all of the Bank's
outstanding capital stock to the Company pursuant to the Bank's Plan of
Conversion (the "Plan" or "Plan of Conversion"). The simultaneous conversion
of the Bank to stock form, the issuance of the Bank's outstanding common
stock to the Company and the Company's sale of its Common Stock are referred
to herein as the "Stock Conversion." As soon as possible following completion
of the Stock Conversion pursuant to the Plan, the Bank intends to convert
from a federally chartered stock savings bank (the "Converted Bank") to
either a national bank or New York-chartered commercial bank (the "Bank
Conversion"). References to the Bank include the federal stock savings bank,
the national bank or New York-chartered commercial bank, as indicated by the
context. The purpose of the Bank Conversion is to provide the Bank with
additional operating flexibility and to enhance its ability to provide a full
range of banking products and services to its community. It is presently the
(continued on following page)
FOR INFORMATION ON HOW TO SUBSCRIBE FOR SHARES OF COMMON STOCK, CALL THE
STOCK INFORMATION CENTER AT
(___ )________.
FOR A DISCUSSION OF CERTAIN FACTORS THAT SHOULD BE CONSIDERED BY EACH
PROSPECTIVE INVESTOR, SEE "RISK FACTORS" BEGINNING ON PAGE __.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION, THE OFFICE OF THRIFT SUPERVISION, OR ANY OTHER FEDERAL
AGENCY OR ANY STATE SECURITIES COMMISSION, NOR HAS SUCH COMMISSION,
OFFICE OR OTHER AGENCY OR ANY STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
THE SHARES OF COMMON STOCK OFFERED HEREBY ARE NOT SAVINGS ACCOUNTS OR
DEPOSITS AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION ("FDIC"), THE BANK INSURANCE FUND ("BIF"), THE SAVINGS ASSOCIATION
INSURANCE FUND ("SAIF") OR ANY OTHER GOVERNMENT AGENCY.
<TABLE>
<CAPTION>
ESTIMATED UNDERWRITING FEES
PURCHASE PRICE(1) AND OTHER EXPENSES(2) ESTIMATED NET PROCEEDS(2)
-------------------- ---------------------------- -------------------------
<S> <C> <C> <C>
Minimum Per Share............................ $ 10.00 $ 1.53 $ 8.47
Midpoint Per Share........................... $ 10.00 $ 1.30 $ 8.70
Maximum Per Share............................ $ 10.00 $ 1.14 $ 8.86
Maximum Per Share, as adjusted(3)............ $ 10.00 $ 0.99 $ 9.01
Total Minimum................................ $ 980,000 $ 150,000 $ 830,000
Total Midpoint............................... $ 1,150,000 $ 150,000 $ 1,000,000
Total Maximum................................ $ 1,320,000 $ 150,000 $ 1,170,000
Total Maximum, as adjusted(3)................ $ 1,520,000 $ 150,000 $ 1,370,000
</TABLE>
(footnotes on second following page)
COMPANY ADVISOR
TRIDENT FINANCIAL CORPORATION
The date of this Prospectus is August __, 1997.
<PAGE>
(continued from preceding page)
intent of the Bank's Board of Directors to proceed with both the Conversion
and the Bank Conversion. However, there can be no assurance that the Bank
will obtain regulatory approval to consummate the Bank Conversion, that any
such approval might not contain burdensome conditions, that there will be no
significant delay in obtaining such approvals, or that other developments
will not occur that cause the Board of Directors to conclude that the Bank
Conversion is not in the best interests of the Company and its stockholders.
Under these circumstances, the Board of Directors may elect not to proceed
with the Bank Conversion. See "Risk Factors--Potential Delay in Completion or
Denial of Bank Conversion." The Conversion and the Bank Conversion are herein
collectively referred to as the "Conversion." References herein to the Bank
refer to Landmark Community Bank both in its mutual and stock form as the
context may indicate.
Non-transferable rights to subscribe for the Common Stock have been
granted, in order of priority, to (i) the Bank's deposit account holders with
deposits of at least $50 as of December 31, 1995 ("Eligible Account
Holders"), (ii) tax-qualified employee stock benefit plans of the Bank
("Tax-Qualified Employee Plans"), (iii) the Bank's deposit account holders
with deposits of at least $50 as of June 30, 1997 ("Supplemental Eligible
Account Holders") (iv) certain other depositors as of August 1, 1997 and
borrowers as of April 1, 1997 ("Other Members"), and (v) officers, directors
and employees of the Bank in a subscription offering (the "Subscription
Offering"). Pursuant to Office of Thrift Supervision ("OTS") regulations,
subscription rights are non-transferable. Persons violating the prohibition
against transfer may lose their right to purchase stock in the Stock
Conversion and be subject to other possible sanctions. Concurrently with or
immediately following the Subscription Offering, and subject to the prior
rights of holders of Subscription Rights, any shares of Common Stock not
subscribed for in the Subscription Offering are being offered in a community
offering to certain members of the general public to whom a prospectus is
delivered (the "Community Offering"), with a preference given to natural
persons residing in Montgomery County, the county in which the Bank is
located (the "Local Community"). In the event that shares of Common Stock
remain unsold after the Subscription Offering and Community Offering, the
Boards of Directors of the Company and the Bank will seek to make
arrangements for the sale of the remaining shares. Such arrangements will be
subject to the approval of the OTS and to compliance with applicable
securities laws. The Subscription and Community Offerings are referred to
collectively as the "Offerings."
The Bank's Employee Stock Ownership Plan ("ESOP") intends to subscribe
for up to 8% of the total number of shares of Common Stock issued in the
Stock Conversion; however, the Bank reserves the right to have all or part of
the order of the ESOP filled by purchases in the open market, subject to OTS
approval, if required. Shares sold above the maximum of the Estimated
Valuation Range (as hereinafter defined) may be sold to the ESOP to fill its
subscription (prior to filling any other orders). With the exception of the
ESOP, no individual Eligible Account Holder, Supplemental Eligible Account
Holder or Other Member may purchase in the Subscription Offering shares of
Common Stock having an aggregate purchase price which exceeds $50,000; no
person or other entity, together with associates of and persons or entities
acting in concert with such person or entity, may purchase in the Community
Offering shares of Common Stock having an aggregate purchase price which
exceeds $50,000; and no person or other entity, together with associates and
persons acting in concert with such person or entity, may purchase in the
aggregate shares of Common Stock having an aggregate purchase price which
exceeds the lesser of $50,000 or 5.0% of the shares sold in the Stock
Conversion. However, the Bank and the Company in their sole discretion may
increase or decrease the purchase limitations without notice to members or
subscribers, provided that the aggregate purchase limit may not be reduced
below 1.0% of the shares offered. The minimum purchase is 25 shares. See "The
Conversion--Offering of Common Stock--Limitations on Purchase of Shares."
The Company may, in its absolute discretion, accept or reject, in whole
or in part, any or all orders in the Community Offering at the time of
receipt of an order or as soon as practicable following the completion of
such offerings. All orders submitted are irrevocable until completion or
termination of the Stock Conversion. Subscriptions paid by cash, check, bank
draft or money order will be placed in a segregated account at the Bank and
will earn interest at the rate of 3.2%, the rate currently paid by the Bank
on passbook savings accounts, from the date of receipt until completion or
termination of the Stock Conversion. Payments may be authorized by withdrawal
from deposit accounts at the Bank without penalty and will continue to earn
interest at the contractual rate until the Stock Conversion is completed or
terminated; these funds will be otherwise unavailable to the depositor until
such time. See "The Conversion-- Offering of Common Stock--Subscription
Offering" and "--Community Offering."
<PAGE>
The Company must receive an original stock order form (the "Stock Order
Form") (facsimile copies and photocopies will not be accepted) and a fully
executed separate Certification Form together with full payment (or
appropriate instructions authorizing a withdrawal from a deposit account at
the Bank) of $10.00 per share for all shares for which subscription is made,
at the executive office of the Bank, 26 Church Street, Canajoharie, New York
13317, by Noon, local time, on September 16, 1997. Payment for shares of
Common Stock by wire transfer will not be accepted.
The Subscription Offering will terminate at Noon, Local Time, on
September 16, 1997 (the "Expiration Date"), unless extended at the discretion
of the Company and the Bank without notice to subscribers, with the approval
of the OTS, if necessary. The Community Offering may commence simultaneously
with or following the completion of the Subscription Offering and may
terminate on the Expiration Date or any date thereafter at the discretion of
the Bank and the Company but not later than 45 days after the Expiration Date
unless extended with the approval of the OTS.
If the Offerings are extended beyond 45 days after the Expiration Date
(i.e., October 31, 1997), all subscribers will be notified of such extension,
of their rights to modify or confirm their subscriptions or to rescind their
subscriptions and have their funds returned promptly with interest, and of
the time period within which the subscriber must notify the Bank of his
intention to modify, confirm or rescind his subscription. In the event the
value of an updated independent appraisal of the pro forma market value of
the Company and the Bank, as converted, is less than $980,000 at the minimum,
or more than $1,520,000 at the adjusted maximum, and the Company determines
to sell an amount outside of this range to its subscribers, all subscribers
must be resolicited with an updated prospectus. The failure of a subscriber
to notify the Bank of his intention during a resolicitation will be deemed a
rescission of the subscription and the funds will be returned promptly with
interest. Under applicable OTS regulations, the Stock Conversion must be
completed or terminated no later than 24 months from the approval of the
Stock Conversion by the Bank's members.
There is currently no market for the Common Stock, and it is unlikely
that an active and liquid trading market for the Common Stock will develop.
There can be no assurance that purchasers will be able to sell their shares
at or above the Purchase Price after the Stock Conversion. See "Market for
Common Stock."
- ------------------------
(footnotes for preceding table)
(1) Determined in accordance with an independent appraisal prepared by FinPro,
Inc. ("FinPro") as of June 19, 1997. The estimated pro forma market value
of the Company and the Bank, as converted, ranges from $980,000, at the
minimum, or more than $1,320,000, at the maximum, with an adjusted
maximum of $1,520,000 ("Estimated Valuation Range") or between 98,000 and
132,000 shares with an adjusted maximum of 152,000 shares of Common Stock
at the purchase price of $10.00 per share, which is the amount
established by the Board of Directors to be paid for each share of Common
Stock sold in the Offerings ("Purchase Price"). See "The
Conversion--Stock Pricing and Number of Shares to be Issued." The
valuation by FinPro is not intended and must not be construed as a
recommendation of any kind as to the advisability of voting to approve
the Stock Conversion or of purchasing shares of Common Stock. Moreover,
because the valuation is necessarily based upon estimates of and
projections as to a number of matters (including certain assumptions as
to expense factors affecting the net proceeds from the sale of Common
Stock in the Stock Conversion and as to the net earnings on such net
proceeds), all of which are subject to change from time to time, no
assurance can be given that persons who purchase such shares in the Stock
Conversion will be able to sell such shares thereafter at or above the
Purchase Price.
(2) Consists of the estimated expenses of $150,000, which includes, among
other things, printing, postage, legal, accounting, appraisal and filing
fees. See "Pro Forma Data."
(3) Gives effect to an increase in the number of shares sold which could occur
without a resolicitation of subscribers or any right of cancellation due
to an increase in the Estimated Valuation Range of up to 15% above the
maximum of the Estimated Valuation Range to reflect changes in market and
financial conditions following commencement of the Offerings or to fill
in part or in whole the order of the ESOP. See "The Conversion--Stock
Pricing and Number of Shares to be Issued."
<PAGE>
[(INSERT)MAP HERE]
THE STOCK CONVERSION IS CONTINGENT UPON THE APPROVAL OF THE PLAN BY THE
MEMBERS OF THE BANK, THE SALE OF AT LEAST THE MINIMUM NUMBER OF SHARES OF COMMON
STOCK TO BE ISSUED PURSUANT TO THE PLAN AND THE RECEIPT OF ALL APPLICABLE
REGULATORY APPROVALS.
<PAGE>
PROSPECTUS SUMMARY
The following summary does not purport to be complete. It is qualified in
its entirety by the detailed information and Financial Statements and Notes
thereto appearing elsewhere in this Prospectus. The purchase of Common Stock
is subject to certain risks. See "Risk Factors."
LANDMARK COMMUNITY BANK
Landmark Community Bank is a federally chartered savings bank
headquartered in Canajoharie, New York. The Bank was originally chartered as
a New York savings and loan association in 1925 under the name Canajoharie
Building Savings and Loan Association. In 1997, the Bank converted to a
federal mutual charter and assumed its current name. Its deposits are insured
up to the maximum allowable amount by the Savings Association Insurance Fund
("SAIF") of the Federal Deposit Insurance Corporation ("FDIC"). At March 31,
1997, the Bank had total assets of $11.3 million, deposits of $10.2 million
and retained earnings of $956,000.
The Bank has been, and intends to continue to be, a community-oriented
financial institution offering selected financial services to meet the needs
of the communities it serves. The Bank attracts deposits from the general
public and historically has used such deposits, together with other funds, to
originate one- to four-family residential mortgage loans, and in recent
periods commercial real estate loans, commercial business loans and consumer
loans consisting primarily of personal loans secured by automobiles. At March
31, 1997, the Bank's total loan portfolio was $9.6 million, of which $7.2
million or 74.9% were one-to four-family residential mortgage loans,
$392,000, or 4.1% were commercial real estate loans, $1.8 million, or 19.0%
were consumer loans and $195,000, or 2.0% were commercial business loans.
During the year ended March 31, 1997, the Bank originated $3.8 million of
fixed-rate and $1.8 million of adjustable rate loans, all of which were
retained in the Bank's portfolio. See "Business -- Lending Activities."
The Bank's executive office is located at 26 Church Street, Canajoharie,
New York 13317-1117. Its telephone number at that address is (518) 673-2012.
Landmark Financial Corp.
Landmark Financial Corp. was organized in June 1997 for the purpose of
serving as the holding company for the Converted Bank upon its conversion
from mutual to stock form, and of the Bank following the Bank Conversion.
Prior to the Conversion, the Company has not engaged and will not engage in
any material operations. Upon consummation of the Stock Conversion, the
Company will have no significant assets other than the outstanding capital
stock of the Converted Bank, up to 20% of the net proceeds from the Stock
Conversion (less the amount to fund the Employee Stock Ownership Plan) and a
note evidencing its loan to the Bank's ESOP. Upon consummation of the Stock
Conversion, the Company's principal business will be directing the business
of the Converted Bank, as the case may be, and investing the net Stock
Conversion proceeds retained by it. In connection with the Bank Conversion,
the Company intends to register with the Board of Governors of the Federal
Reserve System (the "FRB") as a bank holding company under the Bank Holding
Company Act of 1956, as amended (the "BHCA").
The directors and executive officers of the Company and the Bank believe
that it is in the best interests of the Bank, the Company and the Company's
shareholders for the Company and the Savings Bank to remain independent, with
the objective of long-term enhancement of shareholder value. Accordingly, an
investment in the Common Stock of the Company may not be suitable for
investors who are seeking short-term returns through a sale of the
institution.
4
<PAGE>
BANK CONVERSION
Following completion of the Stock Conversion, the Bank intends to convert
to either a national bank or New York-chartered commercial bank. Upon
consummation of the Bank Conversion, the Bank will succeed to all of the
assets and liabilities of the Converted Bank, and initially will continue to
conduct business in substantially the same manner as the Bank prior to the
Conversion. Over time, however, management anticipates broadening its range
of banking products and services consistent with a national or commercial
bank charter. Diversification of the Bank's loan portfolio may also alter the
risk profile of the Bank following the Bank Conversion.
The deposits of the Bank will continue to be insured by the SAIF of the
FDIC and, as such, the Bank will continue to be subject to regulation and
supervision by the FDIC. Following the Bank Conversion, the Bank will not be
subject to OTS regulation and supervision; rather, the primary regulator of
the Bank will be either the Office of the Comptroller of the Currency ("OCC")
if the Bank converts to a national bank charter, or the New York State
Banking Department (the "Department") if the Bank converts to a New York
commercial charter. The Bank will remain a member of the FHLB of New York.
THE STOCK CONVERSION
The Offerings are being made in connection with the Stock Conversion of
the Bank from a federally chartered mutual savings bank to a federally
chartered stock savings bank and the formation of Landmark Financial Corp. as
the holding company of the Bank. The Company will retain up to 20% of the net
proceeds of the issuance of the Common Stock and will use the remaining net
proceeds to purchase all of the stock of Landmark Community issued in the
Stock Conversion. Net Conversion proceeds will increase the capital of the
Bank and, consistent with regulatory restrictions, will support the Bank's
lending and investment activities. The conversion to stock form and the use
of a holding company structure are also expected to enhance the ability of
the Bank to expand through possible mergers and acquisitions and facilitate
future access to the capital markets. The Company will have additional
authorized shares of common stock and serial preferred stock available for
issuance to raise additional equity capital for future acquisitions or for
other business purposes, although the Company has no specific plans for
expansion and no present plans for the issuance of such securities. See "Use
of Proceeds" and "Description of Capital Stock -- Holding Company Capital
Stock."
Following consummation of the Stock Conversion, it is anticipated that
the Converted Bank will convert to either a national bank or New
York-chartered commercial bank. The Bank Conversion will be consummated as
soon as possible thereafter; provided, however, that under the Plan, the
Bank's Board of Directors has the ability to elect, at any time, not to
proceed with the Bank Conversion. Furthermore, there can be no assurance that
the Bank will obtain regulatory approval to consummate the Bank Conversion.
It is presently the intent of the Bank's Board of Directors to proceed with
both the Stock Conversion and the Bank Conversion. See "Risk
Factors--Potential Delay in Completion or Denial of Bank Conversion" and "The
Conversion--General."
The Stock Conversion is subject to certain conditions, including the
prior approval of the Plan by the Bank's members at a special meeting to be
held at ^ 3:00 p.m., local time on ^ September 23, 1997 (the "Special
Meeting"). Approval of the Plan requires the affirmative vote of members of
the Bank holding not less than a majority of the total number of votes
eligible to be cast at the Special Meeting. After the Stock Conversion,
depositors of the Bank will have no voting rights in the Company, unless they
become Company stockholders. Eligible Account Holders and Supplemental
Eligible Account Holders, however, will have certain liquidation rights in
the Bank. See "The Conversion -- Effects of Stock Conversion to Stock Form on
Depositors and Borrowers of the Bank -- Liquidation Rights."
SUBSCRIPTION AND COMMUNITY OFFERINGS. The Company is offering up to
132,000 shares of Common Stock, at a price of $10.00 per share, in the
Subscription and Community Offerings. The shares of Common Stock to be issued
in the Stock Conversion are being offered in the following order of priority:
(1) Eligible Account Holders (deposit account holders of the Bank with an
account balance of $50 or more as of December 31, 1995); (2) Tax-Qualified
Employee Plans; (3) Supplemental Eligible Account Holders (deposit account
holders of the Bank with
5
<PAGE>
an account balance of $50 or more as of June 30, 1997); (4) Other Members
(deposit account holders of the Bank as of ^ August 1, 1997, other than
Eligible Account Holders or Supplemental Eligible Account Holders); and (5)
employees, officers and directors of the Bank. In addition, the Tax-Qualified
Employee Plans shall have first priority Subscription Rights to the extent
that the total number of shares of Common Stock sold in the Stock Conversion
exceeds the maximum of the Estimated Valuation Range. Concurrently with,
during, or following the Subscription Offering, and subject to the prior
rights of holders of Subscription Rights, any shares of Common Stock not
subscribed for in the Subscription Offering are being offered in the
Community Offering to certain members of the general public to whom a
prospectus is delivered. See "The Conversion." The Company and the Bank
reserve the absolute right to accept or reject any orders in the Community
Offering, in whole or in part, either at the time of receipt of an order or
at any time prior to the consummation of the Stock Conversion.
It is anticipated that shares of Common Stock not otherwise subscribed
for in the Subscription Offering and Community Offering, if any, may be
offered at the discretion of the Company to certain members of the general
public. Any sale of the remaining shares will be subject to the approval of
the OTS and to compliance with applicable securities laws.
The Plan of Conversion places limitations on the number of shares that
may be purchased in the Stock Conversion by various categories of persons.
Except for the Tax-Qualified Employee Plans which intend to subscribe for 8%
of the total number of shares of Common Stock offered in the Stock
Conversion, no Eligible Account Holder, Supplemental Eligible Account Holder
or Other Member may purchase in their capacity as such in the Subscription
Offering shares of Common Stock having an aggregate purchase price which
exceeds $50,000; no person or other entity, together with associates of and
persons or entities acting in concert with such person or entity, may
purchase in the Community Offering shares of Common Stock having an aggregate
purchase price which exceeds $50,000; and no person or other entity, together
with associates of or persons acting in concert with such person or entity,
may purchase in the aggregate shares of Common Stock having an aggregate
purchase price which exceeds the lesser of $50,000 or 5.0% of the shares sold
in the Stock Conversion. The purchase limitations described herein are
subject to increase or decrease within the sole discretion of the Bank and
the Company. In the event the maximum purchase limitation is increased to 5%
of the shares offered, such limitation may be further increased up to 9.9%
provided that the orders exceeding 5% of the total shares offered do not in
the aggregate exceed 10% of the shares offered. Should the Bank increase the
maximum purchase limitation above 5% of the Common Stock offered, persons who
previously subscribed for the maximum number of shares will be given the
opportunity to subscribe for additional shares. Further, to the extent that
shares are available, each subscriber must subscribe for a minimum of 25
shares. See "The Conversion - Offering of Common Stock."
All Subscription Rights for Common Stock are non-transferable and will
expire at noon, Eastern Time on ^ September 16, 1997, unless the Subscription
Offering is extended by the Bank and the Company. The accompanying Stock
Order Form and executed certification, together with full payment for all
shares of Common Stock for which subscription is made, or appropriate
instructions authorizing withdrawal of such amount from one or more deposit
accounts at the Bank, must be received by the Company prior to that time or
any extension thereof. Under applicable federal regulations, all shares of
Common Stock must be sold in the Stock Conversion within 45 days after the
completion of the Subscription Offering, unless extended with OTS approval.
If the Conversion is not approved by the members at the Special Meeting,
no shares will be issued, the Stock Conversion will not take place, all
subscription funds received will be returned promptly with interest at the
Bank's current passbook rate, and all withdrawal authorizations will be
terminated. If the aggregate Purchase Price of the Common Stock sold in the
Stock Conversion is below $980,000 or above $1,520,000 (15% above the maximum
of the Estimated Valuation Range), or if the Offerings are extended beyond ^
October 31, 1997, subscribers will be permitted to modify or cancel their
subscriptions and to have their subscription funds returned promptly with
interest. In the event of such an extension, each subscriber will be notified
in writing of the time period within which the subscriber must notify the
Bank of his intention to maintain, modify or rescind his subscription. In the
event the subscriber does not respond in any manner to the Bank's notice, the
funds submitted will be refunded to the subscriber with interest at ^ 3.2%
per annum, the Bank's current passbook rate, and/or the subscriber's
withdrawal authorizations will be terminated.
6
<PAGE>
STOCK PRICING. The Purchase Price of the Common Stock in the Offerings
is a uniform price for all subscribers, including members of the Bank's board
of directors (the "Board of Directors") and management. The aggregate
Purchase Price is based upon an independent appraisal of the aggregate pro
forma market value of the Company and the Bank, as converted. The aggregate
pro forma market value was estimated by FinPro, an experienced conversion
appraisal firm independent of the Company and the Bank, to range from
$980,000 to $1,320,000 at June 19, 1997. Depending upon the final updated
valuation, the number of shares to be issued is subject to a maximum of
152,000 shares (15% above the maximum of the Estimated Valuation Range) and a
minimum of 98,000 shares. The appraisal should not be considered a
recommendation as to the advisability of purchasing shares of the Common
Stock. In preparing the appraisal, FinPro assumed the accuracy and
completeness of the financial and statistical information provided by the
Bank and did not independently value the Bank's assets and liabilities. The
Boards of Directors of the Company and the Bank have reviewed the appraisal
of FinPro and in determining the reasonableness and adequacy of such
appraisal consistent with OTS regulations and policies, have reviewed the
methodology and reasonableness of the assumptions utilized by FinPro in the
preparation of such appraisal. See "The Conversion--Stock Pricing and Number
of Shares to be Issued" for a description of the manner in which such
valuation was made and the limitations on its use. Subject to regulatory
approval, the Estimated Valuation Range may be increased or decreased to
reflect market and financial conditions prior to the completion of the Stock
Conversion and may be increased to permit an increase in the number of shares
of Common Stock sold in the Stock Conversion to cover any oversubscriptions
in the Offerings. The actual number of shares to be issued in the Stock
Conversion will not be determined until completion of the Offerings. No
resolicitation of subscribers will be made and subscribers will not be
permitted to modify or cancel their subscriptions unless the gross proceeds
from the sale of the Common Stock are below the minimum of the Estimated
Valuation Range or more than 15% above the maximum of the Estimated Valuation
Range. See "The Conversion--Stock Pricing and Number of Shares to be Issued."
The Estimated Valuation Range is necessarily based upon estimates of a
number of matters (including certain assumptions as to expense factors
affecting the net proceeds from the sale of Common Stock in the Stock
Conversion and as to the net earnings on such net proceeds), all of which are
subject to change from time to time. As a result, no assurance can be given
that persons who purchase such shares in the Stock Conversion will be able to
sell such shares thereafter at or above the Purchase Price.
Non-transferability of Subscription Rights. Prior to the completion of
the Stock Conversion, federal regulations prohibit any person from
transferring or entering into any agreement or understanding to transfer the
legal or beneficial ownership of the Subscription Rights issued under the
Plan or the shares of Common Stock to be issued upon their exercise. Persons
violating such prohibition may lose their right to purchase stock in the
Stock Conversion and may be subject to sanctions by the OTS. Each person
exercising Subscription Rights will be required to certify that a purchase of
Common Stock is solely for the purchaser's own account and that there is no
agreement or understanding regarding the sale or transfer of such shares. See
"The Conversion--Restrictions on Transferability."
USE OF PROCEEDS
The net proceeds from the sale of Common Stock in the Stock Conversion
are estimated to be approximately $830,000, $1.0 million, $1.17 million and
$1.37 million, respectively, based on the minimum, midpoint, maximum and 15%
above the maximum, of the Estimated Valuation Range. See "Pro Forma Data."
The Company will purchase all of the common stock of the Bank to be issued in
the Stock Conversion in exchange for 80% of the net proceeds from the
issuance of the Common Stock and will retain up to the remaining 20% of such
net proceeds as its initial capitalization (less funds loaned to the ESOP
sufficient to purchase up to 8% of shares sold in the Stock Conversion).
Subject to regulatory approval, the Company intends to lend a portion of the
net proceeds to the ESOP to facilitate its purchase of up to 8% of the Common
Stock sold in the Stock Conversion. It is anticipated that the funds will be
borrowed by the ESOP at an interest rate equal to the prime rate as published
in The Wall Street Journal on the closing date of the Stock Conversion, which
rate is currently 8.5%. It is anticipated that the ESOP loan will have a term
of 15 years. Based upon the issuance of shares at the minimum and maximum of
the Estimated Valuation Range, the loan to the ESOP to purchase 8% of the
Common Stock would be $78,400 and $105,600, respectively. The Bank intends to
make contributions to the ESOP in an amount to be determined by the Board of
Directors, but not less than the amount needed to pay any currently maturing
obligations under the loan made to the ESOP, subject
7
<PAGE>
to the Bank's continuing compliance with OTS capital requirements. These
contributions would be allocated among all eligible participants in
proportion to their compensation. See "Management--Benefit Plans--Employee
Stock Ownership Plan." The remaining net proceeds retained by the Company are
anticipated to be initially invested in short- and intermediate-term
securities and will be available as general working capital. Subject to
compliance with federal regulations, such funds may also be used to
repurchase the Common Stock. However, since the Company has not yet issued
stock, there is currently insufficient information upon which an intention to
repurchase stock could be based. For information regarding the possible
purchase of stock to implement a restricted stock plan following the Stock
Conversion, see "Use of Proceeds." The net proceeds to the Bank will become
part of the Converted Bank's general funds and will be used to support its
lending and investment activities, subject to applicable regulatory
restrictions. On an interim basis, such proceeds will be invested primarily
in short- and intermediate-term securities and will be available as general
working capital.
PURCHASES BY DIRECTORS AND EXECUTIVE OFFICERS
The directors and executive officers of the Bank have indicated their
intention to purchase in the Stock Conversion an aggregate of ^ $125,000 of
Common Stock (or ^ 12,500 shares, or approximately ^ 12.8%, 10.9%, 9.5%, or
8.2%, respectively, of the shares to be issued in the Stock Conversion at the
minimum, the midpoint, the maximum and 15% above the maximum of the Estimated
Valuation Range). There is no formal agreement among the executive officers
and directors and their affiliates regarding their purchases of Common Stock.
In addition, 8% of the shares issued in the Stock Conversion are expected to
be purchased by the Bank's ESOP. See "Management -- Benefit Plans --Employee
Stock Ownership Plan" and "Participation by Management."
BENEFITS OF CONVERSION TO DIRECTORS AND EXECUTIVE OFFICERS
EMPLOYEE STOCK OWNERSHIP PLAN. The Board of Directors of the Bank has
adopted an ESOP, a tax-qualified employee benefit plan for officers and
employees of the Company and the Bank. The ESOP intends to buy up to 8% of
the Common Stock issued in the Stock Conversion (approximately $78,400 to
$105,600 of the Common Stock based on the issuance of the minimum (98,000
shares) and the maximum (132,000 shares) of the Estimated Valuation Range and
the $10.00 per share Purchase Price). The ESOP will purchase the shares with
funds borrowed from the Company (which will fund the ESOP loan with a portion
of the net proceeds it retains from the Offering), and it is anticipated that
the ESOP will repay the loans through periodic tax-deductible contributions
from the Bank over a 15-year period. These contributions will increase the
compensation expense of the Bank. The Bank's contributions to the ESOP will
be allocated among participants on the basis of their compensation. See
"Management -- Benefit Plans -- Employee Stock Ownership Plan" for a
description of this plan.
OTHER STOCK BENEFIT PLANS. The Board of Directors of the Company intends
to adopt a Stock Option and Incentive Plan ("Stock Option Plan") and a
Recognition and Retention Plan ("RRP") to become effective upon no earlier
than six months following the Stock Conversion. It is anticipated that
certain of the directors and executive officers of the Company and the Bank
will receive awards under these plans. It is currently anticipated that the
Stock Option Plan and the RRP will be funded by shares subsequently
reacquired and held as treasury shares or through the issuance of authorized
but unissued stock of the Company, representing 10% and 4%, respectively, of
the shares sold in the Stock Conversion. To the extent the Stock Option Plan
and RRP are funded from authorized but unissued shares, the funding of such
plans will dilute existing shareholders by an aggregate of approximately
12.95%. See "Management -- Benefit Plans" for a description of these plans. ^
While stockholder approval is not required, the Stock Option Plan and the RRP
may be submitted for stockholder approval at an annual or a special meeting
of stockholders following the Stock Conversion, provided such meeting is held
at least six months following the Stock Conversion, or alternatively such
approval may not be sought until after one year following the Stock
Conversion. If such plans are adopted during the first year following the
Stock Conversion, they would be subject to certain allocation and other
requirements of the OTS, which would not apply after one year.
STOCK OPTION PLAN. Following consummation of the Stock Conversion, the
Company intends to adopt the Stock Option Plan for the benefit of the
directors, officers and employees of the Company and the Bank, pursuant to
which the Company intends to reserve a number of shares of Common Stock equal
to an aggregate of 10% of the
8
<PAGE>
Common Stock issued in the Stock Conversion (13,200 shares at the maximum of
the Estimated Valuation Range) for issuance pursuant to stock options and
stock appreciation rights. Under regulations that would be applicable to the
Converted Bank following the Conversion, if the Stock Option Plan is
submitted to and approved by the stockholders of the Company within one year
after completion of the Stock Conversion, no more than 30% of the shares
available under the Stock Option Plan could be granted to non-employee
directors, no more than 5% of the shares available could be granted to
individual non-employee directors, and no more than 25% of the shares
available could be granted to an individual officer. Under such
circumstances, it is expected that each non-employee director will receive an
option for the same number of shares. In addition, it is currently expected
that stock options will be granted to Mr. Gordon E. Coleman, the Bank's
President and Chief Executive Officer and to other officers of the Bank,
although no determination has been made at this time as to the amount of such
stock options. The Company currently anticipates that it will not implement
the Stock Option Plan until after one year following the Stock Conversion,
although it reserves the right to do so as early as six months following the
Stock Conversion. See "Management--Benefit Plans--Stock Option and Incentive
Plan."
RECOGNITION AND RETENTION PLAN. Following consummation of the Stock
Conversion, the Company intends to adopt the RRP for the benefit of the
directors, officers and employees of the Company and the Bank. The RRP is
expected to purchase a number of shares of Common Stock either from the
Company or in the open market equal to an aggregate of 4% of the Common Stock
issued in the Stock Conversion (5,280 shares at the maximum of the Estimated
Valuation Range). Assuming the Common Stock awarded pursuant to the RRP had a
value of $10.00 per share, the aggregate value of RRP awards would be $52,800
at the maximum of the Estimated Valuation Range. Under regulations that would
be applicable to the Converted Bank following the Conversion, if the RRP is
submitted to and approved by the stockholders of the Company within one year
after completion of the Stock Conversion, no more than 30% of the shares
available under the RRP could be granted to non-employee directors, no more
than 5% of the shares available could be granted to an individual
non-employee director, and no more than 25% of the shares available could be
granted to an individual officer. Under such circumstances each non-employee
director would receive an award for the same number of shares. It is
currently expected that awards will be granted to Mr. Coleman and to other
officers of the Bank, although no determination has been made at this time as
to the amount of such awards. Awards of Common Stock under the RRP will be at
no cost to the recipient. The Company currently anticipates that it will not
implement the RRP until after one year following the Stock Conversion,
although it reserves the right to do so as early as six months following the
Stock Conversion. See "Management--Benefit Plans--Recognition and Retention
Plan."
DIVIDENDS
The Company does not intend to initially pay dividends on the Common
Stock. Additionally, the Company will not undertake any action within a year
from the completion of the Conversion towards the furtherance of a return of
capital. The payment of dividends will be subject to determination and
declaration by the Board of Directors in its discretion, which will take into
account the Company's consolidated financial condition and results of
operations, tax considerations, industry standards, economic conditions,
regulatory restrictions on dividend payments by the Bank to the Company,
general business practices and other factors. See "Dividends," "Regulation --
Regulatory Capital Requirements" and "-- Limitations on Dividends and Other
Capital Distributions."
MARKET FOR COMMON STOCK
The Company has never issued capital stock to the public, and due to the
relatively small size of the Offerings, it is unlikely that an active and
liquid trading market will develop or be maintained. The Company has
requested that Trident Securities, Inc. ("Trident") undertake to match offers
to buy and sell the Conversion Stock and to list the Common Stock over the
counter through the National Daily Quotation System "Pink Sheets" published
by the National Quotation Bureau, Inc., and Trident has agreed to do so.
However, purchasers of Common Stock should have a long term investment intent
and recognize that the absence of an active and liquid trading market may
make it difficult to sell the Common Stock, and may have an adverse effect on
the price. See "Market for Common Stock."
9
<PAGE>
PROSPECTUS DELIVERY AND PROCEDURE FOR PURCHASING SHARES
To ensure that each purchaser receives a Prospectus at least 48 hours
prior to the Expiration Date in accordance with Rule 15c2-8 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), no Prospectus will be
mailed any later than five days prior to the Expiration Date or
hand-delivered any later than two days prior to such date. Execution of an
order form will confirm receipt of the Prospectus in accordance with Rule
15c2-8. Order forms will only be distributed with a Prospectus. The Bank is
not obligated to accept for processing orders not submitted on original order
forms. Order forms unaccompanied by an executed certification form will not
be accepted. Payment by check, money order, bank draft, cash or debit
authorization to an existing account at the Bank must accompany the order and
certification forms. No wire transfers will be accepted. The Bank is
prohibited from lending funds to any person or entity for the purpose of
purchasing shares of Common Stock in the Stock Conversion. See "The
Conversion--Method of Payment for Subscriptions."
In order to ensure that Eligible Account Holders, Supplemental Eligible
Account Holders and Other Members are properly identified as to their stock
purchase priorities, depositors as of the Eligibility Record Date, the
Supplemental Eligibility Record Date or the Voting Record Date must list all
deposit accounts on the stock order form, giving all names on each account
and the account numbers. Failure to list all account numbers may result in
the inability of the Company or the Bank to fill all or part of a
subscription order. In addition, registration of shares in a name or title
different from the names or titles listed on the account may adversely affect
such subscriber's purchase priority. See "The Conversion-- Method of Payment
for Subscriptions."
RISK FACTORS
See "Risk Factors" for information regarding recent losses, the adequacy
of the Bank's allowance for loan losses, growth of the Bank's consumer and
commercial lending operations, reliance on out of market deposits, increased
credit risks associated with national bank loan products, the potential delay
in completion or denial of the Bank Conversion, the Bank's reduced return on
equity after the Stock Conversion, interest rate risk exposure, potential
discouragement of takeover attempts resulting from takeover defensive
provisions, potential operational restrictions associated with regulatory
oversight, competition, potential increased costs of Conversion resulting
from a delayed offering, the Bank's ESOP compensation expense, absence of
active market for the common stock, absence of refund of offering
subscriptions on amendment to the Plan, and the possible adverse income tax
consequences of the distribution of subscription rights.
10
<PAGE>
SELECTED FINANCIAL INFORMATION AND OTHER DATA
Set forth below are selected financial and other data of the Bank at and
for the years indicated. The selected financial and other data does not
purport to be complete and is qualified in its entirety by reference to the
detailed information and Financial Statements and Notes thereto presented
elsewhere in this Prospectus.
<TABLE>
<CAPTION>
AT MARCH 31,
-----------------------------------------------------
1997 1996 1995 1994 1993
--------- --------- --------- --------- ---------
(IN THOUSANDS)
<S> <C> <C> <C> <C> <C>
Selected Financial Condition Data:
Total assets.................................................... $ 11,326 $ 7,606 $ 7,628 $ 8,212 $ 8,200
Cash and cash equivalents....................................... 709 1,351 881 1,495 1,413
Loans receivable, net........................................... 9,392 5,528 6,267 6,248 6,178
Trading account securities (1).................................. 69 -- -- -- --
Mortgage-backed securities:
Held to maturity.............................................. 257 340 206 255 319
Investment securities:
Held to maturity.............................................. 200 -- -- -- --
Available for sale............................................ 398 241 134 2 79
FHLB stock...................................................... 59 64 64 64 61
Deposits........................................................ 10,237 6,465 6,518 7,228 7,252
Advances by borrowers for taxes and insurance................... 107 95 155 148 127
Retained earnings--substantially restricted..................... 956 411 401 389 379
Retained earnings--unrestricted................................. -- 582 506 435 431
</TABLE>
- ------------------------
(1) Consists solely of Freddie Mac stock which was sold subsequent to March
31, 1997.
<TABLE>
<CAPTION>
YEARS ENDED MARCH 31,
-----------------------------------------------------
1997 1996 1995 1994 1993
--------- --------- --------- --------- ---------
(IN THOUSANDS)
<S> <C> <C> <C> <C> <C>
Selected Operations Data:
Total interest income..................................................... $ 688 $ 622 $ 565 $ 560 $ 624
Total interest expense.................................................... (326) (270) (225) (267) (352)
--------- --------- --------- --------- ---------
Net interest income..................................................... 362 352 340 293 272
Provision for loan losses................................................. (78) -- -- -- --
--------- --------- --------- --------- ---------
Net interest income after provision for loan losses....................... 284 352 340 293 272
Fees and service charges.................................................. 29 10 14 19 15
Other non-interest income................................................. 67 -- -- -- --
--------- --------- --------- --------- ---------
Total non-interest income................................................. 96 10 14 19 15
Total non-interest expense................................................ (434) (239) (242) (294) (263)
--------- --------- --------- --------- ---------
Income (loss) before taxes................................................ (54) 123 112 18 24
Income tax (provision) benefit............................................ 18 (38) (29) (4) (7)
--------- --------- --------- --------- ---------
Net income (loss)......................................................... $ (36) $ 85 $ 83 $ 14 $ 17
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
YEARS ENDED MARCH 31,
-----------------------------------------------------
1997 1996 1995 1994 1993
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Selected Operations Data:
Performance Ratios:
Return on assets (ratio of net income to average total assets)... (0.41)% 1.08)% 1.07% 0.17% 0.20%
Return on retained earnings (ratio of net income to average
equity)........................................................ (3.67)% 8.83% 9.55% 1.68% 2.07%
Interest rate spread information:
Average during period.......................................... 3.77% 4.13% 4.16% 3.29% 2.94%
End of period.................................................. 3.34% 4.25% 4.18% 3.36% 3.04%
Net interest margin (1).......................................... 4.23% 4.59% 4.52% 3.65% 3.42%
Ratio of operating expense to average total assets............... 4.89% 3.04% 3.11% 3.53% 3.19%
Ratio of average interest-earning assets to average
interest-bearing liabilities................................... 111.97% 114.46% 112.28% 110.84% 110.65%
Asset Quality Ratios:
Non-performing assets to total assets at end of period......... 0.41% 0.00% 0.00% 0.00% 0.00%
Allowance for loan losses to non-performing loans................ 235.32% 0.00% 0.00% 0.00% 0.00%
Allowance for loan losses to loans receivable, net............... 1.17% 0.58% 0.51% 0.51% 0.49%
Capital Ratios:
Net worth to total assets at end of period..................... 8.43% 13.56% 12.31% 10.03% 9.88%
Average net worthto average assets............................. 11.06% 12.27% 11.17% 9.94% 9.69%
Other Data:
Number of full-service offices................................... 1 1 1 1 1
</TABLE>
- ------------------------
(1) Net interest income divided by average interest earning assets.
12
<PAGE>
RECENT FINANCIAL DATA
Set forth below are selected financial and other data of the Bank at and
for the periods indicated. Information at June 30, 1997 and for the three
months ended June 30, 1997 and 1996 is unaudited. In the opinion of
management of the Bank, all adjustments, consisting only of normal recurring
adjustments necessary for a fair statement of results for or as of the
periods indicated, have been included. The results of operations and other
data for the three month period ended June 30, 1997 are not necessarily
indicative of the results of operations for the full fiscal year. The
selected financial and other data does not purport to be complete and is
qualified in its entirety by reference to the detailed information and
Financial Statements and Notes thereto presented elsewhere in this Prospectus.
AT AT
JUNE 30, MARCH 31,
1997 1997
--------- -----------
(IN THOUSANDS)
Selected Financial Condition Data:
Total assets....................................... $ 14,489 $ 11,326
Cash and cash equivalents.......................... 366 709
Loans receivable, net.............................. 12,624 9,392
Trading account securities......................... -- 69
Mortgage-backed securities:
Held to maturity................................. 106 257
Investment securities:
Held to maturity................................. 200 200
Available for sale............................... 601 398
FHLB stock......................................... 72 59
Deposits........................................... 13,198 10,237
Advances by borrowers for taxes and insurance...... 179 107
Retained earnings-substantially restricted......... 956 956
THREE MONTHS ENDED
JUNE 30,
--------------------
1997 1996
--------- ---------
Selected Operations Data:
Total interest income........................... $ 247 $152
Total interest expense.......................... (140) (67)
Net interest income........................... 107 85
Provision for loan losses....................... -- --
Net interest income after provision for
loan losses.................................. 107 85
Fees and service charges........................ 15 5
Other non-interest income....................... 14 --
Total non-interest income....................... 29 5
Total non-interest expense...................... (136) (66)
Income (loss) before taxes...................... -- 24
Income tax (provision) benefit.................. -- (9)
Net income (loss)............................... $ -- $ 15
13
<PAGE>
AT OR FOR THE THREE MONTHS
ENDED JUNE 30,
--------------------------
1997 1996
-------- ---------
Selected Operations Data:
Performance Ratios:
Return on assets (ratio of net income
to average total assets) (2)........... 0.00% 0.79%
Return on retained earnings (ratio of
net income to average equity) (2)...... 0.00% 5.99%
----
----
Interest rate spread information (2):
Average during period.................... 3.00% 4.00%
End of period............................ 2.92% 4.00%
Net interest margin (1)(2)................. 3.24% 4.56%
Ratio of operating expense to average
total assets (2)......................... 3.91% 3.42%
Ratio of average interest-earning asset
to average interest-bearing liabilities.. 105.66% 115.34%
Asset Quality Ratios:
Non-performing assets to total assets
at end of period....................... 0.50% --
Allowance for loan losses to
non-performing loans..................... 152.23% --
Allowance for loan losses to loans
receivable, net.......................... 0.87% 0.58%
Capital Ratios:
Net worth to total assets at end of
period................................. 6.61% 13.11%
Average net worth to average assets...... 6.90% 13.14%
Other Data:
Number of full-service offices........... 1 1
- ------------------------
(1) Net interest income divided by average interest earning assets.
(2) Annualized
FINANCIAL CONDITION
The Bank's total assets increased by $3.2 million, or 27.9%, to $14.5
million at June 30, 1997 from $11.3 million at March 31, 1997. The overall
increase in total assets was composed of a $3.2 million increase in loans
receivable, net, to $12.6 million at June 30, 1997 from $9.4 million at March
31, 1997, as well as an increase in investment securities available for sale
to $601,000 from $398,000. Consumer loans accounted for approximately 72% of
the increase in loans receivable. The increase in consumer loans is
attributable to the origination of indirect automobile loans, which the Bank
began offering during the past six months. The increases were funded by
increased deposits, which increased by $3.0 million to $13.2 million at June
30, 1997 from $10.2 million at March 31, 1997. The increase in deposits is
primarily attributable to deposits obtained through an on-line service. See
"Business--Source
14
<PAGE>
of Funds--Deposits." Other than the increases mentioned above, the
composition of assets did not change significantly for the three months ended
June 30, 1997.
At June 30, 1997, the Bank exceeded all regulatory capital requirements
with tangible capital of $956,000 (6.6% of adjusted total assets); core
capital of $956,000 (6.6% of adjusted total assets); and risk-based capital
of $956,000 (10.8% of risk-weighted assets).
RESULTS OF OPERATIONS
GENERAL. The Bank had no income or loss for the three months ended June
30, 1997, compared to net income of $15,000 for the same period in 1996. The
decline in net income was primarily due to an increase in non-interest
expense to $136,000 from $66,000, which was partially offset by an increase in
net income to $107,000 from $85,000.
INTEREST INCOME. Interest income increased $95,000, or 62.5%, for the
three months ended June 30, 1997 compared to the same period in 1996,
primarily due to increased levels of loans receivable and investment
securities.
INTEREST EXPENSE. Interest expense increased by $73,000 or 109%, for the
three months ended June 30, 1997 compared to the same period in 1996,
primarily due to the increase in deposits, which were $13.2 million and $6.5
million at June 30, 1997 and 1996, respectively.
NET INTEREST INCOME. Net interest income increased by $43,000 to
$348,000 for the three months ended June 30, 1997, from $305,000 for the
three months ended June 30, 1996. The increase was due to a slightly higher
interest rate spread, which improved to 2.33% for the three months ended June
30, 1997 from 2.30% for the three months ended June 30, 1996, and an increase
in the average balances of total loans and securities.
PROVISION FOR LOAN LOSSES. The Bank made no provision for loan losses
for the three month periods ended June 30, 1997 and 1996. The Bank did not
establish a provision for loan losses during the three month period ended
June 30, 1997. Management concluded that the allowance for loan losses at
June 30, 1997 was adequate after reviewing the quality of the Bank's loan
portfolio at June 30, 1997 and the absence of loan losses over the three
month period. The Bank anticipates increasing the loan loss provision if its
lending growth continues for the remainder of the year. The Bank did not
establish a provision for loan losses during the three month period ended
June 30, 1996 following management's review of the asset quality of the
Bank's loan portfolio as well as the immaterial dollar amount of new loans
originated during the three month period ended June 30, 1996. The Bank's
ratio of the allowance for loan losses to total non-performing loans was
152.23% at June 30, 1997.
NONINTEREST INCOME. Noninterest income increased by $24,000 to $29,000
for the three month period ended June 30, 1997, compared to $5,000 for the
three months ended June 30, 1996. The increase was a result of the Bank
having $10,000 in fees and service charges and $14,000 in other noninterest
income.
NONINTEREST EXPENSE. Noninterest expense, consisting primarily of
employee compensation expense, and equipment expenses, federal deposit
insurance premiums, data processing, advertising and promotion, and other
miscellaneous items, increased by $70,000 to $136,000 for the three month
period ended June 30, 1997 compared to $66,000 for the three month period
ended June 30, 1996. The increase was primarily attributable to increased
staffing at the Bank and upgrading the Bank's facilities and computer
software.
INCOME TAXES. The Bank did not have any income tax expense for the three
month period ended June 30, 1997 compared to $9,000 for the three month
period ended June 30, 1997, as a result of the decline in income before
income taxes.
15
<PAGE>
RISK FACTORS
THE FOLLOWING FACTORS, IN ADDITION TO THOSE DISCUSSED ELSEWHERE IN THIS
PROSPECTUS, SHOULD BE CONSIDERED BY INVESTORS BEFORE DECIDING WHETHER TO
PURCHASE THE COMMON STOCK OFFERED IN THE STOCK CONVERSION.
RECENT LOSS
For the year ended March 31, 1997, the Bank incurred a loss of $36,000.
During fiscal 1997, the Bank decided to implement a strategy to increase its
asset size by commencing the origination of commercial real estate and
commercial business loans, and increasing its consumer loan portfolio. The
Bank is funding this loan growth through deposits. Consequently, during
fiscal 1997, as the Bank sought to attract deposits to fund asset growth by
offering above average market rates for certificates of deposits with terms
of two to five years. In light of the Bank's decision to originate more
commercial real estate, commercial business and consumer loans, management
deemed it prudent to establish a $78,000 provision for loan losses. No
provision for loan losses was established in fiscal 1996. Noninterest expense
during fiscal 1997 also increased significantly as the Bank incurred costs
associated with increased loan origination activity (such as increased
appraisal costs), as well as increasing the size of its staff from four to
six persons, which included the retention of an experienced consumer loan
officer. The Bank believes these changes are necessary in order to enhance
the Bank's long-term profitability. Consequently, noninterest expense
increased to $434,000 for the year ended March 31, 1997 from $239,000 for the
year ended March 31, 1996. Finally, the Bank incurred a one time expense of
$43,000 in connection with the Savings Association Insurance Fund ("SAIF")
recapitalization.
Implementation of the Bank's strategy may take a period of time to
complete and may require the expenditure of additional funds to provide the
resources necessary to originate a significant number of commercial real
estate, commercial business and consumer loans. The success of this strategy
will depend in part on the level of interest rates, market conditions and
other factors beyond the Bank's control.
RISKS ASSOCIATED WITH INCREASED CONSUMER AND COMMERCIAL LENDING
Over the past year the Bank has diversified its loan portfolio by
originating a significant amount of loans secured by collateral other than
one-to four-family real estate. In particular, over the past year the Bank
has emphasized the origination of consumer loans. At March 31, 1997, $1.8
million, or 19.0% of the Bank's total loan portfolio consisted of consumer
loans, an increase of $1.6 million from the $248,000, or 4.5% of total loans
which comprised consumer loans at March 31, 1996. At March 31, 1997, consumer
loans secured by automobiles comprised approximately $1.5 million, or 16.3%
of total loans. Management has determined that the Bank should continue to
emphasize the origination of consumer loans. Consequently, the Bank has
established a number of correspondent relationships with automobile
dealerships in the Bank's market area under which the Bank extends credit to
purchasers of new and used automobiles. See, "Business--Lending
Activities--Consumer and Other Lending." Although consumer loans have higher
yields than loans secured by one-to four-family properties, such loans are
more sensitive to economic conditions, are more difficult to monitor and have
greater credit risk than residential loans. Further, such loans may be
unsecured or secured by rapidly depreciating assets. In such cases, any
repossessed collateral for a defaulted consumer loan may not provide adequate
sources of repayment for the outstanding loan balances. Consumer loan
collections are dependent upon the borrower's financial stability and thus
are more likely to be affected by adverse personal circumstances. Finally,
the application of various federal and state laws, including bankruptcy and
insolvency laws may limit the amount that may be recovered on such loans. At
March 31, 1997, the Bank had not experienced any material delinquencies or
losses on its consumer loan portfolio.
In addition, management has determined to also emphasize the origination
of commercial real estate and commercial business loans. At March 31, 1997,
the Bank's total loan portfolio included $392,000 in commercial real estate
loans which comprised 4.1% of the Bank's total loan portfolio, and $195,000
in commercial business loans which comprised 2.0% of total loans. At March
31, 1996 the Bank did not have any commercial real estate or commercial
business loans in its loan portfolio. Commercial real estate loans and
commercial business loans provide the Bank with the ability to obtain
interest income at rates higher than those available from one-to four-family
loans. At March 31, 1997, the Bank had not experienced any material
delinquencies or losses on its commercial real estate or commercial business
loan portfolios.
Loans secured by commercial real estate are more difficult to monitor and
evaluate than loans secured by one-to four-family properties, and therefore
involve a greater degree of risk than one-to four-family loans. Because
payments on loans secured by commercial real estate are often dependent on
the successful operation or management of the property securing the loan, the
repayment of such loans may be subject to adverse conditions in the real
estate market or economy. If the cash flow from the property is reduced, the
borrower's ability to repay the loan may be impaired. Similarly, commercial
business loans involve higher risks of default than loans secured by one-to
four-family properties since their repayment is dependent on the successful
operation of the borrower's business. In
16
<PAGE>
addition, commercial business loans also involve higher risks of default
since their repayment is dependent on the successful operation of the
borrower's business.
ADEQUACY OF ALLOWANCE FOR LOAN LOSSES
At March 31, 1997, the Bank's allowance for loan losses was $110,000, or
1.2% of loans receivable, net, as compared to $32,000, or .06% of loans
receivable, net, at March 31, 1996. The increase was due to a number of
factors, including an increase in the size of the Bank's loan portfolio, and
the changing composition of the Bank's loan portfolio, which includes higher
levels of non-mortgage loans such as consumer loans and commercial business
loans, which are generally considered to present increased credit risk to the
Bank when compared with one-to four-family loans, as well as higher levels of
commercial real estate loans which are dependent on the successful operation
of the property securing the loan, and higher levels of loans with adjustable
interest rates, which present an increased risk of default in a rising
interest rate environment. Because future events affecting borrowers and loan
collateral cannot be predicted with any degree of certainty, there can be no
assurance that the Bank's allowance for loan losses will be adequate to
absorb all future loan losses. See "Management's Discussion and Analysis of
Financial Condition and Results of Operations," "Business--Lending
Activities," and "--Asset Quality."
INCREASED RELIANCE ON OUT OF MARKET DEPOSITS
In order to fund loan growth, the Bank has aggressively sought to
increase its level of deposits, primarily through the growth of certificates
of deposit with maturities of two to five years. In fiscal 1997, the Bank
began participating in an on-line service pursuant to which it advertises its
certificates of deposit rates nationwide. During the year ended March 31,
1997, the Bank obtained certificates of deposits totalling $2.6 million
through this service which represented 25.5% of total deposits at March 31,
1997. Virtually all of the certificates of deposits obtained from the on-line
service are from depositors who do not reside in the Bank's market area and
with whom the Bank has no other banking relationship. Certificates of deposit
obtained through the on-line service are a more volatile source of funds than
passbook or transaction accounts, or than certificates of deposit accounts
opened by depositors in the Bank's market area and who may have other
business relationships with the Bank. The Bank exceeded all applicable
liquidity requirements at March 31, 1997 and can expect to continue to do so
following the Conversion. However, if interest rates increase the Bank may
experience a decrease in deposits which would adversely affect the Bank's
liquidity.
RELIANCE ON LOCAL ECONOMY
The Bank originates loans in its market area. Thus, the ability of
borrowers to repay their loans is substantially dependent on the strength of
the local economy. The local economy consists primarily of agricultural
industry, small farms and food processors. There can be no assurance that
future employment practices of major employers or a downturn in the local
economy will not have an adverse effect on the financial condition or results
of operation of the Bank.
INCREASED CREDIT RISKS ASSOCIATED WITH COMMERCIAL LOAN PRODUCTS
Over time, management anticipates broadening its range of banking
products and services consistent with a national bank and commercial bank
charter, and it will continue to diversify its loan portfolio.
Diversification of the Bank's loan portfolio may also alter the risk profile
of the Bank, since certain loans that may be made by national or commercial
banks, such as commercial and consumer loans, generally carry more credit
risk than residential one- to four-family mortgage loans. See
"Business--Lending Activities."
17
<PAGE>
DEPENDENCE ON KEY PERSONNEL
The Bank depends to a considerable degree on its President and Chief
Executive Officer, Gordon E. Coleman. The loss of Mr. Coleman as President
and Chief Executive Officer would adversely affect the Bank. However, the
Bank has not obtained, and does not expect to maintain "Key Man" life
insurance policies for Mr. Coleman.
POTENTIAL DELAY IN COMPLETION OR DENIAL OF BANK CONVERSION
The Bank Conversion is subject to the approval of the OCC (in the case of
a national bank) or the Department (in the case of a New York-chartered
commercial bank). The OCC or Department may deny such approval or impose
burdensome conditions on such approval. Under such circumstances, the Bank's
Board of Directors may choose not to proceed with the Bank Conversion. Unless
and until the Bank becomes a national bank or a state-chartered commercial
bank, the Company will operate as a savings and loan holding company and the
Converted Bank as a federal stock savings bank. If the Board of Directors
elects not to proceed with the Bank Conversion or to proceed with the Bank
Conversion notwithstanding the imposition of conditions imposed by federal or
state regulators, and subscribers for Common Stock in the Offerings will not
be resolicited unless required by regulatory authority. ^ In the event the
Bank does not complete the Bank Conversion, management will have to
reconsider its plans to emphasize non-residential lending in order to
maintain the Bank's status as a qualified thrift lender. See
"Regulation--Qualified Thrift Lender Test" and "The Conversion--General."
REDUCED RETURN ON EQUITY AFTER STOCK CONVERSION
Return on equity (net income for a given period divided by average equity
during that period) is a ratio used by many investors to compare the
performance of a particular financial institution to its peers. The Bank's
return on equity for the year ended March 31, 1997 was, and the Company's
post-Stock Conversion return on equity will be, less than the average return
on equity for publicly traded thrift institutions and their holding
companies. See "Selected Financial Information and Other Data" for numerical
information regarding the Bank's historical return on equity and
"Capitalization" for a discussion of the Company's estimated pro forma
consolidated capitalization as a result of the Conversion. In addition, the
expenses associated with the ESOP and the RRP (see "Pro Forma Data"), along
with other post-Stock Conversion expenses, are expected to contribute
initially to reduced earnings levels. The Bank intends to deploy the net
proceeds of the Offerings to increase earnings per share and book value per
share, with the goal of achieving a return on equity comparable to the
average for publicly traded thrift institutions and their holding companies.
In the short-term, the Bank will have difficulty in improving its interest
rate spread and thus the return on equity to stockholders. Consequently, for
the foreseeable future, investors should not expect a return on equity that
will meet or exceed the average return on equity for publicly traded thrift
institutions, and no assurances can be given that this goal can be attained.
INTEREST RATE RISK EXPOSURE
The Bank's profitability is dependent to a large extent upon its net
interest income, which is the difference between its interest income on
interest-earning assets, such as loans and investments, and its interest
expense on interest-bearing liabilities, such as deposits and borrowings.
Changes in the level of interest rates also affect the amount of loans
originated by the Bank and, thus, the amount of loan and commitment fees, as
well as the market value of the Bank's interest-earning assets. Moreover,
increases in interest rates also can result in disintermediation, which is
the flow of funds away from savings institutions into direct investments,
such as corporate securities and other investment vehicles, which, because of
the absence of federal insurance premiums, may yield higher rates of return
than those paid by savings institutions.
In addition, changes in interest rates also can affect the market value
of the Bank's interest-earning assets, which are comprised of fixed- and
adjustable-rate instruments with various terms to maturity. Generally, the
value
18
<PAGE>
of fixed-rate, longer-term instruments fluctuates inversely with changes in
interest rates. See "Business -- Lending Activities -- One- to Four-Family
Mortgage Loans." Increases in interest rates also can affect the type
(fixed-rate or adjustable-rate) and amount of loans originated by the Bank
and the average life of loans and securities, which can adversely impact the
yields earned on the Bank's loan and securities portfolio. See "Management's
Discussion and Analysis of Financial Condition and Results of
Operations--Asset/Liability Management."
The Bank has sought to increase its deposits by attracting certificates
of deposits with terms ranging from two to five years. Such certificates of
deposit are costlier than passbook and transaction accounts and in a
declining interest rate environment may adversely affect the Bank's net
interest rate spread. The Bank is attempting to increase its interest income
through the origination of consumer, commercial real estate and commercial
business loans, which typically provide higher rates of interest than one-to
four-family loans. If the Bank is unable to originate higher yielding
consumer, commercial real estate or commercial business loans, or if interest
rates decline, the Bank's interest rate spread could deteriorate.
The OTS utilizes a net portfolio value methodology to measure the
interest rate risk exposure of savings associations. Effective March 31,
1995, for purposes of calculating risk-based capital, institutions with more
than normal interest rate risk, as defined by OTS regulations, are required
to make a deduction from capital equal to 50% of their interest rate risk
exposure multiplied by the present value of their assets. Based upon this
methodology, at March 31, 1997, the Bank's interest rate risk exposure to a
200 basis point increase in interest rates was considered "normal" under this
regulation. Furthermore, since the Bank has total assets of less than $300
million and risk-based capital in excess of 12%, the Bank is exempt from this
rule unless otherwise notified by the OTS. See "Management's Discussion and
Analysis of Financial Condition and Results of Operations -- Asset/Liability
Management."
ANTI-TAKEOVER DEFENSES
COMPANY AND BANK GOVERNING INSTRUMENTS. Certain provisions of the
Company's Certificate of Incorporation and Bylaws assist the Company in
maintaining its status as an independent publicly owned corporation. These
provisions provide for, among other things, limiting voting rights of
beneficial owners of more than 10% of the Common Stock, staggered terms for
directors, noncumulative voting for directors, limits on the calling of
special meetings and a fair price/supermajority vote requirement for certain
business combinations and certain notice requirements. The 10% vote
limitation would not affect the ability of an individual who is not the
beneficial owner of more than 10% of the Common Stock to solicit revocable
proxies in a public solicitation for proxies for a particular meeting of
stockholders and to vote such proxies. In addition, provisions in the Bank's
federal stock Charter that have an anti-takeover effect could also be
applicable to changes in control of the Company as the sole shareholder of
the Bank. The Converted Bank's Charter includes a provision applicable for
five years which prohibits acquisitions and offers to acquire, directly or
indirectly, the beneficial ownership of more than 10% of the Bank's
securities. Any person violating this restriction may not vote the Converted
Bank's securities in excess of 10%. Any or all of these provisions may
discourage potential proxy contests and other takeover attempts, particularly
those which have not been negotiated with the Board of Directors. In
addition, the Company's Certificate of Incorporation also authorizes
preferred stock with terms to be established by the Board of Directors which
may rank prior to the Common Stock as to dividend rights, liquidation
preferences, or both, may have full or limited voting rights and may have a
dilutive effect on the ownership interests of holders of the Common Stock.
The Board of Directors of the Company has the ability to waive certain
restrictions on acquisition, provided that the acquisition is approved in
advance by a majority of the disinterested Board of Directors. See
"Restrictions on Acquisitions of Stock and Related Takeover Defensive
Provisions."
REGULATORY AND STATUTORY PROVISIONS. Federal regulations prohibit, for a
period of three years following the completion of the Conversion, any person
from offering to acquire or acquiring the beneficial ownership of more than
10% of the stock of a converted savings institution or its holding company
without prior federal regulatory approval. Federal law also requires federal
regulatory approval prior to the acquisition of "control" (as defined in
federal
19
<PAGE>
regulations) of an insured institution, including a holding company thereof.
See "Restrictions on Acquisitions of Stock and Related Takeover Defensive
Provisions."
BENEFIT PLANS; VOTING CONTROL OF DIRECTORS AND OFFICERS AND POSSIBLE
DILUTIVE EFFECTS. The proposed Stock Option Plan and the proposed RRP also
contain provisions that could have the effect of discouraging takeover
attempts of the Company.
If the Company issues additional shares pursuant to the proposed Stock
Option Plan and RRP (as opposed to funding such plans with shares
subsequently reacquired and held as treasury shares) the percentage of
ownership of the Company of those persons purchasing Common Stock in the
Stock Conversion will be diluted. Assuming exercise of all options available
under the Stock Option Plan, the interest of stockholders will be diluted by
approximately 9.1%. The award of all shares available under the RRP will
dilute the interests of stockholders by approximately 3.9%. See "Pro Forma
Data," "Management -- Benefit Plans -- Stock Option and Incentive Plan," and
"--Recognition and Retention Plan" and "Restrictions on Acquisitions of Stock
and Related Takeover Defensive Provisions." For financial accounting
purposes, certain incentive grants under the proposed RRP will result in the
recording of compensation expense over the period of vesting. See "Pro Forma
Data."
The directors and executive officers of the Bank are anticipated to
purchase an aggregate of approximately ^ $125,000 or approximately 9.5% of
the shares offered in the Stock Conversion at the maximum of the Estimate
Valuation Range, or 8.2% at 15% above the maximum of the Estimated Valuation
Range, or 12.8% of the shares offered in the Stock Conversion at the minimum
of the Estimated Valuation Range. Directors and executive officers will also
receive awards under the proposed Stock Option Plan and the proposed RRP.
Assuming the purchase of $125,000 of Common Stock in the Stock Conversion by
directors and executive officers in the aggregate (7 persons), the full
vesting of the restricted stock to be awarded under the proposed RRP and the
exercise of all options to be awarded under the proposed Stock Option Plan in
connection with the Stock Conversion, approval of the Stock Option Plan and
the RRP by the stockholders, and the acquisition by the Company of shares to
fund such plans in open-market purchases, the shares owned by the directors
and executive officers in the aggregate would amount from approximately 21.2%
(at 15% above the maximum of the Estimated Valuation Range) to 25.8% (at the
minimum of the Estimated Valuation Range) of the outstanding shares. In
addition, the ESOP is expected to purchase 8% of the shares sold in the Stock
Conversion. This stock ownership, if voted as a block, could defeat takeover
attempts favored by other stockholders. See "Management -- Benefit Plans --
Employee Stock Ownership Plan."
POTENTIAL OPERATIONAL RESTRICTIONS ASSOCIATED WITH REGULATORY OVERSIGHT
The Bank is subject to extensive regulation, supervision and examination
by the OTS as its chartering authority and primary federal regulator, and by
the FDIC, which insures its deposits up to applicable limits. The Bank is a
member of the FHLB and is subject to certain limited regulation by the FRB.
See "Regulation." Such regulation and supervision governs the activities in
which an institution can engage and is intended primarily for the protection
of the insurance fund and depositors. Following the Bank Conversion, the Bank
will be subject to extensive regulation and supervision by the OCC (in the
case of a national bank) or the Department (in the case of a commercial bank)
and the FDIC, and the Company will be subject to extensive regulation and
supervision of the FRB. Regulatory authorities have been granted extensive
discretion in connection with their supervisory and enforcement activities
which are intended to strengthen the financial condition of the banking
industry, including the imposition of restrictions on the operation of an
institution, the classification of assets by the institution and the adequacy
of an institution's allowance for losses on loans. See "Regulation -- Federal
Regulation of Savings Associations" and "-- Regulatory Capital Requirements."
Any change in such regulation and oversight, whether by the OTS, the FDIC,
the OCC, the Department, the FRB or Congress, could have a material impact on
the Company, the Bank and their respective operations.
20
<PAGE>
COMPETITION
The Bank experiences strong competition in its local market area in both
originating loans and attracting deposits. This competition arises, with
respect to originating loans, from mortgage bankers and to a lesser extent
from commercial banks, savings institutions and credit unions, and with
respect to attracting deposits, from securities firms and mutual funds and
from other financial institutions in its market area. See "Business--Market
Area and Competition" and -- Lending Activities."
POTENTIAL INCREASED COSTS OF CONVERSION RESULTING FROM DELAYED OFFERING
The Subscription Offering will expire at Noon, local time on September
16, 1997 unless extended by the Bank and the Company. If the Offerings are
extended beyond October 31, 1997, all subscribers will have the right to
modify or rescind their subscriptions and to have their subscription funds
returned with interest. There can be no assurance that the Offerings will not
be extended as set forth above.
A material delay in the completion of the sale of all unsubscribed shares
in the Community Offering may result in a significant increase in the costs
in completing the Stock Conversion. Significant changes in the Bank's
operations and financial condition, the aggregate market value of the shares
to be issued in the Stock Conversion and general market conditions may occur
during such material delay. In the event the Stock Conversion is not
consummated within 24 months after the date of the Special Meeting, OTS
regulations would require the Bank to charge accrued Stock Conversion costs
to then-current period operations. See "The Conversion -- Risk of Delayed
Offering."
ESOP COMPENSATION EXPENSE
In November 1993, the American Institute of Certified Public Accountants
("AICPA") Accounting Standards Executive Committee issued Statement of
Position 93-6, Employers' Accounting for Employee Stock Ownership Plans ("SOP
93-6"). SOP 93-6 requires an employer to record compensation expense in an
amount equal to the fair value of shares committed to be released to
employees from an employee stock ownership plan. Assuming shares of Common
Stock appreciate in value over time, the adoption of SOP 93-6 will increase
compensation expense relating to the ESOP to be established in connection
with the Stock Conversion as compared with prior guidance which required the
recognition of compensation expense based on the cost of shares acquired by
the ESOP. It is impossible to determine at this time the extent of such
impact on future net income. See "Management's Discussion and Analysis of
Financial Condition and Results of Operations -- Recent Accounting
Developments."
ABSENCE OF ACTIVE MARKET FOR THE COMMON STOCK
The Company has never issued capital stock to the public, and due to the
relatively small size of the Offerings, it is unlikely that an active and
liquid trading market will develop or be maintained. The Company has
requested that Trident Securities, Inc. ("Trident") undertake to match offers
to buy and sell the Conversion Stock and to list the Common Stock over the
counter through the National Daily Quotation System "Pink Sheets" published
by the National Quotation Bureau, Inc., and Trident has agreed to do so.
However, purchasers of Common Stock should have a long term investment intent
and recognize that the absence of an active and liquid trading market may
make it difficult to sell the Common Stock, and may have an adverse effect on
the price. See "Market for Common Stock."
21
<PAGE>
ABSENCE OF REFUND OF OFFERING SUBSCRIPTIONS ON AMENDMENT TO PLAN OF CONVERSION
The Plan provides that, if deemed necessary or desirable by the Boards of
Directors of the Bank and the Company, the Plan may be substantively amended
(including an amendment to eliminate the formation of the holding company as
part of the Conversion) by a two-thirds vote of the respective Boards of
Directors of the Bank and the Company, as a result of comments from
regulatory authorities or otherwise, at any time with the concurrence of the
OTS. Moreover, if the Plan is amended, subscriptions which have been received
prior to such amendment will not be refunded unless otherwise required by the
OTS. If the Plan is amended in a manner that is deemed to be material to the
subscribers by the Company, the Bank and the OTS, such subscriptions will be
resolicited. No such amendments are currently contemplated, although the Bank
reserves the right to increase or decrease purchase limitations. See "The
Conversion -- Approval, Interpretation, Amendment and Termination."
POSSIBLE ADVERSE INCOME TAX CONSEQUENCES OF THE DISTRIBUTION OF SUBSCRIPTION
RIGHTS
If the Subscription Rights granted to Eligible Account Holders,
Supplemental Eligible Account Holders and Other Members are deemed to have an
ascertainable value, receipt of such rights may be taxable only to those
Eligible Account Holders, Supplemental Eligible Account Holders or Other
Members who exercise the Subscription Rights (either as capital gain or
ordinary income) in an amount equal to such value. Additionally, the Bank
could recognize a gain for tax purposes on such distribution. Whether
Subscription Rights are considered to have ascertainable value is an
inherently factual determination. The Bank has received an opinion of FinPro
that such rights have no value, which opinion is not binding on the Internal
Revenue Service ("IRS"). See "The Conversion--Effects of Stock Conversion to
Stock Form on Depositors and Borrowers of the Bank--Tax Effects."
LANDMARK COMMUNITY BANK
The Bank is a federally chartered mutual savings bank headquartered in
Canajoharie, New York. Landmark Community was chartered in 1925 as a New York
savings and loan association under the name Canajoharie Building Savings and
Loan Association. In 1997, the Bank converted to a federal mutual savings
bank charter and changed its name to Landmark Community Bank. Its deposits
are insured up to the maximum allowable amount by the SAIF of the FDIC.
Through its office it serves communities located in Canajoharie, New York. At
March 31, 1997, the Bank has total assets of $11.3 million, deposits of $10.2
million and retained earnings of $956,000.
The Bank has been, and intends to continue to be, a community-oriented
financial institution offering selected financial services to meet the needs
of the communities it serves. The Bank attracts deposits from the general
public and historically has used such deposits, together with other funds, to
originate one- to four-family residential mortgage loans, and in recent
periods to originate commercial real estate loans, commercial business loans
and consumer loans consisting primarily of personal loans secured by
automobiles. At March 31, 1997, the Bank's total loan portfolio was $9.6
million, of which $7.2 million, or 74.9% were one- to four-family residential
mortgage loans, $392,000, or 4.1% were commercial real estate loans, $1.8
million, or 19.0% were consumer loans, and $195,000, or 2.0% were commercial
business loans.
During the year ended March 31, 1997, the Bank originated $3.8 million of
fixed-rate and $1.8 million of adjustable rate loans, all of which were
retained in the Bank's portfolio. See "Business -- Lending Activities."
The Bank's executive office is located at 26 Church Street, Canajoharie,
New York 13117-1117. Its telephone number at that address is (518) 673-2012.
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<PAGE>
LANDMARK FINANCIAL CORP.
Landmark Financial Corp. was organized in June 1997 for the purpose of
serving as a holding company for the Converted Bank upon its conversion from
mutual to stock form, and of the Bank following the Bank Conversion. Prior to
the Conversion, the Company has not engaged and will not engage in any material
operations. Upon consummation of the Stock Conversion, the Company will have no
significant assets other than the outstanding capital stock of the Converted
Bank, up to 20% of the net proceeds from the Stock Conversion (less the amount
to fund the ESOP and a note evidencing its loan to the Bank's ESOP. Upon
consummation of the Stock Conversion, the Company's principal business will be
overseeing and directing the business of the Bank and investing the net Stock
Conversion proceeds retained by it. In connection with the Bank Conversion, the
Company will register with the Board of Governors of the FRB as a bank holding
company under the BHCA.
The Company has received approval from the OTS to acquire control of the
Converted Bank, subject to satisfaction of certain conditions. The Company
intends to apply to the FRB for approval to retain control of the Bank following
the Bank Conversion. See "Risk Factors--Potential Delay in Completion or Denial
of Bank Conversion."
The holding company structure will permit the Company to expand the
financial services currently offered through the Bank, although there are no
definitive plans or arrangements for such expansion at present. The holding
company structure will also provide the Bank with enhanced operational
flexibility and provide the ability to diversify its business opportunities
through acquiring or merging with other financial institutions, thereby
enhancing its financial resources in order to compete more effectively with
other financial service organizations. At the present time, however, the
Company does not have any plans, arrangements, agreements or understandings
with respect to any such acquisitions or mergers. After the Stock Conversion,
the Company will be classified as a unitary savings and loan holding company
and will be subject to regulation by the OTS. After the Bank Conversion, the
Company will be classified as a bank holding company and will be subject to
regulation by the FRB.
The initial activities of the Company are anticipated to be funded by such
retained proceeds and the income thereon and dividends, if any, from the Bank.
See "Dividends," "Use of Proceeds," "Regulation -- Holding Company Regulation"
and "-- Federal and State Taxation." Thereafter, activities of the Company may
also be funded through sales of additional securities, through borrowings and
through income generated by other activities of the Company. At this time, there
are no plans regarding any other activities.
THE DIRECTORS AND EXECUTIVE OFFICERS OF THE COMPANY AND THE BANK BELIEVE
THAT IT IS IN THE BEST INTERESTS OF THE BANK, THE COMPANY AND THE COMPANY'S
SHAREHOLDERS FOR THE COMPANY AND THE SAVINGS BANK TO REMAIN INDEPENDENT, WITH
THE OBJECTIVE OF LONG-TERM ENHANCEMENT OF SHAREHOLDER VALUE. ACCORDINGLY, AN
INVESTMENT IN THE COMMON STOCK OF THE COMPANY MAY NOT BE SUITABLE FOR INVESTORS
WHO ARE SEEKING SHORT-TERM RETURNS THROUGH A SALE OF THE INSTITUTION.
The executive office of the Company is located at 26 Church Street,
Canajoharie, New York 13317-1117. Its telephone number at that address is (518)
673-2012.
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<PAGE>
CAPITALIZATION
The table below sets forth the capitalization, including deposits and
borrowings, of the Bank as of March 31, 1997 and the pro forma capitalization
of the Company at the minimum, the midpoint, maximum and 15% above the
maximum of the Estimated Valuation Range, after giving effect to the Stock
Conversion and based on other assumptions set forth in the table and under
the caption "Pro Forma Data."
<TABLE>
<CAPTION>
Pro Forma Capitalization of
Company Based Upon Sale of
--------------------------------------------------
<S> <C> <C> <C> <C> <C>
Capitalization 98,000 115,000 132,000 152,000
of Shares Shares Shares Shares
Bank at at $10.00 at $10.00 at $10.00 at $10.00
March 31, 1997 Per Share Per Share Per Share Per Share
--------------- ----------- ----------- ----------- -----------
<CAPTION>
(In Thousands)
<S> <C> <C> <C> <C> <C>
Deposits(1)........................................ $ 10,237 $ 10,237 $ 10,237 $ 10,237 $ 10,237
Stockholders' equity:
Preferred Stock, $.10 per value per share:
authorized-- 100,000 shares; assumed
outstanding--none $ -- $ -- $ -- $ -- $ --
Common Stock, $.10 par value per share:
authorized-- 900,000 shares; shares to be
outstanding--as shown(5)....................... -- 10 12 13 15
Paid-in capital.................................... -- 820 988 1,157 1,355
Less: Common stock acquired by ESOP(3)........... -- (78) (92) (106) (122)
Common stock to be acquired by RRP(4)....... -- (39) (46) (53) (61)
Retained earnings, substantially restricted(2)... 956 956 956 956 956
Unrealized (losses) on available-for-sale
securities, net of tax......................... (1) (1) (1) (1) (1)
------- ----------- ----------- ----------- -----------
Total stockholders' equity..................... $ 955 $ 1,668 $ 1,817 $ 1,966 $ 2,142
------- ----------- ----------- ----------- -----------
------- ----------- ----------- ----------- -----------
</TABLE>
- ------------------------
(1) No effect has been given to withdrawals from savings accounts for the
purpose of purchasing Common Stock in the Stock Conversion. Any such
withdrawals will reduce pro forma deposits by the amount of such
withdrawals.
(2) See Notes I and P of the Notes to Financial Statements for information
regarding restrictions on retained earnings, "Dividends" and "Regulation --
Limitations on Dividends and Other Capital Distributions" regarding
restrictions on future dividend payments and "The Conversion -- Effects of
Stock Conversion to Stock Form on Depositors and Borrowers of the Bank"
regarding the liquidation account to be established upon Stock Conversion.
Does not take into account Company dividends, if any, which may be paid
subsequent to the Stock Conversion. See "Dividends."
(3) Assumes that 8% of the shares issued in the Stock Conversion will be
acquired by the ESOP and that the ESOP will be funded by the Company. The
Bank intends to make contributions to the ESOP sufficient to service and
ultimately retire its debt. Since the Company will finance the ESOP debt,
the ESOP debt will be eliminated through consolidation and no liability will
be reflected on the Company's consolidated financial statements.
Accordingly, the amount of stock acquired by the ESOP is shown in this table
as a reduction of total stockholders' equity. See "Management -- Benefit
Plans -- Employee Stock Ownership Plan."
(4) While management does not currently intend to do so, following OTS and
stockholder approval, shares utilized to fund the RRP could be obtained from
newly issued shares. In the event RRP shares are obtained from authorized
but unissued shares, the existing ownership of current stockholders would be
diluted by approximately 3.9%. However, there would be no impact on
stockholders' equity.
(5) Does not reflect the shares of Common Stock that may be reserved for
issuance pursuant to the proposed Stock Option Plan and the proposed RRP.
See "Management--Benefit Plans."
24
<PAGE>
PRO FORMA DATA
The following table sets forth the historical net income, total equity and
per share data of the Bank at and for the year ended March 31, 1997, and after
giving effect to the Stock Conversion, the pro forma consolidated net income,
stockholders' equity and per share data of the Company at and for the same
period. The pro forma data is computed on the assumptions that (i) the specified
number of shares of Common Stock were sold at the beginning of the specified
period and yielded net proceeds to the Company as indicated and (ii) such net
proceeds were invested by the Bank and the Company at the beginning of the
period to yield a return of 6.02% for the fiscal year ended March 31, 1997. The
assumed return is based on the yield on one-year U.S. Government securities at
March 31, 1997, which is deemed by management to more accurately reflect pro
forma reinvestment rates than the arithmetic average of the Bank's weighted
average yield on all interest-earning assets and the weighted average rate paid
on deposits. After adjusting for applicable federal and state income taxes
totaling 37%, the after-tax yield was equal to 3.79% for the fiscal year ended
March 31, 1997. The table also assumes that the proposed RRP awards equal to 4%
of the shares sold in the Stock Conversion were purchased by the RRP at $10.00
per share in the open market and fixed Stock Conversion expenses were $150,000.
No effect has been given to the stock reserved for issuance under the Stock
Option Plan. Actual Stock Conversion expenses may be more or less than those
estimated because fees paid may vary depending upon market conditions and other
factors. The pro forma net earnings amounts derived from the assumptions set
forth herein should not be considered indicative of the actual results of
operations of the Company that would have been attained for any period if the
Stock Conversion had been actually consummated at the beginning of such period,
and the assumptions regarding investment yields should not be considered
indicative of the actual yields expected to be achieved during any future
period.
The total number of shares to be issued in the Stock Conversion may be
increased or decreased to reflect changes in market and financial conditions
prior to the close of the Offerings. However, if the aggregate Purchase Price of
the Common Stock actually sold in the Conversion is below $980,000 or more than
$1,520,000 (15% above the maximum of the Estimated Valuation Range) subscribers
will be offered the opportunity to modify or cancel their subscriptions. See
"The Conversion -- Stock Pricing and Number of Shares to be Issued."
25
<PAGE>
<TABLE>
<CAPTION>
152,000
Shares
98,000 115,000 132,000 at 10.00
Shares Shares Shares per Share
at $10.00 at $10.00 at $10.00 (Maximum,
per Share per Share per Share as
(Minimum) (Midpoint) (Maximum) adjusted))(1)
----------- ----------- ----------- --------------
<S> <C> <C> <C> <C>
(In Thousands, except per share amounts)
Gross proceeds............................................. $ 980 $ 1,150 $ 1,320 $ 1,520
Less estimated expenses.................................... 150 150 150 150
----------- ----------- ----------- --------------
Estimated net Stock Conversion proceeds ................. 830 1,000 1,170 1,370
Less Common Stock acquired by ESOP....................... 78 92 106 122
Less Common Stock to be acquired by RRP.................. 39 46 53 61
----------- ----------- ----------- --------------
Estimated proceeds available for investment............ $ 713 $ 862 $ 1,011 $ 1,187
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Consolidated net--loss:
Historical............................................... $ (36) $ (36) $ (36) $ (36)
Pro forma adjustments:
Net--loss from proceeds(2)............................. 27 33 38 45
Less pro forma ESOP adjustment(3).......................... (3) (4) (4) (5)
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Less pro forma RRP adjustment(4)........................... (5) (6) (7) (8)
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Pro forma net--loss.................................... $ (17) $ (13) $ (9) $ (4)
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Consolidated net--loss per share: (5)(6)
Historical............................................... $ (.40) $ (.34) $ (.30) $ (.26)
Pro forma adjustments:
Net income from proceeds(2)............................ .30 .31 .31 .32
Less pro forma ESOP adjustment(3).......................... (.03) (.04) (.03) (.04)
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Less pro forma RRP adjustment(4)........................... (.06) (.06) (.06) (.06)
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Pro forma net--loss per share.......................... $ (.19) $ (.13) $ (.08) $ (.04)
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Consolidated stockholders' equity (book value):(7)
Historical............................................... 955 955 955 955
Estimated net Stock Conversion proceeds.................. 830 1,000 1,170 1,370
Less common stock acquired or to be acquired by:
ESOP................................................... (78) (92) (106) (122)
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
RRP (4)................................................ (39) (46) (53) (61)
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Pro forma............................................ $ 1,668 $ 1,817 $ 1,966 $ 2,142
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Consolidated stockholders' equity per share: (6)(8)
Historical............................................... $ 9.74 $ 8.30 $ 7.23 $ 6.28
Estimated net Stock Conversion proceeds.................. 8.47 8.70 8.86 9.01
Less Common Stock acquired or to be acquired by:
ESOP................................................... .80 .80 .80 .80
RRP (4)................................................ .40 .40 .40 .40
----------- ----------- ----------- --------------
Pro forma stockholders' equity(9).................... $ 17.01 $ 15.80 $ 14.89 $ 14.09
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Pro forma price to book value (%).......................... 58.79% 63.29% 67.16% 70.97%
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Pro forma price to earnings (P/E ratio).................... (52.63) (76.92) (125.00) (250.00)
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Number of shares used in calculating stockholders' equity
per share................................................ 98 115 132 152
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
Number of shares used in calculating earnings per share.... 90 106 121 140
----------- ----------- ----------- --------------
----------- ----------- ----------- --------------
</TABLE>
26
<PAGE>
- ------------------------
(1) Gives effect to the sale of an additional 20,000 shares in the Stock
Conversion, which may be issued as a result of an increase in the pro forma
market value of the Company and the Bank, as converted, without the
resolicitation of subscribers or any right of cancellation. The issuance of
such additional shares will be conditioned on a determination of the
independent appraiser that such issuance is compatible with its
determination of the estimated pro forma market value of the Company and the
Bank, as converted. See "The Conversion--Stock Pricing and Number of Shares
to be Issued."
(2) No effect has been given to withdrawals from accounts for the purpose of
purchasing Common Stock in the Stock Conversion.
(3) It is assumed that 8% of the shares of Common Stock offered in the Stock
Conversion will be purchased by the ESOP. The funds used to acquire such
shares will be borrowed by the ESOP (at an interest rate equal to the prime
rate as published in The Wall Street Journal on the closing date of the
Stock Conversion, which rate is currently 8.5%), from the net proceeds from
the Stock Conversion retained by the Company. The amount of this borrowing
has been reflected as a reduction from gross proceeds to determine estimated
net proceeds. The Bank intends to make contributions to the ESOP in amounts
at least equal to the principal and interest requirement of the debt. As the
debt is paid down, stockholders' equity will be increased. The Bank's
payment of the ESOP debt is based upon equal installments of principal over
a 15-year period, assuming a combined federal and state income tax rate of
37%. Interest income earned by the Company on the ESOP debt offsets the
interest paid by the Bank on the ESOP loan. No reinvestment is assumed on
proceeds contributed to fund the ESOP. The ESOP expense reflects adoption of
SOP 93-6, which will require recognition of expense based upon shares
committed to be released and the exclusion of unallocated shares from
earnings per share computations. The valuation of shares committed to be
released would be based upon the average market value of the shares during
the year, which, for purposes of this calculation, was assumed to be equal
to the $10.00 per share Purchase Price. See "Management--Benefit Plans--
Employee Stock Ownership Plan."
(4) In calculating the pro forma effect of the RRP, it is assumed that the
required stockholder approval has been received, that the shares were
acquired by the RRP at the beginning of the period presented in open market
purchases at the Purchase Price, that 20% of the amount contributed was an
amortized expense during such period, and that applicable federal and state
income taxes of 37% were applied. The issuance of authorized but unissued
shares of the Common Stock instead of open market purchases would dilute the
voting interests of existing stockholders by approximately 3.9% and pro
forma net income per share for the year ended March 31, 1997 would be
$(.19), $(.13), $(.08), and $(.04), the pro forma price to earnings ratio
for the year ended March 31, 1997 would be (52.63)x, (76.92)x, (125.00)x and
(250.00)x, and pro forma stockholders' equity per share at March 31, 1997
would be $17.01, $15.80, $14.89, and $14.09, at the minimum, midpoint,
maximum, and 15% above the maximum of the Estimated Valuation Range,
respectively. Shares issued under the RRP vest 20% per year and, for
purposes of this table, compensation expense is recognized on a
straight-line basis over each vesting period. In the event the fair market
value per share is greater than $10.00 per share on the date of stockholder
approval of the RRP, total RRP expense would increase. No effect has been
given to the shares reserved for issuance under the proposed Stock Option
Plan. If stockholders approve the Stock Option Plan following the Stock
Conversion, the Company will have reserved for issuance under the Stock
Option Plan authorized but unissued shares of Common Stock representing an
amount of shares equal to 10% of the shares sold in the Stock Conversion. If
all of the options were to be exercised utilizing these authorized but
unissued shares rather than treasury shares (which could be acquired), the
voting interests of existing stockholders would be diluted by approximately
9.1%. See "Management--Benefit Plans--Stock Option and Incentive Plan" and
"--Recognition and Retention Plan."
(5) Per share amounts are based upon outstanding shares of 98,000, 115,000,
132,000, and 152,000 at the minimum, midpoint, maximum, and 15% above the
maximum of the Estimated Valuation Range. Such shares include all shares
sold in the Stock Conversion minus shares purchased by the ESOP that are not
assumed committed to be released.
(6) Historical per share amounts have been computed as if the shares of Common
Stock expected to be issued in the Stock Conversion had been outstanding at
the beginning of the period or on the date shown, but without any adjustment
of historical net income or historical retained earnings to reflect the
investment of the estimated net proceeds of the sale of shares in the Stock
Conversion, the additional ESOP expense or the proposed RRP expense, as
described above.
(7) "Book value" represents the difference between the stated amounts of the
Bank's assets and liabilities. The amounts shown do not reflect the
liquidation account that will be established for the benefit of Eligible
Account Holders and Supplemental Eligible Account Holders in the Stock
Conversion, or the federal income tax consequences of the restoration to
income of the Bank's special bad debt reserves for income tax purposes,
which would be required in the unlikely event of liquidation. See "The
Conversion--Effects of Stock Conversion to Stock Form on Depositors and
Borrowers of the Bank" and "--Income Tax Consequences." The amounts shown
for book value do not represent fair market values or amounts distributable
to stockholders in the unlikely event of liquidation.
(8) Per share amounts are based upon shares outstanding of 98,000, 115,000,
132,000 and 152,00 at the minimum, midpoint, maximum and 15% above the
maximum of the Estimated Valuation Range, respectively.
(9) Neither represents, nor is intended to represent, possible future price
appreciation or depreciation of the Common Stock.
27
<PAGE>
PRO FORMA REGULATORY CAPITAL
Pro forma data assumes that the Common Stock has been sold as of March
31, 1997, at the minimum, midpoint, maximum and 15% above the maximum of the
Estimated Valuation Range. For additional information regarding the financial
condition of the Bank and the assumptions underlying the pro forma capital
calculations set forth below, see "Use of Proceeds," "Capitalization" and
"Pro Forma Data" and the Financial Statements and related notes appearing
elsewhere herein.
<TABLE>
<CAPTION>
Historical at
March 31, 1997
------------------
Amount Percent(1)
------ ----------
<S> <C> <C>
(Dollars in
Thousands)
The Bank
Capital under
generally accepted
accounting
principles........ $ 955 8.43%
Tangible
capital(2)........ $ 955 8.43%
Tangible capital
requirement(5).... 170 1.50
------ -----
Excess............ $ 785 6.93%
------ -----
------ -----
Core capital(2)..... $ 955 8.43%
Core capital
requirement(3)(5).. 340 3.00
------ -----
Excess............ $ 615 5.43%
------ -----
------ -----
Risk-based
capital(2)(4)..... $1,065 16.76%
Risk-based capital
requirement(5)(6).. 508 8.00
------ -----
Excess............ $ 557 8.76%
------ -----
------ -----
<CAPTION>
Pro Forma Based Upon Sale of
-------------------------------------------------------------------------------------------------------------
Minimum of Midpoint of Maximum of
Estimated Valuation Estimated Valuation Estimated Valuation Maximum, as Adjusted, of
Range of Range of Range of Estimated Valuation Range
98,000 Shares 115,000 Shares 132,000 Shares of 152,000 Shares at
at $10.00 Per Share at $10.00 Per Share at $10.00 Per Share $10.00 Per Share
------------------------- ------------------------- ------------------------- -------------------------
Amount(2) Percent(1)(2) Amount(2) Percent(1)(2) Amount(2) Percent(1)(2) Amount(2) Percent(1)(2)
--------- ------------- --------- ------------- --------- ------------- --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Bank
Capital under
generally accepted
accounting
principles........ $1,502 12.65% $1,617 13.49% $1,732 14.31% $1,868 15.26%
Tangible
capital(2)........ $1,502 12.65% $1,617 13.49% $1,732 14.31% $1,868 15.26%
Tangible capital
requirement(5).... 178 1.50 180 1.50 182 1.50 184 1.50
--------- ----- --------- ----- --------- ----- --------- -----
Excess............ $1,324 11.15% $1,437 11.99% $1,550 12.81% $1,684 13.76%
--------- ----- --------- ----- --------- ----- --------- -----
--------- ----- --------- ----- --------- ----- --------- -----
Core capital(2)..... $1,502 12.65% $1,617 13.49% $1,732 14.31% $1,868 15.26%
Core capital
requirement(3)(5).. 356 3.00 360 3.00 363 3.00 367 3.00
--------- ----- --------- ----- --------- ----- --------- -----
Excess............ $1,146 9.65% 1,257 10.49% $1,369 11.31% $1,501 12.26%
--------- ----- --------- ----- --------- ----- --------- -----
--------- ----- --------- ----- --------- ----- --------- -----
Risk-based
capital(2)(4)..... $1,612 24.94% $1,727 26.63% $1,842 28.30% $1,978 30.26%
Risk-based capital
requirement(5)(6).. 517 8.00 519 8.00 521 8.00 523 8.00
--------- ----- --------- ----- --------- ----- --------- -----
Excess............ $1,095 16.94% $1,208 18.63% $1,321 20.30% $1,455 22.26%
--------- ----- --------- ----- --------- ----- --------- -----
--------- ----- --------- ----- --------- ----- --------- -----
</TABLE>
(footnotes begin on following page)
<PAGE>
- ------------------------
(1) Tangible and core capital levels are shown as a percentage of total adjusted
assets--of $11,324,000 as of March 31, 1997 and $11,871,000, $11,986,000,
$12,101,000 and $12,237,000 at the Minimum, Midpoint, Maximum, and Maximum,
as Adjusted, respectively; risk-based capital levels are shown as a
percentage of risk--weighted assets of $6,353,000 as of March 31, 1997 and
$6,462,000, $6,485,000, $6,508,000, and $6,535,000 at the Minimum, Midpoint,
Maximum, and Maximum, as Adjusted, respectively.
(2) The table assumes retention by the Company of 20% of the net
Stock Conversion proceeds (less the amount of the loan made to the
ESOP from the Company's portion of the net Stock Conversion
proceeds). For regulatory capital purposes, the Bank's capital will
be reduced by the anticipated purchases by the ESOP of 8% of the
shares of Common Stock sold in the Stock Conversion and the
proposed issuance of 4% of the shares of Common Stock sold in the
Stock Conversion for the RRP. The actual amount of net Stock
Conversion proceeds to be invested into the Bank to maintain the
10% tangible capital level will depend on a number of factors,
including the amount of deposit withdrawals to fund subscriptions
for Common Stock in the Offerings, the actual level of assets of
the Bank at the closing of the Offerings (which will depend in part
on the repayment and prepayment of loans and the maturity of
mortgage-backed and investment securities), the Bank's
asset/liability management in the period up to the closing of the
Offerings, and the overall expenses of the Conversion.
(3) In April 1991, the OTS proposed a core capital requirement for savings
associations comparable to the requirement for national banks that became
effective December 31, 1990. The proposal calls for an OTS core capital
requirement of at least 3% of total adjusted assets for thrifts that receive
the highest supervisory rating for safety and soundness, with a 4% to 5%
core capital requirement for all other thrifts. If adopted as proposed,
management would expect the Bank to be subject to a 4% to 5% core capital
requirement. See "Regulation -- Regulatory Capital Requirements."
(4) Includes $110,000 of general valuation allowances, which qualify as
supplementary capital. See "Regulation -- Regulatory Capital Requirements."
(5) Assumes investment of net proceeds in U.S. Government agency securities
which have a 20% risk weight.
(6) The OTS utilizes a net market value methodology to measure the interest rate
risk exposure of savings associations. Effective March 31, 1996,
institutions with more than normal interest rate risk, as defined by OTS
regulations, are required to make a deduction from capital equal to 50% of
its interest rate risk exposure multiplied by the present value of its
assets. Based upon this methodology, at March 31, 1997, the latest date for
which such information is available, the Bank's interest rate risk exposure
to a 200 basis point increase in interest rates was considered "normal"
under this regulation. However, since the Bank has assets of less than $300
million and a total risk-based capital ratio in excess of 12%, it is exempt
from this requirement unless the OTS determines otherwise. See "Regulation
-- Regulatory Capital Requirements."
USE OF PROCEEDS
The net proceeds from the sale of Common Stock in the Stock Conversion,
based on the minimum, midpoint, maximum and 15% above the maximum of the
Estimated Valuation Range, are estimated at $980,000 million, $1.15 million,
$1.32 million and $1.52 million, respectively. See "Pro Forma Data." The Company
will retain up to 20% of the net Stock Conversion proceeds as its initial
capitalization and will use the balance of the net Stock Conversion proceeds to
purchase all of the common stock of the Bank to be issued upon Stock Conversion.
The Company intends to lend a portion of the net proceeds retained by it to the
ESOP to facilitate its purchase of 8% of the Common Stock in the Stock
Conversion. It is anticipated that the funds will be borrowed by the ESOP at an
interest rate equal to the prime rate as published in The Wall Street Journal on
the closing date of the Stock Conversion, which rate is currently 8.5%. It is
anticipated that the ESOP loan will have a term of 15 years. Based upon the
issuance of shares at the minimum and maximum of the Estimated Valuation Range,
the loan to the ESOP to purchase 8% of the Common Stock would be $78,400 and
$105,600, respectively. See "Management -- Benefit Plans -- Employee Stock
Ownership Plan."
The remainder of the proceeds will be invested on an interim basis in short-
and intermediate-term securities. These funds would be available for general
corporate purposes which may include expansion of operations through
acquisitions of other financial service organizations and diversification into
other related or unrelated businesses, or for investment purposes. Currently,
there are no specific plans being considered for the expansion of the business
of the Company. In addition, the funds may be used to infuse additional capital
to the Bank when and if appropriate.
The net proceeds retained by the Company may also be used to repurchase the
Company's Common Stock as permitted by federal regulation. Upon completion of
the Stock Conversion, the Board of Directors will have the authority to adopt
stock repurchase plans, subject to statutory and regulatory requirements. Since
the Company has not yet issued stock, there is currently insufficient
information upon which an intention to repurchase stock could be based.
Based upon facts and circumstances which may arise following the Stock
Conversion, the Board of Directors may determine to repurchase stock in the
future. Such facts and circumstances may include but are not limited to: (i)
market and economic factors such as the price at which the stock is trading in
the market, the volume of trading, the attractiveness of other investment
alternatives in terms of the rate of return and risk involved in the investment,
the ability to increase the book value or earnings per share of the remaining
outstanding shares, and the effect on the Company's return on equity; (ii) the
avoidance of dilution to stockholders by not having to issue additional shares
to cover the exercise of stock options or to fund employee stock benefit plans;
and (iii) any other circumstances in which repurchases would be in the best
interests of the Company and its stockholders.
Any stock repurchases will be subject to the determination of the Board of
Directors that both the Company and the Bank will be capitalized in excess of
all applicable regulatory requirements after any such repurchases and that
capital will be adequate taking into account,
29
<PAGE>
among other things, the level of non-performing assets and other loans of
concern, the Company's and the Bank's current and projected results of
operations and asset/liability structure, the economic environment and tax
and other regulatory considerations. Repurchases during the first year
following the Stock Conversion may be subject to limitations imposed by
federal regulations. A stock repurchase program may have the effect of: (i)
reducing the overall market value of the Company, (ii) increasing the cost of
capital and (iii) promoting a temporary demand for Common Stock.
Should the Company implement a restricted stock plan (i.e., the RRP)
following the Stock Conversion, a portion of the net proceeds may be used to
fund the purchase by the plan of Common Stock in an amount up to 4% of the
shares sold in the Stock Conversion. The actual cost of such purchase will
depend on the number of shares sold in the Stock Conversion and the market price
at the time of purchase. Based upon the minimum and the maximum of the Estimated
Valuation Range and on a $10.00 per share Purchase Price, the cost would be
approximately $39,200 and $52,800, respectively.
The net proceeds from the sale of the Common Stock in the Stock Conversion
will substantially increase the capital of the Bank. The Bank will use the net
proceeds for general corporate business purposes, such as lending and investment
activities in the ordinary course of business. On an interim basis, the proceeds
will be invested by the Bank in short- and intermediate-term securities.
The actual net proceeds may be more or less than the estimated net proceeds
calculated as shown under "Pro Forma Data," above. Additionally, the actual
expenses may be more or less than those estimated. See "The Conversion -- Stock
Pricing and Number of Shares to be Issued."
DIVIDENDS
The Company does not intend to initially pay dividends on its Common Stock.
Additionally, the Company will not undertake any action within a year from the
completion of the Conversion towards the furtherance of a return of capital. The
payment of dividends will be subject to determination and declaration by the
Board of Directors in its discretion, which will take into account the Company's
consolidated financial condition and results of operations, tax considerations,
industry standards, economic conditions, regulatory restrictions, general
business practices and other factors. Therefore, no assurances can be made as to
the future ability of the Company to pay dividends. Delaware law generally
limits dividends of the Company to an amount equal to the excess of its net
assets (the amount by which total assets exceeds total liabilities) over its
paid-in capital or, if there is no excess, to its net profits for the current
and immediately preceding fiscal year.
It is presently anticipated that the Company will not conduct significant
operations independent of those of the Bank for some time following the Stock
Conversion. As such, the Company does not expect to have any significant source
of income other than earnings on the net Stock Conversion proceeds retained by
the Company and dividends from Landmark Community, if any. Consequently, the
ability of the Company to pay cash dividends to its stockholders will be
dependent upon such retained proceeds and earnings thereon, and upon the ability
of the Bank to pay dividends to the Company. Management believes that, upon
completion of the Stock Conversion, the Converted Bank will qualify as a Tier 1
institution, and thereby be entitled to make capital distributions without OTS
approval in an amount not exceeding 100% of its net income year-to-date plus 50%
of the Converted Bank's capital surplus, as measured at the beginning of the
calendar year. Net proceeds retained by the Company would be immediately
available for the payment of dividends. See "Regulation --Regulatory Capital
Requirements" and "--Limitations on Dividends and Other Capital Distributions."
Earnings appropriated to the Bank's "excess" bad debt reserves and deducted for
federal income tax purposes cannot be used by the Bank to pay cash dividends to
the Company without adverse tax consequences. See "Regulation -- Federal and
State Taxation."
MARKET FOR COMMON STOCK
The Company and the Bank have never issued capital stock. Consequently,
there is no established market for the Common Stock at this time. The
development of a liquid public trading market depends upon the existence of
willing buyers and sellers, the presence of which is not within the control of
the Company, the Bank or any market maker. It is unlikely that an active and
liquid trading market for the Common Stock will develop due to the relatively
small size of the Offerings and the small number of stockholders expected
following the Stock Conversion. Moreover, subject to shareholder approval, the
Company intends to adopt the Stock Option Plan and the RRP following the Stock
Conversion. If the Company purchases shares in the open market for the purpose
of funding such plans, such purchases could also initially reduce the overall
number of shares outstanding and initially could further reduce the liquidity of
the Common Stock. Under such
30
<PAGE>
circumstances, investors in the Common Stock could have difficulty disposing
of their shares on short notice and should not view the Common Stock as a
short-term investment. Accordingly, purchasers should consider the illiquid,
long-term nature of an investment in the Common Stock. Furthermore, there can
be no assurance that purchasers will be able to sell their shares at or above
the Purchase Price.
PARTICIPATION BY MANAGEMENT
The following table sets forth information regarding intended Common Stock
purchases by each of the directors of the Bank and the Company, by Mr. Coleman,
and by all directors and executive officers as a group. In the event the
individual maximum purchase limitation is increased, persons subscribing for the
maximum amount may increase their purchase order. This table excludes shares to
be purchased by the ESOP or proposed Restricted Stock Awards under the proposed
RRP or proposed option grants pursuant to the proposed Stock Option Plan. See
"Management--Benefit Plans." The directors and officers of the Bank have
indicated their intention to purchase in the Stock Conversion an aggregate
of--$125,000 of Common Stock, equal to--12.8%, 10.9%, 9.5%, and 8.2% of the
number of shares to be issued in the Subscription and Community Offering, at the
minimum, midpoint, maximum and 15% above the maximum of the Estimated Valuation
Range, respectively. For information regarding options and restricted
stock intended to be awarded to management pursuant to the proposed Stock Option
Plan and the proposed RRP, see "Management -- Benefit Plans."
<TABLE>
<CAPTION>
Aggregate Number Percent
Purchase of at
Name Title Price Shares Midpoint
- --------------------------------------- --------------------------------------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
John R. Francisco Chairman $ 50,000 5,000 4.3%
Gordon E. Coleman President and Chief Executive Officer 35,000 3,500 3.0%
F. Richard Ferraro Director 5,000 500 *
Frederick P. LaCoppola Director and Treasurer 10,000 1,000 *
Carl J. Rockefeller Director 20,000 2,000 1.7%
Patricia A. Symolon Director 5,000 500 *
Myron H. Walton Director -- -- --
All directors and executive officers as a group (7 persons) $ 125,000 12,500 10.9%
----
----
</TABLE>
- -------------
* less than 1%.
31
<PAGE>
LANDMARK COMMUNITY BANK
STATEMENTS OF OPERATIONS
The following Statements of Operations of the Bank for the fiscal years
ended March 31, 1997 and 1996 have been audited by Eric W. Montanye, CPA,
independent certified public accountant, whose report thereon appears
elsewhere herein. These Statements should be read in conjunction with the
Financial Statements of the Bank and Notes thereto included elsewhere in this
Prospectus.
<TABLE>
<CAPTION>
YEARS ENDED
MARCH 31,
----------------------
<S> <C> <C>
1997 1996
---------- ----------
Interest income:
Loans receivable
First mortgage loans.................................................................. $ 545,030 $ 492,992
Other loans........................................................................... 39,932 23,115
Investment securities and interest bearing deposits..................................... 103,398 106,347
---------- ----------
Total interest income................................................................. 688,360 622,454
Interest expense:
Interest on deposits.................................................................... 326,607 270,115
---------- ----------
Net interest income................................................................... 361,753 352,339
Provision for loan losses................................................................. 78,000 --
---------- ----------
Net interest income after provision for loan losses................................... 283,753 352,339
---------- ----------
Noninterest income:
Loan fees and service charges........................................................... 28,779 10,280
Trading account gain on Freddie Mac stock............................................... 67,056 --
---------- ----------
Total noninterest income.............................................................. 95,835 10,280
---------- ----------
Noninterest expense:
General and administrative expenses Compensation, payroll taxes and fringe benefits..... 184,154 115,481
Advertising and business promotion.................................................... 6,030 5,331
Building occupancy and equipment expenses, including depreciation..................... 34,086 24,920
Federal insurance premiums............................................................ 55,256 15,695
Other operating expenses.............................................................. 154,534 77,754
---------- ----------
Total noninterest expense............................................................. 434,060 239,181
---------- ----------
Income (loss) before income taxes..................................................... (54,472) 123,438
Provision for income tax expense (benefit)................................................ (18,400) 38,100
---------- ----------
Net income (loss) .................................................................... $(36,072) $ 85,338
---------- ----------
---------- ----------
</TABLE>
The accompanying Notes to the Financial Statements are an integral part of
these Statements of Operations.
32
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
This discussion is intended to assist in understanding the financial
condition and results of operations of the Bank. The information contained in
this section should be read in conjunction with the Financial Statements and
accompanying Notes thereto and the other sections contained in this Prospectus.
The Company has only recently been formed and, accordingly, has no results
of operations. The following discussion relates only to the financial condition
and results of operations of the Bank.
The earnings of the Bank depend primarily on its level of net interest
income, which is the difference between interest earned on interest-earning
assets, consisting primarily of mortgage and consumer loans and other
investments, and the interest paid on interest-bearing liabilities, consisting
of deposits. Net interest income is a function of the Bank's "interest rate
spread," which is the difference between the average yield earned on
interest-earning assets and the average rate paid on interest-bearing
liabilities, as well as a function of the average balance of interest-earning
assets as compared to interest-bearing liabilities. The interest rate spread is
affected by regulatory, economic and competitive factors that influence interest
rates, loan demand and deposit flows. In order to increase the Bank's long-term
interest income and overall profitability, management has determined to
emphasize the origination of consumer loans, commercial real estate loans and
commercial business loans, in addition to the origination of one-to four-family
residential loans. Consumer loans, commercial real estate loans and commercial
business loans provide higher yields than loans secured by one-to four-family
residences. However, such loans carry greater credit risk than one-to
four-family residential loans. See "Risk Factors--Risks Associated with
Increased Consumer and Commercial Lending." In fiscal 1997 the Bank began
participating in an on-line service pursuant to which it advertises its
certificates of deposit rates nationwide. For the year ended March 31, 1997, the
Bank obtained certificates of deposit totalling $2.6 million through this
service, which represented 25.5% of the Bank's total deposits at March 31, 1997.
Deposits obtained through the on-line service are a more volatile source of
funds than transaction or savings accounts, or certificate of deposit accounts
obtained from depositors in the Bank's market area. See "Risk Factors--Increased
Reliance on Out of Market Deposits." The Bank has experienced increased costs of
funds by actively seeking to increase the Bank's deposit base through
certificates of deposit (as opposed to passbook or transaction accounts) with
maturities of two to five years. The increased deposits have been utilized to
fund the Bank's loan growth.
The Bank, like other financial institutions, is subject to interest-rate
risk to the degree that its interest-earning assets mature or reprice at
different times, or on different bases, than its interest-bearing liabilities.
The Bank's operating results are also affected by the amount of its noninterest
income, including service charges ^. Noninterest expense consists principally of
compensation and benefits, building occupancy and equipment expense, federal
insurance premiums and other operating expenses. The Bank's operating results
are significantly affected by general economic and competitive conditions, in
particular, the changes in market interest rates, government policies and
actions by regulatory authorities.
FINANCIAL CONDITION
MARCH 31, 1997 COMPARED TO MARCH 31, 1996
ASSETS. Total assets increased approximately $3.7 million, or 48.9%,
to $11.3 million at March 31, 1997 from $7.6 million at March 31, 1996. The
increase in total assets was primarily attributable to an increase in loans
receivable, net, and investment securities partially offset by decreases in
cash and cash equivalents and mortgage-backed securities. Fixed assets
(comprised of premises and equipment) increased approximately $102,000, or
190.2%, to $155,000 at March 31, 1997 from $54,000 at March 31, 1996. The
increase of approximately $73,000
33
<PAGE>
of improvements was related to a complete office renovation. The
increase of approximately $39,000 of equipment was related primarily to the
purchase of new furniture and fixtures, as well as additional computer and
printers. The expense related to premises will be capitalized over a period
of 39 years. The expense related to equipment will be capitalized over a
period of 5 years. See Note F to the Financial Statements.
Loans receivable, net increased $3.9 million, or 69.9% to $9.4 million at
March 31, 1997 from $5.5 million at March 31, 1996. Loan originations totaled
$5.7 million while principal repayments totaled $1.6 million. Of the $5.7
million in loan originations, $3.0 million in loan originations were secured by
one-to four-family properties, $1.9 million in loan originations were consumer
loans and $210,000 in loan originations were in commercial business loans. The
increase in loan originations was funded from deposits.
Investment securities increased $357,000, or 148.1%, to $598,000 at March
31, 1997 from $241,000 at March 31, 1996. The increase in investments resulted
from purchases of U.S. Government securities consisting of short-term treasury
bills with maturities of three years or less, which totaled $398,000 at March
31, 1997. The investment in short-term securities was made in order to obtain
higher yields than are generally available from overnight deposits while
providing the Bank with greater liquidity than other types of interests. The
Bank had no investments in U.S. Government securities at March 31, 1996.
Mortgage-backed securities decreased $83,000, or 24.4% to $257,000 at March
31, 1997 from $340,000 at March 31, 1996. The decrease in mortgage-backed
securities resulted solely from principal repayments. Cash and cash equivalents
decreased $649,000, or 46.4% to $709,000 at March 31, 1997 from $1.4 million at
March 31, 1996. In addition, the Bank began offering interest-bearing
checking accounts to increase its deposits. The Bank does not anticipate that
interest-bearing checking accounts will be a significant source of deposits
in the future.
LIABILITIES. Total liabilities consisting solely of deposits increased
$3.8 million, or 58.3% to $10.2 million at March 31, 1997 from $6.5 million
at March 31, 1996. The increase in deposits resulted primarily from an
increase in certificates of deposit to $4.6 million at March 31, 1997 from
$2.6 million at March 31, 1996. In addition, the Bank began offering
interest-bearing checking accounts to increase its deposits. The Bank does
not anticipate that interest-bearing checking accounts will be a significant
source of deposits in the future.
RETAINED EARNINGS. Retained earnings totaled $956,000 at March 31, 1997.
Retained earnings totaled $993,000 at March 31, 1996. The decrease in retained
earnings is the result of the Bank incurring a $36,000 loss for the year ended
March 31, 1997.
ANALYSIS OF NET INTEREST INCOME
Net interest income represents the difference between interest earned on
interest-earning assets and interest paid on interest-bearing liabilities. Net
interest income depends on the volumes of interest-earning assets and
interest-bearing liabilities and the interest rates earned or paid on them.
34
<PAGE>
The following table presents for the periods indicated the total dollar
amount of interest income from average interest earning assets and the
resultant yields, as well as the interest expense on average interest bearing
liabilities, expressed both in dollars and rates. No tax equivalent
adjustments were made. All average balances are monthly average balances.
Non-accruing loans have been included in the table as loans carrying a zero
yield.
<TABLE>
<CAPTION>
AT MARCH 31, 1997
------------------------
OUTSTANDING
BALANCE YIELD/RATE
----------- ----------
(DOLLARS IN THOUSANDS)
<S> <C> <C>
Interest-Earning Assets:
Loans receivable (1)......... $ 9,392 8.78%
Mortgage-backed securi-
ties....................... 257 8.97
Investment securities........ 598 6.87
FHLB stock................... 59 6.35
Interest bearing deposits.... 120 6.50
----------- ---
Total interest-earning assets
(1)........................ $10,426 8.62
----------- ---
Interest-Bearing Liabili-
ties:
Interest-bearing checking.... $ 235 1.75%
Passbook accounts............ 3,584 3.00
Certificate accounts......... 6,120 5.70
----------- ---
Total interest-bearing lia-
bilities................... $ 9,939 4.62%
----------- ---
Net interest income..........
Net interest rate spread..... 4.00%
Net earning assets........... $ 487
Net yield on average
interest-earning assets....
Average interest-earning
assets to average inter-
est-bearing liabilities....
<CAPTION>
YEARS ENDED MARCH 31,
-------------------------------------------------------------------------
1997 1996
AVERAGE INTEREST AVERAGE INTEREST
---------------------- ----------------------
OUTSTANDING EARNED/ OUTSTANDING EARNED/
---------------------- ----------------------
BALANCE PAID YIELD/RATE BALANCE PAID YIELD/RATE
----------- -------- ---------- ----------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Interest-Earning Assets:
Loans receivable (1)......... $6,960 $585 8.41% $5,866 $516 8.80%
Mortgage-backed securi-
ties....................... 290 26 8.97 249 22 8.84
Investment securities........ 393 27 6.87 314 19 6.05
FHLB stock................... 61 4 6.56 64 5 7.81
Interest bearing deposits.... 846 46 5.44 1,178 60 5.09
----------- -------- --- ----------- --- ---
Total interest-earning assets
(1)........................ $8,550 $688 8.05 $7,671 $622 8.11
----------- -------- --- ----------- --- ---
Interest-Bearing Liabili-
ties:
Interest-bearing checking.... $ 63 $ 1 1.59% $ -- $ -- 0.00%
Passbook accounts............ 3,703 108 2.92 4,185 126 3.01
Certificate accounts......... 3,870 217 5.61 2,517 144 5.72
----------- -------- --- ----------- --- ---
Total interest-bearing lia-
bilities................... $7,636 326 4.27% $6,702 ^ 270 4.03%
----------- -------- --- ----------- --- ---
Net interest income.......... $362 $352
Net interest rate spread..... 3.78% 4.08%
Net earning assets........... $ 914 $ 969
Net yield on average
interest-earning assets.... 4.23% 4.59%
Average interest-earning
assets to average inter-
est-bearing liabilities.... 1.12x 1.14x
</TABLE>
- ------------------------
(1) Calculated net of deferred loan fees, loan discounts, loans in process and
loss reserves.
35
<PAGE>
RATE/VOLUME ANALYSIS
The following table presents the dollar amount of changes in interest
income and interest expense for major components of interest-earning assets
and interest-bearing liabilities. It distinguishes between the changes
related to outstanding balances and that due to the changes in interest
rates. For each category of interest-earning assets and interest-bearing
liabilities, information is provided on changes attributable to (i) changes
in volume (i.e., changes in volume multiplied by old rate) and (ii) changes
in rate (i.e., changes in rate multiplied by old volume). For purposes of
this table, changes attributable to both rate and volume, which cannot be
segregated, have been allocated proportionately to the change due to volume
and the change due to rate.
<TABLE>
<CAPTION> YEARS
YEARS ENDED MARCH 31,
---------------------------------
1997 VS. 1996
---------------------------------
INCREASE/(DECREASE)
DUE TO TOTAL
---------------------- INCREASE
VOLUME RATE (DECREASE)
------- -----
(IN THOUSANDS)
<S> <C> <C> <C>
Interest-earning assets:
Loans receivable........................ $ 97 $ (28) $ 69
Mortgage-backed securities.............. 4 -- 4
Investment securities................... 12 (4) 8
Other................................... (18) 3 (15)
------- ----- -----
Total interest-earning assets......... $ 95 $ (29) $ 66
------- ------- -------
------- ------- -------
Interest-bearing liabilities:
Passbook accounts....................... $ (21) $ -- $ (21)
Interest-bearing checking............... 1 -- 1
Certificates of deposit................. 64 12 76
------- ------ -------
------- ------ -------
Total interest-bearing liabilities..... $ 44 $ 12 $ 56
------- ------ -------
------- ------ -------
Net change in interest income.......... $ 10
------- ------ -------
------- ------ -------
</TABLE>
Comparison of Operating Results for the Years Ended March 31, 1997 and 1996
NET LOSS. The Bank had a net loss of $36,000 for the year ended March 31,
1997. The reasons for the Bank's loss in fiscal 1997 are (i) management's
decision to add $78,000 to the Bank's allowance for loan losses, (ii) a one time
non-recurring expense of $43,000 associated with the SAIF recapitalization and,
(iii) costs associated with modernizing the Bank's facilities and operations, as
well as increased compensation expense associated with an increase in the number
of employees from four to six persons. Finally, the costs associated with the
Bank's rapid loan growth (such as increased appraisal costs) are expected to
adversely impact earnings in the short term. The Bank had net income of $85,000
for the year ended March 31, 1996.
INTEREST INCOME. Interest income totaled $688,000 for the year ended
March 31, 1997, an increase of approximately $66,000, or 10.6% from $622,000
at March 31, 1996. The increase in interest income was the result of an
increase of $900,000 in the average balance of interest earning assets to
$8.6 million for the year ended
36
<PAGE>
March 31, 1997 from $7.7 million for fiscal 1996. The average yield on
interest-earning assets decreased to 8.05% from 8.11%.
For the years ended March 31, 1997 and 1996, interest income on loans
receivable increased $69,000, or 13.4% to $585,000 from $516,000. The average
balance of loans receivable increased $1.1 million, or 18.7% in fiscal 1997. The
average yield on loans receivable for the years ended March 31, 1997 and 1996
were 8.41% and 8.80%, respectively. The decrease in the average yield resulted
from the origination of adjustable rate mortgage ("ARM") loans at below market
rates of interest. The Bank no longer offers ARM loans with below market rates
of interest.
Interest income from mortgage-backed securities totaled $26,000 and $22,000
for the years ended March 31, 1997 and 1996, respectively. The slight increase
in interest income in fiscal 1997 was attributable to a $41,000 increase in the
average balance of mortgage-backed securities, as well as an increase in the
average yield on mortgage-backed securities to 8.97% from 8.84%. The increase in
the average balance as well as the average yield on mortgage-backed securities
resulted from the Bank's purchase of higher yielding mortgage-backed securities
during the latter part of fiscal 1996.
Interest income from investment securities increased $8,000, or 42.1% for
the year ended March 31, 1997, to $27,000 from $19,000 for the year ended March
31, 1996. The increase in interest income from investment securities resulted
from an increase in the average balance of investment securities to $393,000
from $314,000 as well as an increase in the average yield to 6.87% from 6.05%
during the years ended March 31, 1997 and 1996, respectively. The increase in
the average yield on investment securities reflects the Bank's decision to
invest in longer term investment securities which provide a higher yield than
shorter term investment securities.
For the year ended March 31, 1997 interest income from interest bearing
deposits decreased $14,000, or 23.3%, to $46,000 from $60,000 for the year ended
March 31, 1996. The decrease in interest income from interest bearing deposits
was attributable to a $332,000 decrease in the average balance of interest
bearing deposits to $846,000 from $1.2 million, which was partially offset by an
increase in the average yield on interest bearing deposits to 5.44% from 5.09%.
Interest bearing deposits were used to fund increased loan originations during
fiscal 1997.
INTEREST EXPENSE. Interest expense increased $59,000, or 22.1% for the year
ended March 31, 1997 to $326,000 from $267,000 for the year ended March 31,
1996. The increase in interest expense was due to an increase in the cost of
deposits to 4.27% from 4.03%, and an increase in the average balance of deposits
to $7.6 million from $6.7 million. During fiscal 1997 the composition of
deposits changed, as certificates of deposit increased as a percentage of the
total deposits and in absolute dollar amount, and the percentage of deposits
represented by lower yielding passbook accounts and interest-bearing checking
accounts decreased.
NET INTEREST INCOME. For the years ended March 31, 1997 and 1996 net
interest income was $362,000 and $352,000, respectively, an increase of $10,000.
The ratio of average interest earning assets to average interest bearing
liabilities fell slightly to 1.12x from 1.14x. The interest rate spread for the
year ended March 31, 1997 decreased to 3.78% for fiscal 1997 from 4.08% for
fiscal 1996.
PROVISION FOR LOAN LOSSES. During fiscal 1997 the Bank added $78,000 to
the allowance for loan losses. The Bank did not establish a provision for
loan losses in fiscal 1996 as a result of historical performance and
insignificant new loans during fiscal 1996. Management regularly reviews its
loan portfolio including changes in the relative composition of the portfolio
to determine whether any loans require classification or the establishment of
additional reserves. The provision for loan losses in fiscal 1997 was deemed
prudent in light of the Bank's decision to emphasize the origination of
commercial real estate, commercial business and consumer loans and due to the
inherent higher risk associated with these loans. At March 31, 1997, the Bank
had three loans with aggregate principal balances of $107,000 which were
delinquent more than 60 days, and total nonperforming assets of $47,000
37
<PAGE>
which represented .41% of total assets. At March 31, 1997, the Bank's
allowance for loan losses totaled $110,000, which represented 235.32% of
nonperforming loans.
NONINTEREST INCOME. Noninterest income for the years ended March 31, 1997
and 1996 was $96,000 and $10,000, respectively. The increase of approximately
$86,000 is primarily attributable to a $67,000 unrealized gain on sale of ^
Freddie Mac stock for which the Bank established a trading account, as well as a
$19,000, or 180.0% increase ^ service charges to $29,000 from $10,000, which was
primarily attributable to the increased loan activity during fiscal 1997.
NONINTEREST EXPENSE. Noninterest expense for the years ended March 31,
1997 and 1996 were $434,000 and $239,000, respectively. The increase of
approximately $195,000, or 81.5% is primarily the result of increases in
compensation expense of $69,000, or 59.5%, building occupancy and equipment
expense of $9,000, or 36.8%, federal insurance premiums of $40,000, or
252.1%, and other operating expenses (consisting of postage, professional
fees, audits and examinations, appraisal fees and credit changes, data
processing, office supplies) of $77,000, or 98.7%. The increase in other
operating expenses is primarily attributable to increased loan activity and
expenses related to offering new products. The increase in federal insurance
premiums was the result of the special one-time assessment to recapitalize
the Savings Association Insurance Fund ("SAIF"). Prior to the payment of the
one-time special assessment, the Bank's annual SAIF assessment per $100 in
deposits as of June 30, 1996 was 23 basis points. The Bank anticipates its
ongoing SAIF assessment will be 6 basis points per $100 in deposits. The
principal increase in compensation expense is due to an increase in employees
from four to six which included the hiring of the Bank's Chief Executive
Officer. The increase in building and occupancy expense is due to remodeling
of the Bank's office. The increase in other operating expense is due to
increased consulting fees and increases in data processing costs. Following
the Conversion, the Company's noninterest expense could be expected to
increase as a result of the added costs associated with being a public
company.
INCOME TAXES. For the years ended March 31, 1997 the Bank realized a tax
benefit of $18,000. For the year ended March 31, 1996 income taxes were $38,100.
^
ASSET/LIABILITY MANAGEMENT
Savings institutions such as the Bank are subject to interest rate risk to
the extent their interest-bearing liabilities (consisting primarily of deposit
accounts, FHLB advances and other borrowings) mature or reprice more rapidly, or
on a different basis, than their interest-earning assets (consisting
predominantly of intermediate and long-term real estate loans and investments
held for investment and liquidity purposes). Having interest-bearing liabilities
that mature or reprice less frequently on average than assets may be detrimental
in times of declining interest rates, although such an asset/liability structure
may result in increasing net interest earnings during periods of rising interest
rates. Conversely, having interest-earning assets that mature or reprice less
frequently on average than liabilities may be detrimental in times of rising
interest rates, although this asset/liability structure may result in increasing
net interest earnings during periods of falling interest rates.
The Bank has sought to fund its lending activities through deposit growth.
In this regard, the Bank has emphasized increasing its deposits by increasing
the dollar amount of certificates of deposit with maturities ranging from two-to
five-years. Certificates of deposit are a costlier source of funds than passbook
or transactional accounts. The Bank intends that in addition to originating an
increased amount of one-to four-family loans, such funds be used to originate
consumer, commercial real estate and commercial business loans, which typically
provide higher rates of interest than one-to four-family loans. The Bank also
intends to emphasize the origination of ARM loans and adjustable rate consumer,
commercial real estate and commercial business loans. Consequently, the Bank's
interest earning assets are expected to reprice more frequently than its
interest bearing liabilities which may adversely impact the Bank's net interest
income during periods of declining interest rates.
38
<PAGE>
The following table sets forth the amounts of interest-earning assets and
interest-bearing liabilities outstanding at March 31, 1997, which are
expected to reprice or mature in each of the future time periods shown. The
table does not include any estimates of pre-payments on interest-earning
assets. Pre-payments significantly shorten the average life of the assets and
may cause the Bank's actual repayment experience to differ from that shown
below. Except for transaction accounts, which are classified as repricing in
the "within 1 year" category, the amounts of assets and liabilities shown
which reprice or mature during a particular period were determined in
accordance with the earlier of term to repricing or the contractual terms of
the asset or liability. Historically, the dollar amount of fixed rate loans
which have pre-paid has been immaterial. For information regarding the
contractual maturities of the Bank's loans, investments and deposits, see
"Business--Lending Activities," "--Investment Activities" and "--Sources of
Funds."
<TABLE>
<CAPTION>
AMOUNTS MATURING OR REPRICING AT MARCH 31, 1997
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
WITHIN OVER
1 YEAR 1-3 YEARS 3-5 YEARS 5-10 YEARS 10-20 YEARS 20 YEARS TOTAL
--------- ----------- ----------- ---------- ----------- ----------- ---------
<CAPTION>
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C> <C>
Interest-Earning Assets:
Loans receivable (1)........................ $ 4,910 $ 311 $ 1,238 $ 879 $ 2,054 $ -- $ 9,392
Mortgage-backed securities.................. -- -- 16 29 94 118 257
Trading account securities (2).............. 69 -- -- -- -- -- 69
Investment securities....................... -- 398 100 -- 100 -- 598
Interest-bearing deposits at FHLB........... 120 -- -- -- -- -- 120
--------- ----------- ----------- ---------- ----------- ----- ---------
Total interest-earning assets (1)......... $ 5,099 $ 709 $ 1,354 $ 908 $ 2,248 $ 118 $ 10,436
--------- ----------- ----------- ---------- ----------- ----- ---------
--------- ----------- ----------- ---------- ----------- ----- ---------
Interest-Bearing Liabilities:
Savings deposits............................ $ 3,584 $ -- $ -- $ -- $ -- $ -- $ 3,584
Interest-bearing deposits................... 235 -- -- -- -- -- 235
Certificate accounts........................ 1,877 3,443 768 32 -- -- 6,120
--------- ----------- ----------- ---------- ----------- ----- ---------
Total interest-bearing liabilities........ $ 5,696 $ 3,443 $ 768 $ 32 $ -- $ -- $ 9,939
--------- ----------- ----------- ---------- ----------- ----- ---------
--------- ----------- ----------- ---------- ----------- ----- ---------
Interest sensitivity gap...................... $ (597) $ (2,734) $ 586 $ 876 $ 2,248 $ 118 $ 497
--------- ----------- ----------- ---------- ----------- ----- ---------
--------- ----------- ----------- ---------- ----------- ----- ---------
Cumulative interest sensitivity gap......... $ (597) $ (3,331) $ (2,745) $ (1,869) $ 379 $ 497 $ 497
--------- ----------- ----------- ---------- ----------- ----- ---------
--------- ----------- ----------- ---------- ----------- ----- ---------
Ratio of interest-earning assets to
interest-bearing liabilities.............. 89.52% 20.59% 176.30% 2,837.50% 0.00% 0.00% 105.00%
--------- ----------- ----------- ---------- ----------- ----- ---------
--------- ----------- ----------- ---------- ----------- ----- ---------
Ratio of cumulative gap to total assets..... (5.27% (24.14)% 5.17% 7.73% 19.85% 1.04% 4.39%
--------- ----------- ----------- ---------- ----------- ----- ---------
--------- ----------- ----------- ---------- ----------- ----- ---------
</TABLE>
- ------------------------
(1) Calculated net of deferred loan fees, loan discounts, loans in process and
loss reserves.
(2) Consists solely of Freddie Mac stock that was sold subsequent to March 31,
1997.
39
<PAGE>
NET PORTFOLIO VALUE. In order to measure its interest rate risk, the Bank
computes the amounts by which the net present value of the Bank's cash flows
from assets, liabilities and off-balance sheet items, if any (the institution's
Net Portfolio Value, or NPV), would change in the event of a range of assumed
changes in market interest rates. These computations estimate the effect on the
Bank's NPV of instantaneous and permanent 1% to 4% increases and decreases in
market interest rates. The Board of Directors has established maximum increases
and decreases in NPV. The table below indicates the Board limits and the
estimates of projected changes in NPV in the event of 1%, 2%, 3% and 4%
instantaneous and permanent increases and decreases in market interest rates,
respectively.
The Net Portfolio Value method of calculating interest rate risk
originated in a rule adopted by the OTS for the purpose of incorporating an
interest rate risk ("IRR") component into its risk-based capital rules. The
IRR component is a dollar amount that will be deducted from total capital for
the purpose of calculating an institution's risk-based capital requirement
and is measured in terms of the sensitivity of its NPV to changes in interest
rates. NPV is the difference between incoming and outgoing discounted cash
flows from assets, liabilities and off-balance sheet contracts. An
institution's IRR is measured as the change to its NPV as a result of a
hypothetical 200 basis point change in market interest rates. A resulting
change in NPV of more than 2% of the estimated market value of its assets
will require the institution to deduct from its capital 50% of that excess
change. The rule provides that the OTS will calculate the IRR component
quarterly for each institution. The Bank, based on asset size and risk- based
capital, has been informed by the OTS that it is exempt from this rule.
Nevertheless, the following table presents the Bank's NPV at March 31, 1997,
as calculated by the OTS, based on information provided to the OTS by the
Bank.
The table below sets forth, as of March 31, 1997, the estimated changes in
the Bank's net portfolio value ("NPV") (i.e., the present value of expected cash
flows from assets, liabilities and off-balance sheet contracts).
<TABLE>
<CAPTION>
NET PORTFOLIO EQUITY
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CHANGE IN
INTEREST RATES ESTIMATED AMOUNT OF
(BASIS POINTS) NPV CHANGE PERCENT
- ------------------------------- ----------- ----------- -----------
<CAPTION>
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C>
+400 $ 1,329 $ (99) (7)%
+300 1,392 (35) (2)%
+200 1,438 10 1%
+100 1,457 29 2%
0 1,428
- -100 1,340 (88) (6)%
- -200 1,212 (216) (15)%
- -300 1,148 (280) (20)%
- -400 1,103 (325) (23)%
</TABLE>
For illustrative purposes, if all interest rates were to simultaneously and
instantaneously increase by 400 basis points, the NPV would be $1,329,000, which
represents a decrease of $99,000, or 7%, from the net portfolio value of
$1,428,000 which assumes no change in interest rates.
Although the OTS has informed the Bank that it is not subject to the IRR
component discussed above, the Bank is still subject to interest rate risk and,
as illustrated above, rising interest rates will reduce the Bank's NPV because
over time the Bank's interest bearing liabilities will reprice more rapidly than
its interest earning assets. The OTS has the authority to require otherwise
exempt institutions to comply with the rule concerning interest rate risk. See
"Regulation--Regulatory Capital Requirements."
40
<PAGE>
Certain shortcomings are inherent in the method of analysis presented in
both the computation of NPV and in the analysis presented in the prior table
setting forth the maturing and repricing of interest-earning assets and
interest-bearing liabilities. Although certain assets and liabilities may have
similar maturities or periods within which they will reprice, they may react
differently to changes in market interest rates. The interest rates on certain
types of assets and liabilities may fluctuate in advance of changes in market
interest rates, while interest rates on other types may lag behind changes in
market rates. Additionally, ARM loans have features which restrict changes in
interest rates on a short-term basis and over the life of the asset. The
proportion of adjustable-rate loans could be reduced in future periods if market
interest rates would decrease and remain at lower levels for a sustained period,
due to increased refinance activity and borrowers' desire to lock in low fixed
interest rates. Further, in the event of a change in interest rates, prepayment
and early withdrawal levels would likely deviate significantly from those
assumed in the table. Finally, the ability of many borrowers to service their
adjustable-rate debt may decrease in the event of a sustained interest rate
increase.
The Bank's Board of Directors has formulated an Asset/Liability Policy
designed to promote long-term profitability while managing interest rate
risk. The Asset/Liability Policy is designed to reduce the impact of changes
in interest rates on the Bank's net interest income by achieving a more
favorable match between the maturity or repricing dates of its
interest-earning assets and interest-bearing liabilities. The Bank has sought
to reduce exposure of its earnings to changes in market interest rates by
increasing the interest rate sensitivity of the Bank's assets through the
origination of loans with interest rates subject to periodic adjustment to
market conditions and a shorter duration then one-to four-family loans.
Accordingly, the Bank has emphasized the origination of ARM loans, consumer
loans, commercial real estate and commercial business loans. The Bank has
promoted certificates of deposit with terms of two-to five-years in an effort
to extend the maturity of its liabilities.
LIQUIDITY AND CAPITAL RESOURCES
The Bank's primary sources of funds are deposits, FHLB advances, repayments
on loans, the maturity of investment securities and income from operations.
Although maturity and scheduled amortization of loans are relatively predictable
sources of funds, deposit flows and prepayments on loans are influenced
significantly by general interest rates, economic conditions and competition.
The primary investing activity of the Bank is the origination of loans for
investment. For the year ended March 31, 1997, the Bank originated loans for
portfolio in the amount of $5.7 million. The Bank is required to maintain
minimum levels of liquid assets under the OTS regulations. Savings institutions
are required to maintain an average daily balance of liquid assets (including
cash, certain time deposits, and specified U.S. Government, state or federal
agency obligations) of not less than 5.0% of its average daily balance of net
withdrawal accounts plus short-term borrowings. It is the Bank's policy to
maintain its liquidity portfolio in excess of regulatory requirements. The
Bank's liquidity ratio was 11.2% at March 31, 1997.
The Bank's most liquid assets are cash and cash equivalents, which include
short-term investments. The levels of these assets are dependent on the Bank's
operating, financing, lending and investing activities during any given period.
At March 31, 1997 and 1996, cash and cash equivalents were $709,000 and $1.4
million, respectively. The principal component of cash provided during the years
ended March 31, 1997 and 1996 was the proceeds from loan repayments, deposit
activity, and investment maturities. In fiscal 1997, the Bank began
participating in an on-line service pursuant to which it advertises its
certificates of deposit rates nationwide. Deposits obtained through the on-line
service are a more volatile source of funds than transaction or savings accounts
or certificate of deposit accounts obtained from depositors in the Bank's market
area. If interest rates increase, the Bank may experience a decrease in deposits
which in turn would adversely affect the Bank's liquidity. The Bank will have a
higher level of liquidity following consummation of the Stock Conversion until
appropriate investments are identified for the proceeds raised. See "Use of
Proceeds."
41
<PAGE>
Liquidity management for the Bank is both an ongoing and long-term function
of the Bank's asset/ liability management strategy. Excess funds generally are
invested in overnight deposits at the FHLB of New York. Should the Bank require
funds beyond its ability to generate them internally, additional sources of
funds are available through FHLB of New York advances. The Bank would pledge its
FHLB of New York stock or certain other assets as collateral for such advances.
During the twelve months ended March 31, 1997, the Bank had no FHLB advances.
At March 31, 1997, the Bank had outstanding loan commitments of $335,000,
and undisbursed loans in process of $87,000. The Bank anticipates it will have
sufficient funds available to meet its current loan commitments, including loan
applications received and in process prior to the issuance of firm commitments.
Certificates of deposit which are scheduled to mature in one year or less at
March 31, 1997 totaled $1.9 million. Management believes that a significant
portion of such deposits will remain with the Bank.
Following consummation of the Stock Conversion, the Company initially will
have no business other than holding the capital stock of the Bank and the
investment of the net proceeds from the Stock Conversion retained by it.
Management believes the net proceeds will provide sufficient funds for the
Company's operations.
Under federal law, the Bank is required to meet certain tangible, core and
risk based capital requirements. For information regarding the Bank's regulatory
capital compliance, see "Pro Forma Regulatory Capital" and "Regulation --
Regulatory Capital Requirements."
RECENT ACCOUNTING DEVELOPMENTS
Statement of Financial Accounting Standards ("SFAS") No. 119, Disclosures
About Derivative Financial Instruments and Fair Value of Financial Instruments,
requires disclosures of information such as credit and market risks, cash
requirements and accounting policies about derivative financial instruments.
SFAS No. 119 is effective for financial statements issued for fiscal years
ending after December 15, 1994, except for entities with less than $150 million
in total assets. For those entities, SFAS No. 119 was effective for financial
statements issued for fiscal years ending after December 15, 1995. SFAS No. 119
is effective for the Bank for the fiscal year ending March 31, 1996. The
adoption of SFAS No. 119 did not have a material adverse impact on the Bank's
financial position or results of operations.
The Financial Accounting Standards Board ("FASB") has issued SFAS No. 107,
Disclosure about Fair Value of Financial Instruments, which generally requires
disclosure of the fair value of financial instruments, both assets and
liabilities recognized and not recognized in the balance sheets. The FASB has
also issued SFAS No. 114, Accounting by Creditors for Impairment of a Loan, and
SFAS No. 118, Accounting by Creditors for Impairment of a Loan--Income
Recognition and Disclosures. SFAS No. 107, SFAS No. 114 and SFAS No. 118 are
effective for fiscal years beginning after December 15, 1994. SFAS No. 114, as
amended by SFAS No. 118, requires that impaired loans be measured at the present
value of expected future cash flows discounted at the loan's effective interest
rate or, as a practical expedient, at the loan's observable market price or the
fair value of the collateral if the loan is collateral dependent. Homogeneous
loans, such as single-family loans and most categories of consumer loans, are
excluded from this requirement. Adoption of these statements was effective for
the fiscal year beginning July 1, 1995. The adoption of SFAS Nos. 114 and 118
did not have a material adverse impact on the Bank's financial position or
results of operations.
In November 1993, the AICPA issued SOP 93-6, "Employers' Accounting for
Employee Stock Ownership Plans," which is effective for fiscal years
beginning after December 15, 1993 and which applies to shares of capital
stock of sponsoring employers acquired by ESOPs after December 31, 1992 that
have not been committed to be released as of the beginning of the year in
which the ESOP is adopted. SOP 93-6 requires that shares to be released in an
accounting period should be reflected in the consolidated financial
statements as compensation expense equal to the fair value of the shares at
the time of release. Thus, as shares increase or decrease in value, earnings
will be affected relative to the shares to be released in that period.
Additionally, SOP 93-6 requires that outstanding shares
42
<PAGE>
for purposes of computing both primary and fully diluted earnings per share
include only those shares scheduled to be released in that or prior periods.
Thus, as additional shares are released by the ESOP in future periods,
earnings per share may be diluted. Shares of Common Stock to be acquired by
the ESOP are scheduled to be released over a fifteen-year period commencing
with the consummation of the Stock Conversion. However, the effect on net
income and book value per share for 1997 cannot be predicted due to the
uncertainty of the fair value of the shares subsequent to their issuance.
SFAS No. 123, "Accounting for Stock-Based Compensation," became effective
for fiscal years beginning after December 15, 1995. This statement establishes
financial accounting and reporting standards for stock-based employee
compensation plans, including stock option plans. These plans include all
arrangements by which employees receive shares of stock or other equity
investments of the employer or where an employer issues its equity instruments
to acquire goods and services from nonemployees. This statement will require pro
forma disclosures in fiscal 1998 of net income and earnings per share as if a
new accounting method based on the estimated fair value of employee stock
options had been adopted. The Bank has not yet determined whether the optional
accounting treatment proposed by SFAS No. 123 will be adopted.
SFAS No. 122, "Accounting for Mortgage Servicing Rights," will be
effective for the Bank for the year beginning April 1, 1997 and generally
requires entities that sell or securitize loans and retain the mortgage
servicing rights to allocate the total cost of the mortgage loans to the
mortgage servicing right and the loan based on their relative fair value.
Costs allocated to mortgage servicing rights should be recognized as a
separate asset and amortized over the period of estimated net servicing
income and evaluated for impairment based on fair value. The adoption of this
statement is not expected to have a material effect on the Bank's financial
statements.
SFAS No. 125, "Accounting for Transfers and Servicing of Financial Assets
and Extinguishments of Liabilities" supersedes SFAS No. 122 and will be
effective for all transfers and servicing of financial assets and
extinguishments of liabilities occurring after December 31, 1996. This statement
provides accounting and reporting standards for transfers and servicing of
financial assets and extinguishments of liabilities based on consistent
application of a financial-components approach that focuses on control. It
distinguished transfers of financial assets that are sales from transfers that
are secured borrowings.
Under the financial-components approach, after a transfer of financial
assets, an entity recognizes all financial assets it no longer controls and
liabilities that have been extinguished. The financial-components approach
focuses on the assets and liabilities that exist after the transfer. Many of
these assets and liabilities are components of financial assets that existed
prior to the transfer. If a transfer does not meet the criteria for a sale, the
transfer is accounted for as a secured borrowing with a pledge of collateral.
The adoption of this statement ^ did not ^ have a material effect on the Bank's
financial statements.
SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and
Long-Lived Assets to be Disposed of," is effective for the fiscal year beginning
July 1, 1996. The statement requires that long-lived assets and certain
identifiable intangibles to be held and used by an entity be reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. An impairment loss is
recognized if the sum of the expected future cash flows is less than the
carrying amount of the asset. ^ The adoption of this statement did not have a
material effect on the Bank's financial statements.
SFAS No. 130, "Reporting Comprehensive Income," was issued in June 1997,
and becomes effective for the fiscal year beginning April 1, 1998. This
Statement establishes standards for reporting and display of comprehensive
income and its components (revenues, expenses, gains, and losses) in a full
set of general-purpose financial statements. This Statement requires that all
items that are required to be recognized under accounting standards as
components of comprehensive income be reported in a financial statement that
is displayed with the same prominence as other financial statements. This
Statement does not require a specific format for that financial statement,
but requires that an entity display an amount representing total
comprehensive income for the period in that financial statement.
SFAS No. 130 requires that an entity (a) classify items of other
comprehensive income by their nature in a financial statement and (b) display
that accumulated balance of other comprehensive income separately from
retained earnings and additional paid-in capital in the equity section of a
statement of financial position.
Reclassification of financial statements for earlier periods provided for
comparative purposes is required.
The adoption of SFAS No. 130 is not expected to have a material effect on
the financial statements.
In April 1995, the FASB issued SOP 94-6, "Disclosure of Certain
Significant Risks and Uncertainties." This SOP applies to financial
statements prepared in conformity with generally accepted accounting
principles by all nongovernmental entities. The disclosure requirements in
SOP 94-6 focus primarily on risks and uncertainties that could significantly
affect the amounts reported in the financial statements in the near-term
functioning of the reporting entity. The risks and uncertainties discussed in
SOP 94-6 stem from the nature of the entity's operations, from the necessary
use of estimates in the preparation of the entity's financial statements, and
from significant concentrations in certain aspects of the entity's
operations. SOP 94-6 is effective for financial statements issued for fiscal
years
43
<PAGE>
ending after June 30, 1995 and ^ did not ^ have any impact on the Bank's
financial statements other than disclosures which are already reflected. See
Notes A, L and N to the Bank's Financial Statements.
IMPACT OF INFLATION AND CHANGING PRICES
The Financial Statements and Notes thereto presented herein have been
prepared in accordance with generally accepted accounting principles, which
generally requires the measurement of financial position and operating results
in terms of historical dollars without considering the change in the relative
purchasing power of money over time due to inflation. The impact of inflation is
reflected in the increased cost of the Bank's operations. Nearly all the assets
and liabilities of the Bank are financial, unlike most industrial companies. As
a result, the Bank's performance is directly impacted by changes in interest
rates, which are indirectly influenced by inflationary expectations. The Bank's
ability to match the interest sensitivity of its financial assets to the
interest sensitivity of its financial liabilities in its asset/liability
management may tend to minimize the effect of change in interest rates on the
Bank's performance. Changes in interest rates do not necessarily move to the
same extent as changes in the price of goods and services. In the current
interest rate environment, liquidity and the maturity structure of the Bank's
assets and liabilities are critical to the maintenance of acceptable performance
levels.
BUSINESS
GENERAL
The Bank has been, and intends to continue to be, a community-oriented
financial institution offering selected financial services to meet the needs of
the communities it serves. The Bank attracts deposits from the general public
and historically has used such deposits, together with other funds, to originate
one- to four-family residential mortgage loans, and in recent periods to
originate commercial real estate loans and commercial business loans, and
consumer loans consisting primarily of personal loans secured by automobiles. At
March 31, 1997, the Bank's total loan portfolio was $9.6 million, of which $7.2
million, or 74.9% were one- to four-family residential mortgage loans, $392,000,
or 4.1% were commercial real estate loans, $1.8 million, or 19.0% were consumer
loans, and $195,000, or 2.0% were commercial business loans.
During the year ended March 31, 1997, the Bank originated $3.8 million of
fixed-rate and $1.8 million of adjustable rate loans, all of which were retained
in the Bank's portfolio. See "Business -- Lending Activities."
The Bank has in the past year decided to increase its asset size by
beginning the origination of commercial real estate and commercial business
loans, and by increasing the size of its consumer loan portfolio. The Bank has
entered into correspondent relationships with a number of automobile dealerships
in its market area for the origination of indirect automobile loans. In
addition, the Bank has also sought to improve its long term profitability by
upgrading its facilities and operations. In this regard, the Bank has updated
its data processing capabilities, modernized its office location and increased
the size of its staff to six persons at March 31, 1997 from four persons at
March 31, 1996. As part of the increase in staff, the Bank hired an experienced
consumer lending officer.
The Bank currently offers a passbook savings accounts, interest-bearing
checking accounts and certificate accounts. The Bank solicits deposits in its
primary market area and advertises for certificates of deposit through an
on-line program. The Bank does not accept any brokered deposits.
CURRENT BUSINESS STRATEGY
The Bank's business strategy is to operate as a well-capitalized, profitable
and independent community savings institution to increase its asset size and to
provide continuing quality service to its customers.
44
<PAGE>
The Bank intends to implement this strategy by: (i) modernizing its
facilities and operations; (ii) emphasizing commercial and consumer loan
products; (iii) maintaining asset quality; (iv) utilizing investments in
consumer, commercial real estate and commercial business lending to increase net
interest income; (v) maintaining capital in excess of regulatory requirements;
(vi) attempting to increase the Bank's earnings; and (vii) managing interest
rate risk.
As a result of the Bank's continued emphasis on commercial and consumer
lending, the Boards of Directors of the Bank has determined that a conversion of
the Bank to either a national bank or commercial bank should be undertaken
following the completion of the Stock Conversion. It is anticipated that,
subject to market conditions, competition and related factors, among other
things, the Bank will broaden its range of banking products and services as it
implements its strategy of increasing its consumer, commercial real estate and
commercial business lending. Accordingly, management anticipates that the Bank
will incur start-up and ongoing expenses as these new programs and services are
introduced. See "Risk Factors--Risks Associated with Increased Consumer and
Commercial Lending."
The highlights of the Bank's business strategy are as follows:
- Modernizing Facilities and Operations. As a small, community-based
financial institution, the Bank is able to offer personalized banking
services and utilize management staff to respond to customer inquiries.
Because it operates in a small community, the Bank also believes it is
able to closely monitor the needs of its customers. Over the last year
the Bank has sought to implement a customer oriented business philosophy
by modernizing its data processing capabilities and its existing office
location. In addition, the Bank has increased the size of its staff
from four persons to six, as well as the experience of its staff by
hiring an experienced consumer loan officer.
- Emphasizing Origination of Consumer, Commercial Real Estate and Commercial
Business Loans. The Bank has recently emphasized the origination of
consumer loans, commercial real estate loans and commercial business
loans. At March 31, 1997, consumer, commercial real estate and commercial
business loans totalled $1.8 million, $392,000 and $195,000, respectively.
At March 31, 1996, consumer loans totalled $248,000; at that date the
Bank did not have any commercial real estate or commercial business loans.
The Bank believes that the opportunity to increase the origination of such
loans in its market area is significant. It is the Bank's intention to
originate commercial real estate loans with principal balances of $200,000
or less. Consumer, commercial real estate and commercial business loans
provide higher levels of interest income than one-to four-family
residential loans.
- Maintaining Asset Quality. The Bank's non-performing assets totalled
$47,000 at March 31, 1997, or .41% of total assets. The Bank's allowance
for loan losses at March 31, 1997 totaled $110,000, or 1.2% of total loans
receivable, net. The Bank attributes its ability to maintain high asset
quality to its underwriting standards as well as the stable economy in
its market area.
- Maintaining Regulatory Capital. At March 31, 1997, the Bank exceeded all
of its regulatory capital requirements with tangible and core capital of
8.4% of adjusted total assets and risk-based capital of 16.0% of total
risk-based assets. See "Pro Forma Regulatory Capital" for the Bank's
compliance with its regulatory capital requirements.
As a result of the Stock Conversion and based on the assumptions stated
herein, at the midpoint of the Estimated Valuation Range at March 31,
1997, the Bank would have had pro forma tangible, core and risk-based
capital ratios of 14.9%, 14.9% and 29.5%, respectively.
- Managing Interest Rate Risk. Management of the Bank has attempted to
reduce interest rate risk by: (i) emphasizing the origination of ARM
loans and higher yielding consumer, commercial real estate and commercial
business loans; (ii) originating consumer loans, commercial real
45
<PAGE>
estate and commercial business loans which have shorter terms than one-
to four-family loans; and (iii) increasing the amount of certificate of
deposits with maturities of two-to five-years to lengthen the maturity
of its liabilities. For the fiscal year ended March 31, 1997, of the
$7.2 million in one- to four- family mortgage loans held by the Bank in
portfolio, $4.1 million, or 57.6%, had adjustable interest rates. See
"--Lending Activities--One- to Four-Family Mortgage Loans." Finally, the
Bank does not originate fixed-rate mortgage loans with maturities
greater than 20 years.
- Increasing Earnings. Although no assurance can be made regarding
future profitability, with the exception of fiscal 1997, the Bank has
been profitable in each of the past five fiscal years. The Bank had a
net loss of $36,000 in fiscal 1997 but income of $85,000 in fiscal 1996.
The Bank is attempting to increase its net earnings by improving its
interest rate spread by increasing the origination of higher-yielding
consumer, commercial real estate and commercial business loans. In
addition, the Bank anticipates utilizing the proceeds of the Conversion
to increase its assets in a controlled manner. See "-- Lending
Activities."
MARKET AREA AND COMPETITION
The Bank conducts its operations through its office in Canajoharie, New York
which is located in Montgomery County. Montgomery County's population has
remained relatively stable over the last 10 years. The largest employers in the
Bank's market area are Beechnut Foods, Inc., Richardson Foods and Hasbro Toys.
Consequently, the local economy is not expected to produce a large number of
one-to four-family residential mortgage lending opportunities. Unemployment in
Montgomery County is higher than the average nationally and in New York State.
At February 1997 the unemployment rate in Montgomery County was 9.7%
The Bank faces competition in attracting deposits and originating loans.
Such competition consists of two commercial banks, one savings association and
one credit union. See "Risk Factors--Competition."
LENDING ACTIVITIES
GENERAL. The Bank has emphasized and, subject to market conditions,
will continue to emphasize the origination of one- to four-family
residential mortgage loans. However, to a lesser extent, the Bank
intends to continue to focus additional resources and lending efforts in
consumer lending and commercial business lending. In recent years,
subject to market conditions, the Bank has emphasized the origination of
ARM loans and shorter-term fixed-rate residential mortgage loans. At
March 31, 1997, the Bank's portfolio of one- to four-family residential
mortgage loans totaled $7.2 million, or 74.9% of total loans. At March
31, 1997, the commercial real estate portfolio totaled $392,000, or 4.1%
of total loans, all of which were secured by properties located in the
Bank's market area. The Bank's consumer loans consist primarily of
personal loans (primarily secured by automobiles), passbook loans and
property improvement loans. At March 31, 1997 consumer loans totaled
$1.8 million, or 19.0% of total loans. The Bank has recently commenced
the origination of commercial business loans which at March 31, 1997
totaled $195,000, or 2.0% of total loans.
Under OTS regulations, a thrift institution's loans-to-one borrower
limit is generally limited to the greater of 15% of unimpaired capital
and surplus or $500,000. See "Regulation -- Federal Regulation of
Savings Associations." At March 31, 1997, the maximum amount which the
Bank could have lent under this limit to any one borrower and the
borrower's related entities was approximately $500,000. At March 31,
1997, the Bank had no loans or groups of loans to related borrowers with
outstanding balances in excess of this amount. The Bank's largest
lending relationship at March 31, 1997 was approximately $118,000, which
was secured by a personal residence and dairy farm. At March 31, 1997,
this loan was performing in accordance with its terms.
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<PAGE>
LOAN PORTFOLIO COMPOSITION. The following information concerning the
composition of the Bank's loan portfolio in dollar amounts and in percentages
(before deductions for loans in process, deferred fees and discounts and
allowances for losses) as of the dates indicated.
<TABLE>
<CAPTION>
MARCH 31,
------------------------------------------
<S> <C> <C> <C> <C>
1997 1996
-------------------- --------------------
<CAPTION>
AMOUNT PERCENT AMOUNT PERCENT
--------- --------- --------- ---------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C>
Real Estate Loans:
One- to four-family........................ $ 7,185 74.93% $ 5,312 95.54%
Commercial................................. 392 4.09 -- 0.00
--------- --------- --------- ---------
Total real estate loans.................. 7,577 79.02 5,312 95.54
--------- --------- --------- ---------
Other Loans:
Consumer Loans:
Property improvement..................... 29 .30 56 1.01
Passbook loans........................... 229 2.39 123 2.21
Personal loans (1)....................... 1,558 16.25 69 1.24
--------- --------- --------- ---------
Total consumer loans................... 1,816 18.94 248 4.46
Commercial business loans.................. 196 2.04 -- 0.00
--------- --------- --------- ---------
Total loans............................ $ 9,589 100.00% $ 5,560 100.00%
--------- --------- --------- ---------
Less:
Loans in process........................... $ (87) $ --
Allowance for losses....................... (110) (32)
--------- ---------
Total loans receivable, net................ $ 9,392 $ 5,528
--------- ---------
--------- ---------
</TABLE>
- ------------------------
(1) Personal loans are primarily comprised of loans secured by automobiles.
The following table shows the composition of the Bank's loan portfolio by
fixed- and adjustable-rate at the dates indicated.
<TABLE>
<CAPTION>
MARCH 31,
------------------------------------------
1997 1996
-------------------- --------------------
<CAPTION>
AMOUNT PERCENT AMOUNT PERCENT
--------- --------- --------- ---------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C>
Fixed-Rate Loans:
Real estate:
One- to four-family.................... $ 3,044 31.74% $ 1,130 20.32%
Commercial............................. 392 4.09 -- 0.00
--------- --------- --------- ---------
Total real estate loans.............. 3,436 35.83 1,130 20.32
Consumer................................. 1,816 18.94 248 4.46
--------- --------- --------- ---------
Total fixed-rate loans............... 5,252 54.77 1,378 24.78
--------- --------- --------- ---------
Adjustable-Rate Loans:
Real estate:
One- to four-family.................... 4,141 43.18 4,182 75.22
--------- --------- --------- ---------
Total real estate loans.............. 4,141 43.18 4,182 75.22
--------- --------- --------- ---------
Consumer................................. 196 2.04 -- 0.00
--------- --------- --------- ---------
Total adjustable-rate loans.......... 4,337 45.23 4,182 75.22
--------- --------- --------- ---------
Total loans.......................... $ 9,589 100.00% $ 5,560 100.00%
--------- --------- --------- ---------
Less:
Loans in process $ (87) $ --
Allowance for loan losses................ (110) (32)
--------- ---------
Total loans receivable, net.......... $ 9,392 $ 5,528
--------- ---------
--------- ---------
</TABLE>
47
<PAGE>
One- to Four-Family Mortgage Loans. The Bank's primary lending activity is
the origination for its portfolio of one- to four-family, owner-occupied,
residential mortgage loans secured by property located in the Bank's market
area. Loans are generated through the Bank's marketing efforts, its existing
customers and referrals, real estate brokers, builders and local businesses. The
Bank generally has limited its real estate loan originations to the financing of
properties located within its market area. The average principle balance of the
loans in the Bank's one-to four-family residential mortgage loan portfolio was
approximately $32,500 at March 31, 1997. At March 31, 1997, the Bank had $7.2
million, or 74.9% of its total loan portfolio, invested in mortgage loans
secured by one- to four-family residences.
The Bank originates fixed-rate residential one- to four-family loans with
terms of up to 20 years. As of March 31, 1997, $3.0 million, or 31.7% of the
Bank's loan portfolio, consisted of fixed-rate residential one-to four-family
loans. The Bank's fixed-rate mortgage loans amortize monthly with principal and
interest due each month. Residential real estate loans often remain outstanding
for significantly shorter periods than their contractual terms because borrowers
may refinance or prepay loans at their option. The Bank also originates a
fixed-rate residential balloon loan with either a five or ten year term and
which amortizes over 30 years.
The Bank also offers ARM loans with maturities ranging up to 30 years. The
Bank currently offers ARM loans that adjust every year, with interest rate
adjustment limitations up to two percentage points per year and up to six
percentage points over the life of the loan. In a rising interest rate
environment, such rate limitations may prevent ARM loans from repricing to
market interest rates, which would have an adverse effect on net interest
income. The Bank has used different interest indices for ARM loans in the past,
and currently uses the one year U.S. Treasury Index adjusted to a constant
maturity, with a margin of 350 basis points for agency-conforming ARM loans. ARM
loans secured by residential one- to four-family real estate totaled $4.1
million, or 43.2% of the Bank's total loan portfolio at March 31, 1997. The
origination of fixed-rate mortgage loans versus ARM loans is monitored on an
ongoing basis and is affected significantly by the level of market interest
rates, customer preference, the Bank's interest rate gap position and loan
products offered by the Bank's competitors. Particularly in a relatively low
interest rate environment, borrowers prefer fixed-rate loans to ARM loans.
During fiscal 1997, the Bank originated $1.9 million in fixed-rate residential
mortgage loans and $1.1 million of ARM loans.
The primary purpose of offering ARM loans is to make the Bank's loan
portfolio more interest rate sensitive. However, as the interest income earned
on ARM loans varies with prevailing interest rates, such loans do not offer the
Bank predictable cash flows as would long-term, fixed-rate loans. See
"Management's Discussion and Analysis of Financial Condition and Results of
Operations--Asset/Liability Management." ARM loans carry increased credit risk
associated with potentially higher monthly payments by borrowers as general
market interest rates increase. It is possible, therefore, during periods of
rising interest rates, that the risk of delinquencies and defaults on ARM loans
may increase due to the upward adjustment of interest costs to the borrower,
resulting in increased loan losses.
The Bank's residential first mortgage loans customarily include due-on-sale
clauses, which are provisions giving the Bank the right to declare a loan
immediately due and payable in the event, among other things, that the borrower
sells or otherwise disposes of the underlying real property serving as security
for the loan. Due-on-sale clauses are a means of imposing assumption fees and
increasing the interest rate on the Bank's mortgage portfolio during periods of
rising interest rates.
Regulations limit the amount that a savings association may lend relative to
the appraised value of the real estate securing the loan, as determined by an
appraisal at the time of loan origination. Such regulations permit a maximum
loan-to-value ("LTV") ratio of 95% for residential property (and 100% for loans
guaranteed by the Veterans Administration) and 90% for all other real estate
loans. The Bank's lending policies, however, generally limit the maximum LTV
ratio to 80% of the lesser of the appraised value or the purchase price of the
property securing the loan in the case of loans secured by one- to four-family
owner-occupied properties. On conventional one-to four-family loans, the Bank
will lend up to a 95% LTV ratio; however, loans with LTV ratios in excess of 80%
48
<PAGE>
may require private mortgage insurance and loans with LTV ratios in excess of
90%, with rare exceptions, require private mortgage insurance or additional
readily marketable collateral.
When underwriting residential real estate loans, the Bank reviews each loan
applicant's employment, income and credit history. The Bank's policy is to
obtain credit reports and financial statements on all borrowers and guarantors.
Properties securing real estate loans are appraised by the Bank's directors.
Appraisals are subsequently reviewed by the Bank's Chief Executive Officer.
Management believes that stability of income, past credit history and adequacy
of the proposed security are integral parts in the underwriting process.
Generally, the applicant's total monthly mortgage payment, including all escrow
amounts, is limited to 28% of the applicant's total monthly income. In addition,
total monthly obligations of the applicant, including mortgage payments, should
not generally exceed 36% of total monthly income. Written appraisals are always
required on real estate property offered to secure an applicant's loan. The Bank
requires fire and casualty insurance on all properties securing real estate
loans, as well as title insurance or a certified abstract and written attorney's
title opinion.
Commercial Real Estate Lending. The Bank originates loans secured by
commercial real estate. At March 31, 1997, $392,000, or 4.1%, of the Bank's loan
portfolio consisted of seven commercial real estate loans. The Bank's commercial
real estate loans are secured by a campground, restaurant and rental properties.
At March 31, 1997, the Bank's commercial real estate loans were all performing
according to their terms. The Bank will seek to emphasize the origination of
commercial real estate lending in the future.
Commercial real estate loans originated by the Bank may be either fixed- or
adjustable-rate loans with terms to maturity and amortization schedules of up to
20 years. Commercial real estate loans are written in amounts of up to 75% of
the lesser of the appraised value of the property or the sales price.
Appraisals on properties which secure commercial real estate loans are
performed by the Bank's directors or an independent appraiser designated by the
Bank before the loan is made. All appraisals on commercial real estate loans are
reviewed by the Bank's Chief Executive Officer. In underwriting such loans, the
Bank primarily considers the cash flows generated by the real estate to support
the debt service, the financial resources and income level of the borrower and
the Bank's experience with the borrower. In addition, the Bank's underwriting
procedures require verification of the borrower's credit history, an analysis of
the borrower's income, financial statements and banking relationships, a review
of the borrower's property management experience and references, and a review of
the property, including cash flow projections and historical operating results.
The Bank seeks to ensure that the property securing the loans will generate
sufficient cash flow to adequately cover operating expenses and debt service
payments.
Commercial real estate lending affords the Bank an opportunity to receive
interest at rates higher than those generally available from one- to four-family
residential lending. Nevertheless, loans secured by such properties are
generally larger, more difficult to evaluate and monitor and, therefore
generally, involve a greater degree of risk than one- to four-family residential
mortgage loans. Because payments on loans secured by commercial real estate are
often dependent on the successful operation or management of the properties,
repayment of such loans may be subject to adverse conditions in the real estate
market or the economy. If the cash flow from the project is reduced, the
borrower's ability to repay the loan might be impaired. The Bank has attempted
to minimize these risks by lending primarily to the ultimate user of the
property or on existing income-producing properties.
Consumer and Other Lending. The Bank originates a limited variety of
consumer loans, primarily property improvement loans, passbook loans and
personal loans which are secured by automobiles. The Bank currently originates
substantially all of its consumer loans in its primary market area.
The primary component of the Bank's consumer loan portfolio consists of
personal loans secured by automobiles. In the past year the Bank has sought
to increase its consumer loan originations. It has entered into correspondent
relationships with a number of automobile dealerships in its market area
whereby a borrower wishing to acquire an automobile will complete a loan form
at the dealership. The loan document is sent to the Bank which
49
<PAGE>
evaluates the borrower's credit worthiness, including the borrower's credit
history, ability to meet existing obligations and payments on the proposed
loan. The Bank generally will not make an automobile loan with a
loan-to-value ratio in excess of 80% of the invoice price or the automobile's
National Automobile Dealers Association "yellow book" value. The Bank's
personal loans are generally fixed rate loans and have terms that do not
exceed 66 months.
Finally, the Bank has originated a small number of loans for property
improvement. Such loans are generally secured by a second mortgage or UCC-1
filing on improvement and are originated as fixed-rate loans with terms of less
than 66 months.
Consumer loan terms vary according to the type and value of collateral,
length of contract and creditworthiness of the borrower. The underwriting
standards employed by the Bank for originated consumer loans include an
application, a determination of the applicant's payment history on other debts
and an assessment of ability to meet existing obligations and payments on the
proposed loan. Although creditworthiness of the applicant is a primary
consideration, the underwriting process also includes a comparison of the value
of the security, if any, in relation to the proposed loan amount.
Consumer loans entail greater credit risk than do residential mortgage
loans, particularly in the case of consumer loans which are unsecured or are
secured by rapidly depreciable assets, such as automobiles. Further, any
repossessed collateral for a defaulted consumer loan may not provide an adequate
source of repayment of the outstanding loan balance as a result of the greater
likelihood of damage, loss or depreciation. In addition, consumer loan
collections are dependent on the borrower's continuing financial stability, and
thus are more likely to be affected by adverse personal circumstances.
Furthermore, the application of various federal and state laws, including
bankruptcy and insolvency laws, may limit the amount which can be recovered on
such loans. At March 31, 1997, no consumer loans were classified as
non-performing. See "--Asset Quality--Delinquent Loans and Non-performing
Assets." There can be no assurances, however, that delinquencies will not occur
in the future.
Commercial Business Lending. The Bank originates commercial business loans
to borrowers located in its market area which are secured by collateral other
than real estate. Such commercial business loans are generally secured by
equipment, inventory and accounts receivable. At March 31, 1997, the Bank's
commercial business loan portfolio totaled $195,000, or 2.0% of total loans. At
that date, all of the Bank's commercial business loans were performing in
accordance with their terms.
The underwriting standards used by the Bank for commercial business loans
include a determination of the borrower's ability to meet existing obligations
and payments on the proposed loan from normal cash flow generated from the
borrower's business. The financial strength of each borrower is assessed through
a review of tax returns and credit reports.
Commercial business loans generally bear higher interest rates than one-to
four-family residential loans, but they also involve a higher risk of default
since their repayment is dependent on the successful operation of the borrower's
business.
50
<PAGE>
LOAN MATURITY SCHEDULE
The following table illustrates the interest rate sensitivity of the
Bank's loan portfolio at March 31, 1997. Mortgages which have adjustable or
renegotiable interest rates are shown as maturing in the period during which
the contract is due. The schedule does not reflect the effects of possible
prepayments or enforcement of due-on-sale clauses.
<TABLE>
<CAPTION>
COMMERCIAL
ONE- TO FOUR-FAMILY REAL ESTATE CONSUMER
---------------------------- ------------------------ ----------------------
WEIGHTED WEIGHTED WEIGHTED
AVERAGE AVERAGE AVERAGE
AMOUNT RATE AMOUNT RATE AMOUNT RATE
--------------- ----------- ----------- ----------- --------- -----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
Due During Years Ending March 31,
- ---------------------------------
1997(1)............................ $ -- 0.00% $ -- 0.00% $ 419 7.91%
1998............................... 50 9.05 -- 0.00 99 9.95
1999............................... 29 11.36 27 9.25 141 10.97
2000 and 2001...................... 441 9.28 -- 0.00 866 9.43
2002 to 2006....................... 819 9.67 -- 0.00 291 8.85
2007 to 2021....................... 5,102 8.48 365 9.33 -- 0.00
2022 and following................. 744 8.10 -- 0.00 -- 0.00
---------- ------- ---------
Total Amount Due............... $7,185 8.64 $ 392 9.33 $ 1,816 9.13
---------- ----- ------- ---- --------- -----
---------- ----- ------- ---- --------- -----
<CAPTION>
COMMERCIAL
BUSINESS TOTAL
------------------------ -----------------------
WEIGHTED WEIGHTED
AVERAGE AVERAGE
AMOUNT RATE AMOUNT RATE
----------- ----------- --------- -----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C>
Due During Years Ending March 31,
- ---------------------------------
1997(1)............................ $ -- 0.00% $ 419 7.91%
1998............................... -- 0.00 149 9.86
1999............................... 8 9.25 205 10.70
2000 and 2001...................... 188 9.20 1,495 9.36
2002 to 2006....................... -- 0.00 1,110 9.45
2007 to 2021....................... -- 0.00 5,467 8.54
2022 and following................. -- 0.00 744 8.10
---------- -------
Total Amount Due............... $ 196 9.20 $ 9,589 8.78
---------- ----- ------- -----
---------- ----- ------- -----
</TABLE>
- ------------------------
(1) Includes demand loans, loans having no stated maturity and overdraft loans.
The total amount of loans due after March 31, 1998 which have predetermined
interest rates is $4.6 million, while the total amount of loans due after such
dates which have floating or adjustable interest rates is $5.0 million.
51
<PAGE>
LOAN ORIGINATIONS
Loan originations are developed from continuing business with depositors and
borrowers, soliciting realtors, builders, walk-in customers and third-party
sources. The Board of Directors of the Bank has authorized certain officers to
originate loans within specified underwriting limits. Specifically, Bank
officers may originate loans secured by single-family, owner occupied residences
up to $140,000. All loans over $50,000 or with a loan to value ratio over 80%
require action by the Bank's Loan Committee. In addition, the full Board of
Directors meets monthly to review all real estate loans made by officers of the
Bank.
While the Bank originates both adjustable-rate and fixed-rate loans, its
ability to originate loans to a certain extent is dependent upon the relative
customer demand for loans in its market, which is affected by the interest rate
environment, among other factors. For fiscal 1997, the Bank originated $3.8
million in fixed-rate loans and $1.8 million in adjustable-rate loans.
The following table shows the loan origination and repayment activities of
the Bank for the periods indicated. The Bank did not purchase or sell any loans
during the periods indicated.
YEARS ENDED MARCH 31,
----------------------
1997 1996
---------- ----------
(IN THOUSANDS)
Originations by Type:
Adjustable rate real estate:
-one- to four-family............... $ 1,051 $ 135
-multi-family...................... -- --
-commercial........................ 586 --
Non-real estate-consumer............... -- --
Commercial business.................. 210 --
--------- ---------
Total adjustable-rate............ 1,847 135
--------- ---------
Fixed-rate real estate:
-one- to four-family............... 1,909 126
-multi-family...................... -- --
-commercial........................ -- --
Non-real estate--consumer.............. 1,919 135
Commercial business.................. -- --
--------- ---------
Total fixed-rate................. 3,828 261
--------- ---------
Total loans originated........... 5,675 396
--------- ---------
Principal repayments................... 1,645 1,135
--------- ---------
Total reductions................. 1,645 1,135
--------- ---------
Net increase (decrease)................ $ 4,030 $ (739)
--------- ---------
--------- ---------
ASSET QUALITY
The Bank's collection procedures provide that when a real estate loan is
past due 15 days, a delinquent notice is sent requesting payment. Prior to a
loan becoming 30 days past due, personal contact is attempted by the Bank's
collection officer. If the loan document provides for a right to cure, then the
required notice is mailed by certified mail and regular mail when the loan
becomes 30 days past due. Personal contact is continued on all delinquent real
estate loans until the loan is completely current.
With respect to consumer loans, a delinquent notice is sent requesting
payment 15 days after the due date. If payment is not made by the 30th day after
it is due, the Bank sends a certified letter requesting that the borrower cure
the delinquency. If consumer loans are not resolved by 90 days, the account is
put on non-accrual status and repossession and/or legal action is normally
initiated. Real estate loans of 60 days or more past due and consumer loans of
30 or more past due are reported monthly to the Board of Directors. For both
consumer loans and real estate
52
<PAGE>
loans, the Bank officer has authority to begin foreclosure and/or
repossession procedures at any time he feels it necessary or advisable. At
March 31, 1997, the total loans delinquent 90 days or more to total loans was
$47,000 and the total loans delinquent 60 to 89 days to total loans was
$60,000.
Delinquent Loans and Non-performing Assets. Loans are reviewed on a regular
basis and are placed on non-accrual status when, in the opinion of management,
the collection of additional interest is doubtful. Mortgage and consumer loans
are placed on non-accrual status when principal is 90 days or more past due.
Interest accrued and unpaid at the time a loan is placed on non-accrual status
is charged against interest income. The loan will remain on non-accrual status
until the loan is brought current.
Real estate acquired through foreclosure or by deed-in-lieu of foreclosure
is classified as real estate owned until such time as it is sold. When real
estate owned is acquired, it is recorded at the lower of the unpaid principal
balance of the related loan, or its fair value, less estimated selling expenses.
Any further write-down of real estate owned is charged against earnings. At
March 31, 1997, the Bank had no property classified as real estate owned.
The following table sets forth the Bank's loan delinquencies by type, by
amount and by percentage of type at March 31, 1997.
<TABLE>
<CAPTION>
LOANS DELINQUENT FOR:
--------------------------------------------------------------------------------
60-89 DAYS 90 DAYS AND OVER
--------------------------------------- ---------------------------------------
<CAPTION>
PERCENT PERCENT
OF LOAN OF LOAN
NUMBER AMOUNT CATEGORY NUMBER AMOUNT CATEGORY
------------- ----------- ----------- ------------- ----------- -----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
Real Estate:
One- to four-family..... 1 $ 60 0.84% 2 $ 47 0.65%
Commercial.............. -- -- -- -- -- --
Consumer.................. -- -- -- -- -- --
Commercial business....... -- -- -- -- -- --
--- --- --------- --- --- ----------
Total................. 1 $ 60 0.84 2 $ 47 0.65
--- --- -------- --- --- ----------
--- --- -------- --- --- ----------
<CAPTION>
TOTAL DELINQUENT LOANS
---------------------------------------
PERCENT
OF LOAN
NUMBER AMOUNT CATEGORY
------------- ----------- -----------
<S> <C> <C> <C>
Real Estate:
One- to four-family..... 3 $ 107 1.49%
Commercial.............. -- -- --
Consumer.................. -- -- --
Commercial business....... -- -- --
--- ----- ----------
Total................. 3 $ 107 1.49%
--- ----- ----------
--- ----- ----------
</TABLE>
53
<PAGE>
The table below sets forth the amounts and categories of non-performing
assets in the Bank's loan portfolio. Loans are placed on non-accrual status when
the collection of principal and/or interest become doubtful. For all years
presented, the Bank has had no troubled debt restructurings (which involve
forgiving a portion of interest or principal on any loans or making loans at a
rate materially less than that of market rates). Foreclosed assets include
assets acquired in settlement of loans. At March 31, 1997 and 1996, the Bank did
not have any accruing loans that were delinquent more than 90 days, nor did it
have any foreclosed assets.
MARCH 31,
----------------------
1997 1996
--------- ----------
(IN THOUSANDS)
Non-accruing loans:
One- to four-family........................... $ 47 $ --
Commercial real estate........................ -- --
Consumer...................................... -- --
Commercial business........................... -- --
---- ----
Total....................................... 47 --
---- ---
Total non-performing assets..................... $ 47 $ --
---- ----
---- ----
Total as a percentage of total assets........... 0.41% 0%
---- ----
---- ----
For the year ended March 31, 1997, gross interest income which would have
been recorded had the non-accruing loans been current in accordance with their
original terms amounted to $3,000. No amounts were included in interest income
on such loans for the year ended March 31, 1997.
Classified Assets. Federal regulations provide for the classification of
loans and other assets, such as debt and equity securities, considered by the
OTS to be of lesser quality, as "substandard," "doubtful" or "loss." An asset
is considered "substandard" if it is inadequately protected by the current
net worth and paying capacity of the obligor or the collateral pledged, if
any. "Substandard" assets include those characterized by the "distinct
possibility" that the insured institution will sustain "some loss" if the
deficiencies are not corrected. Assets classified as "doubtful" have all of
the weaknesses inherent in those classified "substandard" with the added
characteristic that the weaknesses present make "collection or liquidation in
full" on the basis of currently existing facts, conditions and values,
"highly questionable and improbable." Assets classified as "loss" are those
considered "uncollectible" and of such little value that their continuance as
assets without the establishment of a specific loss reserve is not warranted.
When an insured institution classifies problem assets as either substandard
or doubtful, it may establish general allowances for losses in an amount deemed
prudent by management. General allowances represent loss allowances which have
been established to recognize the inherent risk associated with lending
activities, but which, unlike specific allowances, have not been allocated to
particular problem assets. When an insured institution classifies problem assets
as "loss," it is required either to establish a specific allowance for losses
equal to 100% of that portion of the asset so classified or to charge-off such
amount. An institution's determination as to the classification of its assets
and the amount of its valuation allowances is subject to review by the
regulatory authorities, who may order the establishment of additional general or
specific loss allowances.
In connection with the filing of its periodic reports with the OTS and in
accordance with its classification of assets policy, the Bank reviews loans in
its portfolio quarterly to determine whether such assets require classification
in accordance with applicable regulations.
54
<PAGE>
On the basis of management's review of its assets, at March 31, 1997, the
Bank had classified a total of $47,000 of its loans and other assets as follows:
MARCH 31, 1997
(IN THOUSANDS)
-----------------
Special Mention............. $ --
Substandard................. --
Doubtful assets............. 47
Loss assets................. --
-----
Total..................... $ 47
-----
-----
General loss allowance...... $ 110
-----
-----
Specific loss allowance..... --
-----
-----
Charge-offs................. --
-----
-----
Other Loans of Concern. In addition to the non-performing loans set forth
in the tables above, as of March 31, 1997, there were no loans classified by the
Bank with respect to which known information about the possible credit problems
of the borrowers or the cash flows of the security properties have caused
management to have some doubts as to the ability of the borrowers to comply with
present loan repayment terms and which may result in the future inclusion of
such items in the non-performing asset categories.
Allowance for Loan Losses. The allowance for loan losses is established
through a provision for loan losses based on management's evaluation of the risk
inherent in its loan portfolio and changes in the nature and volume of its loan
activity, including those loans which are being specifically monitored by
management. Such evaluation, which includes a review of loans for which full
collectibility may not be reasonably assured, considers among other matters, the
loan classifications discussed above, the estimated fair value of the underlying
collateral, economic conditions, historical loan loss experience, the amount of
loans outstanding and other factors that warrant recognition in providing for an
adequate loan loss allowance.
Real estate properties acquired through foreclosure are recorded at the
lower of cost or fair value minus estimated cost to sell. If fair value at
the date of foreclosure is lower than the balance of the related loan, the
difference will be charged-off to the allowance for loan losses at the time
of transfer. Valuations are periodically updated by management and if the
value declines, a specific provision for losses on such property is
established by a charge to operations. At March 31, 1997, the Bank had no
properties that were acquired through foreclosure.
Although management believes that it uses the best information available to
determine the allowance, unforeseen market conditions could result in
adjustments and net earnings could be significantly affected if circumstances
differ substantially from the assumptions used in making the final
determination. Future additions to the Bank's allowance for loan losses will be
the result of periodic loan, property and collateral reviews and thus cannot be
predicted in advance. In addition, federal regulatory agencies, as an integral
part of the examination process, periodically review the Bank's allowance for
loan losses. Such agencies may require the Bank to increase the allowance based
upon their judgment of the information available to them at the time of their
examination. At March 31, 1997, the Bank had a total allowance for loan losses
of $110,000, representing 234.0% of total non-performing loans and 1.2% of the
Bank's loans receivable, net. See Notes A and C of the Notes to Financial
Statements and "Management's Discussion and Analysis of Financial Condition and
Results of Operations."
55
<PAGE>
The distribution of the Bank's allowance for losses on loans at the dates
indicated is summarized as follows:
<TABLE>
<CAPTION>
March 31
------------------------------------------------------------------------------
1997 1996
------------------------------------ ----------------------------------------
PERCENT PERCENT
OF LOANS OF LOANS
LOAN IN EACH MARCH 31, LOAN IN EACH
AMOUNT OF AMOUNTS CATEGORY AMOUNT OF AMOUNTS CATEGORY
LOAN LOSS BY TO TOTAL LOAN LOSS BY TO TOTAL
ALLOWANCE CATEGORY LOANS ALLOWANCE CATEGORY LOANS
----------- ----------- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
(DOLLARS IN THOUSANDS)
One- to four-family........ $ 55 $ 7,185 74.93% $ 30 $ 5,312 95.54%
Commercial real estate..... -- 392 4.09 -- -- --
Consumer................... 53 1,816 18.94 2 248 4.46
Commercial business........ 2 196 2.04 -- -- --
Unallocated................ -- -- -- -- -- --
----- ----------- ----------- --- ----------- -----------
Total.................... $ 110 $ 9,589 100.00% $ 32 $ 5,560 100.00%
----- ----------- ----------- --- ----------- -----------
----- ----------- ----------- --- ----------- -----------
</TABLE>
The following table sets forth an analysis of the Bank's allowance for
loan losses.
YEARS ENDED MARCH
31,
--------------------
1997 1996
--------- ---------
(IN THOUSANDS)
Balance at beginning of period........................ $ 32 $ 32
Charge-offs:
One- to four-family................................. -- --
Commercial real estate.............................. -- --
Consumer............................................ -- --
Commercial business................................. -- --
---- ----
Total charge-offs................................. -- --
---- ----
Recoveries:
One- to four-family................................. -- --
Commercial real estate.............................. -- --
Consumer............................................ -- --
Commercial business................................. -- --
---- ----
Total recoveries.................................. -- --
---- ----
Net charge-offs....................................... -- --
Provision for loan losses............................. 78 --
--- ---
Balance at end of period.............................. $ 110 $ 32
---- ----
Ratio of net charge-offs during the period to
average loans outstanding during the period......... 0.00% 0.00%
---- ----
Ratio of net charge-offs during the period to
average non-performing assets....................... 0.00% 0.00%
---- ----
56
<PAGE>
INVESTMENT ACTIVITIES
GENERAL.
The Bank must maintain minimum levels of investments that qualify as
liquid assets under OTS regulations. Liquidity may increase or decrease
depending upon the availability of funds and comparative yields on
investments in relation to the return on loans. Historically, the Bank has
generally maintained liquid assets at levels above the minimum requirements
imposed by the OTS regulations and at levels believed adequate to meet the
requirements of normal operations, including repayments of maturing debt and
potential deposit outflows. Cash flow projections are regularly reviewed and
updated to assure that adequate liquidity is maintained. At March 31, 1997,
the Bank's liquidity ratio (liquid assets as a percentage of net withdrawable
savings deposits and current borrowings) was 11.2%. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations
- --Liquidity and Capital Resources" and "Regulation --Liquidity."
Federally chartered savings institutions have the authority to invest in
various types of liquid assets, including U.S. Treasury obligations,
securities of various federal agencies, certain certificates of deposit of
insured banks and savings institutions, certain bankers' acceptances,
repurchase agreements and federal funds. Subject to various restrictions,
federally chartered savings institutions may also invest their assets in
commercial paper, investment grade corporate debt securities and mutual funds
whose assets conform to the investments that a federally chartered savings
institution is otherwise authorized to make directly.
Generally, the investment policy of the Bank, as established by the Board
of Directors, is to invest funds among various categories of investments and
maturities based upon the Bank's liquidity needs, asset/ liability management
policies, investment quality, marketability and performance objectives.
Mortgage-backed Securities. The Bank historically purchased
mortgage-backed securities primarily to supplement its lending activities, to
generate positive interest rate spreads on principal balances with minimal
administrative expense, to lower the credit risk of the Bank as a result of
the guarantees provided by Government National Mortgage Administration
("GNMA") and to generally assist in managing the interest rate risk of the
Bank. The Bank has invested primarily in federal agency securities,
principally GNMA obligations. At March 31, 1997, the Bank's investment in
mortgage-backed securities totaled $257,000, or 2.3% of its total assets. At
March 31, 1997, all of the Bank's mortgage-backed securities were classified
as held to maturity. See Note B of the Notes to Financial Statements.
The GNMA certificates are modified pass-through mortgage-backed
securities that represent undivided interests in underlying pools of
fixed-rate, or certain types of adjustable-rate, single-family residential
mortgages issued by these government-sponsored entities. As a result, the
interest rate risk characteristics of the underlying pool of mortgages, i.e.,
fixed-rate or adjustable rate, as well as prepayment risk, are passed on to
the certificate holder. GNMA's guarantee to the holder of timely payments of
principal and interest is backed by the full faith and credit of the United
States Government. All of the Bank's GNMA certificates are fixed-rate
securities.
Mortgage-backed securities generally yield less than the loans that
underlie such securities because of the cost of payment guarantees and credit
enhancements. In addition, mortgage-backed securities are usually more liquid
than individual mortgage loans and may be used to collateralize certain
liabilities and obligations of the Bank. These types of securities also
permit the Bank to optimize its regulatory capital because they have low risk
weighting.
Of the Bank's $257,000 mortgage-backed securities portfolio at March 31,
1997, mortgage-backed securities totaling $212,000 had contractual maturities
over 10 years. The actual maturity of a mortgage-backed security may be less
than its contractual maturity due to prepayments of the underlying mortgages.
Prepayments that are faster than anticipated may shorten the life of the
security and may result in a loss of any premiums paid and thereby reduce the
net yield on such securities. Although prepayments of underlying mortgages
depend on many factors, including the type of mortgages, the coupon rate, the
age of mortgages, the geographical location of the underlying real estate
collateralizing the mortgages and general levels of market interest rates,
the difference between the interest rates on
57
<PAGE>
the underlying mortgages and the prevailing mortgage interest rates generally
is the most significant determinant of the rate of prepayments. During
periods of declining mortgage interest rates, if the coupon rate of the
underlying mortgages exceeds the prevailing market interest rates offered for
mortgage loans, refinancing generally increases and accelerates the
prepayment of the underlying mortgages and the related security. Under such
circumstances, the Bank may be subject to reinvestment risk because, to the
extent that the Bank's mortgage-backed securities amortize or prepay faster
than anticipated, the Bank may not be able to reinvest the proceeds of such
repayments and prepayments at a comparable rate.
The guaranteed portion of a given pool must be all fixed or all variable
rate. The certificates purchased by the Bank are fixed rate mortgage backed
securities.
The following table sets forth the composition of the Bank's mortgage-backed
securities at the dates indicated.
<TABLE>
MARCH 31,
-----------------------------------------
1997 1996
BOOK % OF BOOK % OF
VALUE TOTAL VALUE TOTAL
--------- --------- --------- ---------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C>
Mortgage-backed securities held to maturity:
GNMA........................................................................... $ 267 103.89% $ 351 103.24%
--------- --------- --------- ---------
Unamortized premium (discounts), net........................................... (10) (3.89)% (11) (3.24)%
--------- --------- --------- ---------
Total mortgage-backed securities............................................. $ 257 100.00% $ 340 100.00%
--------- --------- --------- ---------
--------- --------- --------- ---------
</TABLE>
The following table shows mortgage-backed securities repayment activities
of the Bank for the periods indicated. The Bank did not purchase or sell any
mortgage-backed securities during fiscal 1997.
<TABLE>
YEARS ENDED MARCH 31,
--------------------
1997 1996
---- ----
(IN THOUSANDS)
<S> <C> <C>
Purchases:
Adjustable-rate (1)................................................................................. $ -- $ --
Fixed-rate (1)...................................................................................... -- 166
--- ---
Total purchases................................................................................... -- 166
--- ---
Principal Repayments:
Principal repayments................................................................................ 83 32
Increase in other items, net........................................................................ -- --
--- ---
Net increase (decrease)........................................................................... $ 83 $ 32
--- ---
--- ---
</TABLE>
- ------------------------
(1) Consists of pass-through securities.
OTHER INVESTMENTS. At March 31, 1997, the Bank's investment securities
other than mortgage-backed securities consisted of federal agency
obligations, U.S. Government securities, equity securities, FHLB stock, and
interest-earning deposits with other financial institutions.
OTS regulations restrict investments in corporate debt and equity
securities by the Bank. These restrictions include prohibitions against
investments in the debt securities of any one issuer in excess of 15% of the
Bank's unimpaired capital and unimpaired surplus as defined by federal
regulations, plus an additional 10% if the investments are fully secured by
readily marketable collateral. At March 31, 1997, the Bank was in compliance
with this regulation. See "Regulation--Federal Regulation of Savings
Associations" for a discussion of additional restrictions on the Bank's
investment activities.
58
<PAGE>
In fiscal 1997, the Bank reclassified Freddie Mac stock with a fair
market value of $69,000 from available for sale to trading account
securities. The equity securities had an unrealized gain of $67,000 which was
recognized in net income for the year ended March 31, 1997. The Freddie Mac
stock was sold subsequently to March 31, 1997. The Bank does not have any
other trading account securities and does not intend to establish a trading
securities portfolio. See Note B to Notes to Financial Statement.
The following table sets forth the composition of the Bank's investment
securities at the dates indicated.
<TABLE>
AT MARCH 31,
--------------------------------------------
1997 1996
-------------------- ---------------------
BOOK % OF BOOK % OF
VALUE TOTAL VALUE TOTAL
---------- --------- ---------- ---------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C>
Investment securities held to maturity:
Federal agency obligations.......................................... $200 27.55% $ -- --%
Investment securities available for sale:
U.S. government securities.......................................... 398 54.82 -- --
Federal agency obligations.......................................... -- -- 200 65.57
Equity securities................................................... -- -- 41 13.44
---------- --------- ---------- ---------
Subtotal.......................................................... 598 82.37 241 79.02
---------- --------- ---------- ---------
Trading account security (1).......................................... 69 9.50 -- --
FHLB stock............................................................ 59 8.13 64 20.98
---------- --------- ---------- ---------
Total investment securities and FHLB stock........................ $726 100.00% $ 305 100.00%
---------- --------- ---------- ---------
---------- --------- ---------- ---------
Average remaining life of debt securities............................. 4.3 years 1.4 years
Other interest-earning assets:
Interest-bearing deposits with banks................................ $120 100.00% $1,231 100.00%
Federal funds sold.................................................. -- -- -- --
---------- --------- ---------- ---------
Total............................................................. $120 100.00% $1,231 100.00%
---------- --------- ---------- ---------
---------- --------- ---------- ---------
</TABLE>
- ------------------------
(1) Consists of Freddie Mac stock that was sold subsequent to March 31, 1997.
INVESTMENT PORTFOLIO MATURITIES. The composition and maturities of the
investment securities portfolio and mortgage-backed securities are indicated
in the following table.
<TABLE>
AT MARCH 31, 1997
--------------------------------------------------------------------------
TOTAL
INVESTMENT
LESS THAN 1 TO 5 5 TO 10 OVER SECURITIES
1 YEAR YEARS YEARS 10 YEARS -------------
AMORTIZED AMORTIZED AMORTIZED AMORTIZED AMORTIZED FAIR
COST COST COST COST COST VALUE
--------------- ------------- ----------- ------------- ------------- -----
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
U.S. government securities................. $ -- $ 399 $ -- $ -- $ 399 $ 398
Federal agency obligations................. -- 100 -- 100 200 197
Mortgage-backed securities................. -- 16 29 212 257 248
--------- --------- --------- --------- --------- ------
Total investment securities................ $ -- $ 515 $ 29 $ 312 $ 856 $ 843
--- --- ----------- --- --- ---
Weighted average yield..................... 0.00% 6.27% 8.04 9.13% 7.37% 7.45%
--- --- ----------- --- --- ---
--- --- ----------- --- --- ---
</TABLE>
SOURCES OF FUNDS
GENERAL. The Bank's primary sources of funds are deposits, receipt of
principal and interest on loans and securities, FHLB advances, and other
funds provided from operations.
59
<PAGE>
FHLB advances are used to support lending activities and to assist in the
Bank's asset/liability management strategy. See "Management's Discussion and
Analysis of Financial Condition and Results of Operations -- Asset\Liability
Management." Typically, the Bank does not use other forms of borrowings. At
March 31, 1997, the Bank had no FHLB advances.
DEPOSITS. The Bank offers deposit accounts having a range of interest
rates and terms. The Bank's deposits consist of passbook, checking and
certificate accounts. The certificate accounts currently range in terms from
91 days to 10 years.
The Bank relies primarily on advertising, competitive pricing policies
and customer service to attract and retain these deposits. In fiscal 1997 the
Bank began participating in an on-line service pursuant to which it
advertises its ^ certificates of deposit rates nationwide. For the year ended
March 31, 1997, the Bank obtained certificates of deposit totalling $2.6
million through this service, which represented 25.5% of the Bank's total
deposits at March 31, 1997. Deposits obtained through the on-line service are
a more volatile source of funds than transaction or savings accounts, or
certificate of deposit accounts obtained from depositors in the Bank's market
area. See "Risk Factors--Increased Reliance on Out of Market Deposits." The
flow of deposits is influenced significantly by general economic conditions,
changes in money market and prevailing interest rates and competition. During
fiscal 1997, the Bank introduced an interest bearing checking account
product. At March 31, 1997, $235,000, or 2.3% of total deposits were in
interest bearing checking accounts.
The Bank has become more susceptible to short-term fluctuations in
deposit flows as customers have become more interest-rate conscious. The Bank
endeavors to manage the pricing of its deposits in keeping with its
profitability objectives giving consideration to its asset/liability
management. Notwithstanding the foregoing, a significant percentage of the
Bank's deposits are for terms of less than one year. At March 31, 1997, $1.9
million, or 30.7% of the Bank's certificates of deposit were in certificates
of deposit with terms of 12 months or less. The Bank believes that upon
maturity most of these deposits will remain at the Bank. The ability of the
Bank to attract and maintain savings accounts and certificates of deposit,
and the rates paid on these deposits, has been and will continue to be
significantly affected by market conditions.
SAVINGS PORTFOLIO
The following table sets forth the dollar amount of savings deposits in
the various types of deposit programs offered by the Bank as of the dates
indicated.
<TABLE>
AT MARCH 31,
--------------------
1997 1996
-------------------- --------------------
AMOUNT PERCENT AMOUNT PERCENT
--------- --------- --------- ---------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C>
Transactions and savings deposits:
Interest-bearing checking accounts 1.75%.................................. $ 235 2.30% $ -- 0.00%
Passbook accounts 3.00%................................................... 3,882 37.92 3,683 56.97
--------- --------- --------- ---------
Total transactions and savings deposits................................... 4,117 40.22 3,683 59.15
--------- --------- --------- ---------
Certificates of deposit:
0.00 -3.99%............................................................... 198 1,93 141 2.18
4.00 -5.99%............................................................... 2,672 26.10 2,370 36.66
6.00 -7.99%............................................................... 3,250 31.75 271 4.19
--------- --------- --------- ---------
Total certificates of deposit............................................. 6,120 59.78 2,641 43.03
--------- --------- --------- ---------
Accrued Interest --....................................................... -- 0.00 -- 0.00
--------- --------- --------- ---------
Total Deposits............................................................ $ 10,237 100.00% $ 6,465 102.18%
--------- --------- --------- ---------
--------- --------- --------- ---------
</TABLE>
60
<PAGE>
DEPOSIT ACTIVITY
The following table sets forth the savings flows at the Bank during the
periods indicated.
<TABLE>
YEARS ENDED MARCH
31,
--------------------
1997 1996
--------- ---------
(DOLLARS IN
THOUSANDS)
<S> <C> <C>
Opening balance.............................................................................. $ 6,465 $ 6,518
Deposits..................................................................................... 7,115 3,345
Withdrawals.................................................................................. (3,628) (3,668)
Interest credited............................................................................ 285 270
--------- ---------
Ending balance............................................................................... $ 10,237 $ 6,465
--------- ---------
--------- ---------
Net increase (decrease).......................................... $ (3,772) $ (53)
--------- ---------
--------- ---------
Percent increase (decrease).................................................................. 58.34% (0.81)%
--------- ---------
--------- ---------
</TABLE>
TIME DEPOSIT MATURITY SCHEDULE
The following table shows weighted average rate and maturity information
for the Bank's certificates of deposit as of March 31, 1997.
<TABLE>
WEIGHTED
CERTIFICATE ACCOUNTS MATURING IN TOTAL AVERAGE PERCENT OF
QUARTER ENDING: BALANCE RATE TOTAL
- ---------------------------------------------------------------------------------- --------- ----------- -------------
<S> <C> <C> <C>
(IN THOUSANDS)
June 30, 1997..................................................................... $ 370 5.07% 6.05%
September 30, 1997................................................................ 544 5.11 8.89
December 31, 1997................................................................. 728 5.45 11.90
March 31, 1998.................................................................... 234 5.56 3.82
June 30, 1998..................................................................... 233 5.40 3.81
September 30, 1998................................................................ 1,058 5.97 17.29
December 31, 1998................................................................. 408 5.68 6.67
March 31, 1999.................................................................... 811 4.70 13.25
June 30, 1999..................................................................... 1 5.25 0.02
September 30, 1999................................................................ 135 5.97 2.21
December 31, 1999................................................................. 192 5.92 3.14
March 31, 2000.................................................................... 605 6.39 9.89
June 30, 2000..................................................................... 236 7.12 3.86
Thereafter........................................................................ 565 6.69 9.23
--------- ---------
Total........................................................................... $ 6,120 5.70 100.00%
--------- ---------
--------- ---------
</TABLE>
The following table indicates the amount of the Bank's certificates of
deposit and other deposits by time remaining until maturity as of March 31,
1997.
<TABLE>
MATURITY
-------------------------------------------------------------
3
MONTHS OVER OVER
OR 3 TO 6 6 TO 12 OVER
LESS MONTHS MONTHS 12 MONTHS TOTAL
----------- ----------- ----------- ----------- ---------
(IN THOUSANDS)
<S> <C> <C> <C> <C> <C>
Certificates of deposit less than $100,000....................... $ 370 $ 544 $ 757 $ 4,142 $ 5,813
Certificates of deposit of $100,000 or more...................... -- -- 205 102 307
----- ----- ----- ----------- ---------
Total certificates of deposit.................................... $ 370 $ 544 $ 962 $ 4,244 $ 6,120
----- ----- ----- ----------- ---------
----- ----- ----- ----------- ---------
</TABLE>
- ------------------------
(1) Deposits from governmental and other public entities.
61
<PAGE>
BORROWINGS. Federal law limits an institution's borrowings from the FHLB
to 20 times the amount paid for capital stock in the FHLB, subject to
regulatory collateral requirements. At March 31, 1997, the Bank had an unused
line of credit at the FHLB for up to $765,000. At March 31, 1997, the Bank
had no advances from the FHLB.
EMPLOYEES
At March 31, 1997, the Bank had 6 full-time and no part-time employees.
The Bank's employees are not represented by any collective bargaining group.
Management considers its employee relations to be good.
PROPERTIES
The Bank conducts its business through its office, located in
Canajoharie, New York. The following table sets forth information relating to
the Bank's office as of March 31, 1997. The total net book value of the
Bank's premises and equipment (including land, buildings and leasehold
improvements and furniture, fixtures and equipment) at March 31, 1997 was
$155,000.
<TABLE>
NET BOOK
TOTAL VALUE
APPROXIMATE OF REAL
DATE SQUARE ESTATE AT
LOCATION ACQUIRED FOOTAGE MARCH 31, 1997
- ------------------------------------------------------------------------- ----------- ------------- --------------
<S> <C> <C> <C>
Main Office: 1973 3,600 $ 121,000
26 Church Street
Canajoharie, New York
</TABLE>
The Bank believes that its current facilities are adequate to meet the
present and foreseeable needs of the Bank and the Company.
LEGAL PROCEEDINGS
The Bank is involved, from time to time, as plaintiff or defendant in
various legal actions arising in the normal course of their businesses. While
the ultimate outcome of these proceedings cannot be predicted with certainty,
it is the opinion of management, after consultation with counsel representing
the Bank in the proceedings, that the resolution of these proceedings should
not have a material effect on the Company's financial position or results of
operations on a consolidated basis.
SERVICE CORPORATION ACTIVITIES
As a federally chartered savings association, the Bank is permitted by
OTS regulations to invest up to 2% of its assets, or approximately $200,000
at March 31, 1997, in the stock of, or loans to, service corporation
subsidiaries. The Bank may invest an additional 1% of its assets in service
corporations where such additional funds are used for inner-city or community
development purposes and up to 50% of its total capital in conforming loans
to service corporations in which it owns more than 10% of the capital stock.
In addition to investments in service corporations, federal associations are
permitted to invest an unlimited amount in operating subsidiaries engaged
solely in activities in which a federal association may engage.
Following the Bank Conversion, the Bank will be able to invest unlimited
amounts in subsidiaries that are engaged in activities in which the parent
bank may engage. In addition, the Bank will be permitted to invest limited
amounts in subsidiaries that provide banking services, such as data
processing, to other financial institutions.
62
<PAGE>
REGULATION
GENERAL
The Bank is a federally chartered savings association, the deposits of
which are federally insured and backed by the full faith and credit of the
United States Government. Accordingly, the Bank is subject to broad federal
regulation and oversight extending to all its operations. The Bank is a
member of the FHLB of New York and is subject to certain limited regulation
by the Federal Reserve Board. As the savings and loan holding company of the
Bank, the Company also is subject to federal regulation and oversight. The
purpose of the regulation of the Company and other holding companies is to
protect subsidiary savings and loan associations. The Bank is a member of the
SAIF. The deposits of the Bank are insured by the SAIF of the FDIC. As a
result, the FDIC has certain regulatory and examination authority over the
Bank.
The foregoing regulatory oversight will continue to apply to the Bank
following consummation of the Stock Conversion but prior to completion of the
Bank Conversion.
Upon consummation of the Bank Conversion, the Bank's deposit accounts
will continue to be insured by the SAIF. Following the Bank Conversion the
Bank will be subject to supervision, examination and regulation either by the
OCC if it converts to a national bank, or the Department if it converts to a
commercial bank charter. The Bank will remain subject to the FDIC's authority
to conduct special examinations.
Certain of these regulatory requirements and restrictions are discussed
below or elsewhere in this document.
FEDERAL REGULATION OF SAVINGS ASSOCIATIONS
The OTS has extensive authority over the operations of savings
associations. As part of this authority, the Bank is required to file
periodic reports with the OTS and is subject to periodic examinations by the
OTS and the FDIC. When these examinations are conducted by the OTS and the
FDIC, the examiners may require the Bank to provide for higher general or
specific loan loss reserves. All savings associations are subject to a
semi-annual assessment, based upon the savings and loan association's total
assets.
The OTS also has extensive enforcement authority over all savings
institutions and their holding companies, including the Bank and the Company.
This enforcement authority includes, among other things, the ability to
assess civil money penalties, to issue cease-and-desist or removal orders and
to initiate injunctive actions. In general, these enforcement actions may be
initiated for violations of laws and regulations and unsafe or unsound
practices. Other actions or inactions may provide the basis for enforcement
action, including misleading or untimely reports filed with the OTS. Except
under certain circumstances, public disclosure of final enforcement actions
by the OTS is required.
In addition, the investment, lending and branching authority of the Bank
is prescribed by federal laws and regulations, and the Bank is prohibited
from engaging in any activities not permitted by such laws and regulations.
For example, no savings institution may invest in non-investment grade
corporate debt securities. In addition, the permissible level of investment
by federal associations in loans secured by non-residential real property may
not exceed 400% of total capital, except with approval of the OTS. Federal
savings associations are also generally authorized to branch nationwide. The
Bank is in compliance with the noted restrictions. See "--Regulation of
Company Following the Bank Conversion--Interstate Banking and Branching."
OTS regulations limit a thrift institution's loans to one borrower to the
greater of $500,000 or 15% of unimpaired capital and surplus (except for
loans fully secured by certain readily marketable collateral, in which case
this limit is increased to 25% of unimpaired capital and surplus). At March
31, 1997, the Bank's lending limit under this restriction was approximately
$500,000. The Bank is in compliance with the loans-to-one borrower
limitation. These percentage limitations will continue to apply to the Bank
following completion of the Bank Conversion.
63
<PAGE>
The OTS, as well as the other federal banking agencies, has adopted
guidelines establishing safety and soundness standards on such matters as
loan underwriting and documentation, internal controls and audit systems,
interest rate risk exposure and compensation and other employee benefits. Any
institution which fails to comply with these standards must submit a capital
compliance plan. A failure to submit a plan or to comply with an approved
plan will subject the institution to further enforcement action. The OTS and
the other federal banking agencies have also adopted additional guidelines on
asset quality and earnings standards. The guidelines were designed to enhance
early identification and resolution of problem assets. Following the
completion of the Bank Conversion, the Bank will be subject to substantially
similar guidelines adopted either by the OCC or the FDIC.
INSURANCE OF ACCOUNTS AND REGULATION BY THE FDIC
The Bank is a member of the SAIF, which is administered by the FDIC.
Deposits are insured up to applicable limits by the FDIC and such insurance
is backed by the full faith and credit of the U.S. Government. As insurer,
the FDIC imposes deposit insurance premiums and is authorized to conduct
examinations of and to require reporting by FDIC-insured institutions. It
also may prohibit any FDIC-insured institution from engaging in any activity
the FDIC determines by regulation or order to pose a serious risk to the
FDIC. The FDIC also has the authority to initiate enforcement actions against
savings and loan associations, after giving the OTS an opportunity to take
such action, and may terminate the deposit insurance if it determines that
the institution has engaged or is engaging in unsafe or unsound practices, or
is in an unsafe or unsound condition.
In September 1996, Congress enacted legislation to recapitalize the SAIF
by a one-time assessment on all SAIF-insured deposits held as of March 31,
1995. The assessment was 65.7 basis points per $100 in deposits, payable on
November 27, 1996 and amounted to $43,000 for the Bank. In addition,
beginning January 1, 1997, interest payments on FICO bonds issued in the late
1980's by the Financing Corporation to recapitalize the now defunct Federal
Savings and Loan Insurance Corporation will be paid jointly by Bank Insurance
Fund ("BIF") insured institutions and SAIF-insured institutions. The FICO
assessment is 1.29 basis points per $100 for BIF deposits and 6.44 basis
points per $100 for SAIF deposits. Beginning January 1, 2000, the FICO
interest payments will be paid pro rata by banks and thrifts based on
deposits (approximately 2.4 basis points per $100 in deposits). In addition,
as of January 1, 1997, SAIF assessment rates dropped significantly and
currently range from zero to 27 basis points based upon an institution's
regulatory risk classification and capital group. Prior to the payment of the
one-time special assessment, the Bank's annual SAIF assessment per $100 in
deposits as of June 30, 1996 was 23 basis points. The Bank anticipates its
ongoing SAIF assessment will be 6 basis points per $100 in deposits.
The legislation also provides for the merger of the BIF and SAIF on
January 1, 1999 if there are no more savings associations as of that date.
Several bills have been introduced in the current Congress that would
eliminate the federal thrift charter and OTS. The bills would require that
all federal savings associations convert to national banks or state
depository institutions by no later than January 1, 1998 in one bill and June
30, 1998 in the other and would treat all state savings associations as state
banks for purposes of federal banking laws. Subject to a narrow
grandfathering, all savings and loan holding companies would become subject
to the same regulation as bank holding companies under the pending
legislative proposals. Under such proposals, any lawful activity in which a
savings association would be permitted for up to two years following the
effective date of its conversion to the new charter, with two additional
one-year extension which may be granted at the discretion of the regulator.
Additionally, such proposals would grandfather existing thrift intrastate and
interstate branches which were operated as branches or in the process of
being established on January 1, 1997 or January 7, 1997, respectively. The
legislative proposals would also abolish the OTS and transfer its functions
to the federal bank regulators with respect to the institutions and to the
Federal Reserve Board with respect to the regulation of holding companies.
The Company is unable to predict whether the legislation will be enacted or,
given such uncertainty, determine the extent to which the legislation, if
enacted, would affect its business. The Company is also unable to predict
whether the SAIF and BIF funds will eventually be merged.
64
<PAGE>
Following the Bank Conversion, the Bank will continue to be insured by
the SAIF. To the extent it becomes available, the Bank may consider paying an
exit fee to the SAIF and an entrance fee to the BIF in order to convert its
insured deposits to the BIF. No prediction can be made at this time as to
whether this option, currently prohibited, may become available.
REGULATORY CAPITAL REQUIREMENTS
FEDERAL SAVINGS ASSOCIATIONS. Federally insured savings associations,
such as the Bank, are required to maintain a minimum level of regulatory
capital. The OTS has established capital standards, including a tangible
capital requirement, a leverage ratio (or core capital) requirement and a
risk-based capital requirement applicable to such savings and loan
associations. Generally, these capital requirements must be generally as
stringent as the comparable capital requirements for national banks. The OTS
is also authorized to impose capital requirements in excess of these
standards on individual associations on a case-by-case basis.
The capital regulations require tangible capital of at least 1.5% of
adjusted total assets (as defined by regulation). Tangible capital generally
includes common stockholders' equity and retained income, and certain
noncumulative perpetual preferred stock and related income. In addition, all
intangible assets, other than a limited amount of purchased mortgage
servicing rights, must be deducted from tangible capital for calculating
compliance with the requirement. Further, the valuation allowance applicable
to the write-down of investments and mortgage-backed securities in accordance
with SFAS No. 115 is excluded from the regulatory capital calculation. At
March 31, 1997, the Bank had no intangible assets and an unrealized loss, net
of tax under SFAS No. 115 of $1,400.
For information regarding the Bank's compliance with applicable
regulatory requirements at March 31, 1997 and on a pro forma basis following
completion of the Conversion and Bank Conversion see "Historical and Pro
Forma Regulatory Capital."
NATIONAL OR COMMERCIAL BANKS. Upon consummation of the Bank Conversion,
the Bank will no longer be subject to OTS capital regulations, but will be
subject to the capital regulations of either the OCC or the FDIC. The OCC and
FDIC capital regulations are identical. The regulations for national and
commercial banks establish two capital standards: a leverage requirement and
a risk-based capital requirement. In addition, the OCC or the FDIC may, on a
case-by-case basis, establish individual minimum capital requirements for a
national bank that vary from the requirements which would otherwise apply. A
bank that fails to satisfy the capital requirements established under the
OCC's or FDIC regulations will be subject to such administrative action or
sanctions as the primary federal regulator deems appropriate.
The leverage ratio adopted by the OCC and FDIC requires a minimum ratio
of "Tier 1 capital" to adjusted total assets of 3% for national banks rated
composite 1 under the CAMEL rating system for banks. National or commercial
banks not rated composite 1 under the CAMEL rating system for banks are
required to maintain a minimum ratio of Tier 1 capital to adjusted total
assets of 4% to 5%, depending upon the level and nature of risks of their
operations. For purposes of the leverage requirement, Tier 1 capital
generally consists of the same components as core capital under the OTS's
capital regulations, except that no intangibles except certain purchased
mortgage servicing rights and purchased credit card relationships may be
included in capital.
The risk-based capital requirements established by the OCC and FDIC
regulations require national banks to maintain "total capital" equal to at
least 8% of total risk-weighted assets. For purposes of the risk-based
capital requirement, "total capital" means Tier 1 capital (as described
above) plus "Tier 2 capital" (as described below), provided that the amount
of Tier 2 capital may not exceed the amount of Tier 1 capital, less certain
assets. The components of Tier 2 capital under the OCC and FDIC regulations
generally correspond to the components of supplementary capital under OTS
regulations. Total risk-weighted assets generally are determined under the
OCC and FDIC regulations in the same manner as under the OTS's regulations.
65
<PAGE>
The OCC and FDIC have revised their risk-based capital requirements to
permit the OCC or FDIC to require higher levels of capital for an institution
in light of its interest rate risk. In addition, the OCC has proposed that a
bank's interest rate risk exposure would be quantified using either the
measurement system set forth in the proposal or the institution's internal
model for measuring such exposure, if such model is determined to be adequate
by the institution's examiner. Small institutions that are highly capitalized
and have minimal interest rate risk, such as the Bank, would be exempt from
the rule unless otherwise determined by the OCC or FDIC. Management of the
Bank has not determined what effect, if any, the proposed interest rate risk
component would have on the Bank's capital if adopted as proposed.
BANK HOLDING COMPANIES. The Federal Reserve Board has established
capital requirements for bank holding companies with consolidated assets of
$150 million or more that generally parallel the capital requirements for
national banks under the OCC's regulations. Since the Company's consolidated
assets are expected to be less than $150 million, the Federal Reserve Board's
holding company capital requirements are not expected to apply to the Company.
LIMITATIONS ON DIVIDENDS AND OTHER CAPITAL DISTRIBUTIONS
Federal Savings Associations. OTS regulations impose various restrictions
or requirements on associations with respect to their ability to pay
dividends or make other distributions of capital. OTS regulations prohibit an
association from declaring or paying any dividends or from repurchasing any
of its stock if, as a result, the regulatory capital of the association would
be reduced below the amount required to be maintained for the liquidation
account established in connection with its mutual-to-stock conversion. See
"The Conversion -- Effects of Stock Conversion to Stock Form on Depositors
and Borrowers of the Bank" and "-- Restrictions on Repurchase of Stock."
The OTS utilizes a three-tiered approach to permit associations, based on
their capital level and supervisory condition, to make capital distributions
which include dividends, stock redemptions or repurchases, cash-out mergers
and other transactions charged to the capital account. See "--Regulatory
Capital Requirements."
Generally, Tier 1 associations, which are associations that before and
after the proposed distribution meet their fully phased-in capital
requirements, may make capital distributions during any calendar year equal
to the greater of 100% of net income for the year-to-date plus 50% of the
amount by which the lesser of the association's tangible, core or risk-based
capital exceeds its fully phased-in capital requirement for such capital
component, as measured at the beginning of the calendar year, or the amount
authorized for a Tier 2 association. However, a Tier 1 association deemed to
be in need of more than normal supervision by the OTS may be downgraded to a
Tier 2 or Tier 3 association as a result of such a determination. The Bank
meets the requirements for a Tier 1 association and has not been notified of
a need for more than normal supervision. Tier 2 associations, which are
associations that before and after the proposed distribution meet their
current minimum capital requirements, may make capital distributions of up to
75% of net income over the most recent four quarter period.
Tier 3 associations (which are associations that do not meet current
minimum capital requirements) that propose to make any capital distribution
and Tier 2 associations that propose to make a capital distribution in excess
of the noted safe harbor level must obtain OTS approval prior to making such
distribution. Tier 2 associations proposing to make a capital distribution
within the safe harbor provisions and Tier 1 associations proposing to make
any capital distribution need only submit written notice to the OTS 30 days
prior to such distribution. As a subsidiary of the Company, the Bank will
also be required to give the OTS 30 days' notice prior to declaring any
dividend on its stock. The OTS may object to the distribution during that
30-day period based on safety and soundness concerns. See "-- Regulatory
Capital Requirements."
The OTS has proposed regulations that would revise the current capital
distribution restrictions. The proposal eliminates the current tiered
structure and the safe-harbor percentage limitations. Under the proposal a
savings association may make a capital distribution without notice to the OTS
(unless it is a subsidiary of a holding company) provided that it has a CAMEL
1 or 2 rating, is not in troubled condition and would remain adequately
capitalized (as
66
<PAGE>
defined by regulation) following the proposed distribution. Savings
associations that would remain adequately capitalized following the proposed
distribution but do not meet the other noted requirements must notify the OTS
30 days prior to declaring a capital distribution. The OTS stated it will
generally regard as permissible that amount of capital distributions that do
not exceed 50% of the institution's excess regulatory capital plus net income
to date during the calendar year. A savings association may not make a
capital distribution without prior approval of the OTS and the FDIC if it is
undercapitalized before, or as a result of, such a distribution. A savings
association will be considered in troubled condition if it has a CAMEL rating
of 4 or 5, is subject to an enforcement action relating to its safety and
soundness or financial viability or has been informed in writing by the OTS
that it is in troubled condition. As under the current rule, the OTS may
object to a capital distribution if it would constitute an unsafe or unsound
practice. No assurance may be given as to whether or in what form the
regulations may be adopted.
NATIONAL BANKS. Following the Bank Conversion, if the Bank converts to a
national bank, its ability to pay dividends would not be subject to the
limitations in the OTS regulations but would instead be governed by the
National Bank Act and OCC regulations. Under such statute and regulations,
all dividends by a national bank must be paid out of current or retained net
profits, after deducting reserves for losses and bad debts. The National Bank
Act further restricts the payment of dividends out of net profits by
prohibiting a national bank from declaring a dividend on its shares of common
stock until the surplus fund equals the amount of capital stock or, if the
surplus fund does not equal the amount of capital stock, until one-tenth of
the Bank's net profits for the preceding half year in the case of quarterly
or semi-annual dividends, or the preceding two half-year periods in the case
of annual dividends, are transferred to the surplus fund. In addition, the
prior approval of the OCC is required for the payment of a dividend if the
total of all dividends declared by a national bank in any calendar year would
exceed the total of its net profits for the year combined with its net
profits for the two preceding years, less any required transfers to surplus
or a fund for the retirement of any preferred stock.
The OCC has the authority to prohibit the payment of dividends by a
national bank when it determines such payment to be an unsafe and unsound
banking practice. In addition, the Bank would be prohibited by federal
statute and the OCC's prompt corrective action regulations from making any
capital distribution if, after giving effect to the distribution, the Bank
would be classified as "undercapitalized" under the OCC's regulations.
Finally, the Bank, like the Converted Bank, would not be able to pay
dividends on its capital stock if its capital would thereby be reduced below
the remaining balance of the liquidation account established in connection
with the Stock Conversion.
NEW YORK COMMERCIAL BANKS. In the event the Bank converts to a
commercial bank, its ability to pay dividends would be subject to the
limitations of the Department. Under New York Banking Law, the directors of a
commercial bank may annually, semi-annually or quarterly, but not more
frequently, declare such dividends as they deem judicious to be paid from net
profits, as adjusted when a commercial bank makes a provision for loan
losses. No dividends may be declared, credited or paid so long as there is
any impairment of capital stock. The approval of the Department is required
if the total of all dividends declared by a commercial bank in any calendar
year exceeds the total of its net profits for that year combined with its
retained net profits of the preceding two years, less any required transfer
to surplus or a fund for the retirement of any preferred stock.
LIQUIDITY
All savings associations, including the Bank, are required to maintain an
average daily balance of liquid assets equal to a certain percentage of the
sum of its average daily balance of net withdrawable deposit accounts and
borrowings payable in one year or less. For a discussion of what the Bank
includes in liquid assets, see "Management's Discussion and Analysis of
Financial Condition and Results of Operations -- Liquidity and Capital
Resources." This liquid asset ratio requirement may vary from time to time
(between 4% and 10%) depending upon economic conditions and savings flows of
all savings associations. At the present time, the minimum liquid asset ratio
is 5%.
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In addition, short-term liquid assets (e.g., cash, certain time deposits,
certain bankers acceptances and short-term U.S. Treasury obligations)
currently must constitute at least 1% of the Bank's average daily balance of
net withdrawable deposit accounts and current borrowings. Penalties may be
imposed upon associations for violations of either liquid assets ratio
requirement. At March 31, 1997, the Bank was in compliance with both
requirements, with a liquid assets ratio of 11.2% and a short-term liquid
assets ratio of 6.9%.
National banks and New York-chartered commercial banks are not subject to
any prescribed liquidity requirements.
ACCOUNTING
An OTS policy statement applicable to all savings associations clarifies
and re-emphasizes that the investment activities of a savings association
must be in compliance with approved and documented investment policies and
strategies, and must be accounted for in accordance with generally accepted
accounting principles. Under the policy statement, management must support
its classification of and accounting for loans and securities (i.e., whether
held for investment, sale or trading) with appropriate documentation.
The OTS has adopted an amendment to its accounting regulations, which may
be made more stringent than generally accepted accounting principles to
require that transactions be reported in a manner that best reflects their
underlying economic substance and inherent risk and that financial reports
must incorporate any other accounting regulations or orders prescribed by the
OTS. The Bank is in compliance with these amended rules.
The Bank will be subject to similar requirements following completion of
the Bank Conversion.
QUALIFIED THRIFT LENDER TEST
All savings associations, including the Bank, are required to meet a
qualified thrift lender ("QTL") test to avoid certain restrictions on their
operations. This test requires a savings association to have at least 65% of
its portfolio assets (as defined by regulation) in qualified thrift
investments on a monthly average for nine out of every 12 months on a rolling
basis. Such assets primarily consist of residential housing related loans and
investments. At March 31, 1997, the Bank met the test.
Any savings association that fails to meet the QTL test must convert to a
national bank charter, unless it requalifies as a QTL and thereafter remains
a QTL. If an association does not requalify and converts to a national bank
charter, it must remain SAIF-insured until the FDIC permits it to transfer to
the BIF. If such an association has not yet requalified or converted to a
national bank, its new investments and activities are limited to those
permissible for both a savings association and a national bank, and it is
limited to national bank branching rights in its home state. In addition, the
savings association is immediately ineligible to receive any new FHLB
borrowings and is subject to national bank limits for payment of dividends.
If such association has not requalified or converted to a national bank
within three years after the failure, it must divest of all investments and
cease all activities not permissible for a national bank. In addition, it
must repay promptly any outstanding FHLB borrowings, which may result in
prepayment penalties. If any association that fails the QTL test is
controlled by a holding company, then within one year after the failure, the
holding company must register as a bank holding company and become subject to
all restrictions on bank holding companies. See "-- Holding Company
Regulation."
The QTL requirements and the penalties imposed for the failure to comply
will not be applicable to the Bank following the Bank Conversion.
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TRANSACTIONS WITH AFFILIATES
Generally, transactions between a savings association or its subsidiaries
and its affiliates are required to be on terms as favorable to the
association as transactions with non-affiliates. In addition, certain of
these transactions, such as loans to an affiliate, are restricted to a
percentage of the association's capital. Affiliates of the Bank include the
Company and any company which is under common control with the Bank. In
addition, a savings association may not lend to any affiliate engaged in
activities not permissible for a bank holding company or acquire the
securities of most affiliates.
Certain transactions with directors, officers or controlling persons are
also subject to conflict of interest regulations enforced by the OTS. These
conflict of interest regulations and other statutes also impose restrictions
on loans to such persons and their related interests. Among other things,
such loans must be made on terms substantially the same as for loans to
unaffiliated individuals. Following completion of the Bank Conversion, the
Bank will be subject to substantially identical rules on transactions with
affiliates and loans to directors, officers or controlling persons.
HOLDING COMPANY REGULATION
The Company will be a unitary savings and loan holding company subject to
regulatory oversight by the OTS. As such, the Company is required to register
and file reports with the OTS and is subject to regulation and examination by
the OTS. In addition, the OTS has enforcement authority over the Company and
its non-savings association subsidiaries which also permits the OTS to
restrict or prohibit activities that are determined to be a serious risk to
the subsidiary savings association.
As a unitary savings and loan holding company, the Company generally is
not subject to activity restrictions. If the Company acquires control of
another savings association as a separate subsidiary, it would become a
multiple savings holding company, and the activities of the Company and any
of its subsidiaries (other than the Bank or any other SAIF-insured savings
and loan association) would become subject to such restrictions unless such
other associations each qualify as a QTL and were acquired in a supervisory
acquisition.
If the Bank fails the QTL test, the Company must obtain the approval of
the OTS prior to continuing after such failure, directly or through its other
subsidiaries, any business activity other than those approved for multiple
savings and loan holding companies or their subsidiaries. In addition, within
one year of such failure the Company must register as, and will become
subject to, the restrictions applicable to bank holding companies. The
activities authorized for a bank holding company are more limited than are
the activities authorized for a unitary or multiple savings and loan holding
company. See "-- Qualified Thrift Lender Test."
The Company must obtain approval from the OTS before acquiring control of
any other SAIF-insured association. Such acquisitions are generally
prohibited if they result in a multiple savings and loan holding company
controlling savings and loan associations in more than one state. However,
such interstate acquisitions are permitted based on specific state
authorization or in a supervisory acquisition of a failing savings and loan
association.
REGULATION OF THE COMPANY FOLLOWING THE BANK CONVERSION
GENERAL. Upon consummation of the Bank Conversion, the Company, as the
sole shareholder of the Bank, will become a bank holding company and will
register as such with the FRB and deregister with the OTS as a savings and
loan holding company. Bank holding companies are subject to comprehensive
regulation by the FRB under the BHCA, and the regulations of the FRB. As a
bank holding company, the Company will be required to file reports with the
FRB and such additional information as the FRB may require, and will be
subject to regular examinations by the FRB. The FRB also has extensive
enforcement authority over bank holding companies, including, among other
things, the ability to assess civil money penalties, to issue cease and
desist or removal orders and to require that a holding
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company divest subsidiaries (including its bank subsidiaries). In general,
enforcement actions may be initiated for violations of law and regulations
and unsafe or unsound practices.
Under FRB policy, a bank holding company must serve as a source of
strength for its subsidiary banks. Under this policy the FRB may require, and
has required in the past, a holding company to contribute additional capital
to an undercapitalized subsidiary bank.
Under the BHCA, a bank holding company must obtain FRB approval before:
(i) acquiring, directly or indirectly, ownership or control of any voting
shares of another bank or bank holding company if, after such acquisition, it
would own or control more than 5% of such shares (unless it already owns or
controls the majority of such shares); (ii) acquiring all or substantially
all of the assets of another bank or bank holding company; or (iii) merging
or consolidating with another bank holding company.
The BHCA also prohibits a bank holding company, with certain exceptions,
from acquiring direct or indirect ownership or control of more than 5% of the
voting shares of any company which is not a bank or bank holding company, or
from engaging directly or indirectly in activities other than those of
banking, managing or controlling banks, or providing services for its
subsidiaries. The principal exceptions to these prohibitions involve certain
non-bank activities which, by statute or by FRB regulation or order, have
been identified as activities closely related to the business of banking or
managing or controlling banks. The list of activities permitted by the FRB
includes, among other things, operating a savings institution, mortgage
company, finance company, credit card company or factoring company;
performing certain data processing operations; providing certain investment
and financial advice; underwriting and acting as an insurance agent for
certain types of credit-related insurance; leasing property on a full-payout,
non-operating basis; selling money orders, travelers' checks and United
States Savings Bonds; real estate and personal property appraising; providing
tax planning and preparation services; and, subject to certain limitations,
providing securities brokerage services for customers. The Company has no
present plans to engage in any of these activities.
INTERSTATE BANKING AND BRANCHING. On September 29, 1994, the Riegle-Neal
Interstate Banking and Branching Act of 1994 (the "Act") was enacted to ease
restrictions on interstate banking. The Act allows the FRB to approve an
application of an adequately capitalized and adequately managed bank holding
company to acquire control of, or acquire all or substantially all of the
assets of, a bank located in a state other than such holding company's home
state, without regard to whether the transaction is prohibited by the laws of
any state. The FRB may not approve the acquisition of the bank that has not
been in existence for the minimum time period (not exceeding five years)
specified by the statutory law of the host state. The Act also prohibits the
FRB from approving an application if the applicant (and its depository
institution affiliates) controls or would control more than 10% of the
insured deposits in the United States or 30% or more of the deposits in the
target bank's home state or in any state in which the target bank maintains a
branch. The Act does not affect the authority of states to limit the
percentage of total insured deposits in the state which may be held or
controlled by a bank or bank holding company to the extent such limitation
does not discriminate against out-of-state banks or bank holding companies.
Individual states may also waive the 30% state-wide concentration limit
contained in the Act.
Additionally, beginning on June 1, 1997, the federal banking agencies are
authorized to approve interstate merger transactions without regard to
whether such transaction is prohibited by the law of any state, unless the
home state of one of the banks opts out of the Act by adopting a law after
the date of enactment of the Act and prior to June 1, 1997 which applies
equally to all out-of-state banks and expressly prohibits merger transactions
involving out-of-state banks. Interstate acquisitions of branches will be
permitted only if the law of the state in which the branch is located permits
such acquisitions. Interstate mergers and branch acquisitions will also be
subject to the nationwide and statewide insured deposit concentration amounts
described above.
The Act authorizes the OCC and FDIC to approve interstate branching de
novo by national and state banks, respectively, only in states which
specifically allow for such branching. The Act also requires the appropriate
federal
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banking agencies to prescribe regulations by June 1, 1997 which prohibit any
out-of-state bank from using the interstate branching authority primarily for
the purpose of deposit production. These regulations must include guidelines
to ensure that interstate branches operated by an out-of-state bank in a host
state are reasonably helping to meet the credit needs of the communities
which they serve. The OCC, FDIC and FRB proposed such regulations on March
17, 1997. Management of the Bank cannot predict when, or in what form final
regulations will be adopted.
DIVIDENDS. The FRB has issued a policy statement on the payment of cash
dividends by bank holding companies, which expresses the FRB's view that a
bank holding company should pay cash dividends only to the extent that the
holding company's net income for the past year is sufficient to cover both
the cash dividends and a rate of earning retention that is consistent with
the holding company's capital needs, asset quality and overall financial
condition. The FRB also indicated that it would be inappropriate for a
company experiencing serious financial problems to borrow funds to pay
dividends. Furthermore, under the prompt corrective action regulations
adopted by the FRB, the FRB may prohibit a bank holding company from paying
any dividends if the holding company's bank subsidiary is classified as
"undercapitalized." See "--Regulatory Capital Requirements."
Bank holding companies are required to give the FRB prior written notice
of any purchase or redemption of its outstanding equity securities if the
gross consideration for the purchase or redemption, when combined with the
net consideration paid for all such purchases or redemptions during the
preceding 12 months, is equal to 10% or more of their consolidated net worth.
The FRB may disapprove such a purchase or redemption if it determines that
the proposal would constitute an unsafe or unsound practice or would violate
any law, regulation, FRB order, or any condition imposed by, or written
agreement with, the FRB. This notification requirement does not apply to any
company that meets the well-capitalized standard for commercial banks, has a
safety and soundness examination rating of at least a "2" and is not subject
to any unresolved supervisory issues.
CAPITAL REQUIREMENTS. The FRB has established capital requirements for
bank holding companies that generally parallel the capital requirements for
national banks. For bank holding companies with consolidated assets of less
than $150 million, such as the Company, compliance is measured on a bank-only
basis. See "--Regulatory Capital Requirements--National Banks."
FEDERAL SECURITIES LAW
The stock of the Holding Company will be registered with the Securities
and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The Company will be subject to the information,
proxy solicitation, insider trading restrictions and other requirements of
the SEC under the Exchange Act.
Company stock held by persons who are affiliates (generally officers,
directors and principal stockholders) of the Company may not be resold
without registration or unless sold in accordance with certain resale
restrictions. If the Company meets specified current public information
requirements, each affiliate of the Company is able to sell in the public
market, without registration, a limited number of shares in any three-month
period.
FEDERAL RESERVE SYSTEM
The Federal Reserve Board requires all depository institutions to
maintain noninterest-bearing reserves at specified levels against their
transaction accounts (primarily checking, NOW and Super NOW checking
accounts). At March 31, 1997, the Bank was in compliance with these reserve
requirements. The balances maintained to meet the reserve requirements
imposed by the Federal Reserve Board may be used to satisfy liquidity
requirements that may be imposed by the OTS. See "-- Liquidity."
Savings associations are authorized to borrow from the Federal Reserve
Bank "discount window," but Federal Reserve Board regulations require
associations to exhaust other reasonable alternative sources of funds,
including FHLB borrowings, before borrowing from the Federal Reserve Bank.
<PAGE>
Federal Home Loan Bank System
The Bank is a member of the FHLB of New York, which is one of 12 regional
FHLBs, that administers the home financing credit function of savings
associations. Each FHLB serves as a reserve or central bank for its members
within its assigned region. It is funded primarily from proceeds derived from
the sale of consolidated obligations of the FHLB System. It makes loans to
members (i.e., advances) in accordance with policies and procedures
established by the board of directors of the FHLB. These policies and
procedures are subject to the regulation and oversight of the Federal Housing
Finance Board. All advances from the FHLB are required to be fully secured by
sufficient collateral as determined by the FHLB. In addition, all long-term
advances are required to provide funds for residential home financing.
As a member, the Bank is required to purchase and maintain stock in the
FHLB of New York. At March 31, 1997, the Bank had $59,000 of FHLB stock.
Subsequent to March 31, 1997, the Bank purchased an additional $22,000 in
FHLB stock. In past years, the Bank has received dividends on its FHLB stock.
The dividend yield from FHLB stock was 6.4% for fiscal 1997. No assurance can
be given that such dividends will continue in the future at such levels. The
Bank currently intends to remain a member of the FHLB of New York following
completion of the Bank Conversion.
Under federal law, the FHLBs are required to provide funds for the
resolution of troubled savings associations and to contribute to low and
moderately priced housing programs through direct loans or interest subsidies
on advances targeted for community investment and low- and moderate-income
housing projects. These contributions have affected adversely the level of
FHLB dividends paid and could continue to do so in the future. These
contributions could also have an adverse effect on the value of FHLB stock in
the future. A reduction in value of the Bank's FHLB stock may result in a
corresponding reduction in the Bank's capital.
Federal and State Taxation
Federal Taxation. Savings associations such as the Bank that meet
certain definitional tests relating to the composition of assets and other
conditions prescribed by the Code are permitted to establish reserves for bad
debts and to make annual additions thereto which may, within specified
formula limits, be taken as a deduction in computing taxable income for
federal income tax purposes. The amount of the bad debt reserve deduction for
"non-qualifying loans" is computed under the experience method. For tax years
beginning before December 31, 1995, the amount of the bad debt reserve
deduction for "qualifying real property loans" (generally loans secured by
improved real estate) may be computed under either the experience method or
the percentage of taxable income method (based on an annual election). If a
savings association elected the latter method, it could claim, each year, a
deduction based on a percentage of taxable income, without regard to actual
bad debt experience.
Under the experience method, the bad debt reserve deduction is an amount
determined under a formula based generally upon the bad debts actually
sustained by the savings and loan association over a period of years.
Pursuant to certain legislation which was recently enacted and which is
effective for tax years beginning after 1995, a small thrift institution (one
with an adjusted basis of assets of less than $500 million), such as the Bank,
no longer is permitted to make additions to its tax bad debt reserve under the
percentage of taxable income method. Such institutions are permitted to use the
experience method in lieu of deducting bad debts only as they occur. Such
legislation requires the Bank to realize increased tax liability over a period
of at least six years, beginning in 1996. Specifically, the legislation requires
a small thrift institution to recapture (i.e., take into income) over a
multi-year period the balance of its bad debt reserves in excess of the lesser
of (i) the balance of such reserves as of the end of its last taxable year
ending before 1988 or (ii) an amount that would have been the balance of such
reserves had the institution always computed its additions to its reserves using
the experience method. The recapture requirement is suspended for each of two
successive taxable years beginning January 1, 1996 in which the Bank originates
an amount of certain kinds of residential loans which in the aggregate are equal
to or greater than the average of the principal
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amounts of such loans made by the Bank during its six taxable years preceding
1996. It is anticipated that any recapture of the Bank's bad debt reserves
accumulated after 1987 would not have a material adverse effect on the Bank's
financial condition and results of operations. As of March 31, 1997, the
Bank's accumulated bad debt reserves after 1987 amounted to $39,000.
If an association ceases to qualify as a "bank" (as defined in Code
Section 581) or converts to a credit union, the pre-1988 reserves and the
supplemental reserve are restored to income ratably over a six-year period,
beginning in the tax year the association no longer qualifies as a bank. The
balance of the pre-1988 reserves are also subject to recapture in the case of
certain excess distributions to (including distributions on liquidation and
dissolution), or redemptions of, shareholders.
In addition to the regular federal income tax, corporations, including
savings and loan associations such as the Bank, generally are subject to a
minimum tax. An alternative minimum tax is imposed at a minimum tax rate of 20%
on alternative minimum taxable income, which is the sum of a corporation's
regular taxable income (with certain adjustments) and tax preference items, less
any available exemption. The alternative minimum tax is imposed to the extent it
exceeds the corporation's regular income tax and net operating losses can offset
no more than 90% of alternative minimum taxable income. For taxable years
beginning after 1986 and before 1996, corporations, including savings and loan
associations such as the Bank, are also subject to an environmental tax equal to
0.12% of the excess of alternative minimum taxable income for the taxable year
(determined without regard to net operating losses and the deduction for the
environmental tax) over $2 million.
The Bank files its federal income tax returns on a calendar year basis using
the cash method of accounting. The Company intends to file consolidated federal
income tax returns with the Bank. Savings and loan associations, such as the
Bank, that file federal income tax returns as part of a consolidated group are
required by applicable Treasury regulations to reduce their taxable income for
purposes of computing the percentage bad debt deduction for losses attributable
to activities of the non-savings and loan association members of the
consolidated group that are functionally related to the activities of the
savings association member.
The Bank has not been audited by the IRS with respect to federal income tax
returns during the past five years. In the opinion of management, any
examination of still open returns would not result in a deficiency which could
have a material adverse effect on the financial condition of the Bank.
State Taxation. The Bank is subject to the New York State Franchise Tax on
Banking Corporations in an annual amount equal to the greater of (i) 9% of the
Bank's "entire net income" allocable to New York State during the taxable year,
or (ii) the applicable alternative minimum tax. The alternative minimum tax is
generally the greatest of (a) .01% of the value of the taxable assets allocable
to New York State with certain modifications, (b) 3% of the Bank's "alternative
entire net income" allocable to New York State or (c) $250. Entire net income is
similar to federal taxable income, subject to certain modifications (including
that net operating losses cannot be carried back or carried forward) and
alternative entire net income is equal to entire net income without certain
adjustments.
Delaware Taxation. As a Delaware holding company, the Company is exempted
from Delaware corporate income tax but is required to file an annual report with
and pay an annual fee to the State of Delaware. The Company is also subject to
an annual franchise tax imposed by the State of Delaware.
MANAGEMENT
Directors and Executive Officers of the Company
The Board of Directors of the Company currently consists of seven members,
each of whom is also a director of the Bank. See "--Directors of the Bank." Each
Director of the Company has served as such since the Company's incorporation in
June 1997. Directors of the Company will serve three-year staggered terms so
that approximately
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one-third of the directors will be elected at each annual meeting of
stockholders. The terms of the current directors of the Company are the same
as their terms as directors of the Bank. The Company does not intend
initially to pay directors fees for their service on the Board of Directors
of the Company. See "--Directors of the Bank."
The executive officer of the Company who has held his present position
since June 1997 is elected annually and holds office until his successor
has been elected and qualified or until death, resignation or removal by the
Board of Directors. The executive officer of the Company is set forth
below.
<TABLE>
<CAPTION>
Name Age Title
- ---------------------------------------------------- --------- ----------------------------------------------------
<S> <C> <C>
Gordon E. Coleman 42 President and Chief Executive Officer
</TABLE>
It is not anticipated that the executive officer of the Company will
initially receive any remuneration in his capacity as a Company executive
officer. For information regarding compensation of directors and executive
officers of the Bank, see "-- Meetings of the Board of Directors and Committees
of the Bank," "--Compensation of the Board of Directors of the Bank" and "--
Executive Compensation."
Committees of the Company
The Company formed standing Audit, Nominating and Compensation Committees in
connection with its organization in June 1997. The Company was not incorporated
in fiscal 1996 and therefore the committees did not meet during that fiscal
year.
The Audit Committee will review audit reports and related matters to ensure
effective compliance with regulations and internal policies and procedures. This
committee also will act on the recommendation by management of an accounting
firm to perform the Company's annual audit and acts as a liaison between the
auditors and the Board. The current members of this committee are Directors Mr.
Walton, Ms. Symolon and Mr. Coleman.
The Nominating Committee will meet annually in order to nominate candidates
for membership on the Board of Directors. This committee is comprised of the
Board members who are not up for election.
The Personnel Committee will establish the Company's compensation policies
and review compensation matters. This Committee is currently composed of Mr.
Ferraro, Mr. LaCoppola and Mr. Rockefeller.
Indemnification
The Certificate of Incorporation of the Company provides that a director or
officer of the Company shall be indemnified by the Company to the fullest extent
authorized by the Delaware General Corporation Law ("DGCL") against all
expenses, liability and loss reasonably incurred or suffered by such person in
connection with his activities as a director or officer or as a director or
officer of another company, if the director or officer held such position at the
request of the Company. Delaware law requires that such director, officer,
employee or agent, in order to be indemnified, must have acted in good faith and
in a manner reasonably believed to be not opposed to the best interests of the
Company and, with respect to any criminal action or proceeding, either had
reasonable cause to believe such conduct was lawful or did not have reasonable
cause to believe his conduct was unlawful.
The Certificate of Incorporation and Delaware law also provide that the
indemnification provisions of such Certificate of Incorporation and the statute
are not exclusive of any other right which a person seeking indemnification may
have or later acquire under any statute, provision of the Certificate of
Incorporation, Bylaws of the Company, agreement, vote of stockholders or
disinterested directors or otherwise.
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These provisions may have the effect of deterring shareholder derivative
actions, since the Company may ultimately be responsible for expenses for both
parties to the action. A similar effect would not be expected for third-party
claims.
In addition, the Certificate of Incorporation and Delaware law also provide
that the Company may maintain insurance, at its expense, to protect itself and
any director, officer, employee or agent of the Company or another corporation,
partnership, joint venture, trust or other enterprise against any expense,
liability or loss, whether or not the Company has the power to indemnify such
person against such expense, liability or loss under the DGCL. The Company
intends to obtain such insurance.
Directors of the Bank
Prior to the Stock Conversion, the direction and control of the Bank, as a
mutual savings institution, has been vested in its Board of Directors. Upon
conversion of the Bank to stock form, each of the directors of the Bank will
continue to serve as a director of the converted Bank. The Board of Directors of
the Bank currently consists of seven directors. The directors are divided into
three classes. Approximately one-third of the directors will be elected at each
annual meeting of stockholders. Because the Company will own all of the issued
and outstanding shares of capital stock of the Converted Bank after the Stock
Conversion, directors of the Company will elect the directors of the Bank.
The following table sets forth certain information regarding the directors
of the Bank and the Company:
<TABLE>
<CAPTION>
Director Term
Name Position(s) Held with the Bank Age(1) Since Expires
- ---- ------------------------------------------ ----------- ----------- -----------
<S> <C> <C> <C> <C>
John R. Francisco......................... Chairman of the Board 46 1981 1998
President, Chief Executive Officer and
Gordon E. Coleman......................... Director 42 1997 1998
F. Richard Ferraro........................ Director 72 1972 1999
Frederick P. LaCoppola.................... Director and Treasurer 54 1986 2000
Carl J. Rockefeller....................... Director 45 1994 2000
Patricia A. Symolon....................... Director 62 1994 1999
Myron H. Walton........................... Director and Corporate Secretary 72 1972 2000
</TABLE>
- ------------------------
(1) At March 31, 1997.
The business experience of each director is set forth below. All directors
have held their present position for at least the past five years, except as
otherwise indicated.
John R. Francisco is the Chairman of the Board of the Bank. Mr. Francisco
is a practicing attorney in the town of St. Johnsville, New York.
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Gordon E. Coleman is the President and Chief Executive Officer of the
Bank. Prior to joining the Bank in 1996, Mr. Coleman was the Agricultural loan
officer for Central National Bank from 1993 until 1996. Prior to that time Mr.
Coleman was an Assistant Vice President of Citizens National Bank of Malone.
F. Richard Ferraro is a Leasing Manger for R. Brown & Sons, Inc. an
automobile dealership.
Carl J. Rockefeller serves as the business manager of the Fort Plain Central
School in Ft. Plain, New York. Mr. Rockefeller is also bookkeeper for the town
of Minden.
Patricia A. Symolon is retired. Until her retirement in 1996, she was the
former Chief Executive Officer of Canajoharie Buildings Savings and Loan
Association.
Myron H. Walton has been Corporate Secretary since March 1997. Previously,
Mr. Walton was a self-employed businessman.
Frederick P. LaCoppola is the Bank's Treasurer. Mr. LaCoppola is a District
Agent for Presidential Insurance Corp.
There are no executive officers of the Bank that are not also directors of
the Bank.
Meetings of the Board of Directors and Committees of the Bank
The Board of Directors met 24 times during the year ended March 31, 1997.
During fiscal 1997, no director of the Bank attended fewer than 75% of the
aggregate of the total number of Board meetings and the total number of meetings
held by the committees of the Board of Directors on which he served.
The Bank's Compensation Committee, composed of the entire Board of
Directors, meets annually to review the compensation for employees of the Bank.
This committee met once during the year ended March 31, 1997.
The Audit Committee reviews (i) the independent auditors' reports and
results of their examination, (ii) the internal audit function, which is under
the control of and reports directly to the Audit Committee, and (iii) the
examination reports of the OTS and the FDIC and other regulatory reports. The
Audit Committee met once during the year ended March 31, 1997.
Compensation of the Board of Directors of the Bank
During fiscal 1997, directors, other than the Chairman of the Board,
received fees of $300 for their attendance at each regular meeting of the Board
of Directors and $100 for each special meeting. The Chairman of the Board
received $600 for his attendance at each regular meeting of stockholders. The
Bank paid total director fees of $29,000 during fiscal 1997.
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Executive Compensation
The following table sets forth information concerning the compensation paid
or granted to the Bank's President and Chief Executive Officer. No other
executive officer of the Bank had aggregate compensation (salary plus bonus) in
excess of $100,000 in fiscal 1997.
Summary Compensation Table
<TABLE>
<CAPTION>
Long-Term
Compensation
Annual Compensation(1) Awards
<S> <C> <C> <C> <C> <C> <C>
Other Restricted
Annual Stock
Name and Principal Fiscal Compensation Award Options/ SARS
Position Year(1) Salary($) Bonus($) ($) ($) (#)
- ---------------------------------------- ----------- ----------- ----------- ----------------- --------------- -------------
Gordon E. Coleman, President and Chief
Executive Officer..................... 1997 45,000 3,600 $ -- -- --
<CAPTION>
<C>
All other
Compensation
($)
- -----------------
--
</TABLE>
- ------------------------
(1) In accordance with the rules on executive officer and director compensation
disclosure adopted by the SEC, Summary Compensation information is excluded
for the fiscal years ended March 31, 1996 and 1995, as the Bank was not a
public company during such periods.
Benefit Plans
General. The Bank currently provides health care benefits, including
medical and prescription plan benefits, subject to certain deductibles and
copayments by employees, and group life insurance to its full time employees.
Stock Option and Incentive Plan. Following consummation of the Stock
Conversion, the Board of Directors of the Company intends to adopt a Stock
Option Plan, which will be designed to attract and retain qualified personnel
in key positions, provide directors, officers and key employees with a
proprietary interest in the Company as an incentive to contribute to the
success of the Company and reward key employees for outstanding performance
and the attainment of targeted goals. The Stock Option Plan will provide for
the grant of incentive stock options intended to comply with the requirements
of Section 422 of the Code ("incentive stock options"), non-incentive stock
options, stock appreciation rights, and limited stock appreciation rights
(collectively "Awards"). Awards may be granted to key employees of the
Company and any subsidiaries. The Stock Option Plan will be administered and
interpreted by the Company's Compensation Committee (the "Committee") the
members of which will be either the full Board or at least two "non-employee
directors" as defined in Rule 16b-3 of the Exchange Act. Directors who are
not employees ("Outside Directors") will only be entitled to receive
non-incentive stock options pursuant to a formula governing the amount and
timing of such options. Unless sooner terminated, the Stock Option Plan shall
continue in effect for a period of 10 years from the date the Stock Option
Plan is adopted by the Board of Directors.
Under the proposed Stock Option Plan, the Committee will determine which
officers and key employees will be granted Awards, whether options will be
incentive or non-incentive options, the number of shares subject to each Award,
the exercise price of each option, whether options may be exercised by
delivering other shares of Common Stock and when such options become
exercisable. The per share exercise price of an incentive or non-incentive stock
option must at least equal the fair market value of a share of Common Stock on
the date the option is granted.
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Stock options will become exercisable in the manner specified by the
Committee, provided that all options will become fully exercisable in the event
of a change in control of the Company if the plan is implemented following the
one-year anniversary of the Stock Conversion. If the plan is implemented within
the first year following the Stock Conversion, OTS regulations that would be
applicable to the Bank following the Conversion, would require the stock options
to vest at a rate not in excess of 20% per year and prohibit accelerated vesting
except in the case of disability or death. Each stock option or portion thereof
will be exercisable at any time on or after it vests and will be exercisable
until 10 years after its date of grant or for periods of up to one year
following the death, disability or other termination of the optionee's
employment. However, failure to exercise incentive stock options within three
months after the date on which the optionee's employment terminates may result
in adverse tax consequences to the optionee. Incentive stock options are
non-transferable except by will or the laws of descent and distribution.
Non-incentive stock options may be transferable in the sole discretion of the
Committee.
The proposed Stock Option Plan provides for the grant of Stock Appreciation
Rights ("SARs") at any time, whether or not the participant then holds stock
options, granting the right to receive the excess of the market value of the
shares represented by the SARs on the date exercised over the exercise price.
SARs generally will be subject to the same terms and conditions and exercisable
to the same extent as stock options. There is no present intention to grant any
SARs.
At the time an Award is granted pursuant to the Plan, the recipient will
not be required to make any payment in consideration for such grant. With
respect to incentive or non-incentive stock options, the optionee will be
required to pay the applicable exercise price at the time of exercise in
order to receive the underlying shares of Common Stock. If a stock
appreciation right is exercised, the holder of the right is entitled to
receive an amount equal to the excess of the fair market value of the
underlying shares of Common Stock over the applicable exercise price, without
having to pay the exercise price.
A number of shares of Common Stock equal to an aggregate of 10% of the
Common Stock sold in the Conversion will be reserved for issuance pursuant to
the Stock Option Plan (11,500 shares, based on the sale of 115,000 shares). Such
shares may be authorized but previously unissued shares, treasury shares, or
shares purchased by the Company on the open market or from private sources. In
the event of a stock split, reverse stock split or stock dividend, the number of
shares of Common Stock under the Stock Option Plan, the number of shares to
which any Award relates and the exercise price per share under any option or
stock appreciation right shall be adjusted to reflect such increase or decrease
in the total number of shares of Common Stock outstanding.
Under current provisions of the Code, the federal income tax treatment of
incentive stock options and non-incentive stock options is different. As regards
incentive stock options, an optionee who meets certain holding period
requirements will not recognize income at the time the option is granted or at
the time the option is exercised, and a federal income tax deduction generally
will not be available to the Company at any time as a result of such grant or
exercise. With respect to non-incentive stock options, the difference between
the fair market value on the date of exercise and the option exercise price
generally will be treated as compensation income upon exercise, and the Company
will be entitled to a deduction in the amount of income so recognized by the
optionee. Upon the exercise of a stock appreciation right, the holder will
realize income for federal income tax purposes equal to the amount received by
him, whether in cash, shares of stock or both, and the Company will be entitled
to a deduction for federal income tax purposes in the same amount.
Under regulations of the OTS that would apply to the Bank following the
Conversion, if the Stock Option Plan is submitted to and approved by
stockholders of the Company within one year after completion of the Conversion,
no more than 30% of the shares available under the Stock Option Plan could be
granted to non-employee directors, no more than 5% of the shares available could
be granted to an individual non-employee director, and no more than 25% of the
shares available could be granted to an individual officer. It is currently
expected that stock options will be granted to Mr. Coleman and other officers
and directors of the Bank, although no determination has
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<PAGE>
been made at this time as to the amount of such stock option awards. The
Company does not expect to grant any stock appreciation rights or performance
share awards in the first year following completion of the Stock Conversion.
The Company currently intends to submit the Stock Option Plan to
stockholders for approval following the one-year anniversary of the Stock
Conversion. However, the Company reserves the right to submit such plan to
stockholders prior to such time, provided that such meeting is at least six
months following the Stock Conversion. In such event, the proposed Stock Option
Plan would need to include a mandatory five-year vesting schedule and a
prohibition on accelerated vesting in the event of a change in control, which
provisions are required by current OTS regulations for plans implemented within
one year following the Stock Conversion.
Recognition and Retention Plan. Following consummation of the Stock
Conversion, the Board of Directors of the Company intends to adopt an RRP for
directors, officers and key employees. The objective of the RRP will be to
enable the Company to provide directors, officers and key employees with a
proprietary interest in the Company as an incentive to contribute to its
success.
The RRP will be administered and interpreted by the Company's Compensation
Committee (the "Committee"), the members of which will be the full Board or at
least two "non-employee directors" as defined in Rule 16b-3 of the Exchange Act.
The Committee will have the responsibility to invest all funds contributed to
the RRP. The Company will contribute sufficient funds so that the RRP can
purchase, following the receipt of stockholder approval, a number of shares
equal to an aggregate of 4% of the Common Stock sold in the Stock Conversion
(4,600 shares, based on the sale of 115,000 shares). Assuming the Common Stock
awarded pursuant to the RRP had a value of $10.00 per share, and the Company
issued 115,000 shares, the aggregate value of RRP awards would be $46,000.
Shares of Common Stock granted pursuant to the RRP generally will be in the form
of restricted stock and, if the RRP is implemented within the first year
following the Stock Conversion, will vest at the rate of 20% per year over the
five years following the date of grant, to the extent required by applicable
law. For accounting purposes, compensation expense in the amount of the fair
market value of the Common Stock at the date of the grant to the recipient will
be recognized pro rata over the period during which the shares are payable. A
recipient will be entitled to all voting and other stockholder rights, except
that the shares, while restricted, may not be sold, pledged or otherwise
disposed of. If a recipient terminates employment for reasons other than death
or disability, the recipient will forfeit all rights to the allocated shares
under restriction. If the recipient's termination is caused by death or
disability, all restrictions will expire and all allocated shares will become
unrestricted. All restrictions also will expire and all allocated shares will
become unrestricted in the event of a change in control of the Company, as
defined in the RRP. However, if the plan is implemented within the first year
following the Stock Conversion, current OTS regulations would prohibit
accelerated vesting except in the event of disability or death. The Board of
Directors of the Company can terminate the RRP at any time, and if it does so,
any shares not allocated will revert to the Company. Recipients of grants under
the RRP will not be required to make any payment at the time of grant or when
the underlying shares of Common Stock become vested.
Under regulations of the OTS that would apply to the Bank following the
Conversion, if the RRP is submitted to and approved by the stockholders of the
Company within one year after completion of the Stock Conversion, no more than
30% of the shares available under the RRP could be granted to non-employee
directors, no more than 5% of the shares available could be granted to an
individual outside director, and no more than 25% of the shares available could
be granted to an individual officer. It is currently expected that awards will
be granted to Mr. Coleman and other officers and directors of the Bank, although
no determination has been made at this time as to the amount of such awards.
The Company currently intends to submit the RRP to stockholders for approval
following the one-year anniversary of the Stock Conversion. However, the Company
reserves the right to submit such plan to stockholders prior to such time,
provided that such meeting is held at least six months following the Stock
Conversion. In such event, the RRP would need to include a prohibition on
accelerated vesting in the event of a change in control, which
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<PAGE>
provision is required by current OTS regulations applicable to plans
implemented within one year following the Stock Conversion.
It is currently anticipated that the RRP will be funded by shares
subsequently reacquired and held as treasury shares or through the issuance of
authorized but unissued shares. To the extent the RRP is funded from authorized
but unissued shares, the funding of the RRP will have the effect of diluting
existing stockholders. See "Prospectus Summary --Benefits of Conversion to
Directors and Executive Officers" and "Capitalization."
Employee Stock Ownership Plan. The Boards of Directors of the Bank and the
Company have approved the adoption of an ESOP for the benefit of employees of
Landmark Community. The ESOP is designed to meet the requirements of an employee
stock ownership plan as described at Section 4975(e)(7) of the Code and Section
407(d)(6) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), and, as such, the ESOP is empowered to borrow in order to finance
purchases of the Common Stock.
It is anticipated that the ESOP will be capitalized with a loan from the
Company. The proceeds from this loan are expected to be used by the ESOP to
purchase up to 8.0% of the Common Stock issued in the Stock Conversion. After
the Stock Conversion, as a qualified employee pension plan under Section
401(a) of the Code, the ESOP will be in the form of a stock bonus plan and
will provide for contributions, predominantly in the form of either Common
Stock or cash, which will be used within a reasonable period after the date
of contributions primarily to purchase Common Stock. The Bank will receive a
tax deduction equal to the amount it contributes to the ESOP, subject to the
limitations set forth in the Code. The maximum tax-deductible contribution by
the Bank in any year is an amount equal to the maximum amount that may be
deducted by the Bank under Section 404 of the Code, subject to reduction
based on contributions to other Tax-Qualified Employee Plans. Additionally,
the Bank will not make contributions if such contributions would cause the
Bank to violate its regulatory capital requirements. The assets of the ESOP
will be invested primarily in Common Stock.
From time to time, the ESOP may purchase additional shares of Common Stock
for the benefit of plan participants through purchases of outstanding shares in
the market, upon the original issuance of additional shares by the Company or
upon the sale of shares held in treasury by the Company. Such purchases, which
are not currently contemplated, would be subject to then-applicable laws,
regulations and market conditions.
Generally accepted accounting principles require that any borrowing by the
ESOP be reflected as a liability in the Company's consolidated financial
statements, whether or not such borrowing is guaranteed by, or constitutes a
legally binding contribution commitment of the Company or the Bank. In addition,
shares purchased with borrowed funds will, to the extent of the borrowings, be
excluded from stockholders' equity, representing unearned compensation to
employees for future services not yet performed. Consequently, if the ESOP
purchases already-issued shares in the open market, the Company's consolidated
liabilities will increase to the extent of the ESOP's borrowings, and total and
per share stockholders' equity will be reduced to reflect such borrowings. If
the ESOP purchases newly issued shares from the Company, total stockholders'
equity would neither increase nor decrease, but per share stockholders' equity
and per share net income would decrease because of the increase in the number of
outstanding shares. In either case, as the borrowings used to fund ESOP
purchases are repaid, total stockholders' equity will correspondingly increase.
All employees of the Bank will be eligible to participate in the ESOP after
they attain age 18 and complete one year of service during which they work at
least 1,000 hours. Employees will be credited for years of service to the Bank
prior to the adoption of the ESOP for participation and vesting purposes. The
Bank's contribution to the ESOP will be allocated among participants on the
basis of compensation. Each participant's account will be credited with cash and
shares of Common Stock based upon compensation earned during the year with
respect to which the contribution is made. After completing five years of
service, a participant will be 100% vested in his ESOP account. ESOP
participants will be entitled to receive distributions from their ESOP accounts
only upon termination of service.
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Distribution will be made in cash and in whole shares of Common Stock.
Fractional shares will be paid in cash. Participants will not incur a tax
liability until a distribution is made.
Participating employees will be entitled to instruct the trustee of the ESOP
as to how to vote the shares held in their account. The trustee, who has
dispositive power over the shares in the Plan, will not be affiliated with the
Company or the Bank. The ESOP may be amended by the Board of Directors of the
Company, except that no amendment may be made which would reduce the interest of
any participant in the ESOP trust fund or divert any of the assets of the ESOP
trust fund to purposes other than the benefit of participants or their
beneficiaries.
Indebtedness of Management
The Bank has followed a policy of granting consumer loans and loans secured
by one- to four-family real estate to officers, directors and employees. Loans
to directors and executive officers are made in the ordinary course of business
and on the same terms and conditions as those of comparable transactions with
the general public prevailing at the time, in accordance with the Bank's
underwriting guidelines, and do not involve more than the normal risk of
collectibility or present other unfavorable features.
All loans by the Bank to its directors and executive officers are subject
to OTS regulations restricting loan and other transactions with affiliated
persons of the Bank. OTS regulations permit executive officers and directors
to obtain loans on the same terms that are available to other employees.
There were no loans outstanding to any director, executive officer or their
affiliates at preferential rates or terms which in the aggregate exceeded
$60,000 during the three years ended March 31, 1997. All loans to directors
and officers were performing in accordance with their terms at March 31, 1997.
THE CONVERSION
The Board of Directors of the Bank and the OTS have approved the Plan of
Conversion, subject to approval by the members of the Bank and the satisfaction
of certain other conditions. OTS approval does not constitute a recommendation
or endorsement by the OTS of the Plan of Conversion. Certain terms used in the
following summary are defined in the Plan of Conversion, a copy of which may be
obtained by contacting the Bank.
General
On April 1, 1997, the Board of Directors adopted the Plan, subject to
approval by the OTS and the members of the Bank. The Plan was subsequently
amended in November 1996. Pursuant to the Plan, the Bank proposes to convert
from a federal mutual savings association to a federal stock savings bank and
subsequently to either a national bank or New York State chartered commercial
bank. The OTS has approved the Plan, subject to its approval by the affirmative
vote of the members of the Bank holding not less than a majority of the total
number of votes eligible to be cast at a Special Meeting called for that purpose
to be held on September 23, 1997.
The Stock Conversion will be accomplished through amendment of the Bank's
federal mutual charter to authorize the issuance of capital stock, at which time
the Bank will become a wholly owned subsidiary of the Company. Following the
consummation of the Stock Conversion, the Board of Directors of the Bank intends
to effectuate the Bank Conversion.
The Company has received approval from the OTS to become the holding company
of the Converted Bank subject to the satisfaction of certain conditions and to
acquire all of the common stock of the Converted Bank to be issued in the Stock
Conversion in exchange for a minimum of 80% of the net proceeds from the sale of
Common Stock in the Stock Conversion. The Stock Conversion will be effected only
upon completion of the sale of the shares of Common Stock to be issued by the
Company pursuant to the Plan of Conversion. The Company intends to apply to the
FRB for approval of the Company's continued ownership of 100% of the stock of
the Bank following the Bank
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Conversion. The Bank intends to apply to either the OCC or the Department to
convert its charter to either a national bank or New York State commercial
charter. There can be no assurance that such approvals will be received. If
such approvals are not received, the Bank Conversion will not occur. See
"Risk Factors--Potential Delay in Completion or Denial of Bank Conversion."
The Plan of Conversion provides that the Board of Directors of the Bank may,
at any time, elect not to proceed with the Bank Conversion. It is the present
intent of the Bank's Board of Directors to proceed with both the Stock
Conversion and the Bank Conversion.
Subscription Rights are being given to Eligible Account Holders, the
Tax-Qualified Employee Plans of the Bank and the Company, Supplemental Eligible
Account Holders, Other Members, and officers, directors and employees of the
Bank. Concurrently with, during, or following the Subscription Offering, and
subject to the prior rights of holders of Subscription Rights, members of the
general public to whom a prospectus is delivered are being afforded the
opportunity to subscribe for Common Stock in the Community Offering. See "--
Offering of Common Stock." Depending upon market conditions, any shares not
initially subscribed for in the Subscription Offering may be offered for sale by
the Company in any other manner permitted by the OTS." Subscriptions for shares
will be subject to the maximum and minimum purchase limitations set forth in the
Plan of Conversion.
Business Purposes
The Bank has several business purposes for the Stock Conversion. The sale of
Common Stock will have the immediate result of providing the Bank with
additional equity capital. This increased capital will support expansion of its
financial services, subject to applicable regulatory restrictions. The sale of
the Common Stock is the most effective means of increasing the Bank's permanent
capital and does not involve the high interest cost and repayment obligation of
subordinated debt. In addition, investment of the net Stock Conversion proceeds
is expected to provide additional operating income to further increase the
Bank's capital on a continuing basis.
The Bank's Board of Directors will undertake the Bank Conversion to allow
the Bank to broaden its range or banking practices and services consistent with
a commercial bank charter. Management believes such expansion can be more
effectively developed if the Bank operated under regulatory requirements
applicable to a national or commercial bank rather than a federally chartered
savings association. Moreover, management believes the additional operating
flexibility associated with the national or commercial bank charter will enable
the Bank to compete more effectively with other financial institutions. See
"Regulation."
The Board of Directors of the Bank believes that a holding company structure
could facilitate the acquisition of other financial institutions as well as
other companies. If a multiple holding company structure is utilized in a future
acquisition, the acquired savings institution or bank would be able to operate
on a more autonomous basis as a wholly owned subsidiary of the Company rather
than as a division of the Bank. For example, the acquired savings institution
could retain its own directors, officers and corporate name as well and have
representation on the Board of Directors of the Company. As of the date hereof,
there are no plans or understandings by the Bank or the Company regarding the
acquisition of any other institutions.
The preferred stock and additional common stock of the Company being
authorized in the Stock Conversion will be available for future acquisitions
(although the Company has no current negotiations, understandings or plans with
respect to any acquisition) and for issuance and sale to raise additional equity
capital, subject to market conditions and generally without stockholder
approval.
The Stock Conversion will structure the Bank in the stock form used in the
United States by all commercial banks, most major business corporations and an
increasing number of savings institutions. The Stock Conversion will permit the
Bank's members to become stockholders of the Company, thereby allowing them to
own stock in the parent corporation of the Bank in which they maintain deposit
accounts or with which they have a borrowing relationship.
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Such ownership may encourage customers who become stockholders to promote the
Bank to others, thereby further contributing to the Bank's growth. The more
flexible operating structure provided by the Company and the stock form of
ownership is expected to assist the Bank in competing aggressively with other
financial institutions in its principal market area.
The Bank is also expected to benefit from its management and employees
owning stock, because stock ownership is viewed as an effective performance
incentive and a means of attracting, retaining and compensating personnel.
Effects of Stock Conversion to Stock Form on Depositors and Borrowers of the
Bank
Voting Rights. Upon Conversion, neither deposit account holders nor
borrowers will have voting rights in the Bank, or the Company and will
therefore not be able to elect directors of either entity or to control their
affairs. These rights are currently accorded to deposit account holders with
regard to the Bank. Subsequent to the Stock Conversion, voting rights will be
vested exclusively in the Company as the sole stockholder of the Bank. Voting
rights as to the Company will be held exclusively by its stockholders. Each
purchaser of Company Common Stock shall be entitled to vote on any matters to
be considered by the Company stockholders. A stockholder will be entitled to
one vote for each share of Common Stock owned, subject to certain limitations
applicable to holders of 10% or more of the shares of the Common Stock. See
"Restrictions on Acquisitions of Stock and Related Takeover Defensive
Provisions." The Company intends to supply each stockholder with annual
reports and proxy statements.
Deposit Accounts and Loans. The terms of the Bank's deposit accounts, the
balances of the individual accounts and the existing FDIC insurance coverage
will not be affected by the Conversion. Furthermore, the Conversion will not
affect the loan accounts, the balances of these accounts, or the obligations of
the borrowers under their individual contractual arrangements with the Bank.
Tax Effects. The Bank has received an opinion from Luse Lehman Gorman
Pomerenk & Schick, P.C. with regard to federal income taxation, and an opinion
of Eric W. Montanye, CPA with regard to New York taxation, to the effect
that the adoption and implementation of the Plan of Conversion set forth herein
will not be taxable for federal or New York tax purposes to the Bank or the
Company. See "-- Income Tax Consequences."
Liquidation Rights. The Bank has no plan to liquidate either before or
after the Conversion. However, if there should ever be a complete liquidation,
either before or after Conversion, deposit account holders would receive the
protection of insurance by the FDIC up to applicable limits. Subject thereto,
liquidation rights before and after the Stock Conversion would be as follows:
Liquidation Rights in Present Mutual Bank. In addition to the protection of
FDIC insurance up to applicable limits, in the event of a complete liquidation
each holder of a deposit account in the Bank in its present mutual form would
receive his pro rata share of any assets of the Bank remaining after payment of
claims of all creditors (including the claims of all depositors in the amount of
the withdrawal value of their accounts). Such holder's pro rata share of such
remaining assets, if any, would be in the same proportion of such assets as the
balance in his deposit account was to the aggregate balance in all deposit
accounts in the Bank at the time of liquidation.
Liquidation Rights in Proposed Converted Bank. After the Stock Conversion
each deposit account holder, in the event of a complete liquidation, would have
a claim of the same general priority as the claims of all other general
creditors of the Bank in addition to the protection of FDIC insurance up to
applicable limits. Therefore, except as described below, the deposit account
holder's claim would be solely in the amount of the balance in his deposit
account plus accrued interest and the holder would have no interest in the value
of the Bank above that amount.
The Plan of Conversion provides that there shall be established, upon the
completion of the Conversion, a special "liquidation account" for the benefit of
Eligible Account Holders and Supplemental Eligible Account Holders
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(i.e., depositors with an account balance of $50 or more at December 31, 1995
and June 30, 1997, respectively) in an amount equal to the net worth of the
Bank as of the date of its latest statement of financial condition contained
in the final Prospectus relating to the sales of shares of Company Common
Stock in the Stock Conversion. Each Eligible Account Holder and Supplemental
Eligible Account Holder would have an initial interest in such liquidation
account for each qualifying deposit account held in the Bank on the
qualifying date. An Eligible Account Holder's or Supplemental Eligible
Account Holder's interest as to each deposit account would be in the same
proportion of the total liquidation account as the balance in his account on
December 31, 1995 and June 30, 1997, respectively, was to the aggregate
balance in all qualifying deposit accounts of Eligible Account Holders and
Supplemental Eligible Account Holders on such date. For accounts in existence
on both dates, separate subaccounts shall be determined on the basis of the
qualifying deposits in such accounts on the record dates. However, if an
Eligible Account Holder or Supplemental Eligible Account Holder should reduce
the amount in the qualifying deposit account on any annual closing date of
the Bank to a level less than the lowest amount in such account on December
31, 1995 or June 30, 1997, respectively, and on any subsequent closing date,
then the account holder's interest in this special liquidation account would
be reduced by an amount proportionate to any such reduction, and the account
holder's interest would cease to exist if such qualifying deposit account
were closed.
In addition, the interest in the special liquidation account would never be
increased despite any increase in the balance of the account holders' related
accounts after the Stock Conversion, and would only decrease.
Any assets remaining after the above liquidation rights of Eligible Account
Holders and Supplemental Eligible Account Holders were satisfied would be
distributed to the Company as the sole stockholder of the Bank.
No merger, consolidation, purchase of bulk assets with assumption of deposit
accounts and other liabilities, or similar transaction, whether the Bank, as
converted, or another SAIF-insured institution if the surviving institution, is
deemed to be a complete liquidation for purposes of distribution of the
liquidation account and, in any such transaction, the liquidation account would
be assumed to the full extent authorized by regulations of the OTS as then in
effect. The OTS has stated that the consummation of a transaction of the type
described in the preceding sentence in which the surviving entity is not an
SAIF-insured institution would be reviewed on a case-by-case basis to determine
whether the transaction should constitute a "complete liquidation" requiring
distribution of any then remaining balance in the liquidation account. While the
Bank believes that such a transaction should not constitute a complete
liquidation, there can be no assurance that the OTS will not adopt a contrary
position and, in such event, that the Bank's position will be determined to be
correct.
The Bank Conversion shall not be deemed to be a complete liquidation of the
Converted Bank for purposes of the distribution of the liquidation account. Upon
consummation of the Bank Conversion, the liquidation account, and all rights and
obligations of the Converted Bank in connection therewith, shall be assumed by
the Bank.
Common Stock. For information as to the characteristics of the Common Stock
to be issued under the Plan of Conversion, see "Dividends" and "Description of
Capital Stock." Common Stock issued under the Plan of Conversion cannot, and
will not, be insured by the FDIC or any other government agency.
The Bank will continue, immediately after completion of the Stock
Conversion, to provide its services to depositors and borrowers pursuant to its
existing policies and will maintain the existing management and employees of the
Bank. Other than for payment of expenses incident to the Stock Conversion, no
assets of the Bank will be distributed in the Stock Conversion. The Bank will
continue to be a member of the FHLB System, and its deposit accounts will
continue to be insured by the FDIC. The affairs of the Bank will continue to be
directed by the existing Board of Directors and management.
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Offering of Common Stock
Pursuant to the Plan of Conversion, up to 132,000 shares of Company Common
Stock will be offered for sale, subject to certain restrictions described below
through a Subscription and Community Offering.
Subscription Offering. The Subscription Offering will expire at Noon,
local time, on September 16, 1997 (the "Subscription Expiration Date") unless
extended by the Bank and the Company. Regulations of the OTS require that all
shares to be offered in the Stock Conversion be sold within a period ending
not more than 45 days after the Subscription Expiration Date (or such longer
period as may be approved by the OTS) or, despite approval of the Plan of
Conversion by members, the Stock Conversion will not be effected and the Bank
will remain in mutual form. This period expires on October 31, 1997, unless
extended with the approval of the OTS. If the Stock Conversion is not
completed by October 31, 1997, all subscribers will have the right to modify
or rescind their subscriptions and to have their subscription funds returned
promptly with interest. In the event of such an extension, all subscribers
will be notified in writing of the time period within which subscribers must
notify the Bank of their intention to maintain, modify or rescind their
subscriptions. If the subscriber rescinds or does not respond in any manner
to the Bank's notice, the funds submitted will be refunded to the subscriber
with interest at 3.2%, the Bank's current passbook rate per annum, and/or the
subscriber's withdrawal authorizations will be terminated. In the event that
the Stock Conversion is not effected, all funds submitted and not previously
refunded pursuant to the Subscription and Community Offering will be promptly
refunded to subscribers with interest at 3.2%, the Bank's current passbook
rate per annum, and all withdrawal authorizations will be terminated.
Subscription Rights. In accordance with OTS regulations, non-transferable
Subscription Rights have been granted under the Plan of Conversion to the
following persons in the following order of priority: (1) Eligible Account
Holders (deposit account holders of the Bank maintaining an account balance of
$50 or more as of December 31, 1995), (2) Tax-Qualified Employee Plans, (3)
Supplemental Eligible Account Holders (deposit account holders of the Bank
maintaining an account balance of $50 or more as of June 30, 1997); (4) Other
Members of the Bank (deposit account holders of the Bank as of August 1, 1997
other than Eligible Account Holders and Supplemental Eligible Account Holders
and borrowers as of April 1, 1997), and (5) officers, directors and employees of
the Bank. All subscriptions received will be subject to the availability of
Common Stock after satisfaction of all subscriptions of all persons having prior
rights in the Subscription Offering, and to the maximum and minimum purchase
limitations set forth in the Plan of Conversion. Subscription Rights are
non-transferable. Persons found to be selling or otherwise transferring their
right to purchase stock in the Subscription Offering or purchasing Common Stock
on behalf of another person will be subject to forfeiture of such rights and
possible further sanctions and penalties imposed by the OTS, an agency of the
U.S. Government. The preference categories are more fully described below.
Category No. 1 is reserved for the Bank's Eligible Account Holders.
Subscription Rights to purchase shares under this category will be allocated
among Eligible Account Holders to permit each such depositor to purchase shares
in an amount equal to the greater of (i) $50,000 of the Common Stock sold in the
Stock Conversion; (ii) one-tenth of one percent (.10%) of the total shares of
Common Stock offered in the Conversion; or (iii) or 15 times the product
(rounded down to the next whole number) obtained by multiplying the total number
of shares of Common Stock to be issued by a fraction of which the numerator is
the amount of the qualifying deposit of the Eligible Account Holder and the
denominator is the total amount of the qualifying deposit of the Eligible
Account Holders in the converting Bank in each case on December 31, 1995 (the
"Eligibility Record Date"); if sufficient shares are not available, shares shall
be allocated first to permit each subscribing Eligible Account Holder to
purchase to the extent possible 100 shares, and thereafter among each
subscribing Eligible Account Holder pro rata in the same proportion that his
qualifying deposit bears to the total qualifying deposits of all subscribing
Eligible Account Holders whose subscriptions remain unsatisfied.
Category No. 2 provides for the issuance of Subscription Rights to
Tax-Qualified Employee Plans to purchase up to 10% of the total shares issued in
the Subscription Offering, provided that singly or in the aggregate such plans
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(other than that portion of such plans which is self-directed) shall not
purchase more than 10% of the shares of the Company Conversion Stock.
Subscription Rights received pursuant to this Category shall be subordinated
to all rights received by Eligible Account Holders to purchase shares
pursuant to Category No. 1; provided, however, that notwithstanding any other
provision in the Plan of Conversion to the contrary, the Tax-Qualified
Employee Plans shall have a first priority Subscription Right to the extent
that the total number of shares of Company Conversion Stock sold in the
Subscription and Community Offering exceeds the maximum of the Estimated
Valuation Range. However, such plans shall not, in the aggregate, purchase
more than 10% of the Company Common Stock issued. It is currently intended
that the ESOP will purchase 8% of the shares of Common Stock issued in the
Stock Conversion.
Category No. 3 provides that each Supplemental Eligible Account Holder shall
receive non-transferable Subscription Rights to subscribe for shares of Company
Conversion Stock in an amount equal to the greater of (i) 50,000 of the Common
Stock sold in the Stock Conversion; (ii) one-tenth of one percent (.10%) of the
total offering of shares; or (iii) 15 times the product (rounded down to the
next whole number) obtained by multiplying the total number of shares of common
stock to be issued by a fraction of which the numerator is the amount of the
qualifying deposit of the Supplemental Eligible Account Holder
and the denominator is the total amount of qualifying deposits of all
Supplemental Eligible Account Holders in the converting association in each case
on June 30, 1997 (the "Supplemental Eligibility Record Date"). Subscription
Rights received pursuant to this category shall be subordinated to all
Subscription Rights received by Eligible Account Holders and Tax-Qualified
Employee Plans. Any non-transferable Subscription Rights to purchase shares
received by an Eligible Account Holder in accordance with Category No. 1 shall
reduce to the extent thereof the Subscription Rights to be distributed to such
person pursuant to this Category. In the event of an oversubscription for shares
under the provisions of this subparagraph, the shares available shall be
allocated first to permit each subscribing Supplemental Eligible Account Holder,
to the extent possible, to purchase a number of shares sufficient to make his
total allocation (including the number of shares, if any, allocated in
accordance with Category No. 1 equal to 100 shares, and thereafter among each
subscribing Supplemental Eligible Account Holder pro rata in the same proportion
that his qualifying deposit bears to the total qualifying deposits of all
subscribing Supplemental Eligible Account Holders whose subscriptions remain
unsatisfied.
Category No. 4 provides, to the extent that shares are then available after
satisfying the subscriptions of Eligible Account Holders, Tax-Qualified Employee
Plans and Supplemental Eligible Account Holders, for the issuance of
Subscription Rights to each such Other Member to purchase shares in an amount
equal to the greater of (i) $50,000 of the Common Stock sold in the Stock
Conversion; or (ii) or one-tenth of one percent (.10%) of the total offering of
shares offered in the Conversion based on the Estimated Valuation Range subject
to the overall purchase limitation and to the extent Common Stock is available.
In the event of an oversubscription for shares, the shares available shall be
allocated among the subscribing Other Members pro rata in the same proportion
that his number of votes on the Voting Record Date bears to the total number of
votes on the Voting Record Date of all subscribing Other Members on such date.
Such number of votes shall be determined based on the Bank's mutual charter and
bylaws in effect on the date of approval by members of the Plan of Conversion.
Category No. 5 provides for the issuance of Subscription Rights to officers,
directors and employees of the Bank, to purchase up to a maximum of $50,000 of
the Common Stock sold in the Stock Conversion to the extent that shares are
available after satisfying the subscriptions of eligible subscribers in
preference Categories 1, 2, 3 and 4. In the event of an oversubscription, the
available shares will be allocated pro rata among all subscribers in this
Category.
The Bank and the Company will make reasonable efforts to comply with the
securities laws of all states in the United States in which persons entitled to
subscribe for shares pursuant to the Plan of Conversion reside. However, no
shares will be offered or sold under the Plan of Conversion to any such person
who (1) resides in a foreign country or (2) resides in a state of the United
States in which a small number of persons otherwise eligible to subscribe for
shares under the Plan of Conversion reside or as to which the Bank and the
Company determine that compliance with the securities laws of such state would
be impracticable for reasons of cost or otherwise, including, but not limited
to, a requirement that the Bank or the Company or any of their officers,
directors or employees
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register, under the securities laws of such state, as a
broker, dealer, salesman or agent. No payments will be made in lieu of the
granting of Subscription Rights to any such person.
Community Offering. To the extent that shares are available for
purchase, the Company and the Bank have determined to offer shares pursuant
to the Plan of Conversion to certain members of the general public to whom
the Company delivers a copy of this Prospectus and a stock order form in the
Community Offering, with preference given to natural persons residing in
Montgomery County, the county in which the Bank is located (the "Local
Community"). Such persons, together with associates of and persons acting in
concert with such persons, may purchase up to $50,000 of the Common Stock
sold in the Stock Conversion. The Community Offering, if any, may terminate
at any time without notice, but may not terminate later than October 31,
1997, unless extended with the approval of the OTS. The opportunity to
subscribe for shares of Common Stock in the Community Offering category is
subject to the right of the Company and the Bank, in their sole discretion,
to accept or reject any such orders in whole or in part either at the time of
receipt of an order or as soon as practicable thereafter.
In the event of an oversubscription for shares in the Community Offering,
shares may be allocated (to the extent shares remain available) first to cover
any reservation of shares for a public offering or institutional orders, next to
cover orders of natural persons residing in the county in which the Bank
maintains its offices, then to cover the orders of any other person subscribing
for shares in the Community Offering so that each such person may receive 500
shares, and thereafter, on a pro rata basis to such persons based on the amount
of their respective subscriptions. If for any reason shares remain unsold after
the Subscription Offering and the Community Offering, the Boards of Directors of
the Company and the Bank will seek to make other arrangements for the sale of
the remaining shares. Such other arrangements will be subject to the approval of
the OTS and to compliance with applicable securities laws.
Any Common Stock remaining unsold after the Subscription or Community
Offering shall be sold in any manner permitted by the OTS and applicable
securities laws.
Limitations on Purchase of Shares. The Plan also provides for certain
additional limitations to be placed upon the purchase of shares in the Stock
Conversion. Specifically, no person (other than a Tax-Qualified Employee Plan)
by himself or with an associate, and no group of persons acting in concert, may
subscribe for or purchase more than the lesser of $50,000 or 5% of the Common
Stock sold in the Stock Conversion. Officers and directors and their associates
may not purchase, in the aggregate, more than 35% of the shares to be sold in
the Stock Conversion. For purposes of the Plan of Conversion, the members of the
Board of Directors are not deemed to be acting in concert solely by reason of
their Board membership. For purposes of this limitation, an associate of a
person does not include a Tax-Qualified Employee Plan or Non-Tax-Qualified
Employee Plan. Also, for purposes of this limitation, an associate of an officer
or director does not include a Tax-Qualified Employee Plan or a recognition and
retention plan, such as the RRP. Moreover, any shares attributable to the
officers and directors and their associates, but held by a Tax-Qualified
Employee Plan (other than that portion of a plan which is self-directed) shall
not be included in calculating the number of shares which may be purchased under
the limitations in this paragraph. Shares purchased by employees who are not
officers or directors of the Bank, or their associates, are not subject to this
limitation. The term "associate" is used above to indicate any of the following
relationships with a person: (i) any corporation or organization (other than the
Company or the Bank or a majority-owned subsidiary of the Company or the Bank)
of which such person is an officer or partner or is, directly or indirectly, the
beneficial owner of 10% or more of any class of equity security; (ii) any trust
or other estate in which such person has a substantial beneficial interest or as
to which such person serves as trustee or in a similar fiduciary capacity; and
(iii) any relative or spouse of such person or any relative of such spouse who
has the same home as such person or who is a director or officer of the Company
or the Bank or any subsidiary of the Company or the Bank.
The Boards of Directors of the Company and the Bank may, in their sole
discretion, decrease the maximum purchase limitation referred to above or
increase the maximum purchase limitation up to 9.99% of the shares being offered
in the Stock Conversion, provided that orders for shares exceeding 5.0% of the
shares being offered in the Stock Conversion shall not exceed, in the aggregate,
10% of the shares being offered in the Stock Conversion.
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Should the Bank increase the maximum purchase limitation above 5% of the
Common Stock offered, persons who previously subscribed for the maximum
number of shares will be given the opportunity to subscribe for additional
shares. Requests to purchase additional shares of Company Common Stock under
this provision will be allocated by the Boards of Directors on a pro rata
basis giving priority in accordance with the priority rights set forth above.
Depending upon market and financial conditions, and subject to certain
regulatory limitations, the Boards of Directors of the Company and the Bank,
with the approval of the OTS and without further approval of the members, may
increase or decrease any of the above purchase limitations at any time. To
the extent that shares are available, each subscriber must subscribe for a
minimum of 25 shares. In computing the number of shares to be allocated, all
numbers will be rounded down to the next whole number.
Common Stock purchased in the Stock Conversion will be freely transferable
except for shares purchased by executive officers and directors of the Bank or
the Company and except as described below. See "-- Restrictions on
Transferability." In addition, under National Association of Securities Dealers,
Inc. ("NASD") guidelines, members of the NASD and their associates are subject
to certain restrictions on transfer of securities purchased in accordance with
Subscription Rights and to certain reporting requirements upon purchase of such
securities.
Marketing Arrangements
The Company and the Bank have engaged Trident Financial Corporation ("TFC")
to act as a consultant and financial advisor in connection with the Offerings.
TFC will train officers and employees of the Bank with respect to the record
keeping and solicitation of offers to purchase Common Stock and to generally
advise the directors and officers of the Company and Bank in connection with the
Offerings. In connection with its services, TFC will receive $20,000, of which
$5,000 was paid at the time TFC was engaged, and $15,000 will be paid upon the
completion of the Conversion. In the event the Conversion is terminated or is
delayed for more than six months from May 28, 1997, TFC may receive a portion or
all of its fee based upon the efforts expended by TFC up to the time the
Conversion is terminated or delayed. As part of its engagement the Bank has
agreed to reimburse TFC for out-of-pocket expenses not to exceed $5,000. The
Company and the Bank have agreed to indemnify TFC for costs and expenses in
connection with certain claims, loss or liabilities arising under federal or
state securities laws.
Directors and executive officers of the Company and the Bank, may to a
limited extent and subject to applicable state law, participate in the
solicitation of offers to purchase Common Stock. Other employees of the Bank may
participate in the Subscription and Community Offering in administrative
capacities, providing clerical work in effecting a sales transaction or
answering questions of a potential purchaser provided that the content of the
employee's responses is limited to information contained in this Prospectus or
other offering document. Such other employees have been instructed not to
solicit offers to purchase Common Stock or provide advice regarding the purchase
of Common Stock. Sales of Common Stock by directors, executive officers and
registered representatives will be made from the Stock Information Center. The
Company will rely on Rule 3a4-1 under the Exchange Act, and sales of Common
Stock will be conducted within the requirements of Rule 3a4-1, so as to permit
officers, directors and employees to participate in the sale of Common Stock
except in some states where only registered broker-dealers may sell. No officer,
director or employee of the Company or the Bank will be compensated in
connection with his participation by the payment of commissions or other
remuneration based either directly or indirectly on the transactions in the
Common Stock.
Stock Pricing and Number of Shares to be Issued
Federal regulations require that the aggregate Purchase Price of the
securities of a thrift institution sold in connection with its conversion must
be based on an appraised aggregate market value of the institution as converted
(i.e., taking into account the expected receipt of proceeds from the sale of the
securities in the conversion), as determined by an independent valuation.
FinPro, which is experienced in the valuation and appraisal of business
entities, including thrift institutions involved in the conversion process, was
retained by the Bank to prepare an appraisal of the estimated pro forma market
value of the Company and the Bank, as converted.
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FinPro will receive a fee of $20,000 for its appraisal and assistance in
preparation of the Bank's business plan plus reasonable out-of-pocket
expenses. The Company has agreed to indemnify FinPro, under certain
circumstances against liabilities and expenses (including legal fees) arising
out of, related to, or based upon the Stock Conversion.
FinPro has prepared an appraisal of the estimated pro forma market value
of the Company and the Bank, as converted, taking into account market
conditions for initial public offerings of thrift stocks and the formation of
Company as the holding company for the Bank. FinPro's appraisal concluded
that at June 19, 1997, an appropriate range for the estimated pro forma
market value of the Company and the Bank, as converted, ranged from a minimum
of $980,000 to a maximum of $1,320,000, with a midpoint of $1,150,000 and an
adjusted maximum of $1,520,000. Assuming that the shares are sold at $10.00
per share in the Stock Conversion, the estimated number of shares to be
issued in the Stock Conversion is expected to be between 98,000 and 132,000
with an adjusted maximum of 152,000. The appraisal involved a comparative
evaluation of the operating and financial statistics of the Bank with those
of other thrift institutions. The appraisal also took into account such other
factors as the market for thrift institution stocks generally, prevailing
economic conditions, both nationally and in New York, which affect the
operations of thrift institutions, the competitive environment within which
the Bank operates, the effect of the Bank becoming a subsidiary of the
Company, and the effect of the Bank becoming a national bank. No detailed
individual analysis of the separate components of the Company's and the
Bank's assets and liabilities was performed in connection with the
evaluation. The Plan of Conversion requires that all of the shares subscribed
for in the Subscription and Community Offering be sold at the same price per
share. The Board of Directors of the Company and the Bank have reviewed the
appraisal of FinPro and in determining the reasonableness and adequacy of
such appraisal consistent with OTS regulations and policies, have reviewed
the methodology and reasonableness of the assumptions utilized by FinPro in
the preparation of such appraisal.
No sale of the shares will take place unless, prior thereto, FinPro
confirms to the Bank, the Company and the OTS that, to the best of FinPro's
knowledge and judgment, nothing of a material nature has occurred which would
cause FinPro to conclude that the actual aggregate Purchase Price was
incompatible with its estimate of the total pro forma market value of the
Common Stock at the time of the sale. If, however, the facts do not justify
such a statement, a new Estimated Valuation Range and price per share may be
set. Under such circumstances, the Company will be required to resolicit, and
subscribers would have the right to modify or rescind their subscriptions and
to have their subscription funds returned promptly with interest and holds on
funds authorized for withdrawal from deposit accounts would be released or
reduced; provided that if the pro forma market value of the Bank upon the
Stock Conversion has not decreased below $980,000 or increased to an amount
which does not exceed $1,520,000 (15% above the maximum of the Estimated
Valuation Range), the Company and the Bank do not intend to resolicit
subscriptions unless it is determined after consultation with the OTS that a
resolicitation is required.
Depending upon market and financial conditions, the number of shares
issued may be more or less than the range in number of shares shown above. A
decrease in the number of shares to be issued in the Stock Conversion would
increase a purchaser's ownership interest and both pro forma net income and
net worth on a per share basis while decreasing these amounts on an aggregate
basis. In the event of a resolicitation, subscribers will be afforded the
opportunity to increase, decrease or maintain their previously submitted
order. In the event a new valuation range is established by FinPro, such new
range will be subject to approval by the OTS and the Company will be required
to resolicit. The Company will also be required to resolicit if the aggregate
Purchase Price of Common Stock sold in the Stock Conversion is less than the
minimum of the Estimated Valuation Range or above 15% above the maximum of
the Estimated Valuation Range.
If purchasers cannot be found for an insignificant residue of
unsubscribed shares from the general public, other purchase arrangements will
be made by the Boards of Directors of the Bank and the Company, if possible.
Such other purchase arrangements will be subject to the approval of the OTS
and may provide for purchases by directors, officers, their associates and
other persons in excess of the limitations discussed herein. If such other
purchase arrangements cannot be made, the Subscription and Community Offering
will terminate.
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In preparing its valuation of the pro forma market value of the Company
and the Bank, as converted, FinPro relied upon and assumed the accuracy and
completeness of all financial and statistical information provided by the
Bank and the Company. FinPro also considered information based upon other
publicly available sources which it believes are reliable. However, FinPro
does not guarantee the accuracy and completeness of such information and did
not independently verify the financial statements and other data provided by
the Bank and the Company or independently value the assets or liabilities of
the Bank and the Company. The valuation by FinPro is not intended and must
not be construed as a recommendation of any kind as to the advisability of
voting to approve the Stock Conversion or of purchasing shares of Common
Stock. Moreover, because the valuation is necessarily based upon estimates of
and projections as to a number of matters (including certain assumptions as
to expense factors affecting the net proceeds from the sale of Common Stock
in the Stock Conversion and as to the net earnings on such net proceeds), all
of which are subject to change from time to time, no assurance can be given
that persons who purchase such shares in the Stock Conversion will be able to
sell such shares thereafter at or above the Purchase Price.
METHOD OF PAYMENT FOR SUBSCRIPTIONS
Subscribers must, before the Subscription Expiration Date, or such date
to which the Subscription Expiration Date may be extended, return an original
stock order form and certification to the Bank, properly completed, together
with cash, checks or money orders in an amount equal to the Purchase Price
($10.00 per share) multiplied by the number of shares for which subscription
is made. Subscriptions which are returned by mail must be received by the
Bank by the Expiration Date. Payment for stock purchases can also be
accomplished through authorization on the order form of withdrawals from
accounts with the Bank. Until completion or termination of the Stock
Conversion, subscribers who elect to make payment through authorization of
withdrawal from accounts with the Bank will not be permitted to reduce the
deposit balance in any such accounts below the amount required to purchase
the shares for which they subscribed. In such cases interest will continue to
be credited on deposits authorized for withdrawal until the completion of the
Stock Conversion. Interest at the Bank's current passbook rate per annum will
be paid on amounts submitted in cash, check, bank draft or money order.
Authorized withdrawals from certificate accounts for the purchase of Common
Stock will be permitted without the imposition of early withdrawal penalties
or loss of interest. However, withdrawals from certificate accounts that
reduce the balance of said accounts below the required minimum for specific
interest rate qualification will cause the cancellation of the certificate
accounts, and the remaining balance will earn interest at the Bank's current
passbook rate per annum.
The beneficiaries of Individual Retirement Accounts ("IRAs") are deemed
to have the same subscription rights as other depositors. However, the IRA
accounts maintained at the Bank do not permit investment in Common Stock. A
depositor interested in using his IRA funds to purchase Common Stock must do
so through a self-directed IRA account. Since the Bank does not offer such
accounts, it will allow such a depositor to make a trustee to trustee
transfer or other form of transfer of the IRA on deposit at the Bank. There
will be no early withdrawal or IRS penalties for such transfers. The new
trustee would hold the Common Stock in a self-directed account in the same
manner as the Bank now holds the depositor's IRA funds. An annual
administrative fee might be payable to the new trustee. The Bank assumes no
responsibility as to the selection of, or services performed by, a new
trustee.
Depositors interested in transferring IRA funds on deposit at the Bank to
purchase Common Stock should contact the Stock Information Center at (518)
___-____ as soon as possible so that the necessary forms may be completed
prior to the Expiration Date of the Subscription Offering. This process
cannot be done through the mail and sufficient time should be allowed for the
completion of the transfer.
Stock subscriptions received by the Bank may not be modified, withdrawn
or canceled by the subscriber without the consent of the Bank and, if
accepted by the Bank, are final. Subscriptions which are not received by the
Subscription Expiration Date or are not in compliance with the Plan of
Conversion or the stock order form instructions may be deemed void by the
Bank. The Bank and the Company have the right to extend the Subscription
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Expiration Date, unless objected to by the OTS, or to waive or permit
correction of incomplete or improperly executed stock order forms, but does
not represent that they will do so.
If Tax-Qualified Employee Plans subscribe for shares during the
Subscription Offering, such plans will not be required to pay for the shares
subscribed for at the time they subscribe, but may pay for such shares of
Common Stock subscribed for by such plans at the actual Purchase Price upon
consummation of the Stock Conversion, provided that, in the case of the ESOP,
there is a loan commitment to lend to the ESOP the aggregate Purchase Price
of the shares for which it subscribes.
To ensure that each purchaser receives a Prospectus at least 48 hours
prior to the Subscription Expiration Date in accordance with Rule 15c2-8
under the Exchange Act, no Prospectus will be mailed any later than five days
prior to such date or hand delivered any later than two days prior to such
date. Execution of the order form will confirm receipt or delivery in
accordance with Rule 15c2-8. Order forms will only be distributed with a
Prospectus. The Bank will accept for processing only orders submitted on
original order forms. Payment by check, money order, bank draft or debit
authorization to an existing account at the Bank must accompany the order
form.
RISK OF DELAYED OFFERING
In the event that all shares of the Common Stock are not sold in the
Subscription Offering and Community Offering, the Bank and the Company may
extend the Community Offering for a period of up to 45 days from the date of
the termination of the Subscription Offering. Further extensions are subject
to OTS approval and may be granted for successive periods, but not beyond 24
months from the date of the Special Meeting.
A material delay in the completion of the sale of all unsubscribed shares
in the Community Offering may result in a significant increase in the costs
in completing the Stock Conversion. Significant changes in the Bank's
operations and financial condition, the aggregate market value of the shares
to be issued in the Stock Conversion and general market conditions may occur
during such material delay. In the event the Stock Conversion is not
consummated within 24 months after the date of the Special Meeting, the Bank
would charge accrued Conversion costs to then current period operations. See
"Risk Factors--Potential Increased Costs of Conversion Resulting from Delayed
Offering."
APPROVAL, INTERPRETATION, AMENDMENT AND TERMINATION
All interpretations of the Plan of Conversion, as well as the
completeness and validity of order forms, will be made by the Bank and the
Company and will be final, subject to the authority of the OTS and the
requirements of applicable law. The Plan of Conversion provides that, if
deemed necessary or desirable by the Boards of Directors of the Bank and the
Company, the Plan of Conversion may be substantively amended (including an
amendment to eliminate the formation of the Company as part of the Stock
Conversion) by the Boards of Directors of the Bank and the Company, as a
result of comments from regulatory authorities or otherwise, at any time but
only with the concurrence of the OTS. Moreover, if the Plan of Conversion is
amended, subscriptions which have been received prior to such amendment will
not be refunded if such amendment is not material to the transaction or
otherwise required by the OTS.
In the event that a decision is made to eliminate the Company as part of
the Stock Conversion, the Company will withdraw its registration statement
from the SEC and the Bank will take all steps necessary to complete the Stock
Conversion without the Company, including filing any necessary documents with
the OTS. In such event, and provided there is no regulatory action, directive
or other consideration upon which basis the Bank determines not to complete
the Stock Conversion, if permitted by the OTS the Bank will issue and sell
the common stock of the Bank and subscribers will be notified of the
elimination of the Company and resolicited (i.e., permitted to affirm their
orders, in which case they will need affirmatively to reconfirm their
subscriptions prior to the expiration of the resolicitation offering or their
funds will be promptly refunded with interest at the Bank's current passbook
rate per
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annum; or be permitted to modify or rescind their subscriptions) and notified
of the time period within which they must affirmatively notify the Bank of
their intention to affirm, modify or rescind their subscription. In the event
that a holding company form of organization is not used, all other pertinent
terms of the Plan of Conversion as described in "-- Offering of Common Stock"
will apply to the conversion of the Bank from the mutual to stock form of
organization and the sale of the Bank's common stock, as well as the
subsequent charter conversion of the Converted Bank.
The Plan of Conversion will terminate if the sale of all shares is not
completed within 24 months after the date of the Special Meeting. The Plan of
Conversion may be terminated by the Board of Directors of the Bank with the
concurrence of the OTS at any time. A specific resolution approved by a
two-thirds vote of the Board of Directors would be required to terminate the
Plan of Conversion prior to the end of such 24-month period. See "Risk
Factors -- Absence of Refund of Subscriptions on Amendment to Plan of
Conversion."
RESTRICTIONS ON REPURCHASE OF STOCK
For a period of three years following Conversion, the Company may not
repurchase any shares of its capital stock, except in the case of an offer to
repurchase on a pro rata basis made to all holders of capital stock of the
Company. Any such offer shall be subject to the prior approval of the OTS.
Furthermore, the Company may not repurchase any of its stock (i) if the
result thereof would be to reduce the regulatory capital of the Bank below
the amount required for the liquidation account to be established pursuant to
OTS regulations and (ii) except in compliance with the requirements of the
OTS' capital distribution rule.
The above limitations are subject to the OTS conversion rules which
generally provide that the Company may repurchase its capital stock provided
(i) no repurchases occur within one year following the Stock Conversion
(except with OTS approval), (ii) repurchases during the second and third year
after conversion are part of an open market stock repurchase program that
does not allow for a repurchase of more than 5% of the Company's outstanding
capital stock during a 12-month period, (iii) the repurchases do not cause
the Bank to become undercapitalized, and (iv) the Company provides notice or
an application to the OTS at least ten days prior to the commencement of a
repurchase program and the OTS does not object. In addition, the above
limitations do not preclude repurchases of capital stock by the Company as
otherwise permitted by the OTS or in the event applicable federal regulatory
limitations are subsequently liberalized.
RESTRICTIONS ON TRANSFERABILITY
The Subscription Rights described in this Prospectus are non-transferable
and shall be awarded to eligible persons without payment. Prior to the
completion of the Stock Conversion, federal regulations prohibit any person
from transferring or entering into any agreement or understanding to transfer
the legal or beneficial ownership of the Subscription Rights issued under the
Plan of Conversion or the shares of Common Stock to be issued upon their
exercise. Persons violating such prohibition may lose their right to purchase
stock in the Stock Conversion and may be subject to sanctions by the OTS.
Each person exercising Subscription Rights will be required to certify that a
purchase of Common Stock is solely for the purchaser's own account and that
there is no agreement or understanding regarding the sale or transfer of such
shares. The Bank and the Company will pursue any and all legal and equitable
remedies in the event they become aware of the transfer of Subscription
Rights and will not honor orders known by them to involve the transfer of
such rights.
Shares purchased by directors, executive officers or their associates in
the Stock Conversion shall be subject to the restrictions that said shares
shall not be sold during the period of one year following the date of
purchase, except in the event of the death of the stockholder or resulting
from an exchange of securities in a merger or acquisition approved by
applicable regulatory authorities, in which event such restriction shall be
released. Accordingly, stock certificates issued by the Company to directors,
executive officers and associates shall bear a legend giving appropriate
notice of such restriction and, in addition, the Bank and the Company will
give appropriate instructions to the transfer
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agent for the Common Stock with respect to the applicable restriction upon
transfer of any restricted shares. Any shares issued at a later date as a
stock dividend, stock split or otherwise, to holders of restricted stock,
shall be subject to the same restrictions that may apply to such restricted
stock. The Common Stock (like the stock of most companies) is subject to the
requirements of the Securities Act. Accordingly, Company stock may be offered
and sold only in compliance with such registration requirements or pursuant
to an applicable exemption from registration.
OTS regulations provide that for a period of three years following the
Conversion, without prior approval of the OTS, neither directors and officers
of the Company, the Bank nor their associates may purchase shares of the
Company, except from a broker registered with the SEC. This restriction does
not, however, apply to negotiated transactions involving more than one
percent of the Company's outstanding Common Stock or the purchase of stock
made by or held by any one or more employee stock benefit plans which may be
attributable to individual directors or officers.
Company stock received in the Stock Conversion by persons who are not
"affiliates" of the Company may be resold without registration. Shares
received by affiliates of the Company (primarily the directors, officers and
principal stockholders of the Company) will be subject to the resale
restrictions of Rule 144 under the Securities Act, which are discussed below.
Rule 144 generally requires that there be publicly available certain
information concerning the Company, and that sales thereunder be made in
routine brokerage transactions or through a market maker. If the conditions
of Rule 144 are satisfied, each affiliate (or group of persons acting in
concert with one or more affiliates) is entitled to sell in the public
market, without registration, in any three-month period, a number of shares
which does not exceed the greater of (i) 1% of the number of outstanding
shares of Company stock, or (ii) if the stock is admitted to trading on a
national securities exchange or reported through the automated quotation
system of a registered securities association the average weekly reported
volume of trading during the four weeks preceding the sale.
INCOME TAX CONSEQUENCES
Consummation of the Stock Conversion is expressly conditioned upon prior
receipt by the Bank of either a ruling from the IRS or an opinion of Luse
Lehman Gorman Pomerenk & Schick, P.C. with respect to federal taxation, and a
ruling of the New York taxation authorities or an opinion of Eric W.
Montanye, CPA with respect to New York taxation, to the effect that
consummation of the Stock Conversion will not be taxable to the Converted
Bank or the Company.
An opinion has been received from Luse Lehman Gorman Pomerenk & Schick,
P.C. with respect to the proposed Stock Conversion of the Bank, to the effect
that (i) the Stock Conversion will qualify as a reorganization under Section
368(a)(1)(F) of the Code, and no gain or loss will be recognized to the Bank
in either its mutual form or its stock form by reason of the proposed Stock
Conversion, (ii) no gain or loss will be recognized to the Bank upon the
receipt of money from the Company for stock of the Bank; and no gain or loss
will be recognized to the Company upon the receipt of money for Common Stock
of the Company; (iii) the assets of the Bank in either its mutual or its
stock form will have the same basis before and after the Stock Conversion;
(iv) the holding period of the assets of the Bank will include the period
during which the assets were held by the Bank in its mutual form prior to
conversion; (v) no gain or loss will be recognized by the depositors of the
Bank upon the issuance to them of withdrawable deposit accounts in the Bank
after the Stock Conversion in the same dollar amount as their deposit
accounts in the Bank plus an interest in the Liquidation Account of the Bank,
as described above, in exchange for their deposit account in the Bank; (vi)
the basis of the account holder's deposit accounts in the Bank after the
Stock Conversion will be the same as the basis of his deposit accounts in the
Bank prior to the Stock Conversion; (vii) the basis of each account holder's
interest in the Liquidation Account will be zero; (viii) the basis of the
Common Stock to its shareholders will be the Purchase Price thereof plus, in
the case of stock acquired by account holders, the basis, if any, in the
Subscription Rights; (ix) a shareholder's holding period for Common Stock
acquired through the exercise of Subscription Rights shall begin on the date
on which the Subscription Rights are exercised and the holding period for
Common Stock purchased in the Community Offering or otherwise will commence
on the date following the date on which such stock is purchased; (x) for
purposes of Section 381 of the Code, the Bank will be treated as if there had
been no
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reorganization, accordingly, the taxable year of the Bank will not end on the
effective date of the Stock Conversion and the tax attributes of the Bank
will be taken into account by the Bank in stock form as if there had been no
reorganization; (xi) the part of the taxable year of the Bank before the
reorganization and the part of the taxable year of the Bank after the
reorganization will constitute a single taxable year of the Bank; (xii) the
Bank, immediately after Stock Conversion, will succeed to and take into
account the earnings and profits of the Bank in mutual form; and (xiii) the
attributes of the Bank in mutual form enumerated in Section 381(c) of the
Code will be taken into account by the Bank in stock form.
The opinion from Luse Lehman Gorman Pomerenk & Schick, P.C. is based,
among other things, on certain assumptions, including the assumptions that
the exercise price of the Subscription Rights to purchase Company Common
Stock will be approximately equal to the fair market value of that stock at
the time of the completion of the proposed Stock Conversion. The Company and
the Bank have received a letter issued by FinPro stating that pursuant to
FinPro's valuation, FinPro is of the belief that Subscription Rights issued
in connection with the Stock Conversion will have no value. The letter of
FinPro and the federal and state tax opinions, respectively, referred to
herein are filed as exhibits to the Registration Statement. See "Additional
Information."
The Bank has also received an opinion of Luse Lehman Gorman Pomerenk &
Schick, P.C. to the effect that, based in part on the FinPro Letter: (i) no
taxable income will be realized by depositors as a result of the receipt or
exercise of non-transferable Subscription Rights to purchase shares of
Company Common Stock at fair market value; and (ii) no taxable income will be
realized by the Bank or Company on the issuance of Subscription Rights to
eligible subscribers to purchase shares of Company Common Stock at fair
market value.
If it is subsequently established that the Subscription Rights received
by such persons have an ascertainable fair market value, then, in such event,
the Subscription Rights will be taxable to the recipient in the amount of
their fair market value. In this regard, the Subscription Rights may be taxed
partially or entirely at ordinary income tax rates.
With respect to New York taxation, the Bank has received an opinion from
Eric W. Montanye, CPA to the effect that, assuming the Stock Conversion
does not result in any federal taxable income, gain or loss to the Bank in
its mutual or stock form, the Company, the account holders, borrowers,
officers, directors and employees and Tax-Qualified Employee Plans of the
Bank, the Stock Conversion should not result in any New York income tax
liability to such entities or persons.
Unlike a private letter ruling, the opinions of Luse Lehman Gorman
Pomerenk & Schick, P.C. and Eric W. Montanye, CPA, as well as the FinPro
Letter, have no binding effect or official status, and no assurance can be
given that the conclusions reached in any of those opinions would be
sustained by a court if contested by the IRS or the New York tax authorities.
RESTRICTIONS ON ACQUISITIONS OF STOCK AND
RELATED TAKEOVER DEFENSIVE PROVISIONS
Although the Boards of Directors of the Bank and the Company are not
aware of any effort that might be made to obtain control of the Company after
Conversion, the Boards of Directors, as discussed below, believe that it is
appropriate to include certain provisions as part of the Company's
certificate of incorporation (the "Certificate of Incorporation") to protect
the interests of the Company and its stockholders from takeovers which the
Board of Directors of the Company might conclude are not in the best
interests of the Bank, the Company or the Company's stockholders.
The following discussion is a general summary of the material provisions
of the Company's Certificate of Incorporation and Bylaws and certain other
regulatory provisions which may be deemed to have an "anti-takeover" effect.
The following description of certain of these provisions is necessarily
general and, with respect to provisions
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contained in the Company's Certificate of Incorporation and Bylaws and the
Bank's proposed stock Charter and Bylaws, reference should be made in each
case to the document in question, each of which is part of the Bank's
application to the OTS and the Company's Registration Statement filed with
the SEC. See "Additional Information." The following discussion does not
reflect the powers and provisions of the Bank's charter following the Bank
Conversion.
PROVISIONS OF THE COMPANY'S CERTIFICATE OF INCORPORATION AND BYLAWS
DIRECTORS. Certain provisions of the Company's Certificate of
Incorporation and Bylaws will impede changes in majority control of the Board
of Directors. The Company's Certificate of Incorporation provides that the
Board of Directors of the Company will be divided into three classes, with
directors in each class elected for three-year staggered terms except for the
initial directors. Thus, it would take two annual elections to replace a
majority of the Company's Board. The Company's Certificate of Incorporation
provides that the size of the Board of Directors may be increased or
decreased only by a majority vote of the Board. The Certificate of
Incorporation also provides that any vacancy occurring in the Board of
Directors, including a vacancy created by an increase in the number of
directors, shall be filled for the remainder of the unexpired term by a
majority vote of the directors then in office. Finally, the Certificate of
Incorporation and Bylaws impose certain notice and information requirements
in connection with the nomination by stockholders of candidates for election
to the Board of Directors or the proposal by stockholders of business to be
acted upon at an annual meeting of stockholders.
The Certificate of Incorporation provides that a director may only be
removed for cause by the affirmative vote of 80% of the shares eligible to
vote. Removal for "cause" is limited to the grounds for termination in the
federal regulations that applies to employment contracts of federally insured
savings institutions.
RESTRICTIONS ON CALL OF SPECIAL MEETINGS. The Certificate of
Incorporation provides that a special meeting of stockholders may be called
by the Chairman of the Board of the Company or pursuant to a resolution
adopted by a majority of the Board of Directors. Stockholders are not
authorized to call a special meeting.
ABSENCE OF CUMULATIVE VOTING. The Certificate of Incorporation provides
that there shall be no cumulative voting rights in the election of directors.
AUTHORIZATION OF PREFERRED STOCK. The Certificate of Incorporation
authorizes 100,000 shares of serial preferred stock, without par value. The
Company is authorized to issue preferred stock from time to time in one or
more series subject to applicable provisions of law; and the Board of
Directors is authorized to fix the designations, and relative preferences,
limitations, voting rights, if any, including without limitation, conversion
rights of such shares (which could be multiple or as a separate class). In
the event of a proposed merger, tender offer or other attempt to gain control
of the Company that the Board of Directors does not approve, it might be
possible for the Board of Directors to authorize the issuance of a series of
preferred stock with rights and preferences that would impede the completion
of such a transaction. An effect of the possible issuance of preferred stock,
therefore, may be to deter a future takeover attempt. The Board of Directors
has no present plans or understandings for the issuance of any preferred
stock but it may issue any preferred stock on terms which the Board deems to
be in the best interests of the Company and its stockholders.
LIMITATION ON VOTING RIGHTS. The Certificate of Incorporation provides
that (i) no person shall directly or indirectly offer to acquire or acquire
the beneficial ownership of more than 10% of any class of equity security of
the Company (provided that such limitation shall not apply to the acquisition
of equity securities by any one or more tax-qualified employee stock benefit
plans maintained by the Company); and that (ii) shares beneficially owned in
violation of the stock ownership restriction described above shall not be
entitled to vote and shall not be voted by any person or counted as voting
stock in connection with any matter submitted to a vote of stockholders. For
these purposes, a person (including management) who has obtained the right to
vote shares of the Common Stock pursuant
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to revocable proxies shall not be deemed to be the "beneficial owner" of
those shares if that person is not otherwise deemed to be a beneficial owner
of those shares.
The Certificate of Incorporation further provides that the Board of
Directors of the Company, when determining to take or refrain from taking
corporate action on any matter, including making or declining to make any
recommendation to the Company's stockholders, may, in connection with the
exercise of its judgment in determining what is in the best interest of the
Company, the Bank, and the stockholders of the Company, give due
consideration to all relevant factors, including, without limitation, the
social and economic effects of acceptance of such offer on the Company's
customers and the Bank's present and future account holders, borrowers and
employees; the effect on the communities in which the Company and the Bank
operate or are located; and the effect on the ability of the Company to
fulfill the objectives of a financial institution holding company and of the
Bank or future subsidiaries to fulfill the objectives of a financial
institution under applicable statutes and regulations. The Certificate of
Incorporation of the Company also authorizes the Board of Directors to take
certain actions to encourage a person to negotiate for a change of control of
the Company or to oppose such a transaction deemed undesirable by the Board
of Directors including the adoption of so-called shareholder rights plans. By
having these standards and provisions in the Certificate of Incorporation of
the Company, the Board of Directors may be in a stronger position to oppose
such a transaction if the Board concludes that the transaction would not be
in the best interest of the Company, even if the price offered is
significantly greater than the then market price of any equity security of
the Company.
PROCEDURES FOR CERTAIN BUSINESS COMBINATIONS. The Certificate of
Incorporation requires that certain business combinations between the Company
(or any majority-owned subsidiary thereof) and a 10% or greater stockholder
either (i) be approved by at least 80% of the total number of outstanding
voting shares of the Company or (ii) be approved by a majority of certain
directors unaffiliated with such 10% or greater stockholder or (iii) involve
consideration per share generally equal to the higher of (A) the highest
amount paid by such 10% stockholder or its affiliates in acquiring any shares
of the Common Stock or (B) the "Fair Market Value" (generally, the highest
closing bid paid on the Common Stock during the 30 days preceding the date of
the announcement of the proposed business combination or on the date the 10%
or greater stockholder became such, whichever is higher).
AMENDMENT TO CERTIFICATE OF INCORPORATION AND BYLAWS. Amendments to the
Certificate of Incorporation must be approved by the Company's Board of
Directors and also by a majority of the outstanding shares of the Company's
voting stock; provided, however, that approval by at least 80% of the
outstanding voting stock is generally required for certain provisions (i.e.,
provisions relating to number, classification, election and removal of
directors, amendment of bylaws, call of special stockholder meetings,
criteria for evaluating certain offers, offers to acquire and acquisitions of
control, director liability, certain business combinations, power of
indemnification, and amendments to provisions relating to the foregoing in
the Certificate of Incorporation).
The bylaws may be amended by the affirmative vote of the total number of
directors of the Company or the affirmative vote of at least 80% of the total
votes eligible to be voted at a duly constituted meeting of stockholders.
PURPOSE AND TAKEOVER DEFENSIVE EFFECTS OF THE COMPANY'S CERTIFICATE OF
INCORPORATION AND BYLAWS. The Board of Directors of the Bank believes that
the provisions described above are prudent and will reduce the Company's
vulnerability to takeover attempts and certain other transactions which have
not been negotiated with and approved by its Board of Directors. These
provisions will also assist the Bank in the orderly deployment of the Stock
Conversion proceeds into productive assets during the initial period after
the Stock Conversion. The Board of Directors believes these provisions are in
the best interest of the Bank and of the Company and its stockholders. In the
judgment of the Board of Directors, the Company's Board will be in the best
position to determine the true value of the Company and to negotiate more
effectively for what may be in the best interests of its stockholders.
Accordingly, the Board of Directors believes that it is in the best interests
of the Company and its stockholders to encourage potential acquirors to
negotiate directly with the Board of Directors of the Company and that these
provisions will encourage such negotiations and discourage hostile takeover
attempts. It is also the view of the Board
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of Directors that these provisions should not discourage persons from
proposing a merger or other transaction at prices reflective of the true
value of the Company and which is in the best interests of all stockholders.
Attempts to take over financial institutions and their holding companies
have become increasingly common. Takeover attempts which have not been
negotiated with and approved by the Board of Directors present to
stockholders the risk of a takeover on terms which may be less favorable than
might otherwise be available. A transaction which is negotiated and approved
by the Board of Directors, on the other hand, can be carefully planned and
undertaken at an opportune time in order to obtain maximum value for the
Company and its stockholders, with due consideration given to matters such as
the management and business of the acquiring corporation and maximum
strategic development of the Company's assets.
An unsolicited takeover proposal can seriously disrupt the business and
management of a corporation and cause it great expense. Although a tender
offer or other takeover attempt may be made at a price substantially above
then-current market prices, such offers are sometimes made for less than all
of the outstanding shares of a target company. As a result, stockholders may
be presented with the alternative of partially liquidating their investment
at a time that may be disadvantageous or retaining their investment in an
enterprise which is under different management and whose objectives may not
be similar to those of the remaining stockholders.
POTENTIAL ANTI-TAKEOVER EFFECTS. Despite the belief of the Bank and the
Company as to the benefits to stockholders of these provisions of the
Company's Certificate of Incorporation and Bylaws, these provisions may also
have the effect of discouraging a future takeover attempt which would not be
approved by the Company's Board, but pursuant to which stockholders may
receive a substantial premium for their shares over then-current market
prices. As a result, stockholders who might desire to participate in such a
transaction may not have any opportunity to do so. Such provisions will also
render the removal of the Company's Board of Directors and of management more
difficult. The Boards of Directors of the Bank and the Company, however, have
concluded that the potential benefits outweigh the possible disadvantages.
Pursuant to applicable law, at any annual or special meeting of its
stockholders after the Stock Conversion, the Company may adopt additional
provisions to its Certificate of Incorporation regarding the acquisition of
its equity securities that would be permitted to a Delaware corporation. The
Company and the Bank do not presently intend to propose the adoption of
further restrictions on the acquisition of the Company's equity securities.
OTS REGULATIONS. OTS regulations prohibit any person, prior to the
completion of a conversion, from transferring, or entering into any agreement
or understanding to transfer, the legal or beneficial ownership of the
subscription rights issued under a plan of conversion or the stock to be
issued upon their exercise. These regulations also prohibit any person prior
to the completion of a conversion from offering, or making an announcement of
an offer or intent to make an offer, to purchase such subscription rights or
stock. For three years following conversion, this regulation prohibits any
person, without the prior approval of the OTS, from acquiring or making an
offer (if opposed by the institution) to acquire more than 10% of the stock
of any converted savings institution if such person is, or after consummation
of such acquisition would be, the beneficial owner of more than 10% of such
stock. In the event that any person, directly or indirectly, violates this
regulation, the securities beneficially owned by such person in excess of 10%
shall not be counted as shares entitled to vote and shall not be voted by any
person or counted as voting shares in connection with any matter submitted to
a vote of stockholders.
Federal law provides that no company "directly or indirectly or acting in
concert with one or more persons, or through one or more subsidiaries, or
through one or more transactions," may acquire "control" of a savings
association at any time without the prior approval of the OTS. "Acting in
concert" is defined very broadly. In addition, federal regulations require
that, prior to obtaining control of a savings association, a person, other
than a company, must give 60 days' prior notice to the OTS and have received
no OTS objection to such acquisition of control. Any company that acquires
such control becomes a "savings and loan holding company" subject to
registration, examination and regulation as a savings and loan holding
company. Under federal law (as well as the
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regulations referred to below) the term "savings association" includes state
and federally chartered SAIF-insured institutions and federally chartered
savings banks whose accounts are insured by the FDIC's BIF and holding
companies thereof. Following completion of the Bank Conversion, the control
restrictions of the OTS will no longer be applicable.
Control, as defined under federal law, means ownership, control of or
holding irrevocable proxies representing more than 25% of any class of voting
stock, control in any manner of the election of a majority of the savings
association's directors, or a determination by the OTS that the acquiror has
the power to direct, or directly or indirectly to exercise a controlling
influence over, the management or policies of the institution. Acquisition of
more than 10% of any class of a savings association's voting stock, if the
acquiror also is subject to any one of eight "control factors," constitutes a
rebuttable determination of control under the regulations. Such control
factors include the acquiror being one of the two largest stockholders. The
determination of control may be rebutted by submission to the OTS, prior to
the acquisition of stock or the occurrence of any other circumstances giving
rise to such determination, of a statement setting forth facts and
circumstances which would support a finding that no control relationship will
exist and containing certain undertakings. The regulations provide that
persons or companies which acquire beneficial ownership exceeding 10% or more
of any class of a savings association's stock must file with the OTS a
certification that the holder is not in control of such institution, is not
subject to a rebuttable determination of control and will take no action
which would result in a determination or rebuttable determination of control
without prior notice to or approval of the OTS, as applicable.
FRB REGULATIONS. The Change in Bank Control Act and the BHCA, together
with the FRB regulations under those acts, require that the consent of the
FRB be obtained prior to any person or company acquiring "control" of a bank
holding company. Control is conclusively presumed to exist if an individual
or company acquires more than 25% of any class of voting stock of the bank
holding company. Control is rebuttably presumed to exist if the person
acquires more than 10% of any class of voting stock of a bank holding company
if either (i) the Company has registered securities under Section 12 of the
Exchange Act or (ii) no other person will own a greater percentage of that
class of voting securities immediately after the transaction. The regulations
provide a procedure to rebut the rebuttable control presumption. Since the
Company's Common Stock will be registered under Section 12 of the Exchange
Act, any acquisition of 10% or more of the Company's Common Stock will give
rise to a rebuttable presumption that the acquiror of such stock controls the
Company, requiring the acquiror, prior to acquiring such stock, to rebut the
presumption of control to the satisfaction of the FRB or obtain FRB approval
for the acquisition of control. Restrictions applicable to the operations of
bank holding companies may deter companies from seeking to obtain control of
the Company. See "Regulation."
DESCRIPTION OF CAPITAL STOCK
COMPANY CAPITAL STOCK
The 500,000 shares of capital stock authorized by the Company's
Certificate of Incorporation are divided into two classes, consisting of
400,000 shares of Common Stock ($.10 par value) and 100,000 shares of serial
preferred stock ($.10 par value). The Company currently expects to issue
between 98,000 and 132,000 shares, with an adjusted maximum of 152,000
shares, of Common Stock in the Stock Conversion. The aggregate stated value
of the issued shares will constitute the capital account of the Company on a
consolidated basis. The balance of the Purchase Price of Common Stock, less
expenses of Stock Conversion, will be reflected as paid-in capital on a
consolidated basis. See "Capitalization." Upon payment of the Purchase Price
for the Common Stock, in accordance with the Plan of Conversion, all such
stock will be duly authorized, fully paid, validly issued and nonassessable.
Each share of the Common Stock will have the same relative rights and
will be identical in all respects with each other share of the Common Stock.
The Common Stock of the Company will represent non-withdrawable capital, will
not be of an insurable type and will not be insured by the FDIC.
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Under Delaware law, the holders of the Common Stock will possess
exclusive voting power in the Company. Each stockholder will be entitled to
one vote for each share held on all matters voted upon by stockholders,
subject to the limitation discussed under "Restrictions on Acquisitions of
Stock and Related Takeover Defensive Provisions -- Provisions of the
Company's Certificate of Incorporation and Bylaws -- Limitation on Voting
Rights." If the Company issues preferred stock subsequent to the Stock
Conversion, holders of the preferred stock may also possess voting powers.
LIQUIDATION OR DISSOLUTION. In the unlikely event of the liquidation or
dissolution of the Company, the holders of the Common Stock will be entitled
to receive--after payment or provision for payment of all debts and
liabilities of the Company (including all deposits in the Bank and accrued
interest thereon) and after distribution of the liquidation account
established upon Stock Conversion for the benefit of Eligible Account Holders
and Supplemental Eligible Account Holders who continue their deposit accounts
at the Bank--all assets of the Company available for distribution, in cash or
in kind. See "The Conversion -- Effects of Stock Conversion to Stock Form on
Depositors and Borrowers of the Bank." If preferred stock is issued
subsequent to the Stock Conversion, the holders thereof may have a priority
over the holders of Common Stock in the event of liquidation or dissolution.
NO PREEMPTIVE RIGHTS. Holders of the Common Stock will not be entitled
to preemptive rights with respect to any shares which may be issued. The
Common Stock will not be subject to call for redemption, and, upon receipt by
the Company of the full purchase price therefor, each share of the Common
Stock will be fully paid and nonassessable.
PREFERRED STOCK. After Stock Conversion, the Board of Directors of the
Company will be authorized to issue preferred stock in series and to fix and
state the voting powers, designations, preferences and relative,
participating, optional or other special rights of the shares of each such
series and the qualifications, limitations and restrictions thereof.
Preferred stock may rank prior to the Common Stock as to dividend rights,
liquidation preferences, or both, and may have full or limited voting rights.
The holders of preferred stock will be entitled to vote as a separate class
or series under certain circumstances, regardless of any other voting rights
which such holders may have.
Except as discussed herein, the Company has no present plans for the
issuance of the additional authorized shares of Common Stock or for the
issuance of any shares of preferred stock. In the future, the authorized but
unissued and unreserved shares of Common Stock will be available for general
corporate purposes including but not limited to possible issuance as stock
dividends or stock splits, in future mergers or acquisitions, under a cash
dividend reinvestment and stock purchase plan, in a future underwritten or
other public offering or under an employee stock ownership plan, stock option
or restricted stock plan. The authorized but unissued shares of preferred
stock will similarly be available for issuance in future mergers or
acquisitions, in a future underwritten public offering or private placement
or for other general corporate purposes. Except as described above or as
otherwise required to approve the transaction in which the additional
authorized shares of Common Stock or authorized shares of preferred stock
would be issued, no stockholder approval will be required for the issuance of
these shares. Accordingly, the Board of Directors of the Company, without
stockholder approval, can issue preferred stock with voting and conversion
rights which could adversely affect the voting power of the holders of Common
Stock.
RESTRICTIONS ON ACQUISITIONS. See "Restrictions on Acquisitions of Stock
and Related Takeover Defensive Provisions" for a description of certain
provisions of the Company's certificate of incorporation and bylaws which may
affect the ability of the Company's stockholders to participate in certain
transactions relating to acquisitions of control of the Company.
DIVIDENDS. Upon consummation of the formation of the Company, the
Company's only asset will be the Bank's Common Stock. Although it is
anticipated that the Company will retain up to 20% of the net proceeds in the
Stock Conversion, dividends from the Bank will be an important source of
income for the Company. Should the Bank elect to retain its income, the
ability of the Company to pay dividends to its own shareholders may be
adversely affected. Furthermore, if at any time in the future the Company
owns less than 80% of the outstanding stock of the
99
<PAGE>
Bank, certain tax benefits under the Code as to inter-company distributions
will not be fully available to the Company and it will be required to pay
federal income tax on a portion of the dividends received from the Bank,
thereby reducing the amount of income available for distribution to the
shareholders of the Company. For further information concerning the ability
of the Bank to pay dividends to the Company before and after the Bank
Conversion, see "Dividends."
LEGAL AND TAX MATTERS
The legality of the Common Stock and the federal income tax consequences
of the Conversion will be passed upon for the Bank and the Company by the
firm of Luse Lehman Gorman Pomerenk & Schick, P.C., Washington, D.C. The New
York state income tax consequences of the Conversion will be passed upon for
the Bank and the Company by Eric W. Montanye, CPA, Albany, New York. Luse
Lehman Gorman Pomerenk & Schick, P.C. and Eric W. Montanye, CPA, have
consented to the references herein to their opinions.
EXPERTS
The Financial Statements of the Bank as of March 31, 1997 and 1996, and
for the fiscal years ended March 31, 1997 and 1996 have been included in this
Prospectus in reliance on the report of Eric W. Montanye, CPA, certified
public accountant, appearing elsewhere herein, and upon the authority of
Mr. Montanye as an expert in accounting and auditing.
FinPro has consented to the publication herein of the summary of its
report to the Bank and the Company setting forth its opinion as to the
estimated pro forma market value of the Common Stock upon Conversion and its
valuation with respect to Subscription Rights.
ADDITIONAL INFORMATION
The Company has filed with the SEC a registration statement under the
Securities Act, with respect to the Common Stock offered hereby. As permitted
by the rules and regulations of the SEC, this Prospectus does not contain all
the information set forth in the registration statement. Such information can
be examined without charge at the public reference facilities of the SEC
located at 450 Fifth Street, NW, Washington, D.C. 20549, and copies of such
material can be obtained from the SEC at prescribed rates. The SEC maintains
a web site that contains reports, proxy and information statements and other
information regarding issuers that file electronically with the SEC. The
address of this web site is http://www.sec.gov. The statements contained
herein as to the contents of any contract or other document filed as an
exhibit to the registration statement are, of necessity, brief descriptions
thereof and are not necessarily complete but do contain all material
information regarding such documents; each such statement is qualified by
reference to such contract or document.
The Bank has filed an Application for Conversion with the OTS with
respect to the Stock Conversion. Pursuant to the rules and regulations of the
OTS, this Prospectus omits certain information contained in that Application.
The Application may be examined at the principal offices of the OTS, 1700 G
Street, N.W., Washington, D.C. 20552 and at the Northeast Regional Office of
the OTS located at 10 Exchange Place, Jersey City, New Jersey.
In connection with the Stock Conversion, the Company will register the
Common Stock with the SEC under Section 12(g) of the Exchange Act; and, upon
such registration, the Company and the holders of its Common Stock will
become subject to the proxy solicitation rules, reporting requirements and
restrictions on stock purchases and sales by directors, officers and greater
than 10% stockholders, the annual and periodic reporting and certain other
requirements of the Exchange Act. Under the Plan of Conversion, the Company
has undertaken that it will not terminate such registration for a period of
at least three years following the Stock Conversion.
A copy of the Certificate of Incorporation and Bylaws of the Company are
available without charge from the Bank.
100
<PAGE>
LANDMARK COMMUNITY BANK
CANAJOHARIE, NEW YORK
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
---------
<S> <C>
Report of Independent Certified Public Accountants...................................................... F-2
Statements of Financial Condition at March 31, 1997 and 1996............................................ F-3
Statements of Operations for the years ended March 31, 1997 and 1996.................................... 32
Statements of ^ Retained Earnings for the years ended March 31, 1997 and 1996........................... F-4
Statements of Cash Flows for the years ended March 31, 1997 and 1996.................................... F-5
Notes to Financial Statements........................................................................... F-6
</TABLE>
######
All financial statements of Landmark Financial Corp. have been omitted
because Landmark Financial Corp. has not yet issued any stock, has no assets
and liabilities and has not conducted any business other than of an
organizational nature.
All schedules are omitted as the required information is not applicable
or because the required information is included in the financial statements
or related notes.
F1
<PAGE>
ERIC W.MONTANYE
Certified Public Accountant
Albany, New York
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT
Board of Directors
Landmark Community Bank
I have audited the accompanying statements of financial condition of
Landmark Community Bank as of March 31, 1997 and 1996, and the related
statements of operations, changes in retained earnings, and cash flows for
the years then ended. These financial statements are the responsibility of
the Association's management. My responsibility is to express an opinion on
these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. I believe my audits provide a reasonable
basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Landmark Community Bank
as of March 31, 1997 and 1996, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
/s/ Eric W. Montanye, CPA
Albany, New York
May 8, 1997
- ------------------------------------------------------------------------------
F-2
<PAGE>
LANDMARK COMMUNITY BANK
STATEMENTS OF FINANCIAL CONDITION
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARCH 31,
---------------------------
1997 1996
------------- ------------
<S> <C> <C>
ASSETS
Cash (including interest bearing deposits $120,000, 1997; $1,230,000, 1996).......... $ 709,458 $ 1,350,573
Trading account securities........................................................... 69,324 --
Mortgage-backed securities, held-to-maturity......................................... 257,096 340,087
Investment securities
Securities held-to-maturity......................................................... 200,000 --
Securities available-for-sale....................................................... 397,793 241,398
Loans receivable, net................................................................ 9,392,212 5,527,632
Investments required by law -stock in Federal Home Loan
Bank of New York, at cost........................................................... 58,500 64,200
Accrued interest receivable.......................................................... 38,630 19,287
Premises and equipment, net of accumulated depreciation.............................. 155,379 53,542
Deferred tax asset................................................................... 7,100 --
Other assets......................................................................... 40,309 9,708
------------- ------------
Total Assets......................................................................... $ 11,325,801 $ 7,606,427
------------- ------------
------------- ------------
LIABILITIES AND RETAINED EARNINGS
LIABILITIES
Accounts payable.................................................................... $ 7,920 $ 2,339
Deposits............................................................................ 10,237,301 6,465,073
Advance payments by borrowers for property taxes and insurance...................... 107,277 95,397
Deferred tax liability.............................................................. -- 11,800
Other liabilities................................................................... 18,397 554
------------- ------------
Total liabilities.................................................................. 10,370,895 6,575,163
------------- ------------
COMMITMENTS AND CONTINGENCIES
RETAINED EARNINGS
Retained earnings, substantially restricted......................................... 956,285 992,357
Net unrealized gain (loss) on securities available for sale, net of taxes........... (1,379) 38,907
------------- ------------
..................................................................................... 954,906 1,031,264
------------- ------------
Total Liabilities and Retained Earnings.............................................. $ 11,325,801 $ 7,606,427
------------- ------------
------------- ------------
</TABLE>
- ------------------------------------------------------------------------------
The accompanying Notes to Financial Statements are an integral part of these
statements.
F-3
<PAGE>
LANDMARK COMMUNITY BANK
STATEMENTS OF CHANGES IN RETAINED EARNINGS
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended March 31, 1997
-------------------------
CHANGE IN UNREALIZED
GAIN (LOSS) ON SECURITIES
BALANCE ALLOCATION OF AVAILABLE FOR SALE, NET OF
BEGINNING OF YEAR NET INCOME (LOSS) DEFERRED INCOME TAXES END OF YEAR
----------------- ----------------- -------------------------- -----------
<S> <C> <C> <C> <C>
Substantially restricted
Retained earnings............................... $ 992,357 $ (36,072) $ -- $ 956,285
Unrealized gain (loss) on securities available
for sale....................................... 38,907 -- (40,286) (1,379)
------------ -------- ----------- ----------
Retained Earnings............................. $ 1,031,264 $ (36,072) $ (40,286) $ 954,906
------------ -------- ----------- ----------
</TABLE>
<TABLE>
<CAPTION>
Year Ended March 31, 1996
-------------------------
CHANGE IN UNREALIZED
GAIN (LOSS) ON SECURITIES
BALANCE ALLOCATION OF AVAILABLE FOR SALE, NET OF
BEGINNING OF YEAR NET INCOME (LOSS) DEFERRED INCOME TAXES END OF YEAR
----------------- ----------------- -------------------------- -----------
<S> <C> <C> <C> <C>
Substantially restricted
Retained earnings............ $ 907,019 $ 85,338 $ -- $ 992,357
Unrealized gain on securities
available for sale.......... 31,856 -- 7,051 38,907
----------- ------- ----------- ------------
Retained Earnings......... $ 938,875 $ 85,338 $ 7,051 $ 1,031,264
----------- ------- ----------- ------------
</TABLE>
- ------------------------------------------------------------------------------
The accompanying Notes to Financial Statements are an integral part of these
statements.
F-4
<PAGE>
LANDMARK COMMUNITY BANK
STATEMENTS OF CASH FLOWS
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEARS ENDED
MARCH 31,
-------------------------
1997 1996
----------- ------------
<S> <C> <C>
CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES
Net income (loss).................................................................... $ (36,072) $ 85,338
Adjustments to reconcile net income to net cash provided by (used in) operating
activities
Depreciation........................................................................ 11,570 6,767
Amortization (accretion), net....................................................... 2,755 (88)
Provision for loan losses........................................................... 78,000 --
Deferred income taxes............................................................... (18,900) 3,450
Decrease (increase) in
Accrued interest receivable........................................................ (19,343) (586)
Trading account securities......................................................... (69,324) --
Other assets....................................................................... (30,601) (2,298)
Increase (decrease) in
Accounts payable................................................................... 5,581 1,334
Other liabilities.................................................................. 17,843 (6,760)
----------- ------------
(58,491) 87,157
----------- ------------
CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES
Net increase in loans receivable..................................................... (3,942,580) --
Net decrease in loans receivable..................................................... -- 628,120
Proceeds from sale of FHLB stock..................................................... 5,700 --
Purchases of available-for-sale securities........................................... (399,063) (100,000)
Proceeds from principal repayments of mortgage-backed securities..................... 82,618 --
Purchase of premises and equipment................................................... (113,407) (11,127)
----------- ------------
(4,366,732) 516,993
----------- ------------
CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES
Net increase (decrease) in deposits.................................................. 3,772,228 (74,776)
Increase (decrease) in advances from borrowing taxes and insurance................... 11,880 (59,451)
----------- ------------
3,784,108 (134,227)
----------- ------------
Net increase (decrease) in cash.................................................. (641,115) 469,923
CASH, beginning of year............................................................... 1,350,573 880,650
----------- ------------
CASH, end of year..................................................................... $ 709,458 $ 1,350,573
----------- ------------
----------- ------------
SUPPLEMENTAL DISCLOSURES:
Cash paid for:
Income taxes........................................................................ $ 17,140 $ 24,248
----------- ------------
----------- ------------
Interest............................................................................ $ 326,607 $ 270,115
----------- ------------
----------- ------------
Increase (decrease) on unrealized gain on securities available-for-sale.............. $ (40,286) $ 7,051
----------- ------------
----------- ------------
</TABLE>
- ------------------------------------------------------------------------------
The accompanying Notes to Financial Statements are an integral part of these
statements.
F-5
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. ORGANIZATION
Landmark Community Bank (Association) was chartered as a New York State
savings and loan association during 1925. Prior to April 1, 1997, the
Association was known as Canajoharie Building, Savings and Loan Association.
Effective April 1, 1997, the Association became a federal chartered mutual
savings institution. The Association provides its services to the greater
Canajoharie, New York area. During 1978, the Association became a member of
the Federal Savings and Loan Insurance Corporation and, as such, became
subject to the rules and regulations of the Office of Thrift Supervision
(OTS), formerly the Federal Home Loan Bank. The Association's primary source
of revenue is single-family residential loans.
A summary of the significant accounting policies consistently applied in the
preparation of the accompanying financial statements follows.
2. BASIS OF ACCOUNTING
The Association maintains its financial reporting records on the accrual
method. The Association maintains its records on a modified cash basis for
income tax purposes.
3. CASH AND TIME DEPOSITS
Cash is defined to include all checking and demand deposits, as well as
certificates of deposit with an original maturity when purchased of three months
or less. Time deposits include certificates of deposit with an original maturity
in excess of three months.
The Association maintains cash and time deposits at one financial
institution in Canajoharie, New York, totaling $775,860 at March 31, 1997. These
balances are insured by the Federal Deposit Insurance Corporation up to
$100,000.
4. INVESTMENT SECURITIES
Trading Securities: Securities that are held for short-term resale are
classified as trading account securities and recorded at their fair values.
Realized and unrealized gains and losses on trading account securities are
included in non-interest income.
Securities Held-to-Maturity: Government and Federal agency securities that
management has the positive intent and ability to hold to maturity are
reported at cost, adjusted for amortization of premiums and accretion of
discounts that are recognized in interest income using the interest method
over the period to maturity. Mortgage-backed securities represent
participating interests in pools of long-term first mortgage loans originated
and serviced by issuers of the securities. Mortgage-backed securities are
carried at unpaid principal balances, adjusted for unamortized premiums and
unearned discounts. Premiums and discounts are amortized using the interest
method over the remaining period to contractual maturity, adjusted for
anticipated prepayments.
Securities Available-for-Sale: Available-for-sale securities consist of
investment securities not classified as trading securities nor as
held-to-maturity securities. Unrealized holding gains and losses, net of tax,
on available-for-sale securities are reported as a net amount in a separate
F-6
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
4. INVESTMENT SECURITIES--CONTINUED
component of retained earnings until realized. Gains and losses on the sale
of available-for-sale securities are determined using the
specific-identification method. The amortization of premiums and the
accretion of discounts are recognized in interest income using the interest
method over the period of maturity.
Declines in the fair value of individual held-to-maturity and
available-for-sale securities below their cost that are other than temporary
result in write-downs of the individual securities to their fair value. The
related write-downs are included in earnings as realized losses. The
Association recognized no write downs in 1997 or 1996.
5. LOANS RECEIVABLE
Loans are stated at unpaid principal balances, less the allowance for loan
losses.
On April 1, 1995, the Association adopted the provisions of Statement of
Financial Accounting Standards (SFAS) No. 114, Accounting for Creditors for
Impairment of a Loan, as amended by SFAS No. 118, Accounting by Creditors for
Impairment of a Loan - Income Recognition and Disclosures. The Statements
provide guidance in defining and measuring loan impairment. A loan is
considered impaired when it is probable that the Association will be unable
to collect all amounts of principal and interest under the original terms of
the agreement. Accordingly, the Association measures all nonaccrual and
restricted commercial real estate and commercial loans (if any) individually,
based on the present value of expected future cash flows, discounted at the
loans effective interest rate or, at the loan's observable market price or
the fair value of collateral. The statements do not apply to large groups of
small balance, homogeneous loans such as residential real estate, installment
and consumer loans, that are collectively evaluated for impairment. The
adoption of SFAS No. 114 and No.118 resulted in no prospective adjustment to
the allowance for loan losses.
SFAS No. 91, Accounting for Non-refundable Fees and Costs Associated with
Originating or Acquiring Loans and Initial Direct Costs of Leases, states
that loan fees and certain direct loan origination costs are normally
deferred and the net fee or cost is recognized as an adjustment to interest
income using the interest method, over the contractual life of the loans,
adjusted for estimated prepayments based on the Association's historical
prepayment experience. Commitment fees and costs relating to commitments
whose likelihood of exercise is remote should be recognized over the
commitment period on a straight-line basis. If the commitment is subsequently
exercised during the commitment period, the remaining unamortized commitment
fee at the time of exercise should be recognized over the life of the loan as
an adjustment of yield. Loan fees and certain direct loan origination costs
are not deferred at the Association, however, due to immateriality. These
fees are recognized in the period collected. The Association does not charge
commitment fees.
Interest income generally is not recognized on specific impaired loans unless
the likelihood of further loss is remote. Interest payments received on such
loans are applied as a reduction of the loan principal balance. Interest
income on other impaired loans is recognized only to the extent of interest
payments received.
F-7
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
5. LOANS RECEIVABLE - CONTINUED
The allowance for loan losses is maintained at a level which, in management's
judgment, is adequate to absorb credit losses inherent in the loan portfolio.
The amount of the allowance is based on management's evaluation of the
collectibility of the loan portfolio, including the nature of the portfolio,
credit concentrations, trends in historical loss experience, specific
impaired loans, economic conditions and other risks inherent in the
portfolio. Allowances for impaired loans are generally determined based on
collateral values or the present value of estimated cash flows. The allowance
is increased by a provision for loan losses, which is charged to expense, and
reduced by charge-offs, net of recoveries.
6. PREMISES AND EQUIPMENT
Premises and equipment are reported at cost. Expenditures for acquisitions,
renewals, and betterments are capitalized, whereas maintenance and repair
costs are expensed as incurred. When equipment is retired or otherwise
disposed of, the appropriate accounts are relieved of costs and accumulated
depreciation and any resultant gain or loss is credited or charged to income.
Depreciation is provided for in amounts sufficient to relate the cost of
depreciable assets to operations over their estimated useful lives on a
straight-line basis. The estimated lives used in determining depreciation
vary from five (5) to thirty-one and one-half (31.5) years.
7. INCOME TAXES
Income taxes are provided for the tax effects of the transactions reported in
the financial statements and consist of taxes currently due plus deferred
taxes related primarily to differences between the basis of investments,
allowance for loan losses, and the use of the modified cash basis for income
tax reporting purposes. The deferred tax assets and liabilities represent the
future tax return consequences of those differences, which will either be
taxable or deductible when the assets and liabilities are recovered or
settled. Deferred tax assets and liabilities are reflected at income tax
rates applicable to the period in which the deferred tax assets or
liabilities are expected to be realized or settled. As changes in tax laws or
rates are enacted, deferred tax assets and liabilities are adjusted through
the provision for income taxes.
8. USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Material estimates that are particularly susceptible to significant change
relate to the determination of the estimated losses on loans and foreclosed
real estate, if any. Management obtains from certain members of the
Association's Board of Directors appraisals for significant properties.
While management uses available information to recognize losses on loans and
foreclosed real estate, further reductions in the carrying amounts of loans
and foreclosed assets may be necessary
F-8
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
8. USE OF ESTIMATES - Continued
based on changes in local economic conditions. In addition, regulatory
agencies, as an integral part of their examination process, periodically
review the estimated losses on loans and foreclosed real estate. Such
agencies may require the Association to recognize additional losses based on
their judgments about information available to them at the time of their
examination. Because of these factors, it is reasonably possible that the
estimated losses on loans and foreclosed real estate may change materially in
the near term. However, the amount of the change that is reasonably possible
cannot be estimated.
9. FAIR VALUE OF FINANCIAL INSTRUMENTS
Effective April 1, 1995 the Association implemented Statement of Financial
Accounting Standards No. 107, Disclosures about Fair Value of Financial
Instruments, which requires disclosure of fair market value information about
financial instruments, whether or not recognized in the statement of
financial condition. In cases where quoted market prices are not available,
fair values are based on estimates using present value or other valuation
techniques. Those techniques are significantly affected by the assumptions
used, including the discount rate and estimates of future cash flows. In that
regard, the derived fair value estimates cannot be substantiated by
comparison to independent markets and, in many cases, could not be realized
in immediate settlement of the instruments. Statement No. 107 excludes
certain financial instruments and all nonfinancial instruments from its
disclosure requirements. Accordingly, the aggregate fair value amounts
presented do not represent the underlying value of the Association.
The following methods and assumptions were used by the Association in
estimating its fair value disclosures for financial instruments:
Cash and cash equivalents: The carrying amounts reported in the
statement of financial condition for cash and cash equivalents approximate
those assets' fair values.
Time deposits: Fair values for time deposits are estimated using a
discounted cash flow analysis that applies interest rates currently being
offered on certificates to a schedule of aggregated contractual maturities
on such time deposits.
Investment securities including trading account securities: Fair values
for investment securities are based on quoted market prices, where
available. If quoted market prices are not available, fair values are based
on quoted market prices of comparable instruments.
Loans: For variable-rate loans that reprice frequently and with no
significant change in credit risk, fair values are based on carrying
amounts. The fair values for other loans (for example, fixed rate real
estate) are estimated using discounted cash flow analysis, based on interest
rates currently being offered for loans with similar terms to borrowers of
similar credit quality. Loan fair value estimates include judgments
regarding future expected loss experience and risk characteristics. Fair
values for impaired loans are estimated using discounted cash flow analysis
or underlying collateral values, where applicable. The carrying amount of
accrued interest receivable approximates its fair value.
F-9
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
9. FAIR VALUE OF FINANCIAL INSTRUMENTS
Deposits: The fair values disclosed for demand deposits (for example,
interest-bearing passbook accounts) are, by definition, equal to the amount
payable on demand at the reporting date (that is, their carrying amounts).
The fair values for certificates of deposit are estimated using a discounted
cash flow calculation that applies interest rates currently being offered on
certificates to a schedule of aggregated contractual maturities on such time
deposits.
Advance payments by borrowers for taxes and insurance (escrows): The
carrying amount of escrow accounts approximate fair value.
Accrued interest: The carrying amounts of accrued interest approximate
the fair values.
Loan commitments: Fees charged for commitments to extend credit are not
significant and are offset by associated credit risk with respect to certain
amounts expected to be funded. Accordingly, the fair value of the financial
instruments is immaterial.
10. RECLASSIFICATION
Certain 1996 accounts have been reclassified to conform with the 1997
presentation.
NOTE B--INVESTMENT AND MORTGAGED-BACKED SECURITIES
Investment and mortgage-backed securities have been classified according to
management's intent. The amortized cost of securities and their approximate
fair values are as follows:
SECURITIES HELD-TO-MATURITY
<TABLE>
<CAPTION>
MARCH 31, 1997 MARCH 31, 1996
--------------------------------------- ----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GROSS GROSS GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED FAIR AMORTIZED UNREALIZED UNREALIZED FAIR
COST GAINS LOSSES VALUE COST GAINS LOSSES VALUE
---- ----- ------ ----- ---- ----- ------ -----
U.S.
government
and federal
agencies $200,000 $ -- $ (3,243) $196,757 $ -- $ -- $ -- $ --
Mortgage-
backed (GNMA)
securities 257,096 -- (9,309) 247,787 340,087 -- (7,501) 332,586
-------- --------- --------- -------- -------- --------- -------- --------
$457,096 $ -- $(12,552) $444,544 $340,087 $ -- $(7,501) $332,586
-------- --------- --------- -------- -------- --------- -------- --------
-------- --------- --------- -------- -------- --------- -------- --------
</TABLE>
F-10
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE B--INVESTMENT AND MORTGAGED-BACKED SECURITIES - CONTINUED
SECURITIES AVAILABLE-FOR-SALE
<TABLE>
<CAPTION>
MARCH 31, 1997 MARCH 31, 1996
----------------------------------------- -----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GROSS GROSS GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED FAIR AMORTIZED UNREALIZED UNREALIZED FAIR
COST GAINS LOSSES VALUE COST GAINS LOSSES VALUE
--------- ---------- ---------- ----- --------- ---------- --------- -----
U.S.
government
and federal
agencies $ 399,172 $ -- $(1,379) $397,793 $200,000 $ -- $ (111) $ 199,889
Equity
securities -- -- -- -- 2,491 39,018 -- 41,509
-------- -------- -------- -------- -------- ------- -------- --------
$399,172 $ -- $(1,379) $397,793 $202,491 $39,018 $ (111) $241,398
-------- -------- -------- -------- -------- ------- -------- --------
-------- -------- -------- -------- -------- ------- -------- --------
</TABLE>
The following is a summary of maturities of securities held-to-maturity and
available-for-sale as of March 31, 1997:
<TABLE>
<CAPTION>
SECURITIES HELD-TO- SECURITIES AVAILABLE-
MATURITY FOR-SALE
---------------------- ----------------------
AMORTIZED AMORTIZED
AMOUNTS MATURING IN: COST FAIR VALUE COST FAIR VALUE
<S> <C> <C> <C> <C>
Amounts Maturing In:
One year or less......................$ -- $ -- $ -- $ --
After one year through five years..... 16,219 14,791 399,172 397,793
After five years through ten years.... 129,002 126,309 -- --
After ten years....................... 311,875 303,444 -- --
-------- -------- -------- --------
$457,096 $444,544 $399,172 $397,793
-------- -------- -------- --------
-------- -------- -------- --------
</TABLE>
The amortized cost and fair value of mortgage-backed securities are presented
in the held-to-maturity category by contractual maturity in the preceding
table. Expected maturities will differ from contractual maturities because
borrowers may have the right to call or prepay obligations without call or
prepayment penalties.
In 1997, debt securities with an amortized cost of $200,000 were transferred
from available-for-sale to held-to-maturity and equities with a fair market
value of $69,324 were transferred from available-for-sale to trading account
securities. The equity securities had an unrealized gain of $67,056 which was
recognized in net income during 1997. There were no securities transferred
between classifications during 1996.
F-11
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE C--LOANS RECEIVABLE, NET
The Association's loans receivable are summarized as follows:
<TABLE>
<CAPTION>
MARCH 31,
-------------------------
1997 1996
----------- -----------
<S> <C> <C>
Conventional first mortgages on real estate (1-4 family)..$ 7,185,096 $ 5,311,735
Property improvement loans................................ 29,871 55,803
Loans to depositors, secured by savings................... 228,942 122,563
Consumer loans............................................ 1,558,002 69,531
Commercial................................................ 587,418 --
---------- ----------
9,589,329 5,559,632
---------- ----------
Allowance for loan losses................................. (110,000) (32,000)
Loans in process.......................................... (87,117) --
---------- -----------
$ 9,392,212 $ 5,527,632
---------- -----------
---------- -----------
</TABLE>
An analysis of the allowance for loan losses is as follows:
<TABLE>
<CAPTION>
MARCH 31,
--------------------
1997 1996
-------- --------
<S> <C> <C>
Balance, beginning of year.................................$ 32,000 $ 32,000
Loans charged off.......................................... -- --
Recoveries................................................. -- --
Provision for losses....................................... 78,000 --
-------- --------
Balance, end of year.......................................$110,000 $ 32,000
-------- --------
-------- --------
</TABLE>
The Association has no commitments to loan additional funds to the borrowers
whose loans have been modified.
In the ordinary course of business, the Association has and expects to
continue to have transactions, including borrowings, with its employees,
officers, directors, and their affiliates. In the opinion of management, such
transactions were on substantially the same terms, including interest rates
and collateral, as those prevailing at the time of comparable transactions
with other persons and did not involve more than a normal risk of
collectibility or present any other unfavorable features to the Association.
Loans to such borrowers are summarized as follows:
<TABLE>
<S> <C>
Balance, March 31, 1996....................................$ 40,996
Additions.................................................. 223,407
Payments................................................... (72,490)
---------
Balance, March 31, 1997....................................$ 191,913
---------
---------
</TABLE>
F-12
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE D--STOCK IN FEDERAL HOME LOAN BANK OF NEW YORK
The Association has its savings shares insured by the Federal Savings and
Loan Insurance Corporation. The Federal Home Loan Bank requires all
participating savings and loan associations to purchase Federal Home Loan Bank
stock in an amount equal to one percent (1%) of outstanding first mortgage
loans. Management anticipates purchasing additional shares during the year
ending March 31, 1998.
NOTE E--ACCRUED INTEREST RECEIVABLE
Accrued interest receivable is summarized as follows:
<TABLE>
<CAPTION>
MARCH 31,
------------------
1997 1996
-------- --------
<S> <C> <C>
Loans.................................................................... $ 30,783 $ 17,520
Mortgage-backed securities............................................... 826 1,287
Investments and other.................................................... 7,021 480
-------- --------
$ 38,630 $ 19,287
-------- --------
--------- ---------
</TABLE>
NOTE F--PREMISES AND EQUIPMENT
A summary of the Association's premises and equipment is as follows:
<TABLE>
<CAPTION>
MARCH 31,
---------------------
<S> <C> <C>
1997 1996
---------- ---------
Building....................................................... $ 58,602 $ 58,602
Improvements................................................... 83,823 11,127
Equipment...................................................... 103,018 63,679
--------- ---------
245,443 133,408
Less accumulated depreciation.................................. 90,064 79,866
--------- ---------
$ 155,379 $ 53,542
--------- ---------
--------- ---------
</TABLE>
Depreciation expense for 1997 and 1996 was $11,570 and $6,767, respectively.
F-13
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE G--DEPOSITS
Deposit account balances at March 31, 1997 and 1996, are summarized as
follows:
<TABLE>
<CAPTION>
MARCH 31,
-------------------------------------------------
1997 1996
------------------------ -----------------------
AMOUNT % AMOUNT %
------------- --------- ------------ ---------
<S> <C> <C> <C> <C>
Balance by interest rate:
Interest-bearing checking accounts............................. $ 235,154 2.30% $ -- 0%
Passbook accounts.............................................. 3,881,806 37.92% 3,683,226 56.98%
Certificates of deposit........................................ 6,120,341 59.78% 2,781,847 43.02%
------------- --------- ------------ ---------
$ 10,237,301 100.00% $ 6,465,073 100.00%
------------- --------- ------------ ---------
------------- --------- ------------ ---------
</TABLE>
The aggregate amount of short-term jumbo certificates of deposit with a
minimum denomination of $100,000 was approximately $307,000 and $341,000 at
March 31, 1997 and 1996, respectively. Deposit amounts in excess of $100,000
are not Federally insured.
At March 31, 1997 scheduled maturities of certificates of deposit are as
follows:
<TABLE>
<S> <C>
March 31, 1998................................... $ 796,057
1999................................... 3,166,528
2000................................... 1,304,369
2001................................... 34,081
2002 and thereafter.................... 819,306
----------
$6,120,341
----------
----------
</TABLE>
Interest expense for 1997 and 1996 was $594 and $--, respectively for
interest-bearing deposits, $108,654 and $124,684, respectively for passbook
accounts, and $217,359 and $145,431, respectively for certificates of deposit.
NOTE H--INCOME TAXES
The Association files federal and state income tax returns on a calendar
year basis. If certain conditions are met in determining taxable income, the
Association is allowed a special bad debt deduction based on a percentage of
taxable income (presently eight (8) percent) or on specified experience
formulas. The Association used the percentage of taxable income method in 1996
and anticipates using the same method in 1997.
F-14
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE H - INCOME TAXES - continued
Income tax expense (benefit) is summarized as follows:
<TABLE>
<S> <C> <C>
Federal
Current..................................................................$ (9,700) $ 17,800
Deferred................................................................. (5,000) 9,200
--------- ---------
(14,700) 27,000
--------- ---------
State
Current..................................................................$ (1,600) $ 8,500
Deferred................................................................. (2,100) 2,600
--------- ---------
(3,700) 11,100
--------- ---------
$ (18,400) $ 38,100
--------- ---------
--------- ---------
</TABLE>
Taxes paid during the years ended March 31, 1997 and 1996, were $17,140 and
$24,248, respectively.
The provision for income taxes (benefit) differs from that computed by
applying federal statutory rates to income (loss) before income tax expense,
as indicated in the following analysis:
<TABLE>
<CAPTION>
YEAR ENDED
MARCH 31,
---------------------
<S> <C> <C>
1997 1996
---------- ---------
Expected tax provision (benefit) at 34%.................................................... $ (18,500) $ 42,000
State franchise tax........................................................................ 1,000 8,500
Federal surtax exemption................................................................... -- (10,600)
Other, net................................................................................. (900) (1,800)
---------- ---------
$ (18,400) $ 38,100
---------- ---------
---------- ---------
</TABLE>
Effective tax rate (benefit) for 1997 and 1996 was (34)% and 31%,
respectively.
Deferred tax liabilities have been provided for taxable temporary differences
related to unrealized gains on trading account securities and accrued
interest receivable. Deferred tax assets have been provided for deductible
temporary differences related to the allowance for loan losses, accounts
payable, other liabilities and a net operating loss carryforward. The net
deferred tax assets (liabilities) in the accompanying statements of financial
condition include the following components:
F-15
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE H--INCOME TAXES (CONTINUED)
<TABLE>
<CAPTION>
MARCH 31,
----------------------
<S> <C> <C>
1997 1996
---------- ----------
Deferred tax liabilities.................................................................. $ (31,300) $ (11,800)
Deferred tax assets....................................................................... 38,400 --
---------- ----------
Net deferred tax assets (liabilities)..................................................... $ 7,100 $ (11,800)
---------- ----------
---------- ----------
</TABLE>
Included in retained earnings at March 31, 1997 and 1996 is approximately
$141,000 in bad debt reserves for which no deferred federal income tax
liability has been recorded. These amounts represent allocations of income to
bad debt deductions for tax purposes only. Reduction of these reserves for
purposes other than tax bad-debt losses or adjustment arising from carryback
of net operating losses would create income for tax purposes, which would be
subject to the then-current corporate income tax rate. The unrecorded
deferred liability on these amounts was approximately $48,000 at March 31,
1997 and 1996, respectively.
The Association has a net operating loss carryforward totaling approximately
$22,000, expiring during the year 2011.
NOTE I- RETAINED EARNINGS
The regulations of the Banking Law of the State of New York require that the
Association maintain certain general reserves. Such requirements have been
met by appropriations of retained income aggregating $269,878 at March 31,
1997 and 1996. These appropriations also satisfy federal insurance reserve
requirements. These reserves are not valuation allowances and have not been
created by charges against earnings. They represent a restriction on the
retained earnings of the Association. Effective April 1, 1997, the
Association became a federally chartered mutual savings institution. As a
result of the Plan of Conversion (Note P) the Association's retained earnings
became substantially restricted.
NOTE J--REGULATORY MATTERS
The Association is subject to various regulatory capital requirements
administered by its primary federal regulator, the Office of Thrift
Supervision (OTS). Failure to meet the minimum regulatory capital
requirements can initiate certain mandatory, and possible additional
discretionary actions by regulators, that if undertaken, could have a direct
material affect on the Association and the consolidated financial statements.
Under the regulatory capital adequacy guidelines and the regulatory framework
for prompt corrective action, the Association must meet specific capital
guidelines involving quantitative measures of the Association's assets,
liabilities, and certain off-balance-sheet items as calculated under
regulatory accounting practices. The Association's capital amounts and
classification under the prompt corrective action guidelines are also subject
to qualitative judgments by the regulators and components, risk weightings,
and other factors.
F-16
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE J--REGULATORY MATTERS - Continued
Quantitative measures established by regulation to ensure capital adequacy
require the Association to maintain minimum amounts and ratios of: total
risk-based capital and Tier I capital to risk-weighted assets (as defined in
the regulations), Tier I capital to adjusted total assets (as defined), and
tangible capital to adjusted total assets (as defined). Management believes,
as of March 31, 1997, that the Association meets all capital adequacy
requirements to which they are subject.
As of March 31, 1997, the most recent notification form the OTS, the
Association was categorized as well capitalized under the regulatory
framework for prompt corrective action. To remain categorized as well
capitalized, the Association will have to maintain minimum total risk-based,
Tier I risk-based, and Tier I leverage ratios as disclosed in the table
below. There are no conditions or events since the most recent notification
that management believes have changed the Association's prompt corrective
action category.
<TABLE>
<CAPTION>
TO BE WELL CAPITALIZED
FOR CAPITAL UNDER PROMPT CORRECTIVE
ACTUAL ADEQUACY PURPOSES ACTION PROVISIONS
-------------------- ---------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C>
AMOUNT RATIO AMOUNT RATIO AMOUNT RATIO
--------------------- ---------------------- -----------------------------
As of March 31, 1997:
Total Risk-Based Capital
(to Risk-Weighted Assets)..... $956,285 16.0% $478,300 8.0% $ 597,800 10.0%
Tier I Capital
(to Risk-Weighted Assets).......$956,285 16.0% $239,200 4.0% $ 358,700 6.0%
Tier I Capital
(to Adjusted Total Assets)......$956,285 8.4% $453,000 4.0% $ 566,300 5.0%
Tangible Capital
(to Adjusted Total Assets)......$956,285 8.4% $169,900 1.5% $ 169,900 1.5%
</TABLE>
<TABLE>
<CAPTION>
To Be Well Capitalized
For Capital Under Prompt Corrective
Actual Adequacy Purposes Action rovisions
----------------------- ----------------------- ----------------------------
<S> <C> <C> <C> <C> <C> <C>
Amount Ratio Amount Ratio Amount Ratio
------------------------ ----------------------- -------------------------
As of March 31, 1996:
Total Risk-Based Capital
(to Risk-Weighted Assets).......... $992,357 35.7% $222,300 8.0% $277,800 10.0%
Tier I Capital
(to Risk-Weighted Assets)............ $992,357 35.7% $111,100 4.0% $166,700 6.0%
Tier I Capital
(to Adjusted Total Assets)........... $992,357 13.0% $304,300 4.0% $380,300 5.0%
Tangible Capital
(to Adjusted Total Assets)........... $992,357 13.0% $114,100 1.5% $114,100 1.5%
</TABLE>
F-17
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE K--FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
The Association is a party to financial instruments with off-balance-sheet
risk in the normal course of business to meet the financing needs of its
customers. These financial instruments include commitments to extend credit.
These instruments involve, to varying degrees, elements of credit and
interest rate risk in excess of the amounts recognized in the statements of
financial condition.
The Association's exposure to credit loss in the event of nonperformance by
the other party to the financial instruments for commitments to extend credit
is represented by the contractual notional amount of those instruments (see
Note L). The Association uses the same credit policies in making commitments
and conditional obligations as it does for on-balance-sheet instruments.
Commitments to extend credit are agreements to lend to a customer as long as
there is no violation of any condition established in the contract.
Commitments generally have fixed expiration dates or other termination
clauses and may require payment of a fee. Since some of the commitments may
expire without being drawn upon, the total commitment amounts do not
necessarily represent future cash requirements. The Association evaluates
each customer's creditworthiness on a case-by-case basis. The amount and type
of collateral obtained, if deemed necessary by the Association upon extension
of credit, varies and is based on management's credit evaluation of the
counterparty.
The Association has not incurred any losses on its commitments in the years
ended March 31, 1997 and 1996.
NOTE L--COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Association has various outstanding
commitments and contingent liabilities that are not reflected in the
accompanying financial statements. In addition, the Association is a
defendant in certain claims and legal actions arising in the ordinary course
of business. In the opinion of management, after consultation with legal
counsel, the ultimate disposition of these matters is not expected to have a
material adverse effect on the financial position of the Association.
The Association had outstanding commitments to originate loans as follows:
<TABLE>
<CAPTION>
MARCH 31, 1997
-------------------------------------
<S> <C> <C> <C>
FIXED-RATE VARIABLE-RATE TOTAL
----------- ------------ ----------
First-mortgage............................................................. $ 244,700 $ 90,400 $ 335,100
----------- ------------ ----------
----------- ------------ ----------
</TABLE>
The interest rate on outstanding fixed-rate commitments at March 31, 1997,
was 8.5%.
As of March 31, 1996 the Association had no outstanding commitments to
originate any loans.
At March 31, 1997, the Association had an unused line of credit with the
Federal Home Loan Bank as follows:
<TABLE>
<S> <C>
Companion (DRA) Commitment........................................................ $ 382,350
Overnight line of credit.......................................................... 382,350
---------
$ 764,700
---------
---------
</TABLE>
F-18
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE L--COMMITMENTS AND CONTINGENCIES - Continued
The Association's line of credit expires on August 14, 1997.
NOTE M--FAIR VALUES OF FINANCIAL INSTRUMENTS
The estimated fair values of the Association financial instruments are as
follows:
<TABLE>
<CAPTION>
MARCH 31,
------------------------------------------------------
1997 1996
-------------------------- --------------------------
CARRYING FAIR CARRYING FAIR
AMOUNT VALUE AMOUNT VALUE
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Financial assets:
Cash..................................................... $ 709,458 $ 709,458 $ 1,350,573 $ 1,350,573
Trading account securities............................... 69,324 69,324 -- --
Mortgage-backed securities............................... 257,096 247,787 340,087 332,586
Investment securities.................................... 597,793 594,550 241,398 241,398
Loans receivable, net.................................... 9,392,212 9,394,000 5,527,632 5,743,000
Accrued interest receivable.............................. 38,630 38,630 19,287 19,287
Financial liabilities:
Deposits................................................. 10,237,301 10,188,000 6,465,073 6,483,000
Advance payments by borrowers for taxes and insurance.... 107,277 107,277 95,397 95,397
</TABLE>
The carrying amounts in the preceding table are included in the statement of
financial condition under the applicable captions. The contract or notional
amounts of the Association's financial instruments with off-balance-sheet
risk are disclosed in Note K and L and their carrying values represent fair
value. No derivatives were held by the Association for trading purposes. It
is not practicable to estimate the fair value of Federal Home Loan Bank
(FHLB) stock because it is not marketable. The carrying amount of that
investment is reported in the statements of financial condition.
NOTE N--CONCENTRATION OF CREDIT
The majority of the Association's loans have been granted to customers in
the Association's market area, which is primarily Canajoharie, New York.
Canajoharie is a largely rural area and relies heavily on the agricultural
industry and a certain manufacturer. The concentrations of credit by type of
loan are set forth in the note on loans receivable (see Note C). The
Association, as a matter of policy, does not extend credit to any borrowers in
excess of its legal lending limit.
F-19
<PAGE>
LANDMARK COMMUNITY BANK
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 and 1996
NOTE O--SPECIAL INSURANCE ASSESSMENT RELATING TO THE CAPITALIZATION
OF THE SAVINGS ASSOCIATION INSURANCE FUND (SAIF)
During September 1996, Congress enacted legislation to recapitalize the SAIF
by a one-time assessment on all SAIF-insured deposits held as of March 1995.
This assessment of approximately $43,000 was paid during the year ended March
31, 1997 and included in non-interest expense.
NOTE P--PLAN OF CONVERSION
On April 1, 1997, the Association's Board of Directors approved a plan (Plan)
to convert from a federal mutual savings institution to a federal stock
savings institution and then convert to a national or New York chartered
commercial bank, subject to approval by the Association's members. The Plan,
which includes formation of a Holding Company to own all of the outstanding
stock of the Association, is subject to approval by the OTS and includes the
filing of a registration statement with the Securities and Exchange
Commission. As of March 31, 1997, the Association had incurred $9,397 in
costs related to this conversion. If the conversion is ultimately successful,
actual conversion costs will be accounted for as a reduction in gross
proceeds. If the conversion is unsuccessful, the conversion costs will be
expensed.
The Plan calls for the common stock of the Holding Company to be offered to
various parties in a subscription offering at a price based on an independent
appraisal of the Association. It is anticipated that any shares not purchased in
the subscription offering may be offered to the general public in a direct
community offering.
The Association may not declare or pay a cash dividend if the effect thereof
would cause its net worth to be reduced below either the amount required for the
liquidation account discussed below or the regulatory capital requirements
imposed by the OTS.
At the time of the conversion, the Association will establish a liquidation
account in an amount equal to its retained earnings as reflected in the latest
statement of financial condition used in the final conversion prospectus. The
liquidation account will be maintained for the benefit of eligible account
holders and supplemental eligible account holders who continue to maintain their
deposit accounts in the Association after conversion. In the event of a complete
liquidation of the converted Association, and only in such an event, eligible
depositors who continue to maintain accounts shall be entitled to receive a
liquidation distribution from the liquidation account in the amount of the
then-current adjusted sub-account balances for Deposit Accounts then held before
any liquidation distribution may be made to stockholders.
The converted Association and the Holding Company may in their discretion
make scheduled contributions to any Tax-Qualified Employee Plans, provided that
any such contributions which are for the acquisition of Holding Company
Conversion Stock, or the repayment of debt incurred for such an acquisition, do
not cause the converted Association to fail to meet its regulatory capital
requirements.
In order to provide an incentive for Directors, Officers and employees of
the Holding Company and its subsidiaries (including the Association), the Board
of Directors of the Holding Company intends to adopt, subject to shareholder
approval, a stock option and incentive plan and a recognition and retention plan
as permitted by applicable regulations following the conversion.
F-20
<PAGE>
- ---------------------------------- ---------------------------------------
- ---------------------------------- ---------------------------------------
No person has been
authorized to give any
information or to make any
representation other than as
contained in this Prospectus in
connection with the offering
made hereby, and, if given or 132,000 SHARES
made, such other information or
representation must not be
relied upon as having been
authorized by the Company or the
Bank. This Prospectus does not
constitute an offer to sell or a
solicitation of an offer to buy
any of the securities offered
hereby to any person in any
jurisdiction in which such offer
or solicitation is not
authorized or in which the
person making such offer or
solicitation is not qualified
to do so, or to any person to
whom it is unlawful to make such
offer or solicitation in such
jurisdiction. Neither the
delivery of this Prospectus nor
any sale hereunder shall under
any circumstances create any
implication that there has been
no change in the affairs of the
Company or the Bank since any of LANDMARK FINANCIAL
the dates as of which CORP.
information is furnished herein
or since the date hereof. (HOLDING COMPANY FOR LANDMARK
COMMUNITY BANK)
------------------------
TABLE OF CONTENTS
PAGE COMMON STOCK
---------
Prospectus Summary....... 4
Selected Financial Information
and Other Data.......... 11
Risk Factors............. 13
Recent Financial Data....
Landmark Community Bank.. 19
Landmark Financial Corp.. 19
Capitalization........... 21
Pro Forma Data........... 22 ---------------------
Pro Forma Regulatory
Capital................. 25
Use of Proceeds.......... 26 PROSPECTUS
Dividends................ 27
Market for Common Stock.. 28 ---------------------
Participation by
Management.............. 28
Landmark Community Bank
Statements of
Operations.............. 29
Management's Discussion
and Analysis of Financial
Condition and Results of
Operations.............. 30
Business................. 40
Regulation............... 59
Management............... 69
The Conversion........... 77
Restrictions on Acquisitions
of Stock and Related
Takeover Defensive
Provisions.............. 90
Description of Capital
Stock................... 95
Legal and Tax Matters.... 96
Experts.................. 96
Additional Information... 96
Index to Financial Company Advisor
Statements.............. F-1 TRIDENT FINANCIAL CORP.
UNTIL THE LATER OF
_________, 1997, OR 25 DAYS
AFTER COMMENCEMENT OF THE
SYNDICATED COMMUNITY OFFERING,
IF ANY, ALL DEALERS EFFECTING
TRANSACTIONS IN THE REGISTERED
SECURITIES, WHETHER OR NOT
PARTICIPATING IN THIS
DISTRIBUTION, MAY BE REQUIRED TO
DELIVER A PROSPECTUS. THIS IS IN
ADDITION TO THE OBLIGATION OF ________________, 1997
DEALERS TO DELIVER A PROSPECTUS
WHEN ACTING AS UNDERWRITERS AND
WITH RESPECT TO THEIR UNSOLD
ALLOTMENTS OR SUBSCRIPTIONS.
- ---------------------------------- ---------------------------------------
- ---------------------------------- ---------------------------------------
<PAGE>
PART II: INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 24. INDEMNIFICATION OF DIRECTORS AND OFFICERS OF LANDMARK COMMUNITY BANK
Generally, federal regulations define areas for indemnity coverage for federal
savings associations, as follows:
(a) Any person against whom any action is brought by reason of the fact that
such person is or was a director or officer of the savings association shall be
indemnified by the savings association for:
(i) Reasonable costs and expenses, including reasonable attorneys' fees,
actually paid or incurred by such person in connection with proceedings
related to the defense or settlement of such action;
(ii) Any amount for which such person becomes liable by reason of any
judgment in such action;
(iii) Reasonable costs and expenses, including reasonable attorneys'
fees, actually paid or incurred in any action to enforce his rights under
this section, if the person attains a final judgment in favor of such person
in such enforcement action.
(b) Indemnification provided for in subparagraph (a) shall be made to such
officer or director only if the requirements of this subsection are met:
(i) The savings association shall make the indemnification provided by
subparagraph (a) in connection with any such action which results in a final
judgment on the merits in favor of such officer or director.
(ii) The savings association shall make the indemnification provided by
subparagraph (a) in case of settlement of such action, final judgment
against such director or officer or final judgment in favor of such director
or officer other than on the merits except in relation to matters as to
which he shall be adjudged to be liable for negligence or misconduct in the
performance of duty, only if a majority of the directors of the savings
association determines that such a director or officer was acting in good
faith within what he was reasonably entitled to believe under the
circumstances was the scope of his employment or authority and for a purpose
which he was reasonably entitled to believe under the circumstances was in
the best interest of the savings association or its members.
(c) As used in this paragraph:
(i) "Action" means any action, suit or other judicial or administrative
proceeding, or threatened proceeding, whether civil, criminal, or otherwise,
including any appeal or other proceeding for review;
(ii) "Court" includes, without limitation, any court to which or in
which any appeal or any proceeding for review is brought;
(iii) "Final Judgment" means a judgment, decree, or order which is
appealable and as to which the period for appeal has expired and no appeal
has been taken;
(iv) "Settlement" includes the entry of a judgment by consent or by
confession or upon a plea of guilty or of nolo contendere.
The Bank maintains directors and officers liability policy with Reliance
National. Such policy provides for an aggregate liability coverage of
$1.0 million.
<PAGE>
INDEMNIFICATION OF DIRECTORS AND OFFICERS OF LANDMARK FINANCIAL CORP.
Article TENTH of the Certificate of Incorporation of Landmark Financial
Corp. (the "Corporation") sets forth circumstances under which directors,
officers, employees and agents of the Corporation may be insured or indemnified
against liability which they may incur in their capacities as such.
TENTH:
A. Each person who was or is made a party or is threatened to be made a
party to or is otherwise involved in any action, suit or proceeding, whether
civil, criminal, administrative or investigative (hereinafter a "proceeding"),
by reason of the fact that he or she is or was a Director or an Officer of the
Corporation or is or was serving at the request of the Corporation as a
Director, Officer, employee or agent of another corporation or of a partnership,
joint venture, trust or other enterprise, including service with respect to an
employee benefit plan (hereinafter an "indemnitee"), whether the basis of such
proceeding is alleged action in an official capacity as a Director, Officer,
employee or agent or in any other capacity while serving as a Director, Officer,
employee or agent, shall be indemnified and held harmless by the Corporation to
the fullest extent authorized by the Delaware General Corporation Law, as the
same exists or may hereafter be amended (but, in the case of any such amendment,
only to the extent that such amendment permits the Corporation to provide
broader indemnification rights than such law permitted the Corporation to
provide prior to such amendment), against all expense, liability and loss
(including attorneys' fees, judgments, fines, ERISA excise taxes or penalties
and amounts paid in settlement) reasonably incurred or suffered by such
indemnitee in connection therewith; provided, however, that, except as provided
in Section C hereof with respect to proceedings to enforce rights to
indemnification, the Corporation shall indemnify any such indemnitee in
connection with a proceeding (or part thereof) initiated by such indemnitee only
if such proceeding (or part thereof) was authorized by the Board of Directors of
the Corporation.
B. The right to indemnification conferred in Section A of this Article
TENTH shall include the right to be paid by the Corporation the expenses
incurred in defending any such proceeding in advance of its final disposition
(hereinafter and "advancement of expenses"); provided, however, that, if the
Delaware General Corporation Law requires, an advancement of expenses
incurred by an indemnitee in his or her capacity as a Director or Officer
(and not in any other capacity in which service was or is rendered by such
indemnitee, including, without limitation, services to an employee benefit
plan) shall be made only upon delivery to the Corporation of an undertaking
(hereinafter an "undertaking"), by or on behalf of such indemnitee, to repay
all amounts so advanced if it shall ultimately be determined by final
judicial decision from which there is no further right to appeal (hereinafter
a "final adjudication") that such indemnitee is not entitled to be
indemnified for such expenses under this Section or otherwise. The rights to
indemnification and to the advancement of expenses conferred in Sections A
and B of this Article TENTH shall be contract rights and such rights shall
continue as to an indemnitee who has ceased to be a Director, Officer,
employee or agent and shall inure to the benefit of the indemnitee's heirs,
executors and administrators.
C. If a claim under Section A or B of this Article TENTH is not paid in
full by the Corporation within sixty days after a written claim has been
received by the Corporation, except in the case of a claim for an advancement
of expenses, in which case the applicable period shall be twenty days, the
indemnitee may at any time thereafter bring suit against the Corporation to
recover the unpaid amount of the claim. If successful in whole or in part in
any such suit, or in a suit brought by the Corporation to recover an
advancement of expenses pursuant to the terms of an undertaking, the
indemnitee shall be entitled to be paid also the expenses of prosecuting or
defending such suit. In (i) any suit brought by the indemnitee to enforce a
right to indemnification hereunder (but not in a suit brought by the
indemnitee to enforce a right to an advancement of expenses) it shall be a
defense that, and (ii) in any suit by the Corporation to recover an
advancement of expenses pursuant to the terms of an undertaking the
Corporation shall be entitled to recover such expenses upon a final
adjudication that, the indemnitee has not met any applicable standard for
indemnification set forth in the Delaware General Corporation Law. Neither
the failure of the Corporation (including its Board of Directors, independent
legal counsel, or its stockholders) to have made a determination prior to the
commencement of such suit that indemnification of the indemnitee is proper in
the circumstances because the indemnitee has met the applicable standard of
conduct set forth in the Delaware General Corporation Law, nor an actual
determination by the Corporation (including its Board of Directors,
independent legal counsel, or its stockholders) that the indemnitee has not
met such applicable standard of conduct, shall create a presumption that the
indemnitee has not met the applicable standard of conduct or, in the case of
such a suit brought by the indemnitee, be a defense to such suit. In any suit
brought by the indemnitee to enforce a right to indemnification or to an
<PAGE>
advancement of expenses hereunder, or by the Corporation to recover an
advancement of expenses pursuant to the terms of an undertaking, the burden
of proving that the indemnitee is not entitled to be indemnified, or to such
advancement of expenses, under this Article TENTH or otherwise, shall be on
the Corporation.
D. The rights to indemnification and to the advancement of expenses
conferred in this Article TENTH shall not be exclusive of any other right which
any person may have or hereafter acquire under any statute, the Corporation's
Certificate of Incorporation, Bylaws, agreement, vote of stockholders or
Disinterested Directors or otherwise.
E. The Corporation may maintain insurance, at its expense, to protect
itself and any Director, Officer, employee or agent of the Corporation or
another corporation, partnership, joint venture, trust or other enterprise
against any expense, liability or loss, whether or not the Corporation would
have the power to indemnify such person against such expense, liability or
loss under the Delaware General Corporation Law.
F. The Corporation may, to the extent authorized from time to time by the
Board of Directors, grant rights to indemnification and to the advancement of
expenses to any employee or agent of the Corporation to the fullest extent of
the provisions of this Article TENTH with respect to the indemnification and
advancement of expenses of Directors and Officers of the Corporation.
ITEM 25. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
AMOUNT
----------
* Legal Fees and Expenses................................ $ 60,000
* Printing, Postage and Mailing.......................... 40,000
* Appraisal and Business Plan Fees and Expenses.......... 20,000
* Accounting Fees and Expenses (including counsel fees).. 5,000
Conversion Agent and Proxy Solicitation Fees........... 6,000
* Filing Fees (NASD, OTS and SEC)........................ 10,000
* Other Expenses......................................... 10,000
----------
* Total.................................................. $ 151,000
----------
----------
- ------------------------
* Estimated
ITEM 26. RECENT SALES OF REGISTERED SECURITIES.
Not Applicable.
ITEM 27. EXHIBITS:
The exhibits filed as part of this registration statement are as follows:
2 Plan of Conversion*
3.1 Certificate of Incorporation of Landmark Financial Corp.*
3.2 Bylaws of Landmark Financial Corp.*
3.3 Charter of Landmark Community Bank*
3.4 Bylaws of Landmark Community Bank*
4 Form of Common Stock Certificate of Landmark Financial Corp.*
<PAGE>
5 Opinion of Luse Lehman Gorman Pomerenk & Schick, P.C. regarding legality
of securities being registered
8.1 Federal Tax Opinion of Luse Lehman Gorman Pomerenk & Schick, P.C.*
8.2 State Tax Opinion of Eric W. Montanye, CPA
8.3 Opinion of FinPro, Inc. with respect to Subscription Rights*
10 Employee Stock Ownership Plan*
23.1 Consent of Eric W. Montanye, CPA
23.2 Consent of FinPro, Inc.
24 Power of Attorney*
27 Financial Data Schedule*
99.1 Appraisal Agreement between Landmark Community Bank and FinPro, Inc.*
99.2 Appraisal Report of FinPro, Inc
99.3 Proxy Statement*
99.4 Marketing Materials*
99.5 Order and Acknowledgment Form*
99.6 Financial Advisor Agreement between Landmark Community Bank and
Trident Financial Corporation*
- ------------------------
* Previously filed.
ITEM 28. UNDERTAKINGS
The undersigned Registrant hereby undertakes:
(1) File, during any period in which it offers or sells securities, a
post-effective amendment to this registration statement to:
(i) Include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii) Reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
duration from the low or high and of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the Calculation of Registration Fee table
in the effective registration statement;
(iii) Include any additional or changed material information on the plan
of distribution.
(2) For determining liability under the Securities Act, treat each
post-effective amendment as a new registration statement of the securities
offered, and the offering of the securities at that time to be the initial
bona fide offering.
<PAGE>
(3) File a post-effective amendment to remove from registration any of the
securities that remain unsold at the end of the offering.
The small business issuer will provide to the underwriter at the closing
specified in the Underwriting Agreement certificates in such documentation and
registered in such names as required by the underwriter to permit prompt
delivery to each purchaser.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
small business issuer pursuant to the foregoing provisions, or otherwise, the
small business issuer has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act, and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the small
business issuer of expenses incurred or paid by a director, officer or
controlling person of the small business issuer in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the small business
issuer will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the
questions whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
<PAGE>
SIGNATURES
In accordance with the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements of filing on Form SB-2 and authorized this
registration statement to be signed on its behalf by the undersigned, in the
Town of Canajoharie, State of New York, on August 8, 1997.
Landmark Financial Corp.
(Registrant)
By: /s/ Gordon E. Coleman
-----------------------------
Gordon E. Coleman
Chief Executive Officer
(Duly Authorized Representative)
In accordance with the requirements of the Securities Act of 1933, this
registration statement was signed by the following persons in the capacities
and as of the dates stated.
Signatures Title Date
- ------------------------------ ------------------------------ -------------
/s/ Gordon E. Coleman Chief Executive Officer and August 8, 1997
- ------------------------------ Director
Gordon E. Coleman (Principal Executive
Officer)
/s/ Michael L. Countryman Acting Chief Financial Officer August 8, 1997
- ------------------------------ (Principal Financial and
Michael L. Countryman Accounting Officer
/s/ John R. Francisco Chairman of the Board August 8, 1997
- ------------------------------
John R. Francisco
/s/ Carl J. Rockefeller Vice Chairman of the Board August 8, 1997
- ------------------------------
Carl J. Rockefeller
/s/ Frederick LaCoppola Treasurer August 8, 1997
- ------------------------------
Frederick LaCoppola
/s/ Myron Walton Secretary August 8, 1997
- ------------------------------
Myron Walton
/s/ F. Richard Ferraro Director August 8, 1997
- ------------------------------
F. Richard Ferraro
/s/ Patricia A. Symolon Director August 8, 1997
- ------------------------------
Patricia A. Symolon
<PAGE>
As filed with the Securities and Exchange Commission on August 1, 1997
Registration No. 333-29793
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
EXHIBITS
TO
PRE-EFFECTIVE AMENDMENT NO. 1
TO THE FORM SB-2
REGISTRATION STATEMENT
___________________________
Landmark Financial Corp.
Canajoharie, New York
<PAGE>
EXHIBIT INDEX
2 Plan of Conversion*
3.1 Certificate of Incorporation of Landmark Financial Corp.*
3.2 Bylaws of Landmark Financial Corp.*
3.3 Charter of Landmark Community Bank*
3.4 Bylaws of Landmark Community Bank*
4 Form of Common Stock Certificate of Landmark Financial Corp.*
5 Opinion of Luse Lehman Gorman Pomerenk & Schick, P.C. regarding
legality of securities being registered
8.1 Federal Tax Opinion of Luse Lehman Gorman Pomerenk & Schick, P.C.*
8.2 State Tax Opinion of Eric W. Montanye, CPA
8.3 Opinion of FinPro, Inc. with respect to Subscription Rights*
10 Employee Stock Ownership Plan*
23.1 Consent of Eric W. Montanye, CPA
23.2 Consent of FinPro, Inc.
24 Power of Attorney*
27 Financial Data Schedule*
99.1 Appraisal Agreement between Landmark Community Bank and FinPro, Inc.*
99.2 Appraisal Report of FinPro, Inc.
99.3 Proxy Statement*
99.4 Marketing Materials*
99.5 Order and Acknowledgment Form*
99.6 Financial Advisor Agreement between Landmark Community Bank and Trident
Financial Corporation*
- -------------------------------
* Previously filed.
<PAGE>
EXHIBIT 5
<PAGE>
[Letterhead of Luse Lehman Gorman Pomerenk & Schick, P.C.]
(202) 274-2008
August 11, 1997
The Board of Directors
Landmark Community Bank
26 Church Street
Canajoharie, New York 13317-1117
Re: Landmark Financial Corp.
Common Stock Par Value $.10 Per Share
-------------------------------------
Gentlemen:
You have requested the opinion of this firm as to certain matters in
connection with the offer and sale (the "Offering") of the Landmark Financial
Corp. (the "Company") Common Stock par value $.10 per share ("Common Stock").
We have reviewed the Company's Certificate of Incorporation, Registration
Statement on Form SB-2 ("Form SB-2"), as well as applicable statutes and
regulations governing the Company and the offer and sale of the Common Stock.
We are of the opinion that upon the declaration of effectiveness of the
Form SB-2, the Common Stock, when sold, will be legally issued, fully paid and
non-assessable.
This Opinion has been prepared for the use of the Company in connection
with the Form SB-2. We hereby consent to our firm being referenced under the
caption "Legal and Tax Matters."
Very truly yours,
Luse Lehman Gorman Pomerenk & Schick
A Professional Corporation
By: /s/ Alan Schick
------------------------
Alan Schick Esq.
<PAGE>
EXHIBIT 8.2
<PAGE>
[letterhead]
June 11, 1997
CONFIDENTIAL
Board of Directors
Landmark Community Bank
26 Church Street
Canajoharie, New York 13117
Re: State Tax Consequences Relating to Conversion from
Mutual Savings Institution to Stock Savings Institution
Ladies and Gentlemen:
Per your request, following is my opinion relating to the state and
local tax consequences of the proposed conversion of Landmark Community Bank
(the "Bank") from a federally chartered mutual savings bank to a federally
chartered stock savings bank and the formation of a holding company parent,
Landmark Financial Corp. (the "Holding Company"), to purchase and hold the
stock of the newly-formed federally chartered stock bank (the "Stock Bank")
pursuant to the Plan of Conversion as adopted by the Bank on April 1, 1997
(the "Plan"). The scope of my opinion and the discussion contained herein are
limited to the following taxes:
- New York State Banking Franchise Tax
- New York State Sales or Use Tax
- New York State License Fee on Foreign Corporations
- New York State Stock Transfer Tax
- New York State Real Estate Transfer Tax
In formulating my opinion, I have examined such documents, corporate
records, and matters of law, as I have deemed necessary for the purposes of
this opinion. In such examination, I have assumed, and have not independently
verified, the authenticity of all original documents, the accuracy of all
copies and the genuineness of all signatures. I have further assumed the
absence of adverse facts not apparent from the face of the instruments and
documents I examined. As to various federal tax law issues and questions of
fact material to the opinions hereinafter set forth, I have relied on the
federal tax opinion prepared by Luse Lehman Gorman Pomerenk & Schick, a
Professional Corporation.
In addition, I have assumed, without investigation and without
expressing an opinion, that the Plan has been duly and validly authorized and
has been approved and adopted by the Bank's Board of Directors. My opinion
assumes that the Bank will comply with the terms and conditions of the Plan
and will properly implement the Plan. My opinion does not, and is not meant
to, address the effects of any variations from the Plan. Any variations may
affect the opinions I am rendering. My opinion is based on current New York
State laws, regulations thereunder and case law.
<PAGE>
Board of Directors
Landmark Community Bank
June 11, 1997
Page 2
Background
Landmark Community Bank, a federally chartered mutual savings bank
organized pursuant to federal law and operated in New York State, desires to
convert to a federal stock institution which similarly, will be organized
pursuant to federal law and operated in New York State. A Delaware holding
parent company will be formed to acquire and hold the stock of the federal
stock institution.
OPINION
New York State
A. New York State Banking Franchise Tax
For purposes of the New York State banking franchise tax, imposed by
Article 32 of the New York Tax Law, the proposed conversion will be tax-free
(NYS Tax Regulation Section 5-2.8(e)). The New York State banking franchise
tax is based on net income for federal income tax purposes, with some New
York modifications (Tax Law Section 1453 (a)). No adjustments to income are
provided with respect to transactions which are tax-free under Internal
Revenue Code Section 368(a)(1)(F). Thus, no gain or loss will be recognized
since the proposed conversion will constitute a tax-free reorganization
within the meaning of Section 368(a)(1)(F) of the Internal Revenue Code of
1986, as amended (the "Code" or "IRC"). It should be noted, however, that
the Holding Company will be subject to New York State banking franchise tax
and will be required to file a combined New York State banking franchise tax
return with the Stock Bank.
B. New York State Sales or Use Tax
For purposes of the New York State Sales or Use Tax, imposed by Article
28 of the New York Tax Law, the proposed conversion will be tax-free. New
York State places a tax on the sale or use of tangible personal property.
Although broadly defined, "tangible personal property" does not include
intangible personal property. Stock has been defined by New York case law as
intangible personal property. Thus, no tax liability will be incurred due to
the exclusion of stock from the definition of "tangible personal property".
C. New York State License and Maintenance Fees on Foreign Corporations
For purposes of the New York State license and maintenance fees on
foreign corporations, the proposed conversion will result in tax liability.
No liability will be incurred from the Stock Bank issuance of stock to
Holding Company, but a license fee will be imposed on the Holding Company.
An exemption exists for certain banking corporations as defined in Tax Law
Section 1452, but the Holding Company will be unable to qualify for the
exemption since the Holding Company will not be engaged in a "banking
business." As such, it will be subject to a license fee at a rate of
one-twentieth of one per centum (1/20%) of the apportioned par value of
shares issued by the foreign corporation (minimum fee is $10). This fee is a
one-time tax which would be imposed on any additional shares issued by the
Holding Company in the future. Furthermore, an annual maintenance fee of
$300.00 is imposed.
<PAGE>
Board of Directors
Landmark Community Bank
June 11, 1997
Page 3
D. New York State Stock Transfer Tax
For purposes of the New York State Stock transfer tax, imposed by
Article 12 of the New York Tax Law, the proposed conversion will be tax-free.
Case law holds that the tax does not apply to a corporation's original
issuance of stock. Thus, no tax will be imposed on the original issuance of
Bank's stock or Holding Company's stock.
E. New York State Real Estate Transfer Tax
For purposes of the New York State real estate transfer tax imposed by
Article 31 of the New York Tax Law, the proposed conversion may result in tax
liability. Every conveyance of an interest in real property is subject to the
tax, however, certain exemptions do exist. It should be noted that the
issue of whether a mutual to stock conversion with a publicly-traded foreign
holding company acquiring the stock of the stock institution qualifies as a
"mere change" exemption has not been decided under New York case law or tax
law regulations. Under current regulations and on the basis of private letter
rulings, a position may be taken that the proposed conversion will qualify as
a "mere change" exemption and be tax-free.
ANALYSIS
New York State
A. New York State Banking Franchise Tax
Section 1451 of Article 32 of the New York State Tax Law imposes,
annually, a franchise tax on every banking corporation for the privilege of
exercising its franchise or doing business in New York State in a corporate
or organized capacity.
Section 1455(a) of the Tax Law provides that the basic tax is nine
percent of the taxpayer's entire net income, or portion thereof allocated to
New York State, for the taxable year or part thereof.
Section 1452(a)(2) of the Tax Law provides that every corporation or
association organized under the laws of any other state or country which is
doing a banking business, anywhere, is a banking corporation.
Section 16-2.7 of the Franchise Tax on Banking Corporations Regulations
(hereinafter "Regulations") defines "doing business" as follows:
(a) The term "doing business" is used in a comprehensive sense and
includes all activities which occupy the time or labor of people
for profit. Every corporation organized for profit and carrying out
any of the purposes of its organization is deemed to be doing
business for purposes of the tax. In determining whether a
corporation is doing business, it is immaterial whether its
activities actually result in a profit or a loss.
(b) Whether a corporation is doing business in New York State is
determined by the facts in each case. Consideration is given to
such factors as:
<PAGE>
Board of Directors
Landmark Community Bank
June 11, 1997
Page 4
(1) the nature, continuity, frequency and regularity of the
activities of the corporation in New York State;
(2) the purposes for which the corporation was organized;
(3) the location of its offices and other places of business;
(4) the employment in New York State of agents, officers and
employees; and
(5) the location of the actual seat of management or control of the
corporation.
Further, Section 16-2.7(e) states that a corporation will not be deemed
to be doing business in New York State if its activities in New York State
are limited to such things as:
(1) occasionally acquiring a security interest in real or personal
property located in New York State without otherwise doing
business;
(2) occasionally acquiring title to property located in New York
State through the foreclosure of a security interest without
otherwise doing business ....
Given that the Bank and Holding Company will maintain headquarters and
officers in New York State, both entities will be subject to the tax. The
Holding Company will be required to file a combined New York State banking
franchise tax return with the Stock Bank. Permission must be requested from
New York State to file a combined return (20 NYCRR Section 21-2.5).
Although the entities will be subject to the New York State banking
franchise tax, the proposed conversion, taken as a single transaction will
not result in tax liability. The New York State banking franchise tax is
based on net income for federal income tax purposes with some New York
modifications.
Entire net income is defined in section 1453(a) of the Tax Law as
"total net income from all sources which shall be the same as the entire
taxable income (but not alternative minimum taxable income) ... which the
taxpayer is required to report to the United States treasury department ...
subject to the modifications and adjustments hereinafter provided." Section
1453(b) through (k) of the Tax Law and sections 18-2.3, 18-2.4 and 18-2.5 of
the Franchise Tax on Banking Corporations Regulations, promulgated
thereunder, provide for the modifications and adjustments required by section
1453(a) . However, there is no modification or adjustment applicable to a
transaction where, for Federal income tax purposes, the transaction
constitutes a tax-free exchange within the meaning of sections 351 and
368(a)(1)(F) of the IRC.
Additionally, Section 5-2.8(e) of the Article 9-A Regulations provides
that for purposes of this section, a disposition does not occur where
property is transferred from a corporation as part of a transaction to which
section 381(a) of the Internal Revenue Code applies; e.g., ... a
reorganization under ... section 368(a)(1)(A) (statutory merger or
consolidation) ... As there is no disposition in these cases, an add back is
not required provided that the property continues in qualified use and is
acquired by a corporation subject to tax under article 9-A. Therefore, for
purposes of section 1453 of the Tax Law, such transaction would be treated
the same as it is treated for Federal income tax purposes (Oswego City
Savings Bank March 31, 1995. Advisory Opinion, TSB-A-95(7)C, Advisory
Opinion, TSB-A-95(1)I, 3-31-95).
<PAGE>
Board of Directors
Landmark Community Bank
June 11, 1997
Page 5
B. New York State Sales and Use Tax
New York State imposes a sales and use tax on tangible personal property
and certain enumerated services. Tax Law Section 1101, et seq. The sales
tax is a transactions tax and is imposed on the receipts from the retail sale
of tangible personal property. However, Section 1101(b)(4) of the Tax Law
provides, in pertinent part, as follows:
(iii) The term "retail sale" does not include:
(A) The transfer of tangible personal property to a corporation,
solely in consideration for the issuance of its stock, pursuant
to a merger or consolidation effected under the law of New York
or any other jurisdiction.
Section 526.6(d) of the Sales and Use Tax Regulations provides, in part,
as follows:
(d) Exclusions relating to corporate and partnership transactions. (1)
The following transfers of property are not retail sales:
(i) The transfer of property to a corporation, solely in
consideration for the issuance of its stock, pursuant to a
merger or consideration effected under the law of New York or
any other jurisdiction.
Thus, the proposed conversion will be tax-free for purposes of the New
York State sales and use tax.
C. New York State License Fee on Foreign Corporations
New York State imposes a license fee on foreign corporations doing
business in the state. The tax is based on the foreign corporation's capital
structure and is separate from the corporate franchise tax. Tax Law Section
181 et seq. Furthermore, an annual maintenance fee of $300.00 is required.
Tax Law Section 181.2. The license tax and maintenance fee are imposed for
the privilege of exercising the corporation's franchise or carrying on
business in a corporate capacity in New York.
Additionally, section 181.1 of the Tax Law provides that a foreign
corporation must pay a license fee for the privilege of carrying on its
business in New York State. This fee is payable only once unless the capital
share structure changes or the amount of capital stock employed in New York
State has increased since the last license fee report, form CT-240, was
filed. Advisory opinion, TSB-A-91(14)C, May 28, 1991.
The Bank will be subject to a license fee at a rate of 5 cents on each
share of no par value stock and one-twentieth of one per centum (1/20%) of
the apportioned par value of shares issued by the foreign corporation. The
minimum fee is $10. This fee is a one-time tax and would be imposed on any
additional shares issued by the Holding Company in the future.
<PAGE>
Board of Directors
Landmark Community Bank
June 11, 1997
Page 6
D. New York State Stock Transfer Tax
New York State imposes a tax on the sale and transfer of shares of stock
on a transactional basis. Tax Law Section 270 et seq. The original issuance
of stock by a corporation is exempt from the tax. Terminals and
Transportation Corporation v. State, 169 Misc. 703, 8 N.Y.S.2d 282 affirmed
257 App. Div. 1028, 14 N.Y.S.2d 493 (1938). Furthermore, many State
Department of Taxation and Finance Opinions of Counsel confirm this
exemption. NYNEX, Advisory Opinion Petition No. M961003A. Accordingly, no
tax will be imposed on the original issuance of stock pursuant to the
proposed conversion.
E. New York State Real Estate Transfer Tax ("NYS RETT")
New York State imposes a transfer tax on conveyances of interest in
realty located within the state. Tax Law Section 1415. Every conveyance of
an interest in real property located in New York is subject to tax at the
time of transfer of $2.00 for each $500.00 (or fraction thereof) of
consideration given with an additional tax on conveyance of residential real
property, where the consideration is greater than $1,000,000.00. Included in
the definition of a taxable transfer is the transfer of a "controlling
interest" in an entity with New York State real property interests. Tax Law
Section 1440. A "controlling interest" is defined as ownership of fifty
percent or more of the combined voting power of the shares of a corporation
(Tax Law Section 1440.2).
The transfer of 100% of the Bank's stock to the Holding Company pursuant
to a proposed conversion will be deemed a transfer of a controlling interest
in the Bank (an entity with an interest in real property located in New York
State) and, thus, potentially subject to the New York State RETT.
Certain exemptions do apply. Tax Law, Section 1405(b)(6) state that to
the extent that a conveyance effectuates a mere change of identity or form of
ownership or organization and there is no change in beneficial ownership, the
real estate transfer tax does not apply.
Some support exists for the contention that the proposed conversion is
tax-free under the "mere change" exemption. Two private letter rulings have
held that the conversion to a mutual savings bank to a stock institution is
exempt from the real estate transfer taxes (the rulings primarily addressed
the repealed New York State Real Property Transfer Gains Tax but the analysis
is the same). It should be noted, however, that both private letter rulings
involved mergers of insolvent banks under IRC Section 368(a)(1)(g).
Nevertheless, the substantive reasoning behind the rulings appear to be
applicable to the proposed conversion. Also, an advisory opinion (Long
Shadow, Inc., February 14, 1990) has held that a tax-free reorganization
under IRC Section 368(a)(1)(D) was not subject to the real estate gains tax.
As such, there exists a strong position that the proposed conversion will
qualify as a "mere change" exemption and be tax-free.
The opinions set forth herein are based on current law, including
statutes, regulations, and judicial and administrative interpretations
thereof. Such statutes and regulations could be amended with retroactive
effect, and such interpretations could change. Additionally, the taxing
authorities could disagree with the conclusions contained in this opinion,
and no assurance can be given that such conclusions would be sustained by a
court, if these matters were contested.
<PAGE>
Board of Directors
Landmark Community Bank
June 11, 1997
Page 7
The opinions set forth herein do not, and are not meant to, address the
tax return filing requirements of New York State. If I can be of further
assistance in the preparation and filing of the relevant state and local tax
returns, please do not hesitate to contact me.
The opinions set forth herein are furnished solely for the benefit of
the Board of Directors of Landmark Community Bank in connection with the
proposed conversion and is not to be relied upon or used for any other
purposes without my prior written consent.
/s/ Eric W. Montanye, CPA
<PAGE>
EXHIBIT 23.1
<PAGE>
[LETTERHEAD]
ACCOUNTANT'S CONSENT
The Board of Directors
Landmark Community Bank
I consent to the use in the Registration Statement of Landmark Financial
Corp. on Form SB-2 and the Application for Conversion on Form AC of my report
dated May 8, 1997, on the Financial statements of Landmark Community Bank as
of March 31, 1997 and 1996, and for the fiscal years ended March 31, 1997 and
1996, and to the references to me under the headings "Legal and Tax Matters"
and "Experts" in the related prospectus.
/s/ Eric W. Montanye, CPA
Albany, New York
August 8, 1997
<PAGE>
[Letterhead of FinPro, Inc.]
August 11, 1997
Board of Directors
Landmark Community Bank
26 Church Street
Canajoharie, New York 13317-1117
Dear Board Members:
We hereby consent to the use of our firm's name, FinPro, Inc. ("FinPro") in the
Form SB-2 Registration Statement and Amendments thereto of Landmark Financial
Corp. so filed with the Securities and Exchange Commission, the Form AC
Application for Conversion and the prospectus included therein filed by
Landmark Community Bank and any amendments thereto, for the Valuation
Appraisal Report ("Report") regarding the valuation of Landmark Community
Bank provided by FinPro, and our opinion regarding subscription rights filed
as exhibits to the Form SB-2 and Form AC referred to above. We also consent
to the use of our firm's name and the inclusion of, summary of and references
to our Report and Opinion in the prospectus included in the Form SB-2, and
any amendments thereto.
Very Truly Yours,
/s/ Donald J. Musso
--------------------
Donald J. Musso
Liberty Corner, New Jersey
August 11, 1997
<PAGE>
Table of Contents
Landmark Financial Corp.
Canajoharie, New York
<TABLE>
<S> <C>
INTRODUCTION............................................................... 1
1. OVERVIEW AND FINANCIAL ANALYSIS........................................ 3
General Overview....................................................... 3
Strategic Direction.................................................... 4
Balance Sheet Trends................................................... 6
Loan Portfolio......................................................... 9
Securities............................................................. 12
Investments and Mortgage-Backed Securities............................. 13
Asset Quality.......................................................... 15
Funding Composition.................................................... 18
Asset/Liability Management............................................. 21
Net Worth and Capital.................................................. 22
Income and Expense Trends.............................................. 23
Subsidiaries........................................................... 27
Legal Proceedings...................................................... 27
2. MARKET AREA ANALYSIS................................................... 28
Branch Facilities...................................................... 28
Market Area Demographics............................................... 29
Market Area Deposit Characteristics.................................... 32
3. COMPARISONS WITH PUBLICLY TRADED THRIFTS............................... 34
Introduction........................................................... 34
Selection Screens...................................................... 34
Selection Criteria .................................................... 36
Comparable Group Profiles.............................................. 38
Corporate Data......................................................... 43
Key financial Data .................................................... 44
Capital Data........................................................... 45
Asset Quality Data..................................................... 46
Profitability Data..................................................... 47
Income Statement Data.................................................. 48
Growth Data............................................................ 49
Market Capitalization Data............................................. 50
Dividend Data.......................................................... 51
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Pricing Data........................................................... 52
4. MARKET VALUE DETERMINATION............................................. 53
Introduction........................................................... 53
Financial Strength..................................................... 54
Earnings Quality, Predictability and Growth............................ 56
Market area............................................................ 60
Management............................................................. 61
Dividends.............................................................. 62
Liquidity of the Issue................................................. 63
Subscription Interest.................................................. 64
Recent Regulatory matters.............................................. 65
Market for Seasoned Thrift Stocks...................................... 66
Acquisition Market.................................................... 70
Adjustments to value................................................... 78
Valuation Approach..................................................... 79
Valuation Conclusion................................................... 82
</TABLE>
<PAGE>
List of Figures
Landmark Financial Corp.
Canajoharie, New York
<TABLE>
<S> <C>
FIGURE 1 - CURRENT BRANCH LIST............................................. 3
FIGURE 2 - BRANCH MAP...................................................... 3
FIGURE 3 - HISTORICAL TIMELINE............................................. 4
FIGURE 4 - ASSET AND RETAINED EARNINGS CHART............................... 6
FIGURE 5 - AVERAGE YIELDS AND COSTS........................................ 7
FIGURE 6 - KEY BALANCE SHEET DATA.......................................... 8
FIGURE 7 - LOAN MIX AS OF MARCH 31, 1997 CHART............................. 9
FIGURE 8 - NET LOANS RECEIVABLE CHART...................................... 10
FIGURE 9 - LOAN MIX........................................................ 11
FIGURE 10 - SECURITIES CHART............................................... 12
FIGURE 11 - INVESTMENT AND MORTGAGE-BACKED SECURITIES MIX................. 13
FIGURE 12 - INVESTMENT PORTFOLIO MATURITY.................................. 14
FIGURE 13 - NON-PERFORMING ASSETS CHART.................................... 15
FIGURE 14 - NON-PERFORMING LOANS........................................... 16
FIGURE 15 - ALLOWANCE FOR POSSIBLE LOAN AND LEASE LOSSES CHART............. 17
FIGURE 16 - DEPOSIT MIX.................................................... 18
FIGURE 17 - DEPOSIT TREND CHART............................................ 19
FIGURE 18 - TIME DEPOSITS MATURITY SCHEDULE................................ 20
FIGURE 19 - NPV ANALYSIS CHART............................................. 21
FIGURE 20 - CAPITAL ANALYSIS............................................... 22
FIGURE 21 - NET INCOME CHART............................................... 23
FIGURE 22 - SPREAD AND MARGIN CHART........................................ 24
FIGURE 23 - INCOME STATEMENT TRENDS........................................ 25
FIGURE 24 - PROFITABILITY TREND CHART...................................... 26
FIGURE 25 - MARKET AREAS................................................... 28
FIGURE 26 - BRANCH FACILITY TABLE.......................................... 28
FIGURE 27 - TARGET MARKET TABLE............................................ 29
FIGURE 28 - MARKET AREA MAP................................................ 29
FIGURE 29 - DEMOGRAPHIC CHARACTERISTICS TABLE.............................. 30
FIGURE 30 - HOUSING DEMOGRAPHICS TABLE..................................... 31
FIGURE 31 - MARKET AREA DEPOSITS TABLE..................................... 32
FIGURE 32 - DEPOSIT TRENDS TABLE.......................................... 33
FIGURE 33 - KEY FINANCIAL INDICATORS....................................... 41
FIGURE 34 - COMPARABLE CORPORATE DATA...................................... 43
FIGURE 35 - COMPARABLE KEY FINANCIAL DATA.................................. 44
FIGURE 36 - COMPARABLE CAPITAL DATA........................................ 45
FIGURE 37 - COMPARABLE ASSET QUALITY DATA.................................. 46
FIGURE 38 - COMPARABLE PROFITABILITY DATA.................................. 47
FIGURE 39 - COMPARABLE INCOME STATEMENT DATA............................... 48
FIGURE 40 - COMPARABLE GROWTH DATA......................................... 49
FIGURE 41 - COMPARABLE MARKET CAPITALIZATION DATA.......................... 50
FIGURE 42 - COMPARABLE DIVIDEND DATA....................................... 51
FIGURE 43 - COMPARABLE PRICING DATA........................................ 52
FIGURE 44 - NET INCOME CHART............................................... 57
FIGURE 45 - ITEMIZATION OF NET INCOME ADJUSTMENTS.......................... 58
FIGURE 46 - SPREAD AND MARGIN CHART........................................ 58
FIGURE 47 - SNL THRIFT INDEX CHART......................................... 66
</TABLE>
<PAGE>
<TABLE>
<S> <C>
FIGURE 48 - HISTORICAL SNL INDEX........................................... 67
FIGURE 49 - EQUITY INDICES................................................. 68
FIGURE 50 - HISTORICAL RATES............................................... 69
FIGURE 51 - DEALS FOR LAST FIVE QUARTERS................................... 70
FIGURE 52 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO BOOK............ 71
FIGURE 53 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO TANGIBLE BOOK... 72
FIGURE 54 - THRIFT ACQUISITION MULTIPLES, PRICE TO EARNINGS................ 73
FIGURE 55 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO ASSETS.......... 74
FIGURE 56 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO DEPOSITS........ 75
FIGURE 57 - DEAL MULTIPLES................................................. 76
FIGURE 58 - NEW YORK THRIFT ACQUISITION TABLE.............................. 76
FIGURE 59 - VALUE RANGE OFFERING DATA...................................... 80
FIGURE 60 - COMPARABLE PRICING MULTIPLES................................... 81
FIGURE 61 - RECENT STANDARD CONVERSION MULTIPLES........................... 81
</TABLE>
<PAGE>
List of Exhibits
Landmark Financial Corp.
Canajoharie, New York
Exhibit
- -------
1 Consolidated Balance Sheets
2 Consolidated Statements of Income
3 Consolidated Statements of Equity Capital
4 Consolidated Statements of Cash Flows
5 Selected Market Data - All Public Thrifts
6 Market Multiples - Comparables
7 Selected Market Data - 1996-to-Date Standard Conversions
8 Pro-Forma Appraisal Calculation - Offering Circular 3/31/97 unadjusted data
9 Pro-Forma Appraisal Calculation - Appraisal 3/31/97 adjusted data
10 Profile of Finpro, Inc.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 1
- -------------------------------------------------------------------------
Introduction
This report represents FinPro, Inc.'s ("FinPro") independent appraisal of the
estimated pro-forma market value of the common stock ( the "Common Stock") of
Landmark Financial Corp. (the "Holding Company") in connection with the Plan
of Conversion ("Conversion") of Landmark Community Bank ("Landmark" or the
"Bank") from a federally chartered mutual savings bank to a federally
chartered stock savings bank. Pursuant to the Plan of Conversion, (i)
Landmark will convert from a federally chartered savings bank organized in
mutual form to a federally chartered savings bank organized in the stock
form, (ii) Landmark will sell its capital stock to the Holding Company, a
Delaware Corporation, and become a wholly owned subsidiary of the Holding
Company, and (iii) the Holding Company will offer and sell shares of its
common stock in a subscription and community offering.
It is our understanding that the Company will offer its stock in a
subscription and community offering to the Bank's Eligible Account Holders,
to the Bank's ESOP, to Supplemental Eligible Account Holders of the Bank, to
Other Participants, to the board members, officers and employees of the Bank,
and to the community. This appraisal has been prepared in accordance with
Regulation 563b.7 and with the "Guidelines for Appraisal Reports for the
Valuation of Savings and Loan Associations Converting from Mutual to Stock
Form of Organization" of the Office of Thrift Supervision ("OTS") which have
been adopted in practice by the Federal Deposit Insurance Corporation
("FDIC"), including the most recent revisions as of October 21, 1994, and
applicable regulatory interpretations thereof.
In the course of preparing our report, we reviewed the audited financial
statements of the Bank's operations for the twelve month period ended March
31, 1997 and the Bank's operations and financials for the prior two year
period. We also reviewed the Bank's Application for Approval of Conversion
including the Proxy Statement and the Company's Form S-1 registration
statement as filed with the Securities and Exchange Commission ("SEC"). We
have conducted due diligence analysis of the Bank and the Company
(hereinafter, collectively referred to as "the Bank") and held due diligence
related discussions with the Bank's management and board, Harvazinski &
Montanye, LLP (the Bank's independent audit firm), Luse Lehman Gorman
Pomerenk & Schick (the Bank's special counsel), and Trident Securities (the
Bank's marketing advisor). The valuation parameters set forth in the
appraisal were predicated on these discussions but all conclusions related to
the valuation were reached and made independent of such discussions.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 2
- -------------------------------------------------------------------------
Where appropriate, we considered information based upon other publicly
available sources, which we believe to be reliable; however, we cannot
guarantee the accuracy or completeness of such information. We visited
Landmark's primary market area and reviewed the market area economic
condition. We also reviewed the competitive environment in which Landmark
operates and its relative strengths and weaknesses. We compared Landmark's
performance with selected publicly traded thrift institutions. We reviewed
conditions in the securities markets in general and in the market for savings
institutions in particular. Our analysis included a review of the estimated
effects of the Conversion on Landmark, operation and expected financial
performance as they related to Landmark's estimated pro-forma value.
In preparing our valuation, we relied upon and assumed the accuracy and
completeness of financial and other information provided to us by Landmark
and its independent accountants. We did not independently verify the
financial statements and other information provided by Landmark and its
independent accountants, nor did we independently value any of Landmark's
assets or liabilities. This estimated valuation considers Landmark only as a
going concern and should not be considered as an indication of its
liquidation value.
Our valuation is not intended, and must not be construed, to be a
recommendation of any kind as the advisability of purchasing shares of Common
Stock in the Conversion. Moreover, because such valuation is necessarily
based upon estimates and projections of a number of matters, all of which are
subject to change from time to time, no assurance can be given that persons
who purchase shares of Common Stock in the Conversion will thereafter be able
to sell such shares at prices related to the foregoing valuation of the
pro-forma market value thereof. FinPro is not a seller of securities within
the meaning of any federal or state securities laws and any report prepared
by FinPro shall not be used as an offer or solicitation with respect to the
purchase or sale of any securities.
The estimated valuation herein will be updated as appropriate. These updates
will consider, among other factors, any developments or changes in Landmark
financial condition, operating performance, management policies and
procedures, and current conditions in the securities market for thrift
institution common stock. Should any such developments or changes, in our
opinion, be material to the estimated pro-forma market value of Landmark,
appropriate adjustments to the estimated pro-forma market value will be made.
The reasons for any such adjustments will be explained at that time.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 3
- -------------------------------------------------------------------------
1. Overview and Financial Analysis
GENERAL OVERVIEW
The Bank, after the Reorganization, will be a federally chartered stock
savings bank headquartered in Canajoharie, New York. The Bank maintains one
branch office located in Montgomery County as follows:
FIGURE 1 - CURRENT BRANCH LIST
County Office Town
- --------------------------------------------------------------------------------
Montgomery 26 Church Street Canajoharie
The branch distribution map follows:
FIGURE 2 - BRANCH MAP
[MAP OF MONTGOMERY COUNTY APPEARS HERE]
The Bank is regulated by the OTS. The Bank's deposits are insured up to the
maximum by the Savings Association Insurance Fund ("SAIF") of the FDIC.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 4
- -------------------------------------------------------------------------
The Bank was founded in 1925. Additional notable events include:
Figure 3 - Historical Timeline
1925 The Canajoharie Building Savings and Loan Association was established.
1972 The Bank moved to its present location and purchased the building.
1984 The Bank converted from a manual posting system to a data processing
system.
1992 Connecticut Online became the Bank's data processor.
1997 The Bank changed its name from Canajoharie Building Savings and Loan
Association to Landmark Community Bank.
The Bank initiated conversion from a mutual savings bank to a stock
institution through a planned IPO.
As of March 31, 1997, the Bank had $11.3 million in assets, $10.2 million in
deposits and $956 thousand in equity, or 8.44% of period end assets.
STRATEGIC DIRECTION
The Bank has operated as a community oriented savings institution since
inception, accepting retail consumer deposits and investing those funds in
residential one-to-four family loans within its primary market area. To a
significantly lesser extent, the Bank invests in home equity, home
improvement, account, and commercial loans. The Bank's balance sheet has
increased by 38.12% or $3.1 million from March 31, 1993 to March 31, 1997.
Since March 31, 1993, the asset mix has changed with total net loans
increasing from $6.2 million, or 75.3% of total assets, to $9.4 million, or
82.9% of total assets, at March 31, 1997. During the same period of time,
mortgage-backed and investment securities increased from $398 thousand or
4.85% of assets to $855 thousand or 7.55% of total assets at March 31, 1997.
On the liability side, deposits increased by $2.9 million, or 41.16%, from
$7.3 million at March 31, 1993 to $10.2 million at March 31, 1997. Retained
earnings increased by $146 thousand, or 18.02%, during the same period.
The overall objective is to build core deposits through existing and
potential new branch locations.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 5
- -------------------------------------------------------------------------
The Bank has retained a sharp focus on its local communities and remains
committed to serve the communities in which it has a presence.
The Bank's loan portfolio is relatively one dimensional and the Bank adheres
to a high level of underwriting standards.
The Bank's income, as a result of its traditional thrift emphasis, is heavily
dependent on its interest rate spread and net interest margin. Non-interest
income provides a very modest contribution to the Bank's bottom line, and
operating expenses have been tightly controlled. As a result of the modest
level of interest rate risk and competitive market pressures, the Bank has
experienced a decrease in its interest rate spread and net interest margin
during the last few years. Without balance sheet growth, Management believes
that earnings will continue to stagnate and further decline, regardless of
interest rate movements either up or down. As such, the strategic plan has
the following major thrusts:
1. Complete the public issuance to raise capital to fund growth
opportunities and to strengthen the capital position of the Bank;
2. Leverage the balance sheet to enhance net interest income and to fully
utilize the Bank's cost structure;
3. Target core deposit growth including the possibility of a de-novo
branch;
4. Continue to emphasize real estate and consumer (primarily auto) loans.
To facilitate growth, the Bank plans to emphasize checking accounts on the
deposit side and to expand its product mix on the asset side.
At March 31, 1997 the Bank had $235 thousand or 2.3% of total deposits in
checking accounts and an additional $3.9 million or 37.92% in passbook
accounts. To foster further growth, the Bank plans on expanding the
commercial checking accounts.
The shift in the loan mix is reflective of the shortage of bankable assets
and the availability of those types of loan products in the market that the
Bank serves.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 6
- -------------------------------------------------------------------------
BALANCE SHEET TRENDS
Total assets declined through March 31, 1996, but increased in 1997 by 48.9%.
The increase was internally generated loan growth of $3.9 million or 69.9%.
[Figure 4 - Asset and Retained Earnings Chart]
<TABLE>
<CAPTION>
At March 31,
----------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
(dollars in thousands)
<S> <C> <C> <C> <C> <C>
Assets................................... 8,202 8,212 7,628 7,606 11,326
Retained Earnings........................ 379 389 401 411 956
</TABLE>
<PAGE>
The actual and average balance sheet, as of March 31, 1997, and the average
balance sheet for March 31, 1996 are shown in the following table. As the
table illustrates, on an average basis, the Bank's net interest margin
decreased from 4.08% in 1996 to 3.78% in 1997. The higher cost of funds
during 1997 was due to the national CD program implemented to fund the loan
growth.
Figure 5 - Average Yields and Costs
<TABLE>
<CAPTION>
Twelve Months Ended March 31,
At March 31 --------------------------------
1997 1997
----------------------- --------------------------------
Outstanding Average Interest
Balance Yield/Rate Balance Earned/Paid Yield/Rate
----------- ---------- ------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Interest-earning assets:
Loans receivable(1).............................. $ 9,392 8.78% $6,960 $ 585 8.41%
Mortgage-backed securites........................ 257 8.97% 290 26 8.97%
Investment securities............................ 598 6.87% 393 27 6.87%
FHLB stock....................................... 59 6.35% 61 4 6.56%
Interest bearing deposits........................ 120 6.50% 846 46 5.44%
----------- ------- -----------
Total interest-earning assets(1)............... $10,426 8.62% 8,550 688 8.05%
----------- ------- -----------
Interest-bearing liabilities:
Interest-bearing checking........................ 235 1.75% 63 1 1.59%
Passbook accounts................................ 3,584 3.00% 3,703 108 2.92%
Certificate accounts............................. 6,120 5.70% 3,870 217 5.61%
----------- ------- ------- ----------- -------
Total interest bearing liabilities............. 9,939 4.62% 7,636 326 4.27%
----------- ------- -----------
Net interest income............................... $ 362
-----------
-----------
Net interest rate spread.......................... 4.00% 3.78%
---------- ----------
---------- ----------
Net earning assets................................ $ 487 $ 914
----------- -------
----------- -------
Net Yield on average interest-earnings assets..... 4.23%
-----------
-----------
Average interest-earning assets to average
interest-bearing liabilities..................... 1.12x
-----------
-----------
Twelve Months Ended March 31,
--------------------------------
1996
--------------------------------
Average Interest
Balance Earned/Paid Yield/Rate
------- ----------- ----------
<C> <C> <C>
Interest-earning assets:
Loans receivable(1).............................. $5,866 $ 516 8.80%
Mortgage-backed securites........................ 249 22 8.84%
Investment securities............................ 314 19 6.05%
FHLB stock....................................... 64 5 7.81%
Interest bearing deposits........................ 1,178 60 5.09%
------- -----------
Total interest-earning assets(1)............... 7,671 622 8.11%
------- -----------
Interest-bearing liabilities:
Interest-bearing checking........................ -- -- 0.00%
Passbook accounts................................ 4,185 126 3.01%
Certificate accounts............................. 2,517 144 5.72%
------- ----------- -------
Total interest bearing liabilities............. 6,702 270 4.03%
------- -----------
Net interest income.............................. $ 352
-----------
-----------
Net interest rate spread.......................... 4.08%
---------
---------
Net earning assets................................ $ 969
-------
-------
Net Yeild on average interest-earnings assets..... 4.59%
-----------
-----------
Average interest-earning assets to average
interest-bearing liabilities..................... 1.14x
-----------
-----------
</TABLE>
(1) Calculated net of deferred loan fees, loan discounts, loans in process
and loss reserves.
Source: Offering Prospectus
<PAGE>
The following table sets forth certain information concerning the financial
position of the Bank at the dates indicated.
Figure 6 - Key Balance Sheet Data
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
At March 31,
----------------------------------------------------------
Selected Financial Condition Data 1997 1996 1995 1994 1993
- --------------------------------- ---------- ---------- ---------- ---------- ----------
Total assets $ 11,326 $ 7,606 $ 7,628 $ 8,212 $ 8,200
Cash and cash equivalents 709 1,351 881 1,495 1,413
Loans receivable, net 9,392 5,528 6,267 6,248 6,178
Trading account securities 69 - - - -
Mortgage-backed securities:
Held to maturity 257 340 206 255 319
Investment securities:
Held to maturity 200 - - - -
Available for sale 398 241 134 2 79
FHLB stock 59 64 64 64 61
Deposits 10,237 6,465 6,518 7,228 7,252
Advances by borrowers for taxes and insurance 107 95 155 148 127
Retained earnings - substantially restricted 956 411 401 389 379
Retained earnings - unrestricted - 582 506 435 431
</TABLE>
Source: Offering Prospectus
<PAGE>
LOAN PORTFOLIO
At March 31, 1997, the Bank's loan portfolio consisted primarily (74.9%) of
first mortgage loans secured by one-to-four family properties. To a much
lesser extent, the Bank maintained a personal l portfolio, consisting
primarily of auto loans, (16.2%) and a commercial lending portfolio (6.1%).
March 31, 1997, the Bank's loan portfolio consisted primarily (74.9%) of
first mortgage loans secured by one
Figure 7 - Loan Mix as of March 31, 1997 Chart
<TABLE>
<S> <C>
One-to-four family 74.9%
Commercial loans 6.1%
Property improvements 0.3%
Passbook loans 2.4%
Personal loans 16.2%
</TABLE>
Source: Offering Prospectus
<PAGE>
As of March 31, 1997, the Bank had a total net loan portfolio of $9.4 million
or 82.9% of period end assets.
Figure 8 - Net Loans Receivable Chart
<TABLE>
<CAPTION>
At March 31,
----------------------------------------------
1993 1994 1995 1996 1997
------ ------ ------ ------ ------
(dollars in thousands)
<S> <C> <C> <C> <C> <C>
Low receivable, net $6,178 $6,248 $6,267 $5,528 $9,392
Net loans to assets 75.0% 76.1% 82.2% 72.7% 82.9%
</TABLE>
Source: Offering Prospectus
<PAGE>
The Bank decreased its reliance on one-to-four family during the fiscal year
ending March 31, 1997, decreasing the ratio to total loans from 95.5% to 74.9%.
The largest increases in the other portfolio elements occurred in personal
loans.
Figure 9 - Loan Mix
<TABLE>
At March 31,
------------------------------------------------------------------------------------
1997 1996 1995 1994
------------------ ------------------ ------------------ ------------------
$ % $ % $ % $ %
-------- ------ -------- ------ -------- ------ -------- ------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Real Estate Loans:
One-to-four family.............. $ 7,185 74.93% $ 5,312 95.54% $ 6,218 95.59% $ 6,207 94.71%
Commercial........................ 392 4.09% -- 0.00% -- 0.00% -- 0.00%
Construction or development....... -- 0.00% -- 0.00% -- 0.00% -- 0.00%
-------- ------ -------- ------ -------- ------ -------- ------
Total real estate loans......... 7,577 79.02% 5,312 95.54% 6,218 95.59% 6,207 94.71%
-------- ------ -------- ------ -------- ------ -------- ------
Other Loans:
Consumer Loans:
Property improvement.......... 30 0.31% 56 1.01% 45 0.69% 29 0.44%
Passbook loans................ 229 2.39% 123 2.21% 154 2.37% 105 1.60%
Personal loans................ 1,558 16.25% 69 1.24% 88 1.35% 99 1.51%
Education loans............... -- 0.00% -- 0.00% -- 0.00% 114 1.74%
-------- ------ -------- ------ -------- ------ -------- ------
Total consumer loans............ 1,817 18.95% 248 4.46% 287 4.41% 347 5.29%
Commercial business loans......... 195 2.03% -- 0.00% -- 0.00% -- 0.00%
-------- ------ -------- ------ -------- ------ -------- ------
Total loans....................... 9,589 100.00% 5,560 100.00% 6,505 100.00% 6,554 100.00%
Less:
Loans in process................ (87) -- --
Allowance for losses............ (110) (32) (32) (32)
-------- -------- -------- --------
Total loans receivable, net....... $ 9,392 $ 5,528 $ 6,473 $ 6,502
-------- -------- -------- -------
-------- -------- -------- -------
</TABLE>
Source: Offering Prospectus
11
<PAGE>
SECURITIES
The total securities portfolio of the Bank increased from $398 thousand or 4.85%
of total assets at March 31, 1993 to $855 thousand or 7.55% of total assets at
March 31, 1997.
Figure 10 - Securities Chart
At March 31,
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
Investment Securities, AFS......... 79 2 134 241 398
MBS, HTM........................... 319 255 206 340 257
Investment Securities, HTM......... -- -- -- -- 200
Source: Offering Prospectus
12
<PAGE>
INVESTMENTS AND MORTGAGE-
BACKED SECURITIES
At 54.82%, the majority of the investment portfolio is classified as
available-for-sale at March 31, 1997. However, the entire Mortgage-Backed
Security portfolio is classified as held-to-maturity.
Figure 11 - Investment and Mortgage-Backed Securities Mix
<TABLE>
<CAPTION>
At March 31
------------------------------------------
1997 1996
-------------------- ------------------
Book % of Book % of
Value Total Value Total
------- -------- ------- -------
(Dollars in Thousands)
<S> <C> <C> <C> <C>
Investment securities held to maturity:
Federal agency obligations........................... $ 200 27.55% $ -- 0.00%
Investment securities available for sale:
U.S. Government securities........................... 398 54.82% -- 0.00%
Federal agency obligations........................... -- 0.00% 200 65.57%
Equity securities.................................... -- 0.00% 41 13.44%
------- -------- ------- -------
Subtotal............................................ 598 82.37% 241 79.02%
Trading account security.............................. 69 9.50% -- 0.00%
FHLB stock............................................ 59 8.13% 64 20.98%
------- -------- ------- -------
Total investment securities and FHLB stock........... $ 726 100.00% $ 305 100.00%
------- -------- ------- -------
------- -------- ------- -------
Average remaining life of debt securities............. 4.25 years 1.4 years
Other interest-earning assets:
Interest-bearing deposits with banks................. $ 120 100.00% $ 1,231 100.00%
Federal funds sold................................... -- 0.00% -- 0.00%
------- -------- ------- -------
Total............................................... $ 120 100.00% $ 1,231 100.00%
------- -------- ------- -------
------- -------- ------- -------
Mortgage-backed securities held to maturity
GNMA................................................. $ 267 103.89% $ 351 103.24%
Mortgage-backed securities available for sale
GNMA................................................. -- 0.00% -- 0.00%
Unamortized premium (discounts), net.................. (10) -3.89% (11) -3.24%
------- -------- ------- -------
Total mortgage-backed securities..................... $ 257 100.00% $ 340 100.00%
------- -------- ------- -------
------- -------- ------- -------
</TABLE>
Source: Offering Prospectus
13
<PAGE>
Figure 12 - Investment Portfolio Maturity
<TABLE>
<CAPTION>
As of March 31, 1997
----------------------------------------------------------------------------
One Year One to Five Five to Ten More than Total Investment
or Less Years Years Ten Years Securities
-------- ----------- ----------- --------- -----------------
Book Book Book Book Book Market
Value Value Value Value Value Value
-------- ----------- ----------- --------- ----- ------
(Dollars in Thousands)
<S> <C> <C> <C> <C> <C> <C>
U.S. government securities........ $ -- $399 $-- $ -- $399 $398
Federal agency securities......... -- 100 -- 100 200 197
Mortgage-backed securities........ -- 16 29 212 257 248
-------- ----------- ----------- -------- ------ ------
Total investment securities....... $ -- $515 $29 $312 $856 $843
-------- ----------- ----------- -------- ------ ------
-------- ----------- ----------- -------- ------ ------
Weighted average yield............ 0.00% 6.27% 8.04% 9.13% 7.37% 7.45%
-------- ----------- ----------- -------- ------ ------
-------- ----------- ----------- -------- ------ ------
</TABLE>
Source: Offering Prospectus
14
<PAGE>
ASSET QUALITY
At March 31, 1997, the Bank had $47 thousand in non-performing loans and no REO.
Figure 13 - Non-Performing Assets Chart
Year Ended March 31,
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
(Dollars in thousands)
Non-Deferring Loans................ $47 $0 $0 $0 $0
Non-Deferring Loan to Period End
Assets............................ .41% 0% 0% 0% 0%
Source: Offering Prospectus
15
<PAGE>
At March 31, 1997 the Bank's non-performing loans to total loans ratio was
0.49%. Total non-performing assets (non-accrual loans plus REO) to total asset
ratio was 0.41%.
Figure 14 - Non-Performing Loans
At March 31, 1997
($ in thousands)
Non-performing loans $47
Real estate owned, net $0
Total non-performing assets $47
Non-performing loans as a percentage of total loans 0.49%
Non-performing assets to total assets 0.41%
Source: Offering Prospectus
16
<PAGE>
The Bank's allowance for loan and lease losses ("ALLL") remained level from 1993
to 1996. During the twelve months ending March 31, 1997, the ALLL increased $78
thousand to $110 thousand to be consistent with the loan growth during the same
period. At March 31, 1997, the Bank's ratios of ALLL to loans was 1.17% and
ALLL to total non-performing assets was 234.04%.
Figure 15 - Allowance for Possible Loan and Lease Losses Chart
At March 31
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
(Dollars in thousands)
ALL................................ $31 $32 $32 $32 $110
ALL+NPA............................ 0% 0% 0% 0% 235.32%
Source: Offering Prospectus
17
<PAGE>
FUNDING COMPOSITION
Historically, the Bank has relied on specific product and price promotions to
attract and retain deposits. As such, market interest rates and rates
offered by competitive institutions significantly affect the Bank's ability
to attract and retain deposits. For the twelve months ending March 31, 1997
the Bank's average deposit mix is as follows:
Figure 16 - Deposit Mix
<TABLE>
<CAPTION>
Weighted Amount Amount
Category Avg Interest 3/31/97 % of 3/31/96 % of
Rate $ In 000's Deposits $ in 000's Deposits
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Checking Accounts 1.75% $ 235 2.30% $ -- 0.00%
Passbook Accounts 3.00% 3,882 37.92% 3,683 56.97%
Total Core Deposits 2.93% 4,117 40.22% 3,683 56.97%
Certificate of Deposits 5.70% 6,120 59.78% 2,782 43.03%
- -------------------------------------------------------------------------------------------------------
Total 4.59% 10,237 100.00% $ 6,465 100.00%
- --------------------------------------------------------------------------------------------------------
</TABLE>
Source: Offering Prospectus
As the figure above highlights, the Bank is dependent on time deposits
(certificates of deposit) which tend to be rate sensitive instruments.
<PAGE>
Deposits, decreasing from 1993 to 1996, grew by $3.8 million during the twelve
months ending March 31, 1997 due to the implementation of a national CD program
and interest bearing checking.
Figure 17 - Deposit Trend Chart
At March 31,
---------------------------------------
1993 1994 1995 1996 1997
------ ------ ------ ------ -------
(Dollars in thousands)
Total Deposits ................... $7,252 $7,228 $6,518 $6,465 $10,237
Borrowed Funds ................... $ 0 $ 0 $ 0 $ 0 $ 0
Source: Offering Prospectus
19
<PAGE>
Figure 18 - Time Deposits Maturity Schedule
Total Weighted Percent
Balance Average Rate of Total
-------- ------------ --------
Certificate accounts maturing in
quarter ending:
June 30, 1997....................... $ 370 5.07% 6.05%
September 30, 1997.................. 544 5.11% 8.89%
December 31, 1997................... 728 5.45% 11.90%
March 31, 1998...................... 234 5.56% 3.82%
June 30, 1998....................... 233 5.40% 3.81%
September 30, 1998.................. 1,058 5.97% 17.29%
December 31, 1998................... 408 5.68% 6.67%
March 31, 1999...................... 811 4.70% 13.25%
June 30, 1999....................... 1 5.25% 0.02%
September 30, 1999.................. 135 5.97% 2.21%
December 31, 1999................... 192 5.92% 3.14%
March 31, 2000...................... 605 6.39% 9.89%
June 30, 2000....................... 236 7.12% 3.86%
Thereafter.......................... 565 6.69% 9.23%
-------- ------------ --------
Total............................ $ 6,120 5.70% 100.00%
-------- ------------ --------
-------- ------------ --------
Source: Offering Prospectus
Almost one third, or 30.66% ,of all time deposits will mature during the next
twelve months.
20
<PAGE>
ASSET/LIABILITY MANAGEMENT
The Bank manages it's interest rate risk through normal balance sheet activities
and does not utilize any hedging techniques or other capital market activities.
At March 31, 1997, the Bank had a net portfolio value range as shown below for
the various rate shocks. As the chart illustrates, the Bank's net portfolio
value at all rate shocks is above the minimum leverage capital requirement (4%
or $468 in capital).
Figure 19 - NPV analysis Chart
Interest Rate Sensitivity of Net Portfolio Value
-300bp -200bp -100bp 0bp +100bp +200bp +300bp
------ ------ ------ ------ ------ ------ ------
4% Capital $468 $468 $468 $468 $468 $468 $468
Tangible Equity $939 $939 $939 $939 $939 $939 $939
Net Portfolio Value $1,148 $1,212 $1,340 $1,428 $1,457 $1,438 $1,392
Source: Calculated by the OTS utilizing March 31, 1997 data, as provided by
the Bank.
21
<PAGE>
NET WORTH AND CAPITAL
At March 31, 1997, the Bank had capital in excess of the minimum requirements
for all three measures.
Figure 20 - Capital analysis
Regulatory Capital
Position
<TABLE>
<CAPTION>
March 31, 1997 Minimum of Range Midpoint of Range Maximum of Range
------------------- ------------------- ---------------------------- ----------------------------
Amount Percent of Amount Percent of March 31, 1997 Adj. Assets March 31, 1997 Adj. Assets
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GAAP Capital........... $ 956 8.44% $ 956 7.94% $ 956 7.85% $ 956 7.75%
------ ----- ------ ------ ------ ------ ------ ------
Tangible Capital:
Capital Level........ $ 955 8.43% $1,668 13.86% $1,817 14.91% $1,966 15.94%
Required............. $ 170 1.50% $ 181 1.50% $ 183 1.50% $ 185 1.50%
------ ----- ------ ------ ------ ------ ------ ------
Excess:............ $ 785 6.93% $1,487 12.36% $1,634 13.41% $1,781 14.44%
------ ----- ------ ------ ------ ------ ------ ------
------ ----- ------ ------ ------ ------ ------ ------
Core Capital:
Capital Level........ $ 955 8.43% $1,668 13.86% $1,817 14.91% $1,966 15.94%
Required............. $ 340 3.00% $ 361 3.00% $ 366 3.00% $ 370 3.00%
------ ----- ------ ------ ------ ------ ------ ------
Excess:............ $ 615 5.43% $1,307 10.86% $1,451 11.91% $1,596 12.94%
------ ----- ------ ------ ------ ------ ------ ------
------ ----- ------ ------ ------ ------ ------ ------
Risk-Based Capital:
Capital Level........ $1,065 16.76% $1,778 27.37% $1,927 29.53% $2,075 31.67%
Required............. % 508 8.00% $ 520 8.00% $ 522 8.00% $ 524 8.00%
------ ----- ------ ------ ------ ------ ------ ------
Excess:............ $ 557 8.76% $1,258 19.37% $1,405 21.53% $1,551 23.67%
------ ----- ------ ------ ------ ------ ------ ------
------ ----- ------ ------ ------ ------ ------ ------
</TABLE>
Source: Offering Prospectus and 3/31/97 TFR.
22
<PAGE>
INCOME AND EXPENSE TRENDS
The chart below shows the Bank's income for the past five fiscal years.
The Bank, recognizing net income for each of the four years ending March 31,
1996, showed a net loss for the year ended March 31, 1997 of $36 thousand.
The loss was attributable to the one time SAIF assessment of $43 thousand and
the provision for loan and lease losses of $78 thousand.
Figure 21 - Net Income Chart
For the Years Ended March 31,
---------------------------------------
1993 1994 1995 1996 1997
------ ------ ------ ------ -------
(Dollars in thousands)
Net Income $17 $14 $83 $85 $(36)
Net Margin 3.42% 3.65% 4.52% 4.59% 4.23%
Source: Offering Prospectus
23
<PAGE>
As the following chart demonstrates, the Bank's positive spread and margin
trends were reversed during the twelve month period ending March 31, 1997.
Figure 22 - Spread and Margin Chart
For the Years Ended March 31,
---------------------------------------
1993 1994 1995 1996 1997
------ ------ ------ ------ -------
Spread 3.34% 4.25% 4.18% 3.36% 3.04%
Margin 3.42% 3.65% 4.52% 4.59% 4.23%
Source: Offering Prospectus
24
<PAGE>
The increases in net interest income and reductions in non-interest expense
caused profitability to increase for the fiscal years ending March 31, 1995 and
1996. The net loss for the period ending March 31, 1997 is due to increased
non-interest expenses related to improved facilities and additional staffing
required for future balance sheet growth.
Figure 23 - Income Statement Trends
<TABLE>
<CAPTION>
Twelve months Ended March 31,
--------------------------------------------------
1997 1996 1995 1994 1993
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Total interest income ................. $ 688 $ 622 $ 565 $ 560 $ 624
Total interest expense................. (326) (270) (225) (267) (352)
------ ------ ------ ------ ------
Net interest income.................. 362 352 340 293 272
Provision for loan losses.............. (78) -- -- -- --
------ ------ ------ ------ ------
Net interest income after provision
for loan losses...................... 284 352 340 293 272
Fees and service charges............... 29 10 14 19 15
Other non-interest income.............. 67 -- -- -- --
------ ------ ------ ------ ------
Total non-interest income.............. 96 10 14 19 15
Total non-interest expense............. (434) (239) (242) (294) (263)
------ ------ ------ ------ ------
Income (loss) before taxes and
extraordinary item................... (54) 123 112 18 24
Income tax (provision) benefit......... 18 (38) (29) (4) (7)
------ ------ ------ ------ ------
Net income (loss)...................... $ (36) $ 85 $ 83 $ 14 $ 17
------ ------ ------ ------ ------
------ ------ ------ ------ ------
</TABLE>
Source: Offering Prospectus
25
<PAGE>
The above mentioned expenses caused the ROA and ROE to decrease sharply for the
period ending March 31, 1997.
For the Year Ended March 31,
1993 1994 1995 1996 1997
------- ------ ----- ----- ------
ROA .20% .17% 1.07% 1.089% (0.41)%
ROE 2.07% 1.68% 9.55% 8.83% (3.67)%
Source: Offering Prospectus
26
<PAGE>
SUBSIDIARIES
The Bank does not have any subsidiaries.
LEGAL PROCEEDINGS
The Bank is not currently involved in any legal proceedings other than
routine legal proceedings that occur in the ordinary course of business,
which, in aggregate, involve amounts that are believed to be immaterial to
the financial condition of the Bank.
27
<PAGE>
2. Market Area Analysis
The Bank's immediate market area for deposits is defined as the town in
which the Bank has branches. For presentation purposes, data for each
demographic element has been aggregated for the towns that makes up the
Target Market. The Target Market is defined as follows:
Figure 25 - Market Areas
Target Counties Target Market
Montgomery Canajoharie, Minden, Mohawk, Palatine,
Root/Glen, St. Johnsville
As the branch map on the next page demonstrates, the Target Market is
geographically contiguous.
BRANCH FACILITIES
The Bank has one branch office in Montgomery County, New York. It maintains
its executive and administrative offices at 26 Church Street, Canajoharie,
New York. The facility is owned by the Bank.
Figure 26 - Branch Facility Table
Branch Office Owned/Leased
----------------------------------------------
26 Church Street, Canajoharie Owned
28
<PAGE>
MARKET AREA DEMOGRAPHICS
For presentation purposes, data for each demographic element is aggregated
for the towns that comprises the Target Market.
The following table summarizes the Target Market for this analysis:
Figure 27 - Target Market Table
Target State: New York
Target County(s): Montgomery
Target Market (Census MCD's): Canajoharie, Minden, Mohawk, Palatine,
Root/Glen, St. Johnsville
Figure 28 - Market Area Map
[MAP OF MONTGOMERY COUNTY APPEARS HERE]
Source: FinPro, Inc.
29
<PAGE>
Population Demographics
Figure 29 - Demographic Characteristics Table
DEMOGRAPHIC CHARACTERISTICS
<TABLE>
<CAPTION>
Historic % of Total Current % of Total Percent
Target Market Count Year Historic Count Year Current Change Change
- ------------- -------- ---- --------- ------- ---- ---------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Area - square miles................. 22,255 '80 22,472 '96 217 0.98%
Total Population.................... 7,741 '80 8,296 '96 555 7.17%
Total Households.................... 5,968 '80 6,049 '96 81 1.36%
- ---------------------------------------------------------------------------------------------------------------------------
AGE
0-5............................... 1,590 '80 7.14% 1,556 '96 6.92% (34) -2.14%
6-14.............................. 3,669 '80 16.49% 3,386 '96 15.07% (283) -7.71%
15-24............................. 3,623 '80 16.28% 2,809 '96 12.50% (814) -22.47%
25-34............................. 3,123 '80 14.03% 2,963 '96 13.19% (160) -5.12%
35-44............................. 2,289 '80 10.29% 3,230 '96 14.37% 941 41.11%
45-54............................. 2,275 '80 10.22% 2,748 '96 12.23% 473 20.79%
55-64............................. 2,515 '80 11.30% 1,925 '96 8.57% (590) -23.46%
65 +.............................. 3,171 '80 14.25% 3,855 '96 17.15% 684 21.57%
Median Age........................ 193 '80 221 '96 27.8 14.37%
Median Householder Age............ 52 '80 51 '96 (0.3) -0.61%
- ----------------------------------------------------------------------------------------------------------------------------
RACE
White............................. 21,157 '90 98.13% 22,011 '96 97.95% 854 4.04%
Black............................. 77 '90 0.36% 83 '96 0.37% 6 7.79%
Indian............................ 60 '90 0.28% 63 '96 0.28% 3 5.00%
Asian............................. 73 '90 0.34% 100 '96 0.44% 27 36.99%
Other............................. 9 '90 0.04% 9 '96 0.04% 0 0.00%
Hispanic.......................... 185 '90 0.86% 206 '96 0.92% 21 11.35%
- ----------------------------------------------------------------------------------------------------------------------------------
PERSONS PER HOUSEHOLD
One.............................. 1,758 '90 12.91%
Two.............................. 2,583 '90 18.96%
Three............................ 1,388 '90 10.19%
Four or more..................... 7,892 '90 57.94%
Families as a % of Households...... 77.1% '80 72.9% '96 -4.2%
- ------------------------------------------------------------------------------------------------------------------------------------
INCOME
Less than $5,000.................. 286 '96 3.45%
$5,000 to $9,000.................. 794 '96 9.57%
$10,000 to $14,999................ 790 '96 9.52%
$15,000 to $24,999................ 1,660 '96 20.01%
$25,000 to $34,999................ 1,477 '96 17.80%
$35,000 to $49,999................ 1,572 '96 18.95%
$50,000 to $74,999................ 1,253 '96 15.10%
$75,000 or more................... 464 '96 5.59%
Per Capital Income................ 5,556 '80 13,613 '96 8,057 145.01%
Median Household Income........... 16,405 '80 35,308 '96 18,903 115.23%
- ----------------------------------------------------------------------------------------------------------------------------------
OCCUPATION
Managerial/professional........... 1,237 '90 13.65%
Technical/sales/support........... 1,827 '90 20.17%
Administrative/service corp....... 1,417 '90 15.64%
Farming/foresting/fishing......... 1,099 '90 12.13%
Production/craft/repair........... 764 '90 8.43%
Operators/fabricators/laborers.... 2,715 '90 29.97%
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATIONAL ATTAINMENT
Less than High School............. 7,633 '90 38.87%
High School Graduate.............. 8,423 '90 42.90%
Some College or Associates........ 1,760 '90 8.96%
Bachelors Degree.................. 1,053 '90 5.36%
Graduate of Professional Degree... 766 '90 3.90%
</TABLE>
30
<PAGE>
Figure 30 - Housing Demographics Table
<TABLE>
Housing Characteristics
<CAPTION>
Historic % of Total Current % of Total Percent
Target Market Count Year Historic Count Year Current Change Change
- ------------- -------- ---- ---------- ------- ---- ---------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Total Housing Units............... 8,603 '90 9,042 '96 439 5.10%
Vacant Units.................... 715 '90 8.31%
Rental Units.................... 1,990 '90 23.13%
Condo Units..................... 0 '90 0.00%
- --------------------------------------------------------------------------------------------------------------------------------
AGE OF UNIT
1 Yr or less.................... 120 '90 1.39%
2-5 Yrs......................... 414 '90 4.81%
6-10 Yrs........................ 302 '90 3.51%
11-20 Yrs....................... 1,191 '90 13.83%
21-30 Yrs....................... 790 '90 9.17%
31-40 Yrs....................... 701 '90 8.14%
41-50 Yrs....................... 511 '90 5.93%
More than 50 Yrs................ 4,583 '90 53.22%
Median Year of Construction..... 1944.333 '90
- --------------------------------------------------------------------------------------------------------------------------------
TENURE - YEARS LIVED IN UNIT
1 Yr or less.................... 1,057 '90 13.38%
2-5 Yrs......................... 1,858 '90 23.53%
6-10 Yrs........................ 1,161 '90 14.70%
11-20 Yrs....................... 1,664 '90 21.07%
21-30 Yrs....................... 731 '90 9.26%
More than 30 Yrs................ 1,426 '90 18.06%
- --------------------------------------------------------------------------------------------------------------------------------
ESTIMATED VALUE
$100,000 or less................ 3,388 '96 88.09%
$100 - $200,000................. 432 '96 11.23%
$200 - $300,000................. 17 '96 0.44%
$300 - $400,000................. 5 '96 0.13%
$400 - $500,000................. 0 '96 0.00%
More than $500,000.............. 4 '96 0.10%
Median Value 1995............... $53,977 '96
</TABLE>
31
<PAGE>
MARKET AREA DEPOSIT
CHARACTERISTICS
The State of New York has seen total deposits decrease by 2.82% over the time
period from June 30, 1992 to June 30, 1996, decreasing from $389.0 billion to
$378.0 billion over that same time period.
Montgomery County during the same time decreased by 4.77% from $790.4
million at June 30, 1992 to $752.7 million at June 30, 1996.
The Bank's deposits decreased by 12.2% over the same period (June 30,
1992 to June 30, 1996).
Figure 31 - Market Area Deposits Table
<TABLE>
<CAPTION>
1992 1996
-------------------------- --------------------------
Branch Branch
($ in 000's) Count Deposits Count Deposits $ Growth % Growth
- --------------------------------- ----------- ------------- ----------- ------------- ----------------- -----------
<S> <C> <C> <C> <C> <C> <C>
NEW YORK
Commercial Banks................. 4,296 346,544,920 4,031 335,071,440 (11,473,480) -3.31%
Thrifts.......................... 471 28,267,574 410 25,558,699 (2,708,875) -9.58%
Credit Unions.................... 736 14,181,952 710 17,404,544 3,222,592 22.72%
----- ------------- ----- ------------- ----------------- -----------
Total............................ 5,503 388,994,446 5,151 378,034,683 (10,959,763) -2.82%
Landmark......................... 1 7,403 1 6,498 (905) -12.22%
MONTGOMERY COUNTY
Commercial Banks................. 23 684,803 23 616,427 (68,376) -9.98%
Thrifts.......................... 3 91,293 3 119,470 28,177 30.86%
Credit Unions.................... 1 14,300 1 16,821 2,521 17.63%
----- ------------- ----- ------------- ----------------- -----------
Total............................ 27 790,396 27 752,718 (37,678) -4.77%
Landmark......................... 1 7,403 1 6,498 (905) -12.22%
</TABLE>
Looking at the same data on a county level, the following highlights can be
drawn for the county in which the Bank has a presence:
Montgomery County
- -- Total deposits have decreased at almost twice the statewide rate, or
$37.7 million or 4.8% to $752.7 million.
- -- The total branch count has not changed which indicates that there were
no new entrants or branch closures within the county.
- -- Both thrifts and credit unions grew deposits while commercial banks
experienced deposit runoff.
32
<PAGE>
- -- The countywide average branch size of $27.9 million is well below the
state average of $73.4 million.
Individual Market Area
The following table shows a five year deposit trend for all branch
offices within this market area.
Figure 32 - Deposit Trends Table
( $ in 000's )
Competition--Primary Market Branches
<TABLE>
<CAPTION>
Institution City Address 1992 1993 1994 1995 1996
- -------------------- ------------- --------------------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
CENTRAL NB-CANAJOHAR CANAJOHARIE 24 CHURCH ST 75,615 58,980 59,931 78,231 60,412
CANAJOHARIE BS&LA CANAJOHARIE 26 CHURCH ST 7,403 7,339 6,968 6,892 6,498
CENTRAL NB-CANAJOHAR FONDA BROADWAY AND MAIN ST 20,963 19,165 20,156 30,544 29,872
FLEET BK OF NY FORT PLAIN 33 CANAL ST 23,849 21,449 17,590 17,450 16,744
CENTRAL NB-CANAJOHAR FORT PLAIN 41 CANAL ST 32,193 19,939 19,729 20,171 21,815
AMSTERDAM SAVINGS BA FORT PLAIN 19 RIVER ST 38,570 38,213 36,517 36,376 33,748
KEY BK OF NY FULTONVILLE MAIN AND BROAD ST 15,853 14,408 13,724 15,208 15,746
CENTRAL NB-CANAJOHAR PALATINE BRIDGE DUTCH TOWER PLAZA 9,733 9,239 9,326 10,090 11,112
CENTRAL NB-CANAJOHAR ST JOHNSVILLE ROUTE 5 23,583 25,918 26,792 27,408 26,774
CENTRAL NB-CANAJOHAR CHERRY VALLEY MAINE AND LANCASTER 13,102 15,024 13,516 24,789 13,668
CENTRAL NB-CANAJOHAR SHARON SPRINGS ROUTES 10 AND 20 N 10,856 11,044 10,138 9,914 10,248
- -------------------- --------------- ---------------------- ------- ------- ------- ------- -------
Total 271,720 240,718 234,386 277,073 246,637
</TABLE>
This table illustrates that there is a moderate level of competition for
deposits in this market area, with 5 different institutions and 11
branches competing for $247 million in deposits. This has been a
relatively stable market with no branch closures or new entrants over
the last five years.
33
<PAGE>
3. Comparisons With Publicly Traded Thrifts
INTRODUCTION
This chapter presents an analysis of the Bank's operations against a
Comparable Group of publicly traded savings institutions. The Comparable Group
("Comparable Group") was selected from a universe of 424 public thrifts as of
June 10, 1997. The Comparable Group was selected based upon similarity of
characteristics to the Bank. The Comparable Group multiples provide the basis
for the fair market valuation of the Bank. Factors that influence the Bank's
value such as balance sheet structure and size, profitability, income and
expense trends, capital levels, credit risk, interest rate risk and recent
operating results can be measured against the Comparable Group. The Comparable
Group current market pricing, coupled with the appropriate adjustments for
differences between the Bank and the Comparable Group, will then be utilized as
the basis for the pro-forma valuation of the Bank to-be-issued common stock.
SELECTION SCREENS
The selection screens utilized to identify possible Comparables from the
list of 424 public thrifts at June 10, 1997 included:
1. The institution has to be traded on either AMEX or NASDAQ to ensure
liquidity. This eliminated tightly held and "pink sheet" organizations
who lack liquidity.
2. The IPO date had to be on or before January 1, 1996, eliminating any
new conversions.
3. The total assets size has to be equal to or less than $100 million.
4. The Conversion had to be a standard conversion.
34
<PAGE>
Utilizing these screens, the 424 possibilities were narrowed down to 32
candidates. After scanning these candidates the following 22 institutions were
eliminated from the Comparable Group for the reasons shown:
<TABLE>
<CAPTION>
Total
Assets
($000)
Ticker Short Name City State Mst RctQ
- ------ ---------- ---- ----- --------
Eliminated for Acquisition Activity
- -----------------------------------
<S> <C> <C> <C> <C>
GWBC Gateway Bancorp Inc. Catlettsburg KY 65,806
GLBK Glendale Co-Operative Bank Everett MA 36,927
CZF CitiSave Financial Corp Baton Rouge LA 74,942
Eliminated by Size
- ------------------
MSBF MSB Financial Inc. Marshall MI 75,630
HZFS Horizon Financial Svcs Corp. Oskaloosa IA 78,368
SOBI Sobieski Bancorp Inc. South Bend IN 79,080
LOGN Logansport Financial Corp. Logansport IN 79,298
PCBC Perry County Financial Corp. Perryville MO 79,714
HHFC Harvest Home Financial Corp. Cheviot OH 83,103
SFFC StateFed Financial Corp. Des Moines IA 85,282
TRIC Tri-County Bancorp Inc. Torrington WY 85,975
GUPB GFSB Bancorp Inc. Gallup NM 86,911
CCFH CCF Holding Company Jonesboro GA 86,940
GFSB GFS Bancorp Inc. Grinnell IA 88,154
KYF Kentucky First Bancorp Inc. Cynthiana KY 88,923
THR Three Rivers Financial Corp. Three Rivers MI 91,165
INCB Indiana Community Bank SB Lebanon IN 91,329
SZB SouthFirst Bancshares Inc. Sylacauga AL 92,910
FFBI First Financial Bancorp Inc. Belvidere IL 93,156
FTSB Fort Thomas Financial Corp. Fort Thomas KY 94,681
NWEQ Northwest Equity Corp. Amery WI 95,097
CIBI Community Investors Bancorp Bucyrus OH 97,446
</TABLE>
This resulted in a Comparable Group of 10 institutions.
<TABLE>
<CAPTION>
Total
Number Assets
of Conversion ($000)
Ticker Short Name City State Offices IPO Date Type Mst RctQ
- ------ ---------- ---- ----- ------- -------- ---- --------
<S> <C> <C> <C> <C> <C> <C> <C>
JOAC Joachim Bancorp Inc. De Soto MO 1 12/28/95 Regular 35,656
HBBI Home Building Bancorp Washington IN 2 02/08/95 Regular 46,804
CSBF CSB Financial Group Inc. Centralia IL 2 10/09/95 Regular 47,996
MCBN Mid-Coast Bancorp Inc. Waldoboro ME 2 11/02/89 Regular 57,838
NSLB NS&L Bancorp Inc. Neosho MO 2 06/08/95 Regular 58,089
CKFB CKF Bancorp Inc. Danville KY 1 01/04/95 Regular 60,197
ALBC Albion Banc Corp. Albion NY 2 07/26/93 Regular 66,316
MIVI Mississippi View Holding Co. Little Falls MN 1 03/24/95 Regular 69,755
ATSB AmTrust Capital Corp. Peru IN 2 03/28/95 Regular 71,031
SCCB S. Carolina Community Bancshrs Winnsboro SC 3 07/07/94 Regular 46,412
</TABLE>
35
<PAGE>
SELECTION CRITERIA
To be eligible for selection to the Comparable Group, thrifts had to be
publicly traded on either the American Stock Exchange or traded on the
national over-the-counter ("OTC") markets listed on the National Association
of Securities Dealers Automated Quotation ("NASDAQ") System. Each company
selected is a member of one of the exchanges listed above.
Also excluded from the Comparable Group were institutions that were pending
mergers or acquisitions along with companies whose prices appear to be
distorted by speculative factors or unusual operating conditions. Finally,
institutions that completed their conversions within the last year were also
excluded as the earnings of newly converted institutions do not reflect a
full years benefit from the reinvestment of proceeds, and thus the
price/earnings multiples and return on equity measures for these institutions
tend to be skewed upward and downward respectively.
In an ideal world, all of the Comparable Group would contain the exact
characteristics of the Bank. The goal of the selection criteria process is
to find those institutions that most closely match those of the Bank. None
of the Comparables selected will be exact clones of the Bank.
36
<PAGE>
The members of the Comparable Group were selected based upon the following
criteria:
1. Liquidity of the issue
2. Asset size
3. Profitability
4. Capital level
5. Asset mix
6. Operating strategy
7. Date of conversion
1. Liquidity of the Issue The existence of an active and regular trading
market for a stock is critical to the reliability of share price data. Weak
or thinly traded stocks are questionable due to an irregular frequency of
trades or highly varied trading prices. Thinly traded stocks also tend to
exhibit a very wide bid/ask range. As such, companies exhibiting thin
liquidity were excluded from the selection. Also, institutions involved in
an acquisition and/or companies with market prices that appear to be
influenced by announced or rumored acquisitions have been excluded as the
stock prices could be either artificially high or low. For selection of the
Comparable Group, only those institutions listed on AMEX or NASDAQ were
selected. The Bank has never issued capital stock to the public and due to
the relatively small size of the offering, it is unlikely that an active and
liquid trading market will develop or be maintained. The members of the
Comparable Group are all listed on the NASDAQ.
2. Asset size The Comparable Group should have a similar asset size to
the Bank. Large institutions are not appropriate for the peer group due to a
more extensive branch network, greater financial strength, more access to
diverse markets and more capacity in terms of infrastructure. The asset size
range of the Comparable Group was from $35.7 million to $71.0 million, which
all fall within the peer range of less than $100 million. The Bank's asset
size was $11.3 million as of March 31, 1997.
3. Profitability The Comparable Group should have similar financial
conditions and recent earnings that are comparable to the Bank. They should
show a comparable return on equity and return on assets measures. As such,
the Comparable Group have ROAs averaging .81% and ROEs averaging 5.09% for
the most recent quarter available. The Comparable Group profitability
measures had a wide dispersion about the mean with the ROA measure ranging
from a low of 0.42% to a high of 1.21% while the ROE measure ranged from a
low of 1.90% to a high of 9.16%.
37
<PAGE>
4. Capital level The Comparable Group should have a capital level similar
to the Bank's. Capital is important in that it is a determinant of asset
size and regulatory rating. Institutions with capital in the same range as
the Bank were selected. The average equity to assets ratio for the
Comparable Group was 18.16% with a high of 28.98% and a low of 8.60%. At
March 31, 1997, the Bank had an equity to assets ratio of 8.43%.
5. Asset Mix The asset mix is very important in the selection criteria
for Comparables. At March 31, 1997, the Bank had a total net loan to asset
ratio of 82.92%. The average loans to assets ratio for the Comparables was
69.98% which is lower than the Bank's ratio. The Comparable Group had a low
of 55.13% and a high of 89.94% in terms of loans to assets.
6. Operating strategy An institution's operating characteristics are
important because they determine future performance. They also affect
expected rates of return and investor's general perception of the quality,
risk and attractiveness of a given company. Specific operating
characteristics include profitability, balance sheet growth, asset quality,
capitalization, and non-financial factors such as management strategies and
lines of business.
7. Date of conversion Recent conversions, those completed after December
31, 1995, were excluded since the earnings of a newly converted institution
do not reflect a full year's benefits of reinvestment of conversion proceeds.
Additionally, new issues tend to trade at a discount to the market averages.
COMPARABLE GROUP PROFILES
- Joachim Bancorp Inc. JOAC is a SAIF insured institution that operates
1 office and is headquartered in DeSoto, Missouri. Joachim is smallest
bankcs in the Comparable Group ($35.7 million in assets) but has the
highest capital level with an equity to assets ratio of 28.98%. JOAC
was selected to the Comparable Group based on its asset size, lack of
intangibles, dependence on net interest income, low level of non-interest
income, l ow level of non-performing assets, solid margin, lack of
borrowings and high loan to asset ratio.
- Home Building Bancorp. HBBI is a SAIF insured, Indiana institution that
operates 2 branches. HBBI had assets of $46.8 million and had the
third highest ROE, 6.78%, of the Comparable Group. HBBI was included in
the Comparable Group based on its asset size, lack ointangibles, high
deposits to assets, solid asset yield, dependence on net interest income
income, low level of sets, similar capital levels asset ratio.
38
<PAGE>
- - CSB Financial Group Inc. CSBF is a SAIF insured institution that operates
2 branches located in Centralia, Illinois. CSBF had the lowest ROE,
1.90%, primarily due to the lowest asset yield of the Comparable Group,
6.04%, and the lowest net interest margin, 2.80%. CSBF had total assets
of $48 million. It was selected as a comparable based on its asset size,
dependence on net interest income, low level of non-interest income,
high efficiency ratio, low level of non-performing assets and moderate
loan to asset ratio.
- Mid-Coast Bancorp Inc. MCBN, a Maine institution with 2 branches, is
a SAIF insured institution with $57.8 million in assets. MCBN had the
highest level of borrowings, 17.62%, and the lowest equity to assets
ratio, 8.60%. MCBN was included in the Comparable Group based on its
asset size, lack of intangibles, dependence on net interest income,
high loan loss reserve to non-performing loans ratio, low level of
non-interest income, solid margin, low level of non-performing assets
and high loan to asset ratintangibles, solid reserve levels, dependence
on net non-interest income, low level of non-performing assets and
moderate loan to asset ratio.
- NS&L Bancorp Inc. NSLB is a SAIF insured institution with $58.1 million
in assets and 2 branches located in Missouri. NSLB had the lowest level
of loans (55.13%) to assets of the Comparable Group. NS&L was included
with the Comparable Group based on its asset size, lack of intangibles,
solid reserve levels, dependence on net interest income, low level of
non-interest income, low level of non-performing assets and moderate loan
to asset ratio.
- CKF Bancorp Inc. CKFB is a SAIF insured institution that had total
assets of $60.2 million and operates 1 office in Kentucky. CKFB had the
highest loan to asset ratio based on its asset size, lack of intangibles,
modest non-interest income, low level of non-performing loans and high
loan to asset ratio.
- Albion Banc Corp. ALBC is a SAIF insured thrift that operates 2 branches
in New York state and has $66 million in assets, the third largest in the
Comparable Group. ALBC had the second highest ROE, 7.68%, in the
Comparable Group. ALBC was selected based on its asset size, lack of
intangibles, dependence on net interest income, solid reserves, low level
of of non-performing assets and high loan to asset ratio.
39
<PAGE>
- Mississippi View Holding Company Co. MIVI is a SAIF insured thrift
that operates 1 office in Minnesota and is $69.8 million in assets.
MIVI has the highest deposit to asset ratio, 80.20%, the highest
ALLL/NPL ratio, 772.32%, and the third highest ROA, 1.02%. MVI was
selected based on its asset size, lack of intangibles, dependence on net
interest income, strong level of reserves, low level of non-interest
income, high reserves to non-performing loans, low level of
non-performing assets and high loan to asset ratio.
- AmTrust Capital Corp. ATSB is a is a SAIF insured institution that
operates 2 branches in Indiana and is $71 million in assets, the largest
in the Comparable Group. ATSB had the second highest noninterest
expense, 4.30%, and the second highest efficiency ratio, 85.66%, in the
Comparable Group. ATSB was selected based on its asset size, dependence
on net interest income, low level of non-interest income, similar
capital levels, low level of performing assets, high efficiency ratio
and high loan to asset ratio.
- S. Carolina Community Bancshares SCCB is a SAIF insured institution
that had total assets of $46.4 million and operates 3 branches, the most
in the Comparable Group, in South Carolina. SCCB had the second highest
ROA, 1.05%, because it had the second highest asset yield, 7.54%, in the
the Comparable Group. SCCB was included in the Comparable Group based on
its asset size, lack of intangibles, dependence on net interest income,
low level of non-interest income, high yield on earning assets, low
level of non-performing assets and high loan to asset ratio.
All data presented in figures 33 through 43 is from SNL Securities utilizing
the most recent quarter for balance sheet related items and for income
statement related items. All data for the Bank is from the prospectus or the
audited financials. The market pricing data for the Comparables is as of
June 10, 1997.
40
<PAGE>
Figure 33 - Key Financial Indicators
The Bank and the Comparable Group
The Bank at Comparable Group
March 31, 1997 Quarter Average
(Most Recent
Quarter)
-------------- ----------------
Balance Sheet Data
Gross Loans to Deposits 0.9367 94.65%
Total Net Loans to Assets 0.8293 69.98%
Deposits to Assets 0.9039 74.27%
Borrowed Funds to Assets 0.00% 6.55%
Balance Sheet Growth
Asset Growth Rate 0.489 4.81%
Loan Growth Rate 0.6991 2.25%
Deposit Growth Rate 0.5835 7.39%
Capital
Equity to Assets 0.0843 18.16%
Tangible Equity to Assets 0.0843 18.04%
Intangible Assets to Equity 0.00% .68%
Regulatory Core Capital to Assets 0.0843 16.76%
Equity + Reserves to Assets 0.0941 18.61%
Total Capital to Risk Adjusted Assets 0.1676 34.20%
41
<PAGE>
The Bank Comparable Group
-------- ----------------
Asset Quality
Non-Performing Loans to Loans 0.0049 .94%
Reserves to Non-Performing Loans 2.3404 161.55%
Non-Performing Assets to Assets 0.0041 .92%
Non-Performing Assets to Equity 0.0492 6.37%
Reserves to Loans 0.0117 .64%
Reserves to Non-Performing Assets
+ 90 Days Del. 2.3404 102.22%
Profitability
Return on Average Assets 0.0041 .81%
Return on Average Equity 0.0367 5.09%
Income Statement
Net Interest Margin 0.0423 3.60%
Interest Income to Average Assets 0.0727 7.25%
Interest Expense to Average Assets 0.0344 3.77%
Net Interest Income to Average Assets 0.0382 3.49%
Noninterest Income to Average Assets 0.0101 0.29%
Noninterest Expense to Average Assets 0.0458 2.55%
Efficiency Ratio 0.9476 67.82%
Overhead Ratio 0.9337 65.42%
Source: The Bank Offering Prospectus, FinPro calculations and SNL Securities
Note: - All Profitability and Income Ratios for Landmark include the one time
SAIF assessment. As a result, some of the ratios may be misrepresentative of
true earnings and profitability.
Note: All of the Bank data is for the fiscal year ending March 31,1997.
Note: All of the Comparable data is as of the most recent quarter.
42
<PAGE>
Figure 34 - Comparable Corporate Data
<TABLE>
<CAPTION>
Corporate
------------------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- --------------------------------------- ------------------------------------------------------------------------------------------
Comparable Thrift Date
<S> <C> <C> <C> <C> <C> <C> <C> <C>
JOAC Joachim Bancorp Inc. NASDAQ De Soto MO 1 12/28/95 SAIF Regular
HBBI Home Building Bancorp NASDAQ Washington IN 2 02/08/95 SAIF Regular
CSBF CSB Financial Group Inc. NASDAQ Centralia IL 2 10/09/95 SAIF Regular
MCBN Mid-Coast Bancorp Inc. NASDAQ Waldoboro ME 2 11/02/89 SAIF Regular
NSLB NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/03/95 SAIF Regular
CKFB CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95 SAIF Regular
ALBC Albion Banc Corp. NASDAQ Albion NY 2 07/26/93 SAIF Regular
MIVI Mississippi View Holding Co. NASDAQ Little Falls MN 1 03/24/95 SAIF Regular
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF Regular
SCCB S. Carolina Community Bancshrs NASDAQ Winnsboro SC 3 07/07/94 SAIF Regular
- -----------------------------------------------------------------------------------------------------------------------------------
Average 10
Maximum
Minimum
</TABLE>
Source: SNL Securities
43
<PAGE>
Selected balance sheet ratios for the Comparable Group are shown in the
following table:
Figure 35 - Comparable Key Financial Data
<TABLE>
<CAPTION>
Key Financial Date as of the Most Recent Quarter
------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Deposits Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- ------ ---------- ------ -------- -------- --------- -------------
<S> <C> <C> <C> <C> <C> <C>
Comparable Thrift Data
JOAC Joachini Bancorp Inc. 35,656 96.06 66.88 69.62 0.00
HBBI Home Building Bancorp 46,804 76.19 60.41 79.29 7.91
CSBF CSB Financial Group Inc. 47,996 77.10 57.40 75.45 0.00
MCBN Mid-Coast Bancorp Inc. 57,838 113.92 83.59 73.38 17.62
NSLB NS&L Bancorp Inc. 58,089 75.11 55.13 73.40 5.16
CKFB CKF Bancorp Corp. 60,197 126.34 89.94 71.19 3.73
ALBC Albion Banc Inc. 66,316 96.00 72.82 75.86 13.98
MIVI Mississippi View Holding Co. 69,755 80.25 64.36 80.20 0.00
ATSB AmTrust Capital Corp.. 71,031 99.62 71.64 71.92 17.12
SCCB S. Carolina Community Bancshrs 46,412 105.88 77.65 73.34 0.00
------------------------------------------------------------
Average 56,009 94.65 69.98 74.27 6.55
Maximum 71,031 126.34 89.94 80.20 17.62
Minimum 35,656 75.11 55.13 69.62 0.00
</TABLE>
44
<PAGE>
CAPITAL DATA
Figure 36 - Comparable Capital Data
<TABLE>
<CAPTION>
Capital as of the Most Recent Quarter
----------------------------------------------------------------------------------
Tangible Regulatory Equity + Total Capital/
Equity/ Equity/ Intangible Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Assets/ Assets Assets Assets
Ticker Short Name (%) (%) Equity (%) (%) (%)
- ------ -------------------------------- ---------- ----------- ----------- ---------- ---------- --------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C>
JOAC Joachim Bancorp Inc. 28.98 28.98 0.00 22.70 29.19 46.70
HBBI Home Building Bancorp 12.07 12.07 0.00 9.57 12.24 20.62
CSBF CSB Financial Group Inc. 25.07 23.98 5.74 25.61 25.38 55.70
MCBN Mid-Coast Bancorp Inc. 8.60 8.60 0.00 8.53 9.11 15.24
NSLB NS&L Bancorp Inc. 19.92 19.92 0.00 15.00 20.00 35.40
CKFB CKF Bancorp Inc. 23.68 23.68 0.00 20.31 23.86 35.60
ALBC Albion Banc Corp. 8.90 8.90 0.00 NA 9.38 NA
MIVI Mississippi View Holding Co. 18.26 18.26 0.00 15.74 19.50 33.06
ATSB AmTrust Capital Corp. 10.17 10.07 1.07 10.20 10.83 16.58
SCCB S. Carolina Community Bancshers 25.96 25.96 0.00 23.20 26.59 48.90
--------- ---------- ---------- ---------- --------- ---------------
Average 18.16 18.04 0.68 16.76 18.61 34.20
Maximum 28.98 28.98 5.74 25.61 29.19 55.70
Minimum 8.60 8.60 0.00 8.53 9.11 15.24
</TABLE>
Source: SNL Securities
45
<PAGE>
ASSET QUALITY DATA
Figure 37 - Comparable Asset Quality Data
<TABLE>
<CAPTION>
Asset Quality as of The Most Recent Quarter
------------------------------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/
Loans NPLs Assets Equity Loans NPAs + 90
Ticker Short Name (%) (%) (%) (%) (%) (%)
- ------ ------------------------------ ----- --------- ------ ------ --------- ---------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C>
JOAC Joachim Bancorp Inc. 0.49 63.25 0.68 2.35 0.31 30.45
HBBI Home Building Bancorp 0.86 32.51 0.52 4.30 0.28 32.51
CSBF CSB Financial Group Inc. NA NA NA NA 0.53 41.29
MCBN Mid-Coast Bancorp Inc. 0.29 212.95 0.40 4.62 0.61 128.70
NSLB NS&L Bancorp Inc. 0.00 NA 0.00 0.00 0.13 127.27
CKFB CKF Bancorp Inc. 0.64 30.66 0.89 3.75 0.20 12.02
ALBC Albion Banc Corp. 0.63 104.30 NA NA 0.65 NA
MIVI Mississippi View Holding Co. 0.25 772.32 0.21 1.15 1.93 488.70
ATSB AmTrust Capital Corp. 3.66 25.47 2.84 27.96 0.93 23.48
SCCB S. Carolina Community Bancshrs 1.60 50.96 1.78 6.85 0.81 35.52
----- --------- ------ ------ --------- ---------
Average 0.94 161.55 0.92 6.37 0.64 102.22
Maximum 3.66 772.32 2.84 27.96 1.93 488.70
Minimum 0.00 25.47 0.00 0.00 0.13 12.02
</TABLE>
Source: SNL Securities
46
<PAGE>
PROFITABILITY DATA
Figure 38 - Comparable Profitability Data
<TABLE>
<CAPTION>
Profitability as of The Most Recent Quarter
-------------------------------------------
Return on Return on
Avg Assets Avg Equity
Ticker Short Name (%) (%)
- -----------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C>
JOAC Joachim Bancorp Inc. 0.63 2.13
HBBI Home Building Bancorp 0.83 6.78
CSBF CSB Financial Group Inc. 0.48 1.90
MCBN Mid-Coast Bancorp Inc. 0.87 9.16
NSLB NS&L Bancorp Inc. 0.86 4.19
CKFB CKF Bancorp Inc. 1.21 4.96
ALBC Albion Banc Corp. 0.69 7.68
MIVI Mississippi View Holding Co. 1.02 5.89
ATSB AmTrust Capital Corp. 0.42 4.16
SCCB S. Carolina Community Bancshrs 1.05 4.04
----- ----
Average 0.81 5.09
Maximum 1.21 9.16
Minimum 0.42 1.90
</TABLE>
Source: SNL Securities
47
<PAGE>
INCOME STATEMENT DATA
Figure 39 - Comparable Income Statement Data
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
----------------------------------------------------------------
Net Interest Interest Net Interest
Interest Income/ Expense/ Income/
Margin Avg Assets Avg Assets Avg Assets
Ticker Short Name (%) (%) (%) (%)
- --------- ---------------------- ----------- --------------- --------------- --------------- ---
<S> <C> <C> <C> <C> <C>
Comparable Thrift Data
JOAC Joachim Bancorp Inc.... 4.25 7.11 2.95 4.16
HBBI Home Building Bancorp.. 3.51 7.49 4.12 3.37
CSBF CSB Financial Group
Inc.................. 2.80 6.04 3.33 2.71
MCBN Mid-Coast Bancorp Inc.. 4.29 8.34 4.38 3.96
NLSB NS&L Bancorp Inc....... 3.15 6.55 3.48 3.07
CKFB CKF Bancorp Inc........ 3.72 7.41 3.75 3.65
ALBC Albion Banc Corp....... 3.51 7.49 4.13 3.37
MIVI Mississippi View
Holding Co........... 3.85 7.53 3.64 3.89
ATSB AmTrust Capital Corp... 2.85 7.03 4.30 2.73
SCCB S. Carolina Community
Banchrs.............. 4.03 7.54 3.60 3.94
----------- --------------- --------------- ---------------
Average................ 3.60 7.25 3.77 3.49
Maximum................ 4.29 8.34 4.38 4.16
Minimum................ 2.80 6.04 2.95 2.71
NonInterest Noninterest
Income/ Expense/ Efficiency Overhead
Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%)
- --------- ---------------------- ------------- --------------- ------------ -----------
<S> <C> <C> <C> <C>
Comparable Thrift Data
JOAC Joachim Bancorp Inc.... 0.15 2.96 68.77 67.66
HBBI Home Building Bancorp.. 0.28 2.36 64.51 61.56
CSBF CSB Financial Group
Inc.................. 0.23 2.65 86.04 84.83
MCBN Mid-Coast Bancorp Inc.. 0.34 2.95 68.50 65.82
NLSB NS&L Bancorp Inc....... 0.32 2.27 66.80 63.31
CKFB CKF Bancorp Inc........ 0.10 1.92 43.62 42.08
ALBC Albion Banc Corp....... 0.49 2.76 76.86 73.50
MIVI Mississippi View
Holding Co........... 0.23 2.34 56.76 54.22
ATSB AmTrust Capital Corp... 0.47 2.74 85.66 83.20
SCCB S. Carolina Community
Banchrs.............. 0.27 2.56 60.70 58.02
------------- --------------- ------------ -----------
Average................ 0.29 2.55 67.82 65.42
Maximum................ 0.49 2.96 86.04 84.83
Minimum................ 0.10 1.92 43.62 42.08
</TABLE>
Source: SNL Securities
48
<PAGE>
GROWTH DATA
Figure 40 - Comparable Growth Data
<TABLE>
<CAPTION>
Balance Sheet Growth as of The Most
Recent Quarter
-----------------------------------
Asset Loan Deposit
Growth Growth Growth
Rate Rate Rate
Ticker Short Name (%) (%) (%)
- -------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C>
JOAC Joachim Bancorp Inc. 6.22 (4.27) 12.65
HBBI Home Building Bancorp 20.11 (2.40) 27.10
CSBF CSB Financial Group Inc. 3.95 (4.04) 4.52
MCBN Mid-Coast Bancorp Inc. 13.45 19.25 (1.97)
NSLB NS&L Bancorp Inc. (2.09) 4.80 2.31
CKFB CKF Bancorp Inc. 1.30 6.40 .20
ALBC Albion Banc Corp. 10.72 1.25 14.96
MIVI Mississippi View Holding Co. (3.26) 1.41 (2.83)
ATSB AmTrust Capital Corp. (6.58) (2.97) 10.48
SCCB S. Carolina Community Bancshrs 4.29 3.05 6.45
------ ------ ------
Average 4.81 2.25 7.39
Maximum 20.11 19.25 27.10
Minimum (6.58) (4.27) (2.83)
</TABLE>
Source: SNL Securities
<PAGE>
MARKET CAPITALIZATION DATA
Figure 41 - Comparable Market Capitalization Data
<TABLE>
<CAPTION>
MARKET CAPITALIZATION
--------------------------------------------------------------------------------
MRQ PUBLICLY MRQ TANGIBLE
MRQ MARKET MRQ PRICE MRQ PRICE MRQ PRICE REPORTED BOOK PUBLICLY REP
TICKER SHORT NAME VALUE ($) PER SHARE ($) HIGH ($) LOW ($) VALUE ($) BOOK VALUE ($)
- --------- ------------------------------- ----------- ----------- --------- --------- --------------- ---------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C>
JOAC Joachim Bancorp Inc............ 11.22 14.000 14.625 14.000 13.59 13.59
HBBI Home Building Bancorp.......... 6.54 21.000 21.000 18.500 19.88 19.88
CSBF CSBF Financial Group Inc....... 11.77 11.375 11.375 10.000 12.78 12.05
MCBN Mid-Coast Bancorp Inc.......... 4.49 19.000 19.938 18.000 21.61 21.61
NSLB NS&L Bancorp Inc............... 11.67 16.375 16.750 13.625 16.36 16.36
CKFB CKF Bancorp Inc................ 17.85 18.000 20.250 17.500 16.59 16.59
ALBC Albion Banc Corp............... 6.05 18.500 19.000 16.500 23.62 23.62
MIVI Mississippi View Holding Co.... 11.97 15.250 15.500 12.000 15.55 15.55
ATSB Am Trust Capital Corp.......... 6.71 12.125 12.250 10.000 13.72 13.57
SCCB S. Carolina Community
Bancshrs....................... 13.29 19.000 20.500 15.000 17.11 17.11
------------------------------- ----------- ----------- --------- --------- --------------- ---------------
Average 10.16 16.46 17.12 14.51 17.08 16.99
Maximum 17.85 21.00 21.00 18.50 23.62 23.62
Minimum 4.49 11.38 11.38 10.00 12.78 12.05
</TABLE>
Source: SNL Securities
<PAGE>
DIVIDEND DATA
Figure 42 - Comparable Dividend Data
<TABLE>
<CAPTION>
Dividends
------------------------
Current LTM Dividend
Dividend Payout
Yield Ratio
Ticker Short Name ($) (%)
- -------- --------------------------- ----------- ------------
Comparable Thrift Data
<S> <C> <C> <C>
JOAC Joachim Bancorp Inc. 3.390 200.00
HBBI Home Building Bancorp 1.429 96.77
CSBF CSB Financial Group Inc. 0.000 0.00
MCBN Mid-Coast Bancorp Inc. 2.667 54.84
NSLB NS&L Bancorp Inc. 3.030 113.64
CKFB CKF Bancorp Inc. 2.286 165.52
ALBC Albion Banc Corp. 1.348 140.91
MIVI Mississippi View Holding Co. 1.094 41.38
ATSB AmTrust Capital Corp. 1.569 11.36
SCCB S. Carolina Community Bancshrs 3.179 111.11
----------- -----------
Average 2.00 93.55
Maximum 3.39 200.00
Minimum 0.00 0.00
</TABLE>
Source: SNL Securities
<PAGE>
PRICING DATA
Figure 43 - Comparable Pricing Data
<TABLE>
<CAPTION>
Current Pricing Data as of 6/10/97
-------------------------------------------------------------------------
Price/ Price/ Price/Tang
LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name (x) (%) (x) (x) (%) (%)
- ------ ---------------------------------- -------------------------------------------------------------------------
Comparable Thrift Data
<C> <S> <C> <C> <C> <C> <C> <C>
JOAC Joachim Bancorp Inc. 37.82 31.46 52.68 59.00 108.54 108.54
HBBI Home Building Bancorp 28.00 13.98 15.44 67.74 105.63 105.63
CSBF CSB Financial Group Inc. 39.06 24.53 52.08 56.82 97.81 103.73
MCBN Mid-Coast Bancorp Inc. 13.00 7.76 9.20 20.97 90.24 90.24
NSLB NS&L Bancorp Inc. 28.45 20.10 21.71 37.50 100.86 100.86
CKFB CKF Bancorp Inc. 22.38 29.65 22.92 22.13 116.03 116.03
ALBC Albion Banc Corp. 24.47 8.67 12.78 104.55 97.38 97.38
MIVI Mississippi View Holding Co. 17.21 17.17 17.41 25.22 94.05 94.05
ATSB AmTrust Capital Corp. 47.22 9.45 21.25 28.98 92.93 93.96
SCCB S. Carolina Community Bancshrs 26.96 28.64 26.22 34.95 110.32 110.32
-------------------------------------------------------------------------
Average 28.46 19.14 25.17 45.79 101.38 102.07
Maximum 47.22 31.46 52.68 104.55 116.03 116.03
Minimum 13.00 7.76 9.20 20.97 90.24 90.24
</TABLE>
Source: SNL Securities
<PAGE>
4. Market Value Determination
INTRODUCTION
The estimated pro-forma market value of the Bank, along with certain
adjustments to its value relative to market values for the Comparable Group
are delineated in this section. The adjustments delineated in this section
are made from potential investors' viewpoints. A potential investor includes
depositors holding subscription rights and unrelated parties who may purchase
stock in the community offering and who are assumed to be aware of all
relevant and necessary facts as they pertain to the value of the Bank
relative to other publicly traded thrift institutions and relative to
alternative investment opportunities.
There are numerous criteria on which the market value adjustments are based,
but the major ones utilized for purposes of this report include:
- Financial Strength
- Earnings Quality, Predictability and Growth
- Market Area
- Management
- Dividends
- Liquidity of the Issue
- Subscription Interest
- Recent Regulatory Matters
- Market for Seasoned Thrift Stocks
- Acquisition Market
After identifying the adjustments that should be made to market value, the
pro-forma market value for the Bank is computed and adjusted. The estimated
pro-forma market value for the Bank is then compared with the market
valuation ratios of the Comparable Group, recently converted public thrifts
and the aggregate ratios for all public thrifts.
53
<PAGE>
FINANCIAL STRENGTH
The financial strength of an institution is an important market value
determinant, as the investment community considers such factors as bank
liquidity, capitalization, asset composition, funding mix, intangible levels
and interest rate risk in assessing the attractiveness of investing in the
common stock of a thrift. Following is a synopsis of the key financial
elements of the Bank measured against the Comparable Group. The numbers
utilized for the Bank in this comparison were on a pro-forma basis.
Liquidity - The liquidity of the Bank and the Comparable Group
appear similar and were sufficient to meet all regulatory guidelines.
Capitalization - The Comparable Group maintained an average for
core capital of 16.76% and an average tangible equity to tangible
assets of 18.04%. On a pro-forma basis, the Bank will have a similar
capitalization rate than the average as a result of the proceeds
of the conversion. After the conversion, however, the Bank will
have a capital level on an absolute dollar basis that is relatively
small.
Asset Composition - The Bank's net loan to asset ratio of 82.92% is
higher than the average for the Comparable Group of 69.98%. On a
pro-forma basis, the Bank will have slightly less of its assets in
loans. The portfolio of total net loans on a dollar basis increased
from $5.53 million at March 31, 1996 to $9.39 million at March 31,
1997. During that same period, Securities increased from $581
thousand to $855 thousand.
Non-performing loans plus REO totaled $47 thousand at March 31,
1997. At that date, the non-performing assets amounted to
0.41% of period end assets. This is below the average of the
Comparable Group of 0.92%. In terms of non-performing loans to
loans, the Bank had a ratio of 0.49% while the Comparable Group
average was 0.94%. There was no real estate owned at March 31,
1997.
The Bank had an allowance for possible loan and lease losses to
total loans ratio of 1.17% which is higher than the Comparable Group
average of 0.64%. Additionally, the ALLL to non-performing assets,
of 234.04%, is well above the Comparable Group average of 102.22%.
Funding Mix - The Bank, funded primarily through deposits and
retained earnings, had no borrowings as of March 31, 1997.
The Comparable Group has a higher level of funding from borrowings at
6.55%. The lower level of borrowings provides additional
funding flexibility when weighted to the Comparable Group.
54
<PAGE>
Intangible Levels - One of the most important factors influencing
market values is the level of intangibles that an institution
carries on its books. Thrifts trade more on tangible book than on
book basis. The Bank had no intangibles on its books at March
31, 1997. Of the Comparable Group, two had intangibles.
Interest Rate Risk - The Bank has an average level of interest rate
risk. In the near term, the Bank's interest rate risk will improve as
they invest in adjustable rate assets.
Based on these factors, the Bank's market value should be adjusted slightly
upward to the Comparable Group for these measures.
55
<PAGE>
EARNINGS QUALITY,
PREDICTABILITY AND GROWTH
The earnings quality, predictability and growth are critical components in
the establishment of market values for thrifts. Thrift earnings are
primarily a function of:
- net interest income
- loan loss provision
- non-interest income
- non-interest expense
The quality and predictability of earnings is dependent on both internal and
external factors. Some internal factors include the mix of the balance
sheet, the interest rate sensitivity of the balance sheet, the asset quality,
and the infrastructure in place to deliver the assets and liabilities to the
public. External factors include the competitive market for both assets and
liabilities, the global interest rate scenario, local economic factors and
regulatory issues.
Each of these factors can influence the earnings of an institution, and each of
these factors is volatile. Investors prefer stability and consistency. As
such, solid, consistent earnings are preferred to high but risky earnings.
Investors also prefer earnings to be diversified and not entirely dependent on
interest income.
56
<PAGE>
The Bank experienced a decline in profitability from March 1996 to March
1997. During the year ended March 31, 1997, the Bank had $29.82 thousand in
tax adjusted one-time losses. If the actual net loss of ($36.0) thousand for
the period ended March 31, 1997 was adjusted to account for the one-time
losses, the adjusted net loss for the period would have been ($6.26)
thousand. Future earnings will improve due to projected changes in the asset
and liability mixes and the reduction in the SAIF insurance premium.
Figure 44 - Net Income Chart
<TABLE>
<CAPTION>
For the Years Ended March 31,
1993 1994 1995 1996 1997
(Dollars in thousands)
<S> <C> <C> <C> <C> <C>
Net Income................. $17 $14 $83 $85 $(36)
</TABLE>
Source: Offering Prospectus
57
<PAGE>
Figure 45 - Itemization of Net Income Adjustments
$ in thousands
----------------
Net income $ (36.07)
Add back:
SAIF Assessment ($47.325) $ 47.33
Tax Effect - 37% $ (17.51)
---------------
---------------
Adjusted Net Income $ (6.26)
Source: Bank Records
The Bank's net interest spread and margin has decreased since March 1996 as
the following graph highlights.
Figure 46 - Spread and Margin Chart
For the Years Ended March 31,
1993 1994 1995 1996 1997
Spread ............. 3.34% 4.25% 4.18% 3.36% 3.04%
Margin ............. 3.42% 3.65% 4.52% 4.59% 4.23%
Source: Offering Prospectus
The Bank has been posting loan loss provisions sufficient to cover period
charge-offs and to maintain reserve ratios. At March 31, 1997, the Bank had
an allowance for loan and lease losses (ALLL) to total loans ratio of 1.17%,
slightly higher than the Comparable Group. Additionally, the ALLL to
non-performing assets, of 234.04%, is well above the Comparable Group average
of 102.22%.
58
<PAGE>
The Bank has generated very little in non-interest income. For the
twelve month period ended March 31, 1997, the Bank had a 1.01% ratio of
non-interest income to average assets which is above the peer average of
0.29% for the most recent quarter.
For the twelve month period ended March 31, 1997, the Bank had
non-interest expense to average assets of 4.58% which was greater than the
2.55% average of the Comparable Group.
To measure all these variables together, investors look at the
efficiency ratio, which is defined as noninterest expense divided by net
interest income plus noninterest income. As such, the lower the ratio the
better. Based on this measure, the Bank has an efficiency ratio of 94.76%
which is worse than the Comparable Groups ratio of 67.82%. The Bank is in
the unenviable position of having to build both net interest and noninterest
income without significantly increasing its costs.
Currently, investors are focusing on earnings sustainability as the
interest rate volatility has caused wide variation in income levels. With
the intense competition for both assets and deposits in the region, banks can
not easily replace lost spread and margin with balance sheet growth.
Additionally, the lower market values of most thrifts relative to banks makes
acquisitions more difficult. Compounding these issues is the fact that the
Bank's marketplace is not growing. The competition will be fighting for a
smaller market in the future.
In summary, the Banks future earnings will be negatively impacted by:
-- A potentially declining spread and margin
-- A modest level of non-interest income
-- An unpredictable level of non-interest expense
As a result of these reasons, the Bank's earnings appear to be less favorable
as those of the Comparable Group. Even after the one-time adjustments
outlined earlier, the Bank's earnings will still be below those of the
Comparable Group. Therefore, a negative adjustment for this measure has been
applied to the market value.
59
<PAGE>
Market Area
The market area that an institution serves has a significant impact on
value, as future success is interrelated with the economic, demographic and
competitive aspects of the market. Specifics on the Bank's market were
delineated in Section 2 - Market Area Analysis.
The Bank's market - Canajoharie, Minden, Mohawk, Palatine, Root/Glen and
St. Johnsville - is experiencing deposit runoff. Even though the Comparable
companies are spread out in numerous states, on balance, their markets share
many of the same characteristics as the Bank.
Recent IPO's and recent acquisition premiums for thrift institutions in
this region demonstrate a willingness on the part of investors to overlook
the economic and demographic problems. However, the single branch is located
in Canajoharie, an area with a very modestly increasing population and
declining deposit base. Therefore, the valuation was not adjusted for these
factors as the investor enthusiasm appears to be offsetting the negative
aspects of the Bank's only market.
60
<PAGE>
Management
The Bank has developed a good management team with considerable banking
experience. Management has expertise in all areas of the operation.
The Board is active and oversees and advises on all key strategic and
policy decisions. The organization chart appears reasonable for an
institution of the Bank's size and complexity.
The financial performance of the Comparable Group indicates well-managed
institutions, which have Boards and management teams that have been effective
in implementing conservative and competitive operating strategies.
No adjustment appears to be warranted for this factor.
61
<PAGE>
Dividends
Historically, banks typically have not established dividend policies
immediately at or after conversion to stock ownership. Rather, newly
converted institutions, in general, have preferred to establish an earnings
track record, fully invest the conversion proceeds, and allow for seasoning
of the stock before establishing a dividend policy. In the late 1980's and
early 1990's however, there has been a tendency toward initiating dividend
policies concurrent with the conversion as a means of increasing the
attractiveness of the issue and to utilize the proceeds. Particularly as a
result of the Savings and Loan negative publicity, many thrifts felt the need
to provide the additional enticement of a dividend to attract more investors.
The last few years have seen yet another shift away from dividend
policies concurrent with conversion. Recent issues have been fully or over
subscribing without the need for the additional enticement of dividends.
After conversion is another issue however. Recent pressures on ROE and on
internal rate of returns to investors has prompted the industry toward cash
dividends. This trend is exacerbated by the lack of growth potential.
Typically, when institutions are in a growth mode, they issue stock dividends
or do not declare a dividend. When growth is stunted, these institutions
shift toward reducing equity levels and thus utilize cash dividends as a tool
in this regard.
Nine of the ten comparable institutions had declared dividends. The
average dividend payout ratio for the Comparable Group, which pay dividends,
was 93.55% with a range from a high of 200.00% to a low of 0.00%.
The Bank has the ability to pay a dividend after the conversion but does
not intend to do so, at this time.
As such, a slight downward adjustment is indicated for this factor.
62
<PAGE>
Liquidity of the Issue
The Comparable Group is by definition composed only of companies that
trade in the public markets with all ten of the Comparables trading on the
NASDAQ. Typically, the number of shares outstanding and the market
capitalization provides an indication of how much liquidity there will be in
a given stock. The actual liquidity can be measured by volume traded over a
given period of time.
The market capitalization values of the Comparable Group range from a low
of $4.49 million to a high of $17.85 million with an average market
capitalization of $10.16 million. The Bank expects to have $1.817 million of
market capital at the midpoint on a pro-forma basis which is well below the
average Comparable Group and will result in a significant lack of liquidity.
Based on the comparison with the Comparable Group and the above data, a
downward adjustment appears warranted.
63
<PAGE>
Subscription Interest
The outcome of subscription offerings has been, historically, difficult
to predict. Since 1992, however, the conversions have experienced robust
subscription interest with the exception of late 1994 when the pricing
multiples were high. During late 1994, many subscriptions had the need to
resolicit due to lack of professional investor demand. During 1995, the
investor demand returned and the subscription interest increased, primarily
the result of lower market multiples. The vast majority of recent
conversions have oversubscribed and gone off at the maximum or super-maximum.
However, there were some offerings in May and June 1996 that went off at or
below the midpoint, indicating a possible shift away from interest in thrift
public offerings at that time.
Of more importance is the general strength of the aftermarket. Thrift
stock prices have soared upwards in recent months (see Figure 47) and is
showing strength across the board. Additionally, as shown in Exhibit 7, the
most recent conversions (within the last 3 months) have demonstrated a strong
price appreciation.
As such, an upward adjustment for subscription interest is warranted at
this time due to the strong aftermarket performance of recent conversions.
64
<PAGE>
Recent Regulatory Matters
As a result of large after-market price increases of conversions during
1993 and early 1994, the regulatory agencies have issued guidelines on
appraisals for conversions. The regulators publicly indicated that only
modest immediate after-market price increases are appropriate for converting
institutions. The guidelines issued November 22, 1994, indicate that the
reasonableness and adequacy of an appraisal will be partially judged by the
immediate price movement of the conversion stock in the after-market, using a
very short time frame of the second day of trading following closing. The
guidelines further discuss that the average price appreciation for all IPOs
has been between 10 and 15%, which was deemed to be too high.
At around the same time period, IPO pricing was elevated on a book basis
and IPOs in late 1994 did not experience much appreciation. In fact,
numerous IPOs actually depreciated. 1995 brought back lower premiums to book
but they have been rising throughout 1996 to approximately the same levels as
late 1994. 1997 has continued the trend with IPO's popping over 30% on
average, for the first day of trading.
The price is adjusted slightly upward for this factor, as the publicity
surrounding the high price appreciation has caused considerable investor
interest in the IPO market and the result has been dramatic oversubscriptions.
65
<PAGE>
Market for Seasoned Thrift
Stocks
Data for all public thrifts as of June 10, 1997 is provided in Exhibit 5.
A common measure utilized as a proxy for the performance of the thrift
industry is the SNL thrift index graphically shown below and tabularly shown
on the following page:
Figure 47- SNL Thrift Index Chart
SNL
Thrift
Date Index
---- ------
Jan-92...................................... 143.9
Jul-92...................................... 175.1
Jan-93...................................... 201.1
Jul-93...................................... 220.5
Jan-94...................................... 252.5
Jul-94...................................... 273.8
Jan-95...................................... 256.1
Jul-95...................................... 328.2
Jan-96...................................... 370.7
Jul-96...................................... 389.9
Jan-97...................................... 520.1
10-Jun-97...................................... 594.8
Source: SNL Securities
66
<PAGE>
Figure 48 - Historical SNL Index
SNL THRIFT INDEX MONTHLY PERFORMANCE
January 2, 1992 to June 10, 1997
<TABLE>
<CAPTION>
SNL % Change % Change % Change % Change % Change % Change
Thrift Since Since Since Since Since Since
Date Index 1/2/92 1/4/93 1/3/94 12/30/94 12/29/95 12/31/96
---- ------ -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1992 2-Jan 143.9 -- -- -- -- -- --
- ---- 3-Feb 153.3 6.5% -- -- -- -- --
2-Mar 164.3 14.2% -- -- -- -- --
1-Apr 157.6 9.5% -- -- -- -- --
1-May 160.8 11.7% -- -- -- -- --
1-Jun 170.4 18.4% -- -- -- -- --
1-Jul 175.1 21.7% -- -- -- -- --
1-Aug 179.7 24.9% -- -- -- -- --
1-Sep 169.6 17.9% -- -- -- -- --
1-Oct 167.0 16.1% -- -- -- -- --
2-Nov 172.4 19.8% -- -- -- -- --
1-Dec 186.2 29.4% -- -- -- -- --
1993 4-Jan 201.1 39.7% -- -- -- -- --
- ---- 1-Feb 219.1 52.3% 9.0% -- -- -- --
1-Mar 221.1 53.6% 9.9% -- -- -- --
1-Apr 228.2 58.6% 13.5% -- -- -- --
3-May 215.9 50.0% 7.4% -- -- -- --
1-Jun 214.7 49.2% 6.8% -- -- -- --
1-Jul 220.5 53.2% 9.6% -- -- -- --
2-Aug 234.7 63.1% 16.7% -- -- -- --
1-Sep 246.7 71.4% 22.7% -- -- -- --
1-Oct 259.9 80.6% 29.2% -- -- -- --
1-Nov 258.6 79.7% 28.6% -- -- -- --
1-Dec 245.7 70.7% 22.2% -- -- -- --
1994 3-Jan 252.5 75.5% 25.6% -- -- -- --
- ---- 1-Feb 257.2 78.7% 27.9% 1.9% -- -- --
1-Mar 245.4 70.5% 22.0% -2.8% -- -- --
1-Apr 241.6 67.9% 20.1% -4.3% -- -- --
2-May 249.3 73.2% 24.0% -1.3% -- -- --
1-Jun 263.3 83.0% 30.9% 4.3% -- -- --
6-Jul 273.8 90.3% 36.2% 8.4% -- -- --
1-Aug 277.2 92.6% 37.8% 9.8% -- -- --
1-Sep 286.4 99.0% 42.4% 13.4% -- -- --
3-Oct 277.3 92.7% 37.9% 9.8% -- -- --
1-Nov 258.9 79.9% 28.7% 2.5% -- -- --
1-Dec 242.3 68.4% 20.5% -4.0% -- -- --
1995 31-Jan 256.1 78.0% 27.3% 1.4% 5.7% -- --
- ---- 28-Feb 277.0 92.5% 37.7% 9.7% 14.3% -- --
31-Mar 278.4 93.5% 38.4% 10.3% 14.9% -- --
28-Apr 295.4 105.3% 46.9% 17.0% 21.9% -- --
31-May 307.6 113.8% 53.0% 21.8% 27.0% -- --
30-Jun 313.5 117.9% 55.9% 24.2% 29.4% -- --
30-Jul 328.2 128.1% 63.2% 30.0% 35.5% -- --
31-Aug 355.5 147.0% 76.8% 40.8% 46.7% -- --
30-Sep 362.3 151.8% 80.2% 43.5% 49.5% -- --
31-Oct 354.1 146.1% 76.1% 40.2% 46.1% -- --
30-Nov 370.2 157.3% 84.1% 46.6% 52.8% -- --
29-Dec 376.5 161.6% 87.2% 49.1% 55.4% -- --
1996 31-Jan 370.7 157.6% 84.3% 46.8% 53.0% -1.5% --
- ---- 29-Feb 373.6 159.6% 85.8% 48.0% 54.2% -0.8% --
29-Mar 382.1 165.5% 90.0% 51.3% 57.7% 1.5% --
30-Apr 380.3 164.3% 89.1% 50.6% 57.0% 1.0% --
31-May 383.0 166.2% 90.5% 51.7% 58.1% 1.7% --
28-Jun 387.2 169.1% 92.5% 53.3% 59.8% 2.8% --
31-Jul 389.9 171.0% 93.9% 54.4% 60.9% 3.6% --
30-Aug 408.3 183.7% 103.0% 61.7% 68.5% 8.4% --
30-Sep 429.3 198.3% 113.5% 70.0% 77.2% 14.0% --
31-Oct 456.7 217.4% 127.1% 80.9% 88.5% 21.3% --
29-Nov 485.8 237.6% 141.6% 92.4% 100.5% 29.0% --
31-Dec 483.6 236.1% 140.5% 91.5% 99.6% 28.4% --
1997 31-Jan 520.1 261.4% 158.6% 106.0% 114.7% 38.1% 7.5%
31-Mar 527.7 266.7% 162.4% 109.0% 117.8% 40.2% 9.1%
10-Jun 594.8 313.4% 195.8% 135.6% 145.5% 58.0% 23.0%
</TABLE>
Source: SNL Securities
67
<PAGE>
Figure 49 - Equity Indices
Index Comparisons
SNL S&P DJIA
--------------------------------------------------
6/30/94 269.6 444.3 3,625.0
12/30/94 244.7 459.3 3,834.4
6/30/95 313.5 544.8 4,556.1
12/29/95 376.5 615.9 5,117.1
6/28/96 387.2 670.6 5,654.6
12/31/96 483.6 740.7 6,448.3
6/10/97 594.8 865.3 7,539.3
As the chart and table illustrate, the performance of the SNL index has been
robust through 1992, 1993, 1994 and 1995. The dip in the index, occurring
in late 1994, was the product of the interest rate rise during that period
along with the overall uneasiness in the stock market in general. The index
has continued to grow, but at a reduced rate in 1996. The rate scenario
covering the same period as the SNL index can be seen in the following chart.
68
<PAGE>
Figure 50 - Historical Rates
<TABLE>
<CAPTION>
Historical Rates 4Q 93 1Q 94 2Q 94 3Q 94 4Q 94 1Q 95 2Q 95 3Q 95 4Q 95 1Q 96 2Q 96 3Q 96
- ---------------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3 month.............. 3.040 3.530 4.272 4.780 5.727 5.873 5.730 5.508 5.085 5.048 5.152 5.019
1 year............... 3.560 4.320 5.347 5.936 7.092 6.623 6.135 5.645 5.167 5.088 5.632 5.638
30 year.............. 6.340 6.960 7.345 7.800 7.876 7.593 6.889 6.730 5.959 6.285 6.920 6.908
</TABLE>
As the graph demonstrates, the rate rise in late 1994 correlates closely to the
fall in thrift prices. The drop in rates in 1995 was one of the primary drivers
of the rapid rise in the SNL index. During 1996, rates increased slightly and
then remained stable, fueling the rise in the conversion prices. 1997 has seen
a continuation of this trend, with IPOs now pricing at 71.2% of book value, on
average.
Thrift pricing in general was robust in 1995 due to the falling interest rates,
the industry consolidation and renewed earnings. Contrasting this view, in late
1994 investors faced shrinking spreads and margins due to rising rates and
consolidation that was tailing off and slowing down. The blockbuster level of
consolidations have led many investors to think that all institutions are fair
game for acquisitions and prices have risen accordingly.
As Figure 49 shows, the SNL index has risen at a slower pace as the stock market
(using DJIA and S&P as proxies).
As such, no adjustment for this measure is warranted because although thrift
stocks have been trading at high multiples recently, and the demand for thrift
stocks continues to be strong, the performance has been earnings driven and the
Bank's earnings are weak.
69
<PAGE>
ACQUISITION MARKET
The number of deals has been slowing down.
Figure 51 - Deals for Last Five Quarters
<TABLE>
<CAPTION>
1995-2 1995-3 1995-4 1996-1 1996-2 1996-3 1996-4 1997-1 1997-2
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Bank 85 92 80 79 87 91 79 55 46
Thrift 35 27 22 22 29 21 19 26 17
</TABLE>
Source: SNL Securities
70
<PAGE>
From 1994 through February 1997, thrift deal prices remained high. As
illustrated by the following graphs and tables, thrift deal prices as a multiple
of book value continue to climb through June 10, 1997, for all thrifts and
thrifts in the Mid-Atlantic region. Price to earnings for the Mid-Atlantic
region remained flat while the industry level rose. Interestingly, price to
assets and price to deposits declined, indicating that Mid-Atlantic thrifts have
leveraged capital more than the other two segments.
Figure 52 - Current Thrift Acquisition Multiples, Price to Book
[Data appears on page 1-76]
71
<PAGE>
Figure 53 - Current Thrift Acquisition Multiples, Price to Tangible Book
Historical Price to Tangible Book Analysis
[Data appears on page 1-76]
72
<PAGE>
Figure 54 - Thrift Acquisition Multiples, Price to Earnings
Historical Median Price to Earnings
[Data appears on page 1-76]
73
<PAGE>
Figure 55 - Current Thrift Acquisition Multiples, Price to Assets
Historical Price to Assets
[Data appears on page 1-76]
74
<PAGE>
Figure 56 - Current Thrift Acquisition Multiples, Price to Deposits
Historical Price to Deposits
[Data appears on page 1-76]
75
<PAGE>
Figure 57 - Deal Multiples
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Median Price to LTM Earnings 1994 1995 1996 1997 YTD
Thrifts -- Nationwide 13.8 18.8 17.7 24.6
Thrifts -- Mid-Atlantic 13.3 17.9 17.0 17.7
Thrifts -- Deal Value $10-$50 Million 13.5 17.6 18.7 39.1
Average Price to Book
Thrifts -- Nationwide 154.5 144.7 149.5 170.2
Thrifts -- Mid-Atlantic 153.9 156.5 156.9 192.4
Thrifts -- Deal Value $10-$50 Million 158.7 146.1 141.0 159.6
Average Price to Tangible Book
Thrifts -- Nationwide 158.9 149.1 153.6 173.4
Thrifts -- Mid-Atlantic 160.4 157.6 159.4 198.4
Thrifts -- Deal Value $10-$50 Million 159.7 153.6 144.1 159.8
Average Price to Assets
Thrifts -- Nationwide 13.9 14.8 15.0 18.5
Thrifts -- Mid-Atlantic 13.2 15.3 17.7 15.1
Thrifts -- Deal Value $10-$50 Million 15.4 15.4 16.7 21.9
Average Price to Deposits
Thrifts -- Nationwide 17.0 19.3 19.9 25.1
Thrifts -- Mid-Atlantic 16.2 20.3 24.5 22.3
Thrifts -- Deal Value $10-$50 Million 18.7 20.1 22.1 28.9
</TABLE>
Currently there are two pending local thrift acquisitions announced, Greater New
York SB by Astoria Financial Corp. and RCSB Financial by Charter One Financial
of Ohio. The acquisition multiples associated with these deals are shown below.
Additionally, one deal, BFS Bankorp Inc. acquisition by Dime Bancorp closed
recently.
Figure 58 - New York Thrift Acquisition Table
At Announcement Offer Divided By
--------------------------------
PENDING Book Value LTM EPS
- ------- ------------- ---------
Greater New York SB 167 24.6
RCSB Financial 198 17.1
Pending Merger Average 168 24.6
COMPLETED
- ---------
BFS Bankorp Inc. 165 10.2
Completed Merger Average 165 32.1
Source: SNL Securities
76
<PAGE>
No adjustment is warranted for this factor at time of conversion, since new
conversions are not readily available for acquisition for well over one year
from the date of conversion and since the market prices of the Comparables
already have this acquisition premium built in their prices.
77
<PAGE>
ADJUSTMENTS TO VALUE
Overall, FinPro believes that the Bank pro-forma market value should be
discounted relative to the Comparable Group, reflecting the following
adjustments.
Key Valuation Parameters Valuation Adjustment
- --------------------------------------------------------------------------------
Financial Strength Slightly Upward
Earnings Quality Downward
Market Area No Adjustment
Management No Adjustment
Dividends Slightly Downward
Liquidity of the Issue Downward
Subscription Interest Upward
Recent Regulatory Matters Slightly Upward
Market for Seasoned Thrift Stocks No Adjustment
Acquisition Market No Adjustment
On a pro-forma basis, the Bank will be a highly capitalized institution on a
percentage basis with limited opportunities to leverage the capital as the
capital on a dollar basis is low. This implies that either the Bank will
remain overcapitalized or will have to build growth.
As such, and as a result of all the factors discussed, a full offering
discount in the 30% - 40% range from the average trading values of the
comparable companies appears to be reasonable. This is particularly true as
these numbers represent a premium to earnings and a discount to book for
recent standard conversions.
78
<PAGE>
VALUATION APPROACH
In applying the accepted valuation methodology promulgated by the regulators,
i.e., the pro-forma market value approach, four key pricing multiples were
considered. The four multiples include:
Price to earnings ("P/E")
Price to tangible book value ("P/TB")
Price to book value ("P/B")
Price to assets ("P/A")
All of the approaches were calculated on a pro-forma basis including the
effects of the conversion proceeds. All of the assumptions utilized are
presented in Exhibits 8 and 9.
The appraisal takes into consideration the intent to purchase stock for the
employee stock ownership plan ("ESOP") and the management recognition plan
("MRP"). For valuation purposes, FinPro assumed that the ESOP would purchase
8% of the shares at the offering price, the MRP would purchase 4% of the
shares in the open market at the $10.00 per share issue price (the actual MRP
purchase price will be the then prevailing market rate for an open market
purchase, however since this price is in the future and unknown, the issue
price is used as a proxy).
To ascertain the pro-forma estimated market value of the Bank, the market
multiples for the Comparable Group, all publicly traded thrifts and the
recent (1996 to date) standard conversion group were assessed.
Since thrift earnings in general have had a high degree of volatility over
the past decade, the P/B approach has gained in importance and is utilized
frequently as the benchmark for market value. It is interesting to note that
the P/B approach is more of a benchmark than a reliable valuation technique.
A better approach is the P/TB approach. In general, investors tend to price
financial institutions on a tangible book basis, because it incorporates the
P/B approach adjusted for intangibles. Recently, the P/E approach has
regained favor among investors.
As such, in estimating the market value for the Bank, the P/TB was weighted
higher than the P/B approach. Additionally, the P/E approach was given equal
weighting to the P/TB approach as investors rely on the earnings stream for
investment decisions going forward. The P/A ratio was not given much weight
in the valuation process
79
<PAGE>
In terms of the market multiples, the most weight was given to the Comparable
Group and the recent (1996 to date) standard conversions. Less weight was
ascribed to all public thrifts and all New York thrifts. The multiples for
the Comparable Group, all publicly traded thrifts, New York publicly traded
thrifts and the Bank is shown in Exhibit 6.
Based upon the approximately 30% discount defined in the section above, the
Bank pricing at the midpoint is estimated to be $1,150,000. Based upon a
range below and above the midpoint value, the relative values are $980,000 at
the minimum and $1,320,000 at the maximum respectively. At the supermaximum
of the range the offering value would be $1,520,000. The respective exchange
ratios, levels of Foundation and conversion shares are outlined below.
At the various levels of the estimated value range, the offering would result
in the following offering data:
Figure 59 - Value Range Offering Data
<TABLE>
<CAPTION>
Full
Total Price Per Conversion
Conclusion Shares Share Value
<S> <C> <C> <C>
Appraised Value-Midpoint 115 $10 $1,150
Appraised Value-Minimum 98 $10 $980
Appraised Value-Maximum 132 $10 $1,320
Appraised Value-SuperMaximum* 152 $10 $1,520
</TABLE>
Source: FinPro Inc. Proforma Model
80
<PAGE>
This equates to the following multiples:
Figure 60 - Comparable Pricing Multiples
<TABLE>
Comparables
-----------------------------------------------
Price Relative to
-----------------------------------------------
Earnings Book Tangible Book Assets
- ------------------------ -------- -------- ------------- --------
<S> <C> <C> <C> <C>
The Bank (at midpoint) 66.67 63.29% 63.29% 9.44%
Comparable Group Average 45.79 101.38% 102.07% 19.14%
(Discount) Premium 45.60% -37.57% -37.99% -50.68%
</TABLE>
Source: FinPro Calculations
Figure 61 - Recent Standard Conversion Multiples
<TABLE>
Recent Standard Conversions
-----------------------------------------------
Price Relative to
-----------------------------------------------
Earnings Book Tangible Book Assets
- ------------------------ -------- -------- ------------- --------
<S> <C> <C> <C> <C>
The Bank (at midpoint) 66.67 63.29% 63.29% 9.44%
Comparable Group Average 21.10 71.20% 71.20% 16.40%
(Discount) Premium 215.97% -11.11% -11.11% -42.44%
</TABLE>
Source: FinPro Calculations
As the tables above demonstrate, a premium is applied to the Bank relative to
the Comparable Group for earnings and a discount is applied to the Bank
relative to the Comparable Group for all other measures. In comparison to
the recent standard conversions, the premium on an earnings basis is offset
by the discount applied to the Bank on all other measures.
81
<PAGE>
VALUATION CONCLUSION
It is, therefore, our opinion that as of June 10, 1997, the estimated
pro-forma market value of the Bank in a full offering was $1,150,000 at the
midpoint of a range with a minimum of $980,000 to a maximum of $1,320,000 at
15% below and 15% above the midpoint of the range respectively. Assuming an
adjusted maximum value of 15% above the maximum value, the adjusted maximum
value or supermaximum value in a full offering is $1,520,000. The stock will
be issued at $10.00 per share.
Pro-forma comparisons of the Bank's value range with the Comparable Group,
all public thrifts, New York public thrifts and the recent standard
conversion group is shown in Exhibits 8 and 9.
82
<PAGE>
EXHIBIT 1
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
AS OF MARCH 31,
$ IN 000'S
-----------------------------------------
<S> <C> <C> <C>
ASSETS 1997 1996 1995
- ------ ------------- ------------ ------------
Cash (including interest bearing deposits $120,000, 1997; $1,230,000,
1996)............................................................... $ 709,458 $ 1,350,573 $ 880,650
Trading account securities............................................ 69,324 -- --
Mortgage-backed securities, held-to-maturity.......................... 257,096 340,087 --
Investment securities
Securities held-to-maturity......................................... 200,000 -- 99,412
Securities available-for-sale....................................... 397,793 241,398 34,935
Loans receivable, net................................................. 9,392,212 5,527,632 6,473,585
Investments required by law--stock in Federal Home Loan
Bank of New York, at cost........................................... 58,500 64,200 64,200
Accrued interest receivable........................................... 38,630 19,287 18,701
Premise and equipment, net of accumulated depreciation................ 155,379 53,542 49,182
Deferred tax asset.................................................... 7,100 -- --
Other assets.......................................................... 40,309 9,708 7,410
------------- ------------ ------------
Total Assets...................................................... $ 11,325,801 $ 7,606,427 $ 7,628,075
------------- ------------ ------------
------------- ------------ ------------
Liabilities and Retained Earnings
Liabilities
Accounts payable...................................................... $ 7,920 $ 2,339 $ 1,005
Deposits.............................................................. 10,237,301 6,465,073 6,517,683
Advance payments by borrowers for taxes and insurance................. 107,277 95,397 154,848
Deferred tax liability................................................ -- 11,800 8,350
Other liabilities..................................................... 18,397 554 7,314
------------- ------------ ------------
Total Liabilities................................................. 10,370,895 6,575,163 6,689,200
------------- ------------ ------------
Commitments
Net Worth
Retained earnings--substantially restricted........................... 956,285 992,357 400,641
Retained earnings--unrestricted....................................... -- -- 506,378
Net unrealized gain (loss) on securities available for sale........... (1,379) 38,907 31,856
------------- ------------ ------------
Total Net Worth................................................... 954,906 1,031,264 938,875
------------- ------------ ------------
Total Liabilities and Retained Earnings........................... $ 11,325,801 $ 7,606,427 $ 7,628,075
------------- ------------ ------------
------------- ------------ ------------
</TABLE>
- ------------------------
Source: Audited Financial Statements
<PAGE>
EXHIBIT 2
CONSOLIDATED STATEMENTS OF INCOME
$ IN 000'S
<TABLE>
<CAPTION>
YEAR ENDED
MARCH 31,
----------------------------------------------
<S> <C> <C> <C> <C>
1997 1996 1995 1994
---------- ---------- ---------- ----------
Interest Income:
Loans receivable
First mortgage loans......................................... $ 545,030 $ 492,992 $ 493,464 $ 484,796
Other loans.................................................. 39,932 23,115 28,490 36,409
Investment securities and interest bearing deposits............ 103,398 106,347 43,794 39,218
Discount accretion, net of premium deposits.................... -- -- (83) (374)
---------- ---------- ---------- ----------
Total interest income........................................ 688,360 622,454 565,665 560,049
Interest Expense:
Interest on deposits........................................... 326,607 270,115 225,236 267,240
---------- ---------- ---------- ----------
Net interest income.............................................. 361,753 352,339 340,429 292,809
---------- ---------- ---------- ----------
Provision for loan losses........................................ 78,000 -- -- --
---------- ---------- ---------- ----------
Net interest income after provision for loan losses.............. 283,753 352,339 340,429 292,809
---------- ---------- ---------- ----------
Non-interest income:
Loan fees and service charges.................................. 28,779 10,280 14,069 19,412
Trading account gain........................................... 67,056 -- -- --
---------- ---------- ---------- ----------
Total Non-interest income.................................... 95,835 10,280 14,069 19,412
Non-interest expense:
General and administrative expenses
Compensation, payroll taxes and fringe benefits.............. 184,154 115,481 113,600 149,768
Advertising and business promotion........................... 6,030 5,331 4,931 4,749
Building occupancy and equipment expenses, including
depreciation............................................... 34,086 24,920 25,230 25,902
Federal insurance premiums................................... 55,256 15,695 -- --
Other operating expenses..................................... 154,534 77,754 98,568 113,344
---------- ---------- ---------- ----------
Total Non-interest expense................................. 434,060 239,181 242,329 293,763
Income (loss) before income tax.............................. (54,472) 123,438 112,169 18,458
Provision for income tax expense (benefit)....................... (18,400) 38,100 28,984 4,530
---------- ---------- ---------- ----------
Net income (loss).............................................. (36,072) 85,338 83,185 13,928
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
- ------------------------
Source: Audited Financial Statements
<PAGE>
EXHIBIT 3
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31, 1997
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CHANGE IN UNREALIZED
GAIN (LOSS) ON
SECURITIES
BALANCE AVAILABLE FOR SALE, NET
BEGINNING OF ALLOCATION OF OF
YEAR NET INCOME (LOSS) DEFERRED INCOME TAXES END OF YEAR
---------------- ----------------- ----------------------- ------------
Substantially restricted Retained
earnings........................... $ 992,357 $ (36,072) $ -- $ 956,285
Unrealized gain (loss) on securities
available for sale................. 38,907 -- (40,286) (1,379)
---------------- -------- -------- ------------
Net Worth............................ $ 1,031,264 $ (36,072) $ (40,286) $ 954,906
---------------- -------- -------- ------------
---------------- -------- -------- ------------
Year Ended March 31, 1996
--------------------------------------------------------------------------
Substantially restricted Retained
earnings........................... $ 907,019 $ 85,338 $ -- $ 992,357
Unrealized gain (loss) on securities
available for sale................. 31,856 -- 7,051 38,907
---------------- -------- -------- ------------
Net Worth............................ $ 938,875 $ 85,338 $ 7,051 $ 1,031,264
---------------- -------- -------- ------------
---------------- -------- -------- ------------
</TABLE>
- ------------------------
Source: Audited Financial Statements
<PAGE>
EXHIBIT 4
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
YEARS ENDED
MARCH 31,
-------------------------
<S> <C> <C>
1997 1996
----------- ------------
Cash flows provided (used) by operating activities
Net income (loss)................................................................... $ (36,072) $ 85,338
Adjustments to reconcile net income to net cash provided by (used in) operating
activities:
Depreciation........................................................................ 11,570 6,767
Amortization (accretion), net....................................................... 2,755 (88)
Provision for loan losses........................................................... 78,000 --
Deferred income taxes............................................................... (18,900) 3,450
Decrease (increase) in
Accrued interest receivable....................................................... (19,343) (586)
Trading account securities........................................................ (69,324) --
Other assets...................................................................... (30,601) (2,298)
Increase (decrease) in
Accounts payable.................................................................... 5,581 1,334
Other liabilities................................................................... 17,843 (6,760)
----------- ------------
Net cash provided by operating activities............................................. (58,491) 87,157
Cash flows provided (used) by investing activities
Net increase in loans receivable.................................................... (3,942,580) --
Net decrease in loans receivable.................................................... -- 628,120
Proceeds from sale of investments required by law................................... 5,700 --
Purchase of available-for-sale securities........................................... (399,063) (100,000)
Proceeds from principal repayments of mortgage-backed securities.................... 82,618 --
Purchase of premises and equipment.................................................. (113,407) (11,127)
----------- ------------
Net cash used in investing activities................................................. (4,366,732) 516,993
----------- ------------
Cash flows provided (used) by financing activities:
Net increase (decreased) in deposits................................................ 3,772,228 (74,776)
Increase (decrease) in advances from borrowing taxes and insurance.................. 11,880 (59,451)
----------- ------------
Net cash (used) provided by financing activities...................................... 3,784,108 (134,227)
----------- ------------
Net (decrease) increase in cash and cash equivalents.................................. (641,115) 469,923
Cash--beginning of year............................................................... 1,350,573 880,650
----------- ------------
Cash--end of year..................................................................... $ 709,458 $ 1,350,573
----------- ------------
Supplemental disclosures:
Cash paid for:
Income Taxes...................................................................... 17,140 24,248
Interest.......................................................................... 326,607 270,115
Increase (decrease) on unrealized gain on securities available-for-sale........... (40,286) 7,051
</TABLE>
- ------------------------
Source: Audited Financial Statements
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
CORPORATE
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DEPOSIT
NUMBER INSURANCE
OF AGENCY CONVERSION
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF) TYPE
- ---------------------------------------- --------------------- ----- ------- -------- --------------------
%CAL...... California Federal Bank, a FSB Private Dallas TX 227 NA SAIF Not Avail.
%CCMD..... Chevy Chase Bank, FSB Private Chevy Chase MD 107 NA SAIF Not Avail.
AABC...... Access Anytime Bancorp, Inc. NASDAQ Clovis NA 3 08/08/86 SAIF Regular
AADV...... Advantage Bancorp Inc. NASDAQ Kenosha WI 15 03/23/92 SAIF Regular
ABBK...... Abington Bancorp Inc. NASDAQ Abington MA 7 06/10/86 BIF Regular
ABCL...... Alliance Bancorp Inc. NASDAQ Hinsdale IL 14 07/07/92 SAIF Regular
ABCW...... Anchor BanCorp Wisconsin NASDAQ Madison WI 34 07/16/92 SAIF Regular
AFBC...... Advance Financial Bancorp NASDAQ Wellsburg WV 2 01/02/97 SAIF Regular
AFCB...... Affiliated Community Bancorp NASDAQ Waltham MA 11 10/19/95 SAIF Not Avail.
AFED...... AFSALA Bancorp Inc. NASDAQ Amsterdam NY 4 10/01/96 SAIF Regular
AFFFZ..... America First Financial Fund NASDAQ San Francisco CA 36 NA SAIF Not Avail.
AHCI...... Ambanc Holding Co. Inc. NASDAQ Amsterdam NY 9 12/27/95 BIF Regular
AHM....... Ahmanson & Company (H.F.) NYSE Irwindale CA 391 10/25/72 SAIF Regular
ALBC...... Albion Banc Corp. NASDAQ Albion NY 2 07/26/93 SAIF Regular
ALBK...... ALBANK Financial Corporation NASDAQ Albany NY 70 04/01/92 SAIF Regular
AMFB...... American Federal Bank FSB NASDAQ Greenville SC 40 01/19/89 SAIF Modified
AMFC...... AMB Financial Corp. NASDAQ Munster IN 4 04/01/96 SAIF Regular
ANA....... Acadiana Bancshares Inc. AMSE Lafayette LA 4 07/16/96 SAIF Regular
ANBK...... American National Bancorp NASDAQ Baltimore MD 10 10/31/95 SAIF Not Avail.
ANDB...... Andover Bancorp Inc. NASDAQ Andover MA 12 05/08/86 BIF Regular
ASBI...... Ameriana Bancorp NASDAQ New Castle IN 8 03/02/87 SAIF Regular
ASBP...... ASB Financial Corp. NASDAQ Portsmouth OH 1 05/11/95 SAIF Regular
ASFC...... Astoria Financial Corporation NASDAQ Lake Success NY 45 11/18/93 SAIF Regular
ATSB...... AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF Regular
AVND...... Avondale Financial Corp. NASDAQ Chicago IL 5 04/07/95 SAIF Regular
BANC...... BankAtlantic Bancorp Inc. NASDAQ Fort Lauderdale FL 56 11/29/83 SAIF Regular
BDJI...... First Federal Bancorporation NASDAQ Bemidji MN 5 04/04/95 SAIF Regular
BFD....... BostonFed Bancorp Inc. AMSE Burlington MA 10 10/24/95 SAIF Regular
BFFC...... Big Foot Financial Corp. NASDAQ Long Grove IL 3 12/20/96 SAIF Regular
BFSB...... Bedford Bancshares Inc. NASDAQ Bedford VA 3 08/22/94 SAIF Regular
BKC....... American Bank of Connecticut AMSE Waterbury CT 15 12/01/81 BIF Regular
BKCO...... Bankers Corp. NASDAQ Perth Amboy NJ 15 03/16/90 BIF Regular
BKCT...... Bancorp Connecticut Inc. NASDAQ Southington CT 3 07/03/86 BIF Regular
BKUNA..... BankUnited Financial Corp. NASDAQ Coral Gables FL 14 12/11/85 SAIF Regular
BNKU...... Bank United Corp. NASDAQ Houston TX 71 08/09/96 SAIF Not Avail.
BPLS...... Bank Plus Corp. NASDAQ Los Angeles CA 33 NA SAIF Not Avail.
BSBC...... Branford Savings Bank NASDAQ Branford CT 5 11/04/86 BIF Regular
BTHL...... Bethel Bancorp NASDAQ Portland ME 8 08/19/87 BIF Regular
BVCC...... Bay View Capital Corp. NASDAQ San Mateo CA 45 05/09/86 SAIF Regular
BWFC...... Bank West Financial Corp. NASDAQ Grand Rapids MI 3 03/30/95 SAIF Regular
BYFC...... Broadway Financial Corp. NASDAQ Los Angeles CA 3 01/09/96 SAIF Regular
CAFI...... Camco Financial Corp. NASDAQ Cambridge OH 11 NA SAIF Not Avail.
CAPS...... Capital Savings Bancorp Inc. NASDAQ Jefferson City MO 7 12/29/93 SAIF Regular
CASB...... Cascade Financial Corp. NASDAQ Everett WA 8 09/16/92 SAIF Regular
CASH...... First Midwest Financial Inc. NASDAQ Storm Lake IA 12 09/20/93 SAIF Regular
CATB...... Catskill Financial Corp. NASDAQ Catskill NY 4 04/18/96 BIF Regular
CBCI...... Calumet Bancorp Inc. NASDAQ Dolton IL 5 02/20/92 SAIF Regular
CBCO...... CB Bancorp Inc. NASDAQ Michigan City IN 3 12/28/92 SAIF Regular
CBES...... CBES Bancorp Inc. NASDAQ Excelsior Regular
Springs MO 2 09/30/96 SAIF
CBK....... Citizens First Financial Corp. AMSE Normal IL 6 05/01/96 SAIF Regular
CBNH...... Community Bankshares Inc. NASDAQ Concord NH 11 05/08/86 BIF Regular
CBSA...... Coastal Bancorp Inc. NASDAQ Houston TX 36 NA SAIF Not Avail.
CBSB...... Charter Financial Inc. NASDAQ Sparta IL 8 12/29/95 SAIF Not Avail.
CCFH...... CCF Holding Company NASDAQ Jonesboro GA 4 07/12/95 SAIF Regular
CEBK...... Central Co-operative Bank NASDAQ Somerville MA 8 10/24/86 BIF Regular
CENB...... Century Bancorp Inc. NASDAQ Thomasville NC 1 12/23/96 SAIF Regular
CENF...... CENFED Financial Corp. NASDAQ Pasadena CA 18 10/25/91 SAIF Regular
CFB....... Commercial Federal Corporation NYSE Omaha NE 107 12/31/84 SAIF Regular
CFCP...... Coastal Financial Corp. NASDAQ Myrtle Beach SC 9 09/26/90 SAIF Regular
CFFC...... Community Financial Corp. NASDAQ Staunton VA 3 03/30/88 SAIF Regular
CFHC...... California Financial Holding NASDAQ Stockton CA 26 04/01/83 SAIF Regular
CFNC...... Carolina Fincorp Inc. NASDAQ Rockingham NC 4 11/25/96 SAIF Regular
CFSB...... CFSB Bancorp Inc. NASDAQ Lansing MI 17 06/22/90 SAIF Regular
CFTP...... Community Federal Bancorp NASDAQ Tupelo MS 1 03/26/96 SAIF Regular
CFX....... CFX Corporation AMSE Keene NH 43 02/12/87 BIF Regular
CIBI...... Community Investors Bancorp NASDAQ Bucyrus OH 3 02/07/95 SAIF Regular
CKFB...... CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95 SAIF Regular
CLAS...... Classic Bancshares Inc. NASDAQ Ashland KY 3 12/29/95 SAIF Regular
CMRN...... Cameron Financial Corp NASDAQ Cameron MO 3 04/03/95 SAIF Regular
CMSB...... Commonwealth Bancorp Inc. NASDAQ Valley Forge PA 54 06/17/96 SAIF Not Avail.
CMSV...... Community Savings, MHC NASDAQ North Palm Mutual HC
Beach FL 19 10/24/94 SAIF
CNBA...... Chester Bancorp Inc. NASDAQ Chester IL 6 10/08/96 SAIF Regular
CNIT...... CENIT Bancorp Inc. NASDAQ Norfolk VA 22 08/06/92 SAIF Regular
CNSB...... CNS Bancorp Inc. NASDAQ Jefferson City MO 5 06/12/96 SAIF Regular
CNY....... Carver Bancorp Inc. AMSE New York NY 7 10/25/94 SAIF Regular
COFD...... Collective Bancorp Inc. NASDAQ Egg Harbor City NJ 82 02/07/84 SAIF Regular
COFI...... Charter One Financial NASDAQ Cleveland OH 174 01/22/88 SAIF Regular
CONE...... Conestoga Bancorp, Inc. NASDAQ Roslyn NY 8 03/30/94 SAIF Regular
COOP...... Cooperative Bankshares Inc. NASDAQ Wilmington NC 17 08/21/91 SAIF Regular
COVB...... CoVest Bancshares Inc. NASDAQ Des Plaines IL 3 07/01/92 SAIF Regular
CRZY...... Crazy Woman Creek Bancorp NASDAQ Buffalo WY 1 03/29/96 SAIF Regular
CSA....... Coast Savings Financial NYSE Los Angeles CA 92 12/23/85 SAIF Regular
CSBF...... CSB Financial Group Inc. NASDAQ Centralia IL 2 10/09/95 SAIF Regular
CTZN...... CitFed Bancorp Inc. NASDAQ Dayton OH 35 01/23/92 SAIF Regular
CVAL...... Chester Valley Bancorp Inc. NASDAQ Downingtown PA 7 03/27/87 SAIF Regular
CZF....... CitiSave Financial Corp AMSE Baton Rouge LA 6 07/14/95 SAIF Regular
DCBI...... Delphos Citizens Bancorp Inc. NASDAQ Delphos OH 1 11/21/96 SAIF Regular
DFIN...... Damen Financial Corp. NASDAQ Schaumburg IL 3 10/02/95 SAIF Regular
DIBK...... Dime Financial Corp. NASDAQ Wallingford CT 11 07/09/86 BIF Regular
DIME...... Dime Community Bancorp Inc. NASDAQ Brooklyn NY 15 06/26/96 BIF Regular
DME....... Dime Bancorp Inc. NYSE New York NY 86 08/19/86 BIF Regular
DNFC...... D & N Financial Corp. NASDAQ Hancock MI 37 02/13/85 SAIF Regular
DSL....... Downey Financial Corp. NYSE Newport Beach CA 82 01/01/71 SAIF Not Avail.
EBCP...... Eastern Bancorp NASDAQ Dover NH 32 11/17/83 SAIF Regular
EBSI...... Eagle Bancshares NASDAQ Tucker GA 14 04/01/86 SAIF Regular
EFBC...... Empire Federal Bancorp Inc. NASDAQ Livingston MT 3 01/27/97 SAIF Regular
EFBI...... Enterprise Federal Bancorp NASDAQ West Chester OH 5 10/17/94 SAIF Regular
EGFC...... Eagle Financial Corp. NASDAQ Bristol CT 19 02/03/87 SAIF Regular
EGLB...... Eagle BancGroup Inc. NASDAQ Bloomington IL 3 07/01/96 SAIF Regular
EIRE...... Emerald Isle Bancorp Inc. NASDAQ Quincy MA 8 09/08/86 BIF Regular
EMLD...... Emerald Financial Corp. NASDAQ Strongsville OH 14 NA SAIF Regular
EQSB...... Equitable Federal Savings Bank NASDAQ Wheaton MD 4 09/10/93 SAIF Supervisory
ESBK...... Elmira Savings Bank (The) NASDAQ Elmira NY 6 03/01/85 BIF Regular
ESX....... Essex Bancorp Inc. AMSE Norfolk VA 4 07/18/90 SAIF Not Avail.
ETFS...... East Texas Financial Services NASDAQ Tyler TX 2 01/10/95 SAIF Regular
FAB....... FirstFed America Bancorp Inc. AMSE Fall River MA 13 01/15/97 SAIF Regular
FBBC...... First Bell Bancorp Inc. NASDAQ Pittsburgh PA 7 06/29/95 SAIF Regular
FBCI...... Fidelity Bancorp Inc. NASDAQ Chicago IL 5 12/15/93 SAIF Regular
FBCV...... 1ST Bancorp NASDAQ Vincennes IN 1 04/07/87 SAIF Regular
FBER...... 1st Bergen Bancorp NASDAQ Wood-Ridge NJ 4 04/01/96 SAIF Regular
FBHC...... Fort Bend Holding Corp. NASDAQ Rosenberg TX 6 06/30/93 SAIF Regular
FBSI...... First Bancshares Inc. NASDAQ Mountain Grove MO 6 12/22/93 SAIF Regular
FCB....... Falmouth Co-Operative Bank AMSE Falmouth MA 2 03/28/96 BIF Regular
FCBF...... FCB Financial Corp. NASDAQ Neenah WI 6 09/24/93 SAIF Regular
FCIT...... First Citizens Financial Corp. NASDAQ Gaithersburg MD 15 12/17/86 SAIF Regular
FCME...... First Coastal Corporation NASDAQ Westbrook ME 7 NA BIF Not Avail.
FDEF...... First Defiance Financial NASDAQ Defiance OH 9 10/02/95 SAIF Not Avail.
FED....... FirstFed Financial Corp. NYSE Santa Monica CA 25 12/16/83 SAIF Regular
FESX...... First Essex Bancorp Inc. NASDAQ Andover MA 15 08/04/87 BIF Regular
FFBA...... First Colorado Bancorp Inc. NASDAQ Lakewood CO 26 01/02/96 SAIF Not Avail.
FFBH...... First Federal Bancshares of AR NASDAQ Harrison AR 12 05/03/96 SAIF Regular
FFBI...... First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93 SAIF Regular
FFBS...... FFBS BanCorp Inc. NASDAQ Columbus MS 3 07/01/93 SAIF Regular
FFBZ...... First Federal Bancorp Inc. NASDAQ Zanesville OH 6 07/13/92 SAIF Regular
FFCH...... First Financial Holdings Inc. NASDAQ Charleston SC 33 11/10/83 SAIF Regular
FFDB...... FirstFed Bancorp Incorporated NASDAQ Bessemer AL 7 11/19/91 SAIF Regular
FFDF...... FFD Financial Corp. NASDAQ Dover OH 1 04/03/96 SAIF Regular
FFED...... Fidelity Federal Bancorp NASDAQ Evansville IN 4 08/31/87 SAIF Regular
FFES...... First Federal of East Hartford NASDAQ East Hartford CT 12 06/23/87 SAIF Regular
FFFC...... FFVA Financial Corp. NASDAQ Lynchburg VA 12 10/12/94 SAIF Regular
FFFD...... North Central Bancshares Inc. NASDAQ Fort Dodge IA 4 03/21/96 SAIF Not Avail.
FFFG...... F.F.O. Financial Group Inc. NASDAQ St. Cloud FL 11 10/13/88 SAIF Regular
FFFL...... Fidelity Bankshares Inc., MHC NASDAQ West Palm Beach FL 20 01/07/94 SAIF Mutual HC
FFHC...... First Financial Corp. NASDAQ Stevens Point WI 128 12/24/80 SAIF Regular
FFHH...... FSF Financial Corp. NASDAQ Hutchinson MN 11 10/07/94 SAIF Regular
FFHS...... First Franklin Corporation NASDAQ Cincinnati OH 7 01/26/88 SAIF Regular
FFIC...... Flushing Financial Corp. NASDAQ Flushing NY 7 11/21/95 BIF Regular
FFKY...... First Federal Financial Corp. NASDAQ Elizabethtown KY 8 07/15/87 SAIF Regular
FFLC...... FFLC Bancorp Inc. NASDAQ Leesburg FL 9 01/04/94 SAIF Regular
FFOH...... Fidelity Financial of Ohio NASDAQ Cincinnati OH 11 03/04/96 SAIF Not Avail.
FFPB...... First Palm Beach Bancorp Inc. NASDAQ West Palm Beach FL 40 09/29/93 SAIF Regular
FFSL...... First Independence Corp. NASDAQ Independence KS 2 10/08/93 SAIF Regular
FFSW...... FirstFederal Financial Svcs NASDAQ Wooster OH 20 03/31/87 SAIF Regular
FFSX...... First Fed SB of Siouxland, MHC NASDAQ Sioux City IA 13 07/13/92 SAIF Mutual HC
FFWC...... FFW Corp. NASDAQ Wabash IN 3 04/05/93 SAIF Regular
FFWD...... Wood Bancorp Inc. NASDAQ Bowling Green OH 6 08/31/93 SAIF Regular
FFYF...... FFY Financial Corp. NASDAQ Youngstown OH 12 06/28/93 SAIF Regular
FGHC...... First Georgia Holding Inc. NASDAQ Brunswick GA 9 02/11/87 SAIF Regular
FIBC...... Financial Bancorp Inc. NASDAQ Long Island Regular
City NY 5 08/17/94 SAIF
FISB...... First Indiana Corporation NASDAQ Indianapolis IN 28 08/02/83 SAIF Regular
FKFS...... First Keystone Financial NASDAQ Media PA 5 01/26/95 SAIF Regular
FKKY...... Frankfort First Bancorp Inc. NASDAQ Frankfort KY 3 07/10/95 SAIF Regular
FLAG...... FLAG Financial Corp. NASDAQ LaGrange GA 4 12/11/86 SAIF Regular
FLFC...... First Liberty Financial Corp. NASDAQ Macon GA 31 12/06/83 SAIF Regular
FLGS...... Flagstar Bancorp Inc. NASDAQ Bloomfield Not Avail.
Hills MI 15 NA SAIF
FLKY...... First Lancaster Bancshares NASDAQ Lancaster KY 1 07/01/96 SAIF Regular
FMBD...... First Mutual Bancorp Inc. NASDAQ Decatur IL 12 07/05/95 SAIF Regular
FMCO...... FMS Financial Corporation NASDAQ Burlington NJ 18 12/14/88 SAIF Regular
FMSB...... First Mutual Savings Bank NASDAQ Bellevue WA 7 12/17/85 BIF Regular
FNGB...... First Northern Capital Corp. NASDAQ Green Bay WI 20 12/29/83 SAIF Regular
FOBC...... Fed One Bancorp NASDAQ Wheeling WV 9 01/19/95 SAIF Not Avail.
FPRY...... First Financial Bancorp NASDAQ Tallahassee FL 6 03/29/88 SAIF Regular
FRC....... First Republic Bancorp NYSE San Francisco CA 13 NA BIF Not Avail.
FSBI...... Fidelity Bancorp Inc. NASDAQ Pittsburgh PA 8 06/24/88 SAIF Regular
FSFC...... First Southeast Financial Corp NASDAQ Anderson SC 11 10/08/93 SAIF Regular
FSLA...... First Savings Bank, MHC NASDAQ Woodbridge NJ 16 07/10/92 SAIF Mutual HC
FSNJ...... First Savings Bk of NJ, MHC NASDAQ Bayonne NJ 4 01/09/95 SAIF Mutual HC
FSPG...... First Home Bancorp Inc. NASDAQ Pennsville NJ 10 04/20/87 SAIF Regular
FSSB...... First FS&LA of San Bernardino NASDAQ San Bernardino CA 4 02/02/93 SAIF Regular
FSTC...... First Citizens Corporation NASDAQ Newnan GA 9 03/01/86 SAIF Regular
FTF....... Texarkana First Financial Corp AMSE Texarkana AR 5 07/07/95 SAIF Regular
FTFC...... First Federal Capital Corp. NASDAQ La Crosse WI 45 11/02/89 SAIF Regular
FTNB...... Fulton Bancorp Inc. NASDAQ Fulton MO 2 10/18/96 SAIF Regular
FTSB...... Fort Thomas Financial Corp. NASDAQ Fort Thomas KY 2 06/28/95 SAIF Regular
FWWB...... First SB of Washington Bancorp NASDAQ Walla Walla WA 21 11/01/95 SAIF Regular
GAF....... GA Financial Inc. AMSE Pittsburgh PA 13 03/26/96 SAIF Regular
GBCI...... Glacier Bancorp Inc. NASDAQ Kalispell MT 16 03/30/84 SAIF Regular
GDVS...... Greater Delaware Valley SB,MHC NASDAQ Broomall PA 7 03/03/95 SAIF Mutual HC
GDW....... Golden West Financial NYSE Oakland CA 246 05/29/59 SAIF Not Avail.
GFCO...... Glenway Financial Corp. NASDAQ Cincinnati OH 6 11/30/90 SAIF Regular
GFED...... Guaranty Federal SB, MHC NASDAQ Springfield MO 4 04/10/95 SAIF Mutual HC
GFSB...... GFS Bancorp Inc. NASDAQ Grinnell IA 1 01/06/94 SAIF Regular
GLBK...... Glendale Co-Operative Bank NASDAQ Everett MA 1 01/10/94 BIF Regular
GLN....... Glendale Federal Bank FSB NYSE Glendale CA 154 10/01/83 SAIF Regular
GPT....... GreenPoint Financial Corp. NYSE New York NY 74 01/28/94 BIF Regular
GRTR...... Greater New York Savings Bank NASDAQ New York NY 14 06/17/87 BIF Regular
GSBC...... Great Southern Bancorp Inc. NASDAQ Springfield MO 25 12/14/89 SAIF Regular
GSFC...... Green Street Financial Corp. NASDAQ Fayetteville NC 3 04/04/96 SAIF Regular
GSLA...... GS Financial Corp. NASDAQ Metairie LA 3 04/01/97 SAIF Regular
GTFN...... Great Financial Corporation NASDAQ Louisville KY 45 03/31/94 SAIF Regular
GTPS...... Great American Bancorp NASDAQ Champaign IL 3 06/30/95 SAIF Regular
GUPB...... GFSB Bancorp Inc. NASDAQ Gallup NA 1 06/30/95 SAIF Regular
GWBC...... Gateway Bancorp Inc. NASDAQ Catlettsburg KY 2 01/18/95 SAIF Regular
GWF....... Great Western Financial NYSE Chatsworth CA 416 NA SAIF Not Avail.
HALL...... Hallmark Capital Corp. NASDAQ West Allis WI 3 01/03/94 SAIF Regular
HARB...... Harbor Federal Savings Bk, MHC NASDAQ Fort Pierce FL 23 01/06/94 SAIF Mutual HC
HARL...... Harleysville Savings Bank NASDAQ Harleysville PA 4 08/04/87 SAIF Regular
HARS...... Harris Savings Bank, MHC NASDAQ Harrisburg PA 32 01/25/94 SAIF Mutual HC
HAVN...... Haven Bancorp Inc. NASDAQ Woodhaven NY 20 09/23/93 SAIF Regular
HBBI...... Home Building Bancorp NASDAQ Washington IN 2 02/08/95 SAIF Regular
HBEI...... Home Bancorp of Elgin Inc. NASDAQ Elgin IL 5 09/27/96 SAIF Regular
HBFW...... Home Bancorp NASDAQ Fort Wayne IN 9 03/30/95 SAIF Regular
HBNK...... Highland Federal Bank FSB NASDAQ Burbank CA 8 NA SAIF Not Avail.
HBS....... Haywood Bancshares Inc. AMSE Waynesville NC 4 12/18/87 BIF Not Avail.
HCBB...... HCB Bancshares Inc. NASDAQ Camden AR 6 05/07/97 SAIF Regular
HCFC...... Home City Financial Corp. NASDAQ Springfield OH 1 12/30/96 SAIF Regular
HEMT...... HF Bancorp Inc. NASDAQ Hemet CA 19 06/30/95 SAIF Regular
HFFB...... Harrodsburg First Fin Bancorp NASDAQ Harrodsburg KY 2 10/04/95 SAIF Regular
HFFC...... HF Financial Corp. NASDAQ Sioux Falls SD 19 04/08/92 SAIF Regular
HFGI...... Harrington Financial Group NASDAQ Richmond IN 3 NA SAIF Not Avail.
HFNC...... HFNC Financial Corp. NASDAQ Charlotte NC 9 12/29/95 SAIF Regular
HFSA...... Hardin Bancorp Inc. NASDAQ Hardin MO 3 09/29/95 SAIF Regular
HHFC...... Harvest Home Financial Corp. NASDAQ Cheviot OH 3 10/10/94 SAIF Regular
HIFS...... Hingham Instit. for Savings NASDAQ Hingham MA 5 12/20/88 BIF Regular
HMCI...... HomeCorp Inc. NASDAQ Rockford IL 9 06/22/90 SAIF Regular
HMLK...... Hemlock Federal Financial Corp NASDAQ Oak Forest IL 3 04/02/97 SAIF Regular
HMNF...... HMN Financial Inc. NASDAQ Spring Valley MN 7 06/30/94 SAIF Regular
HOMF...... Home Federal Bancorp NASDAQ Seymour IN 16 01/23/88 SAIF Regular
HPBC...... Home Port Bancorp Inc. NASDAQ Nantucket MA 2 08/25/88 BIF Regular
HRBF...... Harbor Federal Bancorp Inc. NASDAQ Baltimore MD 9 08/12/94 SAIF Regular
HRZB...... Horizon Financial Corp. NASDAQ Bellingham WA 12 08/01/86 BIF Regular
HTHR...... Hawthorne Financial Corp. NASDAQ El Segundo CA 6 NA SAIF Not Avail.
HVFD...... Haverfield Corporation NASDAQ Cleveland OH 10 03/19/85 SAIF Regular
HWEN...... Home Financial Bancorp NASDAQ Spencer IN 1 07/02/96 SAIF Regular
HZFS...... Horizon Financial Svcs Corp. NASDAQ Oskaloosa IA 3 06/30/94 SAIF Regular
IBSF...... IBS Financial Corp. NASDAQ Cherry Hill NJ 10 10/13/94 SAIF Regular
IFSB...... Independence Federal Savings NASDAQ Washington DC 2 06/06/85 SAIF Regular
IFSL...... Indiana Federal Corporation NASDAQ Valparaiso IN 16 02/04/87 SAIF Regular
INBI...... Industrial Bancorp NASDAQ Bellevue OH 10 08/01/95 SAIF Regular
INCB...... Indiana Community Bank SB NASDAQ Lebanon IN 3 12/15/94 SAIF Regular
IPSW...... Ipswich Savings Bank NASDAQ Ipswich MA 5 05/26/93 BIF Regular
ISBF...... ISB Financial Corporation NASDAQ New Iberia LA 25 04/07/95 SAIF Regular
ITLA...... ITLA Capital Corp. NASDAQ La Jolla CA 9 10/24/95 BIF Not Avail.
IWBK...... InterWest Bancorp Inc. NASDAQ Oak Harbor WA 37 NA SAIF Not Avail.
JOAC...... Joachim Bancorp Inc. NASDAQ De Soto MO 1 12/28/95 SAIF Regular
JSBA...... Jefferson Savings Bancorp NASDAQ Ballwin MO 32 04/08/93 SAIF Regular
JSBF...... JSB Financial Inc. NASDAQ Lynbrook NY 13 06/27/90 BIF Regular
JXSB...... Jacksonville Savings Bank, MHC NASDAQ Jacksonville IL 4 04/21/95 SAIF Mutual HC
JXVL...... Jacksonville Bancorp Inc. NASDAQ Jacksonville TX 6 04/01/96 SAIF Not Avail.
KFBI...... Klamath First Bancorp NASDAQ Klamath Falls OR 7 10/05/95 SAIF Regular
KNK....... Kankakee Bancorp Inc. AMSE Kankakee IL 9 01/06/93 SAIF Regular
KSAV...... KS Bancorp Inc. NASDAQ Kenly NC 4 12/30/93 SAIF Regular
KSBK...... KSB Bancorp Inc. NASDAQ Kingfield ME 8 06/24/93 BIF Regular
KYF....... Kentucky First Bancorp Inc. AMSE Cynthiana KY 2 08/29/95 SAIF Regular
LARK...... Landmark Bancshares Inc. NASDAQ Dodge City KS 5 03/28/94 SAIF Regular
LARL...... Laurel Capital Group Inc. NASDAQ Allison Park PA 6 02/20/87 SAIF Regular
LFBI...... Little Falls Bancorp Inc. NASDAQ Little Falls NJ 6 01/05/96 SAIF Regular
LFED...... Leeds Federal Savings Bk, MHC NASDAQ Baltimore MD 1 05/02/94 SAIF Mutual HC
LIFB...... Life Bancorp Inc. NASDAQ Norfolk VA 20 10/11/94 SAIF Regular
LISB...... Long Island Bancorp Inc. NASDAQ Melville NY 36 04/18/94 SAIF Regular
LOGN...... Logansport Financial Corp. NASDAQ Logansport IN 1 06/14/95 SAIF Regular
LONF...... London Financial Corporation NASDAQ London OH 1 04/01/96 SAIF Regular
LSBI...... LSB Financial Corp. NASDAQ Lafayette IN 4 02/03/95 BIF Regular
LSBX...... Lawrence Savings Bank NASDAQ North Andover MA 5 05/02/86 BIF Regular
LVSB...... Lakeview Financial NASDAQ West Paterson NJ 8 12/22/93 SAIF Regular
LXMO...... Lexington B&L Financial Corp. NASDAQ Lexington MO 1 06/06/96 SAIF Regular
MAFB...... MAF Bancorp Inc. NASDAQ Clarendon Hills IL 20 01/12/90 SAIF Regular
MARN...... Marion Capital Holdings NASDAQ Marion IN 2 03/18/93 SAIF Regular
MASB...... MASSBANK Corp. NASDAQ Reading MA 14 05/28/86 BIF Regular
MBB....... MSB Bancorp Inc. AMSE Goshen NY 16 09/03/92 BIF Regular
MBBC...... Monterey Bay Bancorp Inc. NASDAQ Watsonville CA 7 02/15/95 SAIF Regular
MBLF...... MBLA Financial Corp. NASDAQ Macon MO 2 06/24/93 SAIF Regular
MBSP...... Mitchell Bancorp Inc. NASDAQ Spruce Pine NC 1 07/12/96 SAIF Regular
MCBN...... Mid-Coast Bancorp Inc. NASDAQ Waldoboro ME 2 11/02/89 SAIF Regular
MCBS...... Mid Continent Bancshares Inc. NASDAQ El Dorado KS 9 06/27/94 SAIF Regular
MDBK...... Medford Savings Bank NASDAQ Medford MA 16 03/18/86 BIF Regular
MECH...... Mechanics Savings Bank NASDAQ Hartford CT 14 06/26/96 BIF Regular
MERI...... Meritrust Federal SB NASDAQ Thibodaux LA 8 NA SAIF Not Avail.
METF...... Metropolitan Financial Corp. NASDAQ Mayfield Not Avail.
Heights OH 15 NA SAIF
MFBC...... MFB Corp. NASDAQ Mishawaka IN 4 03/25/94 SAIF Regular
MFCX...... Marshalltown Financial Corp. NASDAQ Marshalltown IA 3 03/31/94 SAIF Regular
MFFC...... Milton Federal Financial Corp. NASDAQ West Milton OH 2 10/07/94 SAIF Regular
MFLR...... Mayflower Co-operative Bank NASDAQ Middleboro MA 4 12/23/87 BIF Regular
MFSL...... Maryland Federal Bancorp NASDAQ Hyattsville MD 25 06/02/87 SAIF Regular
MGNL...... Magna Bancorp Inc. NASDAQ Hattiesburg MS 63 03/13/91 SAIF Regular
MIFC...... Mid-Iowa Financial Corp. NASDAQ Newton IA 6 10/14/92 SAIF Regular
MIVI...... Mississippi View Holding Co. NASDAQ Little Falls MN 1 03/24/95 SAIF Regular
MLBC...... ML Bancorp Inc. NASDAQ Villanova PA 25 08/11/94 SAIF Regular
MRKF...... Market Financial Corporation NASDAQ Mount Healthy OH 2 03/27/97 SAIF Regular
MSBF...... MSB Financial Inc. NASDAQ Marshall MI 2 02/06/95 SAIF Regular
MSBK...... Mutual Savings Bank FSB NASDAQ Bay City MI 22 07/17/92 SAIF Regular
MWBI...... Midwest Bancshares Inc. NASDAQ Burlington IA 4 11/12/92 SAIF Regular
MWBX...... MetroWest Bank NASDAQ Framingham MA 11 10/10/86 BIF Regular
MWFD...... Midwest Federal Financial NASDAQ Baraboo WI 9 07/08/92 SAIF Regular
NASB...... North American Savings Bank NASDAQ Grandview MO 7 09/27/85 SAIF Not Avail.
NBN....... Northeast Bancorp AMSE Portland ME 8 08/19/87 BIF Regular
NBSI...... North Bancshares Inc. NASDAQ Chicago IL 2 12/21/93 SAIF Regular
NEIB...... Northeast Indiana Bancorp NASDAQ Huntington IN 3 06/28/95 SAIF Regular
NHTB...... New Hampshire Thrift Bncshrs NASDAQ New London NH 10 05/22/86 SAIF Regular
NASB...... NewMil Bancorp Inc. NASDAQ New Milford CT 13 02/01/86 BIF Regular
NSBC...... NewSouth Bancorp, Inc. NASDAQ Washington NC 8 04/08/97 SAIF Regular
NSLB...... NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/08/95 SAIF Regular
NSSB...... Norwich Financial Corp. NASDAQ Norwich CT 19 11/14/86 BIF Regular
NSSY...... Norwalk Savings Society NASDAQ Norwalk CT 7 06/16/94 BIF Regular
NTMG...... Nutmeg Federal S&LA NASDAQ Danbury CT 3 NA SAIF Not Avail.
NWEQ...... Northwest Equity Corp. NASDAQ Amery WI 3 10/11/94 SAIF Regular
NWSB...... Northwest Savings Bank, MHC NASDAQ Warren PA 56 11/07/94 SAIF Mutual HC
NYB....... New York Bancorp Inc. NYSE Douglaston NY 29 01/28/88 SAIF Regular
OCFC...... Ocean Financial Corp. NASDAQ Toms River NJ 10 07/03/96 SAIF Regular
OCWN...... Ocwen Financial Corporation NASDAQ West Palm Beach FL 1 NA SAIF Not Avail.
OFCP...... Ottawa Financial Corp. NASDAQ Holland MI 26 08/19/94 SAIF Regular
OHSL...... OHSL Financial Corp. NASDAQ Cincinnati OH 5 02/10/93 SAIF Regular
PALM...... Palfed, Inc. NASDAQ Aiken SC 22 12/15/85 SAIF Regular
PAMM...... PacificAmerica Money Center NASDAQ Woodland Hills CA 1 06/25/96 BIF Not Avail.
PBCI...... Pamrapo Bancorp Inc. NASDAQ Bayonne NJ 8 11/14/89 SAIF Regular
PBCT...... People's Bank, MHC NASDAQ Bridgeport CT 97 07/06/88 BIF Mutual HC
PBIX...... Patriot Bank Corp. NASDAQ Pottstown PA 10 12/04/95 SAIF Regular
PBKB...... People's Bancshares Inc. NASDAQ South Easton MA 14 10/23/86 BIF Regular
PBNB...... People's Savings Financial Cp. NASDAQ New Britain CT 9 08/20/86 BIF Regular
PCBC...... Perry County Financial Corp. NASDAQ Perryville MO 1 02/13/95 SAIF Regular
PCCI...... Pacific Crest Capital NASDAQ Agoura Hills CA 3 NA BIF Not Avail.
PDB....... Piedmont Bancorp Inc. AMSE Hillsborough NC 1 12/08/95 SAIF Regular
PEEK...... Peekskill Financial Corp. NASDAQ Peekskill NY 3 12/29/95 SAIF Regular
PERM...... Permanent Bancorp Inc. NASDAQ Evansville IN 12 04/04/94 SAIF Regular
PERT...... Perpetual Bank, MHC NASDAQ Anderson SC 6 10/26/93 SAIF Mutual HC
PETE...... Primary Bank NASDAQ Peterborough NH 9 10/14/93 BIF Regular
PFDC...... Peoples Bancorp NASDAQ Auburn IN 6 07/07/87 SAIF Regular
PFED...... Park Bancorp Inc. NASDAQ Chicago IL 3 08/12/96 SAIF Regular
PFFB...... PFF Bancorp Inc. NASDAQ Pomona CA 23 03/29/96 SAIF Regular
PFFC...... Peoples Financial Corp. NASDAQ Massillon OH 2 09/13/96 SAIF Regular
PFNC...... Progress Financial Corporation NASDAQ Blue Bell PA 10 07/18/83 SAIF Regular
PFSB...... PennFed Financial Services Inc NASDAQ West Orange NJ 17 07/15/94 SAIF Regular
PFSL...... Pocahontas FS&LA, MHC NASDAQ Pocahontas AR 6 04/05/94 SAIF Mutual HC
PHBK...... Peoples Heritage Finl Group NASDAQ Portland ME 132 12/04/86 BIF Regular
PHFC...... Pittsburgh Home Financial Corp NASDAQ Pittsburgh PA 7 04/01/96 SAIF Regular
PKPS...... Poughkeepsie Financial Corp. NASDAQ Poughkeepsie NY 13 11/19/85 SAIF Regular
PLE....... Pinnacle Bancshares Inc. AMSE Jasper AL 5 12/17/86 SAIF Regular
PLSK...... Pulaski Savings Bank, MHC NASDAQ Springfield NJ 6 04/03/97 SAIF Mutual HC
PMFI...... Perpetual Midwest Financial NASDAQ Cedar Rapids IA 5 03/31/94 SAIF Regular
POBS...... Portsmouth Bank Shares NASDAQ Portsmouth NH 3 02/09/88 BIF Regular
PRBC...... Prestige Bancorp Inc. NASDAQ Pleasant Hills PA 3 06/27/96 SAIF Regular
PROV...... Provident Financial Holdings NASDAQ Riverside CA 9 06/28/96 SAIF Regular
PSBK...... Progressive Bank Inc. NASDAQ Fishkill NY 17 08/01/84 BIF Regular
PSFC...... Peoples-Sidney Financial Corp. NASDAQ Sidney OH 1 04/28/97 SAIF Regular
PSFI...... PS Financial Inc. NASDAQ Chicago IL 1 11/27/96 SAIF Regular
PTRS...... Potters Financial Corp. NASDAQ East Liverpool OH 4 12/31/93 SAIF Regular
PULB...... Pulaski Bank, Savings Bk, MHC NASDAQ St. Louis MO 5 05/11/94 SAIF Mutual HC
PULS...... Pulse Bancorp NASDAQ South River NJ 4 09/18/86 SAIF Regular
PVFC...... PVF Capital Corp. NASDAQ Bedford Heights OH 9 12/30/92 SAIF Supervisory
PVSA...... Parkvale Financial Corporation NASDAQ Monroeville PA 29 07/16/87 SAIF Regular
PWBC...... PennFirst Bancorp Inc. NASDAQ Ellwood City PA 11 06/13/90 SAIF Regular
PWBK...... Pennwood Bancorp Inc. NASDAQ Pittsburgh PA 3 07/15/96 SAIF Regular
QCBC...... Quaker City Bancorp Inc. NASDAQ Whittier CA 8 12/30/93 SAIF Regular
QCFB...... QCF Bancorp Inc. NASDAQ Virginia MN 2 04/03/95 SAIF Regular
QCSB...... Queens County Bancorp Inc. NASDAQ Flushing NY 13 11/23/93 BIF Regular
RARB...... Raritan Bancorp Inc. NASDAQ Raritan NJ 6 03/01/87 BIF Regular
RCSB...... RCSB Financial Inc. NASDAQ Rochester NY 36 04/29/86 BIF Regular
REDF...... RedFed Bancorp Inc. NASDAQ Redlands CA 14 04/08/94 SAIF Regular
RELI...... Reliance Bancshares Inc. NASDAQ Milwaukee WI 1 04/19/96 SAIF Regular
RELY...... Reliance Bancorp Inc. NASDAQ Garden City NY 28 03/31/94 SAIF Regular
RFED...... Roosevelt Financial Group NASDAQ Chesterfield MO 79 01/23/87 SAIF Regular
RIVR...... River Valley Bancorp NASDAQ Madison IN 3 12/20/96 SAIF Regular
ROSE...... TR Financial Corp. NASDAQ Garden City NY 15 06/29/93 BIF Regular
RSLN...... Roslyn Bancorp Inc. NASDAQ Roslyn NY 8 01/13/97 BIF Regular
RVSB...... Riverview Savings Bank, MHC NASDAQ Camas WA 9 10/26/93 SAIF Mutual HC
SBCN...... Suburban Bancorporation Inc. NASDAQ Cincinnati OH 7 09/30/93 SAIF Regular
SBFL...... SB of the Finger Lakes, MHC NASDAQ Geneva NY 4 11/11/94 SAIF Mutual HC
SBOS...... Boston Bancorp (The) NASDAQ South Boston MA 7 11/09/83 BIF Regular
SCBS...... Southern Community Bancshares NASDAQ Cullman AL 1 12/23/96 SAIF Regular
SCCB...... S. Carolina Community Bancshrs NASDAQ Winnsboro SC 3 07/07/94 SAIF Regular
SECP...... Security Capital Corporation NASDAQ Milwaukee WI 42 01/03/94 SAIF Regular
SFED...... SFS Bancorp Inc. NASDAQ Schenectady NY 3 06/30/95 SAIF Regular
SFFC...... StateFed Financial Corporation NASDAQ Des Moines IA 2 01/05/94 SAIF Regular
SFIN...... Statewide Financial Corp. NASDAQ Jersey City NJ 16 10/02/95 SAIF Regular
SFNB...... Security First Network Bank NASDAQ Atlanta GA 1 NA SAIF Not Avail.
SFSB...... SuburbFed Financial Corp. NASDAQ Flossmoor IL 12 03/04/92 SAIF Regular
SFSL...... Security First Corp. NASDAQ Mayfield Regular
Heights OH 15 01/22/88 SAIF
SGVB...... SGV Bancorp Inc. NASDAQ West Covina CA 8 06/29/95 SAIF Regular
SHEN...... First Shenango Bancorp Inc. NASDAQ New Castle PA 4 04/06/93 SAIF Regular
SISB...... SIS Bancorp Inc. NASDAQ Springfield MA 24 02/08/95 BIF Regular
SJSB...... SJS Bancorp NASDAQ St. Joseph MI 4 02/16/95 SAIF Regular
SKAN...... Skaneateles Bancorp Inc. NASDAQ Skaneateles NY 8 06/02/86 BIF Regular
SKBO...... First Carnegie Deposit, MHC NASDAQ Carnegie PA 3 04/04/97 SAIF Mutual HC
SMBC...... Southern Missouri Bancorp Inc. NASDAQ Poplar Bluff MO 8 04/13/94 SAIF Regular
SMFC...... Sho-Me Financial Corp. NASDAQ Mt. Vernon MO 8 07/01/94 SAIF Regular
SOBI...... Sobieski Bancorp Inc. NASDAQ South Bend IN 3 03/31/95 SAIF Regular
SOPN...... First Savings Bancorp Inc. NASDAQ Southern Pines NC 5 01/06/94 SAIF Regular
SOSA...... Somerset Savings Bank NASDAQ Somerville MA 5 07/09/86 BIF Regular
SPBC...... St. Paul Bancorp Inc. NASDAQ Chicago IL 52 05/18/87 SAIF Regular
SRN....... Southern Banc Company Inc. AMSE Gadsden AL 4 10/05/95 SAIF Regular
SSB....... Scotland Bancorp Inc AMSE Laurinburg NC 2 04/01/96 SAIF Regular
SSFC...... South Street Financial Corp. NASDAQ Albemarle NC 2 10/03/96 SAIF Regular
SSM....... Stone Street Bancorp Inc. AMSE Mocksville NC 2 04/01/96 SAIF Regular
STFR...... St. Francis Capital Corp. NASDAQ Milwaukee WI 22 06/21/93 SAIF Regular
STND...... Standard Financial Inc. NASDAQ Chicago IL 14 08/01/94 SAIF Regular
STSA...... Sterling Financial Corp. NASDAQ Spokane WA 41 NA SAIF Not Avail.
SVRN...... Sovereign Bancorp Inc. NASDAQ Wyomissing PA 134 08/12/86 SAIF Regular
SWBI...... Southwest Bancshares NASDAQ Hometown IL 6 06/24/92 SAIF Regular
SWCB...... Sandwich Co-operative Bank NASDAQ Sandwich MA 11 07/25/86 BIF Regular
SZB....... SouthFirst Bancshares Inc. AMSE Sylacauga AL 2 02/14/95 SAIF Regular
TBK....... Tolland Bank AMSE Tolland CT 7 12/19/86 BIF Regular
THR....... Three Rivers Financial Corp. AMSE Three Rivers MI 4 08/24/95 SAIF Regular
THRD...... TF Financial Corporation NASDAQ Newtown PA 14 07/13/94 SAIF Regular
TPNZ...... Tappan Zee Financial Inc. NASDAQ Tarrytown NY 1 10/05/95 SAIF Regular
TRIC...... Tri-County Bancorp Inc. NASDAQ Torrington WY 2 09/30/93 SAIF Regular
TSBS...... Trenton SB, MHC NASDAQ Lawrenceville NJ 14 08/03/95 BIF Mutual HC
TSH....... Teche Holding Co. AMSE Franklin LA 9 04/19/95 SAIF Regular
TWIN...... Twin City Bancorp NASDAQ Bristol TN 3 01/04/95 SAIF Regular
UBMT...... United Financial Corp. NASDAQ Great Falls MT 4 09/23/86 SAIF Regular
UFRM...... United Federal Savings Bank NASDAQ Rocky Mount NC 13 07/01/80 SAIF Regular
VABF...... Virginia Beach Fed. Financial NASDAQ Virginia Beach VA 15 11/01/80 SAIF Not Avail.
VFFC...... Virginia First Financial Corp. NASDAQ Petersburg VA 24 01/01/78 SAIF Not Avail.
WAMU...... Washington Mutual Inc. NASDAQ Seattle WA 452 03/11/83 BIF Regular
WAYN...... Wayne Savings & Loan Co. MHC NASDAQ Wooster OH 6 06/25/93 SAIF Mutual HC
WBST...... Webster Financial Corporation NASDAQ Waterbury CT 77 12/12/86 SAIF Regular
WCBI...... Westco Bancorp NASDAQ Westchester IL 1 06/26/92 SAIF Regular
WCFB...... Webster City Federal SB, MHC NASDAQ Webster City IA 1 08/15/94 SAIF Mutual HC
WEFC...... Wells Financial Corp. NASDAQ Wells MN 7 04/11/95 SAIF Regular
WEHO...... Westwood Homestead Fin. Corp. NASDAQ Cincinnati OH 2 09/30/96 SAIF Regular
WES....... Westcorp NYSE Irvine CA 26 05/01/86 SAIF Not Avail.
WFCO...... Winton Financial Corp. NASDAQ Cincinnati OH 5 08/04/88 SAIF Regular
WFSG...... Wilshire Financial Services NASDAQ Portland OR 2 12/19/96 SAIF Not Avail.
WFSL...... Washington Federal Inc. NASDAQ Seattle WA 104 11/17/82 SAIF Regular
WHGB...... WHG Bancshares Corp. NASDAQ Lutherville MD 5 04/01/96 SAIF Regular
WOFC...... Western Ohio Financial Corp. NASDAQ Springfield OH 10 07/29/94 SAIF Regular
WRNB...... Warren Bancorp Inc. NASDAQ Peabody MA 6 07/09/86 BIF Regular
WSB....... Washington Savings Bank, FSB AMSE Waldorf MD 4 NA SAIF Not Avail.
WSFS...... WSFS Financial Corporation NASDAQ Wilmington DE 16 11/26/86 BIF Regular
WSTR...... WesterFed Financial Corp. NASDAQ Missoula MT 35 01/10/94 SAIF Regular
WVFC...... WVS Financial Corporation NASDAQ Pittsburgh PA 5 11/29/93 SAIF Regular
WWFC...... Westwood Financial Corporation NASDAQ Westwood NJ 2 06/07/96 SAIF Not Avail.
WYNE...... Wayne Bancorp Inc. NASDAQ Wayne NJ 4 06/27/96 SAIF Regular
YFCB...... Yonkers Financial Corporation NASDAQ Yonkers NY 4 04/18/96 SAIF Regular
YFED...... York Financial Corp. NASDAQ York PA 22 02/01/84 SAIF Regular
Average... 424
Comparable
Thrift
Data
JOAC...... Joachim Bancorp Inc. NASDAQ De Soto MO 1 12/28/95 SAIF Regular
HBBI...... Home Building Bancorp NASDAQ Washington IN 2 02/08/95 SAIF Regular
CSBF...... CSB Financial Group Inc. NASDAQ Centralia IL 2 10/09/95 SAIF Regular
MCBN...... Mid-Coast Bancorp Inc. NASDAQ Waldoboro ME 2 11/02/89 SAIF Regular
NSLB...... NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/08/95 SAIF Regular
CKFB...... CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95 SAIF Regular
ALBC...... Albion Banc Corp. NASDAQ Albion NY 2 07/26/93 SAIF Regular
MIVI...... Mississippi View Holding Co. NASDAQ Little Falls MN 1 03/24/95 SAIF Regular
ATSB...... AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF Regular
SCCB...... S. Carolina Community Bancshrs NASDAQ Winnsboro SC 3 07/07/94 SAIF Regular
Average... 10
Maximum
Minimum
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
-------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER SHORT NAME ($000) (%) (%) (%) (%)
- -------------------------------------------------- ---------- -------- ------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
%CAL...... California Federal Bank, a FSB 30,325,660 124.77 70.02 56.12 32.54
%CCMD..... Chevy Chase Bank, FSB 6,165,989 83.15 59.08 71.05 18.67
AABC...... Access Anytime Bancorp, Inc. 106,492 49.33 45.66 92.55 --
AADV...... Advantage Bancorp Inc. 1,021,439 85.29 56.11 65.78 23.83
ABBK...... Abington Bancorp Inc. 492,058 98.82 61.39 62.12 30.04
ABCL...... Alliance Bancorp Inc. 1,313,141 108.90 83.31 76.50 12.24
ABCW...... Anchor BanCorp Wisconsin 1,884,983 113.49 79.02 69.63 22.89
AFBC...... Advance Financial Bancorp 103,578 107.58 82.37 76.57 7.49
AFCB...... Affiliated Community Bancorp 1,054,997 100.43 63.32 63.05 26.30
AFED...... AFSALA Bancorp Inc. 152,254 NA NA 84.30 1.07
AFFFZ..... America First Financial Fund 2,183,062 75.97 65.79 86.60 4.28
AHCI...... Ambanc Holding Co. Inc. 478,117 80.84 52.66 65.15 21.40
AHM....... Ahmanson & Company (H.F.) 48,697,126 91.02 64.29 70.64 21.83
ALBC...... Albion Banc Corp. 66,316 96.00 72.82 75.86 13.98
ALBK...... ALBANK Financial Corporation 3,496,331 85.85 73.37 85.46 2.88
AMFB...... American Federal Bank FSB 1,306,915 86.65 66.27 76.48 12.94
AMFC...... AMB Financial Corp. 93,643 102.67 74.08 72.16 10.14
ANA....... Acadiana Bancshares Inc. 261,687 98.28 71.97 73.23 8.50
ANBK...... American National Bancorp 505,318 99.12 64.64 65.21 24.13
ANDB...... Andover Bancorp Inc. 1,209,604 101.64 72.38 71.21 19.90
ASBI...... Ameriana Bancorp 402,163 89.21 71.46 80.10 7.00
ASBP...... ASB Financial Corp. 109,414 82.17 65.58 79.81 2.19
ASFC...... Astoria Financial Corporation 7,689,409 61.80 36.12 58.45 33.04
ATSB...... AmTrust Capital Corp. 71,031 99.62 71.64 71.92 17.12
AVND...... Avondale Financial Corp. 635,447 106.22 60.29 56.76 33.00
BANC...... BankAtlantic Bancorp Inc. 2,773,085 102.93 67.71 65.78 25.86
BDJI...... First Federal Bancorporation 107,716 63.43 48.09 75.82 11.78
BFD....... BostonFed Bancorp Inc. 941,007 139.74 80.91 57.90 32.34
BFFC...... Big Foot Financial Corp. 210,086 64.88 38.89 59.94 21.23
BFSB...... Bedford Bancshares Inc. 131,506 115.62 86.02 74.40 10.65
BKC....... American Bank of Connecticut 588,583 82.77 61.74 74.59 16.95
BKCO...... Bankers Corp. 2,541,672 96.09 62.08 64.61 26.31
BKCT...... Bancorp Connecticut Inc. 413,729 82.73 60.68 73.36 15.44
BKUNA..... BankUnited Financial Corp. 1,453,152 119.50 83.18 69.61 17.36
BNKU...... Bank United Corp. 11,002,625 159.42 73.40 46.04 43.89
BPLS...... Bank Plus Corp. 3,294,647 107.08 81.80 76.40 16.00
BSBC...... Branford Savings Bank 177,425 79.17 70.36 88.88 0.56
BTHL...... Bethel Bancorp 218,187 114.79 77.14 67.20 22.23
BVCC...... Bay View Capital Corp. 3,044,610 140.12 76.21 54.39 37.98
BWFC...... Bank West Financial Corp. 147,019 104.71 71.55 68.33 15.69
BYFC...... Broadway Financial Corp. 118,763 96.41 84.20 87.34 --
CAFI...... Camco Financial Corp. 472,430 108.47 83.48 76.95 11.88
CAPS...... Capital Savings Bancorp Inc. 237,915 111.18 79.09 71.14 18.91
CASB...... Cascade Financial Corp. 352,321 124.37 81.74 65.72 26.11
CASH...... First Midwest Financial Inc. 370,177 105.53 67.14 63.62 23.79
CATB...... Catskill Financial Corp. 273,940 63.33 45.58 71.97 --
CBCI...... Calumet Bancorp Inc. 494,557 109.02 77.05 70.68 11.43
CBCO...... CB Bancorp Inc. 226,553 61.36 40.85 66.57 23.39
CBES...... CBES Bancorp Inc. 95,219 120.99 90.20 74.55 5.25
CBK....... Citizens First Financial Corp. 271,614 111.36 81.91 73.56 10.77
CBNH...... Community Bankshares Inc. 580,645 98.58 69.73 70.73 20.39
CBSA...... Coastal Bancorp Inc. 2,852,767 93.85 43.29 46.12 48.65
CBSB...... Charter Financial Inc. 394,815 106.20 73.91 69.59 14.78
CCFH...... CCF Holding Company 86,940 98.57 81.85 83.04 1.73
CEBK...... Central Co-operative Bank 324,297 89.95 72.19 80.26 8.33
CENB...... Century Bancorp Inc. 99,948 85.80 59.65 69.53 --
CENF...... CENFED Financial Corp. 2,263,399 101.00 69.89 69.20 24.83
CFB....... Commercial Federal Corporation 6,901,835 116.82 74.80 64.03 28.65
CFCP...... Coastal Financial Corp. 484,610 117.94 80.85 68.55 23.89
CFFC...... Community Financial Corp. 166,664 130.95 89.65 68.46 16.80
CFHC...... California Financial Holding 1,315,052 99.80 73.85 74.00 18.50
CFNC...... Carolina Fincorp Inc. 108,680 92.07 68.92 74.86 --
CFSB...... CFSB Bancorp Inc. 834,252 130.96 87.85 67.08 23.56
CFTP...... Community Federal Bancorp 206,049 93.85 60.09 64.03 0.73
CFX....... CFX Corporation 1,744,449 95.77 67.17 70.14 19.67
CIBI...... Community Investors Bancorp 97,446 103.55 76.52 73.90 13.99
CKFB...... CKF Bancorp Inc. 60,197 126.34 89.94 71.19 3.73
CLAS...... Classic Bancshares Inc. 128,361 82.79 62.80 75.85 7.40
CMRN...... Cameron Financial Corp 197,693 135.77 85.60 63.04 12.77
CMSB...... Commonwealth Bancorp Inc. 2,236,008 77.56 51.95 66.98 20.77
CMSV...... Community Savings, MHC 682,314 74.17 58.48 78.85 7.62
CNBA...... Chester Bancorp Inc. 142,487 53.40 37.85 70.89 5.85
CNIT...... CENIT Bancorp Inc. 706,797 91.74 63.38 69.09 23.20
CNSB...... CNS Bancorp Inc. 98,104 84.97 63.45 74.68 --
CNY....... Carver Bancorp Inc. 423,512 75.12 47.26 62.92 28.59
COFD...... Collective Bancorp Inc. 5,517,588 82.31 52.19 63.41 28.62
COFI...... Charter One Financial 14,040,397 108.91 60.81 55.84 35.82
CONE...... Conestoga Bancorp, Inc. 494,348 28.70 23.21 80.86 2.02
COOP...... Cooperative Bankshares Inc. 348,498 98.50 79.19 80.40 11.54
COVB...... CoVest Bancshares Inc. 552,558 85.85 63.20 73.62 15.69
CRZY...... Crazy Woman Creek Bancorp 52,042 99.07 53.55 54.05 17.31
CSA....... Coast Savings Financial 8,797,075 94.25 69.57 73.81 19.76
CSBF...... CSB Financial Group Inc. 47,996 77.10 57.40 74.45 --
CTZN...... CitFed Bancorp Inc. 2,937,269 100.40 57.56 57.33 35.16
CVAL...... Chester Valley Bancorp Inc. 305,187 101.92 80.97 79.45 10.37
CZF....... CitiSave Financial Corp 74,942 74.06 60.58 81.79 --
DCBI...... Delphos Citizens Bancorp Inc. 107,072 100.64 71.44 70.98 --
DFIN...... Damen Financial Corp. 227,400 78.23 40.45 51.71 27.04
DIBK...... Dime Financial Corp. 814,431 57.16 48.22 84.37 7.12
DIME...... Dime Community Bancorp Inc. 1,237,274 70.96 55.19 77.77 4.33
DME....... Dime Bancorp Inc. 18,464,786 85.71 59.65 69.59 23.80
DNFC...... D & N Financial Corp. 1,528,468 108.47 71.50 65.92 27.31
DSL....... Downey Financial Corp. 5,484,473 110.05 90.19 81.95 9.79
EBCP...... Eastern Bancorp 865,818 77.04 56.91 73.88 17.73
EBSI...... Eagle Bancshares 666,166 110.84 69.07 62.31 25.15
EFBC...... Empire Federal Bancorp Inc. 107,938 64.15 39.85 62.11 --
EFBI...... Enterprise Federal Bancorp 256,704 119.16 66.39 55.71 31.16
EGFC...... Eagle Financial Corp. 1,512,036 79.53 57.01 71.69 18.79
EGLB...... Eagle BancGroup Inc. 170,531 86.27 66.92 77.57 9.56
EIRE...... Emerald Isle Bancorp Inc. 412,142 80.19 67.67 84.38 8.17
EMLD...... Emerald Financial Corp. 588,634 87.18 75.77 86.92 4.73
EQSB...... Equitable Federal Savings Bank 296,002 85.51 69.23 80.96 13.28
ESBK...... Elmira Savings Bank (The) 222,618 85.74 78.70 91.79 1.18
ESX....... Essex Bancorp Inc. 179,930 114.82 87.43 76.14 14.38
ETFS...... East Texas Financial Services 111,689 57.99 46.62 80.39 --
FAB....... FirstFed America Bancorp Inc. 979,736 114.43 84.56 73.90 11.34
FBBC...... First Bell Bancorp Inc. 709,011 111.08 77.90 70.13 16.92
FBCI...... Fidelity Bancorp Inc. 486,010 112.71 76.62 67.98 19.98
FBCV...... 1ST Bancorp 273,090 123.79 66.47 53.70 37.10
FBER...... 1st Bergen Bancorp 252,294 59.84 49.51 82.74 --
FBHC...... Fort Bend Holding Corp. 295,080 56.85 48.20 84.80 5.53
FBSI...... First Bancshares Inc. 160,048 113.80 81.23 71.38 13.84
FCB....... Falmouth Co-Operative Bank 90,269 69.94 52.09 74.48 0.87
FCBF...... FCB Financial Corp. 268,528 147.56 83.97 56.90 23.61
FCIT...... First Citizens Financial Corp. 693,803 95.31 74.79 78.47 14.08
FCME...... First Coastal Corporation 151,143 87.14 67.23 77.15 13.78
FDEF...... First Defiance Financial 546,060 111.97 77.56 69.27 8.54
FED....... FirstFed Financial Corp. 4,129,737 154.89 76.28 49.25 44.84
FESX...... First Essex Bancorp Inc. 1,146,854 100.92 62.10 61.54 29.58
FFBA...... First Colorado Bancorp Inc. 1,509,514 94.42 72.21 76.48 8.75
FFBH...... First Federal Bancshares of AR 519,765 93.89 77.93 83.00 0.58
FFBI...... First Financial Bancorp Inc. 93,156 107.55 78.27 72.77 18.20
FFBS...... FFBS BanCorp Inc. 128,676 87.79 70.09 79.83 --
FFBZ...... First Federal Bancorp Inc. 191,686 130.39 87.42 67.05 24.36
FFCH...... First Financial Holdings Inc. 1,602,018 127.83 84.82 66.36 25.97
FFDB...... FirstFed Bancorp Incorporated 176,496 83.67 74.39 88.90 0.57
FFDF...... FFD Financial Corp. 85,286 97.24 62.33 64.10 10.06
FFED...... Fidelity Federal Bancorp 250,285 113.22 84.05 74.24 19.53
FFES...... First Federal of East Hartford 974,693 30.21 17.79 58.89 34.40
FFFC...... FFVA Financial Corp. 549,771 80.72 59.73 74.00 12.37
FFFD...... North Central Bancshares Inc. 203,497 129.14 84.00 65.05 9.48
FFFG...... F.F.O. Financial Group Inc. 320,031 79.14 70.64 89.26 3.12
FFFL...... Fidelity Bankshares Inc., MHC 926,891 92.82 74.49 80.25 9.05
FFHC...... First Financial Corp. 5,808,506 78.47 60.70 77.35 14.33
FFHH...... FSF Financial Corp. 367,312 112.66 64.44 57.20 30.34
FFHS...... First Franklin Corporation 226,235 77.36 67.99 87.88 2.80
FFIC...... Flushing Financial Corp. 811,189 71.75 52.89 73.71 9.37
FFKY...... First Federal Financial Corp. 372,300 116.73 86.91 74.45 11.20
FFLC...... FFLC Bancorp Inc. 358,538 84.11 68.36 81.28 3.33
FFOH...... Fidelity Financial of Ohio 513,079 98.71 80.80 81.86 4.27
FFPB...... First Palm Beach Bancorp Inc. 1,558,235 87.65 68.46 78.10 13.54
FFSL...... First Independence Corp. 109,230 95.71 64.97 67.88 20.60
FFSW...... FirstFederal Financial Svcs 1,088,132 114.12 69.50 60.90 29.65
FFSX...... First Fed SB of Siouxland, MHC 462,829 102.19 72.91 71.35 19.34
FFWC...... FFW Corp. 158,441 112.39 69.67 61.99 27.28
FFWD...... Wood Bancorp Inc. 163,498 111.90 80.71 72.13 14.45
FFYF...... FFY Financial Corp. 598,667 102.26 76.48 74.80 9.37
FGHC...... First Georgia Holding Inc. 147,094 105.51 86.38 81.86 8.46
FIBC...... Financial Bancorp Inc. 269,197 72.02 55.16 76.59 12.26
FISB...... First Indiana Corporation 1,481,157 115.54 84.01 72.71 16.45
FKFS...... First Keystone Financial 314,637 81.60 57.94 71.01 20.28
FKKY...... Frankfort First Bancorp Inc. 128,328 137.90 92.42 67.02 5.94
FLAG...... FLAG Financial Corp. 222,072 83.34 68.50 82.19 6.46
FLFC...... First Liberty Financial Corp. 1,248,033 99.14 69.93 70.53 20.88
FLGS...... Flagstar Bancorp Inc. 1,519,099 173.59 87.68 50.51 30.65
FLKY...... First Lancaster Bancshares 40,448 159.08 86.38 54.30 10.34
FMBD...... First Mutual Bancorp Inc. 424,597 89.61 71.29 79.55 5.65
FMCO...... FMS Financial Corporation 553,599 65.97 56.54 85.70 6.93
FMSB...... First Mutual Savings Bank 426,292 99.57 78.67 79.01 12.71
FNGB...... First Northern Capital Corp. 617,899 119.17 90.14 75.64 11.64
FOBC...... Fed One Bancorp 346,214 57.29 41.90 73.15 14.54
FPRY...... First Financial Bancorp 240,379 88.86 77.63 87.36 5.41
FRC....... First Republic Bancorp 2,183,453 140.50 88.66 63.11 28.47
FSBI...... Fidelity Bancorp Inc. 327,896 67.28 48.15 71.57 20.45
FSFC...... First Southeast Financial Corp 334,751 92.78 78.38 84.48 4.48
FSLA...... First Savings Bank, MHC 1,024,715 65.30 51.38 78.68 11.01
FSNJ...... First Savings Bk of NJ, MHC 578,574 54.87 41.85 76.27 13.94
FSPG...... First Home Bancorp Inc. 508,243 90.47 52.55 58.09 34.77
FSSB...... First FS&LA of San Bernardino 103,674 75.29 71.56 95.05 --
FSTC...... First Citizens Corporation 257,288 95.71 79.34 82.89 6.46
FTF....... Texarkana First Financial Corp 168,094 101.23 83.55 82.54 0.03
FTFC...... First Federal Capital Corp. 1,530,237 109.73 75.56 68.86 23.86
FTNB...... Fulton Bancorp Inc. 99,464 127.14 85.77 67.46 6.54
FTSB...... Fort Thomas Financial Corp. 94,681 123.64 89.47 72.36 10.25
FWWB...... First SB of Washington Bancorp 977,075 114.19 62.23 54.50 28.76
GAF....... GA Financial Inc. 670,342 51.00 34.64 67.93 13.73
GBCI...... Glacier Bancorp Inc. 552,372 121.30 70.98 58.52 29.69
GDVS...... Greater Delaware Valley SB,MHC 238,686 74.79 59.29 79.27 8.70
GDW....... Golden West Financial 38,530,009 134.71 80.22 59.55 32.26
GFCO...... Glenway Financial Corp. 280,813 102.51 83.06 81.02 8.07
GFED...... Guaranty Federal SB, MHC 196,034 104.62 77.95 74.51 10.79
GFSB...... GFS Bancorp Inc. 88,154 131.52 87.02 66.16 21.53
GLBK...... Glendale Co-Operative Bank 36,927 47.28 39.49 83.53 --
GLN....... Glendale Federal Bank FSB 15,393,708 124.67 74.39 59.67 32.47
GPT....... GreenPoint Financial Corp. 13,261,221 69.50 58.85 84.69 2.17
GRTR...... Greater New York Savings Bank 2,570,533 57.80 37.49 64.87 26.07
GSBC...... Great Southern Bancorp Inc. 679,153 128.44 87.54 68.16 22.05
GSFC...... Green Street Financial Corp. 174,365 114.11 71.42 62.58 --
GSLA...... GS Financial Corp. 135,339 41.26 33.33 80.79 --
GTFN...... Great Financial Corporation 3,002,142 107.08 65.47 61.14 27.23
GTPS...... Great American Bancorp 137,898 90.52 70.47 77.86 --
GUPB...... GFSB Bancorp Inc. 86,911 82.01 52.16 63.61 18.93
GWBC...... Gateway Bancorp Inc. 65,806 41.54 30.53 73.49 --
GWF....... Great Western Financial 42,877,903 111.98 73.54 65.67 25.80
HALL...... Hallmark Capital Corp. 409,287 101.79 66.97 65.79 25.92
HARB...... Harbor Federal Savings Bk, MHC 1,104,924 90.57 73.74 81.42 9.10
HARL...... Harleysville Savings Bank 332,558 89.47 72.08 80.57 11.77
HARS...... Harris Savings Bank, MHC 1,943,327 73.02 44.17 60.49 30.77
HAVN...... Haven Bancorp Inc. 1,727,798 79.92 53.82 67.34 23.70
HBBI...... Home Building Bancorp 46,804 76.19 60.41 79.29 7.91
HBEI...... Home Bancorp of Elgin Inc. 358,695 103.84 73.25 70.54 --
HBFW...... Home Bancorp 327,789 94.05 79.98 85.04 --
HBNK...... Highland Federal Bank FSB 480,192 112.25 81.58 72.68 18.22
HBS....... Haywood Bancshares Inc. 146,331 98.11 75.92 77.39 7.18
HCBB...... HCB Bancshares Inc. 180,417 63.16 54.19 85.79 5.54
HCFC...... Home City Financial Corp. 68,235 108.24 78.99 72.98 5.87
HEMT...... HF Bancorp Inc. 984,455 56.33 48.09 85.37 5.08
HFFB...... Harrodsburg First Fin Bancorp 108,187 102.30 74.06 72.39 --
HFFC...... HF Financial Corp. 561,287 103.61 77.20 74.51 13.14
HFGI...... Harrington Financial Group 515,360 65.70 16.69 25.41 67.83
HFNC...... HFNC Financial Corp. 842,917 139.73 74.24 53.13 26.69
HFSA...... Hardin Bancorp Inc. 103,354 77.96 52.95 67.92 18.38
HHFC...... Harvest Home Financial Corp. 83,103 76.48 52.98 69.27 17.69
HIFS...... Hingham Instit. for Savings 205,667 101.89 76.55 75.13 14.15
HMCI...... HomeCorp Inc. 336,447 84.75 78.24 92.31 --
HMLK...... Hemlock Federal Financial Corp 164,493 41.57 33.03 79.45 0.91
HMNF...... HMN Financial Inc. 553,021 94.63 62.31 65.84 19.12
HOMF...... Home Federal Bancorp 663,658 110.05 85.43 77.63 13.23
HPBC...... Home Port Bancorp Inc. 189,204 123.97 83.35 67.24 20.74
HRBF...... Harbor Federal Bancorp Inc. 219,462 84.61 66.11 78.13 7.52
HRZB...... Horizon Financial Corp. 515,341 94.74 78.10 82.43 --
HTHR...... Hawthorne Financial Corp. 837,975 100.53 84.95 84.50 9.23
HVFD...... Haverfield Corporation 341,664 108.75 86.96 79.97 9.37
HWEN...... Home Financial Bancorp 39,443 136.75 83.14 60.80 20.28
HZFS...... Horizon Financial Svcs Corp. 78,368 92.53 66.63 72.01 16.74
IBSF...... IBS Financial Corp. 740,027 34.99 26.99 77.12 4.96
IFSB...... Independence Federal Savings 262,753 77.74 59.17 76.11 16.34
IFSL...... Indiana Federal Corporation 818,924 112.96 75.92 67.21 23.36
INBI...... Industrial Bancorp 333,846 112.35 87.84 78.18 2.40
INCB...... Indiana Community Bank SB 91,329 90.47 78.66 86.95 --
IPSW...... Ipswich Savings Bank 165,510 91.19 75.85 83.18 9.06
ISBF...... ISB Financial Corporation 938,968 77.51 63.52 81.94 5.06
ITLA...... ITLA Capital Corp. 810,494 99.30 82.04 82.61 4.87
IWBK...... InterWest Bancorp Inc. 1,771,523 89.05 59.12 66.39 26.16
JOAC...... Joachim Bancorp Inc. 35,656 96.06 66.88 69.62 --
JSBA...... Jefferson Savings Bancorp 1,296,929 90.74 75.42 83.12 7.39
JSBF...... JSB Financial Inc. 1,530,902 76.98 57.37 74.53 --
JXSB...... Jacksonville Savings Bank, MHC 163,830 89.03 78.17 87.81 0.19
JXVL...... Jacksonville Bancorp Inc. 218,349 91.15 74.64 81.89 0.92
KFBI...... Klamath First Bancorp 683,830 122.83 74.51 60.66 17.51
KNK....... Kankakee Bancorp Inc. 342,379 83.19 67.62 81.28 7.08
KSAV...... KS Bancorp Inc. 100,754 104.15 84.78 81.40 3.97
KSBK...... KSB Bancorp Inc. 139,993 97.30 73.05 75.08 16.17
KYF....... Kentucky First Bancorp Inc. 88,923 90.20 55.35 61.36 21.45
LARK...... Landmark Bancshares Inc. 223,799 97.61 65.16 66.76 17.29
LARL...... Laurel Capital Group Inc. 208,577 86.50 70.83 81.89 5.30
LFBI...... Little Falls Bancorp Inc. 303,384 54.13 40.60 75.00 11.08
LFED...... Leeds Federal Savings Bk, MHC 281,899 75.56 61.67 81.62 0.24
LIFB...... Life Bancorp Inc. 1,407,861 87.84 46.09 52.47 35.81
LISB...... Long Island Bancorp Inc. 5,814,296 97.86 61.72 63.07 24.86
LOGN...... Logansport Financial Corp. 79,298 96.20 72.05 74.89 4.41
LONF...... London Financial Corporation 37,937 99.44 76.82 77.26 2.11
LSBI...... LSB Financial Corp. 188,027 129.03 86.76 67.24 23.25
LSBX...... Lawrence Savings Bank 342,037 61.69 45.57 73.88 16.18
LVSB...... Lakeview Financial 481,646 NA NA 77.55 12.20
LXMO...... Lexington B&L Financial Corp. 59,748 105.88 75.06 70.90 --
MAFB...... MAF Bancorp Inc. 3,236,449 108.90 77.09 70.79 19.40
MARN...... Marion Capital Holdings 174,415 123.34 85.67 69.46 4.72
MASB...... MASSBANK Corp. 901,117 31.65 27.92 88.22 0.10
MBB....... MSB Bancorp Inc. 810,679 47.21 42.58 90.18 0.04
MBBC...... Monterey Bay Bancorp Inc. 422,380 74.33 55.83 75.12 13.59
MBLF...... MBLA Financial Corp. 209,783 118.49 55.61 46.93 39.05
MBSP...... Mitchell Bancorp Inc. 33,894 151.66 81.33 53.63 --
MCBN...... Mid-Coast Bancorp Inc. 57,838 113.92 83.59 73.38 17.62
MCBS...... Mid Continent Bancshares Inc. 371,169 86.71 54.52 62.88 25.59
MDBK...... Medford Savings Bank 1,054,075 71.43 54.13 75.78 14.84
MECH...... Mechanics Savings Bank 788,513 81.98 66.44 81.04 8.52
MERI...... Meritrust Federal SB 228,591 57.82 52.41 90.64 --
METF...... Metropolitan Financial Corp. 807,054 102.96 84.07 81.65 12.66
MFBC...... MFB Corp. 234,290 106.94 74.55 69.71 14.73
MFCX...... Marshalltown Financial Corp. 127,107 59.05 49.25 83.40 --
MFFC...... Milton Federal Financial Corp. 178,757 84.44 64.17 75.99 8.77
MFLR...... Mayflower Co-operative Bank 124,688 73.38 59.39 80.94 8.82
MFSL...... Maryland Federal Bancorp 1,128,483 126.32 88.31 69.91 20.05
MGNL...... Magna Bancorp Inc. 1,383,130 100.02 65.93 65.91 21.44
MIFC...... Mid-Iowa Financial Corp. 123,572 76.09 52.89 69.50 20.23
MIVI...... Mississippi View Holding Co. 69,755 80.25 64.36 80.20 --
MLBC...... ML Bancorp Inc. 1,959,847 97.32 43.37 44.56 45.60
MRKF...... Market Financial Corporation 56,343 70.50 45.19 64.10 --
MSBF...... MSB Financial Inc. 75,630 159.24 87.12 54.71 27.60
MSBK...... Mutual Savings Bank FSB 662,536 65.55 40.32 61.51 30.82
MWBI...... Midwest Bancshares Inc. 139,006 79.76 59.93 75.14 17.27
MWBX...... MetroWest Bank 554,921 92.89 76.70 82.57 9.10
MWFD...... Midwest Federal Financial 201,070 95.52 74.48 77.97 12.31
NASB...... North American Savings Bank 689,246 122.55 88.22 71.99 18.81
NBN....... Northeast Bancorp 247,525 128.03 80.00 62.49 29.03
NBSI...... North Bancshares Inc. 120,011 103.02 61.91 60.10 23.16
NEIB...... Northeast Indiana Bancorp 172,874 166.23 88.14 53.02 31.24
NHTB...... New Hampshire Thrift Bncshrs 313,038 97.57 82.41 84.46 7.29
NASB...... NewMil Bancorp Inc. 317,013 62.83 53.30 84.83 4.12
NSBC...... NewSouth Bancorp, Inc. 254,863 79.80 72.57 90.94 0.48
NSLB...... NS&L Bancorp Inc. 58,089 75.11 55.13 73.40 5.16
NSSB...... Norwich Financial Corp. 701,234 80.96 69.73 86.13 1.70
NSSY...... Norwalk Savings Society 617,367 102.35 69.91 68.31 23.39
NTMG...... Nutmeg Federal S&LA 93,645 112.06 91.88 81.99 10.07
NWEQ...... Northwest Equity Corp. 95,097 126.90 82.14 64.73 23.24
NWSB...... Northwest Savings Bank, MHC 1,997,563 92.48 75.13 81.24 7.72
NYB....... New York Bancorp Inc. 3,174,997 114.55 61.67 53.83 38.91
OCFC...... Ocean Financial Corp. 1,387,836 74.56 50.80 68.14 12.63
OCWN...... Ocwen Financial Corporation 2,649,471 86.07 68.44 79.52 10.01
OFCP...... Ottawa Financial Corp. 858,934 114.11 84.49 74.04 15.85
OHSL...... OHSL Financial Corp. 229,812 94.60 71.48 75.56 12.32
PALM...... Palfed, Inc. 655,707 97.81 82.26 84.10 7.23
PAMM...... PacificAmerica Money Center 112,340 82.43 54.04 65.55 3.72
PBCI...... Pamrapo Bancorp Inc. 367,360 69.13 56.62 81.90 3.50
PBCT...... People's Bank, MHC 7,538,100 94.16 67.64 71.84 18.42
PBIX...... Patriot Bank Corp. 594,055 110.71 49.62 44.82 46.33
PBKB...... People's Bancshares Inc. 548,774 80.84 48.37 59.83 33.59
PBNB...... People's Savings Financial Cp. 479,099 73.14 54.93 75.11 14.10
PCBC...... Perry County Financial Corp. 79,714 19.97 15.58 78.03 3.14
PCCI...... Pacific Crest Capital 342,750 75.52 62.97 83.38 8.75
PDB....... Piedmont Bancorp Inc. 118,519 118.23 81.72 69.12 13.08
PEEK...... Peekskill Financial Corp. 182,594 33.65 24.46 72.68 --
PERM...... Permanent Bancorp Inc. 412,967 78.13 51.33 65.70 23.80
PERT...... Perpetual Bank, MHC 245,671 89.29 67.28 75.35 10.58
PETE...... Primary Bank 435,716 78.70 55.67 70.74 22.09
PFDC...... Peoples Bancorp 283,242 94.81 79.21 83.54 0.82
PFED...... Park Bancorp Inc. 177,981 51.57 37.18 72.10 2.81
PFFB...... PFF Bancorp Inc. 2,535,767 107.98 72.86 67.48 20.90
PFFC...... Peoples Financial Corp. 89,687 74.65 53.79 72.06 --
PFNC...... Progress Financial Corporation 400,366 88.25 68.32 77.41 15.38
PFSB...... PennFed Financial Services Inc 1,252,387 99.82 70.73 70.86 20.43
PFSL...... Pocahontas FS&LA, MHC 373,262 118.23 39.45 33.37 58.34
PHBK...... Peoples Heritage Finl Group 5,458,036 90.97 69.10 75.96 12.74
PHFC...... Pittsburgh Home Financial Corp 236,998 116.62 67.76 58.10 28.69
PKPS...... Poughkeepsie Financial Corp. 861,136 112.09 75.90 67.72 22.65
PLE....... Pinnacle Bancshares Inc. 199,602 77.80 69.11 88.83 1.90
PLSK...... Pulaski Savings Bank, MHC 192,501 NA NA 77.19 --
PMFI...... Perpetual Midwest Financial 397,780 102.80 75.36 73.31 16.94
POBS...... Portsmouth Bank Shares 262,921 50.48 37.26 73.82 --
PRBC...... Prestige Bancorp Inc. 126,833 94.98 65.36 68.81 17.98
PROV...... Provident Financial Holdings 608,705 102.49 84.61 82.55 1.12
PSBK...... Progressive Bank Inc. 877,667 74.84 67.78 90.57 --
PSFC...... Peoples-Sidney Financial Corp. 93,734 106.43 92.40 86.82 2.67
PSFI...... PS Financial Inc. 75,118 85.49 47.65 55.73 --
PTRS...... Potters Financial Corp. 116,921 71.29 59.74 83.79 6.43
PULB...... Pulaski Bank, Savings Bk, MHC 177,827 92.80 78.12 84.17 1.24
PULS...... Pulse Bancorp 515,936 31.41 24.94 79.41 12.12
PVFC...... PVF Capital Corp. 356,251 121.66 93.42 76.79 14.41
PVSA...... Parkvale Financial Corporation 972,597 78.92 70.38 89.18 1.89
PWBC...... PennFirst Bancorp Inc. 706,237 66.38 31.63 47.65 44.39
PWBK...... Pennwood Bancorp Inc. 47,929 61.44 46.68 75.97 3.07
QCBC...... Quaker City Bancorp Inc. 780,843 118.35 82.74 69.91 19.35
QCFB...... QCF Bancorp Inc. 149,637 NA NA 70.13 10.59
QCSB...... Queens County Bancorp Inc. 1,373,295 115.57 86.06 74.46 7.72
RARB...... Raritan Bancorp Inc. 375,138 74.67 65.78 88.09 2.71
RCSB...... RCSB Financial Inc. 4,032,365 86.41 50.75 58.73 28.59
REDF...... RedFed Bancorp Inc. 908,660 97.56 85.75 87.89 2.14
RELI...... Reliance Bancshares Inc. 46,836 151.52 58.38 38.53 12.81
RELY...... Reliance Bancorp Inc. 1,926,800 61.71 44.98 72.90 17.72
RFED...... Roosevelt Financial Group 7,508,309 81.22 57.40 70.68 21.12
RIVR...... River Valley Bancorp 138,325 92.54 79.38 85.78 0.36
ROSE...... TR Financial Corp. 3,404,326 73.60 51.96 70.60 21.11
RSLN...... Roslyn Bancorp Inc. 2,849,427 37.89 22.92 60.50 15.62
RVSB...... Riverview Savings Bank, MHC 224,385 90.08 68.01 75.50 12.22
SBCN...... Suburban Bancorporation Inc. 221,926 136.10 81.78 60.09 26.83
SBFL...... SB of the Finger Lakes, MHC 212,821 58.71 43.73 74.49 15.13
SBOS...... Boston Bancorp (The) 1,715,070 24.42 19.25 78.85 7.61
SCBS...... Southern Community Bancshares 70,106 73.15 56.76 77.59 --
SCCB...... S. Carolina Community Bancshrs 46,412 105.88 77.65 73.34 --
SECP...... Security Capital Corporation 3,646,981 120.87 76.72 63.47 18.08
SFED...... SFS Bancorp Inc. 168,841 82.56 70.60 85.51 --
SFFC...... StateFed Financial Corporation 85,282 133.97 79.59 59.41 22.28
SFIN...... Statewide Financial Corp. 677,384 72.01 48.76 67.71 22.17
SFNB...... Security First Network Bank 79,581 14.03 6.82 48.59 1.41
SFSB...... SuburbFed Financial Corp. 407,800 76.87 61.45 79.93 12.19
SFSL...... Security First Corp. 634,761 128.70 90.26 70.13 19.49
SGVB...... SGV Bancorp Inc. 399,776 102.66 72.40 70.53 21.43
SHEN...... First Shenango Bancorp Inc. 400,915 95.34 64.04 67.17 20.94
SISB...... SIS Bancorp Inc. 1,403,745 62.84 45.07 71.73 18.67
SJSB...... SJS Bancorp 153,767 97.85 72.41 74.00 14.20
SKAN...... Skaneateles Bancorp Inc. 241,425 101.90 85.96 84.35 7.52
SKBO...... First Carnegie Deposit, MHC 117,814 54.08 37.46 69.27 14.28
SMBC...... Southern Missouri Bancorp Inc. 165,688 85.32 64.02 75.03 8.17
SMFC...... Sho-Me Financial Corp. 304,496 139.54 87.71 62.86 26.62
SOBI...... Sobieski Bancorp Inc. 79,080 98.14 73.21 74.60 8.98
SOPN...... First Savings Bancorp Inc. 271,121 92.77 69.24 74.63 --
SOSA...... Somerset Savings Bank 522,150 88.36 75.59 85.55 7.75
SPBC...... St. Paul Bancorp Inc. 4,484,882 87.38 66.15 75.70 13.70
SRN....... Southern Banc Company Inc. 104,978 NA NA 82.46 --
SSB....... Scotland Bancorp Inc 68,924 111.91 69.00 61.66 --
SSFC...... South Street Financial Corp. 238,791 78.79 46.53 59.06 14.66
SSM....... Stone Street Bancorp Inc. 105,491 128.37 80.65 62.83 --
STFR...... St. Francis Capital Corp. 1,578,969 68.62 44.27 64.52 26.48
STND...... Standard Financial Inc. 2,488,854 85.46 61.04 71.43 16.47
STSA...... Sterling Financial Corp. 1,557,216 105.01 63.09 60.08 32.61
SVRN...... Sovereign Bancorp Inc. 10,286,606 114.76 64.00 55.77 37.25
SWBI...... Southwest Bancshares 371,563 96.42 72.16 74.84 12.77
SWCB...... Sandwich Co-operative Bank 475,245 87.31 70.70 80.98 9.79
SZB....... SouthFirst Bancshares Inc. 92,910 105.19 72.25 68.69 15.16
TBK....... Tolland Bank 237,311 70.03 61.59 87.96 5.01
THR....... Three Rivers Financial Corp. 91,165 101.03 66.49 65.81 19.02
THRD...... TF Financial Corporation 644,368 69.40 49.64 71.53 16.04
TPNZ...... Tappan Zee Financial Inc. 121,841 56.72 45.77 80.70 --
TRIC...... Tri-County Bancorp Inc. 85,975 73.28 41.69 56.89 26.87
TSBS...... Trenton SB, MHC 626,350 79.11 61.24 77.41 4.79
TSH....... Teche Holding Co. 393,556 123.41 85.48 69.26 16.54
TWIN...... Twin City Bancorp 104,488 90.30 73.87 81.81 3.83
UBMT...... United Financial Corp. 107,723 46.33 33.13 71.51 4.64
UFRM...... United Federal Savings Bank 270,180 83.32 74.40 89.29 --
VABF...... Virginia Beach Fed. Financial 607,370 112.52 76.22 67.74 24.58
VFFC...... Virginia First Financial Corp. 817,313 124.32 90.53 72.81 18.01
WAMU...... Washington Mutual Inc. 46,051,025 134.16 70.79 52.76 40.86
WAYN...... Wayne Savings & Loan Co. MHC 250,057 100.51 84.09 83.66 6.42
WBST...... Webster Financial Corporation 5,583,619 87.63 63.62 72.61 21.15
WCBI...... Westco Bancorp 309,921 89.55 73.48 82.05 --
WCFB...... Webster City Federal SB, MHC 93,160 77.06 57.65 74.82 0.31
WEFC...... Wells Financial Corp. 201,886 125.36 90.00 71.79 12.88
WEHO...... Westwood Homestead Fin. Corp. 129,956 120.43 73.28 60.85 8.07
WES....... Westcorp 3,405,772 95.69 53.63 56.05 18.70
WFCO...... Winton Financial Corp. 307,174 115.77 86.57 74.77 17.20
WFSG...... Wilshire Financial Services 1,098,088 177.45 74.82 42.16 46.85
WFSL...... Washington Federal Inc. 5,788,992 147.08 71.97 48.93 37.69
WHGB...... WHG Bancshares Corp. 98,458 110.51 80.02 72.41 4.06
WOFC...... Western Ohio Financial Corp. 400,059 125.17 74.60 59.60 26.57
WRNB...... Warren Bancorp Inc. 361,273 70.48 62.09 88.09 0.57
WSB....... Washington Savings Bank, FSB 256,632 57.87 50.54 87.33 3.90
WSFS...... WSFS Financial Corporation 1,478,119 115.78 59.36 51.27 41.95
WSTR...... WesterFed Financial Corp. 932,440 94.85 64.53 68.04 18.11
WVFC...... WVS Financial Corporation 279,894 91.13 54.72 60.04 25.14
WWFC...... Westwood Financial Corporation 107,981 46.20 37.59 81.36 9.26
WYNE...... Wayne Bancorp Inc. 245,435 85.65 63.13 73.71 11.00
YFCB...... Yonkers Financial Corporation 284,401 46.48 32.33 69.57 14.76
YFED...... York Financial Corp. 1,157,356 102.61 86.69 84.48 5.46
Average... 1,460,769 93.79 66.34 72.00 14.19
Comparable
Thrift
Data
JOAC...... Joachim Bancorp Inc. 35,656 96.06 66.88 69.62 0.00
HBBI...... Home Building Bancorp 46,804 76.19 60.41 79.29 7.91
CSBF...... CSB Financial Group Inc. 47,996 77.10 57.40 74.45 0.00
MCBN...... Mid-Coast Bancorp Inc. 57,838 113.92 83.59 73.38 17.62
NSLB...... NS&L Bancorp Inc. 58,089 75.11 55.13 73.40 5.16
CKFB...... CKF Bancorp Inc. 60,197 126.34 89.94 71.19 3.73
ALBC...... Albion Banc Corp. 66,316 96.00 72.82 75.86 13.98
MIVI...... Mississippi View Holding Co. 69,755 80.25 64.36 80.20 0.00
ATSB...... AmTrust Capital Corp. 71,031 99.62 71.64 71.92 17.12
SCCB...... S. Carolina Community Bancshrs 46,412 105.88 77.65 73.34 0.00
Average 56,009 94.65 69.98 74.27 6.55
Maximum 71,031 126.34 89.94 80.20 17.62
Minimum 35,656 75.11 55.13 69.62 0.00
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
CAPITAL AS OF THE MOST RECENT QUARTER
--------------------------------------------------------------------------
TOTAL
CAPITAL/
TANGIBLE INTANGIBLE REGULATORY EQUITY + RISK
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ---------------------------------------- ------- ------------ ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
%CAL...... California Federal Bank, a FSB 7.51 5.31 30.94 5.87 8.83 11.69
%CCMD..... Chevy Chase Bank, FSB 5.64 5.05 11.08 6.59 7.12 13.44
AABC...... Access Anytime Bancorp, Inc. 6.80 6.80 -- 6.70 7.23 17.03
AADV...... Advantage Bancorp Inc. 8.84 8.24 7.36 6.37 9.40 14.81
ABBK...... Abington Bancorp Inc. 6.88 6.20 10.45 6.27 7.27 13.58
ABCL...... Alliance Bancorp Inc. 9.31 9.20 1.31 8.28 9.73 15.15
ABCW...... Anchor BanCorp Wisconsin 6.25 6.14 1.97 5.77 7.46 10.69
AFBC...... Advance Financial Bancorp 15.45 15.45 -- 15.44 15.78 26.03
AFCB...... Affiliated Community Bancorp 9.77 9.71 0.62 9.92 10.52 19.54
AFED...... AFSALA Bancorp Inc. 13.85 13.82 0.25 13.91 NA 33.88
AFFFZ..... America First Financial Fund 8.28 8.17 1.42 7.22 8.61 16.63
AHCI...... Ambanc Holding Co. Inc. 12.72 12.72 -- 10.00 13.50 24.94
AHM....... Ahmanson & Company (H.F.) 4.93 4.34 12.46 5.76 5.72 11.10
ALBC...... Albion Banc Corp. 8.90 8.90 -- NA 9.38 NA
ALBK...... ALBANK Financial Corporation 9.20 8.08 13.26 7.23 9.92 12.47
AMFB...... American Federal Bank FSB 8.99 8.43 6.74 8.36 9.85 14.81
AMFC...... AMB Financial Corp. 16.30 16.30 -- 12.20 16.67 23.00
ANA....... Acadiana Bancshares Inc. 17.43 17.43 -- 13.75 18.42 27.64
ANBK...... American National Bancorp 8.97 8.97 -- NA 9.72 NA
ANDB...... Andover Bancorp Inc. 8.07 8.07 -- 8.10 9.09 14.90
ASBI...... Ameriana Bancorp 10.85 10.84 0.09 9.73 11.12 18.66
ASBP...... ASB Financial Corp. 15.74 15.74 -- 12.15 16.54 27.02
ASFC...... Astoria Financial Corporation 7.60 6.41 16.80 5.43 7.78 15.78
ATSB...... AmTrust Capital Corp. 10.17 10.07 1.07 10.20 10.83 16.58
AVND...... Avondale Financial Corp. 8.26 8.26 -- 8.10 11.48 14.56
BANC...... BankAtlantic Bancorp Inc. 5.50 4.53 18.61 6.49 6.45 11.12
BDJI...... First Federal Bancorporation 11.17 11.17 -- 9.75 11.57 19.42
BFD....... BostonFed Bancorp Inc. 8.90 8.62 3.44 NA 9.48 NA
BFFC...... Big Foot Financial Corp. 17.08 17.08 -- 12.08 17.23 35.40
BFSB...... Bedford Bancshares Inc. 14.32 14.32 -- 12.53 14.81 23.17
BKC....... American Bank of Connecticut 7.98 7.65 4.41 7.65 8.86 13.79
BKCO...... Bankers Corp. 7.78 7.67 1.60 8.01 8.07 18.17
BKCT...... Bancorp Connecticut Inc. 10.40 10.40 -- 10.26 11.60 16.90
BKUNA..... BankUnited Financial Corp. 6.81 5.98 12.87 8.39 7.00 13.34
BNKU...... Bank United Corp. 5.17 5.06 2.20 6.93 5.57 12.68
BPLS...... Bank Plus Corp. 4.92 4.91 0.20 6.47 6.52 12.29
BSBC...... Branford Savings Bank 9.52 9.52 -- 9.53 11.70 16.99
BTHL...... Bethel Bancorp 8.48 7.36 14.28 7.38 9.63 13.39
BVCC...... Bay View Capital Corp. 6.31 6.02 4.95 6.13 7.23 10.98
BWFC...... Bank West Financial Corp. 15.31 15.31 -- 13.30 15.45 26.46
BYFC...... Broadway Financial Corp. 11.50 11.50 -- 8.80 12.50 15.09
CAFI...... Camco Financial Corp. 9.69 8.99 8.00 8.55 9.96 16.04
CAPS...... Capital Savings Bancorp Inc. 8.66 8.66 -- 7.85 8.96 16.51
CASB...... Cascade Financial Corp. 6.17 6.17 -- 6.30 7.01 11.36
CASH...... First Midwest Financial Inc. 11.59 10.40 11.51 9.50 12.24 16.20
CATB...... Catskill Financial Corp. 26.98 26.98 -- 20.94 27.65 61.28
CBCI...... Calumet Bancorp Inc. 15.94 15.94 -- 10.56 17.13 17.53
CBCO...... CB Bancorp Inc. 8.83 8.83 -- 7.78 9.85 13.71
CBES...... CBES Bancorp Inc. 18.39 18.39 -- 13.54 18.80 17.70
CBK....... Citizens First Financial Corp. 14.64 14.64 -- 10.37 14.83 18.82
CBNH...... Community Bankshares Inc. 7.13 7.13 -- 7.46 7.84 11.04
CBSA...... Coastal Bancorp Inc. 3.42 2.91 15.53 5.46 3.66 12.51
CBSB...... Charter Financial Inc. 14.13 12.62 12.26 11.04 14.72 20.74
CCFH...... CCF Holding Company 14.31 14.31 -- NA 14.96 NA
CEBK...... Central Co-operative Bank 10.26 9.22 11.25 NA 11.16 NA
CENB...... Century Bancorp Inc. 29.94 29.94 -- NA 30.48 NA
CENF...... CENFED Financial Corp. 5.10 5.10 0.18 5.72 5.82 11.20
CFB....... Commercial Federal Corporation 5.92 5.30 11.01 6.31 6.63 13.32
CFCP...... Coastal Financial Corp. 6.09 6.09 -- 6.04 7.02 10.95
CFFC...... Community Financial Corp. 13.78 13.78 -- 11.62 14.40 17.84
CFHC...... California Financial Holding 6.96 6.93 0.42 6.67 7.53 13.01
CFNC...... Carolina Fincorp Inc. 23.70 23.70 -- 24.00 24.07 NA
CFSB...... CFSB Bancorp Inc. 7.63 7.63 -- 7.36 8.18 13.25
CFTP...... Community Federal Bancorp 33.52 33.52 -- 31.75 33.80 74.87
CFX....... CFX Corporation 7.67 7.19 6.79 7.91 8.57 14.20
CIBI...... Community Investors Bancorp 11.52 11.52 -- 10.40 11.99 20.60
CKFB...... CKF Bancorp Inc. 23.68 23.68 -- 20.31 23.86 35.60
CLAS...... Classic Bancshares Inc. 14.92 12.84 15.96 11.77 15.54 24.39
CMRN...... Cameron Financial Corp 22.96 22.96 -- 17.95 23.77 26.76
CMSB...... Commonwealth Bancorp Inc. 9.57 7.51 23.21 6.60 10.02 14.30
CMSV...... Community Savings, MHC 11.23 11.23 -- 11.40 11.60 24.13
CNBA...... Chester Bancorp Inc. 22.20 22.20 -- 18.86 22.47 55.53
CNIT...... CENIT Bancorp Inc. 7.10 6.53 8.55 NA 7.65 NA
CNSB...... CNS Bancorp Inc. 24.81 24.81 -- 19.65 25.18 41.96
CNY....... Carver Bancorp Inc. 8.06 7.75 4.26 6.96 8.59 16.00
COFD...... Collective Bancorp Inc. 7.00 6.37 9.55 6.52 7.24 16.49
COFI...... Charter One Financial 6.78 6.33 6.98 5.25 7.25 10.67
CONE...... Conestoga Bancorp, Inc. 16.18 16.18 -- 12.17 16.22 27.71
COOP...... Cooperative Bankshares Inc. 7.49 7.49 -- 7.63 7.73 14.74
COVB...... CoVest Bancshares Inc. 8.94 8.55 4.69 8.80 9.21 16.85
CRZY...... Crazy Woman Creek Bancorp 27.84 27.84 -- 19.97 28.39 48.63
CSA....... Coast Savings Financial 4.96 4.89 1.37 5.36 5.91 10.93
CSBF...... CSB Financial Group Inc. 25.07 23.98 5.74 25.61 25.38 55.70
CTZN...... CitFed Bancorp Inc. 6.33 5.68 10.92 6.06 6.90 13.78
CVAL...... Chester Valley Bancorp Inc. 8.56 8.56 -- 8.49 9.45 15.36
CZF....... CitiSave Financial Corp 16.62 16.62 -- 14.61 16.72 31.93
DCBI...... Delphos Citizens Bancorp Inc. 28.35 28.35 -- 19.10 28.44 43.70
DFIN...... Damen Financial Corp. 20.16 20.16 -- 16.90 20.31 49.30
DIBK...... Dime Financial Corp. 7.83 7.56 3.66 8.33 9.39 19.95
DIME...... Dime Community Bancorp Inc. 15.42 13.53 14.19 10.45 16.22 21.55
DME....... Dime Bancorp Inc. 5.71 5.66 0.93 6.32 6.27 13.30
DNFC...... D & N Financial Corp. 5.81 5.75 1.11 5.15 6.53 9.90
DSL....... Downey Financial Corp. 7.30 7.20 1.47 6.54 7.86 12.58
EBCP...... Eastern Bancorp 7.59 7.23 5.08 6.97 7.92 12.76
EBSI...... Eagle Bancshares 8.71 8.71 -- 6.70 9.29 11.60
EFBC...... Empire Federal Bancorp Inc. 36.85 36.85 -- 23.16 37.04 67.09
EFBI...... Enterprise Federal Bancorp 12.33 12.32 0.11 11.40 12.52 21.30
EGFC...... Eagle Financial Corp. 6.90 5.28 24.73 5.35 7.48 13.09
EGLB...... Eagle BancGroup Inc. 12.10 12.10 -- 9.81 12.64 18.01
EIRE...... Emerald Isle Bancorp Inc. 6.96 6.96 -- 6.96 7.62 12.25
EMLD...... Emerald Financial Corp. 7.50 7.39 1.71 7.25 7.76 12.38
EQSB...... Equitable Federal Savings Bank 5.07 5.07 -- 5.07 5.28 11.29
ESBK...... Elmira Savings Bank (The) 6.30 6.05 4.26 6.11 6.93 9.97
ESX....... Essex Bancorp Inc. 8.41 8.30 1.36 8.38 9.72 14.25
ETFS...... East Texas Financial Services 19.03 19.03 -- 16.22 19.27 45.19
FAB....... FirstFed America Bancorp Inc. 12.47 12.47 -- 10.34 13.37 20.24
FBBC...... First Bell Bancorp Inc. 10.20 10.20 -- 9.18 10.29 22.37
FBCI...... Fidelity Bancorp Inc. 10.19 10.17 0.26 8.53 10.36 18.33
FBCV...... 1ST Bancorp 7.97 7.80 2.22 8.24 8.33 15.69
FBER...... 1st Bergen Bancorp 16.44 16.44 -- 11.30 17.63 28.90
FBHC...... Fort Bend Holding Corp. 6.25 5.81 7.31 NA 6.70 14.77
FBSI...... First Bancshares Inc. 14.35 14.33 0.14 11.70 14.64 18.40
FCB....... Falmouth Co-Operative Bank 24.45 24.45 -- 24.70 25.00 45.99
FCBF...... FCB Financial Corp. 17.51 17.51 -- 14.08 17.98 24.14
FCIT...... First Citizens Financial Corp. 6.11 6.11 -- 6.10 7.10 10.60
FCME...... First Coastal Corporation 8.88 8.88 -- 8.73 10.67 15.68
FDEF...... First Defiance Financial 21.42 21.42 -- 12.60 21.84 23.00
FED....... FirstFed Financial Corp. 4.73 4.67 1.28 5.85 6.66 11.58
FESX...... First Essex Bancorp Inc. 7.31 6.36 13.84 10.81 8.19 12.06
FFBA...... First Colorado Bancorp Inc. 12.73 12.57 1.40 11.27 12.99 21.92
FFBH...... First Federal Bancshares of AR 15.82 15.82 -- 12.23 16.06 23.15
FFBI...... First Financial Bancorp Inc. 7.80 7.80 -- 7.60 8.34 15.08
FFBS...... FFBS BanCorp Inc. 19.42 19.42 -- 16.10 19.88 30.10
FFBZ...... First Federal Bancorp Inc. 7.66 7.65 0.12 6.88 8.55 11.64
FFCH...... First Financial Holdings Inc. 6.15 6.15 -- 6.68 6.86 11.05
FFDB...... FirstFed Bancorp Incorporated 9.95 9.17 8.62 9.09 10.35 17.00
FFDF...... FFD Financial Corp. 24.74 24.74 -- 15.80 24.91 34.10
FFED...... Fidelity Federal Bancorp 5.14 5.14 -- 6.63 5.85 10.89
FFES...... First Federal of East Hartford 6.25 6.25 -- 6.56 6.53 21.71
FFFC...... FFVA Financial Corp. 12.98 12.73 2.21 9.97 13.58 20.54
FFFD...... North Central Bancshares Inc. 24.59 24.59 -- 22.27 25.58 41.09
FFFG...... F.F.O. Financial Group Inc. 6.49 6.49 -- 6.20 8.23 12.60
FFFL...... Fidelity Bankshares Inc., MHC 8.82 8.75 0.83 8.80 9.05 17.70
FFHC...... First Financial Corp. 6.98 6.79 2.93 6.45 7.38 15.20
FFHH...... FSF Financial Corp. 11.77 11.77 -- 10.60 11.99 21.00
FFHS...... First Franklin Corporation 8.82 8.76 0.71 6.38 9.24 14.72
FFIC...... Flushing Financial Corp. 16.02 16.02 -- 12.22 16.69 27.06
FFKY...... First Federal Financial Corp. 13.60 12.88 6.09 11.92 14.07 19.64
FFLC...... FFLC Bancorp Inc. 14.47 14.47 -- 11.40 14.79 25.20
FFOH...... Fidelity Financial of Ohio 13.11 11.71 12.11 9.80 13.42 19.40
FFPB...... First Palm Beach Bancorp Inc. 6.76 6.60 2.59 6.20 7.27 12.10
FFSL...... First Independence Corp. 10.50 10.50 -- 8.22 11.14 19.32
FFSW...... FirstFederal Financial Svcs 8.08 7.21 11.64 9.22 8.35 15.92
FFSX...... First Fed SB of Siouxland, MHC 8.13 8.07 0.89 8.19 8.52 17.21
FFWC...... FFW Corp. 10.01 10.01 -- 8.18 10.34 14.83
FFWD...... Wood Bancorp Inc. 12.70 12.70 -- 8.29 13.03 14.77
FFYF...... FFY Financial Corp. 14.10 14.10 -- 9.94 14.62 17.67
FGHC...... First Georgia Holding Inc. 8.48 7.80 8.71 8.46 9.16 10.52
FIBC...... Financial Bancorp Inc. 9.73 9.68 0.51 7.43 10.20 19.13
FISB...... First Indiana Corporation 9.59 9.47 1.28 8.93 10.92 12.76
FKFS...... First Keystone Financial 7.07 7.07 -- 7.25 7.92 16.49
FKKY...... Frankfort First Bancorp Inc. 26.19 26.19 -- 23.65 26.27 46.49
FLAG...... FLAG Financial Corp. 9.40 9.40 -- 8.99 11.40 14.85
FLFC...... First Liberty Financial Corp. 7.34 6.62 10.53 6.41 8.21 11.28
FLGS...... Flagstar Bancorp Inc. 5.46 NA NA 5.43 5.73 10.06
FLKY...... First Lancaster Bancshares 34.24 34.24 -- 31.06 34.49 58.13
FMBD...... First Mutual Bancorp Inc. 13.41 10.65 23.05 20.61 13.74 21.26
FMCO...... FMS Financial Corporation 6.29 6.17 2.08 7.23 6.80 15.11
FMSB...... First Mutual Savings Bank 6.68 6.68 -- 6.80 7.65 NA
FNGB...... First Northern Capital Corp. 11.51 11.51 -- 10.60 11.99 17.51
FOBC...... Fed One Bancorp 11.61 11.12 4.73 10.11 12.03 25.26
FPRY...... First Financial Bancorp 6.35 6.35 -- 6.20 7.00 10.80
FRC....... First Republic Bancorp 7.41 7.41 0.08 7.40 8.25 15.08
FSBI...... Fidelity Bancorp Inc. 6.96 6.96 -- 7.10 7.47 14.90
FSFC...... First Southeast Financial Corp 10.23 10.23 -- 9.87 10.62 20.76
FSLA...... First Savings Bank, MHC 9.19 8.23 11.40 8.31 9.73 21.85
FSNJ...... First Savings Bk of NJ, MHC 8.57 8.57 -- 9.13 9.08 26.41
FSPG...... First Home Bancorp Inc. 6.59 6.48 1.80 6.50 7.33 16.49
FSSB...... First FS&LA of San Bernardino 4.33 4.18 3.63 4.29 5.38 8.52
FSTC...... First Citizens Corporation 9.37 7.52 21.35 NA 10.48 NA
FTF....... Texarkana First Financial Corp 16.03 16.03 -- 16.04 16.71 27.37
FTFC...... First Federal Capital Corp. 6.36 5.98 6.28 5.98 6.87 12.22
FTNB...... Fulton Bancorp Inc. 25.01 25.01 -- 16.40 25.87 29.40
FTSB...... Fort Thomas Financial Corp. 16.09 16.09 -- 14.66 16.60 24.06
FWWB...... First SB of Washington Bancorp 15.13 14.08 8.12 14.01 15.80 26.72
GAF....... GA Financial Inc. 17.26 17.26 -- 14.43 17.43 36.88
GBCI...... Glacier Bancorp Inc. 9.56 9.32 2.81 9.48 10.16 17.05
GDVS...... Greater Delaware Valley SB,MHC 11.48 11.48 -- 12.11 12.69 27.91
GDW....... Golden West Financial 6.26 6.26 -- 6.37 6.81 13.74
GFCO...... Glenway Financial Corp. 9.56 9.42 1.56 8.50 9.83 13.70
GFED...... Guaranty Federal SB, MHC 13.83 13.83 -- 13.02 14.94 24.16
GFSB...... GFS Bancorp Inc. 11.57 11.57 -- 9.83 12.27 18.33
GLBK...... Glendale Co-Operative Bank 16.38 16.38 -- 16.43 16.66 NA
GLN....... Glendale Federal Bank FSB 6.41 6.04 6.19 6.05 7.49 11.82
GPT....... GreenPoint Financial Corp. 10.81 6.49 42.71 6.20 11.60 15.01
GRTR...... Greater New York Savings Bank 8.28 8.28 -- 7.31 8.92 15.35
GSBC...... Great Southern Bancorp Inc. 8.97 8.97 -- 7.91 11.24 11.78
GSFC...... Green Street Financial Corp. 36.08 36.08 -- 36.08 36.21 84.35
GSLA...... GS Financial Corp. 18.28 18.28 -- 17.97 18.56 61.34
GTFN...... Great Financial Corporation 9.30 8.93 4.36 8.21 9.77 18.88
GTPS...... Great American Bancorp 21.15 21.15 -- 18.59 21.45 33.45
GUPB...... GFSB Bancorp Inc. 16.30 16.30 -- NA 16.66 NA
GWBC...... Gateway Bancorp Inc. 26.09 26.09 -- 22.91 26.21 NA
GWF....... Great Western Financial 6.03 5.42 10.72 5.99 6.78 11.47
HALL...... Hallmark Capital Corp. 6.99 6.99 -- 6.25 7.39 11.54
HARB...... Harbor Federal Savings Bk, MHC 8.22 7.93 3.75 7.93 9.24 16.52
HARL...... Harleysville Savings Bank 6.36 6.36 -- 6.57 6.92 13.45
HARS...... Harris Savings Bank, MHC 7.91 6.90 13.73 6.85 8.35 13.85
HAVN...... Haven Bancorp Inc. 5.80 5.77 0.41 6.81 6.46 14.82
HBBI...... Home Building Bancorp 12.07 12.07 -- 9.57 12.24 20.62
HBEI...... Home Bancorp of Elgin Inc. 28.11 28.11 -- 20.15 28.38 41.42
HBFW...... Home Bancorp 13.95 13.95 -- 12.01 14.37 26.80
HBNK...... Highland Federal Bank FSB 7.46 7.46 -- 7.54 9.32 11.53
HBS....... Haywood Bancshares Inc. 14.13 13.68 3.71 NA 14.63 NA
HCBB...... HCB Bancshares Inc. 7.76 7.01 10.40 NA 8.55 NA
HCFC...... Home City Financial Corp. 20.61 20.61 -- 15.59 21.29 29.31
HEMT...... HF Bancorp Inc. 8.21 6.82 18.19 5.94 8.74 15.72
HFFB...... Harrodsburg First Fin Bancorp 26.36 26.36 -- 20.90 26.63 41.60
HFFC...... HF Financial Corp. 9.19 9.17 0.25 7.47 9.99 13.18
HFGI...... Harrington Financial Group 4.78 4.78 -- 6.69 4.82 31.69
HFNC...... HFNC Financial Corp. 18.83 18.83 -- 19.44 19.77 37.09
HFSA...... Hardin Bancorp Inc. 12.78 12.78 -- 11.19 12.93 28.85
HHFC...... Harvest Home Financial Corp. 12.50 12.50 -- NA 12.63 NA
HIFS...... Hingham Instit. for Savings 9.55 9.55 -- 9.85 10.25 16.15
HMCI...... HomeCorp Inc. 6.30 6.30 -- 4.91 6.78 8.44
HMLK...... Hemlock Federal Financial Corp 18.28 18.28 -- 10.37 18.74 35.38
HMNF...... HMN Financial Inc. 14.24 14.24 -- 11.60 14.68 27.96
HOMF...... Home Federal Bancorp 8.45 8.20 3.25 8.06 8.97 12.11
HPBC...... Home Port Bancorp Inc. 10.82 10.82 -- 10.85 12.10 18.43
HRBF...... Harbor Federal Bancorp Inc. 12.86 12.86 -- 11.09 13.03 27.25
HRZB...... Horizon Financial Corp. 15.23 15.23 -- 15.22 15.90 30.43
HTHR...... Hawthorne Financial Corp. 5.27 5.27 -- 6.67 6.90 11.11
HVFD...... Haverfield Corporation 8.39 8.39 -- 7.21 9.26 11.19
HWEN...... Home Financial Bancorp 18.63 18.63 -- 15.20 19.15 28.80
HZFS...... Horizon Financial Svcs Corp. 10.50 10.50 -- 7.90 10.87 14.80
IBSF...... IBS Financial Corp. 17.03 17.03 -- 16.87 17.18 61.20
IFSB...... Independence Federal Savings 6.52 5.76 12.36 5.76 6.73 14.75
IFSL...... Indiana Federal Corporation 8.78 8.30 6.04 6.50 9.63 10.43
INBI...... Industrial Bancorp 18.49 18.49 -- 16.30 18.97 31.43
INCB...... Indiana Community Bank SB 12.39 12.39 -- NA 12.95 NA
IPSW...... Ipswich Savings Bank 6.16 6.16 -- NA 7.12 13.31
ISBF...... ISB Financial Corporation 12.19 10.53 15.21 10.33 12.69 21.08
ITLA...... ITLA Capital Corp. 11.37 11.33 0.44 11.01 12.71 14.22
IWBK...... InterWest Bancorp Inc. 6.71 6.56 2.31 6.69 7.19 14.15
JOAC...... Joachim Bancorp Inc. 28.98 28.98 -- 22.70 29.19 46.70
JSBA...... Jefferson Savings Bancorp 8.20 6.37 23.83 6.66 8.81 11.86
JSBF...... JSB Financial Inc. 22.17 22.17 -- 13.76 22.53 20.17
JXSB...... Jacksonville Savings Bank, MHC 10.30 10.30 -- 10.00 10.79 14.80
JXVL...... Jacksonville Bancorp Inc. 15.63 15.63 -- 13.90 16.13 28.00
KFBI...... Klamath First Bancorp 20.44 20.44 -- 17.92 20.61 38.14
KNK....... Kankakee Bancorp Inc. 10.68 10.06 6.39 8.66 11.36 16.30
KSAV...... KS Bancorp Inc. 13.83 13.82 0.06 NA 14.13 13.63
KSBK...... KSB Bancorp Inc. 7.17 6.77 5.92 NA 7.89 NA
KYF....... Kentucky First Bancorp Inc. 16.11 16.11 -- 14.15 16.54 26.81
LARK...... Landmark Bancshares Inc. 14.63 14.63 -- 12.16 15.00 27.30
LARL...... Laurel Capital Group Inc. 10.42 10.42 -- 10.40 11.35 21.41
LFBI...... Little Falls Bancorp Inc. 12.93 12.03 7.97 8.71 13.27 27.28
LFED...... Leeds Federal Savings Bk, MHC 16.18 16.18 -- 15.91 16.37 35.48
LIFB...... Life Bancorp Inc. 10.78 10.49 3.06 8.91 11.49 22.07
LISB...... Long Island Bancorp Inc. 9.01 8.93 0.96 7.39 9.59 14.94
LOGN...... Logansport Financial Corp. 19.65 19.65 -- 19.87 19.96 38.01
LONF...... London Financial Corporation 19.87 19.87 -- 15.50 20.36 29.70
LSBI...... LSB Financial Corp. 9.08 9.08 -- 8.29 10.00 11.69
LSBX...... Lawrence Savings Bank 8.78 8.78 -- 8.90 9.82 18.21
LVSB...... Lakeview Financial 9.52 7.76 20.04 NA NA NA
LXMO...... Lexington B&L Financial Corp. 27.62 27.62 -- 22.60 27.99 45.00
MAFB...... MAF Bancorp Inc. 7.88 6.92 13.18 7.01 8.44 14.96
MARN...... Marion Capital Holdings 23.05 23.05 -- 20.28 24.21 31.62
MASB...... MASSBANK Corp. 9.98 9.98 -- 9.85 10.23 35.51
MBB....... MSB Bancorp Inc. 8.44 4.69 46.66 5.60 8.69 NA
MBBC...... Monterey Bay Bancorp Inc. 10.74 9.94 8.32 8.54 11.08 19.61
MBLF...... MBLA Financial Corp. 13.50 13.50 -- 12.92 13.77 36.14
MBSP...... Mitchell Bancorp Inc. 43.32 43.32 -- 33.80 43.82 60.50
MCBN...... Mid-Coast Bancorp Inc. 8.60 8.60 -- 8.53 9.11 15.24
MCBS...... Mid Continent Bancshares Inc. 10.04 10.04 -- 9.11 10.15 24.05
MDBK...... Medford Savings Bank 8.80 8.20 7.42 8.41 9.46 15.93
MECH...... Mechanics Savings Bank 9.73 9.73 -- 10.15 10.87 19.34
MERI...... Meritrust Federal SB 7.90 7.90 -- 7.90 8.21 18.03
METF...... Metropolitan Financial Corp. 3.81 3.43 10.34 5.46 4.39 8.41
MFBC...... MFB Corp. 14.51 14.51 -- 13.84 14.66 30.36
MFCX...... Marshalltown Financial Corp. 15.61 15.61 -- 12.01 15.71 32.68
MFFC...... Milton Federal Financial Corp. 14.74 14.74 -- 12.20 15.04 26.30
MFLR...... Mayflower Co-operative Bank 9.43 9.28 1.77 9.43 10.36 16.80
MFSL...... Maryland Federal Bancorp 8.44 8.34 1.34 7.70 8.85 15.28
MGNL...... Magna Bancorp Inc. 9.56 9.28 3.27 8.02 10.30 16.45
MIFC...... Mid-Iowa Financial Corp. 9.09 9.08 0.12 7.50 9.33 19.05
MIVI...... Mississippi View Holding Co. 18.26 18.26 -- 15.74 19.50 33.06
MLBC...... ML Bancorp Inc. 6.92 NA NA NA 7.68 NA
MRKF...... Market Financial Corporation 34.60 34.60 -- 22.60 34.69 68.80
MSBF...... MSB Financial Inc. 16.61 16.61 -- 12.89 17.11 21.97
MSBK...... Mutual Savings Bank FSB 6.01 6.01 -- 6.33 6.29 17.18
MWBI...... Midwest Bancshares Inc. 6.94 6.94 -- 6.47 7.44 15.77
MWBX...... MetroWest Bank 7.33 7.33 -- 7.58 8.38 10.84
MWFD...... Midwest Federal Financial 8.61 8.30 3.90 7.58 9.37 11.99
NASB...... North American Savings Bank 7.97 7.73 3.25 8.00 8.85 13.04
NBN....... Northeast Bancorp 7.76 6.88 12.17 7.00 8.81 12.20
NBSI...... North Bancshares Inc. 14.61 14.61 -- 13.70 14.78 32.40
NEIB...... Northeast Indiana Bancorp 15.16 15.16 -- 12.54 15.79 21.47
NHTB...... New Hampshire Thrift Bncshrs 7.48 6.41 15.26 6.04 8.41 10.35
NASB...... NewMil Bancorp Inc. 9.97 9.97 -- 10.40 11.57 20.00
NSBC...... NewSouth Bancorp, Inc. 7.52 7.52 -- 8.53 8.51 13.10
NSLB...... NS&L Bancorp Inc. 19.92 19.92 -- 15.00 20.00 35.40
NSSB...... Norwich Financial Corp. 10.99 9.97 10.28 10.18 12.99 14.07
NSSY...... Norwalk Savings Society 8.06 7.79 3.56 8.03 9.25 15.94
NTMG...... Nutmeg Federal S&LA 6.17 6.17 -- 6.24 6.73 10.61
NWEQ...... Northwest Equity Corp. 11.42 11.42 -- NA 11.90 NA
NWSB...... Northwest Savings Bank, MHC 9.72 9.18 6.09 9.35 10.39 18.80
NYB....... New York Bancorp Inc. 5.06 5.06 -- 4.91 5.68 11.76
OCFC...... Ocean Financial Corp. 17.82 17.82 -- 11.44 18.26 30.85
OCWN...... Ocwen Financial Corporation 8.50 8.50 -- 9.48 9.31 13.22
OFCP...... Ottawa Financial Corp. 8.84 7.20 19.96 6.44 9.19 10.60
OHSL...... OHSL Financial Corp. 11.04 11.04 -- 8.92 11.26 18.74
PALM...... Palfed, Inc. 8.11 8.11 -- 6.90 9.17 10.70
PAMM...... PacificAmerica Money Center 22.43 22.43 -- 15.76 24.02 17.94
PBCI...... Pamrapo Bancorp Inc. 12.80 12.71 0.84 12.23 13.55 26.16
PBCT...... People's Bank, MHC 8.41 8.40 0.14 7.10 9.55 14.30
PBIX...... Patriot Bank Corp. 8.09 8.09 -- 8.17 8.41 17.27
PBKB...... People's Bancshares Inc. 5.61 5.39 4.21 5.98 6.41 13.23
PBNB...... People's Savings Financial Cp. 9.61 9.05 6.32 9.12 9.99 18.67
PCBC...... Perry County Financial Corp. 18.32 18.32 -- 15.93 18.35 73.70
PCCI...... Pacific Crest Capital 7.22 7.22 -- 7.36 8.24 11.48
PDB....... Piedmont Bancorp Inc. 16.96 16.96 -- 15.68 17.61 29.77
PEEK...... Peekskill Financial Corp. 25.58 25.58 -- 24.50 25.91 97.73
PERM...... Permanent Bancorp Inc. 9.70 9.61 0.99 8.30 10.20 20.84
PERT...... Perpetual Bank, MHC 12.13 12.13 -- 11.30 12.81 20.40
PETE...... Primary Bank 6.62 6.61 0.19 6.81 7.19 13.05
PFDC...... Peoples Bancorp 15.18 15.18 -- 12.60 15.49 26.80
PFED...... Park Bancorp Inc. 21.69 21.69 -- 16.90 21.97 60.60
PFFB...... PFF Bancorp Inc. 10.47 10.37 1.12 8.46 11.56 16.54
PFFC...... Peoples Financial Corp. 26.90 26.90 -- 19.20 27.12 46.00
PFNC...... Progress Financial Corporation 5.21 4.59 12.40 5.16 6.04 8.68
PFSB...... PennFed Financial Services Inc 7.53 6.29 17.54 5.70 7.75 12.31
PFSL...... Pocahontas FS&LA, MHC 6.38 6.38 -- 6.38 6.85 16.95
PHBK...... Peoples Heritage Finl Group 8.21 7.02 15.58 9.05 9.43 15.36
PHFC...... Pittsburgh Home Financial Corp 11.47 11.35 1.17 20.63 12.00 9.39
PKPS...... Poughkeepsie Financial Corp. 8.42 8.42 -- 6.86 9.52 11.61
PLE....... Pinnacle Bancshares Inc. 7.73 7.50 3.25 7.70 8.33 13.30
PLSK...... Pulaski Savings Bank, MHC 6.60 NA NA 6.60 NA 17.33
PMFI...... Perpetual Midwest Financial 8.49 8.49 -- 7.84 9.20 12.51
POBS...... Portsmouth Bank Shares 25.13 25.13 -- 24.00 25.39 60.40
PRBC...... Prestige Bancorp Inc. 11.69 11.69 -- 11.97 11.94 26.81
PROV...... Provident Financial Holdings 14.22 14.22 -- 9.83 15.09 17.19
PSBK...... Progressive Bank Inc. 8.35 7.47 11.41 7.39 9.43 14.43
PSFC...... Peoples-Sidney Financial Corp. 10.15 10.15 -- 10.20 10.57 16.10
PSFI...... PS Financial Inc. 43.23 43.23 -- 43.10 43.48 115.59
PTRS...... Potters Financial Corp. 8.90 8.90 -- 8.53 10.83 19.60
PULB...... Pulaski Bank, Savings Bk, MHC 13.00 13.00 -- 13.00 13.26 30.80
PULS...... Pulse Bancorp 7.80 7.80 -- 7.36 8.25 26.96
PVFC...... PVF Capital Corp. 7.02 7.02 -- NA 7.76 NA
PVSA...... Parkvale Financial Corporation 7.48 7.42 0.83 6.97 8.94 14.80
PWBC...... PennFirst Bancorp Inc. 7.07 6.49 8.78 6.01 7.57 19.16
PWBK...... Pennwood Bancorp Inc. 19.47 19.47 -- 19.76 20.13 39.39
QCBC...... Quaker City Bancorp Inc. 8.91 8.90 0.13 7.33 9.94 12.31
QCFB...... QCF Bancorp Inc. 18.09 18.09 -- NA NA NA
QCSB...... Queens County Bancorp Inc. 14.98 14.98 -- 10.09 15.66 18.16
RARB...... Raritan Bancorp Inc. 7.68 7.55 1.80 7.54 8.51 13.76
RCSB...... RCSB Financial Inc. 7.85 7.66 2.53 NA 8.55 NA
REDF...... RedFed Bancorp Inc. 8.18 8.17 0.11 7.80 9.31 11.59
RELI...... Reliance Bancshares Inc. 47.98 NA NA 47.59 48.29 85.04
RELY...... Reliance Bancorp Inc. 8.04 5.77 29.89 5.43 8.29 14.95
RFED...... Roosevelt Financial Group 6.25 NA NA 5.38 6.54 11.46
RIVR...... River Valley Bancorp 12.36 12.19 1.56 15.72 13.21 31.10
ROSE...... TR Financial Corp. 6.16 6.16 -- 6.39 6.59 18.35
RSLN...... Roslyn Bancorp Inc. 21.57 21.48 0.53 NA 22.39 NA
RVSB...... Riverview Savings Bank, MHC 11.15 10.22 9.31 10.26 11.52 20.93
SBCN...... Suburban Bancorporation Inc. 11.67 11.67 -- 10.30 13.08 19.90
SBFL...... SB of the Finger Lakes, MHC 9.45 9.45 -- 9.69 9.99 26.10
SBOS...... Boston Bancorp (The) 12.34 12.34 -- 10.06 12.45 26.75
SCBS...... Southern Community Bancshares 21.97 21.97 -- NA 23.11 NA
SCCB...... S. Carolina Community Bancshrs 25.96 25.96 -- 23.20 26.59 48.90
SECP...... Security Capital Corporation 15.85 15.85 -- 17.45 16.97 18.70
SFED...... SFS Bancorp Inc. 12.99 12.99 -- 12.98 13.39 25.17
SFFC...... StateFed Financial Corporation 17.60 17.60 -- 11.27 17.90 19.46
SFIN...... Statewide Financial Corp. 9.30 9.29 0.20 9.02 9.70 24.56
SFNB...... Security First Network Bank 42.48 42.09 1.57 NA 42.57 NA
SFSB...... SuburbFed Financial Corp. 6.56 6.54 0.43 5.93 6.76 14.01
SFSL...... Security First Corp. 9.36 9.22 1.73 7.92 10.15 11.38
SGVB...... SGV Bancorp Inc. 7.27 7.15 1.80 6.34 7.57 14.25
SHEN...... First Shenango Bancorp Inc. 10.70 10.70 -- 8.80 11.43 17.69
SISB...... SIS Bancorp Inc. 7.22 7.22 -- 7.07 8.38 13.71
SJSB...... SJS Bancorp 10.54 10.54 -- 9.49 11.01 19.43
SKAN...... Skaneateles Bancorp Inc. 6.87 6.65 3.29 6.60 7.68 11.32
SKBO...... First Carnegie Deposit, MHC 12.47 12.47 -- 12.50 12.71 49.30
SMBC...... Southern Missouri Bancorp Inc. 15.67 15.67 -- 12.61 16.08 25.01
SMFC...... Sho-Me Financial Corp. 9.54 9.54 -- 8.48 10.15 16.10
SOBI...... Sobieski Bancorp Inc. 15.40 15.40 -- 11.20 15.66 29.00
SOPN...... First Savings Bancorp Inc. 24.61 24.61 -- 24.60 24.83 55.17
SOSA...... Somerset Savings Bank 5.91 5.91 -- 5.95 7.18 9.62
SPBC...... St. Paul Bancorp Inc. 8.74 8.71 0.31 8.66 9.52 16.92
SRN....... Southern Banc Company Inc. 16.89 16.75 1.04 NA NA NA
SSB....... Scotland Bancorp Inc 36.69 36.69 -- 27.80 37.03 56.53
SSFC...... South Street Financial Corp. 25.45 25.45 -- 25.45 25.62 74.20
SSM....... Stone Street Bancorp Inc. 35.84 35.84 -- NA 36.34 NA
STFR...... St. Francis Capital Corp. 8.10 7.19 12.01 6.72 8.48 12.75
STND...... Standard Financial Inc. 10.90 10.89 0.14 8.36 11.20 20.43
STSA...... Sterling Financial Corp. 5.58 5.00 10.88 6.71 6.09 11.69
SVRN...... Sovereign Bancorp Inc. 4.98 3.95 21.62 4.87 5.47 14.88
SWBI...... Southwest Bancshares 10.79 10.79 -- 8.05 10.99 16.62
SWCB...... Sandwich Co-operative Bank 8.24 7.89 4.68 8.08 9.04 14.81
SZB....... SouthFirst Bancshares Inc. 13.98 13.98 -- 13.98 14.27 22.05
TBK....... Tolland Bank 6.73 6.54 3.09 6.90 7.93 12.90
THR....... Three Rivers Financial Corp. 13.76 13.71 0.40 11.65 14.29 22.81
THRD...... TF Financial Corporation 10.84 9.58 12.86 7.98 11.14 18.36
TPNZ...... Tappan Zee Financial Inc. 17.42 17.42 -- NA 17.96 NA
TRIC...... Tri-County Bancorp Inc. 15.31 15.31 -- 15.30 15.80 34.10
TSBS...... Trenton SB, MHC 16.66 15.44 8.60 15.22 17.11 26.89
TSH....... Teche Holding Co. 13.31 13.31 -- 11.53 14.14 22.90
TWIN...... Twin City Bancorp 12.92 12.92 -- 12.46 13.16 22.69
UBMT...... United Financial Corp. 22.65 22.65 -- 15.20 22.72 40.40
UFRM...... United Federal Savings Bank 7.60 7.60 -- 7.52 8.65 11.81
VABF...... Virginia Beach Fed. Financial 6.78 6.78 -- 6.69 7.52 12.72
VFFC...... Virginia First Financial Corp. 8.06 7.80 3.47 7.66 9.14 11.77
WAMU...... Washington Mutual Inc. 5.27 5.00 5.38 NA 6.07 NA
WAYN...... Wayne Savings & Loan Co. MHC 9.12 9.12 -- 9.11 9.48 17.55
WBST...... Webster Financial Corporation 5.08 4.31 15.86 6.09 5.99 13.49
WCBI...... Westco Bancorp 15.57 15.57 -- 13.51 15.85 30.45
WCFB...... Webster City Federal SB, MHC 23.55 23.55 -- 23.56 23.94 54.22
WEFC...... Wells Financial Corp. 14.23 14.23 -- 10.57 14.56 19.02
WEHO...... Westwood Homestead Fin. Corp. 30.95 30.95 -- 26.04 31.09 42.18
WES....... Westcorp 9.39 9.37 0.28 10.37 10.57 10.30
WFCO...... Winton Financial Corp. 7.15 7.00 2.24 6.90 7.43 11.20
WFSG...... Wilshire Financial Services 5.85 5.85 -- NA 11.98 NA
WFSL...... Washington Federal Inc. 11.55 10.53 9.91 9.89 12.03 18.18
WHGB...... WHG Bancshares Corp. 21.89 21.89 -- 15.16 22.11 32.02
WOFC...... Western Ohio Financial Corp. 13.41 12.74 5.75 12.35 13.85 24.13
WRNB...... Warren Bancorp Inc. 10.10 10.10 -- 9.76 11.22 15.07
WSB....... Washington Savings Bank, FSB 8.32 8.32 -- 7.76 8.77 19.70
WSFS...... WSFS Financial Corporation 5.13 5.08 0.92 6.66 6.81 10.78
WSTR...... WesterFed Financial Corp. 10.98 8.88 21.00 8.51 11.47 14.96
WVFC...... WVS Financial Corporation 12.72 12.72 -- 13.11 13.44 29.21
WWFC...... Westwood Financial Corporation 9.21 8.25 11.38 6.81 9.42 19.10
WYNE...... Wayne Bancorp Inc. 14.56 14.56 -- 11.07 15.34 26.59
YFCB...... Yonkers Financial Corporation 15.29 15.29 -- 12.89 15.67 35.16
YFED...... York Financial Corp. 8.43 8.43 -- 7.34 8.99 11.83
Average 12.35 12.08 3.03 10.85 12.97 22.42
Comparable Thrift Data
JOAC...... Joachim Bancorp Inc. 28.98 28.98 0.00 22.70 29.19 46.70
HBBI...... Home Building Bancorp 12.07 12.07 0.00 9.57 12.24 20.62
CSBF...... CSB Financial Group Inc. 25.07 23.98 5.74 25.61 25.38 55.70
MCBN...... Mid-Coast Bancorp Inc. 8.60 8.60 0.00 8.53 9.11 15.24
NSLB...... NS&L Bancorp Inc. 19.92 19.92 0.00 15.00 20.00 35.40
CKFB...... CKF Bancorp Inc. 23.68 23.68 0.00 20.31 23.86 35.60
ALBC...... Albion Banc Corp. 8.90 8.90 0.00 NA 9.38 NA
MIVI...... Mississippi View Holding Co. 18.26 18.26 0.00 15.74 19.50 33.06
ATSB...... AmTrust Capital Corp. 10.17 10.07 1.07 10.20 10.83 16.58
SCCB...... S. Carolina Community Bancshrs 25.96 25.96 0.00 23.20 26.59 48.90
Average 18.16 18.04 0.68 16.76 18.61 34.20
Maximum 28.98 28.98 5.74 25.61 29.19 55.70
Minimum 8.60 8.60 0.00 8.53 9.11 15.24
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
ASSET QUALITY AS OF THE MOST RECENT QUARTER
-----------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------ --------------------------------------- ----- --------- ------ ------ --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank, a FSB 1.79 105.10 1.52 20.21 1.89 86.98
%CCMD Chevy Chase Bank, FSB 1.45 172.23 2.65 47.07 2.51 55.76
AABC Access Anytime Bancorp, Inc. 3.33 28.14 1.59 23.43 0.94 26.80
AADV Advantage Bancorp Inc. 0.54 188.91 0.56 6.30 1.01 102.27
ABBK Abington Bancorp Inc. 0.26 244.65 0.24 3.52 0.64 133.04
ABCL Alliance Bancorp Inc. 0.16 311.07 0.18 1.89 0.50 236.73
ABCW Anchor BanCorp Wisconsin 0.48 319.36 0.75 11.95 1.53 161.56
AFBC Advance Financial Bancorp 0.45 89.84 0.37 2.40 0.40 89.84
AFCB Affiliated Community Bancorp 0.73 163.83 0.46 4.73 1.19 163.49
AFED AFSALA Bancorp Inc. NA NA NA NA NA NA
AFFFZ America First Financial Fund 0.48 103.97 0.41 4.92 0.50 80.65
AHCI Ambanc Holding Co. Inc. 1.53 96.14 0.95 7.44 1.47 72.94
AHM Ahmanson & Company (H.F.) 2.46 50.41 2.06 41.80 1.24 38.66
ALBC Albion Banc Corp. 0.63 104.30 NA NA 0.65 NA
ALBK ALBANK Financial Corporation 0.85 115.39 0.74 8.03 0.98 78.02
AMFB American Federal Bank FSB 0.60 215.51 0.44 4.95 1.30 193.22
AMFC AMB Financial Corp. 0.79 64.22 0.58 3.57 0.50 64.22
ANA Acadiana Bancshares Inc. 0.66 208.64 0.51 2.94 1.37 192.62
ANBK American National Bancorp NA NA NA NA 1.17 NA
ANDB Andover Bancorp Inc. 1.36 104.01 1.14 14.18 1.41 89.41
ASBI Ameriana Bancorp 0.44 87.49 0.38 3.49 0.38 63.58
ASBP ASB Financial Corp. 1.45 84.76 1.56 9.91 1.23 50.98
ASFC Astoria Financial Corporation 0.83 60.72 0.45 5.97 0.50 35.00
ATSB AmTrust Capital Corp. 3.66 25.47 2.84 27.96 0.93 23.48
AVND Avondale Financial Corp. 2.68 200.01 1.66 20.05 5.35 194.88
BANC BankAtlantic Bancorp Inc. 0.86 162.72 0.75 13.64 1.40 120.47
BDJI First Federal Bancorporation 0.01 NA 0.21 1.91 0.82 127.79
BFD BostonFed Bancorp Inc. 0.54 132.70 0.63 7.06 0.71 91.43
BFFC Big Foot Financial Corp. -- NA -- -- 0.37 128.76
BFSB Bedford Bancshares Inc. -- NA -- -- 0.57 77.52
BKC American Bank of Connecticut 2.70 52.83 1.97 24.74 1.43 44.68
BKCO Bankers Corp. 1.45 31.65 1.06 13.65 0.46 23.83
BKCT Bancorp Connecticut Inc. 1.37 144.46 1.11 10.69 1.98 108.02
BKUNA BankUnited Financial Corp. 0.77 30.72 0.70 10.29 0.24 26.73
BNKU Bank United Corp. 1.10 49.44 1.07 20.73 0.54 37.09
BPLS Bank Plus Corp. 3.06 64.17 3.22 65.47 1.96 49.87
BSBC Branford Savings Bank 2.33 132.65 1.94 20.34 3.09 112.22
BTHL Bethel Bancorp NA NA NA NA 1.48 NA
BVCC Bay View Capital Corp. 0.59 204.11 0.76 12.11 1.20 115.33
BWFC Bank West Financial Corp. -- NA 0.03 0.20 0.20 458.70
BYFC Broadway Financial Corp. 1.65 72.32 2.42 21.07 1.19 41.50
CAFI Camco Financial Corp. 0.40 79.91 0.36 3.69 0.32 38.86
CAPS Capital Savings Bancorp Inc. 0.16 234.98 0.16 1.82 0.38 116.53
CASB Cascade Financial Corp. 0.36 287.71 0.59 9.51 1.02 142.60
CASH First Midwest Financial Inc. 1.16 83.36 0.79 6.84 0.97 81.68
CATB Catskill Financial Corp. 0.76 194.39 0.50 1.86 1.47 133.79
CBCI Calumet Bancorp Inc. 1.29 119.76 1.40 8.77 1.54 84.90
CBCO CB Bancorp Inc. 0.82 304.62 2.40 27.23 2.50 42.37
CBES CBES Bancorp Inc. 0.83 55.57 0.77 4.16 0.46 54.05
CBK Citizens First Financial Corp. 0.29 80.95 0.43 2.91 0.24 35.90
CBNH Community Bankshares Inc. 0.52 195.79 0.59 8.23 1.01 115.48
CBSA Coastal Bancorp Inc. 0.99 56.37 0.57 16.56 0.56 37.23
CBSB Charter Financial Inc. 0.51 155.27 0.51 3.64 0.80 114.56
CCFH CCF Holding Company 0.42 189.90 0.34 2.39 0.79 189.90
CEBK Central Co-operative Bank 2.20 56.17 1.67 16.27 1.24 53.48
CENB Century Bancorp Inc. 0.44 207.22 0.39 1.31 0.91 139.39
CENF CENFED Financial Corp. 1.31 78.56 1.40 27.52 1.03 51.06
CFB Commercial Federal Corporation 1.01 94.32 1.01 17.01 0.95 70.83
CFCP Coastal Financial Corp. 0.19 589.86 0.26 4.32 1.14 350.59
CFFC Community Financial Corp. 0.34 205.51 0.35 2.52 0.70 180.62
CFHC California Financial Holding 0.85 89.88 1.04 14.87 0.77 54.70
CFNC Carolina Fincorp Inc. 0.40 133.67 0.28 1.16 0.54 133.67
CFSB CFSB Bancorp Inc. 0.07 893.54 0.09 1.23 0.62 565.80
CFTP Community Federal Bancorp 0.59 79.45 0.35 1.06 0.47 79.45
CFX CFX Corporation 0.75 177.91 0.61 7.93 1.34 147.62
CIBI Community Investors Bancorp 0.86 71.32 0.72 6.26 0.62 65.53
CKFB CKF Bancorp Inc. 0.64 30.66 0.89 3.75 0.20 12.02
CLAS Classic Bancshares Inc. 0.79 126.30 0.80 5.36 0.99 68.31
CMRN Cameron Financial Corp 0.33 288.53 0.28 1.23 0.95 135.41
CMSB Commonwealth Bancorp Inc. 0.71 121.63 0.42 4.41 0.86 106.34
CMSV Community Savings, MHC 0.66 98.32 0.57 5.07 0.64 66.20
CNBA Chester Bancorp Inc. 0.43 161.37 0.25 1.11 0.70 107.12
CNIT CENIT Bancorp Inc. 0.46 191.03 0.61 8.58 0.87 85.28
CNSB CNS Bancorp Inc. 0.71 80.36 0.45 1.82 0.57 80.36
CNY Carver Bancorp Inc. 1.64 68.37 0.80 9.86 1.12 34.62
COFD Collective Bancorp Inc. 0.71 66.07 0.40 5.74 0.47 60.69
COFI Charter One Financial 0.36 216.97 0.26 3.82 0.77 147.01
CONE Conestoga Bancorp, Inc. 0.23 80.00 0.16 0.99 0.18 26.87
COOP Cooperative Bankshares Inc. 0.29 105.94 0.30 4.02 0.30 53.51
COVB CoVest Bancshares Inc. 0.03 NA 0.02 0.19 0.43 118.11
CRZY Crazy Woman Creek Bancorp 0.43 240.34 0.23 0.82 1.03 240.34
CSA Coast Savings Financial 1.34 102.69 1.34 27.11 1.37 71.08
CSBF CSB Financial Group Inc. NA NA NA NA 0.53 41.29
CTZN CitFed Bancorp Inc. 0.41 243.92 0.45 7.06 0.99 128.08
CVAL Chester Valley Bancorp Inc. 0.39 280.83 0.47 5.54 1.10 187.15
CZF CitiSave Financial Corp 0.17 92.11 0.20 1.22 0.15 46.05
DCBI Delphos Citizens Bancorp Inc. -- NA 0.02 0.08 0.13 93.46
DFIN Damen Financial Corp. 0.49 76.94 0.20 0.98 0.38 76.94
DIBK Dime Financial Corp. 0.69 470.63 0.44 5.67 3.23 337.58
DIME Dime Community Bancorp Inc. 1.20 120.17 0.82 5.30 1.45 97.78
DME Dime Bancorp Inc. 3.51 26.67 2.36 41.27 0.94 23.73
DNFC D & N Financial Corp. 0.41 244.81 0.37 6.44 1.01 192.28
DSL Downey Financial Corp. 0.88 70.58 1.11 15.22 0.62 50.35
EBCP Eastern Bancorp 1.05 54.47 1.27 16.68 0.57 25.79
EBSI Eagle Bancshares 0.92 91.35 0.88 10.12 0.84 65.80
EFBC Empire Federal Bancorp Inc. -- NA -- -- 0.47 NA
EFBI Enterprise Federal Bancorp 0.02 NA 0.01 0.09 0.28 NA
EGFC Eagle Financial Corp. 1.80 56.52 1.21 17.60 1.01 47.66
EGLB Eagle BancGroup Inc. 1.93 41.41 1.67 13.83 0.80 31.93
EIRE Emerald Isle Bancorp Inc. 0.88 109.78 0.62 8.92 0.97 105.23
EMLD Emerald Financial Corp. 0.09 356.29 0.16 2.16 0.34 75.41
EQSB Equitable Federal Savings Bank -- NA 0.68 13.39 0.31 19.82
ESBK Elmira Savings Bank (The) 0.60 134.29 0.82 13.07 0.80 76.33
ESX Essex Bancorp Inc. 2.23 67.35 3.23 38.44 1.50 40.63
ETFS East Texas Financial Services 0.38 138.38 0.25 1.29 0.53 100.00
FAB FirstFed America Bancorp Inc. NA NA NA NA 1.06 NA
FBBC First Bell Bancorp Inc. 0.07 166.26 0.09 0.88 0.12 107.87
FBCI Fidelity Bancorp Inc. 0.92 24.69 0.70 6.90 0.23 24.69
FBCV 1ST Bancorp 0.90 61.23 0.71 8.97 0.55 51.00
FBER 1st Bergen Bancorp 1.31 184.24 0.74 4.48 2.41 161.82
FBHC Fort Bend Holding Corp. NA NA NA NA 0.95 NA
FBSI First Bancshares Inc. 0.04 819.64 0.08 0.55 0.35 88.44
FCB Falmouth Co-Operative Bank 0.03 NA 0.02 0.06 1.06 NA
FCBF FCB Financial Corp. 0.12 453.96 0.11 0.63 0.56 426.35
FCIT First Citizens Financial Corp. 0.83 160.28 1.92 31.38 1.33 52.05
FCME First Coastal Corporation 2.07 128.12 1.62 18.19 2.65 105.48
FDEF First Defiance Financial 0.47 117.35 0.45 2.12 0.55 93.68
FED FirstFed Financial Corp. 1.86 136.55 1.74 36.87 2.53 110.91
FESX First Essex Bancorp Inc. 0.86 165.05 0.62 8.44 1.42 143.10
FFBA First Colorado Bancorp Inc. 0.12 305.71 0.19 1.53 0.37 136.49
FFBH First Federal Bancshares of AR 0.20 152.33 0.19 1.18 0.31 127.62
FFBI First Financial Bancorp Inc. 0.18 391.41 0.27 3.44 0.69 200.40
FFBS FFBS BanCorp Inc. 0.05 NA 0.03 0.16 0.66 109.44
FFBZ First Federal Bancorp Inc. 0.59 171.61 0.52 6.79 1.02 153.04
FFCH First Financial Holdings Inc. 1.99 42.33 1.77 28.85 0.84 39.24
FFDB FirstFed Bancorp Incorporated 0.22 243.25 0.77 7.70 0.54 35.96
FFDF FFD Financial Corp. NA NA NA NA 0.27 NA
FFED Fidelity Federal Bancorp 0.11 748.74 0.12 2.30 0.85 455.75
FFES First Federal of East Hartford 2.29 68.79 0.41 6.56 1.57 55.25
FFFC FFVA Financial Corp. 0.16 617.38 0.10 0.79 1.01 585.64
FFFD North Central Bancshares Inc. 0.18 660.13 0.22 0.88 1.18 457.01
FFFG F.F.O. Financial Group Inc. 3.85 64.02 3.17 48.84 2.47 55.02
FFFL Fidelity Bankshares Inc., MHC 0.27 112.34 0.30 3.36 0.31 77.48
FFHC First Financial Corp. 0.35 185.64 0.29 4.12 0.65 137.23
FFHH FSF Financial Corp. 0.12 285.51 0.10 0.87 0.34 216.04
FFHS First Franklin Corporation 0.65 95.70 0.50 5.64 0.62 68.29
FFIC Flushing Financial Corp. 0.44 288.53 0.27 1.68 1.28 251.62
FFKY First Federal Financial Corp. -- NA 0.11 0.83 0.53 115.33
FFLC FFLC Bancorp Inc. 0.22 213.09 0.27 1.86 0.46 116.25
FFOH Fidelity Financial of Ohio 0.22 174.34 0.18 1.35 0.38 174.34
FFPB First Palm Beach Bancorp Inc. 1.27 58.20 1.06 15.62 0.74 46.69
FFSL First Independence Corp. 0.69 140.24 0.46 4.37 0.97 69.84
FFSW FirstFederal Financial Svcs 0.51 77.78 0.38 4.64 0.40 73.66
FFSX First Fed SB of Siouxland, MHC 0.14 386.65 0.12 1.47 0.52 263.34
FFWC FFW Corp. 0.29 169.52 0.22 2.24 0.48 150.42
FFWD Wood Bancorp Inc. -- NA 0.02 0.14 0.41 346.50
FFYF FFY Financial Corp. 0.94 73.52 0.72 5.12 0.69 73.17
FGHC First Georgia Holding Inc. 1.35 58.25 1.35 15.92 0.79 50.33
FIBC Financial Bancorp Inc. NA NA NA NA 0.85 NA
FISB First Indiana Corporation 1.56 101.72 1.55 16.21 1.59 85.76
FKFS First Keystone Financial 3.21 45.32 2.45 34.67 1.46 34.36
FKKY Frankfort First Bancorp Inc. -- NA -- -- 0.08 138.89
FLAG FLAG Financial Corp. 6.20 46.92 4.52 48.03 2.91 44.14
FLFC First Liberty Financial Corp. 0.67 183.70 0.75 10.21 1.23 114.80
FLGS Flagstar Bancorp Inc. NA NA NA NA 0.30 NA
FLKY First Lancaster Bancshares 0.53 54.35 0.45 1.33 0.29 32.89
FMBD First Mutual Bancorp Inc. 0.06 723.04 0.04 0.34 0.46 207.98
FMCO FMS Financial Corporation 1.31 68.65 1.07 16.98 0.90 47.56
FMSB First Mutual Savings Bank NA NA NA NA 1.24 NA
FNGB First Northern Capital Corp. 0.13 413.71 0.13 1.14 0.54 368.77
FOBC Fed One Bancorp 0.28 357.14 0.13 1.15 1.00 93.85
FPRY First Financial Bancorp NA NA NA NA 0.84 NA
FRC First Republic Bancorp 1.18 80.08 1.25 16.84 0.95 65.82
FSBI Fidelity Bancorp Inc. 0.72 147.49 0.35 4.98 1.06 100.48
FSFC First Southeast Financial Corp 0.10 476.73 0.11 1.05 0.50 362.15
FSLA First Savings Bank, MHC 0.90 117.67 0.57 6.22 1.05 93.31
FSNJ First Savings Bk of NJ, MHC 1.70 71.33 0.81 9.44 1.21 58.25
FSPG First Home Bancorp Inc. 1.24 113.64 0.79 12.02 1.41 93.39
FSSB First FS&LA of San Bernardino 1.43 102.26 2.31 53.29 1.47 45.41
FSTC First Citizens Corporation 1.53 91.28 1.26 13.43 1.40 87.96
FTF Texarkana First Financial Corp -- NA 0.13 0.83 0.82 144.57
FTFC First Federal Capital Corp. 0.15 457.81 0.17 2.63 0.68 308.37
FTNB Fulton Bancorp Inc. NA NA NA NA 1.01 NA
FTSB Fort Thomas Financial Corp. 2.26 25.00 2.02 12.58 0.57 25.00
FWWB First SB of Washington Bancorp 0.22 492.49 0.22 1.45 1.07 261.72
GAF GA Financial Inc. 0.35 136.73 0.12 0.70 0.48 136.73
GBCI Glacier Bancorp Inc. 0.16 527.06 0.15 1.60 0.85 212.30
GDVS Greater Delaware Valley SB,MHC 1.75 117.40 2.52 21.92 2.05 43.72
GDW Golden West Financial 1.54 43.87 1.44 23.02 0.68 37.62
GFCO Glenway Financial Corp. 0.09 370.94 0.16 1.69 0.32 84.04
GFED Guaranty Federal SB, MHC 0.39 366.16 0.43 3.10 1.42 206.36
GFSB GFS Bancorp Inc. 1.74 46.59 1.54 13.33 0.81 45.77
GLBK Glendale Co-Operative Bank -- NA -- -- 0.72 NA
GLN Glendale Federal Bank FSB 1.61 89.82 1.66 25.96 1.45 64.79
GPT GreenPoint Financial Corp. 4.48 30.32 2.84 26.27 1.36 28.16
GRTR Greater New York Savings Bank 18.84 9.13 7.44 89.87 1.72 8.61
GSBC Great Southern Bancorp Inc. 1.32 197.04 1.83 20.45 2.60 124.20
GSFC Green Street Financial Corp. 0.19 97.92 0.14 0.38 0.19 97.92
GSLA GS Financial Corp. 0.39 214.61 0.13 0.72 0.85 214.61
GTFN Great Financial Corporation 0.45 159.69 0.38 4.13 0.72 13.77
GTPS Great American Bancorp 0.02 NA 0.01 0.07 0.42 188.02
GUPB GFSB Bancorp Inc. NA NA NA NA 0.69 NA
GWBC Gateway Bancorp Inc. 1.96 20.56 0.60 2.30 0.40 15.82
GWF Great Western Financial 1.49 68.16 1.28 21.19 1.02 58.56
HALL Hallmark Capital Corp. 0.02 NA 0.01 0.19 0.60 NA
HARB Harbor Federal Savings Bk, MHC 0.26 522.95 0.47 5.74 1.38 216.59
HARL Harleysville Savings Bank -- NA 0.11 1.71 0.77 475.58
HARS Harris Savings Bank, MHC 0.64 153.30 0.67 8.48 0.98 61.77
HAVN Haven Bancorp Inc. 1.34 92.04 0.78 13.46 1.23 84.95
HBBI Home Building Bancorp 0.86 32.51 0.52 4.30 0.28 32.51
HBEI Home Bancorp of Elgin Inc. 0.33 110.92 0.35 1.25 0.37 77.63
HBFW Home Bancorp -- NA -- -- 0.53 468.58
HBNK Highland Federal Bank FSB 3.56 64.14 3.23 43.25 2.28 57.68
HBS Haywood Bancshares Inc. 1.14 57.05 2.09 14.79 0.65 23.67
HCBB HCB Bancshares Inc. NA NA NA NA 1.47 NA
HCFC Home City Financial Corp. 0.79 110.38 0.62 3.02 0.87 110.38
HEMT HF Bancorp Inc. NA NA NA NA 1.10 NA
HFFB Harrodsburg First Fin Bancorp -- NA -- -- 0.37 58.12
HFFC HF Financial Corp. 0.46 224.76 0.40 4.34 1.04 200.58
HFGI Harrington Financial Group 0.39 63.20 0.23 4.84 0.25 17.87
HFNC HFNC Financial Corp. 1.14 111.26 0.99 5.27 1.26 94.51
HFSA Hardin Bancorp Inc. 0.50 57.66 0.36 2.85 0.29 41.58
HHFC Harvest Home Financial Corp. 0.29 90.48 0.15 1.21 0.26 90.48
HIFS Hingham Instit. for Savings 0.72 125.50 0.55 5.81 0.91 125.50
HMCI HomeCorp Inc. 0.46 132.98 3.25 51.58 0.62 13.13
HMLK Hemlock Federal Financial Corp -- NA -- -- 1.37 NA
HMNF HMN Financial Inc. 0.09 742.94 0.08 0.55 0.70 555.50
HOMF Home Federal Bancorp 0.48 125.97 0.43 5.06 0.61 121.80
HPBC Home Port Bancorp Inc. 0.01 NA 0.04 0.34 1.53 501.45
HRBF Harbor Federal Bancorp Inc. 0.20 131.49 0.13 1.02 0.26 131.49
HRZB Horizon Financial Corp. -- NA -- -- 0.85 NA
HTHR Hawthorne Financial Corp. NA NA NA NA 1.92 NA
HVFD Haverfield Corporation 1.15 87.57 1.00 11.87 1.00 87.44
HWEN Home Financial Bancorp 1.18 53.63 NA NA 0.63 NA
HZFS Horizon Financial Svcs Corp. 0.85 66.14 1.02 9.73 0.56 36.63
IBSF IBS Financial Corp. 0.55 94.57 0.15 0.88 0.52 94.57
IFSB Independence Federal Savings NA NA NA NA 0.34 NA
IFSL Indiana Federal Corporation 0.78 142.17 0.70 7.94 1.11 102.87
INBI Industrial Bancorp 0.20 279.79 0.18 0.96 0.55 115.71
INCB Indiana Community Bank SB NA NA NA NA 0.71 NA
IPSW Ipswich Savings Bank NA NA 1.94 31.39 1.26 49.55
ISBF ISB Financial Corporation NA NA NA NA 0.79 NA
ITLA ITLA Capital Corp. 1.62 100.53 1.78 15.67 1.63 75.09
IWBK InterWest Bancorp Inc. 0.53 152.32 0.69 10.28 0.81 69.69
JOAC Joachim Bancorp Inc. 0.49 63.25 0.68 2.35 0.31 30.45
JSBA Jefferson Savings Bancorp 0.25 326.10 0.52 6.39 0.82 117.45
JSBF JSB Financial Inc. 1.66 37.50 1.00 4.50 0.62 33.09
JXSB Jacksonville Savings Bank, MHC 0.49 129.49 0.39 3.83 0.63 125.08
JXVL Jacksonville Bancorp Inc. 0.79 85.40 1.04 6.67 0.67 48.35
KFBI Klamath First Bancorp 0.13 176.70 0.10 0.49 0.24 176.70
KNK Kankakee Bancorp Inc. 0.72 140.69 0.57 5.30 1.01 64.54
KSAV KS Bancorp Inc. 0.50 70.56 0.42 3.07 0.35 70.56
KSBK KSB Bancorp Inc. NA NA NA NA 1.00 NA
KYF Kentucky First Bancorp Inc. -- NA -- -- 0.77 295.31
LARK Landmark Bancshares Inc. 0.17 341.15 0.11 0.74 0.57 62.24
LARL Laurel Capital Group Inc. 0.70 188.32 0.51 4.91 1.31 181.26
LFBI Little Falls Bancorp Inc. 1.60 51.25 0.90 6.99 0.82 36.77
LFED Leeds Federal Savings Bk, MHC 0.03 977.36 0.02 0.12 0.30 977.36
LIFB Life Bancorp Inc. 0.96 160.03 0.49 4.55 1.54 144.60
LISB Long Island Bancorp Inc. 1.43 66.07 1.04 11.55 0.95 56.14
LOGN Logansport Financial Corp. 0.62 67.13 0.45 2.28 0.42 67.13
LONF London Financial Corporation 1.03 62.54 0.79 3.97 0.64 62.54
LSBI LSB Financial Corp. 1.55 68.99 1.34 14.78 1.07 68.99
LSBX Lawrence Savings Bank 0.31 727.93 0.36 4.06 2.27 290.57
LVSB Lakeview Financial NA NA NA NA NA NA
LXMO Lexington B&L Financial Corp. 0.82 60.05 0.63 2.30 0.49 58.31
MAFB MAF Bancorp Inc. 0.54 134.63 0.44 5.55 0.72 113.73
MARN Marion Capital Holdings 0.88 153.22 0.76 3.28 1.35 153.22
MASB MASSBANK Corp. 0.51 173.33 0.19 1.91 0.88 128.64
MBB MSB Bancorp Inc. 1.34 45.01 0.70 8.28 0.60 36.62
MBBC Monterey Bay Bancorp Inc. 0.65 94.16 0.36 3.36 0.61 94.16
MBLF MBLA Financial Corp. 0.44 111.87 0.25 1.82 0.49 111.87
MBSP Mitchell Bancorp Inc. 2.30 26.77 2.06 4.76 0.62 24.32
MCBN Mid-Coast Bancorp Inc. 0.29 212.95 0.40 4.62 0.61 128.70
MCBS Mid Continent Bancshares Inc. 0.23 82.89 0.19 1.88 0.19 53.92
MDBK Medford Savings Bank 0.77 158.17 0.45 5.12 1.22 146.30
MECH Mechanics Savings Bank 2.43 71.06 1.71 17.55 1.72 67.13
MERI Meritrust Federal SB 0.40 142.98 0.25 3.15 0.58 80.65
METF Metropolitan Financial Corp. 0.37 186.65 0.50 13.24 0.68 106.74
MFBC MFB Corp. -- NA -- -- 0.20 529.85
MFCX Marshalltown Financial Corp. -- NA -- -- 0.19 NA
MFFC Milton Federal Financial Corp. 0.27 172.55 0.17 1.16 0.46 91.83
MFLR Mayflower Co-operative Bank 1.62 96.40 1.02 10.83 1.56 90.08
MFSL Maryland Federal Bancorp 0.30 153.81 0.38 4.50 0.46 77.57
MGNL Magna Bancorp Inc. 2.32 48.15 2.34 24.52 1.12 22.63
MIFC Mid-Iowa Financial Corp. 0.24 186.45 0.13 1.38 0.44 186.45
MIVI Mississippi View Holding Co. 0.25 772.32 0.21 1.15 1.93 488.70
MLBC ML Bancorp Inc. NA NA NA NA 1.73 NA
MRKF Market Financial Corporation -- NA -- -- 0.20 10.40
MSBF MSB Financial Inc. 0.17 333.63 0.15 0.90 0.57 48.65
MSBK Mutual Savings Bank FSB 0.22 328.42 0.17 2.83 0.71 168.15
MWBI Midwest Bancshares Inc. 1.37 61.28 0.82 11.81 0.84 61.28
MWBX MetroWest Bank 0.77 177.67 0.78 10.65 1.37 88.62
MWFD Midwest Federal Financial 0.19 543.01 0.14 1.61 1.01 543.01
NASB North American Savings Bank 3.13 31.89 3.34 41.85 1.00 26.40
NBN Northeast Bancorp 1.40 94.76 1.37 17.69 1.32 77.15
NBSI North Bancshares Inc. -- NA -- -- 0.28 NA
NEIB Northeast Indiana Bancorp 0.56 126.20 0.49 3.26 0.71 126.20
NHTB New Hampshire Thrift Bncshrs 0.62 184.03 0.74 9.95 1.14 91.05
NASB NewMil Bancorp Inc. 2.00 150.10 1.27 12.78 3.01 123.07
NSBC NewSouth Bancorp, Inc. 0.24 567.71 0.54 7.21 1.37 183.21
NSLB NS&L Bancorp Inc. -- NA -- -- 0.13 127.27
NSSB Norwich Financial Corp. 1.12 255.91 1.00 9.10 2.87 200.13
NSSY Norwalk Savings Society 2.76 61.66 2.03 25.22 1.70 56.84
NTMG Nutmeg Federal S&LA 0.70 85.90 1.11 17.96 0.60 NA
NWEQ Northwest Equity Corp. NA NA NA NA 0.59 NA
NWSB Northwest Savings Bank, MHC 0.83 107.13 0.84 8.61 0.89 80.17
NYB New York Bancorp Inc. 1.72 58.62 1.14 22.45 1.01 48.39
OCFC Ocean Financial Corp. 1.07 81.76 0.64 3.62 0.88 69.12
OCWN Ocwen Financial Corporation 0.57 210.83 4.10 48.29 1.19 19.90
OFCP Ottawa Financial Corp. 0.19 217.83 0.18 2.07 0.42 112.26
OHSL OHSL Financial Corp. 0.01 NA 0.01 0.06 0.31 68.18
PALM Palfed, Inc. 1.76 73.13 2.52 31.08 1.29 42.12
PAMM PacificAmerica Money Center 2.08 141.98 4.94 22.00 2.95 26.13
PBCI Pamrapo Bancorp Inc. 3.20 41.42 2.28 17.82 1.33 20.89
PBCT People's Bank, MHC 1.22 137.78 0.91 10.77 1.68 125.48
PBIX Patriot Bank Corp. 0.25 266.53 0.13 1.65 0.65 242.39
PBKB People's Bancshares Inc. 1.49 110.53 0.88 15.61 1.65 91.08
PBNB People's Savings Financial Cp. 0.87 79.54 0.54 5.58 0.69 70.66
PCBC Perry County Financial Corp. 0.31 64.10 0.05 0.27 0.20 64.10
PCCI Pacific Crest Capital 0.65 247.90 1.23 17.00 1.62 82.93
PDB Piedmont Bancorp Inc. 0.82 97.35 0.67 3.95 0.80 71.22
PEEK Peekskill Financial Corp. 2.53 53.62 0.74 2.89 1.36 26.98
PERM Permanent Bancorp Inc. 2.07 47.18 1.08 11.16 0.98 46.35
PERT Perpetual Bank, MHC NA NA NA NA 1.01 NA
PETE Primary Bank 1.13 90.55 1.05 15.90 1.02 54.10
PFDC Peoples Bancorp 0.47 82.91 0.40 2.62 0.39 73.36
PFED Park Bancorp Inc. 0.45 167.22 0.20 0.93 0.76 139.28
PFFB PFF Bancorp Inc. 2.05 73.13 1.84 17.61 1.50 58.44
PFFC Peoples Financial Corp. 0.02 NA 0.01 0.05 0.41 NA
PFNC Progress Financial Corporation 0.51 238.93 1.36 26.06 1.22 61.30
PFSB PennFed Financial Services Inc 0.90 34.69 0.69 9.18 0.31 31.83
PFSL Pocahontas FS&LA, MHC 0.26 458.85 0.22 3.45 1.20 170.57
PHBK Peoples Heritage Finl Group 0.95 185.55 0.83 10.10 1.77 130.42
PHFC Pittsburgh Home Financial Corp 2.38 32.78 1.74 15.14 0.78 30.40
PKPS Poughkeepsie Financial Corp. 3.38 42.89 3.35 39.79 1.45 26.20
PLE Pinnacle Bancshares Inc. 1.48 58.87 1.53 19.82 0.87 39.16
PLSK Pulaski Savings Bank, MHC NA NA 0.68 10.25 NA NA
PMFI Perpetual Midwest Financial 0.51 185.19 0.40 4.76 0.94 172.00
POBS Portsmouth Bank Shares 0.46 151.21 0.21 0.84 0.70 69.08
PRBC Prestige Bancorp Inc. 0.48 80.50 0.32 2.77 0.39 78.54
PROV Provident Financial Holdings 1.96 52.42 1.97 13.88 1.03 44.11
PSBK Progressive Bank Inc. 0.98 160.96 0.82 9.78 1.58 127.85
PSFC Peoples-Sidney Financial Corp. 0.76 60.06 0.70 6.89 0.45 42.00
PSFI PS Financial Inc. 0.91 57.23 0.43 1.00 0.52 57.23
PTRS Potters Financial Corp. 1.40 231.18 0.83 9.37 3.23 231.18
PULB Pulaski Bank, Savings Bk, MHC NA NA NA NA 0.33 NA
PULS Pulse Bancorp 2.21 82.99 0.59 7.54 1.83 60.59
PVFC PVF Capital Corp. 0.95 83.44 0.90 12.84 0.79 61.53
PVSA Parkvale Financial Corporation 0.32 650.68 0.24 3.25 2.08 604.11
PWBC PennFirst Bancorp Inc. 1.81 86.87 0.58 8.16 1.57 86.14
PWBK Pennwood Bancorp Inc. 1.47 95.14 0.83 4.29 1.40 57.64
QCBC Quaker City Bancorp Inc. 1.57 79.78 1.49 16.76 1.25 69.17
QCFB QCF Bancorp Inc. NA NA NA NA NA NA
QCSB Queens County Bancorp Inc. 0.58 138.21 0.61 4.05 0.80 91.25
RARB Raritan Bancorp Inc. 0.66 191.14 0.46 6.04 1.27 179.82
RCSB RCSB Financial Inc. 1.04 132.02 0.66 8.36 1.38 88.29
REDF RedFed Bancorp Inc. 3.04 43.63 3.26 39.88 1.33 34.86
RELI Reliance Bancshares Inc. -- NA -- -- 0.52 NA
RELY Reliance Bancorp Inc. 1.50 37.60 0.73 9.10 0.56 33.69
RFED Roosevelt Financial Group 0.22 230.53 0.83 13.34 0.50 29.36
RIVR River Valley Bancorp 0.08 NA 0.12 0.98 1.06 700.00
ROSE TR Financial Corp. 0.57 145.05 0.38 6.21 0.83 108.61
RSLN Roslyn Bancorp Inc. 1.23 293.03 0.31 1.44 3.59 264.38
RVSB Riverview Savings Bank, MHC 0.06 944.32 0.10 0.89 0.54 372.65
SBCN Suburban Bancorporation Inc. 0.24 725.46 0.19 1.67 1.73 725.46
SBFL SB of the Finger Lakes, MHC 1.50 81.42 0.78 8.22 1.22 68.91
SBOS Boston Bancorp (The) 1.41 42.86 0.65 5.23 0.61 18.09
SCBS Southern Community Bancshares 3.88 52.10 2.20 10.03 2.02 50.34
SCCB S. Carolina Community Bancshrs 1.60 50.96 1.78 6.85 0.81 35.52
SECP Security Capital Corporation 0.13 NA 0.11 0.71 1.46 989.84
SFED SFS Bancorp Inc. 0.88 64.32 0.68 5.20 0.57 58.23
SFFC StateFed Financial Corporation 0.88 42.59 0.70 3.96 0.37 15.67
SFIN Statewide Financial Corp. 0.72 111.69 0.41 4.40 0.81 80.61
SFNB Security First Network Bank NA NA NA NA 1.35 NA
SFSB SuburbFed Financial Corp. 0.40 81.27 0.25 3.75 0.33 75.49
SFSL Security First Corp. 0.29 302.37 0.26 2.77 0.87 301.46
SGVB SGV Bancorp Inc. 0.59 71.50 0.61 8.39 0.42 49.82
SHEN First Shenango Bancorp Inc. 0.50 228.04 0.50 4.71 1.14 144.74
SISB SIS Bancorp Inc. 0.75 343.46 0.36 5.02 2.57 254.44
SJSB SJS Bancorp 0.42 155.48 0.36 3.38 0.65 131.93
SKAN Skaneateles Bancorp Inc. 1.42 66.38 1.52 22.13 0.94 49.27
SKBO First Carnegie Deposit, MHC 0.08 855.88 0.17 1.38 0.66 33.56
SMBC Southern Missouri Bancorp Inc. 1.60 40.26 1.10 7.01 0.64 37.60
SMFC Sho-Me Financial Corp. 0.09 812.23 0.08 0.79 0.70 664.29
SOBI Sobieski Bancorp Inc. 0.34 102.04 0.25 1.61 0.35 102.04
SOPN First Savings Bancorp Inc. 0.12 274.55 0.12 0.47 0.32 192.97
SOSA Somerset Savings Bank 6.34 26.59 6.50 110.01 1.69 19.62
SPBC St. Paul Bancorp Inc. 0.44 269.26 0.36 4.10 1.18 163.91
SRN Southern Banc Company Inc. NA NA -- -- NA NA
SSB Scotland Bancorp Inc -- NA -- -- 0.50 NA
SSFC South Street Financial Corp. 0.59 65.44 0.28 1.11 0.39 63.69
SSM Stone Street Bancorp Inc. -- NA -- -- 0.62 274.87
STFR St. Francis Capital Corp. 0.56 156.77 0.26 3.15 0.88 143.07
STND Standard Financial Inc. 0.35 141.71 0.22 2.01 0.49 137.54
STSA Sterling Financial Corp. 0.27 298.69 0.43 7.70 0.81 119.58
SVRN Sovereign Bancorp Inc. 0.70 109.26 0.54 10.82 0.77 81.74
SWBI Southwest Bancshares 0.25 112.82 0.18 1.67 0.28 112.82
SWCB Sandwich Co-operative Bank 1.30 87.03 1.08 13.10 1.13 62.63
SZB SouthFirst Bancshares Inc. 0.46 86.73 0.50 3.59 0.40 44.97
TBK Tolland Bank 3.09 63.14 2.30 34.22 1.95 52.07
THR Three Rivers Financial Corp. 1.07 75.00 1.21 8.80 0.80 44.02
THRD TF Financial Corporation 0.62 95.55 0.33 3.08 0.60 88.83
TPNZ Tappan Zee Financial Inc. NA NA NA NA 1.18 NA
TRIC Tri-County Bancorp Inc. 0.02 NA 0.05 0.33 1.16 965.12
TSBS Trenton SB, MHC 1.07 70.16 0.66 3.99 0.75 59.50
TSH Teche Holding Co. 0.31 318.68 0.27 2.06 0.97 303.33
TWIN Twin City Bancorp -- NA 0.08 0.62 0.33 127.41
UBMT United Financial Corp. NA NA NA NA 0.21 16.41
UFRM United Federal Savings Bank 1.13 125.22 0.85 11.17 1.42 124.07
VABF Virginia Beach Fed. Financial 0.15 660.83 0.47 6.96 0.96 63.74
VFFC Virginia First Financial Corp. 1.76 67.88 2.29 28.37 1.19 47.29
WAMU Washington Mutual Inc. 1.03 109.64 0.93 17.69 1.13 85.52
WAYN Wayne Savings & Loan Co. MHC 0.44 95.90 0.69 7.58 0.42 50.17
WBST Webster Financial Corporation 1.09 131.95 0.94 18.43 1.44 97.81
WCBI Westco Bancorp 1.10 35.28 0.84 5.42 0.39 33.74
WCFB Webster City Federal SB, MHC 0.26 264.23 0.27 1.16 0.67 141.96
WEFC Wells Financial Corp. 0.22 166.58 0.21 1.45 0.36 106.53
WEHO Westwood Homestead Fin. Corp. -- NA -- -- 0.19 NA
WES Westcorp 1.33 166.14 1.02 10.91 2.20 115.45
WFCO Winton Financial Corp. NA NA NA NA 0.33 NA
WFSG Wilshire Financial Services NA NA NA NA 8.20 NA
WFSL Washington Federal Inc. 0.88 75.12 0.90 7.79 0.66 52.91
WHGB WHG Bancshares Corp. 0.48 57.59 0.39 1.77 0.28 57.59
WOFC Western Ohio Financial Corp. 0.64 91.77 0.49 3.68 0.59 45.88
WRNB Warren Bancorp Inc. 1.45 124.92 1.32 13.05 1.81 81.06
WSB Washington Savings Bank, FSB NA NA NA NA 0.90 NA
WSFS WSFS Financial Corporation 2.61 108.08 2.09 40.81 2.83 76.62
WSTR WesterFed Financial Corp. 0.13 602.90 0.09 0.80 0.76 226.57
WVFC WVS Financial Corporation 0.57 229.86 0.31 2.45 1.31 229.86
WWFC Westwood Financial Corporation -- NA -- -- 0.54 146.31
WYNE Wayne Bancorp Inc. 1.34 92.02 0.85 5.83 1.24 91.84
YFCB Yonkers Financial Corporation 1.87 62.57 0.73 4.79 1.17 51.78
YFED York Financial Corp. 0.12 529.96 1.43 16.92 0.65 22.69
Average 0.92 173.02 0.79 9.19 0.97 125.22
Comparable Thrift Data
JOAC Joachim Bancorp Inc. 0.49 63.25 0.68 2.35 0.31 30.45
HBBI Home Building Bancorp 0.86 32.51 0.52 4.30 0.28 32.51
CSBF CSB Financial Group Inc. NA NA NA NA 0.53 41.29
MCBN Mid-Coast Bancorp Inc. 0.29 212.95 0.40 4.62 0.61 128.70
NSLB NS&L Bancorp Inc. 0.00 NA 0.00 0.00 0.13 127.27
CKFB CKF Bancorp Inc. 0.64 30.66 0.89 3.75 0.20 12.02
ALBC Albion Banc Corp. 0.63 104.30 NA NA 0.65 NA
MIVI Mississippi View Holding Co. 0.25 772.32 0.21 1.15 1.93 488.70
ATSB AmTrust Capital Corp. 3.66 25.47 2.84 27.96 0.93 23.48
SCCB S. Carolina Community Bancshrs 1.60 50.96 1.78 6.85 0.81 35.52
Average 0.94 161.55 0.92 6.37 0.64 102.22
Maximum 3.66 772.32 2.84 27.96 1.93 488.70
Minimum 0.00 25.47 0.00 0.00 0.13 12.02
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
PROFITABILITY AS OF THE
MOST RECENT QUARTER
-----------------------
<S> <C> <C> <C>
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------------------ ---------- ----------
%CAL California Federal Bank, a FSB 1.05 13.67
%CCMD Chevy Chase Bank, FSB 0.76 14.27
AABC Access Anytime Bancorp, Inc. 0.42 7.20
AADV Advantage Bancorp Inc. 1.01 11.21
ABBK Abington Bancorp Inc. 0.86 12.49
ABCL Alliance Bancorp Inc. 0.52 5.74
ABCW Anchor BanCorp Wisconsin 1.01 15.44
AFBC Advance Financial Bancorp 0.90 5.77
AFCB Affiliated Community Bancorp 1.12 11.50
AFED AFSALA Bancorp Inc. 0.75 5.39
AFFFZ America First Financial Fund 1.10 13.57
AHCI Ambanc Holding Co. Inc. 0.54 4.22
AHM Ahmanson & Company (H.F.) 0.84 17.21
ALBC Albion Banc Corp. 0.69 7.68
ALBK ALBANK Financial Corporation 1.07 11.57
AMFB American Federal Bank FSB 1.44 16.23
AMFC AMB Financial Corp. 1.04 6.15
ANA Acadiana Bancshares Inc. 1.18 6.62
ANBK American National Bancorp 0.79 8.75
ANDB Andover Bancorp Inc. 1.06 13.36
ASBI Ameriana Bancorp 0.88 8.01
ASBP ASB Financial Corp. 0.85 5.41
ASFC Astoria Financial Corporation 0.83 10.52
ATSB AmTrust Capital Corp. 0.42 4.16
AVND Avondale Financial Corp. (4.92) (48.80)
BANC BankAtlantic Bancorp Inc. 0.96 16.85
BDJI First Federal Bancorporation 0.50 4.37
BFD BostonFed Bancorp Inc. 0.85 8.74
BFFC Big Foot Financial Corp. 0.45 3.65
BFSB Bedford Bancshares Inc. 1.26 8.81
BKC American Bank of Connecticut 1.32 15.72
BKCO Bankers Corp. 1.15 14.66
BKCT Bancorp Connecticut Inc. 1.36 13.32
BKUNA BankUnited Financial Corp. 0.56 7.45
BNKU Bank United Corp. 0.81 15.80
BPLS Bank Plus Corp. 0.51 10.40
BSBC Branford Savings Bank 1.22 13.06
BTHL Bethel Bancorp 0.56 6.48
BVCC Bay View Capital Corp. 0.68 10.72
BWFC Bank West Financial Corp. 0.70 4.47
BYFC Broadway Financial Corp. 0.21 1.85
CAFI Camco Financial Corp. 1.00 10.41
CAPS Capital Savings Bancorp Inc. 0.93 10.91
CASB Cascade Financial Corp. 0.60 9.88
CASH First Midwest Financial Inc. 0.92 7.85
CATB Catskill Financial Corp. 1.37 4.96
CBCI Calumet Bancorp Inc. 1.41 8.88
CBCO CB Bancorp Inc. 1.16 12.14
CBES CBES Bancorp Inc. 1.10 5.90
CBK Citizens First Financial Corp. 0.63 4.20
CBNH Community Bankshares Inc. 0.95 12.82
CBSA Coastal Bancorp Inc. 0.45 13.53
CBSB Charter Financial Inc. 1.17 7.99
CCFH CCF Holding Company 0.14 0.97
CEBK Central Co-operative Bank 0.99 9.82
CENB Century Bancorp Inc. 1.80 9.12
CENF CENFED Financial Corp. 0.64 12.30
CFB Commercial Federal Corporation 0.95 16.20
CFCP Coastal Financial Corp. 1.17 18.83
CFFC Community Financial Corp. 1.41 10.23
CFHC California Financial Holding 0.81 11.78
CFNC Carolina Fincorp Inc. 1.24 5.17
CFSB CFSB Bancorp Inc. 1.11 14.59
CFTP Community Federal Bancorp 1.69 5.03
CFX CFX Corporation 1.17 13.95
CIBI Community Investors Bancorp 1.01 8.86
CKFB CKF Bancorp Inc. 1.21 4.96
CLAS Classic Bancshares Inc. 0.78 5.44
CMRN Cameron Financial Corp 1.20 5.11
CMSB Commonwealth Bancorp Inc. 0.86 8.35
CMSV Community Savings, MHC 0.81 7.05
CNBA Chester Bancorp Inc. 1.08 4.92
CNIT CENIT Bancorp Inc. 0.60 8.46
CNSB CNS Bancorp Inc. 0.94 3.81
CNY Carver Bancorp Inc. (1.41) (16.22)
COFD Collective Bancorp Inc. 1.16 16.70
COFI Charter One Financial 1.26 18.67
CONE Conestoga Bancorp, Inc. 0.60 3.72
COOP Cooperative Bankshares Inc. 0.68 8.95
COVB CoVest Bancshares Inc. 0.97 10.57
CRZY Crazy Woman Creek Bancorp 1.30 4.63
CSA Coast Savings Financial 0.56 11.41
CSBF CSB Financial Group Inc. 0.48 1.90
CTZN CitFed Bancorp Inc. 0.86 13.32
CVAL Chester Valley Bancorp Inc. 0.98 11.26
CZF CitiSave Financial Corp 1.03 6.16
DCBI Delphos Citizens Bancorp Inc. 1.89 6.59
DFIN Damen Financial Corp. 0.97 4.16
DIBK Dime Financial Corp. 1.94 23.85
DIME Dime Community Bancorp Inc. 1.13 6.52
DME Dime Bancorp Inc. 0.69 12.66
DNFC D & N Financial Corp. 0.89 15.07
DSL Downey Financial Corp. 0.93 12.44
EBCP Eastern Bancorp 0.69 9.06
EBSI Eagle Bancshares 0.75 8.43
EFBC Empire Federal Bancorp Inc. 1.56 5.45
EFBI Enterprise Federal Bancorp 0.97 7.55
EGFC Eagle Financial Corp. 0.79 10.79
EGLB Eagle BancGroup Inc. 0.30 2.34
EIRE Emerald Isle Bancorp Inc. 0.86 12.45
EMLD Emerald Financial Corp. 1.00 13.14
EQSB Equitable Federal Savings Bank 0.89 17.70
ESBK Elmira Savings Bank (The) 0.30 4.82
ESX Essex Bancorp Inc. 0.04 NA
ETFS East Texas Financial Services 0.66 3.51
FAB FirstFed America Bancorp Inc. (1.49) (17.16)
FBBC First Bell Bancorp Inc. 1.14 9.70
FBCI Fidelity Bancorp Inc. 0.82 7.90
FBCV 1ST Bancorp 0.81 10.01
FBER 1st Bergen Bancorp 0.81 4.87
FBHC Fort Bend Holding Corp. 0.74 11.69
FBSI First Bancshares Inc. 1.13 7.93
FCB Falmouth Co-Operative Bank 0.80 3.22
FCBF FCB Financial Corp. 1.11 6.40
FCIT First Citizens Financial Corp. 0.82 13.43
FCME First Coastal Corporation 0.71 7.98
FDEF First Defiance Financial 1.15 5.30
FED FirstFed Financial Corp. 0.50 10.61
FESX First Essex Bancorp Inc. 0.76 10.30
FFBA First Colorado Bancorp Inc. 1.28 9.52
FFBH First Federal Bancshares of AR 1.18 7.41
FFBI First Financial Bancorp Inc. 0.64 8.23
FFBS FFBS BanCorp Inc. 1.62 8.37
FFBZ First Federal Bancorp Inc. 0.92 12.02
FFCH First Financial Holdings Inc. 0.89 14.50
FFDB FirstFed Bancorp Incorporated 1.22 12.49
FFDF FFD Financial Corp. 0.90 3.61
FFED Fidelity Federal Bancorp 0.84 16.26
FFES First Federal of East Hartford 0.52 8.23
FFFC FFVA Financial Corp. 1.40 10.31
FFFD North Central Bancshares Inc. 1.74 7.15
FFFG F.F.O. Financial Group Inc. 0.74 11.45
FFFL Fidelity Bankshares Inc., MHC 0.55 6.01
FFHC First Financial Corp. 1.33 18.50
FFHH FSF Financial Corp. 0.79 6.58
FFHS First Franklin Corporation 0.62 6.98
FFIC Flushing Financial Corp. 0.98 5.80
FFKY First Federal Financial Corp. 1.65 12.16
FFLC FFLC Bancorp Inc. 1.10 7.35
FFOH Fidelity Financial of Ohio 0.95 7.20
FFPB First Palm Beach Bancorp Inc. 0.61 8.57
FFSL First Independence Corp. 0.61 5.62
FFSW FirstFederal Financial Svcs 1.32 16.47
FFSX First Fed SB of Siouxland, MHC 0.76 9.39
FFWC FFW Corp. 1.13 11.11
FFWD Wood Bancorp Inc. 1.43 11.21
FFYF FFY Financial Corp. 1.29 9.15
FGHC First Georgia Holding Inc. 1.11 13.24
FIBC Financial Bancorp Inc. 0.88 8.93
FISB First Indiana Corporation 1.11 11.58
FKFS First Keystone Financial 0.85 11.89
FKKY Frankfort First Bancorp Inc. 0.95 3.69
FLAG FLAG Financial Corp. 1.11 12.30
FLFC First Liberty Financial Corp. 1.13 14.78
FLGS Flagstar Bancorp Inc. 1.30 22.40
FLKY First Lancaster Bancshares 1.48 4.15
FMBD First Mutual Bancorp Inc. 0.08 0.56
FMCO FMS Financial Corporation 1.00 15.69
FMSB First Mutual Savings Bank 1.02 15.39
FNGB First Northern Capital Corp. 0.90 7.83
FOBC Fed One Bancorp 0.96 8.23
FPRY First Financial Bancorp 0.43 6.80
FRC First Republic Bancorp 0.74 11.31
FSBI Fidelity Bancorp Inc. 0.82 11.77
FSFC First Southeast Financial Corp 1.08 10.56
FSLA First Savings Bank, MHC 0.99 10.67
FSNJ First Savings Bk of NJ, MHC 0.44 5.45
FSPG First Home Bancorp Inc. 1.03 15.57
FSSB First FS&LA of San Bernardino (0.12) (2.83)
FSTC First Citizens Corporation 1.80 19.58
FTF Texarkana First Financial Corp 1.71 10.67
FTFC First Federal Capital Corp. 0.99 15.73
FTNB Fulton Bancorp Inc. 0.91 3.65
FTSB Fort Thomas Financial Corp. 0.97 5.58
FWWB First SB of Washington Bancorp 1.30 8.48
GAF GA Financial Inc. 1.15 6.16
GBCI Glacier Bancorp Inc. 1.47 15.17
GDVS Greater Delaware Valley SB,MHC 0.93 7.90
GDW Golden West Financial 0.88 13.95
GFCO Glenway Financial Corp. 0.79 8.23
GFED Guaranty Federal SB, MHC 0.93 6.72
GFSB GFS Bancorp Inc. 1.27 11.06
GLBK Glendale Co-Operative Bank 0.75 4.58
GLN Glendale Federal Bank FSB 0.60 9.39
GPT GreenPoint Financial Corp. 1.20 10.86
GRTR Greater New York Savings Bank 0.74 8.92
GSBC Great Southern Bancorp Inc. 1.73 19.40
GSFC Green Street Financial Corp. 1.57 4.38
GSLA GS Financial Corp. 1.28 4.98
GTFN Great Financial Corporation 1.05 10.66
GTPS Great American Bancorp 0.57 2.56
GUPB GFSB Bancorp Inc. 0.81 4.76
GWBC Gateway Bancorp Inc. 1.28 4.94
GWF Great Western Financial 0.61 10.06
HALL Hallmark Capital Corp. 0.66 9.38
HARB Harbor Federal Savings Bk, MHC 1.22 14.81
HARL Harleysville Savings Bank 1.03 16.28
HARS Harris Savings Bank, MHC 1.06 12.22
HAVN Haven Bancorp Inc. 0.82 14.11
HBBI Home Building Bancorp 0.83 6.78
HBEI Home Bancorp of Elgin Inc. 1.00 3.53
HBFW Home Bancorp 0.98 7.03
HBNK Highland Federal Bank FSB 1.06 14.60
HBS Haywood Bancshares Inc. 0.89 6.02
HCBB HCB Bancshares Inc. 0.27 3.46
HCFC Home City Financial Corp. 1.04 5.08
HEMT HF Bancorp Inc. 0.14 1.76
HFFB Harrodsburg First Fin Bancorp 1.32 4.96
HFFC HF Financial Corp. 0.94 10.16
HFGI Harrington Financial Group 0.66 13.64
HFNC HFNC Financial Corp. 0.84 3.17
HFSA Hardin Bancorp Inc. 0.74 5.38
HHFC Harvest Home Financial Corp. 0.78 6.27
HIFS Hingham Instit. for Savings 1.25 12.95
HMCI HomeCorp Inc. 0.46 7.34
HMLK Hemlock Federal Financial Corp (0.92) (6.81)
HMNF HMN Financial Inc. 1.07 7.34
HOMF Home Federal Bancorp 1.33 15.79
HPBC Home Port Bancorp Inc. 1.68 15.45
HRBF Harbor Federal Bancorp Inc. 0.72 5.62
HRZB Horizon Financial Corp. 1.59 10.36
HTHR Hawthorne Financial Corp. 0.65 12.36
HVFD Haverfield Corporation 0.95 11.13
HWEN Home Financial Bancorp 0.81 4.16
HZFS Horizon Financial Svcs Corp. 0.79 7.35
IBSF IBS Financial Corp. 0.73 3.67
IFSB Independence Federal Savings 0.45 6.97
IFSL Indiana Federal Corporation 1.10 12.73
INBI Industrial Bancorp 1.48 7.91
INCB Indiana Community Bank SB 0.60 4.77
IPSW Ipswich Savings Bank 1.18 19.03
ISBF ISB Financial Corporation 0.77 6.29
ITLA ITLA Capital Corp. 1.42 12.81
IWBK InterWest Bancorp Inc. 1.12 16.90
JOAC Joachim Bancorp Inc. 0.63 2.13
JSBA Jefferson Savings Bancorp 0.86 10.69
JSBF JSB Financial Inc. 1.69 7.65
JXSB Jacksonville Savings Bank, MHC 0.63 6.11
JXVL Jacksonville Bancorp Inc. 1.26 7.97
KFBI Klamath First Bancorp 1.48 6.99
KNK Kankakee Bancorp Inc. 0.89 8.42
KSAV KS Bancorp Inc. 1.24 9.06
KSBK KSB Bancorp Inc. 0.94 13.08
KYF Kentucky First Bancorp Inc. 1.17 7.02
LARK Landmark Bancshares Inc. 1.05 7.14
LARL Laurel Capital Group Inc. 1.41 13.36
LFBI Little Falls Bancorp Inc. 0.59 4.43
LFED Leeds Federal Savings Bk, MHC 1.23 7.61
LIFB Life Bancorp Inc. 0.98 9.07
LISB Long Island Bancorp Inc. 0.84 9.22
LOGN Logansport Financial Corp. 1.39 7.02
LONF London Financial Corporation 0.86 4.17
LSBI LSB Financial Corp. 0.78 8.41
LSBX Lawrence Savings Bank 1.52 17.82
LVSB Lakeview Financial 1.12 11.44
LXMO Lexington B&L Financial Corp. 1.00 3.40
MAFB MAF Bancorp Inc. 1.15 14.65
MARN Marion Capital Holdings 2.06 9.01
MASB MASSBANK Corp. 1.11 10.60
MBB MSB Bancorp Inc. 0.47 5.35
MBBC Monterey Bay Bancorp Inc. 0.45 4.20
MBLF MBLA Financial Corp. 0.70 5.23
MBSP Mitchell Bancorp Inc. 1.83 4.21
MCBN Mid-Coast Bancorp Inc. 0.87 9.16
MCBS Mid Continent Bancshares Inc. 1.07 10.33
MDBK Medford Savings Bank 1.08 12.12
MECH Mechanics Savings Bank 1.08 10.71
MERI Meritrust Federal SB 1.20 15.23
METF Metropolitan Financial Corp. 0.61 15.88
MFBC MFB Corp. 0.91 6.11
MFCX Marshalltown Financial Corp. 0.77 4.92
MFFC Milton Federal Financial Corp. 0.64 4.28
MFLR Mayflower Co-operative Bank 1.10 11.50
MFSL Maryland Federal Bancorp 0.79 9.42
MGNL Magna Bancorp Inc. 1.63 16.84
MIFC Mid-Iowa Financial Corp. 1.08 11.71
MIVI Mississippi View Holding Co. 1.02 5.89
MLBC ML Bancorp Inc. 0.73 9.71
MRKF Market Financial Corporation 0.68 2.56
MSBF MSB Financial Inc. 1.40 7.76
MSBK Mutual Savings Bank FSB 0.02 0.29
MWBI Midwest Bancshares Inc. 0.72 10.23
MWBX MetroWest Bank 1.31 17.68
MWFD Midwest Federal Financial 1.41 16.32
NASB North American Savings Bank 1.64 21.78
NBN Northeast Bancorp 0.74 9.51
NBSI North Bancshares Inc. 0.77 5.19
NEIB Northeast Indiana Bancorp 1.15 7.49
NHTB New Hampshire Thrift Bncshrs 0.94 12.59
NASB NewMil Bancorp Inc. 0.87 8.26
NSBC NewSouth Bancorp, Inc. 0.68 8.11
NSLB NS&L Bancorp Inc. 0.86 4.19
NSSB Norwich Financial Corp. 1.19 10.52
NSSY Norwalk Savings Society 0.69 8.21
NTMG Nutmeg Federal S&LA 0.68 11.07
NWEQ Northwest Equity Corp. 0.95 8.00
NWSB Northwest Savings Bank, MHC 0.94 9.54
NYB New York Bancorp Inc. 1.77 34.11
OCFC Ocean Financial Corp. 1.07 5.79
OCWN Ocwen Financial Corporation 2.61 32.05
OFCP Ottawa Financial Corp. 0.80 9.01
OHSL OHSL Financial Corp. 0.94 8.31
PALM Palfed, Inc. 0.82 10.28
PAMM PacificAmerica Money Center 10.66 51.38
PBCI Pamrapo Bancorp Inc. 1.45 9.87
PBCT People's Bank, MHC 1.14 14.03
PBIX Patriot Bank Corp. 0.56 6.51
PBKB People's Bancshares Inc. 0.97 16.28
PBNB People's Savings Financial Cp. 0.90 9.22
PCBC Perry County Financial Corp. 1.18 6.34
PCCI Pacific Crest Capital 1.01 13.23
PDB Piedmont Bancorp Inc. 1.25 7.47
PEEK Peekskill Financial Corp. 1.15 4.43
PERM Permanent Bancorp Inc. 0.69 7.17
PERT Perpetual Bank, MHC 1.03 8.13
PETE Primary Bank 0.82 12.29
PFDC Peoples Bancorp 1.46 9.59
PFED Park Bancorp Inc. 1.11 4.86
PFFB PFF Bancorp Inc. 0.39 3.71
PFFC Peoples Financial Corp. 0.88 3.23
PFNC Progress Financial Corporation 1.15 22.12
PFSB PennFed Financial Services Inc 0.85 11.30
PFSL Pocahontas FS&LA, MHC 0.69 10.90
PHBK Peoples Heritage Finl Group 1.26 15.32
PHFC Pittsburgh Home Financial Corp 0.74 6.09
PKPS Poughkeepsie Financial Corp. 0.52 6.26
PLE Pinnacle Bancshares Inc. 1.02 13.07
PLSK Pulaski Savings Bank, MHC 0.52 7.84
PMFI Perpetual Midwest Financial 0.44 5.15
POBS Portsmouth Bank Shares 2.29 9.31
PRBC Prestige Bancorp Inc. 0.65 5.34
PROV Provident Financial Holdings 0.76 5.31
PSBK Progressive Bank Inc. 0.96 11.53
PSFC Peoples-Sidney Financial Corp. 0.90 8.70
PSFI PS Financial Inc. 2.25 5.32
PTRS Potters Financial Corp. 1.53 16.55
PULB Pulaski Bank, Savings Bk, MHC 0.93 7.21
PULS Pulse Bancorp 1.11 14.26
PVFC PVF Capital Corp. 1.39 20.03
PVSA Parkvale Financial Corporation 1.06 14.76
PWBC PennFirst Bancorp Inc. 0.65 8.92
PWBK Pennwood Bancorp Inc. 1.02 5.15
QCBC Quaker City Bancorp Inc. 0.70 7.78
QCFB QCF Bancorp Inc. 1.55 8.53
QCSB Queens County Bancorp Inc. 2.12 14.19
RARB Raritan Bancorp Inc. 1.06 13.56
RCSB RCSB Financial Inc. 0.96 12.26
REDF RedFed Bancorp Inc. 1.06 12.85
RELI Reliance Bancshares Inc. 1.54 3.14
RELY Reliance Bancorp Inc. 0.87 10.58
RFED Roosevelt Financial Group 1.11 18.53
RIVR River Valley Bancorp 0.98 8.05
ROSE TR Financial Corp. 0.93 15.08
RSLN Roslyn Bancorp Inc. 0.34 1.72
RVSB Riverview Savings Bank, MHC 1.33 11.97
SBCN Suburban Bancorporation Inc. 0.84 7.18
SBFL SB of the Finger Lakes, MHC 0.35 3.56
SBOS Boston Bancorp (The) 3.18 28.19
SCBS Southern Community Bancshares 1.15 5.20
SCCB S. Carolina Community Bancshrs 1.05 4.04
SECP Security Capital Corporation 1.49 9.47
SFED SFS Bancorp Inc. 0.54 4.19
SFFC StateFed Financial Corporation 1.27 7.18
SFIN Statewide Financial Corp. 0.82 8.57
SFNB Security First Network Bank (21.61) (62.99)
SFSB SuburbFed Financial Corp. 0.64 9.74
SFSL Security First Corp. 1.37 14.70
SGVB SGV Bancorp Inc. 0.30 3.77
SHEN First Shenango Bancorp Inc. 1.13 10.53
SISB SIS Bancorp Inc. 0.81 11.03
SJSB SJS Bancorp 0.63 5.92
SKAN Skaneateles Bancorp Inc. 0.67 9.78
SKBO First Carnegie Deposit, MHC NA NA
SMBC Southern Missouri Bancorp Inc. 1.02 6.41
SMFC Sho-Me Financial Corp. 1.30 13.21
SOBI Sobieski Bancorp Inc. 0.67 4.04
SOPN First Savings Bancorp Inc. 1.73 6.96
SOSA Somerset Savings Bank 0.76 13.01
SPBC St. Paul Bancorp Inc. 1.07 12.03
SRN Southern Banc Company Inc. 0.49 2.93
SSB Scotland Bancorp Inc 1.73 4.70
SSFC South Street Financial Corp. 1.25 4.80
SSM Stone Street Bancorp Inc. 1.99 5.58
STFR St. Francis Capital Corp. 0.81 9.33
STND Standard Financial Inc. 0.67 6.06
STSA Sterling Financial Corp. 0.59 10.33
SVRN Sovereign Bancorp Inc. 0.37 7.20
SWBI Southwest Bancshares 1.05 9.91
SWCB Sandwich Co-operative Bank 0.90 11.05
SZB SouthFirst Bancshares Inc. 0.51 3.65
TBK Tolland Bank 0.79 11.40
THR Three Rivers Financial Corp. 0.80 5.68
THRD TF Financial Corporation 0.72 6.53
TPNZ Tappan Zee Financial Inc. 0.90 5.07
TRIC Tri-County Bancorp Inc. 1.07 6.93
TSBS Trenton SB, MHC 1.24 7.49
TSH Teche Holding Co. 1.17 8.80
TWIN Twin City Bancorp 0.96 7.48
UBMT United Financial Corp. 1.39 5.81
UFRM United Federal Savings Bank 0.79 10.49
VABF Virginia Beach Fed. Financial 0.60 8.80
VFFC Virginia First Financial Corp. 1.11 13.59
WAMU Washington Mutual Inc. 1.01 18.88
WAYN Wayne Savings & Loan Co. MHC 0.65 7.04
WBST Webster Financial Corporation (0.38) (6.97)
WCBI Westco Bancorp 1.39 8.92
WCFB Webster City Federal SB, MHC 1.50 6.38
WEFC Wells Financial Corp. 1.11 7.87
WEHO Westwood Homestead Fin. Corp. 1.17 3.58
WES Westcorp 0.94 9.91
WFCO Winton Financial Corp. 1.06 14.66
WFSG Wilshire Financial Services 1.34 19.87
WFSL Washington Federal Inc. 1.82 15.72
WHGB WHG Bancshares Corp. 0.84 3.69
WOFC Western Ohio Financial Corp. 0.33 4.32
WRNB Warren Bancorp Inc. 2.75 27.54
WSB Washington Savings Bank, FSB 1.11 13.35
WSFS WSFS Financial Corporation 1.15 21.26
WSTR WesterFed Financial Corp. 0.70 5.46
WVFC WVS Financial Corporation 1.33 10.31
WWFC Westwood Financial Corporation 0.75 8.12
WYNE Wayne Bancorp Inc. 0.82 5.47
YFCB Yonkers Financial Corporation 1.09 6.78
YFED York Financial Corp. 1.04 12.73
Average 0.93 9.07
Comparable
Thrift
Data
JOAC Joachim Bancorp Inc. 0.63 2.13
HBBI Home Building Bancorp 0.83 6.78
CSBF CSB Financial Group Inc. 0.48 1.90
MCBN Mid-Coast Bancorp Inc. 0.87 9.16
NSLB NS&L Bancorp Inc. 0.86 4.19
CKFB CKF Bancorp Inc. 1.21 4.96
ALBC Albion Banc Corp. 0.69 7.68
MIVI Mississippi View Holding Co. 1.02 5.89
ATSB AmTrust Capital Corp. 0.42 4.16
SCCB S. Carolina Community Bancshrs 1.05 4.04
Average 0.81 5.09
Maximum 1.21 9.16
Minimum 0.42 1.90
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/ EFFICIENCY OVERHEAD
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS RATIO RATIO
TICKER SHORT NAME (%) (%) (%) (%) (%) (%) (%) (%)
- ---------------------------- -------- ---------- ---------- ------------ ----------- ----------- ---------- --------
%CAL California Federal
Bank, a FSB 2.79 6.80 4.25 2.54 1.01 2.09 53.94 35.70
%CCMD Chevy Chase Bank,
FSB 4.56 7.76 3.90 3.86 4.49 6.80 76.90 50.06
AABC Access Anytime
Bancorp, Inc. 2.83 6.67 3.93 2.74 0.67 3.12 91.34 89.21
AADV Advantage Bancorp
Inc. 3.10 7.45 4.48 2.98 0.60 2.09 56.13 47.31
ABBK Abington Bancorp
Inc. 3.50 7.23 3.91 3.32 0.76 2.69 62.89 54.38
ABCL Alliance Bancorp
Inc. 2.86 6.90 4.15 2.75 1.11 2.66 69.22 56.81
ABCW Anchor BanCorp
Wisconsin 3.16 7.63 4.60 3.03 0.59 2.01 59.27 51.39
AFBC Advance Financial
Bancorp 3.82 7.55 3.83 3.73 0.27 2.53 63.36 60.70
AFCB Affiliated
Community Bancorp 3.40 7.47 4.16 3.32 0.16 1.61 46.18 43.53
AFED AFSALA Bancorp
Inc. 3.60 6.98 3.52 3.46 0.28 2.38 63.42 60.46
AFFFZ America First
Financial Fund 2.89 7.07 4.30 2.77 0.31 1.88 59.15 54.57
AHCI Ambanc Holding Co.
Inc. 3.48 7.25 3.89 3.36 0.20 2.35 63.57 61.44
AHM Ahmanson & Company
ALBC (H.F.) 2.71 7.03 4.44 2.59 0.53 1.77 48.82 38.36
Albion Banc Corp. 3.51 7.49 4.13 3.37 0.49 2.76 76.86 73.50
ALBK ALBANK Financial
Corporation 3.99 7.38 3.60 3.78 0.36 2.25 51.39 46.72
AMFB American Federal
Bank FSB 4.48 7.75 3.49 4.26 1.22 2.92 52.35 38.76
AMFC AMB Financial
Corp. 3.89 7.53 3.73 3.81 0.43 2.80 66.18 62.34
ANA Acadiana
Bancshares Inc. 3.69 7.57 3.97 3.61 0.39 2.15 54.63 49.75
ANBK American National
Bancorp 3.30 7.64 4.45 3.19 0.16 2.13 57.64 55.47
ANDB Andover Bancorp
ASBI Inc. 3.23 7.25 4.13 3.11 0.46 1.83 47.85 40.14
Ameriana Bancorp 3.14 7.31 4.30 3.01 0.53 2.25 63.36 56.89
ASBP ASB Financial
Corp. 3.29 7.52 4.30 3.22 0.25 2.19 63.13 60.27
ASFC Astoria Financial
Corporation 2.77 6.97 4.30 2.67 0.17 1.41 45.21 41.79
ATSB AmTrust Capital
Corp. 2.85 7.03 4.30 2.73 0.47 2.74 85.66 83.20
AVND Avondale Financial
Corp. 4.60 8.88 4.45 4.43 1.04 3.75 68.44 61.02
BANC BankAtlantic
Bancorp Inc. 4.01 7.67 3.98 3.69 0.91 3.10 65.35 56.86
BDJI First Federal
Bancorporation 3.33 7.20 4.03 3.17 0.48 2.87 78.80 75.61
BFD BostonFed Bancorp
Inc. 3.30 7.11 3.94 3.18 0.38 1.99 66.91 62.90
BFFC Big Foot Financial
Corp. 2.95 6.80 3.94 2.86 0.12 2.30 75.47 74.46
BFSB Bedford Bancshares
Inc. 4.11 7.75 3.82 3.93 0.43 2.25 51.86 46.62
BKC American Bank of
BKCO Connecticut 3.42 7.20 3.92 3.28 0.72 1.93 42.95 30.41
Bankers Corp. 2.76 7.03 4.31 2.71 0.09 0.84 27.58 25.22
BKCT Bancorp
Connecticut Inc. 3.69 7.41 3.81 3.60 0.29 1.90 49.19 45.09
BKUNA BankUnited
BNKU Financial Corp. 2.97 7.29 4.47 2.82 0.30 2.14 64.89 61.18
BPLS Bank United Corp. 2.57 7.23 4.80 2.43 0.73 2.00 53.14 39.07
Bank Plus Corp. 2.47 7.05 4.61 2.45 0.33 2.19 68.67 64.41
BSBC Branford Savings
BTHL Bank 4.41 7.70 3.38 4.31 0.29 3.16 65.57 63.22
Bethel Bancorp 4.39 8.43 4.25 4.18 0.73 3.83 75.36 71.06
BVCC Bay View Capital
Corp. 2.78 7.53 4.80 2.72 0.34 1.90 61.65 56.81
BWFC Bank West
Financial Corp. 3.06 7.18 4.27 2.91 0.56 2.64 76.11 71.50
BYFC Broadway Financial
Corp. 4.48 7.52 3.17 4.34 0.30 3.71 78.74 77.28
CAFI Camco Financial
Corp. 3.51 7.51 4.20 3.31 0.44 2.35 62.20 57.12
CAPS Capital Savings
Bancorp Inc. 3.18 7.49 4.35 3.13 0.58 2.12 57.55 49.70
CASB Cascade Financial
Corp. 2.72 7.55 4.92 2.63 0.33 2.15 72.22 68.70
CASH First Midwest
Financial Inc. 3.25 7.44 4.30 3.14 0.38 1.98 53.45 47.76
CATB Catskill Financial
Corp. 4.24 7.22 3.06 4.16 0.15 1.95 46.10 44.22
CBCI Calumet Bancorp
CBCO Inc. 3.87 7.75 4.16 3.60 0.10 1.52 59.07 57.92
CBES CB Bancorp Inc. 4.10 7.92 3.95 3.97 0.71 2.19 46.80 37.35
CBES Bancorp Inc. 4.42 7.95 3.68 4.27 0.53 3.02 62.53 57.92
CBK Citizens First
Financial Corp. 3.20 7.24 4.15 3.08 0.52 2.53 70.26 65.26
CBNH Community
Bankshares Inc. 4.35 7.82 3.73 4.09 0.56 3.35 71.09 67.11
CBSA Coastal Bancorp
Inc. 2.10 6.92 4.87 2.04 0.20 1.42 59.12 55.02
CBSB Charter Financial
Inc. 3.84 7.66 3.99 3.68 0.56 2.30 50.60 43.01
CCFH CCF Holding
Company 4.03 7.39 3.62 3.76 1.12 5.50 112.63 116.40
CEBK Central
Co-operative Bank 3.80 7.44 3.75 3.70 0.24 2.60 62.76 60.32
CENB Century Bancorp
Inc. 4.07 7.61 3.75 3.85 0.08 1.16 29.58 28.09
CENF CENFED Financial
Corp. 2.48 7.29 4.89 2.40 0.36 1.52 52.98 45.94
CFB Commercial Federal
Corporation 2.60 7.36 4.86 2.50 0.87 1.78 47.73 29.57
CFCP Coastal Financial
Corp. 3.97 7.87 4.14 3.73 0.72 2.67 59.50 51.63
CFFC Community
Financial Corp. 4.03 7.90 4.04 3.86 0.33 1.79 42.85 38.00
CFHC California
Financial Holding 3.27 7.62 4.46 3.16 0.42 1.98 54.43 48.42
CFNC Carolina Fincorp
CFSB Inc. 3.93 7.27 3.44 3.82 0.42 2.51 59.21 54.75
CFSB Bancorp Inc. 3.07 7.31 4.32 2.99 0.54 1.91 53.80 45.49
CFTP Community Federal
CFX Bancorp 3.81 6.98 3.19 3.79 0.20 1.22 30.71 27.03
CFX Corporation 4.04 7.29 3.58 3.71 0.95 2.96 62.51 52.95
CIBI Community
CKFB Investors Bancorp 3.38 7.60 4.25 3.35 0.14 1.86 51.90 49.94
CKF Bancorp Inc. 3.72 7.41 3.75 3.65 0.10 1.92 43.62 42.08
CLAS Classic Bancshares
Inc. 3.68 7.08 3.60 3.48 0.29 2.48 63.38 60.30
CMRN Cameron Financial
Corp 4.07 7.88 3.99 3.90 0.13 1.89 46.96 45.24
CMSB Commonwealth
Bancorp Inc. 3.53 6.93 3.63 3.30 0.58 2.94 67.96 62.37
CMSV Community Savings,
MHC 3.53 7.19 3.86 3.34 0.53 2.57 66.33 60.95
CNBA Chester Bancorp
CNIT Inc. 3.20 6.39 3.26 3.14 0.12 1.69 51.70 49.82
CNSB CENIT Bancorp Inc. 3.24 7.16 4.12 3.04 0.49 2.44 67.83 62.63
CNS Bancorp Inc. 3.56 7.13 3.65 3.48 0.18 2.22 60.85 58.82
CNY Carver Bancorp
Inc. 2.70 5.69 3.10 2.59 0.27 2.64 89.47 88.38
COFD Collective Bancorp
Inc. 3.02 6.95 4.05 2.90 0.32 1.33 37.77 30.93
COFI Charter One
Financial 2.88 7.33 4.54 2.80 0.43 1.34 40.48 31.26
CONE Conestoga Bancorp,
Inc. 2.84 6.42 3.68 2.73 0.16 2.05 70.85 69.16
COOP Cooperative
Bankshares Inc. 2.97 7.23 4.30 2.92 0.16 1.97 63.79 61.85
COVB CoVest Bancshares
Inc. 2.93 7.09 4.29 2.80 0.37 1.84 56.84 51.10
CRZY Crazy Woman Creek
Bancorp 3.79 7.30 3.54 3.76 0.15 1.92 49.21 47.22
CSA Coast Savings
Financial 2.67 7.08 4.54 2.54 0.57 1.78 55.52 45.59
CSBF CSB Financial
Group Inc. 2.80 6.04 3.33 2.71 0.23 2.65 86.04 84.83
CTZN CitFed Bancorp
Inc. 2.51 6.86 4.49 2.37 1.01 2.08 56.52 38.07
CVAL Chester Valley
Bancorp Inc. 3.71 7.48 3.85 3.64 0.36 2.55 63.92 60.35
CZF CitiSave Financial
Corp 4.08 7.12 3.25 3.87 1.46 3.90 73.29 63.19
DCBI Delphos Citizens
Bancorp Inc. 4.06 7.35 3.40 3.95 0.20 1.51 36.45 33.27
DFIN Damen Financial
Corp. 3.08 7.18 4.15 3.03 0.05 2.06 66.89 66.32
DIBK Dime Financial
Corp. 3.52 7.31 3.87 3.44 0.27 1.74 45.13 40.91
DIME Dime Community
DME Bancorp Inc. 4.13 7.22 3.30 3.92 0.24 2.18 46.65 43.32
Dime Bancorp Inc. 2.54 6.77 4.33 2.44 0.42 1.57 52.39 44.14
DNFC D & N Financial
Corp. 3.15 7.66 4.59 3.07 0.43 2.05 58.66 52.92
DSL Downey Financial
EBCP Corp. 3.04 7.39 4.51 2.89 0.28 1.38 57.69 53.60
EBSI Eastern Bancorp 3.98 7.39 3.73 3.66 0.96 3.67 72.88 65.79
Eagle Bancshares 4.08 8.39 4.64 3.76 1.56 4.04 78.22 69.18
EFBC Empire Federal
Bancorp Inc. 4.48 7.69 3.30 4.40 0.93 2.74 51.47 41.21
EFBI Enterprise Federal
Bancorp 3.05 7.58 4.62 2.96 0.05 1.65 54.35 53.60
EGFC Eagle Financial
Corp. 3.10 7.04 4.06 2.98 0.38 1.89 49.11 42.67
EGLB Eagle BancGroup
Inc. 2.47 6.98 4.60 2.37 0.18 1.98 78.36 76.76
EIRE Emerald Isle
Bancorp Inc. 3.39 7.62 4.30 3.31 0.19 2.00 56.96 54.48
EMLD Emerald Financial
Corp. 2.95 7.60 4.70 2.90 0.26 1.60 49.92 45.36
EQSB Equitable Federal
Savings Bank 2.62 7.25 4.73 2.51 0.53 1.54 58.41 49.62
ESBK Elmira Savings
ESX Bank (The) 3.73 7.61 4.02 3.59 0.77 3.67 81.05 76.99
Essex Bancorp Inc. 2.90 7.61 4.88 2.74 1.36 4.11 93.71 90.59
ETFS East Texas
Financial Services 3.11 6.94 3.89 3.05 0.15 2.22 68.81 67.29
FAB FirstFed America
Bancorp Inc. 2.89 6.93 4.13 2.79 0.46 2.23 68.68 63.53
FBBC First Bell Bancorp
Inc. 2.56 6.87 4.35 2.52 0.07 0.67 25.68 23.50
FBCI Fidelity Bancorp
FBCV Inc. 3.14 7.36 4.30 3.06 0.24 1.97 59.38 56.15
FBER 1ST Bancorp 2.63 7.52 4.99 2.53 0.40 2.54 84.12 81.64
1st Bergen Bancorp 3.68 7.10 3.56 3.55 0.11 2.10 57.86 56.59
FBHC Fort Bend Holding
Corp. 3.07 7.04 4.15 2.89 1.54 3.51 85.07 77.13
FBSI First Bancshares
Inc. 3.58 7.57 4.16 3.42 0.27 1.79 49.83 45.81
FCB Falmouth
Co-Operative Bank 3.84 6.83 3.06 3.77 0.13 2.78 71.20 70.24
FCBF FCB Financial
Corp. 3.53 7.56 4.10 3.46 0.27 1.81 48.46 44.50
FCIT First Citizens
Financial Corp. 3.18 7.45 4.42 3.03 0.32 2.07 63.52 59.64
FCME First Coastal
Corporation 3.99 7.55 3.86 3.69 0.36 3.30 79.46 77.47
FDEF First Defiance
Financial 4.32 7.80 3.65 4.15 0.27 2.45 54.19 51.20
FED FirstFed Financial
Corp. 2.43 7.12 4.80 2.32 0.22 1.09 44.50 39.27
FESX First Essex
Bancorp Inc. 3.39 7.48 4.23 3.25 0.28 2.19 57.92 54.30
FFBA First Colorado
Bancorp Inc. 3.38 7.10 3.84 3.25 0.33 1.50 41.50 35.54
FFBH First Federal
Bancshares of AR 3.28 7.58 4.35 3.23 0.25 1.65 47.35 43.31
FFBI First Financial
FFBS Bancorp Inc. 2.92 7.12 4.30 2.82 0.45 2.50 76.55 72.78
FFBS BanCorp Inc. 3.66 7.35 3.74 3.61 0.53 1.78 42.91 34.46
FFBZ First Federal
Bancorp Inc. 3.75 7.52 4.06 3.46 0.46 2.53 66.45 62.02
FFCH First Financial
Holdings Inc. 3.12 7.50 4.47 3.03 0.74 2.26 59.85 50.00
FFDB FirstFed Bancorp
Incorporated 3.63 7.72 4.22 3.50 0.49 2.27 55.03 48.68
FFDF FFD Financial
Corp. 3.34 6.88 3.58 3.30 0.07 1.83 54.43 53.47
FFED Fidelity Federal
Bancorp 2.59 7.81 5.38 2.43 1.85 3.11 72.52 51.53
FFES First Federal of
East Hartford 2.47 6.79 4.38 2.41 0.15 1.50 58.18 55.57
FFFC FFVA Financial
Corp. 3.89 7.85 4.07 3.78 0.22 1.84 45.37 42.12
FFFD North Central
Bancshares Inc. 4.15 7.64 3.63 4.01 0.95 2.17 43.79 30.52
FFFG F.F.O. Financial
Group Inc. 3.55 7.36 4.02 3.34 0.76 2.91 69.95 63.10
Fidelity
FFFL Bankshares Inc.,
MHC 3.47 7.28 4.01 3.27 0.40 2.70 72.20 68.80
FFHC First Financial
Corp. 3.47 7.54 4.22 3.32 0.75 1.93 45.95 33.73
FFHH FSF Financial
Corp. 3.07 7.38 4.40 2.98 0.36 2.00 59.96 55.10
FFHS First Franklin
Corporation 2.64 7.05 4.49 2.57 0.16 1.80 64.62 62.43
FFIC Flushing Financial
Corp. 4.02 7.63 3.65 3.97 0.20 2.37 56.37 54.21
FFKY First Federal
FFLC Financial Corp. 4.19 7.84 3.89 3.95 0.61 2.03 42.95 34.12
FFLC Bancorp Inc. 3.60 7.35 3.90 3.45 0.22 1.85 50.31 47.08
FFOH Fidelity Financial
of Ohio 3.22 7.33 4.24 3.10 0.19 1.88 53.14 50.32
FFPB First Palm Beach
Bancorp Inc. 3.11 7.43 4.47 2.95 0.38 2.35 69.44 65.51
FFSL First Independence
Corp. 2.79 7.29 4.56 2.73 0.20 1.99 67.67 65.32
FFSW FirstFederal
Financial Svcs 2.54 6.90 4.54 2.36 1.22 2.46 65.05 46.93
FFSX First Fed SB of
FFWC Siouxland, MHC 3.08 7.40 4.44 2.96 0.47 2.23 65.02 59.50
FFWD FFW Corp. 3.31 7.77 4.55 3.22 0.38 1.84 51.19 45.45
Wood Bancorp Inc. 4.25 7.97 3.86 4.11 0.23 2.15 49.46 46.63
FFYF FFY Financial
Corp. 3.76 7.73 4.08 3.66 0.16 1.79 46.94 44.65
FGHC First Georgia
Holding Inc. 4.07 8.38 4.57 3.81 0.75 3.16 68.23 61.96
FIBC Financial Bancorp
Inc. 3.92 7.28 3.53 3.75 0.22 2.47 63.45 61.32
FISB First Indiana
Corporation 4.39 8.37 4.17 4.20 0.75 2.53 52.04 43.43
FKFS First Keystone
Financial 3.34 7.15 3.96 3.19 0.33 2.18 62.23 58.38
FKKY Frankfort First
Bancorp Inc. 3.68 7.15 3.53 3.62 0.05 2.22 60.56 60.05
FLAG FLAG Financial
Corp. 3.94 7.55 3.95 3.60 1.26 3.19 65.27 53.09
FLFC First Liberty
Financial Corp. 3.95 7.82 4.19 3.63 0.82 2.72 58.93 49.59
FLGS Flagstar Bancorp
Inc. 3.38 7.45 4.37 3.08 3.61 4.46 66.71 27.72
FLKY First Lancaster
Bancshares 4.99 8.08 3.16 4.93 -- 2.64 53.57 53.57
FMBD First Mutual
Bancorp Inc. 2.85 6.73 4.09 2.65 0.30 2.79 86.52 84.98
FMCO FMS Financial
Corporation 3.70 7.22 3.69 3.53 0.46 2.40 57.85 52.36
FMSB First Mutual
Savings Bank 9.04 8.20 4.64 3.55 0.35 2.22 56.99 52.78
FNGB First Northern
FOBC Capital Corp. 3.26 7.17 4.03 3.14 0.44 2.13 59.38 53.67
Fed One Bancorp 3.56 7.22 3.78 3.44 0.17 2.02 53.45 51.08
FPRY First Financial
Bancorp 3.15 7.62 4.63 2.98 0.52 2.92 82.09 78.98
FRC First Republic
Bancorp 2.42 7.64 5.24 2.40 0.13 1.37 49.46 46.72
FSBI Fidelity Bancorp
Inc. 3.27 7.27 4.09 3.18 0.25 2.00 58.36 55.03
FSFC First Southeast
Financial Corp 3.32 7.50 4.30 3.20 0.33 1.75 50.19 45.00
FSLA First Savings
Bank, MHC 3.28 7.01 3.87 3.14 0.23 1.65 45.73 41.69
FSNJ First Savings Bk
of NJ, MHC 2.03 6.35 4.39 1.96 0.19 1.71 78.73 76.64
FSPG First Home Bancorp
Inc. 3.13 7.50 4.46 3.04 0.19 1.64 51.03 47.99
FSSB First FS&LA of San
Bernardino 3.67 7.74 4.33 3.41 0.89 4.27 100.81 101.02
FSTC First Citizens
Corporation 4.50 7.94 3.69 4.25 0.72 2.29 62.34 55.92
FTF Texarkana First
Financial Corp 3.93 7.90 4.06 3.84 0.38 1.51 35.71 29.39
FTFC First Federal
Capital Corp. 3.01 7.38 4.53 2.85 1.17 2.56 62.98 47.84
FTNB Fulton Bancorp
Inc. 3.69 7.50 3.87 3.63 0.49 2.43 59.22 53.66
FTSB Fort Thomas
Financial Corp. 4.12 8.38 4.36 4.02 0.19 2.31 54.86 52.73
FWWB First SB of
GAF Washington Bancorp 3.68 7.63 4.09 3.54 0.31 2.04 50.70 46.36
GA Financial Inc. 3.94 7.20 3.36 3.83 0.23 2.24 55.23 52.54
GBCI Glacier Bancorp
Inc. 4.43 7.77 3.58 4.20 1.39 3.14 55.71 41.05
GDVS Greater Delaware
Valley SB,MHC 3.48 6.96 3.59 3.36 0.28 2.20 61.31 58.10
GDW Golden West
Financial 2.37 7.09 4.79 2.30 0.19 0.83 33.45 27.97
GFCO Glenway Financial
Corp. 3.24 7.44 4.33 3.11 0.25 2.10 60.36 57.21
GFED Guaranty Federal
GFSB SB, MHC 3.39 7.61 4.35 3.26 0.24 2.02 59.55 56.63
GFS Bancorp Inc. 3.44 8.02 4.60 3.42 0.15 1.65 46.11 43.75
GLBK Glendale
Co-Operative Bank 3.91 7.18 3.35 3.83 0.27 2.96 72.03 70.06
GLN Glendale Federal
Bank FSB 2.65 7.03 4.50 2.53 0.60 1.75 53.02 41.83
GPT GreenPoint
Financial Corp. 3.93 7.23 3.58 3.65 0.33 2.07 43.50 38.47
GRTR Greater New York
Savings Bank 3.16 6.92 3.95 2.97 0.32 2.11 57.06 52.48
GSBC Great Southern
Bancorp Inc. 4.04 8.30 4.33 3.97 1.28 2.41 45.64 28.13
GSFC Green Street
GSLA Financial Corp. 4.35 7.31 2.99 4.32 0.06 1.88 43.05 42.21
GS Financial Corp. 4.29 6.96 2.89 4.08 0.01 2.14 52.34 52.24
GTFN Great Financial
Corporation 3.05 7.39 4.52 2.87 0.92 2.47 63.98 52.46
GTPS Great American
GUPB Bancorp 4.34 7.21 3.14 4.07 0.45 3.43 76.24 73.60
GFSB Bancorp Inc. 3.13 7.07 3.97 3.10 0.05 1.76 56.02 55.28
GWBC Gateway Bancorp
Inc. 3.21 6.75 3.57 3.18 0.11 1.53 46.59 44.76
GWF Great Western
Financial 3.32 7.32 4.16 3.16 0.84 2.28 54.10 41.88
HALL Hallmark Capital
Corp. 2.50 7.50 5.05 2.44 0.23 1.53 57.02 52.91
HARB Harbor Federal
Savings Bk, MHC 3.70 7.66 4.07 3.59 0.35 1.90 47.25 42.06
HARL Harleysville
Savings Bank 2.87 7.39 4.59 2.80 0.12 1.29 44.25 41.87
HARS Harris Savings
HAVN Bank, MHC 2.71 7.07 4.48 2.59 0.31 1.72 55.49 50.17
Haven Bancorp Inc. 3.21 7.14 4.06 3.08 0.58 2.25 60.44 52.96
HBBI Home Building
Bancorp 3.51 7.49 4.12 3.37 0.28 2.36 64.51 61.56
HBEI Home Bancorp of
HBFW Elgin Inc. 4.20 6.89 2.88 4.01 0.49 2.84 63.79 59.36
Home Bancorp 2.94 7.33 4.43 2.90 0.07 1.32 44.45 43.15
HBNK Highland Federal
Bank FSB 4.41 8.74 4.62 4.12 0.38 2.41 51.65 47.18
HBS Haywood Bancshares
Inc. 3.34 7.04 3.86 3.18 0.35 2.06 65.28 61.43
HCBB HCB Bancshares
Inc. 2.76 7.17 4.51 2.65 0.27 2.26 72.89 70.18
HCFC Home City
HEMT Financial Corp. 3.93 8.14 4.30 3.84 0.13 2.18 54.80 53.28
HF Bancorp Inc. 2.40 6.84 4.54 2.30 0.23 2.21 77.42 75.18
HFFB Harrodsburg First
HFFC Fin Bancorp 3.65 7.06 3.48 3.58 0.07 1.65 45.27 44.13
HF Financial Corp. 3.55 7.79 4.41 3.38 1.11 3.17 69.18 59.06
HFGI Harrington
Financial Group 1.60 6.66 5.10 1.56 0.05 0.92 57.33 56.05
HFNC HFNC Financial
Corp. 3.69 7.45 3.91 3.55 0.13 1.72 46.62 44.63
HFSA Hardin Bancorp
Inc. 2.79 7.32 4.58 2.74 0.24 1.76 59.79 56.27
HHFC Harvest Home
Financial Corp. 2.88 7.06 4.24 2.83 0.06 1.69 58.47 57.56
HIFS Hingham Instit.
HMCI for Savings 3.96 7.62 3.78 3.83 0.35 2.16 50.64 46.09
HomeCorp Inc. 3.12 7.19 4.33 2.86 0.64 2.75 83.66 79.99
HMLK Hemlock Federal
HMNF Financial Corp 2.89 6.60 3.74 2.86 0.28 1.95 62.16 58.45
HMN Financial Inc. 2.84 7.15 4.35 2.80 0.20 1.53 50.85 47.38
HOMF Home Federal
Bancorp 3.75 7.90 4.34 3.56 0.87 2.20 49.17 36.76
HPBC Home Port Bancorp
Inc. 4.74 8.13 3.53 4.60 0.44 2.23 44.30 38.95
HRBF Harbor Federal
Bancorp Inc. 2.94 7.28 4.39 2.89 0.07 1.78 60.25 59.25
HRZB Horizon Financial
Corp. 3.60 7.63 4.11 3.51 0.25 1.33 35.37 30.78
HTHR Hawthorne
Financial Corp. 3.43 8.19 4.89 3.30 0.35 2.54 69.84 66.62
HVFD Haverfield
Corporation 3.66 7.92 4.34 3.58 0.66 2.70 62.79 55.95
HWEN Home Financial
Bancorp 4.72 8.81 4.23 4.58 0.16 3.42 74.62 73.72
HZFS Horizon Financial
Svcs Corp. 3.42 7.69 4.36 3.33 0.46 2.51 62.47 57.26
IBSF IBS Financial
Corp. 3.10 6.88 3.87 3.01 0.09 1.97 63.73 62.68
IFSB Independence
Federal Savings 2.63 7.20 4.68 2.52 1.15 3.05 79.68 70.39
IFSL Indiana Federal
INBI Corporation 3.54 7.48 4.23 3.26 0.88 2.44 56.70 45.01
Industrial Bancorp 4.19 7.97 3.86 4.11 0.13 1.90 44.65 42.84
INCB Indiana Community
Bank SB 4.45 7.76 3.44 4.32 0.90 3.97 76.08 71.08
IPSW Ipswich Savings
Bank 3.70 7.13 3.53 3.60 0.63 2.53 59.60 52.50
ISBF ISB Financial
ITLA Corporation 3.70 7.22 3.77 3.46 0.55 2.64 61.81 55.68
ITLA Capital Corp. 4.79 9.68 4.93 4.75 0.17 2.22 44.62 42.63
IWBK InterWest Bancorp
Inc. 3.42 7.52 4.31 3.21 0.64 2.10 54.75 45.75
JOAC Joachim Bancorp
Inc. 4.25 7.11 2.95 4.16 0.15 2.96 68.77 67.66
JSBA Jefferson Savings
JSBF Bancorp 3.02 7.43 4.51 2.92 0.19 1.64 49.48 46.19
JSB Financial Inc. 4.73 7.01 2.56 4.45 0.20 1.72 38.70 35.96
JXSB Jacksonville
Savings Bank, MHC 3.71 7.48 4.13 3.35 0.43 2.72 71.81 68.19
JXVL Jacksonville
Bancorp Inc. 3.70 7.58 3.97 3.60 0.49 2.16 54.97 48.83
KFBI Klamath First
Bancorp 3.37 7.38 4.04 3.34 0.06 1.45 42.76 41.74
KNK Kankakee Bancorp
KSAV Inc. 3.25 7.24 4.11 3.13 0.42 2.32 63.36 58.42
KSBK KS Bancorp Inc. 4.02 8.08 4.27 3.81 0.16 1.94 48.60 46.41
KSB Bancorp Inc. 4.48 8.17 3.83 4.34 0.85 3.33 64.23 57.23
KYF Kentucky First
Bancorp Inc. 3.51 7.20 3.77 3.43 0.17 1.90 52.83 50.53
LARK Landmark
Bancshares Inc. 3.16 7.38 4.28 3.10 0.25 1.60 47.98 43.79
LARL Laurel Capital
Group Inc. 3.73 7.41 3.76 3.65 0.28 1.69 44.05 39.81
LFBI Little Falls
Bancorp Inc. 2.73 6.56 3.95 2.62 0.10 1.70 57.66 56.02
LFED Leeds Federal
LIFB Savings Bk, MHC 2.98 7.02 4.09 2.93 0.10 0.98 32.45 30.15
Life Bancorp Inc. 2.66 7.23 4.66 2.56 0.22 1.31 44.80 40.06
LISB Long Island
Bancorp Inc. 2.90 6.84 4.08 2.77 0.48 1.90 57.16 49.69
LOGN Logansport
Financial Corp. 3.90 7.52 3.72 3.80 0.17 1.61 40.51 37.80
LONF London Financial
Corporation 3.74 7.44 3.74 3.70 0.17 2.55 65.93 64.37
LSBI LSB Financial
Corp. 3.56 7.70 4.35 3.35 0.28 2.45 67.43 64.65
LSBX Lawrence Savings
LVSB Bank 3.37 7.23 3.95 3.28 0.32 2.33 63.52 59.98
Lakeview Financial 3.57 7.02 3.62 3.41 0.83 2.39 49.11 36.65
LXMO Lexington B&L
MAFB Financial Corp. 3.86 7.53 3.74 3.79 0.14 2.25 57.12 55.48
MAF Bancorp Inc. 3.07 7.18 4.27 2.92 0.42 1.43 45.71 37.82
MARN Marion Capital
MASB Holdings 4.39 7.89 3.79 4.11 0.19 1.65 36.56 33.70
MBB MASSBANK Corp. 2.93 6.63 3.75 2.88 0.19 1.42 44.76 41.09
MSB Bancorp Inc. 3.26 6.68 3.67 3.00 0.44 2.50 58.88 52.83
MBBC Monterey Bay
Bancorp Inc. 2.90 7.22 4.44 2.78 0.29 2.21 65.44 61.79
MBLF MBLA Financial
Corp. 1.96 6.69 4.74 1.94 0.01 0.63 31.85 31.52
MBSP Mitchell Bancorp
Inc. 5.13 7.72 2.68 5.04 0.07 2.17 42.53 41.72
MCBN Mid-Coast Bancorp
Inc. 4.29 8.34 4.38 3.96 0.34 2.95 68.50 65.82
MCBS Mid Continent
Bancshares Inc. 2.48 6.78 4.49 2.30 1.88 2.47 58.65 24.81
MDBK Medford Savings
Bank 3.33 6.90 3.70 3.20 0.28 1.76 47.07 42.45
MECH Mechanics Savings
Bank 4.06 7.16 3.30 3.86 1.17 3.03 59.75 47.56
MERI Meritrust Federal
SB 3.54 7.23 3.84 3.39 0.75 2.22 53.76 43.57
METF Metropolitan
MFBC Financial Corp. 3.43 8.17 4.91 3.26 0.39 2.47 66.60 62.60
MFB Corp. 3.28 7.41 4.21 3.20 0.14 1.83 54.81 52.79
MFCX Marshalltown
Financial Corp. 2.69 6.94 4.30 2.64 0.12 1.87 68.04 66.63
MFFC Milton Federal
Financial Corp. 3.15 7.27 4.22 3.05 0.12 2.19 68.99 67.75
MFLR Mayflower
Co-operative Bank 4.13 7.49 3.59 3.91 0.39 2.39 54.94 50.46
MFSL Maryland Federal
MGNL Bancorp 2.74 7.21 4.52 2.69 0.22 1.65 55.08 51.37
Magna Bancorp Inc. 5.51 8.26 3.48 4.78 2.66 4.54 57.74 34.24
MIFC Mid-Iowa Financial
Corp. 3.04 7.25 4.28 2.98 0.79 2.05 54.95 43.02
MIVI Mississippi View
MLBC Holding Co. 3.85 7.53 3.64 3.89 0.23 2.34 56.76 54.22
ML Bancorp Inc. 3.17 7.20 4.23 2.96 0.43 2.33 70.31 66.01
MRKF Market Financial
MSBF Corporation 2.98 6.29 3.35 2.94 0.01 1.91 64.89 64.80
MSB Financial Inc. 4.75 7.96 3.37 4.59 0.53 2.89 56.54 51.56
MSBK Mutual Savings
Bank FSB 1.70 6.31 4.64 1.67 0.45 2.12 100.09 100.11
MWBI Midwest Bancshares
MWBX Inc. 2.92 7.39 4.56 2.84 0.25 1.91 62.18 58.81
MetroWest Bank 4.12 7.65 3.72 3.94 0.37 2.67 61.86 58.29
MWFD Midwest Federal
Financial 3.98 7.82 4.14 3.68 0.82 2.72 59.58 50.63
NASB North American
NBN Savings Bank 3.42 8.13 4.80 3.33 0.68 1.75 46.80 35.89
Northeast Bancorp 4.05 8.39 4.47 3.92 0.94 3.54 70.52 63.49
NBSI North Bancshares
Inc. 3.32 7.22 3.95 3.26 0.17 2.51 73.21 71.83
NEIB Northeast Indiana
Bancorp 3.56 7.74 4.23 3.51 0.27 1.75 46.35 42.25
NHTB New Hampshire
Thrift Bncshrs 4.15 8.57 4.64 3.92 0.60 2.96 62.57 56.85
NASB NewMil Bancorp
Inc. 4.08 7.45 3.51 3.93 0.41 2.79 65.82 62.25
NSBC NewSouth Bancorp,
NSLB Inc. 4.01 7.68 3.74 3.93 0.64 3.28 71.80 67.20
NS&L Bancorp Inc. 3.15 6.55 3.48 3.07 0.32 2.27 66.80 63.31
NSSB Norwich Financial
Corp. 4.43 7.58 3.38 4.21 0.50 2.59 52.45 46.85
NSSY Norwalk Savings
Society 3.17 7.16 4.08 3.08 0.55 2.50 69.15 63.63
NTMG Nutmeg Federal
S&LA 4.32 7.47 3.35 4.12 1.09 4.08 76.77 70.61
NWEQ Northwest Equity
Corp. 3.89 8.01 4.33 3.68 0.33 2.30 57.50 53.69
NWSB Northwest Savings
Bank, MHC 3.85 7.81 4.12 3.69 0.30 2.31 57.23 53.76
NYB New York Bancorp
Inc. 3.97 7.53 3.67 3.86 0.37 1.77 40.46 34.78
OCFC Ocean Financial
Corp. 3.27 6.81 3.63 3.17 0.18 1.65 49.22 46.40
OCWN Ocwen Financial
Corporation 3.20 8.36 5.70 2.66 0.82 1.40 99.85 99.81
OFCP Ottawa Financial
Corp. 3.30 7.32 4.25 3.07 0.30 2.07 57.17 52.98
OHSL OHSL Financial
PALM Corp. 3.31 7.58 4.33 3.26 0.14 1.91 56.24 54.36
Palfed, Inc. 3.89 8.03 4.36 3.67 0.67 2.92 65.23 58.88
PAMM PacificAmerica
Money Center 10.47 9.65 3.78 5.87 47.26 33.65 62.31 (240.86)
PBCI Pamrapo Bancorp
PBCT Inc. 4.82 7.66 3.09 4.57 0.31 2.55 50.59 47.19
PBIX People's Bank, MHC 3.66 6.88 3.48 3.41 2.27 3.72 64.57 40.94
Patriot Bank Corp. 2.48 7.12 4.69 2.43 0.10 1.64 64.77 63.38
PBKB People's
Bancshares Inc. 3.46 7.23 3.95 3.28 0.24 2.67 75.70 73.90
PBNB People's Savings
Financial Cp. 3.36 7.11 3.89 3.23 0.61 2.18 53.96 45.18
PCBC Perry County
Financial Corp. 2.96 6.83 3.91 2.92 0.05 1.04 34.96 33.73
PCCI Pacific Crest
Capital 4.70 9.43 4.86 4.57 0.12 2.73 54.37 53.13
PDB Piedmont Bancorp
Inc. 3.95 7.73 3.89 3.83 0.24 2.07 50.99 47.98
PEEK Peekskill
Financial Corp. 3.73 6.67 2.98 3.69 0.11 1.78 46.77 45.13
PERM Permanent Bancorp
Inc. 2.77 7.22 4.55 2.66 0.46 2.04 64.00 57.81
PERT Perpetual Bank,
PETE MHC 4.24 8.01 3.91 4.09 1.18 3.20 61.08 49.90
PFDC Primary Bank 3.66 7.17 3.76 3.41 0.60 3.06 74.61 70.13
PFED Peoples Bancorp 3.62 7.55 3.97 3.58 0.22 1.42 37.35 33.45
PFFB Park Bancorp Inc. 3.68 7.05 3.51 3.54 0.13 2.01 56.95 55.39
PFF Bancorp Inc. 2.97 7.22 4.34 2.88 0.39 2.15 64.14 59.32
PFFC Peoples Financial
Corp. 3.63 6.94 3.40 3.54 0.03 2.23 62.39 62.06
PFNC Progress Financial
Corporation 4.33 8.00 3.99 4.02 0.90 3.94 73.58 67.68
PFSB PennFed Financial
Services Inc 2.81 7.13 4.44 2.69 0.16 1.43 42.99 39.67
PFSL Pocahontas FS&LA,
MHC 2.06 6.82 4.87 1.95 0.34 1.20 52.25 43.99
PHBK Peoples Heritage
Finl Group 4.70 7.57 3.28 4.28 0.92 3.21 58.73 49.92
PHFC Pittsburgh Home
Financial Corp 3.33 7.60 4.47 3.13 0.15 2.05 61.93 60.04
PKPS Poughkeepsie
Financial Corp. 3.30 7.54 4.40 3.15 0.39 2.49 67.55 63.56
PLE Pinnacle
Bancshares Inc. 3.49 7.80 4.42 3.37 0.43 2.17 58.38 53.06
PLSK Pulaski Savings
Bank, MHC 2.87 6.19 3.62 2.56 0.06 1.65 62.89 62.07
PMFI Perpetual Midwest
Financial 2.88 7.48 4.72 2.75 0.42 2.24 69.86 65.29
POBS Portsmouth Bank
Shares 4.07 6.94 3.02 3.92 0.12 1.35 33.37 31.41
PRBC Prestige Bancorp
Inc. 3.22 6.80 3.67 3.13 0.24 2.26 67.20 64.73
PROV Provident
Financial Holdings 3.25 7.03 3.93 3.10 0.67 2.70 73.33 67.61
PSBK Progressive Bank
Inc. 4.03 7.71 3.89 3.82 0.39 2.39 53.18 48.42
PSFC Peoples-Sidney
PSFI Financial Corp. 3.27 7.69 4.49 3.20 0.07 1.67 50.92 49.80
PS Financial Inc. 5.61 7.21 2.22 4.99 0.09 1.46 28.78 27.43
PTRS Potters Financial
Corp. 3.43 7.11 3.79 3.33 0.26 2.49 74.27 72.27
PULB Pulaski Bank,
PULS Savings Bk, MHC 3.64 7.45 3.90 3.56 0.24 2.45 64.59 62.18
PVFC Pulse Bancorp 2.80 7.02 4.29 2.73 0.06 1.06 37.46 36.11
PVF Capital Corp. 4.11 8.79 4.70 4.09 0.53 2.38 51.60 45.36
PVSA Parkvale Financial
Corporation 2.94 7.14 4.24 2.90 0.21 1.42 44.91 40.87
PWBC PennFirst Bancorp
Inc. 2.11 6.81 4.75 2.06 0.12 1.16 50.67 47.82
PWBK Pennwood Bancorp
Inc. 4.35 7.70 3.51 4.18 0.23 2.81 63.17 61.17
QCBC Quaker City
QCFB Bancorp Inc. 3.21 7.73 4.61 3.12 0.29 1.98 55.17 50.97
QCF Bancorp Inc. 4.05 7.09 3.07 4.02 0.35 1.82 41.66 36.64
QCSB Queens County
Bancorp Inc. 4.64 8.05 3.54 4.51 0.09 1.93 42.04 40.88
RARB Raritan Bancorp
Inc. 3.78 7.27 3.62 3.66 0.19 2.00 50.82 48.22
RCSB RCSB Financial
Inc. 3.45 7.38 4.18 3.20 1.77 3.00 60.26 38.30
REDF RedFed Bancorp
Inc. 3.51 7.09 3.78 3.32 0.77 2.84 63.79 55.35
RELI Reliance
Bancshares Inc. 4.92 7.34 2.46 4.88 0.02 2.29 46.79 46.59
RELY Reliance Bancorp
Inc. 3.51 7.11 3.79 3.32 0.18 1.80 45.63 42.75
RFED Roosevelt
Financial Group 2.59 7.05 4.56 2.49 0.60 1.28 41.44 27.27
RIVR River Valley
ROSE Bancorp 4.00 7.48 3.59 3.89 0.60 3.12 69.05 64.26
TR Financial Corp. 2.70 7.15 4.50 2.65 0.23 1.37 47.50 43.00
RSLN Roslyn Bancorp
Inc. 3.56 7.01 3.56 3.45 0.25 1.62 43.59 39.54
RVSB Riverview Savings
Bank, MHC 4.40 8.12 4.02 4.10 0.89 2.99 56.55 47.15
Suburban
SBCN Bancorporation
Inc. 2.96 7.44 4.55 2.89 0.29 1.96 63.15 59.41
SBFL SB of the Finger
Lakes, MHC 3.14 7.06 4.01 3.05 0.26 2.63 79.16 77.40
SBOS Boston Bancorp
(The) 2.95 6.88 4.00 2.87 0.15 1.27 42.96 39.99
SCBS Southern Community
Bancshares 3.57 6.94 3.40 3.54 0.18 1.99 53.56 51.19
SCCB S. Carolina
Community Bancshrs 4.03 7.54 3.60 3.94 0.27 2.56 60.70 58.02
SECP Security Capital
SFED Corporation 3.67 7.53 4.00 3.53 0.63 1.95 46.94 37.53
SFS Bancorp Inc. 3.52 7.16 3.74 3.42 0.21 2.70 74.67 73.15
SFFC StateFed Financial
Corporation 3.52 7.77 4.43 3.35 0.10 1.45 46.96 45.38
SFIN Statewide
Financial Corp. 3.83 7.42 3.71 3.72 0.22 2.55 64.64 62.53
SFNB Security First
Network Bank 3.89 5.88 2.61 3.27 6.53 36.98 372.31 916.33
SFSB SuburbFed
Financial Corp. 2.85 7.08 4.31 2.77 0.65 2.49 72.42 65.96
SFSL Security First
SGVB Corp. 3.99 8.18 4.32 3.86 0.26 2.02 48.65 45.25
SGV Bancorp Inc. 2.61 7.12 4.60 2.53 0.24 2.03 72.58 70.01
SHEN First Shenango
SISB Bancorp Inc. 3.21 7.38 4.21 3.17 0.20 1.45 42.13 38.43
SJSB SIS Bancorp Inc. 3.85 7.11 3.46 3.64 0.76 2.87 65.38 58.14
SJS Bancorp 2.86 7.42 4.60 2.81 0.30 1.98 63.58 59.65
SKAN Skaneateles
Bancorp Inc. 3.94 7.62 3.88 3.74 0.62 3.23 73.36 68.96
SKBO First Carnegie
Deposit, MHC NA NA NA NA NA NA NA NA
SMBC Southern Missouri
Bancorp Inc. 3.04 6.94 3.95 2.99 0.32 1.86 59.96 55.64
SMFC Sho-Me Financial
Corp. 3.35 7.77 4.50 3.26 0.44 1.61 43.40 35.77
SOBI Sobieski Bancorp
Inc. 3.40 7.21 3.91 3.29 0.25 2.46 69.43 67.13
SOPN First Savings
Bancorp Inc. 3.89 7.37 3.54 3.83 0.15 1.27 32.10 29.48
SOSA Somerset Savings
Bank 3.93 8.01 4.30 3.71 0.21 2.93 65.87 63.91
SPBC St. Paul Bancorp
Inc. 3.05 6.96 4.04 2.92 0.89 2.15 57.26 44.18
SRN Southern Banc
Company Inc. 2.86 7.02 4.21 2.80 0.06 2.07 70.78 70.15
SSB Scotland Bancorp
Inc 4.68 7.38 2.77 4.61 0.09 1.92 40.75 39.54
SSFC South Street
Financial Corp. 3.61 7.31 3.74 3.56 0.05 1.63 45.02 44.28
SSM Stone Street
Bancorp Inc. 4.94 7.99 3.13 4.86 0.13 1.70 34.14 32.40
STFR St. Francis
Capital Corp. 2.75 7.04 4.47 2.57 0.35 2.01 63.69 58.71
STND Standard Financial
Inc. 2.82 7.05 4.30 2.75 0.17 1.82 61.97 59.59
STSA Sterling Financial
Corp. 3.00 7.67 4.81 2.86 0.53 2.32 63.39 56.60
SVRN Sovereign Bancorp
Inc. 2.56 6.96 4.51 2.45 0.25 1.44 49.03 43.81
SWBI Southwest
Bancshares 3.42 7.44 4.23 3.21 0.18 1.80 56.10 53.66
SWCB Sandwich
Co-operative Bank 3.83 7.17 3.55 3.62 0.50 2.59 59.80 54.29
SZB SouthFirst
TBK Bancshares Inc. 3.80 7.42 3.93 3.49 0.66 3.29 79.13 75.15
Tolland Bank 3.64 7.15 3.69 3.46 0.46 2.78 68.08 63.84
THR Three Rivers
Financial Corp. 3.66 7.36 3.83 3.53 0.52 2.83 69.51 64.99
THRD TF Financial
Corporation 3.31 6.95 3.80 3.15 0.20 2.12 58.81 56.21
TPNZ Tappan Zee
Financial Inc. 3.89 7.36 3.56 3.80 0.12 2.33 58.68 57.41
TRIC Tri-County Bancorp
TSBS Inc. 3.18 7.10 4.01 3.09 0.15 1.69 52.08 49.70
TSH Trenton SB, MHC 3.57 6.78 3.39 3.39 0.27 1.92 49.28 45.19
TWIN Teche Holding Co. 3.42 7.48 4.15 3.33 0.62 2.40 60.93 53.62
Twin City Bancorp 3.79 7.58 3.92 3.66 0.40 2.70 68.49 65.06
UBMT United Financial
Corp. 3.87 7.00 3.26 3.73 0.54 2.05 47.98 40.45
UFRM United Federal
Savings Bank 3.53 7.89 4.56 3.33 1.11 3.38 75.11 66.79
VABF Virginia Beach
Fed. Financial 3.17 7.95 4.85 3.10 0.34 2.59 75.20 72.47
VFFC Virginia First
Financial Corp. 4.01 8.31 4.43 3.87 0.65 3.35 73.67 69.25
WAMU Washington Mutual
Inc. 2.94 7.34 4.53 2.82 0.62 1.71 48.65 37.40
WAYN Wayne Savings &
Loan Co. MHC 3.39 7.50 4.26 3.24 0.20 2.48 72.20 70.48
WBST Webster Financial
WCBI Corporation 3.31 6.99 3.85 3.14 0.51 2.23 57.01 49.98
Westco Bancorp 3.58 7.44 3.95 3.49 0.24 1.58 42.46 38.48
WCFB Webster City
Federal SB, MHC 3.77 7.19 3.50 3.69 0.18 1.44 36.99 33.99
WEFC Wells Financial
Corp. 3.44 7.45 4.05 3.40 0.45 1.87 48.48 41.61
WEHO Westwood Homestead
WES Fin. Corp. 3.69 7.52 3.87 3.66 0.09 1.92 51.21 49.96
Westcorp 3.58 7.42 4.33 3.09 4.93 7.00 86.82 65.79
WFCO Winton Financial
Corp. 3.27 8.04 4.84 3.21 0.12 1.80 54.87 53.16
WFSG Wilshire Financial
Services 1.65 7.38 6.04 1.34 2.99 2.91 78.88 31.75
WFSL Washington Federal
Inc. 3.68 8.07 4.49 3.58 0.06 0.76 18.26 16.98
WHGB WHG Bancshares
Corp. 4.03 7.23 3.37 3.87 0.12 2.51 63.08 61.98
WOFC Western Ohio
Financial Corp. 2.82 7.06 4.40 2.66 0.22 2.31 76.14 74.13
WRNB Warren Bancorp
Inc. 4.80 7.71 3.13 4.58 0.38 3.06 54.00 50.19
WSB Washington Savings
Bank, FSB 2.36 8.00 5.72 2.28 0.23 1.79 76.43 74.07
WSFS WSFS Financial
Corporation 3.51 8.12 4.68 3.44 0.69 2.30 53.90 44.72
WSTR WesterFed
Financial Corp. 3.52 7.37 4.06 3.31 0.55 2.60 65.51 59.81
WVFC WVS Financial
Corporation 3.76 7.59 3.87 3.72 0.11 1.64 42.70 40.95
WWFC Westwood Financial
WYNE Corporation 2.97 6.91 4.02 2.89 0.17 1.35 41.28 37.84
Wayne Bancorp Inc. 3.63 7.25 3.68 3.56 0.22 2.19 60.03 57.60
YFCB Yonkers Financial
Corporation 4.03 7.43 3.48 3.95 0.29 2.25 53.38 49.98
YFED York Financial
Corp. 3.32 7.54 4.41 3.13 0.40 1.89 58.29 52.99
Average 3.51 7.40 4.05 3.34 0.57 2.40 59.23 54.73
Comparable
Thrift
Data
Joachim Bancorp
JOAC Inc. 4.25 7.11 2.95 4.16 0.15 2.96 68.77 67.66
Home Building
HBBI Bancorp 3.51 7.49 4.12 3.37 0.28 2.36 64.51 61.56
CSB Financial
CSBF Group Inc. 2.80 6.04 3.33 2.71 0.23 2.65 86.04 84.83
Mid-Coast Bancorp
MCBN Inc. 4.29 8.34 4.38 3.96 0.34 2.95 68.50 65.82
NSLB NS&L Bancorp Inc. 3.15 6.55 3.48 3.07 0.32 2.27 66.80 63.31
CKFB CKF Bancorp Inc. 3.72 7.41 3.75 3.65 0.10 1.92 43.62 42.08
ALBC Albion Banc Corp. 3.51 7.49 4.13 3.37 0.49 2.76 76.86 73.50
Mississippi View
MIVI Holding Co. 3.85 7.53 3.64 3.89 0.23 2.34 56.76 54.22
AmTrust Capital
ATSB Corp. 2.85 7.03 4.30 2.73 0.47 2.74 85.66 83.20
S. Carolina
SCCB Community Bancshrs 4.03 7.54 3.60 3.94 0.27 2.56 60.70 58.02
Average 3.60 7.25 3.77 3.49 0.29 2.55 67.82 65.42
Maximum 4.29 8.34 4.38 4.16 0.49 2.96 86.04 84.83
Minimum 2.80 6.04 2.95 2.71 0.10 1.92 43.62 42.08
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
BALANCE SHEET GROWTH AS OF THE MOST RECENT QUARTER
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSET LOAN DEPOSIT
GROWTH GROWTH GROWTH
RATE RATE RATE
TICKER SHORT NAME (%) (%) (%)
- ------------------------------------------------------------ --------- --------- ----------
%CAL California Federal Bank, a FSB 338.62 354.00 400.67
%CCMD Chevy Chase Bank, FSB (0.65) 0.11 16.65
AABC Access Anytime Bancorp, Inc. (1.35) 17.45 1.61
AADV Advantage Bancorp Inc. (3.79) (3.00) (10.75)
ABBK Abington Bancorp Inc. 4.19 1.73 6.96
ABCL Alliance Bancorp Inc. 386.35 315.42 468.08
ABCW Anchor BanCorp Wisconsin 3.38 9.09 2.06
AFBC Advance Financial Bancorp 13.45 6.24 16.77
AFCB Affiliated Community Bancorp 8.83 8.84 7.75
AFED AFSALA Bancorp Inc. 6.43 NA 8.56
AFFFZ America First Financial Fund (4.71) 7.18 10.87
AHCI Ambanc Holding Co. Inc. 4.82 0.41 17.97
AHM Ahmanson & Company (H.F.) (9.66) (10.80) (4.31)
ALBC Albion Banc Corp. 10.72 1.25 14.96
ALBK ALBANK Financial Corporation (1.12) (0.19) (3.33)
AMFB American Federal Bank FSB (3.48) 8.26 5.16
AMFC AMB Financial Corp. 35.03 9.76 47.42
ANA Acadiana Bancshares Inc. (4.07) 6.53 (3.73)
ANBK American National Bancorp 10.41 19.55 9.69
ANDB Andover Bancorp Inc. 1.59 1.51 17.99
ASBI Ameriana Bancorp 5.45 5.19 4.30
ASBP ASB Financial Corp. (8.62) 10.53 (0.38)
ASFC Astoria Financial Corporation 22.92 19.03 (1.67)
ATSB AmTrust Capital Corp. (6.58) (2.97) 10.48
AVND Avondale Financial Corp. 26.78 72.24 36.32
BANC BankAtlantic Bancorp Inc. 25.72 5.84 (1.87)
BDJI First Federal Bancorporation (7.34) (0.04) (9.95)
BFD BostonFed Bancorp Inc. 58.71 44.56 108.22
BFFC Big Foot Financial Corp. 35.18 3.32 (21.21)
BFSB Bedford Bancshares Inc. 5.88 3.14 6.47
BKC American Bank of Connecticut 21.59 1.25 37.33
BKCO Bankers Corp. 13.32 (22.54) 3.23
BKCT Bancorp Connecticut Inc. (5.41) (0.13) (8.18)
BKUNA BankUnited Financial Corp. 37.35 60.60 60.72
BNKU Bank United Corp. (2.06) 3.77 5.32
BPLS Bank Plus Corp. (4.28) (7.91) 3.37
BSBC Branford Savings Bank (13.27) (5.40) (4.15)
BTHL Bethel Bancorp 3.68 (5.87) (7.28)
BVCC Bay View Capital Corp. (30.99) (30.41) (24.52)
BWFC Bank West Financial Corp. 10.71 13.11 12.37
BYFC Broadway Financial Corp. 5.69 10.54 6.78
CAFI Camco Financial Corp. 2.54 4.30 6.20
CAPS Capital Savings Bancorp Inc. 3.78 5.69 19.73
CASB Cascade Financial Corp. 4.91 27.21 11.10
CASH First Midwest Financial Inc. 0.32 3.39 5.00
CATB Catskill Financial Corp. (2.45) (2.45) 5.95
CBCI Calumet Bancorp Inc. (12.28) (8.56) (12.66)
CBCO CB Bancorp Inc. 53.09 1.67 67.31
CBES CBES Bancorp Inc. 15.48 12.47 38.31
CBK Citizens First Financial Corp. 15.25 14.72 (4.63)
CBNH Community Bankshares Inc. 21.83 14.98 15.06
CBSA Coastal Bancorp Inc. (3.22) (0.68) 1.50
CBSB Charter Financial Inc. 15.54 25.13 25.86
CCFH CCF Holding Company (7.09) 38.45 32.51
CEBK Central Co-operative Bank (1.99) (2.27) (2.18)
CENB Century Bancorp Inc. 7.47 10.97 7.69
CENF CENFED Financial Corp. 14.42 17.84 2.01
CFB Commercial Federal Corporation 1.96 3.51 (0.20)
CFCP Coastal Financial Corp. 27.01 6.25 12.60
CFFC Community Financial Corp. 14.61 15.04 13.50
CFHC California Financial Holding (6.68) 1.87 6.39
CFNC Carolina Fincorp Inc. 5.64 17.09 8.29
CFSB CFSB Bancorp Inc. 2.15 5.89 4.39
CFTP Community Federal Bancorp 0.05 6.27 2.41
CFX CFX Corporation 51.03 13.55 22.93
CIBI Community Investors Bancorp 6.93 10.63 9.46
CKFB CKF Bancorp Inc. 1.30 6.40 0.20
CLAS Classic Bancshares Inc. (23.07) 12.13 (8.16)
CMRN Cameron Financial Corp 12.12 20.97 1.78
CMSB Commonwealth Bancorp Inc. 21.90 7.40 1.65
CMSV Community Savings, MHC 16.55 7.63 18.92
CNBA Chester Bancorp Inc. (9.20) (9.33) (4.85)
CNIT CENIT Bancorp Inc. (0.17) 18.74 (8.53)
CNSB CNS Bancorp Inc. 2.56 2.04 2.10
CNY Carver Bancorp Inc. 55.21 363.82 4.70
COFD Collective Bancorp Inc. (1.90) 0.85 (6.11)
COFI Charter One Financial 3.91 18.20 (0.09)
CONE Conestoga Bancorp, Inc. 4.86 (4.86) 5.85
COOP Cooperative Bankshares Inc. 8.44 17.97 2.95
COVB CoVest Bancshares Inc. 8.42 10.88 4.68
CRZY Crazy Woman Creek Bancorp (4.19) 14.04 (12.91)
CSA Coast Savings Financial 4.23 12.09 8.61
CSBF CSB Financial Group Inc. 3.95 (4.04) 4.52
CTZN CitFed Bancorp Inc. 2.62 14.66 19.25
CVAL Chester Valley Bancorp Inc. 20.70 4.59 (0.42)
CZF CitiSave Financial Corp (1.83) (1.93) (1.06)
DCBI Delphos Citizens Bancorp Inc. 1.74 14.61 (0.36)
DFIN Damen Financial Corp. (13.37) 5.53 (8.15)
DIBK Dime Financial Corp. 33.61 (7.46) 42.78
DIME Dime Community Bancorp Inc. 1.70 25.43 5.87
DME Dime Bancorp Inc. (8.59) 5.93 (0.21)
DNFC D & N Financial Corp. 15.05 9.71 18.00
DSL Downey Financial Corp. 22.03 21.08 30.80
EBCP Eastern Bancorp (0.09) (3.29) 7.92
EBSI Eagle Bancshares 14.97 18.04 2.61
EFBC Empire Federal Bancorp Inc. NA NA NA
EFBI Enterprise Federal Bancorp 16.73 20.44 (0.08)
EGFC Eagle Financial Corp. 14.81 11.82 6.16
EGLB Eagle BancGroup Inc. (4.95) 24.40 (5.10)
EIRE Emerald Isle Bancorp Inc. 2.44 19.64 12.66
EMLD Emerald Financial Corp. 14.90 17.54 14.71
EQSB Equitable Federal Savings Bank 13.07 7.56 15.72
ESBK Elmira Savings Bank (The) (0.40) 7.43 (4.57)
ESX Essex Bancorp Inc. 13.00 17.91 18.22
ETFS East Texas Financial Services (6.16) 11.99 (9.01)
FAB FirstFed America Bancorp Inc. 3.39 19.11 20.64
FBBC First Bell Bancorp Inc. 32.20 15.66 10.96
FBCI Fidelity Bancorp Inc. 1.57 6.57 3.59
FBCV 1ST Bancorp 17.39 (1.48) 34.88
FBER 1st Bergen Bancorp 8.45 (6.42) 9.00
FBHC Fort Bend Holding Corp. 23.76 57.53 19.66
FBSI First Bancshares Inc. 7.73 11.95 4.84
FCB Falmouth Co-Operative Bank 7.91 28.27 12.11
FCBF FCB Financial Corp. (1.12) 3.37 4.43
FCIT First Citizens Financial Corp. 3.85 4.59 4.13
FCME First Coastal Corporation 9.23 6.44 5.31
FDEF First Defiance Financial 1.95 5.16 (4.46)
FED FirstFed Financial Corp. (1.36) 3.09 15.60
FESX First Essex Bancorp Inc. 29.87 4.31 8.55
FFBA First Colorado Bancorp Inc. (1.21) 9.26 6.56
FFBH First Federal Bancshares of AR 11.09 7.34 8.09
FFBI First Financial Bancorp Inc. (5.83) (7.40) 11.88
FFBS FFBS BanCorp Inc. 4.88 13.26 4.98
FFBZ First Federal Bancorp Inc. 5.55 6.56 6.98
FFCH First Financial Holdings Inc. 4.99 9.17 1.20
FFDB FirstFed Bancorp Incorporated (2.83) 4.81 (0.54)
FFDF FFD Financial Corp. (4.05) 13.06 1.61
FFED Fidelity Federal Bancorp (15.20) (2.83) (5.16)
FFES First Federal of East Hartford 6.74 6.87 10.50
FFFC FFVA Financial Corp. 11.95 4.35 9.44
FFFD North Central Bancshares Inc. 0.80 7.53 8.18
FFFG F.F.O. Financial Group Inc. 3.89 1.77 (1.75)
FFFL Fidelity Bankshares Inc., MHC 23.24 15.94 28.29
FFHC First Financial Corp. 7.58 (1.18) 4.34
FFHH FSF Financial Corp. 5.45 16.02 18.36
FFHS First Franklin Corporation 7.08 7.27 8.57
FFIC Flushing Financial Corp. 18.49 42.04 9.21
FFKY First Federal Financial Corp. 5.70 4.39 15.29
FFLC FFLC Bancorp Inc. 13.97 28.12 12.39
FFOH Fidelity Financial of Ohio 10.53 16.54 11.60
FFPB First Palm Beach Bancorp Inc. 14.71 4.90 16.87
FFSL First Independence Corp. 1.16 3.03 22.83
FFSW FirstFederal Financial Svcs 2.87 (1.80) (5.50)
FFSX First Fed SB of Siouxland, MHC 4.83 2.77 0.05
FFWC FFW Corp. 0.61 9.04 1.33
FFWD Wood Bancorp Inc. 9.53 14.07 4.83
FFYF FFY Financial Corp. 11.22 0.98 (11.22)
FGHC First Georgia Holding Inc. (9.18) 7.03 (15.88)
FIBC Financial Bancorp Inc. 15.58 3.61 5.26
FISB First Indiana Corporation (4.08) 3.26 (6.76)
FKFS First Keystone Financial 5.08 6.78 2.23
FKKY Frankfort First Bancorp Inc. (4.87) 10.65 (7.69)
FLAG FLAG Financial Corp. 0.21 (13.26) 10.14
FLFC First Liberty Financial Corp. 11.66 3.12 5.96
FLGS Flagstar Bancorp Inc. 68.41 78.12 91.47
FLKY First Lancaster Bancshares 38.96 29.59 4.07
FMBD First Mutual Bancorp Inc. 111.91 25.71 265.84
FMCO FMS Financial Corporation 8.78 4.32 18.66
FMSB First Mutual Savings Bank 9.08 (1.13) 10.28
FNGB First Northern Capital Corp. 1.56 (1.78) 7.91
FOBC Fed One Bancorp 5.05 30.37 5.70
FPRY First Financial Bancorp 15.07 16.41 12.26
FRC First Republic Bancorp 4.98 3.25 7.31
FSBI Fidelity Bancorp Inc. 9.44 7.08 1.74
FSFC First Southeast Financial Corp 10.72 10.10 6.73
FSLA First Savings Bank, MHC 15.24 8.74 5.86
FSNJ First Savings Bk of NJ, MHC (43.80) 0.85 (1.68)
FSPG First Home Bancorp Inc. 7.90 6.76 6.81
FSSB First FS&LA of San Bernardino 12.49 (10.05) 13.89
FSTC First Citizens Corporation 2.10 10.58 (2.45)
FTF Texarkana First Financial Corp 11.06 9.69 10.36
FTFC First Federal Capital Corp. 3.91 7.76 11.57
FTNB Fulton Bancorp Inc. 0.01 (5.46) (3.72)
FTSB Fort Thomas Financial Corp. 15.68 15.23 21.11
FWWB First SB of Washington Bancorp 12.71 20.62 5.23
GAF GA Financial Inc. 22.90 (0.97) 5.14
GBCI Glacier Bancorp Inc. 4.67 2.22 1.86
GDVS Greater Delaware Valley SB,MHC 4.11 10.36 0.61
GDW Golden West Financial 8.47 7.90 15.28
GFCO Glenway Financial Corp. 3.00 6.70 (2.16)
GFED Guaranty Federal SB, MHC 10.72 9.48 (1.92)
GFSB GFS Bancorp Inc. 2.41 0.64 (0.88)
GLBK Glendale Co-Operative Bank (0.22) (0.88) (1.02)
GLN Glendale Federal Bank FSB 7.02 5.24 18.49
GPT GreenPoint Financial Corp. (1.93) 21.64 (7.75)
GRTR Greater New York Savings Bank 4.51 (1.97) 0.18
GSBC Great Southern Bancorp Inc. 5.78 9.72 87.91
GSFC Green Street Financial Corp. (4.12) 2.44 (9.88)
GSLA GS Financial Corp. 218.34 5.44 312.08
GTFN Great Financial Corporation 14.49 3.88 6.98
GTPS Great American Bancorp 16.71 23.37 26.41
GUPB GFSB Bancorp Inc. 25.12 21.60 10.63
GWBC Gateway Bancorp Inc. (3.81) 19.48 (6.81)
GWF Great Western Financial 0.03 5.07 (5.99)
HALL Hallmark Capital Corp. 12.58 27.47 13.53
HARB Harbor Federal Savings Bk, MHC 16.82 7.39 16.86
HARL Harleysville Savings Bank 10.27 3.65 14.76
HARS Harris Savings Bank, MHC 39.64 8.08 0.70
HAVN Haven Bancorp Inc. 36.44 38.86 9.05
HBBI Home Building Bancorp 20.11 (2.40) 27.10
HBEI Home Bancorp of Elgin Inc. 2.65 0.77 1.97
HBFW Home Bancorp 3.22 6.58 2.47
HBNK Highland Federal Bank FSB (7.77) 11.02 (37.35)
HBS Haywood Bancshares Inc. 47.15 3.76 21.97
HCBB HCB Bancshares Inc. NA NA NA
HCFC Home City Financial Corp. 0.56 23.09 1.90
HEMT HF Bancorp Inc. (11.19) 12.34 (2.67)
HFFB Harrodsburg First Fin Bancorp 4.24 5.20 4.66
HFFC HF Financial Corp. 6.19 (8.70) 4.39
HFGI Harrington Financial Group (9.11) 26.38 (3.04)
HFNC HFNC Financial Corp. (26.04) 15.97 3.52
HFSA Hardin Bancorp Inc. 26.14 17.23 13.76
HHFC Harvest Home Financial Corp. (2.66) 11.13 (1.32)
HIFS Hingham Instit. for Savings 8.10 12.80 12.01
HMCI HomeCorp Inc. 0.74 0.96 (1.50)
HMLK Hemlock Federal Financial Corp 49.42 0.35 (1.67)
HMNF HMN Financial Inc. (1.23) (8.54) 1.82
HOMF Home Federal Bancorp 8.13 11.54 6.90
HPBC Home Port Bancorp Inc. (1.53) 10.54 (23.30)
HRBF Harbor Federal Bancorp Inc. 1.25 7.59 8.99
HRZB Horizon Financial Corp. 8.55 (11.09) 7.25
HTHR Hawthorne Financial Corp. (4.35) 15.14 (5.40)
HVFD Haverfield Corporation (5.99) 0.55 (8.38)
HWEN Home Financial Bancorp 4.23 39.51 (6.68)
HZFS Horizon Financial Svcs Corp. 23.36 5.44 7.17
IBSF IBS Financial Corp. (6.79) 16.17 (3.31)
IFSB Independence Federal Savings 3.23 10.79 (5.26)
IFSL Indiana Federal Corporation (8.65) (5.89) (13.14)
INBI Industrial Bancorp 8.86 8.19 2.98
INCB Indiana Community Bank SB 9.48 (5.47) 11.40
IPSW Ipswich Savings Bank 16.53 13.87 25.76
ISBF ISB Financial Corporation 4.18 14.36 4.81
ITLA ITLA Capital Corp. 0.03 1.86 (0.45)
IWBK InterWest Bancorp Inc. 16.04 21.59 7.39
JOAC Joachim Bancorp Inc. 6.22 (4.27) 12.65
JSBA Jefferson Savings Bancorp 51.86 38.64 55.28
JSBF JSB Financial Inc. 3.93 8.48 (1.19)
JXSB Jacksonville Savings Bank, MHC 59.83 32.13 66.58
JXVL Jacksonville Bancorp Inc. 0.13 8.91 5.56
KFBI Klamath First Bancorp 6.38 16.35 12.96
KNK Kankakee Bancorp Inc. (9.43) (8.16) 1.35
KSAV KS Bancorp Inc. (0.34) 17.61 (1.63)
KSBK KSB Bancorp Inc. 16.78 8.68 (15.58)
KYF Kentucky First Bancorp Inc. 4.78 9.98 0.40
LARK Landmark Bancshares Inc. 3.28 17.01 19.15
LARL Laurel Capital Group Inc. 12.06 (2.69) 2.32
LFBI Little Falls Bancorp Inc. (0.18) 16.77 (1.34)
LFED Leeds Federal Savings Bk, MHC 5.16 25.81 2.84
LIFB Life Bancorp Inc. (3.35) 10.63 3.49
LISB Long Island Bancorp Inc. 3.82 15.33 0.66
LOGN Logansport Financial Corp. 8.39 0.66 13.89
LONF London Financial Corporation 6.69 15.67 7.14
LSBI LSB Financial Corp. 7.41 5.46 32.43
LSBX Lawrence Savings Bank 4.95 5.91 10.76
LVSB Lakeview Financial 8.35 NA 13.52
LXMO Lexington B&L Financial Corp. (12.34) (6.41) 0.21
MAFB MAF Bancorp Inc. 0.76 7.67 5.10
MARN Marion Capital Holdings (3.16) 1.62 (8.95)
MASB MASSBANK Corp. 5.80 3.12 3.36
MBB MSB Bancorp Inc. (4.99) 5.52 (2.77)
MBBC Monterey Bay Bancorp Inc. (3.18) 2.02 (1.08)
MBLF MBLA Financial Corp. 1.69 14.13 27.48
MBSP Mitchell Bancorp Inc. (3.61) 9.07 (4.29)
MCBN Mid-Coast Bancorp Inc. 13.45 19.25 (1.97)
MCBS Mid Continent Bancshares Inc. 17.60 13.46 15.32
MDBK Medford Savings Bank 5.77 1.76 3.37
MECH Mechanics Savings Bank 22.41 17.12 (9.81)
MERI Meritrust Federal SB 3.53 9.07 2.04
METF Metropolitan Financial Corp. 19.75 17.10 23.69
MFBC MFB Corp. 18.48 20.53 4.32
MFCX Marshalltown Financial Corp. 3.76 8.32 1.46
MFFC Milton Federal Financial Corp. 6.95 14.33 11.92
MFLR Mayflower Co-operative Bank 14.08 3.16 7.08
MFSL Maryland Federal Bancorp (0.45) 1.44 (6.57)
MGNL Magna Bancorp Inc. 12.26 (1.45) 4.54
MIFC Mid-Iowa Financial Corp. 22.23 14.58 34.55
MIVI Mississippi View Holding Co. (3.26) 1.41 (2.83)
MLBC ML Bancorp Inc. 18.08 9.34 18.97
MRKF Market Financial Corporation 92.84 29.88 (14.01)
MSBF MSB Financial Inc. 54.64 19.96 0.56
MSBK Mutual Savings Bank FSB (1.29) 21.43 (2.73)
MWBI Midwest Bancshares Inc. 7.57 6.79 9.91
MWBX MetroWest Bank 24.76 34.30 15.74
MWFD Midwest Federal Financial 9.72 9.53 11.23
NASB North American Savings Bank (26.77) (25.88) 5.36
NBN Northeast Bancorp 15.21 19.97 32.77
NBSI North Bancshares Inc. 8.64 3.90 (8.08)
NEIB Northeast Indiana Bancorp 7.86 12.15 29.61
NHTB New Hampshire Thrift Bncshrs 73.61 71.39 94.29
NASB NewMil Bancorp Inc. 6.61 13.19 7.67
NSBC NewSouth Bancorp, Inc. 112.14 50.52 125.85
NSLB NS&L Bancorp Inc. (2.09) 4.80 2.31
NSSB Norwich Financial Corp. 10.50 9.80 12.92
NSSY Norwalk Savings Society 18.85 12.91 (1.50)
NTMG Nutmeg Federal S&LA 1.49 2.87 (4.05)
NWEQ Northwest Equity Corp. (5.89) (3.06) (5.66)
NWSB Northwest Savings Bank, MHC 17.91 12.38 20.45
NYB New York Bancorp Inc. 6.79 8.88 2.00
OCFC Ocean Financial Corp. 25.76 11.42 4.68
OCWN Ocwen Financial Corporation 26.70 51.94 38.98
OFCP Ottawa Financial Corp. 5.01 3.89 8.66
OHSL OHSL Financial Corp. 26.23 13.35 9.81
PALM Palfed, Inc. (5.74) 6.21 8.38
PAMM PacificAmerica Money Center (9.03) 48.64 (36.33)
PBCI Pamrapo Bancorp Inc. 4.90 (4.20) 0.12
PBCT People's Bank, MHC (5.60) (13.48) 16.54
PBIX Patriot Bank Corp. 49.05 20.86 44.70
PBKB People's Bancshares Inc. 42.44 (16.04) (9.41)
PBNB People's Savings Financial Cp. (2.73) 5.47 2.00
PCBC Perry County Financial Corp. (3.45) 8.25 (1.59)
PCCI Pacific Crest Capital 50.86 8.99 28.66
PDB Piedmont Bancorp Inc. (21.00) 1.10 4.78
PEEK Peekskill Financial Corp. (10.54) 5.74 6.45
PERM Permanent Bancorp Inc. (8.24) 0.13 (0.64)
PERT Perpetual Bank, MHC 40.67 34.97 41.90
PETE Primary Bank 7.78 11.91 4.09
PFDC Peoples Bancorp 4.14 1.71 4.18
PFED Park Bancorp Inc. (0.48) (2.99) (1.62)
PFFB PFF Bancorp Inc. 1.77 3.88 6.64
PFFC Peoples Financial Corp. 1.99 18.09 2.94
PFNC Progress Financial Corporation 17.07 28.50 4.82
PFSB PennFed Financial Services Inc 12.76 28.02 5.66
PFSL Pocahontas FS&LA, MHC 0.19 8.91 33.03
PHBK Peoples Heritage Finl Group 4.42 1.46 (3.75)
PHFC Pittsburgh Home Financial Corp 33.48 29.76 5.02
PKPS Poughkeepsie Financial Corp. 1.14 6.40 5.48
PLE Pinnacle Bancshares Inc. 8.39 16.52 9.00
PLSK Pulaski Savings Bank, MHC 79.09 NA 3.73
PMFI Perpetual Midwest Financial 9.52 (3.79) 8.77
POBS Portsmouth Bank Shares (12.79) (10.96) (8.11)
PRBC Prestige Bancorp Inc. 42.54 31.44 16.49
PROV Provident Financial Holdings 11.85 11.49 12.98
PSBK Progressive Bank Inc. 1.14 1.42 0.35
PSFC Peoples-Sidney Financial Corp. 6.23 4.89 0.75
PSFI PS Financial Inc. (0.08) (3.71) (3.18)
PTRS Potters Financial Corp. 9.63 29.27 2.82
PULB Pulaski Bank, Savings Bk, MHC 3.15 7.20 2.68
PULS Pulse Bancorp 4.90 (9.95) 8.25
PVFC PVF Capital Corp. 9.98 11.72 (6.62)
PVSA Parkvale Financial Corporation 11.55 31.60 12.22
PWBC PennFirst Bancorp Inc. 4.29 5.84 4.37
PWBK Pennwood Bancorp Inc. 10.47 15.91 16.01
QCBC Quaker City Bancorp Inc. 8.57 (0.13) 18.63
QCFB QCF Bancorp Inc. 7.39 NA 8.18
QCSB Queens County Bancorp Inc. 4.31 9.11 (0.52)
RARB Raritan Bancorp Inc. (0.27) 19.91 (0.85)
RCSB RCSB Financial Inc. 1.80 (0.46) (0.05)
REDF RedFed Bancorp Inc. 11.86 21.16 3.96
RELI Reliance Bancshares Inc. 20.01 33.61 2.63
RELY Reliance Bancorp Inc. 10.35 10.52 9.59
RFED Roosevelt Financial Group (14.78) (1.03) (3.02)
RIVR River Valley Bancorp (19.83) (0.94) (22.27)
ROSE TR Financial Corp. 17.76 12.30 10.22
RSLN Roslyn Bancorp Inc. (84.97) 96.33 (47.40)
RVSB Riverview Savings Bank, MHC (0.16) 10.37 4.01
SBCN Suburban Bancorporation Inc. 5.84 9.92 13.90
SBFL SB of the Finger Lakes, MHC 24.73 14.70 12.22
SBOS Boston Bancorp (The) (36.27) (23.33) 3.59
SCBS Southern Community Bancshares (11.34) 0.97 (11.58)
SCCB S. Carolina Community Bancshrs 4.29 3.05 6.45
SECP Security Capital Corporation (1.20) 3.71 5.36
SFED SFS Bancorp Inc. 9.59 0.35 10.69
SFFC StateFed Financial Corporation 11.95 (2.25) 20.29
SFIN Statewide Financial Corp. 26.00 2.67 1.42
SFNB Security First Network Bank (107.40) (308.28) (145.86)
SFSB SuburbFed Financial Corp. 3.67 12.85 21.18
SFSL Security First Corp. 6.71 12.32 (0.86)
SGVB SGV Bancorp Inc. 32.40 4.88 53.93
SHEN First Shenango Bancorp Inc. (4.80) (2.92) 2.52
SISB SIS Bancorp Inc. 16.35 4.18 15.41
SJSB SJS Bancorp 6.34 6.13 8.71
SKAN Skaneateles Bancorp Inc. (1.25) 1.12 0.72
SKBO First Carnegie Deposit, MHC NA NA NA
SMBC Southern Missouri Bancorp Inc. 15.12 12.75 18.77
SMFC Sho-Me Financial Corp. 8.72 15.20 20.62
SOBI Sobieski Bancorp Inc. 0.52 16.92 0.07
SOPN First Savings Bancorp Inc. 7.87 5.41 11.46
SOSA Somerset Savings Bank 3.72 (0.26) 3.78
SPBC St. Paul Bancorp Inc. 11.72 19.33 6.97
SRN Southern Banc Company Inc. (1.01) NA (2.00)
SSB Scotland Bancorp Inc 5.04 10.83 6.78
SSFC South Street Financial Corp. 17.97 (0.88) 0.89
SSM Stone Street Bancorp Inc. (1.19) 10.06 (1.72)
STFR St. Francis Capital Corp. 48.15 37.00 55.55
STND Standard Financial Inc. 13.91 7.19 13.61
STSA Sterling Financial Corp. 5.43 14.39 14.77
SVRN Sovereign Bancorp Inc. 36.19 26.10 54.16
SWBI Southwest Bancshares (11.31) 7.51 (3.34)
SWCB Sandwich Co-operative Bank 9.20 18.89 (3.52)
SZB SouthFirst Bancshares Inc. (0.86) 4.35 (5.43)
TBK Tolland Bank 8.66 (0.92) 6.08
THR Three Rivers Financial Corp. 8.49 7.37 (2.48)
THRD TF Financial Corporation (2.15) 10.92 (6.97)
TPNZ Tappan Zee Financial Inc. 17.53 (6.57) 19.93
TRIC Tri-County Bancorp Inc. 0.41 0.77 3.11
TSBS Trenton SB, MHC 16.86 0.39 (5.22)
TSH Teche Holding Co. 4.78 4.34 12.46
TWIN Twin City Bancorp (2.95) (6.86) (0.97)
UBMT United Financial Corp. 14.97 4.96 (8.47)
UFRM United Federal Savings Bank 14.39 17.64 9.82
VABF Virginia Beach Fed. Financial 0.81 7.66 (11.31)
VFFC Virginia First Financial Corp. 4.34 6.36 10.44
WAMU Washington Mutual Inc. 13.46 24.81 3.63
WAYN Wayne Savings & Loan Co. MHC (1.27) 0.86 (0.88)
WBST Webster Financial Corporation 170.11 138.84 123.82
WCBI Westco Bancorp (1.38) 5.23 (1.35)
WCFB Webster City Federal SB, MHC (2.78) (8.36) (7.07)
WEFC Wells Financial Corp. 1.11 1.85 (1.13)
WEHO Westwood Homestead Fin. Corp. 33.36 47.02 (0.02)
WES Westcorp 8.48 21.99 7.48
WFCO Winton Financial Corp. 20.41 23.56 14.67
WFSG Wilshire Financial Services 182.66 331.67 (30.80)
WFSL Washington Federal Inc. (5.47) 0.77 8.38
WHGB WHG Bancshares Corp. 10.83 0.87 (0.07)
WOFC Western Ohio Financial Corp. 7.43 12.60 8.97
WRNB Warren Bancorp Inc. 2.58 (2.71) 2.39
WSB Washington Savings Bank, FSB 2.48 6.04 5.09
WSFS WSFS Financial Corporation 35.50 13.10 6.97
WSTR WesterFed Financial Corp. 261.75 253.22 338.02
WVFC WVS Financial Corporation 5.76 2.66 0.12
WWFC Westwood Financial Corporation 10.98 1.93 12.20
WYNE Wayne Bancorp Inc. 2.22 20.99 4.37
YFCB Yonkers Financial Corporation 34.00 14.93 7.34
YFED York Financial Corp. (0.92) (6.39) 14.77
Average 11.94 13.04 11.61
Comparable
Thrift
Data
JOAC Joachim Bancorp Inc. 6.22 (4.27) 12.65
HBBI Home Building Bancorp 20.11 (2.40) 27.10
CSBF CSB Financial Group Inc. 3.95 (4.04) 4.52
MCBN Mid-Coast Bancorp Inc. 13.45 19.25 (1.97)
NSLB NS&L Bancorp Inc. (2.09) 4.80 2.31
CKFB CKF Bancorp Inc. 1.30 6.40 0.20
ALBC Albion Banc Corp. 10.72 1.25 14.96
MIVI Mississippi View Holding Co. (3.26) 1.41 (2.83)
ATSB AmTrust Capital Corp. (6.58) (2.97) 10.48
SCCB S. Carolina Community Bancshrs 4.29 3.05 6.45
Average 4.81 2.25 7.39
Maximum 20.11 19.25 27.10
Minimum (6.58) (4.27) (2.83)
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- -------------------------------------------------- -------- --------- ----- ----- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
%CAL...... California Federal Bank, a FSB NA NA NA NA NA NA
%CCMD..... Chevy Chase Bank, FSB NA NA NA NA NA NA
AABC...... Access Anytime Bancorp, Inc. 6.86 6.13 6.25 5.25 6.34 6.34
AADV...... Advantage Bancorp Inc. 124.42 40.25 41.25 31.75 27.93 25.87
ABBK...... Abington Bancorp Inc. 46.87 21.00 22.75 19.00 17.86 15.99
ABCL...... Alliance Bancorp Inc. 158.54 29.00 31.25 24.75 22.93 22.63
ABCW...... Anchor BanCorp Wisconsin 198.14 44.25 47.00 35.50 25.73 25.22
AFBC...... Advance Financial Bancorp 15.12 14.00 14.50 12.75 14.75 14.75
AFCB...... Affiliated Community Bancorp 158.38 19.00 21.90 17.30 16.23 16.13
AFED...... AFSALA Bancorp Inc. 20.18 13.50 14.25 12.00 15.66 15.62
AFFFZ..... America First Financial Fund 228.40 31.13 34.50 28.75 28.43 28.03
AHCI...... Ambanc Holding Co. Inc. 64.78 13.38 14.38 11.38 13.85 13.85
AHM....... Ahmanson & Company (H.F.) 4,463.93 36.38 44.88 32.00 19.05 16.08
ALBC...... Albion Banc Corp. 6.05 18.50 19.00 16.50 23.62 23.62
ALBK...... ALBANK Financial Corporation 472.27 36.38 37.50 30.50 25.10 21.77
AMFB...... American Federal Bank FSB 343.94 27.00 29.75 18.88 10.64 9.92
AMFC...... AMB Financial Corp. 13.73 13.81 14.25 12.75 14.29 14.29
ANA....... Acadiana Bancshares Inc. 53.94 18.75 19.25 14.88 16.70 16.70
ANBK...... American National Bancorp 54.20 14.38 14.75 12.63 13.08 13.08
ANDB...... Andover Bancorp Inc. 151.88 26.63 29.50 25.00 18.96 18.96
ASBI...... Ameriana Bancorp 50.22 15.50 16.38 15.50 13.38 13.37
ASBP...... ASB Financial Corp. 21.09 11.50 13.00 11.50 10.62 10.62
ASFC...... Astoria Financial Corporation 898.84 36.00 43.13 36.00 27.51 22.89
ATSB...... AmTrust Capital Corp. 6.71 12.13 12.25 10.00 13.72 13.57
AVND...... Avondale Financial Corp. 46.71 17.00 18.50 16.00 14.88 14.88
BANC...... BankAtlantic Bancorp Inc. 325.56 12.63 13.70 10.40 8.23 6.70
BDJI...... First Federal Bancorporation 13.31 18.50 19.25 17.50 17.18 17.18
BFD....... BostonFed Bancorp Inc. 100.99 15.13 17.13 14.38 15.02 14.50
BFFC...... Big Foot Financial Corp. 39.26 13.75 14.25 12.31 14.28 14.28
BFSB...... Bedford Bancshares Inc. 23.06 19.25 20.00 17.50 17.43 17.43
BKC....... American Bank of Connecticut 81.43 31.00 32.88 27.38 20.39 19.49
BKCO...... Bankers Corp. 315.99 24.88 25.50 20.38 15.98 15.72
BKCT...... Bancorp Connecticut Inc. 65.82 23.25 24.13 21.50 16.81 16.81
BKUNA..... BankUnited Financial Corp. 82.44 10.50 11.25 9.25 7.33 5.89
BNKU...... Bank United Corp. 1,109.80 29.50 33.00 24.25 18.01 17.61
BPLS...... Bank Plus Corp. 191.60 10.38 13.75 10.38 8.88 8.86
BSBC...... Branford Savings Bank 27.06 3.81 4.25 3.73 2.58 2.58
BTHL...... Bethel Bancorp 15.15 13.25 13.25 11.00 13.71 11.51
BVCC...... Bay View Capital Corp. 329.12 25.50 28.63 20.63 14.82 14.09
BWFC...... Bank West Financial Corp. 23.63 11.50 12.13 10.50 12.62 12.62
BYFC...... Broadway Financial Corp. 9.60 10.75 11.25 9.25 14.27 14.27
CAFI...... Camco Financial Corp. 56.64 18.00 18.75 14.75 14.96 13.76
CAPS...... Capital Savings Bancorp Inc. 32.63 13.75 14.75 12.75 10.89 10.89
CASB...... Cascade Financial Corp. 39.03 17.00 17.50 15.50 10.59 10.59
CASH...... First Midwest Financial Inc. 45.24 17.38 17.50 15.25 15.18 13.43
CATB...... Catskill Financial Corp. 79.91 16.38 16.50 13.75 14.70 14.70
CBCI...... Calumet Bancorp Inc. 80.34 35.63 37.00 32.50 35.23 35.23
CBCO...... CB Bancorp Inc. 39.52 23.75 25.50 20.00 17.21 17.21
CBES...... CBES Bancorp Inc. 17.30 16.81 17.50 14.00 17.08 17.08
CBK....... Citizens First Financial Corp. 43.38 15.25 15.75 13.88 15.91 15.91
CBNH...... Community Bankshares Inc. 92.75 33.00 33.88 20.25 16.80 16.80
CBSA...... Coastal Bancorp Inc. 137.88 25.75 28.25 22.38 19.35 16.34
CBSB...... Charter Financial Inc. 71.74 16.75 17.25 12.50 13.22 11.60
CCFH...... CCF Holding Company 12.98 16.25 16.38 14.75 14.38 14.38
CEBK...... Central Co-operative Bank 34.14 17.50 18.50 14.75 16.94 15.03
CENB...... Century Bancorp Inc. 28.11 69.50 71.00 62.00 73.45 73.45
CENF...... CENFED Financial Corp. 179.30 30.23 31.82 25.91 20.05 20.01
CFB....... Commercial Federal Corporation 772.46 33.75 39.00 31.13 18.99 16.90
CFCP...... Coastal Financial Corp. 106.06 16.50 19.13 14.44 6.37 6.37
CFFC...... Community Financial Corp. 28.63 20.75 22.50 20.50 18.04 18.04
CFHC...... California Financial Holding 140.59 29.00 29.25 28.75 19.22 19.14
CFNC...... Carolina Fincorp Inc. 26.85 14.50 15.25 13.31 13.91 13.91
CFSB...... CFSB Bancorp Inc. 122.07 19.32 20.00 17.27 12.32 12.32
CFTP...... Community Federal Bancorp 74.94 17.88 20.00 16.75 16.13 16.13
CFX....... CFX Corporation 238.16 16.88 18.50 15.13 10.25 9.55
CIBI...... Community Investors Bancorp 12.18 17.25 18.25 15.50 17.73 17.73
CKFB...... CKF Bancorp Inc. 17.85 18.00 20.25 17.50 16.59 16.59
CLAS...... Classic Bancshares Inc. 19.18 11.63 12.13 11.25 14.48 12.17
CMRN...... Cameron Financial Corp 44.40 16.00 17.00 15.50 16.92 16.92
CMSB...... Commonwealth Bancorp Inc. 264.96 15.13 16.00 14.63 12.50 9.60
CMSV...... Community Savings, MHC 107.02 19.63 20.50 18.50 15.57 15.57
CNBA...... Chester Bancorp Inc. 33.28 14.50 15.38 13.13 14.50 14.50
CNIT...... CENIT Bancorp Inc. 73.85 43.75 46.00 40.00 30.58 27.97
CNSB...... CNS Bancorp Inc. 26.45 15.75 17.50 15.00 14.73 14.73
CNY....... Carver Bancorp Inc. 24.30 9.63 10.38 8.38 14.76 14.13
COFD...... Collective Bancorp Inc. 911.16 38.63 42.63 34.00 18.89 17.09
COFI...... Charter One Financial 2,259.01 43.88 49.50 41.13 20.53 19.10
CONE...... Conestoga Bancorp, Inc. NA 20.63 20.78 20.13 17.58 17.58
COOP...... Cooperative Bankshares Inc. 31.33 21.00 21.50 20.00 17.49 17.49
COVB...... CoVest Bancshares Inc. 54.32 17.75 18.25 16.75 16.36 15.59
CRZY...... Crazy Woman Creek Bancorp 13.19 13.75 14.25 11.88 14.42 14.42
CSA....... Coast Savings Financial 850.61 39.63 48.75 35.88 23.45 23.13
CSBF...... CSB Financial Group Inc. 11.77 11.38 11.38 10.00 12.78 12.05
CTZN...... CitFed Bancorp Inc. 320.84 35.13 37.25 31.50 21.59 19.23
CVAL...... Chester Valley Bancorp Inc. 40.56 17.25 17.50 14.80 12.72 12.72
CZF....... CitiSave Financial Corp 19.24 19.50 19.63 13.63 12.95 12.95
DCBI...... Delphos Citizens Bancorp Inc. 28.93 13.25 14.50 12.00 14.89 14.89
DFIN...... Damen Financial Corp. 46.27 14.38 14.75 12.63 14.12 14.12
DIBK...... Dime Financial Corp. 121.34 18.00 21.25 17.25 12.41 11.96
DIME...... Dime Community Bancorp Inc. 234.63 18.75 19.63 14.50 14.53 12.47
DME....... Dime Bancorp Inc. 1,828.88 15.38 17.88 14.63 10.01 9.92
DNFC...... D & N Financial Corp. 149.68 18.13 18.50 16.38 10.56 10.44
DSL....... Downey Financial Corp. 581.46 19.29 22.50 18.10 14.98 14.76
EBCP...... Eastern Bancorp 96.46 24.75 26.00 22.75 17.86 16.95
EBSI...... Eagle Bancshares 73.97 15.50 16.00 13.63 12.74 12.74
EFBC...... Empire Federal Bancorp Inc. 34.83 12.75 14.44 12.75 15.35 15.35
EFBI...... Enterprise Federal Bancorp 37.70 15.88 16.50 14.13 15.74 15.72
EGFC...... Eagle Financial Corp. 136.26 28.25 30.75 28.25 22.91 17.25
EGLB...... Eagle BancGroup Inc. 19.65 15.75 16.25 14.50 16.28 16.28
EIRE...... Emerald Isle Bancorp Inc. 40.80 18.63 20.50 15.45 12.83 12.83
EMLD...... Emerald Financial Corp. 70.86 11.50 12.25 10.63 8.73 8.58
EQSB...... Equitable Federal Savings Bank 21.83 33.25 34.50 28.50 24.91 24.91
ESBK...... Elmira Savings Bank (The) 14.66 21.00 21.00 16.75 20.20 19.34
ESX....... Essex Bancorp Inc. 1.19 1.63 2.19 1.00 0.12 (0.08)
ETFS...... East Texas Financial Services 17.69 17.75 18.75 16.88 19.69 19.69
FAB....... FirstFed America Bancorp Inc. 128.98 13.63 15.25 13.63 14.03 14.03
FBBC...... First Bell Bancorp Inc. 99.92 16.00 16.38 13.25 10.63 10.63
FBCI...... Fidelity Bancorp Inc. 52.35 20.00 20.88 16.88 17.74 17.69
FBCV...... 1ST Bancorp 21.45 31.00 32.00 28.50 31.19 30.50
FBER...... 1st Bergen Bancorp 41.08 14.00 15.13 11.38 13.76 13.76
FBHC...... Fort Bend Holding Corp. 21.79 24.75 24.75 22.00 22.41 20.77
FBSI...... First Bancshares Inc. 23.00 19.50 20.75 16.50 19.80 19.77
FCB....... Falmouth Co-Operative Bank 23.09 14.25 15.63 13.13 15.17 15.17
FCBF...... FCB Financial Corp. 60.98 18.50 19.50 17.25 19.11 19.11
FCIT...... First Citizens Financial Corp. 85.37 26.19 28.63 18.25 14.39 14.39
FCME...... First Coastal Corporation 12.48 9.25 10.13 7.25 9.89 9.89
FDEF...... First Defiance Financial 131.93 13.75 14.06 11.81 12.41 12.41
FED....... FirstFed Financial Corp. 314.17 23.50 28.00 21.50 18.48 18.24
FESX...... First Essex Bancorp Inc. 122.55 14.75 16.75 13.38 11.20 9.65
FFBA...... First Colorado Bancorp Inc. 293.97 16.75 18.88 16.50 11.60 11.44
FFBH...... First Federal Bancshares of AR 94.86 18.50 20.38 15.88 16.79 16.79
FFBI...... First Financial Bancorp Inc. 6.65 16.50 16.50 15.50 17.50 17.50
FFBS...... FFBS BanCorp Inc. 35.82 22.25 23.13 22.00 17.01 17.01
FFBZ...... First Federal Bancorp Inc. 27.51 18.50 18.50 16.00 8.38 8.37
FFCH...... First Financial Holdings Inc. 183.56 24.50 28.25 22.25 15.57 15.57
FFDB...... FirstFed Bancorp Incorporated 22.37 12.50 13.25 12.50 14.33 13.09
FFDF...... FFD Financial Corp. 19.46 14.00 14.00 13.00 14.51 14.51
FFED...... Fidelity Federal Bancorp 22.39 9.00 10.00 8.75 5.17 5.17
FFES...... First Federal of East Hartford 70.48 25.50 28.50 22.88 23.00 23.00
FFFC...... FFVA Financial Corp. 116.40 21.00 25.00 20.00 16.99 16.61
FFFD...... North Central Bancshares Inc. 51.66 15.88 16.63 13.38 14.59 14.59
FFFG...... F.F.O. Financial Group Inc. 36.95 4.06 4.25 3.38 2.46 2.46
FFFL...... Fidelity Bankshares Inc., MHC 126.86 20.00 20.00 17.56 12.08 11.98
FFHC...... First Financial Corp. 1,017.79 26.13 28.25 23.50 11.14 10.81
FFHH...... FSF Financial Corp. 50.91 17.25 18.25 14.75 15.87 15.87
FFHS...... First Franklin Corporation 24.16 18.50 18.75 16.00 16.93 16.81
FFIC...... Flushing Financial Corp. 152.65 17.88 19.94 17.38 16.06 16.06
FFKY...... First Federal Financial Corp. 79.05 20.00 21.00 17.75 12.16 11.42
FFLC...... FFLC Bancorp Inc. 62.55 25.00 27.50 20.50 22.16 22.16
FFOH...... Fidelity Financial of Ohio 83.21 13.00 13.75 11.50 12.03 10.57
FFPB...... First Palm Beach Bancorp Inc. 148.40 27.75 30.00 23.25 21.04 20.50
FFSL...... First Independence Corp. 11.22 12.00 12.25 10.25 11.41 11.41
FFSW...... FirstFederal Financial Svcs 160.60 28.90 31.40 28.90 12.82 10.83
FFSX...... First Fed SB of Siouxland, MHC 65.02 22.33 22.33 18.83 13.32 13.20
FFWC...... FFW Corp. 18.12 26.75 26.75 21.50 22.75 22.75
FFWD...... Wood Bancorp Inc. 25.37 16.25 17.25 15.75 13.91 13.91
FFYF...... FFY Financial Corp. 109.81 25.50 25.63 25.00 19.50 19.50
FGHC...... First Georgia Holding Inc. 22.89 7.63 7.63 5.33 4.08 3.72
FIBC...... Financial Bancorp Inc. 30.06 16.63 18.50 15.00 14.99 14.91
FISB...... First Indiana Corporation 224.55 18.38 24.30 18.38 13.51 13.34
FKFS...... First Keystone Financial 27.63 21.75 22.50 19.00 18.12 18.12
FKKY...... Frankfort First Bancorp Inc. 40.62 10.63 11.38 9.75 9.93 9.93
FLAG...... FLAG Financial Corp. 26.74 12.50 12.88 10.25 10.25 10.25
FLFC...... First Liberty Financial Corp. 164.15 21.25 22.50 18.25 11.87 10.62
FLGS...... Flagstar Bancorp Inc. 222.14 NA NA NA NA NA
FLKY...... First Lancaster Bancshares 14.38 15.50 16.00 14.50 14.44 14.44
FMBD...... First Mutual Bancorp Inc. 53.04 15.13 16.00 14.75 16.60 12.77
FMCO...... FMS Financial Corporation 56.08 19.50 20.75 18.38 14.59 14.29
FMSB...... First Mutual Savings Bank 46.55 17.61 18.64 15.91 10.55 10.55
FNGB...... First Northern Capital Corp. 89.49 19.00 19.75 16.25 16.09 16.09
FOBC...... Fed One Bancorp 48.53 18.00 19.50 15.75 17.07 16.26
FPRY...... First Financial Bancorp NA 20.75 21.13 20.25 17.07 17.07
FRC....... First Republic Bancorp 204.84 22.25 24.63 16.88 16.19 16.18
FSBI...... Fidelity Bancorp Inc. 30.85 20.11 21.71 16.82 14.82 14.82
FSFC...... First Southeast Financial Corp 46.08 10.13 11.50 9.38 7.80 7.80
FSLA...... First Savings Bank, MHC 183.00 21.00 23.50 18.25 13.00 11.52
FSNJ...... First Savings Bk of NJ, MHC 186.62 23.00 23.00 15.25 16.18 16.18
FSPG...... First Home Bancorp Inc. 52.14 17.88 19.00 13.88 12.36 12.14
FSSB...... First FS&LA of San Bernardino 2.98 9.75 10.50 9.00 13.68 13.18
FSTC...... First Citizens Corporation 40.03 25.25 26.75 22.63 15.18 11.94
FTF....... Texarkana First Financial Corp 32.38 16.50 17.13 14.88 14.70 14.70
FTFC...... First Federal Capital Corp. 184.04 28.00 29.50 23.75 15.97 14.97
FTNB...... Fulton Bancorp Inc. 33.96 17.88 18.50 14.75 14.47 14.47
FTSB...... Fort Thomas Financial Corp. 14.86 11.25 14.31 10.75 10.19 10.19
FWWB...... First SB of Washington Bancorp 232.52 18.38 19.00 16.56 15.11 13.88
GAF....... GA Financial Inc. 133.75 14.88 17.25 14.88 14.94 14.94
GBCI...... Glacier Bancorp Inc. 108.81 16.33 16.50 15.50 7.77 7.55
GDVS...... Greater Delaware Valley SB,MHC 40.91 13.00 14.00 10.13 8.37 8.37
GDW....... Golden West Financial 3,990.99 62.75 74.25 61.75 42.19 42.19
GFCO...... Glenway Financial Corp. 26.31 22.63 23.50 19.00 23.06 22.70
GFED...... Guaranty Federal SB, MHC 55.47 12.88 13.00 11.50 8.68 8.68
GFSB...... GFS Bancorp Inc. 13.71 11.50 11.50 10.13 10.33 10.33
GLBK...... Glendale Co-Operative Bank 6.61 20.00 21.00 17.00 24.46 24.46
GLN....... Glendale Federal Bank FSB 1,339.39 23.00 28.00 22.63 15.31 14.24
GPT....... GreenPoint Financial Corp. 2,930.50 51.50 63.38 45.63 34.57 19.81
GRTR...... Greater New York Savings Bank 268.42 17.25 17.88 13.38 11.48 11.48
GSBC...... Great Southern Bancorp Inc. 136.18 17.38 18.00 17.00 7.35 7.35
GSFC...... Green Street Financial Corp. 76.29 17.38 18.88 15.50 14.64 14.64
GSLA...... GS Financial Corp. 50.93 NA NA NA NA NA
GTFN...... Great Financial Corporation 468.61 30.88 34.75 29.13 19.83 18.97
GTPS...... Great American Bancorp 27.94 16.50 16.50 14.56 18.36 18.36
GUPB...... GFSB Bancorp Inc. 14.88 17.50 17.50 15.75 16.88 16.88
GWBC...... Gateway Bancorp Inc. 17.88 15.25 15.25 14.25 15.96 15.96
GWF....... Great Western Financial 6,981.62 40.50 48.63 28.75 17.55 15.54
HALL...... Hallmark Capital Corp. 29.22 18.00 19.38 17.00 19.82 19.82
HARB...... Harbor Federal Savings Bk, MHC 187.92 36.63 38.50 33.50 18.30 17.61
HARL...... Harleysville Savings Bank 36.33 20.50 23.00 15.20 12.82 12.82
HARS...... Harris Savings Bank, MHC 233.55 19.50 22.63 18.25 13.71 11.83
HAVN...... Haven Bancorp Inc. 147.31 32.13 36.00 27.88 23.13 23.04
HBBI...... Home Building Bancorp 6.54 21.00 21.00 18.50 19.88 19.88
HBEI...... Home Bancorp of Elgin Inc. 111.27 15.00 15.50 13.00 14.39 14.39
HBFW...... Home Bancorp 54.43 20.38 20.88 19.00 17.43 17.43
HBNK...... Highland Federal Bank FSB 49.78 23.25 24.00 17.50 15.70 15.70
HBS....... Haywood Bancshares Inc. 20.66 16.63 18.25 16.63 16.52 15.91
HCBB...... HCB Bancshares Inc. 34.39 NA NA NA NA NA
HCFC...... Home City Financial Corp. 12.85 13.50 14.25 12.00 16.05 16.05
HEMT...... HF Bancorp Inc. 84.81 12.75 14.00 11.00 12.87 10.53
HFFB...... Harrodsburg First Fin Bancorp 30.88 15.88 18.25 15.50 15.27 15.27
HFFC...... HF Financial Corp. 57.55 19.56 20.50 16.75 16.51 16.47
HFGI...... Harrington Financial Group 37.45 11.00 11.00 9.75 7.57 7.57
HFNC...... HFNC Financial Corp. 298.72 18.25 22.06 16.75 9.23 9.23
HFSA...... Hardin Bancorp Inc. 12.57 15.50 15.50 12.25 15.37 15.37
HHFC...... Harvest Home Financial Corp. 9.61 11.50 13.00 9.25 11.11 11.11
HIFS...... Hingham Instit. for Savings 24.77 18.50 19.25 18.25 15.09 15.09
HMCI...... HomeCorp Inc. 24.13 14.17 15.17 12.67 12.52 12.52
HMLK...... Hemlock Federal Financial Corp 26.99 NA NA NA NA NA
HMNF...... HMN Financial Inc. 90.03 20.05 23.75 18.00 18.71 18.71
HOMF...... Home Federal Bancorp 92.39 27.38 28.00 24.25 16.54 16.00
HPBC...... Home Port Bancorp Inc. 37.30 17.13 19.25 16.13 11.11 11.11
HRBF...... Harbor Federal Bancorp Inc. 31.58 16.25 18.25 15.38 16.09 16.09
HRZB...... Horizon Financial Corp. 114.68 13.48 14.57 11.52 10.61 10.61
HTHR...... Hawthorne Financial Corp. 28.92 10.25 11.75 7.75 12.37 12.37
HVFD...... Haverfield Corporation 49.57 22.75 23.00 17.75 15.04 15.04
HWEN...... Home Financial Bancorp 7.65 15.00 15.50 12.75 15.12 15.12
HZFS...... Horizon Financial Svcs Corp. 8.19 17.50 17.75 15.00 19.33 19.33
IBSF...... IBS Financial Corp. 177.57 14.78 15.76 13.26 11.45 11.45
IFSB...... Independence Federal Savings 11.52 7.50 9.75 7.50 13.39 11.74
IFSL...... Indiana Federal Corporation 128.07 26.13 27.25 22.44 15.03 14.12
INBI...... Industrial Bancorp 67.97 12.63 13.00 12.50 11.41 11.41
INCB...... Indiana Community Bank SB 14.98 16.50 19.00 15.75 12.27 12.27
IPSW...... Ipswich Savings Bank 19.45 14.75 16.38 11.88 8.59 8.59
ISBF...... ISB Financial Corporation 160.45 24.50 26.13 17.63 17.45 14.80
ITLA...... ITLA Capital Corp. 117.44 14.88 17.25 14.00 11.77 11.72
IWBK...... InterWest Bancorp Inc. 280.65 32.25 36.25 31.75 14.81 14.47
JOAC...... Joachim Bancorp Inc. 11.22 14.00 14.63 14.00 13.59 13.59
JSBA...... Jefferson Savings Bancorp 144.17 28.50 30.50 25.25 23.22 17.69
JSBF...... JSB Financial Inc. 442.76 42.50 43.00 36.00 34.52 34.52
JXSB...... Jacksonville Savings Bank, MHC 22.26 18.00 18.00 13.75 13.26 13.26
JXVL...... Jacksonville Bancorp Inc. 38.12 14.88 15.75 14.00 13.27 13.27
KFBI...... Klamath First Bancorp 188.66 17.63 18.63 15.00 15.39 15.39
KNK....... Kankakee Bancorp Inc. 41.18 27.25 27.88 23.38 25.74 24.10
KSAV...... KS Bancorp Inc. 14.59 20.50 21.50 19.75 21.00 20.99
KSBK...... KSB Bancorp Inc. 13.72 28.00 34.00 23.00 24.31 22.87
KYF....... Kentucky First Bancorp Inc. 14.59 11.50 11.88 10.88 10.86 10.86
LARK...... Landmark Bancshares Inc. 35.71 18.75 19.75 18.00 18.11 18.11
LARL...... Laurel Capital Group Inc. 30.28 21.00 21.75 16.50 14.51 14.51
LFBI...... Little Falls Bancorp Inc. 37.06 13.50 14.00 12.19 14.29 13.15
LFED...... Leeds Federal Savings Bk, MHC 62.19 18.00 19.00 15.50 13.21 13.21
LIFB...... Life Bancorp Inc. 224.64 16.75 21.00 16.75 15.42 14.95
LISB...... Long Island Bancorp Inc. 844.96 33.06 39.25 33.06 21.62 21.41
LOGN...... Logansport Financial Corp. 16.67 13.25 15.00 11.13 12.41 12.41
LONF...... London Financial Corporation 7.73 17.50 17.50 14.13 14.63 14.63
LSBI...... LSB Financial Corp. 18.43 19.05 19.76 17.86 19.42 19.42
LSBX...... Lawrence Savings Bank 45.76 9.88 10.25 8.13 7.06 7.06
LVSB...... Lakeview Financial 67.92 27.63 33.50 27.63 19.91 15.92
LXMO...... Lexington B&L Financial Corp. 16.59 15.25 15.75 13.00 15.17 15.17
MAFB...... MAF Bancorp Inc. 430.20 39.00 41.75 33.38 24.46 21.24
MARN...... Marion Capital Holdings 41.14 22.00 22.00 19.25 21.99 21.99
MASB...... MASSBANK Corp. 114.24 41.00 42.50 37.50 33.49 33.49
MBB....... MSB Bancorp Inc. 52.49 16.75 20.50 16.75 19.72 8.47
MBBC...... Monterey Bay Bancorp Inc. 52.32 16.63 18.25 14.63 15.01 13.76
MBLF...... MBLA Financial Corp. 31.09 20.63 20.75 19.00 21.51 21.51
MBSP...... Mitchell Bancorp Inc. 16.21 16.00 16.00 14.00 15.17 15.17
MCBN...... Mid-Coast Bancorp Inc. 4.49 19.00 19.94 18.00 21.61 21.61
MCBS...... Mid Continent Bancshares Inc. 52.38 25.25 27.00 23.38 19.46 19.46
MDBK...... Medford Savings Bank 131.65 24.50 29.75 24.50 20.43 18.91
MECH...... Mechanics Savings Bank 99.19 16.75 19.00 15.50 14.50 14.50
MERI...... Meritrust Federal SB 29.81 35.50 36.00 31.50 23.34 23.34
METF...... Metropolitan Financial Corp. 51.12 11.00 11.25 10.75 8.73 7.83
MFBC...... MFB Corp. 33.17 19.75 19.75 16.63 19.59 19.59
MFCX...... Marshalltown Financial Corp. 21.17 15.13 15.25 14.25 14.06 14.06
MFFC...... Milton Federal Financial Corp. 31.71 13.63 14.75 13.63 12.22 12.22
MFLR...... Mayflower Co-operative Bank 14.47 16.75 19.75 16.00 13.21 12.98
MFSL...... Maryland Federal Bancorp 141.25 37.25 38.25 32.75 29.67 29.27
MGNL...... Magna Bancorp Inc. 323.23 18.25 20.25 17.00 9.61 9.30
MIFC...... Mid-Iowa Financial Corp. 14.67 8.00 8.50 6.38 6.71 6.70
MIVI...... Mississippi View Holding Co. 11.97 15.25 15.50 12.00 15.55 15.55
MLBC...... ML Bancorp Inc. 191.38 15.38 17.75 13.75 13.03 NA
MRKF...... Market Financial Corporation 17.87 12.63 12.94 12.63 14.59 14.59
MSBF...... MSB Financial Inc. 13.84 20.75 21.75 19.00 19.94 19.94
MSBK...... Mutual Savings Bank FSB 34.73 6.88 7.88 5.50 9.31 9.31
MWBI...... Midwest Bancshares Inc. 10.97 28.00 30.00 26.50 27.68 27.68
MWBX...... MetroWest Bank 76.69 5.25 5.38 4.81 2.92 2.92
MWFD...... Midwest Federal Financial 32.50 17.63 18.50 16.75 10.66 10.24
NASB...... North American Savings Bank 101.44 38.00 39.50 33.88 24.35 23.56
NBN....... Northeast Bancorp 18.33 13.75 14.25 13.25 13.49 11.66
NBSI...... North Bancshares Inc. 19.92 19.75 19.75 15.75 16.94 16.94
NEIB...... Northeast Indiana Bancorp 26.44 15.00 15.75 13.50 14.87 14.87
NHTB...... New Hampshire Thrift Bncshrs 31.13 12.38 12.75 11.75 11.46 9.71
NASB...... NewMil Bancorp Inc. 36.94 9.50 9.75 8.75 8.13 8.13
NSBC...... NewSouth Bancorp, Inc. 70.56 NA NA NA NA NA
NSLB...... NS&L Bancorp Inc. 11.67 16.38 16.75 13.63 16.36 16.36
NSSB...... Norwich Financial Corp. 114.77 18.75 23.25 18.00 14.27 12.80
NSSY...... Norwalk Savings Society 66.70 23.25 26.00 22.94 20.69 19.95
NTMG...... Nutmeg Federal S&LA 5.35 7.00 7.75 7.00 7.35 7.35
NWEQ...... Northwest Equity Corp. 12.37 14.13 14.50 11.88 14.19 14.19
NWSB...... Northwest Savings Bank, MHC 344.80 15.38 15.75 13.25 8.30 7.79
NYB....... New York Bancorp Inc. 539.08 29.00 33.50 24.88 9.81 9.81
OCFC...... Ocean Financial Corp. 279.32 27.69 32.25 25.50 27.30 27.30
OCWN...... Ocwen Financial Corporation 824.08 29.00 34.75 25.25 8.40 8.40
OFCP...... Ottawa Financial Corp. 107.64 20.88 20.88 16.88 15.07 12.06
OHSL...... OHSL Financial Corp. 28.69 23.75 23.75 21.00 21.00 21.00
PALM...... Palfed, Inc. 87.09 16.25 16.25 13.88 10.07 10.07
PAMM...... PacificAmerica Money Center 53.34 30.00 35.00 28.00 13.35 13.35
PBCI...... Pamrapo Bancorp Inc. 56.86 19.63 23.75 19.00 16.43 16.29
PBCT...... People's Bank, MHC 1,475.87 21.67 24.33 18.96 10.39 10.38
PBIX...... Patriot Bank Corp. 67.62 14.25 16.75 13.13 12.70 12.70
PBKB...... People's Bancshares Inc. 48.05 12.00 13.00 10.50 8.57 8.21
PBNB...... People's Savings Financial Cp. 66.50 32.00 32.88 27.50 24.14 22.61
PCBC...... Perry County Financial Corp. 15.77 19.75 20.25 17.00 18.06 18.06
PCCI...... Pacific Crest Capital 36.35 13.00 13.75 11.00 8.43 8.43
PDB....... Piedmont Bancorp Inc. 28.20 10.88 11.13 9.25 7.31 7.31
PEEK...... Peekskill Financial Corp. 44.84 13.88 15.25 13.50 14.58 14.58
PERM...... Permanent Bancorp Inc. 51.03 20.25 21.00 16.50 19.24 19.05
PERT...... Perpetual Bank, MHC 40.62 25.50 26.50 22.56 19.81 19.81
PETE...... Primary Bank 50.88 17.50 18.38 15.25 13.82 13.79
PFDC...... Peoples Bancorp 49.58 22.50 23.00 19.50 18.86 18.86
PFED...... Park Bancorp Inc. 35.86 15.25 16.13 13.00 15.87 15.87
PFFB...... PFF Bancorp Inc. 285.04 14.38 16.94 14.25 14.09 13.93
PFFC...... Peoples Financial Corp. 23.30 15.25 16.00 13.00 16.18 16.18
PFNC...... Progress Financial Corporation 34.33 8.75 9.13 8.25 5.52 4.84
PFSB...... PennFed Financial Services Inc 125.35 23.50 25.25 20.00 21.21 17.49
PFSL...... Pocahontas FS&LA, MHC 32.37 20.00 20.00 16.75 14.61 14.61
PHBK...... Peoples Heritage Finl Group 948.30 30.75 32.00 26.19 15.76 13.30
PHFC...... Pittsburgh Home Financial Corp 29.79 14.88 15.50 13.00 13.71 13.55
PKPS...... Poughkeepsie Financial Corp. 84.23 6.00 6.50 5.25 5.76 5.76
PLE....... Pinnacle Bancshares Inc. 19.24 21.63 22.63 17.38 17.34 16.78
PLSK...... Pulaski Savings Bank, MHC 26.91 NA NA NA NA NA
PMFI...... Perpetual Midwest Financial 36.72 19.75 20.25 18.75 17.71 17.71
POBS...... Portsmouth Bank Shares 94.69 15.00 16.00 13.48 11.25 11.25
PRBC...... Prestige Bancorp Inc. 14.52 16.00 16.13 13.00 16.11 16.11
PROV...... Provident Financial Holdings 81.84 15.13 17.19 13.75 17.06 17.06
PSBK...... Progressive Bank Inc. 105.18 25.25 25.25 22.75 19.17 16.98
PSFC...... Peoples-Sidney Financial Corp. 24.33 NA NA NA NA NA
PSFI...... PS Financial Inc. 30.55 13.13 14.25 11.75 14.88 14.88
PTRS...... Potters Financial Corp. 10.35 20.00 20.25 19.19 21.39 21.39
PULB...... Pulaski Bank, Savings Bk, MHC 37.95 19.25 20.00 14.50 11.04 11.04
PULS...... Pulse Bancorp 58.66 17.88 18.88 15.75 13.14 13.14
PVFC...... PVF Capital Corp. 41.82 16.75 18.00 15.00 10.77 10.77
PVSA...... Parkvale Financial Corporation 110.64 27.25 29.50 24.50 17.91 17.76
PWBC...... PennFirst Bancorp Inc. 54.75 13.75 14.50 13.50 12.77 11.65
PWBK...... Pennwood Bancorp Inc. 9.15 14.13 14.50 13.00 15.30 15.30
QCBC...... Quaker City Bancorp Inc. 75.95 15.60 16.40 14.20 14.56 14.54
QCFB...... QCF Bancorp Inc. 29.24 19.13 19.75 17.50 18.98 18.98
QCSB...... Queens County Bancorp Inc. 469.16 36.58 39.17 30.33 21.22 21.22
RARB...... Raritan Bancorp Inc. 48.50 25.00 25.50 23.25 18.80 18.46
RCSB...... RCSB Financial Inc. 632.46 33.63 34.75 27.88 21.36 20.82
REDF...... RedFed Bancorp Inc. 109.25 14.13 15.44 12.88 10.37 10.36
RELI...... Reliance Bancshares Inc. 19.60 7.25 7.75 6.63 8.89 NA
RELY...... Reliance Bancorp Inc. 223.47 23.63 25.31 18.63 17.56 12.31
RFED...... Roosevelt Financial Group 1,017.43 21.75 23.38 20.50 9.91 NA
RIVR...... River Valley Bancorp 17.26 13.75 15.50 13.25 14.37 14.15
ROSE...... TR Financial Corp. 383.22 18.19 18.44 16.56 12.77 12.77
RSLN...... Roslyn Bancorp Inc. 791.02 16.31 18.63 15.00 14.08 14.01
RVSB...... Riverview Savings Bank, MHC 48.33 18.00 21.00 15.23 10.36 9.40
SBCN...... Suburban Bancorporation Inc. 28.21 17.50 19.38 15.25 18.02 18.02
SBFL...... SB of the Finger Lakes, MHC 29.01 15.00 15.75 13.25 11.27 11.27
SBOS...... Boston Bancorp (The) NA 41.75 42.25 36.25 40.29 40.29
SCBS...... Southern Community Bancshares 15.64 13.56 14.00 13.00 13.54 13.54
SCCB...... S. Carolina Community Bancshrs 13.29 19.00 20.50 15.00 17.11 17.11
SECP...... Security Capital Corporation 854.72 86.00 88.00 70.00 59.17 59.17
SFED...... SFS Bancorp Inc. 20.39 16.25 18.00 14.75 17.26 17.26
SFFC...... StateFed Financial Corporation 14.79 18.50 19.00 16.50 19.00 19.00
SFIN...... Statewide Financial Corp. 80.84 14.75 17.50 14.13 13.21 13.18
SFNB...... Security First Network Bank 46.38 8.00 13.50 8.00 3.79 3.73
SFSB...... SuburbFed Financial Corp. 31.84 22.50 23.75 19.00 21.23 21.14
SFSL...... Security First Corp. 106.94 18.88 19.25 17.50 11.88 11.67
SGVB...... SGV Bancorp Inc. 31.03 12.75 13.88 11.13 12.41 12.19
SHEN...... First Shenango Bancorp Inc. 50.54 22.25 25.75 22.00 20.79 20.79
SISB...... SIS Bancorp Inc. 160.78 24.00 27.38 22.38 18.23 18.23
SJSB...... SJS Bancorp 24.32 25.75 25.75 24.75 17.66 17.66
SKAN...... Skaneateles Bancorp Inc. 18.09 19.13 20.00 16.00 17.41 16.84
SKBO...... First Carnegie Deposit, MHC 31.05 NA NA NA NA NA
SMBC...... Southern Missouri Bancorp Inc. 27.84 16.25 17.25 14.25 15.85 15.85
SMFC...... Sho-Me Financial Corp. 55.46 29.50 30.25 21.75 20.99 20.99
SOBI...... Sobieski Bancorp Inc. 11.20 14.75 15.00 13.75 17.52 17.52
SOPN...... First Savings Bancorp Inc. 85.95 19.63 20.25 17.88 18.04 18.04
SOSA...... Somerset Savings Bank 44.76 2.75 2.88 1.98 1.85 1.85
SPBC...... St. Paul Bancorp Inc. 746.60 27.38 28.75 22.80 17.16 17.11
SRN....... Southern Banc Company Inc. 17.99 14.38 14.63 13.13 14.42 14.27
SSB....... Scotland Bancorp Inc 30.13 15.50 16.75 14.25 13.74 13.74
SSFC...... South Street Financial Corp. 73.07 16.13 17.00 13.75 14.64 14.64
SSM....... Stone Street Bancorp Inc. 47.68 24.75 27.25 20.00 20.72 20.72
STFR...... St. Francis Capital Corp. 160.24 29.50 32.25 26.00 23.89 21.02
STND...... Standard Financial Inc. 392.95 22.88 23.63 19.38 16.74 16.72
STSA...... Sterling Financial Corp. 97.00 17.13 17.38 13.63 10.98 9.31
SVRN...... Sovereign Bancorp Inc. 947.13 12.00 14.00 10.94 6.60 4.84
SWBI...... Southwest Bancshares 55.42 19.25 20.50 18.00 15.19 15.19
SWCB...... Sandwich Co-operative Bank 58.61 28.00 34.00 28.00 20.55 19.59
SZB....... SouthFirst Bancshares Inc. 12.60 14.25 14.50 12.88 15.82 15.82
TBK....... Tolland Bank 21.84 14.25 16.13 11.63 13.63 13.21
THR....... Three Rivers Financial Corp. 12.35 14.38 15.25 13.75 15.23 15.17
THRD...... TF Financial Corporation 73.57 17.75 19.25 16.25 18.51 16.13
TPNZ...... Tappan Zee Financial Inc. 25.31 14.25 15.25 13.63 13.84 13.84
TRIC...... Tri-County Bancorp Inc. 12.33 18.50 18.75 18.00 21.63 21.63
TSBS...... Trenton SB, MHC 171.71 18.50 18.50 15.75 11.54 10.55
TSH....... Teche Holding Co. 66.17 16.38 16.38 14.38 15.23 15.23
TWIN...... Twin City Bancorp 15.79 19.00 19.00 17.50 15.82 15.82
UBMT...... United Financial Corp. 23.85 19.50 19.75 18.75 19.94 19.94
UFRM...... United Federal Savings Bank 34.11 9.63 9.63 8.00 6.70 6.70
VABF...... Virginia Beach Fed. Financial 64.64 10.38 11.31 9.38 8.29 8.29
VFFC...... Virginia First Financial Corp. 129.22 14.75 16.25 12.38 11.35 10.96
WAMU...... Washington Mutual Inc. 6,732.80 48.31 58.88 42.75 19.53 18.42
WAYN...... Wayne Savings & Loan Co. MHC 38.08 24.50 24.50 19.00 15.22 15.22
WBST...... Webster Financial Corporation 493.49 35.13 41.00 35.13 23.72 19.96
WCBI...... Westco Bancorp 60.82 22.00 23.00 20.00 18.89 18.89
WCFB...... Webster City Federal SB, MHC 29.40 14.25 14.63 12.75 10.45 10.45
WEFC...... Wells Financial Corp. 27.57 15.00 16.00 12.88 14.20 14.20
WEHO...... Westwood Homestead Fin. Corp. 38.21 13.63 14.50 12.00 14.15 14.15
WES....... Westcorp 455.24 14.50 22.88 14.50 12.29 12.26
WFCO...... Winton Financial Corp. 26.07 12.52 14.00 11.75 11.06 10.81
WFSG...... Wilshire Financial Services 115.44 14.50 18.00 14.50 8.48 8.48
WFSL...... Washington Federal Inc. 1,245.75 22.75 27.50 22.75 14.10 12.70
WHGB...... WHG Bancshares Corp. 20.84 14.25 14.63 13.13 14.00 14.00
WOFC...... Western Ohio Financial Corp. 49.29 21.50 22.50 21.00 23.21 21.88
WRNB...... Warren Bancorp Inc. 68.85 16.25 16.25 14.75 9.88 9.88
WSB....... Washington Savings Bank, FSB 20.57 5.25 5.25 4.38 5.06 5.06
WSFS...... WSFS Financial Corporation 159.75 11.50 12.13 10.50 6.05 5.99
WSTR...... WesterFed Financial Corp. 111.72 20.13 21.75 17.88 18.44 14.57
WVFC...... WVS Financial Corporation 43.24 25.75 26.50 24.00 20.50 20.50
WWFC...... Westwood Financial Corporation 11.61 20.00 20.00 15.75 15.42 13.67
WYNE...... Wayne Bancorp Inc. 41.51 16.25 18.00 14.88 16.57 16.57
YFCB...... Yonkers Financial Corporation 46.50 15.25 15.25 12.75 13.68 13.68
YFED...... York Financial Corp. 138.55 18.38 19.75 16.00 13.99 13.99
Average... 186.82 19.67 21.15 17.48 15.77 15.29
Comparable
Thrift
Data
JOAC...... Joachim Bancorp Inc. 11.22 14.000 14.625 14.000 13.59 13.59
HBBI...... Home Building Bancorp 6.54 21.000 21.000 18.500 19.88 19.88
CSBF...... CSB Financial Group Inc. 11.77 11.375 11.375 10.000 12.78 12.05
MCBN...... Mid-Coast Bancorp Inc. 4.49 19.000 19.938 18.000 21.61 21.61
NSLB...... NS&L Bancorp Inc. 11.67 16.375 16.750 13.625 16.36 16.36
CKFB...... CKF Bancorp Inc. 17.85 18.000 20.250 17.500 16.59 16.59
ALBC...... Albion Banc Corp. 6.05 18.500 19.000 16.500 23.62 23.62
MIVI...... Mississippi View Holding Co. 11.97 15.250 15.500 12.000 15.55 15.55
ATSB...... AmTrust Capital Corp. 6.71 12.125 12.250 10.000 13.72 13.57
SCCB...... S. Carolina Community Bancshrs 13.29 19.000 20.500 15.000 17.11 17.11
Average... 10.16 16.46 17.12 14.51 17.08 16.99
Maximum... 17.85 21.00 21.00 18.50 23.62 23.62
Minimum... 4.49 11.38 11.38 10.00 12.78 12.05
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
DIVIDENDS
-----------------------
<S> <C> <C> <C>
CURRENT LTM DIVIDEND
DIVIDEND PAYOUT
YIELD RATIO
TICKER SHORT NAME ($) (%)
- -------------------------------------------------- -------- ------------
%CAL...... California Federal Bank, a FSB NA NA
%CCMD..... Chevy Chase Bank, FSB NA NA
AABC...... Access Anytime Bancorp, Inc. -- --
AADV...... Advantage Bancorp Inc. 1.039 33.66
ABBK...... Abington Bancorp Inc. 1.616 21.16
ABCL...... Alliance Bancorp Inc. 2.185 10.00
ABCW...... Anchor BanCorp Wisconsin 1.295 16.84
AFBC...... Advance Financial Bancorp 2.296 NA
AFCB...... Affiliated Community Bancorp 1.959 30.00
AFED...... AFSALA Bancorp Inc. 1.153 NA
AFFFZ..... America First Financial Fund 4.211 35.32
AHCI...... Ambanc Holding Co. Inc. -- --
AHM....... Ahmanson & Company (H.F.) 1.983 69.84
ALBC...... Albion Banc Corp. 1.348 140.91
ALBK...... ALBANK Financial Corporation 1.624 27.41
AMFB...... American Federal Bank FSB 1.542 40.91
AMFC...... AMB Financial Corp. 1.684 NA
ANA....... Acadiana Bancshares Inc. 1.823 NA
ANBK...... American National Bancorp 0.800 23.68
ANDB...... Andover Bancorp Inc. 2.305 21.65
ASBI...... Ameriana Bancorp 3.871 80.56
ASBP...... ASB Financial Corp. 3.265 NA
ASFC...... Astoria Financial Corporation 1.418 25.29
ATSB...... AmTrust Capital Corp. 1.569 11.36
AVND...... Avondale Financial Corp. -- --
BANC...... BankAtlantic Bancorp Inc. 0.847 12.03
BDJI...... First Federal Bancorporation -- --
BFD....... BostonFed Bancorp Inc. 1.653 31.25
BFFC...... Big Foot Financial Corp. -- NA
BFSB...... Bedford Bancshares Inc. 2.576 38.02
BKC....... American Bank of Connecticut 4.071 51.18
BKCO...... Bankers Corp. 2.510 32.16
BKCT...... Bancorp Connecticut Inc. 3.417 42.08
BKUNA..... BankUnited Financial Corp. -- --
BNKU...... Bank United Corp. 1.594 NA
BPLS...... Bank Plus Corp. -- --
BSBC...... Branford Savings Bank 1.939 13.79
BTHL...... Bethel Bancorp 2.560 20.83
BVCC...... Bay View Capital Corp. 1.261 34.44
BWFC...... Bank West Financial Corp. 2.113 48.28
BYFC...... Broadway Financial Corp. 1.860 NA
CAFI...... Camco Financial Corp. 2.811 43.06
CAPS...... Capital Savings Bancorp Inc. 1.391 27.63
CASB...... Cascade Financial Corp. -- --
CASH...... First Midwest Financial Inc. 2.250 34.02
CATB...... Catskill Financial Corp. 1.778 NA
CBCI...... Calumet Bancorp Inc. -- --
CBCO...... CB Bancorp Inc. -- --
CBES...... CBES Bancorp Inc. 2.370 NA
CBK....... Citizens First Financial Corp. -- NA
CBNH...... Community Bankshares Inc. 1.701 30.10
CBSA...... Coastal Bancorp Inc. 1.730 27.40
CBSB...... Charter Financial Inc. 1.882 32.10
CCFH...... CCF Holding Company 3.175 318.18
CEBK...... Central Co-operative Bank 1.842 8.25
CENB...... Century Bancorp Inc. 2.899 NA
CENF...... CENFED Financial Corp. 1.051 17.57
CFB....... Commercial Federal Corporation 0.780 14.17
CFCP...... Coastal Financial Corp. 1.443 38.37
CFFC...... Community Financial Corp. 2.489 37.88
CFHC...... California Financial Holding 1.492 30.34
CFNC...... Carolina Fincorp Inc. 1.379 NA
CFSB...... CFSB Bancorp Inc. 2.297 41.25
CFTP...... Community Federal Bancorp 1.714 45.45
CFX....... CFX Corporation 4.822 57.32
CIBI...... Community Investors Bancorp 2.078 33.66
CKFB...... CKF Bancorp Inc. 2.286 165.52
CLAS...... Classic Bancshares Inc. 1.931 40.63
CMRN...... Cameron Financial Corp 1.672 35.00
CMSB...... Commonwealth Bancorp Inc. 1.806 NA
CMSV...... Community Savings, MHC 4.138 100.61
CNBA...... Chester Bancorp Inc. 1.574 NA
CNIT...... CENIT Bancorp Inc. 2.222 44.12
CNSB...... CNS Bancorp Inc. 1.250 NA
CNY....... Carver Bancorp Inc. -- --
COFD...... Collective Bancorp Inc. 2.244 40.82
COFI...... Charter One Financial 2.051 32.11
CONE...... Conestoga Bancorp, Inc. NA 28.17
COOP...... Cooperative Bankshares Inc. -- --
COVB...... CoVest Bancshares Inc. 2.222 133.33
CRZY...... Crazy Woman Creek Bancorp 3.048 67.31
CSA....... Coast Savings Financial -- --
CSBF...... CSB Financial Group Inc. -- --
CTZN...... CitFed Bancorp Inc. 0.859 15.29
CVAL...... Chester Valley Bancorp Inc. 2.228 39.07
CZF....... CitiSave Financial Corp 2.000 587.50
DCBI...... Delphos Citizens Bancorp Inc. -- NA
DFIN...... Damen Financial Corp. 1.684 51.06
DIBK...... Dime Financial Corp. 1.693 12.36
DIME...... Dime Community Bancorp Inc. 1.007 NA
DME....... Dime Bancorp Inc. -- --
DNFC...... D & N Financial Corp. -- --
DSL....... Downey Financial Corp. 1.471 36.72
EBCP...... Eastern Bancorp 2.462 68.29
EBSI...... Eagle Bancshares 3.692 67.44
EFBC...... Empire Federal Bancorp Inc. 2.232 NA
EFBI...... Enterprise Federal Bancorp 5.333 147.06
EGFC...... Eagle Financial Corp. 3.079 51.69
EGLB...... Eagle BancGroup Inc. -- NA
EIRE...... Emerald Isle Bancorp Inc. 1.534 17.62
EMLD...... Emerald Financial Corp. 1.714 39.47
EQSB...... Equitable Federal Savings Bank -- --
ESBK...... Elmira Savings Bank (The) 3.084 71.91
ESX....... Essex Bancorp Inc. -- --
ETFS...... East Texas Financial Services 1.159 51.28
FAB....... FirstFed America Bancorp Inc. -- NA
FBBC...... First Bell Bancorp Inc. 2.723 331.68
FBCI...... Fidelity Bancorp Inc. 1.707 29.89
FBCV...... 1ST Bancorp 1.301 42.37
FBER...... 1st Bergen Bancorp 0.881 NA
FBHC...... Fort Bend Holding Corp. 1.057 30.77
FBSI...... First Bancshares Inc. 0.994 16.95
FCB....... Falmouth Co-Operative Bank 1.260 19.23
FCBF...... FCB Financial Corp. 2.909 70.41
FCIT...... First Citizens Financial Corp. -- --
FCME...... First Coastal Corporation -- --
FDEF...... First Defiance Financial 2.286 69.77
FED....... FirstFed Financial Corp. -- --
FESX...... First Essex Bancorp Inc. 2.931 32.65
FFBA...... First Colorado Bancorp Inc. 2.254 44.30
FFBH...... First Federal Bancshares of AR 1.032 NA
FFBI...... First Financial Bancorp Inc. -- --
FFBS...... FFBS BanCorp Inc. 2.174 51.55
FFBZ...... First Federal Bancorp Inc. 1.371 29.11
FFCH...... First Financial Holdings Inc. 2.483 50.75
FFDB...... FirstFed Bancorp Incorporated 2.192 60.53
FFDF...... FFD Financial Corp. 2.243 NA
FFED...... Fidelity Federal Bancorp 4.444 466.67
FFES...... First Federal of East Hartford 2.264 39.22
FFFC...... FFVA Financial Corp. 1.864 36.21
FFFD...... North Central Bancshares Inc. 1.606 26.88
FFFG...... F.F.O. Financial Group Inc. -- --
FFFL...... Fidelity Bankshares Inc., MHC 4.267 153.06
FFHC...... First Financial Corp. 2.133 39.13
FFHH...... FSF Financial Corp. 3.008 68.49
FFHS...... First Franklin Corporation 1.561 123.08
FFIC...... Flushing Financial Corp. 1.272 13.79
FFKY...... First Federal Financial Corp. 2.737 45.79
FFLC...... FFLC Bancorp Inc. 1.794 44.68
FFOH...... Fidelity Financial of Ohio 1.882 48.89
FFPB...... First Palm Beach Bancorp Inc. 2.025 NA
FFSL...... First Independence Corp. 2.216 44.27
FFSW...... FirstFederal Financial Svcs 1.257 24.62
FFSX...... First Fed SB of Siouxland, MHC 2.087 68.39
FFWC...... FFW Corp. 2.769 30.77
FFWD...... Wood Bancorp Inc. 2.353 31.31
FFYF...... FFY Financial Corp. 2.667 56.52
FGHC...... First Georgia Holding Inc. 0.711 18.38
FIBC...... Financial Bancorp Inc. 2.286 40.63
FISB...... First Indiana Corporation 2.246 37.07
FKFS...... First Keystone Financial 0.889 7.52
FKKY...... Frankfort First Bancorp Inc. 3.000 NA
FLAG...... FLAG Financial Corp. 2.590 NA
FLFC...... First Liberty Financial Corp. 1.882 29.87
FLGS...... Flagstar Bancorp Inc. -- NA
FLKY...... First Lancaster Bancshares -- NA
FMBD...... First Mutual Bancorp Inc. 2.116 238.46
FMCO...... FMS Financial Corporation 0.851 14.71
FMSB...... First Mutual Savings Bank 1.159 12.73
FNGB...... First Northern Capital Corp. 3.160 78.21
FOBC...... Fed One Bancorp 2.829 61.29
FPRY...... First Financial Bancorp NA 39.66
FRC....... First Republic Bancorp -- --
FSBI...... Fidelity Bancorp Inc. 1.800 27.93
FSFC...... First Southeast Financial Corp 2.286 NA
FSLA...... First Savings Bank, MHC 1.901 54.81
FSNJ...... First Savings Bk of NJ, MHC 1.942 NA
FSPG...... First Home Bancorp Inc. 2.078 22.84
FSSB...... First FS&LA of San Bernardino -- --
FSTC...... First Citizens Corporation 1.778 16.86
FTF....... Texarkana First Financial Corp 2.535 261.36
FTFC...... First Federal Capital Corp. 2.380 39.75
FTNB...... Fulton Bancorp Inc. 1.013 NA
FTSB...... Fort Thomas Financial Corp. 2.381 NA
FWWB...... First SB of Washington Bancorp 1.273 23.26
GAF....... GA Financial Inc. 2.388 26.25
GBCI...... Glacier Bancorp Inc. 2.668 39.16
GDVS...... Greater Delaware Valley SB,MHC 2.880 NA
GDW....... Golden West Financial 0.631 6.37
GFCO...... Glenway Financial Corp. 2.957 70.62
GFED...... Guaranty Federal SB, MHC 2.254 113.33
GFSB...... GFS Bancorp Inc. 1.441 23.81
GLBK...... Glendale Co-Operative Bank -- --
GLN....... Glendale Federal Bank FSB -- --
GPT....... GreenPoint Financial Corp. 1.600 25.22
GRTR...... Greater New York Savings Bank 1.019 12.35
GSBC...... Great Southern Bancorp Inc. 2.388 36.90
GSFC...... Green Street Financial Corp. 2.254 NA
GSLA...... GS Financial Corp. -- NA
GTFN...... Great Financial Corporation 1.778 33.10
GTPS...... Great American Bancorp 2.520 250.00
GUPB...... GFSB Bancorp Inc. 2.162 111.94
GWBC...... Gateway Bancorp Inc. 2.406 76.92
GWF....... Great Western Financial 1.975 151.52
HALL...... Hallmark Capital Corp. -- --
HARB...... Harbor Federal Savings Bk, MHC 3.696 64.77
HARL...... Harleysville Savings Bank 1.818 27.19
HARS...... Harris Savings Bank, MHC 2.787 156.76
HAVN...... Haven Bancorp Inc. 1.765 27.15
HBBI...... Home Building Bancorp 1.429 96.77
HBEI...... Home Bancorp of Elgin Inc. 2.520 NA
HBFW...... Home Bancorp 0.964 28.17
HBNK...... Highland Federal Bank FSB -- --
HBS....... Haywood Bancshares Inc. 3.394 63.53
HCBB...... HCB Bancshares Inc. -- NA
HCFC...... Home City Financial Corp. 2.370 NA
HEMT...... HF Bancorp Inc. -- --
HFFB...... Harrodsburg First Fin Bancorp 2.623 94.83
HFFC...... HF Financial Corp. 1.870 32.94
HFGI...... Harrington Financial Group 1.043 --
HFNC...... HFNC Financial Corp. 1.612 961.11
HFSA...... Hardin Bancorp Inc. 2.735 78.43
HHFC...... Harvest Home Financial Corp. 3.810 NA
HIFS...... Hingham Instit. for Savings 2.105 27.17
HMCI...... HomeCorp Inc. -- --
HMLK...... Hemlock Federal Financial Corp -- NA
HMNF...... HMN Financial Inc. -- --
HOMF...... Home Federal Bancorp 1.835 19.40
HPBC...... Home Port Bancorp Inc. 3.951 44.38
HRBF...... Harbor Federal Bancorp Inc. 2.222 74.07
HRZB...... Horizon Financial Corp. 2.245 62.71
HTHR...... Hawthorne Financial Corp. -- --
HVFD...... Haverfield Corporation 2.154 61.93
HWEN...... Home Financial Bancorp 1.270 NA
HZFS...... Horizon Financial Svcs Corp. 1.662 41.56
IBSF...... IBS Financial Corp. 1.984 131.71
IFSB...... Independence Federal Savings 2.444 --
IFSL...... Indiana Federal Corporation 2.692 66.06
INBI...... Industrial Bancorp 3.821 61.11
INCB...... Indiana Community Bank SB 2.215 NA
IPSW...... Ipswich Savings Bank 1.221 13.70
ISBF...... ISB Financial Corporation 1.720 42.68
ITLA...... ITLA Capital Corp. -- --
IWBK...... InterWest Bancorp Inc. 1.600 30.51
JOAC...... Joachim Bancorp Inc. 3.390 200.00
JSBA...... Jefferson Savings Bancorp 1.379 43.04
JSBF...... JSB Financial Inc. 3.111 47.89
JXSB...... Jacksonville Savings Bank, MHC 2.286 125.00
JXVL...... Jacksonville Bancorp Inc. 3.333 NA
KFBI...... Klamath First Bancorp 1.584 48.28
KNK....... Kankakee Bancorp Inc. 1.655 29.37
KSAV...... KS Bancorp Inc. 2.727 93.75
KSBK...... KSB Bancorp Inc. 0.606 6.08
KYF....... Kentucky First Bancorp Inc. 4.520 648.15
LARK...... Landmark Bancshares Inc. 2.025 41.67
LARL...... Laurel Capital Group Inc. 2.095 28.47
LFBI...... Little Falls Bancorp Inc. 0.889 37.50
LFED...... Leeds Federal Savings Bk, MHC 4.222 107.81
LIFB...... Life Bancorp Inc. 2.104 44.00
LISB...... Long Island Bancorp Inc. 1.720 35.71
LOGN...... Logansport Financial Corp. 3.019 485.71
LONF...... London Financial Corporation 1.600 NA
LSBI...... LSB Financial Corp. 1.662 29.88
LSBX...... Lawrence Savings Bank -- --
LVSB...... Lakeview Financial 0.847 9.51
LXMO...... Lexington B&L Financial Corp. 1.967 NA
MAFB...... MAF Bancorp Inc. 1.018 14.89
MARN...... Marion Capital Holdings 3.911 65.04
MASB...... MASSBANK Corp. 2.541 27.48
MBB....... MSB Bancorp Inc. 3.243 181.82
MBBC...... Monterey Bay Bancorp Inc. 0.620 31.25
MBLF...... MBLA Financial Corp. 1.693 40.82
MBSP...... Mitchell Bancorp Inc. -- NA
MCBN...... Mid-Coast Bancorp Inc. 2.667 54.84
MCBS...... Mid Continent Bancshares Inc. 1.495 22.86
MDBK...... Medford Savings Bank 2.483 37.50
MECH...... Mechanics Savings Bank -- NA
MERI...... Meritrust Federal SB 1.818 38.24
METF...... Metropolitan Financial Corp. -- NA
MFBC...... MFB Corp. 1.673 32.35
MFCX...... Marshalltown Financial Corp. -- --
MFFC...... Milton Federal Financial Corp. 4.404 706.98
MFLR...... Mayflower Co-operative Bank 3.692 36.84
MFSL...... Maryland Federal Bancorp 1.818 34.50
MGNL...... Magna Bancorp Inc. 2.553 39.77
MIFC...... Mid-Iowa Financial Corp. 0.914 12.90
MIVI...... Mississippi View Holding Co. 1.094 41.38
MLBC...... ML Bancorp Inc. 2.177 31.15
MRKF...... Market Financial Corporation -- NA
MSBF...... MSB Financial Inc. 2.545 40.00
MSBK...... Mutual Savings Bank FSB -- --
MWBI...... Midwest Bancshares Inc. 1.905 32.56
MWBX...... MetroWest Bank 2.182 31.63
MWFD...... Midwest Federal Financial 1.700 26.05
NASB...... North American Savings Bank 1.778 17.42
NBN....... Northeast Bancorp 2.226 44.44
NBSI...... North Bancshares Inc. 2.494 82.35
NEIB...... Northeast Indiana Bancorp 2.133 33.70
NHTB...... New Hampshire Thrift Bncshrs 3.279 108.70
NASB...... NewMil Bancorp Inc. 2.526 37.29
NSBC...... NewSouth Bancorp, Inc. -- NA
NSLB...... NS&L Bancorp Inc. 3.030 113.64
NSSB...... Norwich Financial Corp. 2.635 43.08
NSSY...... Norwalk Savings Society 1.441 8.20
NTMG...... Nutmeg Federal S&LA -- 30.00
NWEQ...... Northwest Equity Corp. 3.254 47.62
NWSB...... Northwest Savings Bank, MHC 2.169 55.26
NYB....... New York Bancorp Inc. 1.805 25.18
OCFC...... Ocean Financial Corp. 2.570 NA
OCWN...... Ocwen Financial Corporation -- NA
OFCP...... Ottawa Financial Corp. 1.829 50.00
OHSL...... OHSL Financial Corp. 3.705 76.70
PALM...... Palfed, Inc. 0.727 150.00
PAMM...... PacificAmerica Money Center -- NA
PBCI...... Pamrapo Bancorp Inc. 5.000 95.36
PBCT...... People's Bank, MHC 2.757 42.42
PBIX...... Patriot Bank Corp. 2.188 53.69
PBKB...... People's Bancshares Inc. 3.290 25.83
PBNB...... People's Savings Financial Cp. 2.638 43.19
PCBC...... Perry County Financial Corp. 2.051 50.00
PCCI...... Pacific Crest Capital -- --
PDB....... Piedmont Bancorp Inc. 3.902 NA
PEEK...... Peekskill Financial Corp. 2.571 63.16
PERM...... Permanent Bancorp Inc. 1.224 56.82
PERT...... Perpetual Bank, MHC 5.185 106.19
PETE...... Primary Bank -- --
PFDC...... Peoples Bancorp 2.759 44.03
PFED...... Park Bancorp Inc. -- NA
PFFB...... PFF Bancorp Inc. -- --
PFFC...... Peoples Financial Corp. 3.200 NA
PFNC...... Progress Financial Corporation 0.889 14.63
PFSB...... PennFed Financial Services Inc 1.077 10.29
PFSL...... Pocahontas FS&LA, MHC 4.528 65.50
PHBK...... Peoples Heritage Finl Group 2.118 31.51
PHFC...... Pittsburgh Home Financial Corp 1.587 NA
PKPS...... Poughkeepsie Financial Corp. 1.495 76.92
PLE....... Pinnacle Bancshares Inc. 3.699 58.73
PLSK...... Pulaski Savings Bank, MHC 2.308 NA
PMFI...... Perpetual Midwest Financial 1.558 200.00
POBS...... Portsmouth Bank Shares 3.721 82.52
PRBC...... Prestige Bancorp Inc. 0.756 NA
PROV...... Provident Financial Holdings -- NA
PSBK...... Progressive Bank Inc. 2.473 23.26
PSFC...... Peoples-Sidney Financial Corp. -- NA
PSFI...... PS Financial Inc. 2.286 NA
PTRS...... Potters Financial Corp. 1.694 43.84
PULB...... Pulaski Bank, Savings Bk, MHC 5.517 197.92
PULS...... Pulse Bancorp 3.660 66.04
PVFC...... PVF Capital Corp. -- --
PVSA...... Parkvale Financial Corporation 1.908 31.07
PWBC...... PennFirst Bancorp Inc. 2.571 114.67
PWBK...... Pennwood Bancorp Inc. 1.867 NA
QCBC...... Quaker City Bancorp Inc. -- --
QCFB...... QCF Bancorp Inc. -- --
QCSB...... Queens County Bancorp Inc. 1.899 30.05
RARB...... Raritan Bancorp Inc. 2.361 30.64
RCSB...... RCSB Financial Inc. 1.406 21.77
REDF...... RedFed Bancorp Inc. -- --
RELI...... Reliance Bancshares Inc. -- NA
RELY...... Reliance Bancorp Inc. 2.510 50.00
RFED...... Roosevelt Financial Group 2.848 577.27
RIVR...... River Valley Bancorp -- NA
ROSE...... TR Financial Corp. 2.377 21.59
RSLN...... Roslyn Bancorp Inc. 1.103 NA
RVSB...... Riverview Savings Bank, MHC 1.090 24.06
SBCN...... Suburban Bancorporation Inc. 3.137 82.19
SBFL...... SB of the Finger Lakes, MHC 2.462 500.00
SBOS...... Boston Bancorp (The) NA 10.89
SCBS...... Southern Community Bancshares 2.182 NA
SCCB...... S. Carolina Community Bancshrs 3.179 111.11
SECP...... Security Capital Corporation 1.292 18.97
SFED...... SFS Bancorp Inc. 1.697 28.13
SFFC...... StateFed Financial Corporation 2.119 37.04
SFIN...... Statewide Financial Corp. 2.353 40.54
SFNB...... Security First Network Bank -- --
SFSB...... SuburbFed Financial Corp. 1.267 32.99
SFSL...... Security First Corp. 2.246 37.61
SGVB...... SGV Bancorp Inc. -- --
SHEN...... First Shenango Bancorp Inc. 1.959 32.65
SISB...... SIS Bancorp Inc. 1.677 3.58
SJSB...... SJS Bancorp 1.660 130.30
SKAN...... Skaneateles Bancorp Inc. 2.105 20.38
SKBO...... First Carnegie Deposit, MHC -- NA
SMBC...... Southern Missouri Bancorp Inc. 2.941 69.44
SMFC...... Sho-Me Financial Corp. -- --
SOBI...... Sobieski Bancorp Inc. 1.898 24.14
SOPN...... First Savings Bancorp Inc. 3.441 84.95
SOSA...... Somerset Savings Bank -- --
SPBC...... St. Paul Bancorp Inc. 1.468 31.87
SRN....... Southern Banc Company Inc. 2.393 228.26
SSB....... Scotland Bancorp Inc 1.832 NA
SSFC...... South Street Financial Corp. 2.462 NA
SSM....... Stone Street Bancorp Inc. 1.722 NA
STFR...... St. Francis Capital Corp. 1.613 28.95
STND...... Standard Financial Inc. 1.649 48.57
STSA...... Sterling Financial Corp. -- --
SVRN...... Sovereign Bancorp Inc. 0.590 11.89
SWBI...... Southwest Bancshares 3.619 75.51
SWCB...... Sandwich Co-operative Bank 3.902 50.46
SZB....... SouthFirst Bancshares Inc. 3.361 NA
TBK....... Tolland Bank 1.074 6.15
THR....... Three Rivers Financial Corp. 2.400 52.38
THRD...... TF Financial Corporation 2.222 43.04
TPNZ...... Tappan Zee Financial Inc. 1.212 33.90
TRIC...... Tri-County Bancorp Inc. 2.963 39.60
TSBS...... Trenton SB, MHC 1.842 40.70
TSH....... Teche Holding Co. 2.597 60.98
TWIN...... Twin City Bancorp 3.459 90.14
UBMT...... United Financial Corp. 4.923 95.79
UFRM...... United Federal Savings Bank 2.157 111.11
VABF...... Virginia Beach Fed. Financial 1.538 89.47
VFFC...... Virginia First Financial Corp. 0.449 5.56
WAMU...... Washington Mutual Inc. 1.827 97.92
WAYN...... Wayne Savings & Loan Co. MHC 3.439 189.26
WBST...... Webster Financial Corporation 1.942 39.11
WCBI...... Westco Bancorp 2.520 44.63
WCFB...... Webster City Federal SB, MHC 5.714 170.21
WEFC...... Wells Financial Corp. -- --
WEHO...... Westwood Homestead Fin. Corp. 2.084 NA
WES....... Westcorp 2.286 34.67
WFCO...... Winton Financial Corp. 3.505 40.95
WFSG...... Wilshire Financial Services -- NA
WFSL...... Washington Federal Inc. 3.352 45.07
WHGB...... WHG Bancshares Corp. 1.404 NA
WOFC...... Western Ohio Financial Corp. 4.706 208.33
WRNB...... Warren Bancorp Inc. 2.830 28.57
WSB....... Washington Savings Bank, FSB 2.051 34.48
WSFS...... WSFS Financial Corporation -- --
WSTR...... WesterFed Financial Corp. 2.087 51.60
WVFC...... WVS Financial Corporation 3.232 141.10
WWFC...... Westwood Financial Corporation 1.111 NA
WYNE...... Wayne Bancorp Inc. 1.039 NA
YFCB...... Yonkers Financial Corporation 1.368 NA
YFED...... York Financial Corp. 3.019 59.67
Average 1.822 60.53
Comparable Thrift Data
JOAC Joachim Bancorp Inc. 3.390 200.00
HBBI Home Building Bancorp 1.429 96.77
CSBF CSB Financial Group Inc. 0.000 0.00
MCBN Mid-Coast Bancorp Inc. 2.667 54.84
NSLB NS&L Bancorp Inc. 3.030 113.64
CKFB CKF Bancorp Inc. 2.286 165.52
ALBC Albion Banc Corp. 1.348 140.91
MIVI Mississippi View Holding Co. 1.094 41.38
ATSB AmTrust Capital Corp. 1.569 11.36
SCCB S. Carolina Community Bancshrs 3.179 111.11
Average 2.00 93.55
Maximum 3.39 200.00
Minimum 0.00 0.00
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
CURRENT PRICING DATA AS OF 6/10/97
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PRICE/
LTM
CORE
EPS PRICE/ PRICE/ TANG
(X) PRICE/ PRICE/ PRICE/ PUBLICLY REP PUBLICLY REP
SHORT ASSETS EARNINGS LTM EPS BOOK VALUE BOOK VALUE
TICKER SHORT NAME NAME (%) (X) (X) (%) (%)
- -------------------------------------------------- ------ ------ -------- ------- ------------ ------------
%CAL...... CALIFORNIA FEDERAL BANK, A FSB NA NA NA NA NA NA
%CCMD..... CHEVY CHASE BANK, FSB NA NA NA NA NA NA
AABC...... ACCESS ANYTIME BANCORP, INC. NA 6.17 11.98 NA 90.69 90.69
AADV...... ADVANTAGE BANCORP INC. 15.91 12.18 13.18 38.12 137.84 148.82
ABBK...... ABINGTON BANCORP INC. 15.00 9.53 11.90 13.10 138.58 154.78
ABCL...... ALLIANCE BANCORP INC. 17.30 12.08 23.24 29.75 129.74 131.46
ABCW...... ANCHOR BANCORP WISCONSIN 11.82 10.51 11.15 15.34 168.09 171.49
AFBC...... ADVANCE FINANCIAL BANCORP NA 14.59 NA NA 94.49 94.49
AFCB...... AFFILIATED COMMUNITY BANCORP 14.85 14.99 13.61 17.01 150.96 151.89
AFED...... AFSALA BANCORP INC. NA 13.26 16.52 NA 88.60 88.83
AFFFZ..... AMERICA FIRST FINANCIAL FUND 7.12 10.46 10.92 8.39 133.66 135.57
AHCI...... AMBANC HOLDING CO. INC. NA 13.55 23.05 NA 106.50 106.50
AHM....... AHMANSON & COMPANY (H.F.) 17.47 9.17 12.75 35.22 232.94 275.96
ALBC...... ALBION BANC CORP. 24.47 8.67 12.78 104.55 97.38 97.38
ALBK...... ALBANK FINANCIAL CORPORATION 15.02 13.54 13.78 18.75 147.16 169.67
AMFB...... AMERICAN FEDERAL BANK FSB 18.98 26.28 18.53 23.58 292.53 313.76
AMFC...... AMB FINANCIAL CORP. NA 16.25 14.84 NA 99.72 99.72
ANA....... ACADIANA BANCSHARES INC. NA 20.61 15.93 NA 118.26 118.26
ANBK...... AMERICAN NATIONAL BANCORP 17.24 10.73 13.39 39.47 114.68 114.68
ANDB...... ANDOVER BANCORP INC. 11.35 12.55 11.90 11.61 155.59 155.59
ASBI...... AMERIANA BANCORP 15.20 12.56 14.35 21.53 115.84 115.93
ASBP...... ASB FINANCIAL CORP. 20.76 19.27 21.88 29.88 115.35 115.35
ASFC...... ASTORIA FINANCIAL CORPORATION 15.79 11.69 14.69 24.32 153.81 184.85
ATSB...... AMTRUST CAPITAL CORP. 47.22 9.45 21.25 28.98 92.93 93.96
AVND...... AVONDALE FINANCIAL CORP. NA 7.35 NA NA 89.05 89.05
BANC...... BANKATLANTIC BANCORP INC. 17.63 9.20 12.28 14.32 167.07 205.22
BDJI...... FIRST FEDERAL BANCORPORATION 18.45 12.36 21.59 36.54 110.59 110.59
BFD....... BOSTONFED BANCORP INC. 19.47 10.73 12.83 26.47 112.77 116.81
BFFC...... BIG FOOT FINANCIAL CORP. NA 18.69 NA NA 109.42 109.42
BFSB...... BEDFORD BANCSHARES INC. 12.94 17.54 13.28 16.68 115.82 115.82
BKC....... AMERICAN BANK OF CONNECTICUT 13.76 13.84 11.05 11.91 173.49 181.50
BKCO...... BANKERS CORP. 11.97 12.42 11.38 12.81 159.57 162.21
BKCT...... BANCORP CONNECTICUT INC. 14.63 15.93 12.38 13.99 153.18 153.18
BKUNA..... BANKUNITED FINANCIAL CORP. 18.16 5.86 20.05 41.85 131.31 163.41
BNKU...... BANK UNITED CORP. NA 10.09 12.54 NA 195.03 199.46
BPLS...... BANK PLUS CORP. NA 5.81 11.41 NA 118.24 118.51
BSBC...... BRANFORD SAVINGS BANK 14.22 15.25 12.89 14.22 159.88 159.88
BTHL...... BETHEL BANCORP 16.89 6.89 16.45 13.02 91.17 108.60
BVCC...... BAY VIEW CAPITAL CORP. 17.15 10.81 16.27 28.19 171.22 180.09
BWFC...... BANK WEST FINANCIAL CORP. 25.98 16.07 20.70 22.84 104.99 104.99
BYFC...... BROADWAY FINANCIAL CORP. 51.19 8.08 38.39 NA 75.33 75.33
CAFI...... CAMCO FINANCIAL CORP. 13.03 11.99 11.86 16.97 123.66 134.45
CAPS...... CAPITAL SAVINGS BANCORP INC. 15.54 13.72 14.87 22.70 158.40 158.40
CASB...... CASCADE FINANCIAL CORP. 21.59 11.08 20.65 28.79 179.41 179.41
CASH...... FIRST MIDWEST FINANCIAL INC. 11.43 12.22 13.79 16.67 105.40 119.14
CATB...... CATSKILL FINANCIAL CORP. NA 28.90 19.69 NA 107.14 107.14
CBCI...... CALUMET BANCORP INC. 14.39 17.20 13.19 17.43 107.86 107.86
CBCO...... CB BANCORP INC. 17.71 17.44 17.35 20.73 197.56 197.56
CBES...... CBES BANCORP INC. NA 18.16 15.63 NA 98.80 98.80
CBK....... CITIZENS FIRST FINANCIAL CORP. NA 15.97 27.68 NA 97.42 97.42
CBNH...... COMMUNITY BANKSHARES INC. 22.53 15.97 17.75 18.26 223.96 223.96
CBSA...... COASTAL BANCORP INC. 12.12 4.83 10.84 19.01 143.41 169.83
CBSB...... CHARTER FINANCIAL INC. 16.50 18.17 16.35 20.99 128.59 146.55
CCFH...... CCF HOLDING COMPANY 47.73 15.67 98.44 71.59 109.53 109.53
CEBK...... CENTRAL CO-OPERATIVE BANK 15.94 10.53 10.59 17.91 102.57 115.60
CENB...... CENTURY BANCORP INC. NA 28.12 14.74 NA 93.94 93.94
CENF...... CENFED FINANCIAL CORP. 11.70 7.92 12.97 17.10 155.24 155.55
CFB....... COMMERCIAL FEDERAL CORPORATION 13.09 11.19 12.12 18.59 188.92 212.28
CFCP...... COASTAL FINANCIAL CORP. 24.86 21.89 19.72 26.60 359.11 359.11
CFFC...... COMMUNITY FINANCIAL CORP. 13.31 17.18 12.23 17.05 124.72 124.72
CFHC...... CALIFORNIA FINANCIAL HOLDING 13.17 10.69 13.41 20.34 153.49 154.13
CFNC...... CAROLINA FINCORP INC. NA 24.70 20.14 NA 104.24 104.24
CFSB...... CFSB BANCORP INC. 16.38 14.71 13.81 21.59 192.78 192.78
CFTP...... COMMUNITY FEDERAL BANCORP 22.15 36.37 21.88 26.52 108.49 108.49
CFX....... CFX CORPORATION 13.52 13.65 12.67 16.59 178.05 191.10
CIBI...... COMMUNITY INVESTORS BANCORP 12.75 12.50 11.74 19.06 108.57 108.57
CKFB...... CKF BANCORP INC. 22.38 29.65 22.92 22.13 116.03 116.03
CLAS...... CLASSIC BANCSHARES INC. 27.36 14.94 17.26 45.31 100.14 119.15
CMRN...... CAMERON FINANCIAL CORP 16.75 22.72 18.21 20.94 99.00 99.00
CMSB...... COMMONWEALTH BANCORP INC. NA 11.86 13.84 NA 124.00 161.46
CMSV...... COMMUNITY SAVINGS, MHC 17.40 15.69 20.14 26.52 139.69 139.69
CNBA...... CHESTER BANCORP INC. NA 23.35 21.18 NA 105.17 105.17
CNIT...... CENIT BANCORP INC. 15.96 10.44 18.15 22.06 147.16 160.89
CNSB...... CNS BANCORP INC. NA 26.96 26.67 NA 108.62 108.62
CNY....... CARVER BANCORP INC. NA 5.74 NA NA 71.14 74.31
COFD...... COLLECTIVE BANCORP INC. 15.06 16.51 14.28 18.19 235.91 260.75
COFI...... CHARTER ONE FINANCIAL 13.62 16.09 13.10 17.41 237.46 255.24
CONE...... CONESTOGA BANCORP, INC. NA NA NA NA NA NA
COOP...... COOPERATIVE BANKSHARES INC. 105.00 8.99 14.19 NA 120.07 120.07
COVB...... COVEST BANCSHARES INC. 24.66 9.83 11.25 60.00 110.02 115.46
CRZY...... CRAZY WOMAN CREEK BANCORP 20.19 25.35 19.30 25.24 91.02 91.02
CSA....... COAST SAVINGS FINANCIAL 20.52 9.67 18.15 68.28 195.10 197.80
CSBF...... CSB FINANCIAL GROUP INC. 39.06 24.53 52.08 56.82 97.81 103.73
CTZN...... CITFED BANCORP INC. 15.20 10.92 13.50 21.91 172.53 193.71
CVAL...... CHESTER VALLEY BANCORP INC. 15.55 13.29 14.11 22.97 155.27 155.27
CZF....... CITISAVE FINANCIAL CORP 33.33 25.68 26.32 50.00 154.44 154.44
DCBI...... DELPHOS CITIZENS BANCORP INC. NA 27.01 13.14 NA 95.29 95.29
DFIN...... DAMEN FINANCIAL CORP. 23.36 20.35 22.27 30.32 100.92 100.92
DIBK...... DIME FINANCIAL CORP. 9.05 14.90 8.32 9.12 190.37 197.53
DIME...... DIME COMMUNITY BANCORP INC. NA 18.96 17.19 NA 123.02 143.34
DME....... DIME BANCORP INC. 13.16 9.90 14.01 16.87 173.58 175.15
DNFC...... D & N FINANCIAL CORP. 12.68 9.79 11.84 17.14 170.45 172.41
DSL....... DOWNEY FINANCIAL CORP. 15.43 10.60 11.82 26.20 145.19 147.36
EBCP...... EASTERN BANCORP 20.63 11.05 17.11 31.71 145.58 153.39
EBSI...... EAGLE BANCSHARES 14.13 11.10 15.05 18.90 127.55 127.55
EFBC...... EMPIRE FEDERAL BANCORP INC. NA 32.27 NA NA 87.54 87.54
EFBI...... ENTERPRISE FEDERAL BANCORP 19.53 14.69 15.12 22.06 119.12 119.27
EGFC...... EAGLE FINANCIAL CORP. 12.66 9.00 12.45 16.78 130.40 173.19
EGLB...... EAGLE BANCGROUP INC. NA 11.52 38.75 NA 95.21 95.21
EIRE...... EMERALD ISLE BANCORP INC. 12.09 9.90 12.01 12.76 142.24 142.24
EMLD...... EMERALD FINANCIAL CORP. 14.58 12.04 12.07 18.42 160.37 163.17
EQSB...... EQUITABLE FEDERAL SAVINGS BANK 10.89 7.37 8.97 17.43 145.52 145.52
ESBK...... ELMIRA SAVINGS BANK (THE) 24.13 6.58 21.61 23.31 102.72 107.29
ESX....... ESSEX BANCORP INC. NA 0.66 NA NA NA NA
ETFS...... EAST TEXAS FINANCIAL SERVICES 24.64 16.67 22.70 44.23 87.61 87.61
FAB....... FIRSTFED AMERICA BANCORP INC. NA 13.16 NA NA 105.58 105.58
FBBC...... FIRST BELL BANCORP INC. 12.45 14.09 13.11 14.54 138.17 138.17
FBCI...... FIDELITY BANCORP INC. 15.37 10.77 13.02 21.55 105.69 105.99
FBCV...... 1ST BANCORP 205.00 7.85 9.86 33.79 98.59 100.82
FBER...... 1ST BERGEN BANCORP NA 16.28 18.92 NA 99.02 99.02
FBHC...... FORT BEND HOLDING CORP. 16.36 7.38 10.69 29.12 118.25 127.59
FBSI...... FIRST BANCSHARES INC. 13.69 14.59 12.90 17.06 101.64 101.80
FCB....... FALMOUTH CO-OPERATIVE BANK 31.13 25.58 33.07 30.53 104.65 104.65
FCBF...... FCB FINANCIAL CORP. 20.97 22.67 19.96 25.26 129.51 129.51
FCIT...... FIRST CITIZENS FINANCIAL CORP. 17.79 12.30 16.48 26.61 201.53 201.53
FCME...... FIRST COASTAL CORPORATION 1.95 8.25 12.09 1.77 92.90 92.90
FDEF...... FIRST DEFIANCE FINANCIAL 25.00 24.16 20.59 32.56 112.81 112.81
FED....... FIRSTFED FINANCIAL CORP. 16.08 7.61 15.49 31.99 160.98 163.10
FESX...... FIRST ESSEX BANCORP INC. 12.69 10.69 14.62 11.14 146.21 169.69
FFBA...... FIRST COLORADO BANCORP INC. 16.59 19.47 15.30 22.47 153.02 155.16
FFBH...... FIRST FEDERAL BANCSHARES OF AR NA 18.25 14.68 NA 115.40 115.40
FFBI...... FIRST FINANCIAL BANCORP INC. 16.49 7.14 10.81 NA 91.43 91.43
FFBS...... FFBS BANCORP INC. 18.70 27.84 16.91 23.71 135.21 135.21
FFBZ...... FIRST FEDERAL BANCORP INC. 16.36 14.35 17.50 22.15 208.83 209.08
FFCH...... FIRST FINANCIAL HOLDINGS INC. 14.43 11.45 12.95 21.64 186.26 186.26
FFDB...... FIRSTFED BANCORP INCORPORATED 14.37 12.68 10.61 24.01 127.36 139.42
FFDF...... FFD FINANCIAL CORP. NA 22.81 23.88 NA 92.18 92.18
FFED...... FIDELITY FEDERAL BANCORP 33.33 8.95 11.25 60.00 174.08 174.08
FFES...... FIRST FEDERAL OF EAST HARTFORD 10.86 7.20 14.40 17.32 115.22 115.22
FFFC...... FFVA FINANCIAL CORP. 18.26 21.17 16.09 22.20 151.56 155.03
FFFD...... NORTH CENTRAL BANCSHARES INC. 14.54 26.23 14.41 16.73 106.67 106.67
FFFG...... F.F.O. FINANCIAL GROUP INC. 12.87 11.53 15.63 17.50 177.85 177.85
FFFL...... FIDELITY BANKSHARES INC., MHC 23.73 13.69 26.04 38.27 155.22 156.51
FFHC...... FIRST FINANCIAL CORP. 14.88 17.63 13.79 20.38 252.47 260.18
FFHH...... FSF FINANCIAL CORP. 18.07 14.01 16.63 22.77 104.76 104.76
FFHS...... FIRST FRANKLIN CORPORATION 18.47 10.68 17.67 78.85 121.09 121.95
FFIC...... FLUSHING FINANCIAL CORP. 22.74 18.82 18.88 21.70 117.53 117.53
FFKY...... FIRST FEDERAL FINANCIAL CORP. 14.84 21.26 12.84 17.76 156.25 166.37
FFLC...... FFLC BANCORP INC. 19.53 17.47 16.72 28.46 120.71 120.71
FFOH...... FIDELITY FINANCIAL OF OHIO 19.83 16.22 16.90 33.06 123.65 140.73
FFPB...... FIRST PALM BEACH BANCORP INC. 197.50 9.52 16.10 NA 140.80 144.51
FFSL...... FIRST INDEPENDENCE CORP. 15.24 10.38 17.63 23.50 98.87 98.87
FFSW...... FIRSTFEDERAL FINANCIAL SVCS 23.97 14.76 17.16 22.44 273.01 323.18
FFSX...... FIRST FED SB OF SIOUXLAND, MHC 19.49 14.05 18.55 34.33 172.67 174.24
FFWC...... FFW CORP. 10.88 11.44 10.32 13.33 114.29 114.29
FFWD...... WOOD BANCORP INC. 13.39 15.52 11.18 17.17 122.21 122.21
FFYF...... FFY FINANCIAL CORP. 16.51 18.98 13.96 22.83 134.62 134.62
FGHC...... FIRST GEORGIA HOLDING INC. 20.83 15.56 14.42 25.86 183.82 201.61
FIBC...... FINANCIAL BANCORP INC. 12.96 11.36 12.50 21.88 116.74 117.37
FISB...... FIRST INDIANA CORPORATION NA 15.16 14.06 17.38 158.22 160.23
FKFS...... FIRST KEYSTONE FINANCIAL 11.48 8.78 9.70 16.92 124.17 124.17
FKKY...... FRANKFORT FIRST BANCORP INC. 32.43 31.65 30.00 46.15 120.85 120.85
FLAG...... FLAG FINANCIAL CORP. 87.50 12.04 10.94 NA 128.05 128.05
FLFC...... FIRST LIBERTY FINANCIAL CORP. 14.76 13.15 12.07 17.00 179.02 200.09
FLGS...... FLAGSTAR BANCORP INC. NA NA NA NA NA NA
FLKY...... FIRST LANCASTER BANCSHARES NA 35.55 23.44 NA 103.88 103.88
FMBD...... FIRST MUTUAL BANCORP INC. 48.79 13.33 189.06 116.35 91.11 118.44
FMCO...... FMS FINANCIAL CORPORATION 11.41 10.13 10.68 17.28 161.07 164.45
FMSB...... FIRST MUTUAL SAVINGS BANK 12.59 10.92 11.35 12.06 163.51 163.51
FNGB...... FIRST NORTHERN CAPITAL CORP. 17.31 14.48 16.33 25.96 125.85 125.85
FOBC...... FED ONE BANCORP 15.07 14.46 15.53 22.04 120.09 126.08
FPRY...... FIRST FINANCIAL BANCORP NA NA NA NA NA NA
FRC....... FIRST REPUBLIC BANCORP 16.02 9.38 13.49 14.24 126.62 126.70
FSBI...... FIDELITY BANCORP INC. 12.05 9.40 12.50 19.05 134.95 134.95
FSFC...... FIRST SOUTHEAST FINANCIAL CORP 14.79 13.77 12.50 NA 134.62 134.62
FSLA...... FIRST SAVINGS BANK, MHC 21.04 17.86 18.57 37.13 194.23 219.18
FSNJ...... FIRST SAVINGS BK OF NJ, MHC 57.22 13.64 29.26 NA 159.15 159.15
FSPG...... FIRST HOME BANCORP INC. 10.81 10.26 10.24 11.88 155.74 158.57
FSSB...... FIRST FS&LA OF SAN BERNARDINO NA 2.87 NA NA 66.25 68.76
FSTC...... FIRST CITIZENS CORPORATION 9.82 15.28 9.24 9.71 163.04 207.29
FTF....... TEXARKANA FIRST FINANCIAL CORP 10.96 19.35 10.57 13.45 120.75 120.75
FTFC...... FIRST FEDERAL CAPITAL CORP. 15.67 12.04 13.27 18.79 189.42 202.07
FTNB...... FULTON BANCORP INC. NA 34.14 35.27 NA 136.49 136.49
FTSB...... FORT THOMAS FINANCIAL CORP. 22.34 16.58 17.50 36.21 103.04 103.04
FWWB...... FIRST SB OF WASHINGTON BANCORP 22.68 23.80 17.19 25.58 145.60 158.50
GAF....... GA FINANCIAL INC. 19.03 21.01 17.45 20.94 112.12 112.12
GBCI...... GLACIER BANCORP INC. 13.11 19.69 13.79 14.68 205.92 211.92
GDVS...... GREATER DELAWARE VALLEY SB,MHC 52.08 17.14 18.38 NA 149.34 149.34
GDW....... GOLDEN WEST FINANCIAL 8.94 10.36 12.03 10.83 165.32 165.32
GFCO...... GLENWAY FINANCIAL CORP. 13.69 9.37 11.98 24.47 99.74 101.32
GFED...... GUARANTY FEDERAL SB, MHC 36.22 28.30 31.70 59.17 204.49 204.49
GFSB...... GFS BANCORP INC. 13.34 15.55 12.39 16.52 134.32 134.32
GLBK...... GLENDALE CO-OPERATIVE BANK 25.00 17.91 23.88 24.32 109.36 109.36
GLN....... GLENDALE FEDERAL BANK FSB 20.02 8.70 20.17 78.31 173.91 186.97
GPT....... GREENPOINT FINANCIAL CORP. 20.63 22.10 16.62 18.55 180.79 315.50
GRTR...... GREATER NEW YORK SAVINGS BANK 28.04 10.44 24.53 24.23 170.95 170.95
GSBC...... GREAT SOUTHERN BANCORP INC. 14.08 20.44 11.96 15.95 227.89 227.89
GSFC...... GREEN STREET FINANCIAL CORP. NA 43.75 26.10 NA 121.24 121.24
GSLA...... GS FINANCIAL CORP. NA NA NA NA NA NA
GTFN...... GREAT FINANCIAL CORPORATION 23.77 15.82 15.92 23.28 170.20 177.91
GTPS...... GREAT AMERICAN BANCORP 41.78 20.26 39.69 99.22 86.47 86.47
GUPB...... GFSB BANCORP INC. 22.02 17.86 22.02 27.61 109.60 109.60
GWBC...... GATEWAY BANCORP INC. NA 27.18 21.88 31.97 104.17 104.17
GWF....... GREAT WESTERN FINANCIAL 26.37 16.28 28.76 76.70 288.46 325.77
HALL...... HALLMARK CAPITAL CORP. 12.74 7.14 11.01 16.74 102.17 102.17
HARB...... HARBOR FEDERAL SAVINGS BK, MHC 14.91 17.01 14.35 19.62 206.97 215.08
HARL...... HARLEYSVILLE SAVINGS BANK 12.09 10.92 11.00 17.19 171.61 171.61
HARS...... HARRIS SAVINGS BANK, MHC 22.62 12.02 12.39 56.25 151.81 175.93
HAVN...... HAVEN BANCORP INC. 10.30 8.52 11.49 15.38 147.00 147.57
HBBI...... HOME BUILDING BANCORP 28.00 13.98 15.44 67.74 105.63 105.63
HBEI...... HOME BANCORP OF ELGIN INC. NA 31.02 28.35 NA 110.32 110.32
HBFW...... HOME BANCORP 18.53 16.61 15.72 29.23 119.05 119.05
HBNK...... HIGHLAND FEDERAL BANK FSB 21.81 10.37 9.91 38.27 138.94 138.94
HBS....... HAYWOOD BANCSHARES INC. 13.64 14.12 16.50 19.41 99.88 103.71
HCBB...... HCB BANCSHARES INC. NA NA NA NA NA NA
HCFC...... HOME CITY FINANCIAL CORP. NA 18.84 16.88 NA 84.11 84.11
HEMT...... HF BANCORP INC. 50.00 8.61 56.25 NA 104.90 128.21
HFFB...... HARRODSBURG FIRST FIN BANCORP 20.61 28.54 20.07 26.29 99.87 99.87
HFFC...... HF FINANCIAL CORP. 13.18 10.28 11.46 17.99 116.60 116.88
HFGI...... HARRINGTON FINANCIAL GROUP 15.33 7.27 11.06 22.55 151.92 151.92
HFNC...... HFNC FINANCIAL CORP. 24.13 35.44 36.20 32.18 188.24 188.24
HFSA...... HARDIN BANCORP INC. 17.62 12.16 16.62 28.68 95.15 95.15
HHFC...... HARVEST HOME FINANCIAL CORP. 21.00 11.81 14.58 45.65 94.51 94.51
HIFS...... HINGHAM INSTIT. FOR SAVINGS 10.98 12.02 9.69 10.98 125.91 125.91
HMCI...... HOMECORP INC. 20.07 7.17 16.96 71.25 113.82 113.82
HMLK...... HEMLOCK FEDERAL FINANCIAL CORP NA NA NA NA NA NA
HMNF...... HMN FINANCIAL INC. 18.27 16.27 14.06 21.38 114.24 114.24
HOMF...... HOME FEDERAL BANCORP 12.50 13.92 11.17 14.42 164.75 170.31
HPBC...... HOME PORT BANCORP INC. 12.05 19.71 12.05 11.98 182.27 182.27
HRBF...... HARBOR FEDERAL BANCORP INC. 21.18 14.39 18.75 33.33 111.87 111.87
HRZB...... HORIZON FINANCIAL CORP. 15.20 22.25 13.84 14.90 146.09 146.09
HTHR...... HAWTHORNE FINANCIAL CORP. 29.73 3.45 16.18 35.48 88.92 88.92
HVFD...... HAVERFIELD CORPORATION 16.05 14.51 15.12 29.55 172.87 172.87
HWEN...... HOME FINANCIAL BANCORP NA 19.40 23.16 NA 104.17 104.17
HZFS...... HORIZON FINANCIAL SVCS CORP. 18.16 10.45 13.37 25.00 99.59 99.59
IBSF...... IBS FINANCIAL CORP. 26.88 24.00 31.01 46.07 140.83 140.83
IFSB...... INDEPENDENCE FEDERAL SAVINGS 13.85 4.38 9.78 31.03 67.21 76.66
IFSL...... INDIANA FEDERAL CORPORATION 17.37 15.63 14.23 24.54 177.98 189.45
INBI...... INDUSTRIAL BANCORP 15.90 20.36 13.09 27.92 110.11 110.11
INCB...... INDIANA COMMUNITY BANK SB 33.85 16.41 27.08 108.33 132.44 132.44
IPSW...... IPSWICH SAVINGS BANK 14.24 11.75 10.77 11.22 190.63 190.63
ISBF...... ISB FINANCIAL CORPORATION 20.95 17.34 20.04 28.35 133.24 157.09
ITLA...... ITLA CAPITAL CORP. 11.03 14.49 10.42 11.03 127.44 127.99
IWBK...... INTERWEST BANCORP INC. 15.22 15.84 14.34 19.77 236.33 241.88
JOAC...... JOACHIM BANCORP INC. 37.82 31.46 52.68 59.00 108.54 108.54
JSBA...... JEFFERSON SAVINGS BANCORP 14.72 11.12 12.29 36.71 124.89 163.93
JSBF...... JSB FINANCIAL INC. 18.22 28.90 17.86 17.24 130.36 130.36
JXSB...... JACKSONVILLE SAVINGS BANK, MHC 25.36 13.59 21.88 54.69 131.98 131.98
JXVL...... JACKSONVILLE BANCORP INC. NA 17.67 13.39 NA 113.04 113.04
KFBI...... KLAMATH FIRST BANCORP 22.28 27.59 17.54 32.65 123.05 123.05
KNK....... KANKAKEE BANCORP INC. 15.43 12.03 14.22 20.28 112.67 120.33
KSAV...... KS BANCORP INC. 12.29 14.48 12.22 17.19 104.76 104.81
KSBK...... KSB BANCORP INC. 8.87 9.73 9.94 10.03 135.75 144.29
KYF....... KENTUCKY FIRST BANCORP INC. 16.03 16.41 13.83 20.49 101.87 101.87
LARK...... LANDMARK BANCSHARES INC. 16.19 15.96 15.43 20.57 109.06 109.06
LARL...... LAUREL CAPITAL GROUP INC. 11.67 15.09 11.41 14.58 144.73 144.73
LFBI...... LITTLE FALLS BANCORP INC. 25.47 12.21 19.85 48.21 94.47 102.66
LFED...... LEEDS FEDERAL SAVINGS BK, MHC 20.22 22.06 18.00 28.13 136.26 136.26
LIFB...... LIFE BANCORP INC. 17.96 15.96 15.84 22.81 147.94 152.60
LISB...... LONG ISLAND BANCORP INC. 21.01 14.53 17.10 24.91 161.31 162.89
LOGN...... LOGANSPORT FINANCIAL CORP. 14.72 20.99 15.06 18.93 106.77 106.77
LONF...... LONDON FINANCIAL CORPORATION NA 20.37 22.06 NA 102.53 102.53
LSBI...... LSB FINANCIAL CORP. 22.41 9.80 11.89 19.12 100.41 100.41
LSBX...... LAWRENCE SAVINGS BANK 8.40 13.38 9.27 8.40 152.27 152.27
LVSB...... LAKEVIEW FINANCIAL 16.86 14.10 13.66 11.75 148.17 185.30
LXMO...... LEXINGTON B&L FINANCIAL CORP. NA 27.77 29.33 NA 100.53 100.53
MAFB...... MAF BANCORP INC. 13.10 13.29 11.99 17.55 168.64 194.21
MARN...... MARION CAPITAL HOLDINGS 15.10 23.58 11.72 18.29 102.32 102.32
MASB...... MASSBANK CORP. 12.96 12.67 11.81 12.04 126.90 126.90
MBB....... MSB BANCORP INC. 18.32 6.47 19.27 56.06 93.81 218.42
MBBC...... MONTEREY BAY BANCORP INC. 27.80 12.39 26.88 50.39 107.43 117.19
MBLF...... MBLA FINANCIAL CORP. 18.46 14.82 21.88 24.11 109.83 109.83
MBSP...... MITCHELL BANCORP INC. NA 47.83 24.63 NA 110.42 110.42
MCBN...... MID-COAST BANCORP INC. 13.00 7.76 9.20 20.97 90.24 90.24
MCBS...... MID CONTINENT BANCSHARES INC. 13.44 14.11 13.38 15.29 137.46 137.46
MDBK...... MEDFORD SAVINGS BANK 13.36 12.49 12.08 12.95 141.95 153.36
MECH...... MECHANICS SAVINGS BANK NA 12.58 12.02 NA 129.31 129.31
MERI...... MERITRUST FEDERAL SB 14.05 13.04 11.46 22.65 164.95 164.95
METF...... METROPOLITAN FINANCIAL CORP. NA 6.33 10.66 NA 166.09 185.19
MFBC...... MFB CORP. 19.13 14.16 15.94 28.13 97.63 97.63
MFCX...... MARSHALLTOWN FINANCIAL CORP. 27.27 16.66 22.06 51.72 106.69 106.69
MFFC...... MILTON FEDERAL FINANCIAL CORP. 23.90 17.74 26.20 31.69 111.50 111.50
MFLR...... MAYFLOWER CO-OPERATIVE BANK 13.21 11.60 10.69 12.22 123.01 125.19
MFSL...... MARYLAND FEDERAL BANCORP 15.17 12.52 15.71 22.00 148.30 150.32
MGNL...... MAGNA BANCORP INC. 15.06 23.37 14.69 17.80 244.54 252.69
MIFC...... MID-IOWA FINANCIAL CORP. NA 11.87 11.51 14.11 130.40 130.60
MIVI...... MISSISSIPPI VIEW HOLDING CO. 17.21 17.17 17.41 25.22 94.05 94.05
MLBC...... ML BANCORP INC. 17.17 9.77 14.82 15.06 141.02 NA
MRKF...... MARKET FINANCIAL CORPORATION NA 31.71 NA NA 91.67 91.67
MSBF...... MSB FINANCIAL INC. 13.92 18.33 13.75 17.60 110.33 110.33
MSBK...... MUTUAL SAVINGS BANK FSB NA 5.24 203.13 50.78 87.27 87.27
MWBI...... MIDWEST BANCSHARES INC. 11.50 7.89 11.93 18.31 113.80 113.80
MWBX...... METROWEST BANK 11.22 13.82 11.46 11.22 188.36 188.36
MWFD...... MIDWEST FEDERAL FINANCIAL 16.67 16.16 12.50 16.81 187.62 195.31
NASB...... NORTH AMERICAN SAVINGS BANK 12.00 14.73 8.65 11.72 184.80 191.00
NBN....... NORTHEAST BANCORP 21.78 7.40 12.39 19.97 106.56 123.28
NBSI...... NORTH BANCSHARES INC. 27.50 16.60 21.88 37.75 113.64 113.64
NEIB...... NORTHEAST INDIANA BANCORP 13.89 15.30 12.50 16.30 100.87 100.87
NHTB...... NEW HAMPSHIRE THRIFT BNCSHRS 21.48 9.94 12.30 33.15 133.07 157.05
NASB...... NEWMIL BANCORP INC. 16.67 11.65 14.84 16.10 116.85 116.85
NSBC...... NEWSOUTH BANCORP, INC. NA NA NA NA NA NA
NSLB...... NS&L BANCORP INC. 28.45 20.10 21.71 37.50 100.86 100.86
NSSB...... NORWICH FINANCIAL CORP. 17.42 16.36 14.76 16.35 148.91 166.02
NSSY...... NORWALK SAVINGS SOCIETY 42.05 10.80 16.13 11.37 134.12 139.10
NTMG...... NUTMEG FEDERAL S&LA 21.69 5.71 11.52 29.50 100.34 100.34
NWEQ...... NORTHWEST EQUITY CORP. 13.92 13.01 12.72 17.56 103.95 103.95
NWSB...... NORTHWEST SAVINGS BANK, MHC 17.56 17.26 18.44 25.88 177.71 189.35
NYB....... NEW YORK BANCORP INC. 14.39 17.15 10.26 14.78 338.94 338.94
OCFC...... OCEAN FINANCIAL CORP. NA 20.32 18.53 NA 114.01 114.01
OCWN...... OCWEN FINANCIAL CORPORATION NA 31.10 12.20 NA 366.07 366.07
OFCP...... OTTAWA FINANCIAL CORP. 18.54 12.84 16.08 31.25 145.16 181.38
OHSL...... OHSL FINANCIAL CORP. 16.16 12.48 14.14 23.06 113.10 113.10
PALM...... PALFED, INC. 23.57 13.28 16.50 NA 163.85 163.85
PAMM...... PACIFICAMERICA MONEY CENTER NA 47.48 5.47 NA 211.61 211.61
PBCI...... PAMRAPO BANCORP INC. 14.93 15.59 11.90 20.62 121.73 122.77
PBCT...... PEOPLE'S BANK, MHC 22.61 19.58 16.80 18.32 232.80 233.03
PBIX...... PATRIOT BANK CORP. 20.25 11.49 20.00 30.77 125.98 125.98
PBKB...... PEOPLE'S BANCSHARES INC. 17.60 8.75 9.29 11.15 156.07 162.91
PBNB...... PEOPLE'S SAVINGS FINANCIAL CP. 17.18 13.88 16.15 16.37 144.47 154.25
PCBC...... PERRY COUNTY FINANCIAL CORP. 15.00 19.78 15.73 24.38 107.97 107.97
PCCI...... PACIFIC CREST CAPITAL 14.22 10.61 11.46 12.01 146.80 146.80
PDB....... PIEDMONT BANCORP INC. 26.28 23.79 18.30 NA 140.22 140.22
PEEK...... PEEKSKILL FINANCIAL CORP. 18.92 24.56 20.59 24.56 96.02 96.02
PERM...... PERMANENT BANCORP INC. 25.52 12.36 19.14 55.68 127.34 128.61
PERT...... PERPETUAL BANK, MHC 17.31 16.54 16.88 23.89 136.29 136.29
PETE...... PRIMARY BANK 15.33 11.68 15.23 14.86 176.37 176.76
PFDC...... PEOPLES BANCORP 11.95 17.50 12.08 16.23 115.32 115.32
PFED...... PARK BANCORP INC. NA 20.15 19.41 NA 92.94 92.94
PFFB...... PFF BANCORP INC. 26.54 11.24 27.01 100.83 107.35 108.58
PFFC...... PEOPLES FINANCIAL CORP. NA 25.98 27.90 NA 96.57 96.57
PFNC...... PROGRESS FINANCIAL CORPORATION 16.67 8.57 8.04 21.95 163.04 185.95
PFSB...... PENNFED FINANCIAL SERVICES INC 12.68 10.01 11.82 19.12 122.58 148.66
PFSL...... POCAHONTAS FS&LA, MHC 13.34 8.67 12.74 15.41 136.04 136.04
PHBK...... PEOPLES HERITAGE FINL GROUP 14.53 17.71 14.17 15.53 215.74 255.64
PHFC...... PITTSBURGH HOME FINANCIAL CORP NA 12.66 16.44 NA 110.32 111.62
PKPS...... POUGHKEEPSIE FINANCIAL CORP. NA 9.78 18.58 51.45 116.11 116.11
PLE....... PINNACLE BANCSHARES INC. 11.50 9.64 9.65 17.16 124.71 128.87
PLSK...... PULASKI SAVINGS BANK, MHC NA NA NA NA NA NA
PMFI...... PERPETUAL MIDWEST FINANCIAL 37.75 9.23 21.88 128.33 108.70 108.70
POBS...... PORTSMOUTH BANK SHARES 18.32 36.02 15.50 15.97 143.33 143.33
PRBC...... PRESTIGE BANCORP INC. NA 11.51 17.26 NA 98.54 98.54
PROV...... PROVIDENT FINANCIAL HOLDINGS NA 13.44 16.80 NA 94.52 94.52
PSBK...... PROGRESSIVE BANK INC. 11.18 11.98 12.50 11.22 143.45 161.96
PSFC...... PEOPLES-SIDNEY FINANCIAL CORP. NA NA NA NA NA NA
PSFI...... PS FINANCIAL INC. NA 40.67 17.50 NA 94.09 94.09
PTRS...... POTTERS FINANCIAL CORP. 13.45 8.85 6.04 29.11 99.35 99.35
PULB...... PULASKI BANK, SAVINGS BK, MHC 25.89 21.34 22.66 37.76 164.18 164.18
PULS...... PULSE BANCORP 11.81 11.35 10.63 18.04 145.55 145.55
PVFC...... PVF CAPITAL CORP. 7.26 11.74 9.18 12.50 167.13 167.13
PVSA...... PARKVALE FINANCIAL CORPORATION 11.45 11.38 11.17 17.14 152.15 153.43
PWBC...... PENNFIRST BANCORP INC. 12.61 7.75 12.07 18.67 109.63 120.17
PWBK...... PENNWOOD BANCORP INC. NA 19.09 17.05 NA 98.04 98.04
QCBC...... QUAKER CITY BANCORP INC. 17.58 9.79 13.79 32.65 109.89 110.04
QCFB...... QCF BANCORP INC. 11.45 19.54 11.39 14.04 108.01 108.01
QCSB...... QUEENS COUNTY BANCORP INC. 20.55 34.16 15.96 20.25 198.52 198.52
RARB...... RARITAN BANCORP INC. 13.80 12.45 13.15 14.95 162.23 165.22
RCSB...... RCSB FINANCIAL INC. 17.79 15.68 16.94 17.21 199.85 205.03
REDF...... REDFED BANCORP INC. 25.42 12.02 11.91 169.44 147.06 147.20
RELI...... RELIANCE BANCSHARES INC. NA 41.85 27.68 NA 87.18 NA
RELY...... RELIANCE BANCORP INC. 14.57 11.68 13.86 22.57 145.22 207.15
RFED...... ROOSEVELT FINANCIAL GROUP 14.30 13.55 12.98 217.05 240.92 NA
RIVR...... RIVER VALLEY BANCORP NA 12.48 11.69 NA 100.90 102.47
ROSE...... TR FINANCIAL CORP. 14.11 11.33 12.43 12.43 171.30 171.30
RSLN...... ROSLYN BANCORP INC. NA 27.76 NA NA 128.73 129.37
RVSB...... RIVERVIEW SAVINGS BANK, MHC 18.52 21.54 16.13 23.53 193.05 212.77
SBCN...... SUBURBAN BANCORPORATION INC. 18.04 12.71 14.94 26.20 106.13 106.13
SBFL...... SB OF THE FINGER LAKES, MHC 116.07 13.63 40.63 203.13 144.19 144.19
SBOS...... BOSTON BANCORP (THE) NA NA NA NA NA NA
SCBS...... SOUTHERN COMMUNITY BANCSHARES NA 22.31 17.19 NA 101.55 101.55
SCCB...... S. CAROLINA COMMUNITY BANCSHRS 26.96 28.64 26.22 34.95 110.32 110.32
SECP...... SECURITY CAPITAL CORPORATION 17.86 23.44 16.01 21.35 156.96 156.96
SFED...... SFS BANCORP INC. 14.86 12.42 21.71 25.78 95.60 95.60
SFFC...... STATEFED FINANCIAL CORPORATION 13.98 17.49 13.48 17.48 99.34 99.34
SFIN...... STATEWIDE FINANCIAL CORP. 13.28 11.98 13.28 22.97 128.69 128.98
SFNB...... SECURITY FIRST NETWORK BANK NA 58.26 NA NA 145.12 147.45
SFSB...... SUBURBFED FINANCIAL CORP. 15.98 7.81 12.88 26.03 118.94 119.44
SFSL...... SECURITY FIRST CORP. 14.54 16.85 13.70 18.27 179.92 183.16
SGVB...... SGV BANCORP INC. 22.46 7.76 25.48 57.61 106.77 108.70
SHEN...... FIRST SHENANGO BANCORP INC. NA 12.61 11.14 16.67 117.85 117.85
SISB...... SIS BANCORP INC. 8.62 11.55 14.31 8.54 157.02 157.02
SJSB...... SJS BANCORP 31.55 15.81 25.48 80.30 150.06 150.06
SKAN...... SKANEATELES BANCORP INC. 12.50 7.49 11.31 12.10 109.13 112.83
SKBO...... FIRST CARNEGIE DEPOSIT, MHC NA NA NA NA NA NA
SMBC...... SOUTHERN MISSOURI BANCORP INC. 16.67 16.81 16.35 23.61 107.26 107.26
SMFC...... SHO-ME FINANCIAL CORP. 18.97 18.46 14.68 22.29 176.27 176.27
SOBI...... SOBIESKI BANCORP INC. 25.88 14.17 20.49 50.86 84.19 84.19
SOPN...... FIRST SAVINGS BANCORP INC. 20.58 31.70 20.04 25.00 128.88 128.88
SOSA...... SOMERSET SAVINGS BANK 14.15 8.57 11.20 14.15 145.30 145.30
SPBC...... ST. PAUL BANCORP INC. 17.77 16.65 16.34 26.58 190.49 191.05
SRN....... SOUTHERN BANC COMPANY INC. 27.08 17.14 30.47 63.59 101.42 102.49
SSB....... SCOTLAND BANCORP INC NA 43.71 24.08 NA 119.18 119.18
SSFC...... SOUTH STREET FINANCIAL CORP. NA 30.60 23.90 NA 111.00 111.00
SSM....... STONE STREET BANCORP INC. NA 45.20 22.52 NA 126.09 126.09
STFR...... ST. FRANCIS CAPITAL CORP. 16.62 10.15 13.28 19.57 124.53 141.53
STND...... STANDARD FINANCIAL INC. 22.45 15.79 23.32 34.64 144.86 145.04
STSA...... STERLING FINANCIAL CORP. 21.60 6.23 14.58 125.00 159.38 187.97
SVRN...... SOVEREIGN BANCORP INC. NA 9.21 28.26 22.23 205.50 280.23
SWBI...... SOUTHWEST BANCSHARES 15.44 14.91 14.58 21.43 138.25 138.25
SWCB...... SANDWICH CO-OPERATIVE BANK 13.85 12.33 14.50 14.11 149.64 156.97
SZB....... SOUTHFIRST BANCSHARES INC. 87.50 13.15 26.56 NA 94.03 94.03
TBK....... TOLLAND BANK 13.40 9.20 12.58 14.33 136.65 140.99
THR....... THREE RIVERS FINANCIAL CORP. 16.13 13.55 16.30 23.81 98.49 98.88
THRD...... TF FINANCIAL CORPORATION 16.36 11.42 15.52 22.78 97.24 111.59
TPNZ...... TAPPAN ZEE FINANCIAL INC. 20.12 20.78 21.71 27.97 119.22 119.22
TRIC...... TRI-COUNTY BANCORP INC. 15.82 14.34 13.32 20.05 93.62 93.62
TSBS...... TRENTON SB, MHC 25.33 27.41 21.59 22.09 164.64 180.09
TSH....... TECHE HOLDING CO. 16.89 16.81 13.37 23.48 126.40 126.40
TWIN...... TWIN CITY BANCORP 18.50 15.11 15.42 26.06 116.94 116.94
UBMT...... UNITED FINANCIAL CORP. 16.81 22.14 16.25 20.53 97.79 97.79
UFRM...... UNITED FEDERAL SAVINGS BANK 27.81 12.63 16.36 61.81 166.04 166.04
VABF...... VIRGINIA BEACH FED. FINANCIAL 26.00 10.64 18.06 68.42 156.82 156.82
VFFC...... VIRGINIA FIRST FINANCIAL CORP. 25.87 15.80 14.64 12.36 196.04 203.01
WAMU...... WASHINGTON MUTUAL INC. 23.72 14.62 15.31 59.31 291.54 309.11
WAYN...... WAYNE SAVINGS & LOAN CO. MHC 24.77 16.03 24.77 56.91 175.76 175.76
WBST...... WEBSTER FINANCIAL CORPORATION 13.59 8.82 NA 23.01 173.64 206.35
WCBI...... WESTCO BANCORP 15.17 19.63 15.26 19.68 126.06 126.06
WCFB...... WEBSTER CITY FEDERAL SB, MHC NA 31.56 20.59 29.79 133.97 133.97
WEFC...... WELLS FINANCIAL CORP. 13.73 14.04 12.07 21.54 98.59 98.59
WEHO...... WESTWOOD HOMESTEAD FIN. CORP. NA 29.40 24.00 NA 94.97 94.97
WES....... WESTCORP 70.00 13.37 14.58 15.35 142.39 142.74
WFCO...... WINTON FINANCIAL CORP. 10.76 8.49 8.20 12.50 118.67 121.42
WFSG...... WILSHIRE FINANCIAL SERVICES NA 10.51 9.78 NA 179.83 179.83
WFSL...... WASHINGTON FEDERAL INC. 12.44 21.51 11.93 13.82 186.17 206.69
WHGB...... WHG BANCSHARES CORP. NA 22.28 25.45 NA 101.79 101.79
WOFC...... WESTERN OHIO FINANCIAL CORP. 31.25 12.28 37.95 44.27 91.56 97.12
WRNB...... WARREN BANCORP INC. 11.70 18.77 7.41 9.72 185.98 185.98
WSB....... WASHINGTON SAVINGS BANK, FSB 11.61 8.02 7.62 16.81 96.34 96.34
WSFS...... WSFS FINANCIAL CORPORATION 9.81 10.81 9.96 9.88 210.74 212.85
WSTR...... WESTERFED FINANCIAL CORP. 17.97 11.98 20.13 24.85 109.14 138.13
WVFC...... WVS FINANCIAL CORPORATION 12.31 15.36 11.90 15.18 120.73 120.73
WWFC...... WESTWOOD FINANCIAL CORPORATION NA 10.76 14.52 NA 116.73 131.68
WYNE...... WAYNE BANCORP INC. NA 16.91 19.25 NA 116.17 116.17
YFCB...... YONKERS FINANCIAL CORPORATION NA 16.35 14.06 NA 106.91 106.91
YFED...... YORK FINANCIAL CORP. 16.43 11.97 11.83 20.70 142.07 142.07
------ ------ ------- ------ -------- -------
AVERAGE... 20.60 15.76 17.64 28.57 136.67 142.07
Comparable Thrift Data
JOAC...... JOACHIM BANCORP INC. 37.82 31.46 52.68 59.00 108.54 108.54
HBBI...... HOME BUILDING BANCORP 28.00 13.98 15.44 67.74 105.63 105.63
CSBF...... CSB FINANCIAL GROUP INC. 39.06 24.53 52.08 56.82 97.81 103.73
MCBN...... MID-COAST BANCORP INC. 13.00 7.76 9.20 20.97 90.24 90.24
NSLB...... NS&L BANCORP INC. 28.45 20.10 21.71 37.50 100.86 100.86
CKFB...... CKF BANCORP INC. 22.38 29.65 22.92 22.13 116.03 116.03
ALBC...... ALBION BANC CORP. 24.47 8.67 12.78 104.55 97.38 97.38
MIVI...... MISSISSIPPI VIEW HOLDING CO. 17.21 17.17 17.41 25.22 94.05 94.05
ATSB...... AMTRUST CAPITAL CORP. 47.22 9.45 21.25 28.98 92.93 93.96
SCCB...... S. CAROLINA COMMUNITY BANCSHRS 26.96 28.64 26.22 34.95 110.32 110.32
AVERAGE... 28.46 19.14 25.17 45.79 101.38 102.07
MAXIMUM... 47.22 31.46 52.68 104.55 116.03 116.03
MINIMUM... 13.00 7.76 9.20 20.97 90.24 90.24
</TABLE>
<PAGE>
EXHIBIT 5
SELECTED DATA ON ALL PUBLIC THRIFTS
<TABLE>
<CAPTION>
PRODUCTIVITY
FULL TIME
EQUIVALENT
EMPLOYEES
TICKER SHORT NAME MOST RECENT QTR
- ------------------------------------------------------------ ---------------
<S> <C> <C>
%CAL...... California Federal Bank, a FSB NA
%CCMD..... Chevy Chase Bank, FSB NA
AABC...... Access Anytime Bancorp, Inc. NA
AADV...... Advantage Bancorp Inc. 263
ABBK...... Abington Bancorp Inc. 160
ABCL...... Alliance Bancorp Inc. 460
ABCW...... Anchor BanCorp Wisconsin 561
AFBC...... Advance Financial Bancorp NA
AFCB...... Affiliated Community Bancorp 195
AFED...... AFSALA Bancorp Inc. NA
AFFFZ..... America First Financial Fund 396
AHCI...... Ambanc Holding Co. Inc. NA
AHM....... Ahmanson & Company (H.F.) 7,890
ALBC...... Albion Banc Corp. NA
ALBK...... ALBANK Financial Corporation 1,174
AMFB...... American Federal Bank FSB NA
AMFC...... AMB Financial Corp. NA
ANA....... Acadiana Bancshares Inc. NA
ANBK...... American National Bancorp NA
ANDB...... Andover Bancorp Inc. 267
ASBI...... Ameriana Bancorp 147
ASBP...... ASB Financial Corp. 23
ASFC...... Astoria Financial Corporation 925
ATSB...... AmTrust Capital Corp. NA
AVND...... Avondale Financial Corp. 192
BANC...... BankAtlantic Bancorp Inc. 985
BDJI...... First Federal Bancorporation 40
BFD....... BostonFed Bancorp Inc. 257
BFFC...... Big Foot Financial Corp. NA
BFSB...... Bedford Bancshares Inc. 37
BKC....... American Bank of Connecticut 131
BKCO...... Bankers Corp. 269
BKCT...... Bancorp Connecticut Inc. 110
BKUNA..... BankUnited Financial Corp. 242
BNKU...... Bank United Corp. 1,504
BPLS...... Bank Plus Corp. 476
BSBC...... Branford Savings Bank 74
BTHL...... Bethel Bancorp NA
BVCC...... Bay View Capital Corp. 539
BWFC...... Bank West Financial Corp. 54
BYFC...... Broadway Financial Corp. NA
CAFI...... Camco Financial Corp. 177
CAPS...... Capital Savings Bancorp Inc. 78
CASB...... Cascade Financial Corp. 101
CASH...... First Midwest Financial Inc. 99
CATB...... Catskill Financial Corp. 63
CBCI...... Calumet Bancorp Inc. 130
CBCO...... CB Bancorp Inc. 52
CBES...... CBES Bancorp Inc. NA
CBK....... Citizens First Financial Corp. 93
CBNH...... Community Bankshares Inc. 228
CBSA...... Coastal Bancorp Inc. 448
CBSB...... Charter Financial Inc. 106
CCFH...... CCF Holding Company NA
CEBK...... Central Co-operative Bank 90
CENB...... Century Bancorp Inc. 11
CENF...... CENFED Financial Corp. 359
CFB....... Commercial Federal Corporation 1,530
CFCP...... Coastal Financial Corp. 168
CFFC...... Community Financial Corp. 37
CFHC...... California Financial Holding 351
CFNC...... Carolina Fincorp Inc. 41
CFSB...... CFSB Bancorp Inc. 229
CFTP...... Community Federal Bancorp 26
CFX....... CFX Corporation 769
CIBI...... Community Investors Bancorp NA
CKFB...... CKF Bancorp Inc. 8
CLAS...... Classic Bancshares Inc. NA
CMRN...... Cameron Financial Corp 53
CMSB...... Commonwealth Bancorp Inc. 724
CMSV...... Community Savings, MHC 227
CNBA...... Chester Bancorp Inc. 42
CNIT...... CENIT Bancorp Inc. NA
CNSB...... CNS Bancorp Inc. 27
CNY....... Carver Bancorp Inc. 96
COFD...... Collective Bancorp Inc. 1,077
COFI...... Charter One Financial 2,582
CONE...... Conestoga Bancorp, Inc. 105
COOP...... Cooperative Bankshares Inc. 114
COVB...... CoVest Bancshares Inc. 123
CRZY...... Crazy Woman Creek Bancorp 10
CSA....... Coast Savings Financial 1,499
CSBF...... CSB Financial Group Inc. NA
CTZN...... CitFed Bancorp Inc. 714
CVAL...... Chester Valley Bancorp Inc. 107
CZF....... CitiSave Financial Corp 44
DCBI...... Delphos Citizens Bancorp Inc. 22
DFIN...... Damen Financial Corp. 34
DIBK...... Dime Financial Corp. 145
DIME...... Dime Community Bancorp Inc. 242
DME....... Dime Bancorp Inc. 2,917
DNFC...... D & N Financial Corp. 489
DSL....... Downey Financial Corp. 1,095
EBCP...... Eastern Bancorp 405
EBSI...... Eagle Bancshares 433
EFBC...... Empire Federal Bancorp Inc. NA
EFBI...... Enterprise Federal Bancorp 37
EGFC...... Eagle Financial Corp. 342
EGLB...... Eagle BancGroup Inc. 51
EIRE...... Emerald Isle Bancorp Inc. 110
EMLD...... Emerald Financial Corp. 134
EQSB...... Equitable Federal Savings Bank NA
ESBK...... Elmira Savings Bank (The) 132
ESX....... Essex Bancorp Inc. NA
ETFS...... East Texas Financial Services 26
FAB....... FirstFed America Bancorp Inc. NA
FBBC...... First Bell Bancorp Inc. 59
FBCI...... Fidelity Bancorp Inc. 105
FBCV...... 1ST Bancorp 139
FBER...... 1st Bergen Bancorp 55
FBHC...... Fort Bend Holding Corp. NA
FBSI...... First Bancshares Inc. 62
FCB....... Falmouth Co-Operative Bank 26
FCBF...... FCB Financial Corp. 68
FCIT...... First Citizens Financial Corp. 180
FCME...... First Coastal Corporation NA
FDEF...... First Defiance Financial 145
FED....... FirstFed Financial Corp. 441
FESX...... First Essex Bancorp Inc. 286
FFBA...... First Colorado Bancorp Inc. 354
FFBH...... First Federal Bancshares of AR 146
FFBI...... First Financial Bancorp Inc. 32
FFBS...... FFBS BanCorp Inc. 31
FFBZ...... First Federal Bancorp Inc. 71
FFCH...... First Financial Holdings Inc. 537
FFDB...... FirstFed Bancorp Incorporated NA
FFDF...... FFD Financial Corp. NA
FFED...... Fidelity Federal Bancorp 118
FFES...... First Federal of East Hartford 189
FFFC...... FFVA Financial Corp. 132
FFFD...... North Central Bancshares Inc. NA
FFFG...... F.F.O. Financial Group Inc. NA
FFFL...... Fidelity Bankshares Inc., MHC 268
FFHC...... First Financial Corp. 1,772
FFHH...... FSF Financial Corp. 90
FFHS...... First Franklin Corporation 47
FFIC...... Flushing Financial Corp. 200
FFKY...... First Federal Financial Corp. 104
FFLC...... FFLC Bancorp Inc. 120
FFOH...... Fidelity Financial of Ohio 105
FFPB...... First Palm Beach Bancorp Inc. 404
FFSL...... First Independence Corp. 24
FFSW...... FirstFederal Financial Svcs 392
FFSX...... First Fed SB of Siouxland, MHC 160
FFWC...... FFW Corp. 40
FFWD...... Wood Bancorp Inc. 43
FFYF...... FFY Financial Corp. 176
FGHC...... First Georgia Holding Inc. 83
FIBC...... Financial Bancorp Inc. NA
FISB...... First Indiana Corporation 603
FKFS...... First Keystone Financial 72
FKKY...... Frankfort First Bancorp Inc. 25
FLAG...... FLAG Financial Corp. 113
FLFC...... First Liberty Financial Corp. 527
FLGS...... Flagstar Bancorp Inc. NA
FLKY...... First Lancaster Bancshares NA
FMBD...... First Mutual Bancorp Inc. 163
FMCO...... FMS Financial Corporation 258
FMSB...... First Mutual Savings Bank NA
FNGB...... First Northern Capital Corp. 215
FOBC...... Fed One Bancorp 122
FPRY...... First Financial Bancorp NA
FRC....... First Republic Bancorp 168
FSBI...... Fidelity Bancorp Inc. 105
FSFC...... First Southeast Financial Corp 121
FSLA...... First Savings Bank, MHC 230
FSNJ...... First Savings Bk of NJ, MHC 79
FSPG...... First Home Bancorp Inc. 115
FSSB...... First FS&LA of San Bernardino 51
FSTC...... First Citizens Corporation 83
FTF....... Texarkana First Financial Corp 34
FTFC...... First Federal Capital Corp. 651
FTNB...... Fulton Bancorp Inc. NA
FTSB...... Fort Thomas Financial Corp. 19
FWWB...... First SB of Washington Bancorp NA
GAF....... GA Financial Inc. 196
GBCI...... Glacier Bancorp Inc. 255
GDVS...... Greater Delaware Valley SB,MHC 67
GDW....... Golden West Financial 4,452
GFCO...... Glenway Financial Corp. 65
GFED...... Guaranty Federal SB, MHC 58
GFSB...... GFS Bancorp Inc. 16
GLBK...... Glendale Co-Operative Bank NA
GLN....... Glendale Federal Bank FSB NA
GPT....... GreenPoint Financial Corp. 1,954
GRTR...... Greater New York Savings Bank 548
GSBC...... Great Southern Bancorp Inc. 385
GSFC...... Green Street Financial Corp. 30
GSLA...... GS Financial Corp. NA
GTFN...... Great Financial Corporation 822
GTPS...... Great American Bancorp NA
GUPB...... GFSB Bancorp Inc. NA
GWBC...... Gateway Bancorp Inc. 9
GWF....... Great Western Financial 11,646
HALL...... Hallmark Capital Corp. 73
HARB...... Harbor Federal Savings Bk, MHC 313
HARL...... Harleysville Savings Bank 52
HARS...... Harris Savings Bank, MHC 486
HAVN...... Haven Bancorp Inc. 435
HBBI...... Home Building Bancorp 14
HBEI...... Home Bancorp of Elgin Inc. 122
HBFW...... Home Bancorp 83
HBNK...... Highland Federal Bank FSB 115
HBS....... Haywood Bancshares Inc. NA
HCBB...... HCB Bancshares Inc. NA
HCFC...... Home City Financial Corp. 14
HEMT...... HF Bancorp Inc. NA
HFFB...... Harrodsburg First Fin Bancorp 15
HFFC...... HF Financial Corp. 259
HFGI...... Harrington Financial Group 51
HFNC...... HFNC Financial Corp. 125
HFSA...... Hardin Bancorp Inc. 18
HHFC...... Harvest Home Financial Corp. NA
HIFS...... Hingham Instit. for Savings 63
HMCI...... HomeCorp Inc. 181
HMLK...... Hemlock Federal Financial Corp 59
HMNF...... HMN Financial Inc. NA
HOMF...... Home Federal Bancorp 246
HPBC...... Home Port Bancorp Inc. 46
HRBF...... Harbor Federal Bancorp Inc. 51
HRZB...... Horizon Financial Corp. 117
HTHR...... Hawthorne Financial Corp. NA
HVFD...... Haverfield Corporation 95
HWEN...... Home Financial Bancorp 15
HZFS...... Horizon Financial Svcs Corp. 27
IBSF...... IBS Financial Corp. 130
IFSB...... Independence Federal Savings NA
IFSL...... Indiana Federal Corporation 285
INBI...... Industrial Bancorp 83
INCB...... Indiana Community Bank SB NA
IPSW...... Ipswich Savings Bank NA
ISBF...... ISB Financial Corporation NA
ITLA...... ITLA Capital Corp. 151
IWBK...... InterWest Bancorp Inc. 563
JOAC...... Joachim Bancorp Inc. 14
JSBA...... Jefferson Savings Bancorp NA
JSBF...... JSB Financial Inc. 355
JXSB...... Jacksonville Savings Bank, MHC 80
JXVL...... Jacksonville Bancorp Inc. 71
KFBI...... Klamath First Bancorp 101
KNK....... Kankakee Bancorp Inc. 117
KSAV...... KS Bancorp Inc. 27
KSBK...... KSB Bancorp Inc. NA
KYF....... Kentucky First Bancorp Inc. 22
LARK...... Landmark Bancshares Inc. 45
LARL...... Laurel Capital Group Inc. 50
LFBI...... Little Falls Bancorp Inc. 39
LFED...... Leeds Federal Savings Bk, MHC 27
LIFB...... Life Bancorp Inc. 224
LISB...... Long Island Bancorp Inc. 1,470
LOGN...... Logansport Financial Corp. 12
LONF...... London Financial Corporation NA
LSBI...... LSB Financial Corp. 61
LSBX...... Lawrence Savings Bank 100
LVSB...... Lakeview Financial NA
LXMO...... Lexington B&L Financial Corp. NA
MAFB...... MAF Bancorp Inc. 808
MARN...... Marion Capital Holdings 31
MASB...... MASSBANK Corp. 179
MBB....... MSB Bancorp Inc. 239
MBBC...... Monterey Bay Bancorp Inc. NA
MBLF...... MBLA Financial Corp. 12
MBSP...... Mitchell Bancorp Inc. 6
MCBN...... Mid-Coast Bancorp Inc. 22
MCBS...... Mid Continent Bancshares Inc. 160
MDBK...... Medford Savings Bank 256
MECH...... Mechanics Savings Bank 226
MERI...... Meritrust Federal SB 91
METF...... Metropolitan Financial Corp. 261
MFBC...... MFB Corp. 61
MFCX...... Marshalltown Financial Corp. 32
MFFC...... Milton Federal Financial Corp. 50
MFLR...... Mayflower Co-operative Bank 47
MFSL...... Maryland Federal Bancorp 247
MGNL...... Magna Bancorp Inc. 1,102
MIFC...... Mid-Iowa Financial Corp. 36
MIVI...... Mississippi View Holding Co. 21
MLBC...... ML Bancorp Inc. NA
MRKF...... Market Financial Corporation NA
MSBF...... MSB Financial Inc. 18
MSBK...... Mutual Savings Bank FSB 229
MWBI...... Midwest Bancshares Inc. 39
MWBX...... MetroWest Bank 174
MWFD...... Midwest Federal Financial 88
NASB...... North American Savings Bank 240
NBN....... Northeast Bancorp NA
NBSI...... North Bancshares Inc. 32
NEIB...... Northeast Indiana Bancorp 38
NHTB...... New Hampshire Thrift Bncshrs 119
NASB...... NewMil Bancorp Inc. 122
NSBC...... NewSouth Bancorp, Inc. NA
NSLB...... NS&L Bancorp Inc. 17
NSSB...... Norwich Financial Corp. 244
NSSY...... Norwalk Savings Society NA
NTMG...... Nutmeg Federal S&LA NA
NWEQ...... Northwest Equity Corp. NA
NWSB...... Northwest Savings Bank, MHC 773
NYB....... New York Bancorp Inc. 495
OCFC...... Ocean Financial Corp. 229
OCWN...... Ocwen Financial Corporation 629
OFCP...... Ottawa Financial Corp. 247
OHSL...... OHSL Financial Corp. 59
PALM...... Palfed, Inc. 301
PAMM...... PacificAmerica Money Center NA
PBCI...... Pamrapo Bancorp Inc. 80
PBCT...... People's Bank, MHC 2,821
PBIX...... Patriot Bank Corp. 117
PBKB...... People's Bancshares Inc. 204
PBNB...... People's Savings Financial Cp. 122
PCBC...... Perry County Financial Corp. NA
PCCI...... Pacific Crest Capital 62
PDB....... Piedmont Bancorp Inc. 30
PEEK...... Peekskill Financial Corp. 24
PERM...... Permanent Bancorp Inc. 128
PERT...... Perpetual Bank, MHC NA
PETE...... Primary Bank 184
PFDC...... Peoples Bancorp 79
PFED...... Park Bancorp Inc. NA
PFFB...... PFF Bancorp Inc. 470
PFFC...... Peoples Financial Corp. 19
PFNC...... Progress Financial Corporation 170
PFSB...... PennFed Financial Services Inc 185
PFSL...... Pocahontas FS&LA, MHC 58
PHBK...... Peoples Heritage Finl Group 2,365
PHFC...... Pittsburgh Home Financial Corp 56
PKPS...... Poughkeepsie Financial Corp. 266
PLE....... Pinnacle Bancshares Inc. 87
PLSK...... Pulaski Savings Bank, MHC NA
PMFI...... Perpetual Midwest Financial 103
POBS...... Portsmouth Bank Shares 63
PRBC...... Prestige Bancorp Inc. 32
PROV...... Provident Financial Holdings NA
PSBK...... Progressive Bank Inc. 271
PSFC...... Peoples-Sidney Financial Corp. 18
PSFI...... PS Financial Inc. 15
PTRS...... Potters Financial Corp. 41
PULB...... Pulaski Bank, Savings Bk, MHC NA
PULS...... Pulse Bancorp 53
PVFC...... PVF Capital Corp. NA
PVSA...... Parkvale Financial Corporation 232
PWBC...... PennFirst Bancorp Inc. 111
PWBK...... Pennwood Bancorp Inc. 11
QCBC...... Quaker City Bancorp Inc. 148
QCFB...... QCF Bancorp Inc. NA
QCSB...... Queens County Bancorp Inc. NA
RARB...... Raritan Bancorp Inc. 86
RCSB...... RCSB Financial Inc. 1,675
REDF...... RedFed Bancorp Inc. 276
RELI...... Reliance Bancshares Inc. NA
RELY...... Reliance Bancorp Inc. 389
RFED...... Roosevelt Financial Group NA
RIVR...... River Valley Bancorp 57
ROSE...... TR Financial Corp. 441
RSLN...... Roslyn Bancorp Inc. 383
RVSB...... Riverview Savings Bank, MHC 82
SBCN...... Suburban Bancorporation Inc. 58
SBFL...... SB of the Finger Lakes, MHC 63
SBOS...... Boston Bancorp (The) NA
SCBS...... Southern Community Bancshares NA
SCCB...... S. Carolina Community Bancshrs NA
SECP...... Security Capital Corporation 911
SFED...... SFS Bancorp Inc. 61
SFFC...... StateFed Financial Corporation NA
SFIN...... Statewide Financial Corp. NA
SFNB...... Security First Network Bank NA
SFSB...... SuburbFed Financial Corp. 161
SFSL...... Security First Corp. 156
SGVB...... SGV Bancorp Inc. 88
SHEN...... First Shenango Bancorp Inc. 99
SISB...... SIS Bancorp Inc. 467
SJSB...... SJS Bancorp NA
SKAN...... Skaneateles Bancorp Inc. 109
SKBO...... First Carnegie Deposit, MHC NA
SMBC...... Southern Missouri Bancorp Inc. 43
SMFC...... Sho-Me Financial Corp. 78
SOBI...... Sobieski Bancorp Inc. 22
SOPN...... First Savings Bancorp Inc. 40
SOSA...... Somerset Savings Bank 138
SPBC...... St. Paul Bancorp Inc. 1,071
SRN....... Southern Banc Company Inc. NA
SSB....... Scotland Bancorp Inc 14
SSFC...... South Street Financial Corp. 37
SSM....... Stone Street Bancorp Inc. 18
STFR...... St. Francis Capital Corp. 340
STND...... Standard Financial Inc. 436
STSA...... Sterling Financial Corp. 510
SVRN...... Sovereign Bancorp Inc. 1,578
SWBI...... Southwest Bancshares 96
SWCB...... Sandwich Co-operative Bank 154
SZB....... SouthFirst Bancshares Inc. 45
TBK....... Tolland Bank 85
THR....... Three Rivers Financial Corp. NA
THRD...... TF Financial Corporation 153
TPNZ...... Tappan Zee Financial Inc. NA
TRIC...... Tri-County Bancorp Inc. 19
TSBS...... Trenton SB, MHC 134
TSH....... Teche Holding Co. 138
TWIN...... Twin City Bancorp 52
UBMT...... United Financial Corp. NA
UFRM...... United Federal Savings Bank 141
VABF...... Virginia Beach Fed. Financial 182
VFFC...... Virginia First Financial Corp. 398
WAMU...... Washington Mutual Inc. 8,773
WAYN...... Wayne Savings & Loan Co. MHC 94
WBST...... Webster Financial Corporation 1,123
WCBI...... Westco Bancorp 55
WCFB...... Webster City Federal SB, MHC 21
WEFC...... Wells Financial Corp. NA
WEHO...... Westwood Homestead Fin. Corp. 18
WES....... Westcorp 2,756
WFCO...... Winton Financial Corp. NA
WFSG...... Wilshire Financial Services NA
WFSL...... Washington Federal Inc. 654
WHGB...... WHG Bancshares Corp. NA
WOFC...... Western Ohio Financial Corp. 124
WRNB...... Warren Bancorp Inc. 142
WSB....... Washington Savings Bank, FSB NA
WSFS...... WSFS Financial Corporation 285
WSTR...... WesterFed Financial Corp. 360
WVFC...... WVS Financial Corporation 56
WWFC...... Westwood Financial Corporation 15
WYNE...... Wayne Bancorp Inc. 50
YFCB...... Yonkers Financial Corporation 57
YFED...... York Financial Corp. 380
Average... 360
Comparable
Thrift
Data
3/31/96
- ----------
JOAC...... Joachim Bancorp Inc. 14
HBBI...... Home Building Bancorp 14
CSBF...... CSB Financial Group Inc. NA
MCBN...... Mid-Coast Bancorp Inc. 22
NSLB...... NS&L Bancorp Inc. 17
CKFB...... CKF Bancorp Inc. 8
ALBC...... Albion Banc Corp. NA
MIVI...... Mississippi View Holding Co. 21
ATSB...... AmTrust Capital Corp. NA
SCCB...... S. Carolina Community Bancshrs NA
Average... 16.00
Maximum... 22.00
Minimum... 8.00
</TABLE>
<PAGE>
EXHIBIT 6
INDUSTRY MULTIPLES
PRICING DATA AS OF JUNE 10, 1997
<TABLE>
<CAPTION>
CURRENT PRICE IN RELATION TO
-------------------------------------------- LTM
CURRENT CURRENT TANGIBLE CURRENT DIVIDEND
STOCK MARKET BOOK BOOK DIVIDEND PAYOUT
PRICE VALUE EARNINGS LTM EPS VALUE VALUE ASSETS YIELD RATIO
TICKER SHORT NAME ($) ($M) (X) (X) (%) (%) (%) (%) (%)
- ------------------------------ ------- -------- -------- ------- ---------- ---------- ------ -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL...... California Federal
Bank, a FSB NA NA NA NA NA NA NA NA NA
%CCMD..... Chevy Chase Bank,
FSB NA NA NA NA NA NA NA NA NA
AABC...... Access Anytime
Bancorp, Inc. 5.750 6.86 11.98 NA 90.69 90.69 6.17 0.000 0.00
AADV...... Advantage Bancorp
Inc. 38.500 124.42 13.18 38.12 137.84 148.82 12.18 1.039 33.66
ABBK...... Abington Bancorp
Inc. 24.750 46.87 11.9 13.10 138.58 154.78 9.53 1.616 21.16
ABCL...... Alliance Bancorp
Inc. 29.750 158.54 23.24 29.75 129.74 131.46 12.08 2.185 10
ABCW...... Anchor BanCorp
Wisconsin 43.250 198.14 11.15 15.34 168.09 171.49 10.51 1.295 16.84
AFBC...... Advance Financial
Bancorp 13.938 15.12 NA NA 94.49 94.49 14.59 2.296 NA
AFCB...... Affiliated Community
Bancorp 24.500 158.38 13.61 17.01 150.96 151.89 14.99 1.959 30.00
AFED...... AFSALA Bancorp Inc. 13.875 20.18 16.52 NA 88.60 88.83 13.26 1.153 NA
AFFFZ..... America First
Financial Fund 38.000 228.40 10.92 8.39 133.66 135.57 10.46 4.211 35.32
AHCI...... Ambanc Holding Co.
Inc. 14.750 64.78 23.05 NA 106.50 106.50 13.55 0.000 0
AHM....... Ahmanson & Company
(H.F.) 44.375 4,463.93 12.75 35.22 232.94 275.96 9.17 1.983 69.84
ALBC...... Albion Banc Corp. 23.000 6.05 12.78 104.55 97.38 97.38 8.67 1.348 140.91
ALBK...... ALBANK Financial
Corporation 36.938 472.27 13.78 18.75 147.16 169.67 13.54 1.624 27.41
AMFB...... American Federal
Bank FSB 31.125 343.94 18.53 23.58 292.53 313.76 26.28 1.542 40.91
AMFC...... AMB Financial Corp. 14.250 13.73 14.84 NA 99.72 99.72 16.25 1.684 NA
ANA....... Acadiana Bancshares
Inc. 19.750 53.94 15.93 NA 118.26 118.26 20.61 1.823 NA
ANBK...... American National
Bancorp 15.000 54.20 13.39 39.47 114.68 114.68 10.73 0.800 23.68
ANDB Andover Bancorp Inc. 29.500 151.88 11.9 11.61 155.59 155.59 12.55 2.305 21.65
ASBI...... Ameriana Bancorp 15.500 50.22 14.35 21.53 115.84 115.93 12.56 3.871 80.56
ASBP...... ASB Financial Corp. 12.250 21.09 21.88 29.88 115.35 115.35 19.27 3.265 NA
ASFC...... Astoria Financial
Corporation 42.313 898.84 14.69 24.32 153.81 184.85 11.69 1.418 25.29
ATSB...... AmTrust Capital
Corp. 12.750 6.71 21.25 28.98 92.93 93.96 9.45 1.569 11.36
AVND...... Avondale Financial
Corp. 13.250 46.71 NA NA 89.05 89.05 7.35 0.000 0.00
BANC...... BankAtlantic Bancorp
Inc. 13.750 325.56 12.28 14.32 167.07 205.22 9.20 0.847 12.03
BDJI...... First Federal
Bancorporation 19.000 13.31 21.59 36.54 110.59 110.59 12.36 0.000 0
BFD....... BostonFed Bancorp
Inc. 16.938 100.99 12.83 26.47 112.77 116.81 10.73 1.653 31.25
BFFC...... Big Foot Financial
Corp. 15.625 39.26 NA NA 109.42 109.42 18.69 0.000 NA
BFSB...... Bedford Bancshares
Inc. 20.188 23.06 13.28 16.68 115.82 115.82 17.54 2.576 38.02
BKC....... American Bank of
Connecticut 35.375 81.43 11.05 11.91 173.49 181.50 13.84 4.071 51.18
BKCO...... Bankers Corp. 25.500 315.99 11.38 12.81 159.57 162.21 12.42 2.510 32.16
BKCT...... Bancorp Connecticut
Inc. 25.750 65.82 12.38 13.99 153.18 153.18 15.93 3.417 42.08
BKUNA..... BankUnited Financial
Corp. 9.625 82.44 20.05 41.85 131.31 163.41 5.86 0.000 0
BNKU...... Bank United Corp. 35.125 1,109.80 12.54 NA 195.03 199.46 10.09 1.594 NA
BPLS...... Bank Plus Corp. 10.500 191.60 11.41 NA 118.24 118.51 5.81 0.000 0.00
BSBC...... Branford Savings
Bank 4.125 27.06 12.89 14.22 159.88 159.88 15.25 1.939 13.79
BTHL...... Bethel Bancorp 12.500 15.15 16.45 13.02 91.17 108.60 6.89 2.560 20.83
BVCC...... Bay View Capital
Corp. 25.375 329.12 16.27 28.19 171.22 180.09 10.81 1.261 34.44
BWFC...... Bank West Financial
Corp. 13.250 23.63 20.7 22.84 104.99 104.99 16.07 2.113 48.28
BYFC...... Broadway Financial
Corp. 10.750 9.60 38.39 NA 75.33 75.33 8.08 1.860 NA
CAFI...... Camco Financial
Corp. 18.500 56.64 11.86 16.97 123.66 134.45 11.99 2.811 43.06
CAPS...... Capital Savings
Bancorp Inc. 17.250 32.63 14.87 22.70 158.40 158.40 13.72 1.391 27.63
CASB...... Cascade Financial
Corp. 19.000 39.03 20.65 28.79 179.41 179.41 11.08 0.000 0.00
CASH...... First Midwest
Financial Inc. 16.000 45.24 13.79 16.67 105.40 119.14 12.22 2.250 34.02
CATB...... Catskill Financial
Corp. 15.750 79.91 19.69 NA 107.14 107.14 28.90 1.778 NA
CBCI...... Calumet Bancorp Inc. 38.000 80.34 13.19 17.43 107.86 107.86 17.20 0.000 0
CBCO...... CB Bancorp Inc. 34.000 39.52 17.35 20.73 197.56 197.56 17.44 0.000 0.00
CBES...... CBES Bancorp Inc. 16.875 17.30 15.63 NA 98.80 98.80 18.16 2.370 NA
CBK....... Citizens First
Financial Corp. 15.500 43.38 27.68 NA 97.42 97.42 15.97 0.000 NA
CBNH...... Community Bankshares
Inc. 37.625 92.75 17.75 18.26 223.96 223.96 15.97 1.701 30.10
CBSA...... Coastal Bancorp Inc. 27.750 137.88 10.84 19.01 143.41 169.83 4.83 1.730 27.4
CBSB...... Charter Financial
Inc. 17.000 71.74 16.35 20.99 128.59 146.55 18.17 1.882 32.10
CCFH...... CCF Holding Company 15.750 12.98 98.44 71.59 109.53 109.53 15.67 3.175 318.18
CEBK...... Central Co-operative
Bank 17.375 34.14 10.59 17.91 102.57 115.60 10.53 1.842 8.25
CENB...... Century Bancorp Inc. 69.000 28.11 14.74 NA 93.94 93.94 28.12 2.899 NA
CENF...... CENFED Financial
Corp. 31.125 179.30 12.97 17.10 155.24 155.55 7.92 1.051 17.57
CFB....... Commercial Federal
Corporation 35.875 772.46 12.12 18.59 188.92 212.28 11.19 0.780 14.17
CFCP...... Coastal Financial
Corp. 22.875 106.06 19.72 26.60 359.11 359.11 21.89 1.443 38.37
CFFC...... Community Financial
Corp. 22.500 28.63 12.23 17.05 124.72 124.72 17.18 2.489 37.88
CFHC...... California Financial
Holding 29.500 140.59 13.41 20.34 153.49 154.13 10.69 1.492 30.34
CFNC...... Carolina Fincorp
Inc. 14.500 26.85 20.14 NA 104.24 104.24 24.70 1.379 NA
CFSB...... CFSB Bancorp Inc. 23.750 122.07 13.81 21.59 192.78 192.78 14.71 2.297 41.25
CFTP...... Community Federal
Bancorp 17.500 74.94 21.88 26.52 108.49 108.49 36.37 1.714 45.45
CFX....... CFX Corporation 18.250 238.16 12.67 16.59 178.05 191.10 13.65 4.822 57.32
CIBI...... Community Investors
Bancorp 19.250 12.18 11.74 19.06 108.57 108.57 12.50 2.078 33.66
CKFB...... CKF Bancorp Inc. 19.250 17.85 22.92 22.13 116.03 116.03 29.65 2.286 165.52
CLAS...... Classic Bancshares
Inc. 14.500 19.18 17.26 45.31 100.14 119.15 14.94 1.931 40.63
CMRN...... Cameron Financial
Corp 16.750 44.40 18.21 20.94 99.00 99.00 22.72 1.672 35.00
CMSB...... Commonwealth Bancorp
Inc. 15.500 264.96 13.84 NA 124.00 161.46 11.86 1.806 NA
CMSV...... Community Savings,
MHC 21.750 107.02 20.14 26.52 139.69 139.69 15.69 4.138 100.61
CNBA...... Chester Bancorp Inc. 15.250 33.28 21.18 NA 105.17 105.17 23.35 1.574 NA
CNIT...... CENIT Bancorp Inc. 45.000 73.85 18.15 22.06 147.16 160.89 10.44 2.222 44.12
CNSB...... CNS Bancorp Inc. 16.000 26.45 26.67 NA 108.62 108.62 26.96 1.250 NA
CNY....... Carver Bancorp Inc. 10.500 24.30 NA NA 71.14 74.31 5.74 0.000 0.00
COFD...... Collective Bancorp
Inc. 44.563 911.16 14.28 18.19 235.91 260.75 16.51 2.244 40.82
COFI...... Charter One
Financial 48.750 2,259.01 13.1 17.41 237.46 255.24 16.09 2.051 32.11
CONE...... Conestoga Bancorp,
Inc. NA NA NA NA NA NA NA NA 28.17
COOP...... Cooperative
Bankshares Inc. 21.000 31.33 14.19 NA 120.07 120.07 8.99 0.000 0.00
COVB...... CoVest Bancshares
Inc. 18 54.32 11.25 60 110.02 115.46 9.83 2.222 133.33
CRZY...... Crazy Woman Creek
Bancorp 13.125 13.19 19.30 25.24 91.02 91.02 25.35 3.048 67.31
CSA....... Coast Savings
Financial 45.750 850.61 18.15 68.28 195.10 197.80 9.67 0.000 0
CSBF...... CSB Financial Group
Inc. 12.500 11.77 52.08 56.82 97.81 103.73 24.53 0.000 0.00
CTZN...... CitFed Bancorp Inc. 37.250 320.84 13.5 21.91 172.53 193.71 10.92 0.859 15.29
CVAL...... Chester Valley
Bancorp Inc. 19.750 40.56 14.11 22.97 155.27 155.27 13.29 2.228 39.07
CZF....... CitiSave Financial
Corp 20.000 19.24 26.32 50.00 154.44 154.44 25.68 2.000 587.50
DCBI...... Delphos Citizens
Bancorp Inc. 14.188 28.93 13.14 NA 95.29 95.29 27.01 0.000 NA
DFIN...... Damen Financial
Corp. 14.250 46.27 22.27 30.32 100.92 100.92 20.35 1.684 51.06
DIBK...... Dime Financial Corp. 23.625 121.34 8.32 9.12 190.37 197.53 14.9 1.693 12.36
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
CURRENT PRICE IN RELATION TO
-------------------------------------------- LTM
CURRENT CURRENT TANGIBLE CURRENT DIVIDEND
STOCK MARKET BOOK BOOK DIVIDEND PAYOUT
PRICE VALUE EARNINGS LTM EPS VALUE VALUE ASSETS YIELD RATIO
TICKER SHORT NAME ($) ($M) (X) (X) (%) (%) (%) (%) (%)
- ------------------------------ ------- -------- -------- ------- ---------- ---------- ------ -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DIME...... Dime Community
Bancorp Inc. 17.875 234.63 17.19 NA 123.02 143.34 18.96 1.007 NA
DME....... Dime Bancorp Inc. 17.375 1,828.88 14.01 16.87 173.58 175.15 9.90 0.000 0.00
DNFC...... D & N Financial
Corp. 18.000 149.68 11.84 17.14 170.45 172.41 9.79 0.000 0
DSL....... Downey Financial
Corp. 21.750 581.46 11.82 26.20 145.19 147.36 10.60 1.471 36.72
EBCP...... Eastern Bancorp 26.000 96.46 17.11 31.71 145.58 153.39 11.05 2.462 68.29
EBSI...... Eagle Bancshares 16.250 73.97 15.05 18.90 127.55 127.55 11.10 3.692 67.44
EFBC...... Empire Federal
Bancorp Inc. 13.438 34.83 NA NA 87.54 87.54 32.27 2.232 NA
EFBI...... Enterprise Federal
Bancorp 18.750 37.70 15.12 22.06 119.12 119.27 14.69 5.333 147.06
EGFC...... Eagle Financial
Corp. 29.875 136.26 12.45 16.78 130.40 173.19 9.00 3.079 51.69
EGLB...... Eagle BancGroup Inc. 15.500 19.65 38.75 NA 95.21 95.21 11.52 0.000 NA
EIRE...... Emerald Isle Bancorp
Inc. 18.250 40.80 12.01 12.76 142.24 142.24 9.90 1.534 17.62
EMLD...... Emerald Financial
Corp. 14.000 70.86 12.07 18.42 160.37 163.17 12.04 1.714 39.47
EQSB...... Equitable Federal
Savings Bank 36.250 21.83 8.97 17.43 145.52 145.52 7.37 0.000 0
ESBK...... Elmira Savings Bank
(The) 20.750 14.66 21.61 23.31 102.72 107.29 6.58 3.084 71.91
ESX....... Essex Bancorp Inc. 1.125 1.19 NA NA NA NA 0.66 0.000 0.00
ETFS...... East Texas Financial
Services 17.250 17.69 22.70 44.23 87.61 87.61 16.67 1.159 51.28
FAB....... FirstFed America
Bancorp Inc. 14.813 128.98 NA NA 105.58 105.58 13.16 0.000 NA
FBBC...... First Bell Bancorp
Inc. 14.688 99.92 13.11 14.54 138.17 138.17 14.09 2.723 331.68
FBCI...... Fidelity Bancorp
Inc. 18.750 52.35 13.02 21.55 105.69 105.99 10.77 1.707 29.89
FBCV...... 1ST Bancorp 30.750 21.45 9.86 33.79 98.59 100.82 7.85 1.301 42.37
FBER...... 1st Bergen Bancorp 13.625 41.08 18.92 NA 99.02 99.02 16.28 0.881 NA
FBHC...... Fort Bend Holding
Corp. 26.500 21.79 10.69 29.12 118.25 127.59 7.38 1.057 30.77
FBSI...... First Bancshares
Inc. 20.125 23.00 12.9 17.06 101.64 101.80 14.59 0.994 16.95
FCB....... Falmouth
Co-Operative Bank 15.875 23.09 33.07 30.53 104.65 104.65 25.58 1.260 19.23
FCBF...... FCB Financial Corp. 24.750 60.98 19.96 25.26 129.51 129.51 22.67 2.909 70.41
FCIT...... First Citizens
Financial Corp. 29.000 85.37 16.48 26.61 201.53 201.53 12.30 0.000 0
FCME...... First Coastal
Corporation 9.188 12.48 12.09 1.77 92.90 92.90 8.25 0.000 0.00
FDEF...... First Defiance
Financial 14.000 131.93 20.59 32.56 112.81 112.81 24.16 2.286 69.77
FED....... FirstFed Financial
Corp. 29.750 314.17 15.49 31.99 160.98 163.10 7.61 0.000 0.00
FESX...... First Essex Bancorp
Inc. 16.375 122.55 14.62 11.14 146.21 169.69 10.69 2.931 32.65
FFBA...... First Colorado
Bancorp Inc. 17.750 293.97 15.30 22.47 153.02 155.16 19.47 2.254 44.30
FFBH...... First Federal
Bancshares of AR 19.375 94.86 14.68 NA 115.40 115.4 18.25 1.032 NA
FFBI...... First Financial
Bancorp Inc. 16.000 6.65 10.81 NA 91.43 91.43 7.14 0.000 0
FFBS...... FFBS BanCorp Inc. 23.000 35.82 16.91 23.71 135.21 135.21 27.84 2.174 51.55
FFBZ...... First Federal
Bancorp Inc. 17.500 27.51 17.5 22.15 208.83 209.08 14.35 1.371 29.11
FFCH...... First Financial
Holdings Inc. 29.000 183.56 12.95 21.64 186.26 186.26 11.45 2.483 50.75
FFDB...... FirstFed Bancorp
Incorporated 18.250 22.37 10.61 24.01 127.36 139.42 12.68 2.192 60.53
FFDF...... FFD Financial Corp. 13.375 19.46 23.88 NA 92.18 92.18 22.81 2.243 NA
FFED...... Fidelity Federal
Bancorp 9.000 22.39 11.25 60 174.08 174.08 8.95 4.444 466.67
FFES...... First Federal of
East Hartford 26.500 70.48 14.40 17.32 115.22 115.22 7.20 2.264 39.22
FFFC...... FFVA Financial Corp. 25.750 116.40 16.09 22.20 151.56 155.03 21.17 1.864 36.21
FFFD...... North Central
Bancshares Inc. 15.563 51.66 14.41 16.73 106.67 106.67 26.23 1.606 26.88
FFFG...... F.F.O. Financial
Group Inc. 4.375 36.95 15.63 17.50 177.85 177.85 11.53 0.000 0.00
FFFL...... Fidelity Bankshares
Inc., MHC 18.750 126.86 26.04 38.27 155.22 156.51 13.69 4.267 153.06
FFHC...... First Financial
Corp. 28.125 1,017.79 13.79 20.38 252.47 260.18 17.63 2.133 39.13
FFHH...... FSF Financial Corp. 16.625 50.91 16.63 22.77 104.76 104.76 14.01 3.008 68.49
FFHS...... First Franklin
Corporation 20.500 24.16 17.67 78.85 121.09 121.95 10.68 1.561 123.08
FFIC...... Flushing Financial
Corp. 18.875 152.65 18.88 21.70 117.53 117.53 18.82 1.272 13.79
FFKY...... First Federal
Financial Corp. 19.000 79.05 12.84 17.76 156.25 166.37 21.26 2.737 45.79
FFLC...... FFLC Bancorp Inc. 26.750 62.55 16.72 28.46 120.71 120.71 17.47 1.794 44.68
FFOH...... Fidelity Financial
of Ohio 14.875 83.21 16.90 33.06 123.65 140.73 16.22 1.882 48.89
FFPB...... First Palm Beach
Bancorp Inc. 29.625 148.40 16.10 NA 140.80 144.51 9.52 2.025 NA
FFSL...... First Independence
Corp. 11.281 11.22 17.63 23.50 98.87 98.87 10.38 2.216 44.27
FFSW...... FirstFederal
Financial Svcs 35.000 160.60 17.16 22.44 273.01 323.18 14.76 1.257 24.62
FFSX...... First Fed SB of
Siouxland, MHC 23.000 65.02 18.55 34.33 172.67 174.24 14.05 2.087 68.39
FFWC...... FFW Corp. 26.000 18.12 10.32 13.33 114.29 114.29 11.44 2.769 30.77
FFWD...... Wood Bancorp Inc. 17.000 25.37 11.18 17.17 122.21 122.21 15.52 2.353 31.31
FFYF...... FFY Financial Corp. 26.250 109.81 13.96 22.83 134.62 134.62 18.98 2.667 56.52
FGHC...... First Georgia
Holding Inc. 7.500 22.89 14.42 25.86 183.82 201.61 15.56 0.711 18.38
FIBC...... Financial Bancorp
Inc. 17.500 30.06 12.50 21.88 116.74 117.37 11.36 2.286 40.63
FISB...... First Indiana
Corporation 21.375 224.55 14.06 17.38 158.22 160.23 15.16 2.246 37.07
FKFS...... First Keystone
Financial 22.500 27.63 9.70 16.92 124.17 124.17 8.78 0.889 7.52
FKKY...... Frankfort First
Bancorp Inc. 12.000 40.62 30.00 46.15 120.85 120.85 31.65 3.000 NA
FLAG...... FLAG Financial Corp. 13.125 26.74 10.94 NA 128.05 128.05 12.04 2.590 NA
FLFC...... First Liberty
Financial Corp. 21.250 164.15 12.07 17.00 179.02 200.09 13.15 1.882 29.87
FLGS...... Flagstar Bancorp
Inc. 16.250 222.14 NA NA NA NA NA 0.000 NA
FLKY...... First Lancaster
Bancshares 15.000 14.38 23.44 NA 103.88 103.88 35.55 0.000 NA
FMBD...... First Mutual Bancorp
Inc. 15.125 53.04 189.06 116.35 91.11 118.44 13.33 2.116 238.46
FMCO...... FMS Financial
Corporation 23.500 56.08 10.68 17.28 161.07 164.45 10.13 0.851 14.71
FMSB...... First Mutual Savings
Bank 17.250 46.55 11.35 12.06 163.51 163.51 10.92 1.159 12.73
FNGB...... First Northern
Capital Corp. 20.250 89.49 16.33 25.96 125.85 125.85 14.48 3.160 78.21
FOBC...... Fed One Bancorp 20.500 48.53 15.53 22.04 120.09 126.08 14.46 2.829 61.29
FPRY...... First Financial
Bancorp NA NA NA NA NA NA NA NA 39.66
FRC....... First Republic
Bancorp 20.500 204.84 13.49 14.24 126.62 126.7 9.38 0.000 0.00
FSBI...... Fidelity Bancorp
Inc. 20.000 30.85 12.50 19.05 134.95 134.95 9.40 1.800 27.93
FSFC...... First Southeast
Financial Corp 10.500 46.08 12.50 NA 134.62 134.62 13.77 2.286 NA
FSLA...... First Savings Bank,
MHC 25.25 183 18.57 37.13 194.23 219.18 17.86 1.901 54.81
FSNJ...... First Savings Bk of
NJ, MHC 25.750 186.62 29.26 NA 159.15 159.15 13.64 1.942 NA
FSPG...... First Home Bancorp
Inc. 19.250 52.14 10.24 11.88 155.74 158.57 10.26 2.078 22.84
FSSB...... First FS&LA of San
Bernardino 9.063 2.98 NA NA 66.25 68.76 2.87 0.000 0
FSTC...... First Citizens
Corporation 24.750 40.03 9.24 9.71 163.04 207.29 15.28 1.778 16.86
FTF....... Texarkana First
Financial Corp 17.750 32.38 10.57 13.45 120.75 120.75 19.35 2.535 261.36
FTFC...... First Federal
Capital Corp. 30.250 184.04 13.27 18.79 189.42 202.07 12.04 2.380 39.75
FTNB...... Fulton Bancorp Inc. 19.750 33.96 35.27 NA 136.49 136.49 34.14 1.013 NA
FTSB...... Fort Thomas
Financial Corp. 10.500 14.86 17.5 36.21 103.04 103.04 16.58 2.381 NA
FWWB...... First SB of
Washington Bancorp 22.000 232.52 17.19 25.58 145.60 158.50 23.80 1.273 23.26
GAF....... GA Financial Inc. 16.750 133.75 17.45 20.94 112.12 112.12 21.01 2.388 26.25
GBCI...... Glacier Bancorp Inc. 16.000 108.81 13.79 14.68 205.92 211.92 19.69 2.668 39.16
GDVS...... Greater Delaware
Valley SB,MHC 12.500 40.91 18.38 NA 149.34 149.34 17.14 2.880 NA
GDW....... Golden West
Financial 69.750 3,990.99 12.03 10.83 165.32 165.32 10.36 0.631 6.37
GFCO...... Glenway Financial
Corp. 23.000 26.31 11.98 24.47 99.74 101.32 9.37 2.957 70.62
GFED...... Guaranty Federal SB,
MHC 17.750 55.47 31.70 59.17 204.49 204.49 28.30 2.254 113.33
GFSB...... GFS Bancorp Inc. 13.875 13.71 12.39 16.52 134.32 134.32 15.55 1.441 23.81
GLBK...... Glendale
Co-Operative Bank 26.750 6.61 23.88 24.32 109.36 109.36 17.91 0.000 0
GLN....... Glendale Federal
Bank FSB 26.625 1,339.39 20.17 78.31 173.91 186.97 8.70 0.000 0.00
GPT....... GreenPoint Financial
Corp. 62.500 2,930.50 16.62 18.55 180.79 315.50 22.10 1.600 25.22
GRTR...... Greater New York
Savings Bank 19.625 268.42 24.53 24.23 170.95 170.95 10.44 1.019 12.35
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
CURRENT PRICE IN RELATION TO
-------------------------------------------- LTM
CURRENT CURRENT TANGIBLE CURRENT DIVIDEND
STOCK MARKET BOOK BOOK DIVIDEND PAYOUT
PRICE VALUE EARNINGS LTM EPS VALUE VALUE ASSETS YIELD RATIO
TICKER SHORT NAME ($) ($M) (X) (X) (%) (%) (%) (%) (%)
- ------------------------------ ------- -------- -------- ------- ---------- ---------- ------ -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GSBC...... Great Southern
Bancorp Inc. 16.750 136.18 11.96 15.95 227.89 227.89 20.44 2.388 36.90
GSFC...... Green Street
Financial Corp. 17.750 76.29 26.10 NA 121.24 121.24 43.75 2.254 NA
GSLA...... GS Financial Corp. 14.813 50.93 NA NA NA NA NA 0.000 NA
GTFN...... Great Financial
Corporation 33.750 468.61 15.92 23.28 170.20 177.91 15.82 1.778 33.10
GTPS...... Great American
Bancorp 15.875 27.94 39.69 99.22 86.47 86.47 20.26 2.520 250.00
GUPB...... GFSB Bancorp Inc. 18.500 14.88 22.02 27.61 109.60 109.6 17.86 2.162 111.94
GWBC...... Gateway Bancorp Inc. 16.625 17.88 21.88 31.97 104.17 104.17 27.18 2.406 76.92
GWF....... Great Western
Financial 50.625 6,981.62 28.76 76.7 288.46 325.77 16.28 1.975 151.52
HALL...... Hallmark Capital
Corp. 20.250 29.22 11.01 16.74 102.17 102.17 7.14 0.000 0.00
HARB...... Harbor Federal
Savings Bk, MHC 37.875 187.92 14.35 19.62 206.97 215.08 17.01 3.696 64.77
HARL...... Harleysville Savings
Bank 22.000 36.33 11 17.19 171.61 171.61 10.92 1.818 27.19
HARS...... Harris Savings Bank,
MHC 20.813 233.55 12.39 56.25 151.81 175.93 12.02 2.787 156.76
HAVN...... Haven Bancorp Inc. 34.000 147.31 11.49 15.38 147.00 147.57 8.52 1.765 27.15
HBBI...... Home Building
Bancorp 21.000 6.54 15.44 67.74 105.63 105.63 13.98 1.429 96.77
HBEI...... Home Bancorp of
Elgin Inc. 15.875 111.27 28.35 NA 110.32 110.32 31.02 2.520 NA
HBFW...... Home Bancorp 20.750 54.43 15.72 29.23 119.05 119.05 16.61 0.964 28.17
HBNK...... Highland Federal
Bank FSB 21.813 49.78 9.91 38.27 138.94 138.94 10.37 0.000 0.00
HBS....... Haywood Bancshares
Inc. 16.500 20.66 16.5 19.41 99.88 103.71 14.12 3.394 63.53
HCBB...... HCB Bancshares Inc. 13.000 34.39 NA NA NA NA NA 0.000 NA
HCFC...... Home City Financial
Corp. 13.500 12.85 16.88 NA 84.11 84.11 18.84 2.370 NA
HEMT...... HF Bancorp Inc. 13.500 84.81 56.25 NA 104.90 128.21 8.61 0.000 0
HFFB...... Harrodsburg First
Fin Bancorp 15.250 30.88 20.07 26.29 99.87 99.87 28.54 2.623 94.83
HFFC...... HF Financial Corp. 19.250 57.55 11.46 17.99 116.60 116.88 10.28 1.870 32.94
HFGI...... Harrington Financial
Group 11.500 37.45 11.06 22.55 151.92 151.92 7.27 1.043 0.00
HFNC...... HFNC Financial Corp. 17.375 298.72 36.2 32.18 188.24 188.24 35.44 1.612 961.11
HFSA...... Hardin Bancorp Inc. 14.625 12.57 16.62 28.68 95.15 95.15 12.16 2.735 78.43
HHFC...... Harvest Home
Financial Corp. 10.500 9.61 14.58 45.65 94.51 94.51 11.81 3.810 NA
HIFS...... Hingham Instit. for
Savings 19.000 24.77 9.69 10.98 125.91 125.91 12.02 2.105 27.17
HMCI...... HomeCorp Inc. 14.250 24.13 16.96 71.25 113.82 113.82 7.17 0.000 0.00
HMLK...... Hemlock Federal
Financial Corp 13.000 26.99 NA NA NA NA NA 0.000 NA
HMNF...... HMN Financial Inc. 21.375 90.03 14.06 21.38 114.24 114.24 16.27 0.000 0.00
HOMF...... Home Federal Bancorp 27.250 92.39 11.17 14.42 164.75 170.31 13.92 1.835 19.4
HPBC...... Home Port Bancorp
Inc. 20.250 37.30 12.05 11.98 182.27 182.27 19.71 3.951 44.38
HRBF...... Harbor Federal
Bancorp Inc. 18.000 31.58 18.75 33.33 111.87 111.87 14.39 2.222 74.07
HRZB...... Horizon Financial
Corp. 15.500 114.68 13.84 14.90 146.09 146.09 22.25 2.245 62.71
HTHR...... Hawthorne Financial
Corp. 11.000 28.92 16.18 35.48 88.92 88.92 3.45 0.000 0.00
HVFD...... Haverfield
Corporation 26.000 49.57 15.12 29.55 172.87 172.87 14.51 2.154 61.93
HWEN...... Home Financial
Bancorp 15.750 7.65 23.16 NA 104.17 104.17 19.40 1.270 NA
HZFS...... Horizon Financial
Svcs Corp. 19.250 8.19 13.37 25.00 99.59 99.59 10.45 1.662 41.56
IBSF...... IBS Financial Corp. 16.125 177.57 31.01 46.07 140.83 140.83 24.00 1.984 131.71
IFSB...... Independence Federal
Savings 9.000 11.52 9.78 31.03 67.21 76.66 4.38 2.444 0.00
IFSL...... Indiana Federal
Corporation 26.750 128.07 14.23 24.54 177.98 189.45 15.63 2.692 66.06
INBI...... Industrial Bancorp 12.563 67.97 13.09 27.92 110.11 110.11 20.36 3.821 61.11
INCB...... Indiana Community
Bank SB 16.250 14.98 27.08 108.33 132.44 132.44 16.41 2.215 NA
IPSW...... Ipswich Savings Bank 16.375 19.45 10.77 11.22 190.63 190.63 11.75 1.221 13.70
ISBF...... ISB Financial
Corporation 23.250 160.45 20.04 28.35 133.24 157.09 17.34 1.720 42.68
ITLA...... ITLA Capital Corp. 15.000 117.44 10.42 11.03 127.44 127.99 14.49 0.000 0.00
IWBK...... InterWest Bancorp
Inc. 35.000 280.65 14.34 19.77 236.33 241.88 15.84 1.600 30.51
JOAC...... Joachim Bancorp Inc. 14.750 11.22 52.68 59.00 108.54 108.54 31.46 3.390 200
JSBA...... Jefferson Savings
Bancorp 29.000 144.17 12.29 36.71 124.89 163.93 11.12 1.379 43.04
JSBF...... JSB Financial Inc. 45.000 442.76 17.86 17.24 130.36 130.36 28.90 3.111 47.89
JXSB...... Jacksonville Savings
Bank, MHC 17.500 22.26 21.88 54.69 131.98 131.98 13.59 2.286 125
JXVL...... Jacksonville Bancorp
Inc. 15.000 38.12 13.39 NA 113.04 113.04 17.67 3.333 NA
KFBI...... Klamath First
Bancorp 18.938 188.66 17.54 32.65 123.05 123.05 27.59 1.584 48.28
KNK....... Kankakee Bancorp
Inc. 29.000 41.18 14.22 20.28 112.67 120.33 12.03 1.655 29.37
KSAV...... KS Bancorp Inc. 22.000 14.59 12.22 17.19 104.76 104.81 14.48 2.727 93.75
KSBK...... KSB Bancorp Inc. 33.000 13.72 9.94 10.03 135.75 144.29 9.73 0.606 6.08
KYF....... Kentucky First
Bancorp Inc. 11.063 14.59 13.83 20.49 101.87 101.87 16.41 4.520 648.15
LARK...... Landmark Bancshares
Inc. 19.750 35.71 15.43 20.57 109.06 109.06 15.96 2.025 41.67
LARL...... Laurel Capital Group
Inc. 21.000 30.28 11.41 14.58 144.73 144.73 15.09 2.095 28.47
LFBI...... Little Falls Bancorp
Inc. 13.500 37.06 19.85 48.21 94.47 102.66 12.21 0.889 37.50
LFED...... Leeds Federal
Savings Bk, MHC 18.000 62.19 18.00 28.13 136.26 136.26 22.06 4.222 107.81
LIFB...... Life Bancorp Inc. 22.813 224.64 15.84 22.81 147.94 152.60 15.96 2.104 44.00
LISB...... Long Island Bancorp
Inc. 34.875 844.96 17.10 24.91 161.31 162.89 14.53 1.720 35.71
LOGN...... Logansport Financial
Corp. 13.250 16.67 15.06 18.93 106.77 106.77 20.99 3.019 485.71
LONF...... London Financial
Corporation 15.000 7.73 22.06 NA 102.53 102.53 20.37 1.600 NA
LSBI...... LSB Financial Corp. 19.500 18.43 11.89 19.12 100.41 100.41 9.80 1.662 29.88
LSBX...... Lawrence Savings
Bank 10.750 45.76 9.27 8.4 152.27 152.27 13.38 0.000 0
LVSB...... Lakeview Financial 29.500 67.92 13.66 11.75 148.17 185.30 14.10 0.847 9.51
LXMO...... Lexington B&L
Financial Corp. 15.250 16.59 29.33 NA 100.53 100.53 27.77 1.967 NA
MAFB...... MAF Bancorp Inc. 41.250 430.20 11.99 17.55 168.64 194.21 13.29 1.018 14.89
MARN...... Marion Capital
Holdings 22.500 41.14 11.72 18.29 102.32 102.32 23.58 3.911 65.04
MASB...... MASSBANK Corp. 42.500 114.24 11.81 12.04 126.90 126.90 12.67 2.541 27.48
MBB....... MSB Bancorp Inc. 18.500 52.49 19.27 56.06 93.81 218.42 6.47 3.243 181.82
MBBC...... Monterey Bay Bancorp
Inc. 16.125 52.32 26.88 50.39 107.43 117.19 12.39 0.620 31.25
MBLF...... MBLA Financial Corp. 23.625 31.09 21.88 24.11 109.83 109.83 14.82 1.693 40.82
MBSP...... Mitchell Bancorp
Inc. 16.750 16.21 24.63 NA 110.42 110.42 47.83 0.000 NA
MCBN...... Mid-Coast Bancorp
Inc. 19.500 4.49 9.20 20.97 90.24 90.24 7.76 2.667 54.84
MCBS...... Mid Continent
Bancshares Inc. 26.750 52.38 13.38 15.29 137.46 137.46 14.11 1.495 22.86
MDBK...... Medford Savings Bank 29.000 131.65 12.08 12.95 141.95 153.36 12.49 2.483 37.50
MECH...... Mechanics Savings
Bank 18.750 99.19 12.02 NA 129.31 129.31 12.58 0.000 NA
MERI...... Meritrust Federal SB 38.500 29.81 11.46 22.65 164.95 164.95 13.04 1.818 38.24
METF...... Metropolitan
Financial Corp. 14.500 51.12 10.66 NA 166.09 185.19 6.33 0.000 NA
MFBC...... MFB Corp. 19.125 33.17 15.94 28.13 97.63 97.63 14.16 1.673 32.35
MFCX...... Marshalltown
Financial Corp. 15.000 21.17 22.06 51.72 106.69 106.69 16.66 0.000 0
MFFC...... Milton Federal
Financial Corp. 13.625 31.71 26.2 31.69 111.50 111.50 17.74 4.404 706.98
MFLR...... Mayflower
Co-operative Bank 16.250 14.47 10.69 12.22 123.01 125.19 11.60 3.692 36.84
MFSL...... Maryland Federal
Bancorp 44.000 141.25 15.71 22.00 148.30 150.32 12.52 1.818 34.50
MGNL...... Magna Bancorp Inc. 23.500 323.23 14.69 17.8 244.54 252.69 23.37 2.553 39.77
MIFC...... Mid-Iowa Financial
Corp. 8.750 14.67 11.51 14.11 130.40 130.60 11.87 0.914 12.90
MIVI...... Mississippi View
Holding Co. 14.625 11.97 17.41 25.22 94.05 94.05 17.17 1.094 41.38
MLBC...... ML Bancorp Inc. 18.375 191.38 14.82 15.06 141.02 NA 9.77 2.177 31.15
MRKF...... Market Financial
Corporation 13.375 17.87 NA NA 91.67 91.67 31.71 0.000 NA
MSBF...... MSB Financial Inc. 22.000 13.84 13.75 17.60 110.33 110.33 18.33 2.545 40.00
MSBK...... Mutual Savings Bank
FSB 8.125 34.73 203.13 50.78 87.27 87.27 5.24 0.000 0.00
MWBI...... Midwest Bancshares
Inc. 31.500 10.97 11.93 18.31 113.80 113.80 7.89 1.905 32.56
MWBX...... MetroWest Bank 5.500 76.69 11.46 11.22 188.36 188.36 13.82 2.182 31.63
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
CURRENT PRICE IN RELATION TO
-------------------------------------------- LTM
CURRENT CURRENT TANGIBLE CURRENT DIVIDEND
STOCK MARKET BOOK BOOK DIVIDEND PAYOUT
PRICE VALUE EARNINGS LTM EPS VALUE VALUE ASSETS YIELD RATIO
TICKER SHORT NAME ($) ($M) (X) (X) (%) (%) (%) (%) (%)
- ------------------------------ ------- -------- -------- ------- ---------- ---------- ------ -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MWFD...... Midwest Federal
Financial 20.000 32.50 12.5 16.81 187.62 195.31 16.16 1.700 26.05
NASB...... North American
Savings Bank 45.000 101.44 8.65 11.72 184.80 191.00 14.73 1.778 17.42
NBN....... Northeast Bancorp 14.375 18.33 12.39 19.97 106.56 123.28 7.40 2.226 44.44
NBSI...... North Bancshares
Inc. 19.250 19.92 21.88 37.75 113.64 113.64 16.60 2.494 82.35
NEIB...... Northeast Indiana
Bancorp 15.000 26.44 12.50 16.3 100.87 100.87 15.30 2.133 33.70
NHTB...... New Hampshire Thrift
Bncshrs 15.250 31.13 12.30 33.15 133.07 157.05 9.94 3.279 108.70
NASB...... NewMil Bancorp Inc. 9.500 36.94 14.84 16.10 116.85 116.85 11.65 2.526 37.29
NSBC...... NewSouth Bancorp,
Inc. 24.250 70.56 NA NA NA NA NA 0.000 NA
NSLB...... NS&L Bancorp Inc. 16.500 11.67 21.71 37.50 100.86 100.86 20.10 3.030 113.64
NSSB...... Norwich Financial
Corp. 21.250 114.77 14.76 16.35 148.91 166.02 16.36 2.635 43.08
NSSY...... Norwalk Savings
Society 27.750 66.70 16.13 11.37 134.12 139.10 10.80 1.441 8.20
NTMG...... Nutmeg Federal S&LA 7.375 5.35 11.52 29.50 100.34 100.34 5.71 0.000 30.00
NWEQ...... Northwest Equity
Corp. 14.750 12.37 12.72 17.56 103.95 103.95 13.01 3.254 47.62
NWSB...... Northwest Savings
Bank, MHC 14.750 344.80 18.44 25.88 177.71 189.35 17.26 2.169 55.26
NYB....... New York Bancorp
Inc. 33.250 539.08 10.26 14.78 338.94 338.94 17.15 1.805 25.18
OCFC...... Ocean Financial
Corp. 31.125 279.32 18.53 NA 114.01 114.01 20.32 2.570 NA
OCWN...... Ocwen Financial
Corporation 30.750 824.08 12.20 NA 366.07 366.07 31.10 0.000 NA
OFCP...... Ottawa Financial
Corp. 21.875 107.64 16.08 31.25 145.16 181.38 12.84 1.829 50.00
OHSL...... OHSL Financial Corp. 23.750 28.69 14.14 23.06 113.10 113.10 12.48 3.705 76.70
PALM...... Palfed, Inc. 16.500 87.09 16.50 NA 163.85 163.85 13.28 0.727 150.00
PAMM...... PacificAmerica Money
Center 28.250 53.34 5.47 NA 211.61 211.61 47.48 0.000 NA
PBCI...... Pamrapo Bancorp Inc. 20.000 56.86 11.9 20.62 121.73 122.77 15.59 5.000 95.36
PBCT...... People's Bank, MHC 24.188 1,475.87 16.80 18.32 232.80 233.03 19.58 2.757 42.42
PBIX...... Patriot Bank Corp. 16.000 67.62 20 30.77 125.98 125.98 11.49 2.188 53.69
PBKB...... People's Bancshares
Inc. 13.375 48.05 9.29 11.15 156.07 162.91 8.75 3.290 25.83
PBNB...... People's Savings
Financial Cp. 34.875 66.50 16.15 16.37 144.47 154.25 13.88 2.638 43.19
PCBC...... Perry County
Financial Corp. 19.500 15.77 15.73 24.38 107.97 107.97 19.78 2.051 50.00
PCCI...... Pacific Crest
Capital 12.375 36.35 11.46 12.01 146.80 146.80 10.61 0.000 0
PDB....... Piedmont Bancorp
Inc. 10.250 28.20 18.30 NA 140.22 140.22 23.79 3.902 NA
PEEK...... Peekskill Financial
Corp. 14.000 44.84 20.59 24.56 96.02 96.02 24.56 2.571 63.16
PERM...... Permanent Bancorp
Inc. 24.500 51.03 19.14 55.68 127.34 128.61 12.36 1.224 56.82
PERT...... Perpetual Bank, MHC 27.000 40.62 16.88 23.89 136.29 136.29 16.54 5.185 106.19
PETE...... Primary Bank 24.375 50.88 15.23 14.86 176.37 176.76 11.68 0.000 0.00
PFDC...... Peoples Bancorp 21.750 49.58 12.08 16.23 115.32 115.32 17.50 2.759 44.03
PFED...... Park Bancorp Inc. 14.750 35.86 19.41 NA 92.94 92.94 20.15 0.000 NA
PFFB...... PFF Bancorp Inc. 15.125 285.04 27.01 100.83 107.35 108.58 11.24 0.000 0
PFFC...... Peoples Financial
Corp. 15.625 23.30 27.90 NA 96.57 96.57 25.98 3.200 NA
PFNC...... Progress Financial
Corporation 9.000 34.33 8.04 21.95 163.04 185.95 8.57 0.889 14.63
PFSB...... PennFed Financial
Services Inc 26.000 125.35 11.82 19.12 122.58 148.66 10.01 1.077 10.29
PFSL...... Pocahontas FS&LA,
MHC 19.875 32.37 12.74 15.41 136.04 136.04 8.67 4.528 65.50
PHBK...... Peoples Heritage
Finl Group 34.000 948.30 14.17 15.53 215.74 255.64 17.71 2.118 31.51
PHFC...... Pittsburgh Home
Financial Corp 15.125 29.79 16.44 NA 110.32 111.62 12.66 1.587 NA
PKPS...... Poughkeepsie
Financial Corp. 6.688 84.23 18.58 51.45 116.11 116.11 9.78 1.495 76.92
PLE....... Pinnacle Bancshares
Inc. 21.625 19.24 9.65 17.16 124.71 128.87 9.64 3.699 58.73
PLSK...... Pulaski Savings
Bank, MHC 13.000 26.91 NA NA NA NA NA 2.308 NA
PMFI...... Perpetual Midwest
Financial 19.250 36.72 21.88 128.33 108.70 108.70 9.23 1.558 200.00
POBS...... Portsmouth Bank
Shares 16.125 94.69 15.50 15.97 143.33 143.33 36.02 3.721 82.52
PRBC...... Prestige Bancorp
Inc. 15.875 14.52 17.26 NA 98.54 98.54 11.51 0.756 NA
PROV...... Provident Financial
Holdings 16.125 81.84 16.80 NA 94.52 94.52 13.44 0.000 NA
PSBK...... Progressive Bank
Inc. 27.500 105.18 12.5 11.22 143.45 161.96 11.98 2.473 23.26
PSFC...... Peoples-Sidney
Financial Corp. 13.625 24.33 NA NA NA NA NA 0.000 NA
PSFI...... PS Financial Inc. 14.000 30.55 17.50 NA 94.09 94.09 40.67 2.286 NA
PTRS...... Potters Financial
Corp. 21.250 10.35 6.04 29.11 99.35 99.35 8.85 1.694 43.84
PULB...... Pulaski Bank,
Savings Bk, MHC 18.125 37.95 22.66 37.76 164.18 164.18 21.34 5.517 197.92
PULS...... Pulse Bancorp 19.125 58.66 10.63 18.04 145.55 145.55 11.35 3.660 66.04
PVFC...... PVF Capital Corp. 18.000 41.82 9.18 12.50 167.13 167.13 11.74 0.000 0.00
PVSA...... Parkvale Financial
Corporation 27.250 110.64 11.17 17.14 152.15 153.43 11.38 1.908 31.07
PWBC...... PennFirst Bancorp
Inc. 14.000 54.75 12.07 18.67 109.63 120.17 7.75 2.571 114.67
PWBK...... Pennwood Bancorp
Inc. 15.000 9.15 17.05 NA 98.04 98.04 19.09 1.867 NA
QCBC...... Quaker City Bancorp
Inc. 16.000 75.95 13.79 32.65 109.89 110.04 9.79 0.000 0.00
QCFB...... QCF Bancorp Inc. 20.500 29.24 11.39 14.04 108.01 108.01 19.54 0.000 0.00
QCSB...... Queens County
Bancorp Inc. 42.125 469.16 15.96 20.25 198.52 198.52 34.16 1.899 30.05
RARB...... Raritan Bancorp Inc. 30.500 48.50 13.15 14.95 162.23 165.22 12.45 2.361 30.64
RCSB...... RCSB Financial Inc. 42.688 632.46 16.94 17.21 199.85 205.03 15.68 1.406 21.77
REDF...... RedFed Bancorp Inc. 15.250 109.25 11.91 169.44 147.06 147.20 12.02 0.000 0
RELI...... Reliance Bancshares
Inc. 7.750 19.60 27.68 NA 87.18 NA 41.85 0.000 NA
RELY...... Reliance Bancorp
Inc. 25.500 223.47 13.86 22.57 145.22 207.15 11.68 2.510 50.00
RFED...... Roosevelt Financial
Group 23.875 1,017.43 12.98 217.05 240.92 NA 13.55 2.848 577.27
RIVR...... River Valley Bancorp 14.500 17.26 11.69 NA 100.90 102.47 12.48 0.000 NA
ROSE...... TR Financial Corp. 21.875 383.22 12.43 12.43 171.30 171.30 11.33 2.377 21.59
RSLN...... Roslyn Bancorp Inc. 18.125 791.02 NA NA 128.73 129.37 27.76 1.103 NA
RVSB...... Riverview Savings
Bank, MHC 20.000 48.33 16.13 23.53 193.05 212.77 21.54 1.090 24.06
SBCN...... Suburban
Bancorporation Inc. 19.125 28.21 14.94 26.20 106.13 106.13 12.71 3.137 82.19
SBFL...... SB of the Finger
Lakes, MHC 16.250 29.01 40.63 203.13 144.19 144.19 13.63 2.462 500.00
SBOS...... Boston Bancorp (The) NA NA NA NA NA NA NA NA 10.89
SCBS...... Southern Community
Bancshares 13.750 15.64 17.19 NA 101.55 101.55 22.31 2.182 NA
SCCB...... S. Carolina
Community Bancshrs 18.875 13.29 26.22 34.95 110.32 110.32 28.64 3.179 111.11
SECP...... Security Capital
Corporation 92.875 854.72 16.01 21.35 156.96 156.96 23.44 1.292 18.97
SFED...... SFS Bancorp Inc. 16.500 20.39 21.71 25.78 95.60 95.60 12.42 1.697 28.13
SFFC...... StateFed Financial
Corporation 18.875 14.79 13.48 17.48 99.34 99.34 17.49 2.119 37.04
SFIN...... Statewide Financial
Corp. 17 80.84 13.28 22.97 128.69 128.98 11.98 2.353 40.54
SFNB...... Security First
Network Bank 5.500 46.38 NA NA 145.12 147.45 58.26 0.000 0
SFSB...... SuburbFed Financial
Corp. 25.250 31.84 12.88 26.03 118.94 119.44 7.81 1.267 32.99
SFSL...... Security First Corp. 21.375 106.94 13.70 18.27 179.92 183.16 16.85 2.246 37.61
SGVB...... SGV Bancorp Inc. 13.250 31.03 25.48 57.61 106.77 108.70 7.76 0.000 0.00
SHEN...... First Shenango
Bancorp Inc. 24.500 50.54 11.14 16.67 117.85 117.85 12.61 1.959 32.65
SISB...... SIS Bancorp Inc. 28.625 160.78 14.31 8.54 157.02 157.02 11.55 1.677 3.58
SJSB...... SJS Bancorp 26.500 24.32 25.48 80.30 150.06 150.06 15.81 1.660 130.30
SKAN...... Skaneateles Bancorp
Inc. 19.000 18.09 11.31 12.1 109.13 112.83 7.49 2.105 20.38
SKBO...... First Carnegie
Deposit, MHC 13.500 31.05 NA NA NA NA NA 0.000 NA
SMBC...... Southern Missouri
Bancorp Inc. 17.000 27.84 16.35 23.61 107.26 107.26 16.81 2.941 69.44
SMFC...... Sho-Me Financial
Corp. 37.000 55.46 14.68 22.29 176.27 176.27 18.46 0.000 0.00
SOBI...... Sobieski Bancorp
Inc. 14.750 11.20 20.49 50.86 84.19 84.19 14.17 1.898 24.14
SOPN...... First Savings
Bancorp Inc. 23.250 85.95 20.04 25.00 128.88 128.88 31.70 3.441 84.95
SOSA...... Somerset Savings
Bank 2.688 44.76 11.20 14.15 145.30 145.30 8.57 0.000 0.00
SPBC...... St. Paul Bancorp
Inc. 32.688 746.60 16.34 26.58 190.49 191.05 16.65 1.468 31.87
SRN....... Southern Banc
Company Inc. 14.625 17.99 30.47 63.59 101.42 102.49 17.14 2.393 228.26
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
CURRENT PRICE IN RELATION TO
-------------------------------------------- LTM
CURRENT CURRENT TANGIBLE CURRENT DIVIDEND
STOCK MARKET BOOK BOOK DIVIDEND PAYOUT
PRICE VALUE EARNINGS LTM EPS VALUE VALUE ASSETS YIELD RATIO
TICKER SHORT NAME ($) ($M) (X) (X) (%) (%) (%) (%) (%)
- ------------------------------ ------- -------- -------- ------- ---------- ---------- ------ -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SSB....... Scotland Bancorp Inc 16.375 30.13 24.08 NA 119.18 119.18 43.71 1.832 NA
SSFC...... South Street
Financial Corp. 16.250 73.07 23.9 NA 111.00 111.00 30.60 2.462 NA
SSM....... Stone Street Bancorp
Inc. 26.125 47.68 22.52 NA 126.09 126.09 45.20 1.722 NA
STFR...... St. Francis Capital
Corp. 29.750 160.24 13.28 19.57 124.53 141.53 10.15 1.613 28.95
STND...... Standard Financial
Inc. 24.250 392.95 23.32 34.64 144.86 145.04 15.79 1.649 48.57
STSA...... Sterling Financial
Corp. 17.500 97.00 14.58 125 159.38 187.97 6.23 0.000 0
SVRN...... Sovereign Bancorp
Inc. 13.563 947.13 28.26 22.23 205.50 280.23 9.21 0.590 11.89
SWBI...... Southwest Bancshares 21.000 55.42 14.58 21.43 138.25 138.25 14.91 3.619 75.51
SWCB...... Sandwich
Co-operative Bank 30.750 58.61 14.5 14.11 149.64 156.97 12.33 3.902 50.46
SZB....... SouthFirst
Bancshares Inc. 14.875 12.60 26.56 NA 94.03 94.03 13.15 3.361 NA
TBK....... Tolland Bank 18.625 21.84 12.58 14.33 136.65 140.99 9.20 1.074 6.15
THR....... Three Rivers
Financial Corp. 15.000 12.35 16.30 23.81 98.49 98.88 13.55 2.400 52.38
THRD...... TF Financial
Corporation 18.000 73.57 15.52 22.78 97.24 111.59 11.42 2.222 43.04
TPNZ...... Tappan Zee Financial
Inc. 16.500 25.31 21.71 27.97 119.22 119.22 20.78 1.212 33.90
TRIC...... Tri-County Bancorp
Inc. 20.250 12.33 13.32 20.05 93.62 93.62 14.34 2.963 39.60
TSBS...... Trenton SB, MHC 19.000 171.71 21.59 22.09 164.64 180.09 27.41 1.842 40.70
TSH....... Teche Holding Co. 19.250 66.17 13.37 23.48 126.40 126.40 16.81 2.597 60.98
TWIN...... Twin City Bancorp 18.500 15.79 15.42 26.06 116.94 116.94 15.11 3.459 90.14
UBMT...... United Financial
Corp. 19.500 23.85 16.25 20.53 97.79 97.79 22.14 4.923 95.79
UFRM...... United Federal
Savings Bank 11.125 34.11 16.36 61.81 166.04 166.04 12.63 2.157 111.11
VABF...... Virginia Beach Fed.
Financial 13.000 64.64 18.06 68.42 156.82 156.82 10.64 1.538 89.47
VFFC...... Virginia First
Financial Corp. 22.250 129.22 14.64 12.36 196.04 203.01 15.80 0.449 5.56
WAMU...... Washington Mutual
Inc. 56.938 6,732.80 15.31 59.31 291.54 309.11 14.62 1.827 97.92
WAYN...... Wayne Savings & Loan
Co. MHC 26.750 38.08 24.77 56.91 175.76 175.76 16.03 3.439 189.26
WBST...... Webster Financial
Corporation 41.188 493.49 NA 23.01 173.64 206.35 8.82 1.942 39.11
WCBI...... Westco Bancorp 23.813 60.82 15.26 19.68 126.06 126.06 19.63 2.520 44.63
WCFB...... Webster City Federal
SB, MHC 14.000 29.40 20.59 29.79 133.97 133.97 31.56 5.714 170.21
WEFC...... Wells Financial
Corp. 14.000 27.57 12.07 21.54 98.59 98.59 14.04 0.000 0.00
WEHO...... Westwood Homestead
Fin. Corp. 13.438 38.21 24 NA 94.97 94.97 29.40 2.084 NA
WES....... Westcorp 17.500 455.24 14.58 15.35 142.39 142.74 13.37 2.286 34.67
WFCO...... Winton Financial
Corp. 13.125 26.07 8.20 12.50 118.67 121.42 8.49 3.505 40.95
WFSG...... Wilshire Financial
Services 15.250 115.44 9.78 NA 179.83 179.83 10.51 0.000 NA
WFSL...... Washington Federal
Inc. 26.250 1,245.75 11.93 13.82 186.17 206.69 21.51 3.352 45.07
WHGB...... WHG Bancshares Corp. 14.250 20.84 25.45 NA 101.79 101.79 22.28 1.404 NA
WOFC...... Western Ohio
Financial Corp. 21.250 49.29 37.95 44.27 91.56 97.12 12.28 4.706 208.33
WRNB...... Warren Bancorp Inc. 18.375 68.85 7.41 9.72 185.98 185.98 18.77 2.830 28.57
WSB....... Washington Savings
Bank, FSB 4.875 20.57 7.62 16.81 96.34 96.34 8.02 2.051 34.48
WSFS...... WSFS Financial
Corporation 12.750 159.75 9.96 9.88 210.74 212.85 10.81 0.000 0
WSTR...... WesterFed Financial
Corp. 20.125 111.72 20.13 24.85 109.14 138.13 11.98 2.087 51.60
WVFC...... WVS Financial
Corporation 24.750 43.24 11.90 15.18 120.73 120.73 15.36 3.232 141.10
WWFC...... Westwood Financial
Corporation 18.000 11.61 14.52 NA 116.73 131.68 10.76 1.111 NA
WYNE...... Wayne Bancorp Inc. 19.250 41.51 19.25 NA 116.17 116.17 16.91 1.039 NA
YFCB...... Yonkers Financial
Corporation 14.625 46.50 14.06 NA 106.91 106.91 16.35 1.368 NA
YFED...... York Financial Corp. 19.875 138.55 11.83 20.70 142.07 142.07 11.97 3.019 59.67
Count 419 399 333 410 407 411 344 291
New York
AFED...... AFSALA Bancorp Inc. 13.875 20.18 16.52 NA 88.60 88.83 13.26 1.153 NA
AHCI...... Ambanc Holding Co.
Inc. 14.750 64.78 23.05 NA 106.50 106.50 13.55 0.000 0.00
ALBC...... Albion Banc Corp. 23.000 6.05 12.78 104.55 97.38 97.38 8.67 1.348 140.91
ALBK...... ALBANK Financial
Corporation 36.938 472.27 13.78 18.75 147.16 169.67 13.54 1.624 27.41
ASFC...... Astoria Financial
Corporation 42.313 898.84 14.69 24.32 153.81 184.85 11.69 1.418 25.29
CATB...... Catskill Financial
Corp. 15.750 79.91 19.69 NA 107.14 107.14 28.90 1.778 NA
CNY....... Carver Bancorp Inc. 10.500 24.30 NA NA 71.14 74.31 5.74 0.000 0.00
CONE...... Conestoga Bancorp,
Inc. NA NA NA NA NA NA NA NA 28.17
DIME...... Dime Community
Bancorp Inc. 17.875 234.63 17.19 NA 123.02 143.34 18.96 1.007 NA
DME....... Dime Bancorp Inc. 17.375 1,828.88 14.01 16.87 173.58 175.15 9.90 0.000 0.00
ESBK...... Elmira Savings Bank
(The) 20.750 14.66 21.61 23.31 102.72 107.29 6.58 3.084 71.91
FFIC...... Flushing Financial
Corp. 18.875 152.65 18.88 21.70 117.53 117.53 18.82 1.272 13.79
FIBC...... Financial Bancorp
Inc. 17.500 30.06 12.50 21.88 116.74 117.37 11.36 2.286 40.63
GPT....... GreenPoint Financial
Corp. 62.500 2,930.50 16.62 18.55 180.79 315.50 22.10 1.600 25.22
GRTR...... Greater New York
Savings Bank 19.625 268.42 24.53 24.23 170.95 170.95 10.44 1.019 12.35
HAVN...... Haven Bancorp Inc. 34.000 147.31 11.49 15.38 147.00 147.57 8.52 1.765 27.15
JSBF...... JSB Financial Inc. 45.000 442.76 17.86 17.24 130.36 130.36 28.90 3.111 47.89
LISB...... Long Island Bancorp
Inc. 34.875 844.96 17.10 24.91 161.31 162.89 14.53 1.720 35.71
MBB....... MSB Bancorp Inc. 18.500 52.49 19.27 56.06 93.81 218.42 6.47 3.243 181.82
NYB....... New York Bancorp
Inc. 33.250 539.08 10.26 14.78 338.94 338.94 17.15 1.805 25.18
PEEK...... Peekskill Financial
Corp. 14.000 44.84 20.59 24.56 96.02 96.02 24.56 2.571 63.16
PKPS...... Poughkeepsie
Financial Corp. 6.688 84.23 18.58 51.45 116.11 116.11 9.78 1.495 76.92
PSBK...... Progressive Bank
Inc. 27.500 105.18 12.50 11.22 143.45 161.96 11.98 2.473 23.26
QCSB...... Queens County
Bancorp Inc. 42.125 469.16 15.96 20.25 198.52 198.52 34.16 1.899 30.05
RCSB...... RSCB Financial Inc. 42.688 632.46 16.94 17.21 199.85 205.03 15.68 1.406 21.77
RELY...... Reliance Bancorp
Inc. 25.500 223.47 13.86 22.57 145.22 207.15 11.68 2.510 50.00
ROSE...... TR Financial Corp. 21.875 383.22 12.43 12.43 171.30 171.30 11.33 2.377 21.59
RSLN...... Roslyn Bancorp Inc. 18.125 791.02 NA NA 128.73 129.37 27.76 1.103 NA
SBFL...... SB of the Finger
Lakes, MHC 16.250 29.01 40.63 203.13 144.19 144.19 13.63 2.462 500.00
SFED...... SFS Bancorp Inc. 16.500 20.39 21.71 25.78 95.60 95.60 12.42 1.697 28.13
SKAN...... Skaneateles Bankcorp
Inc. 19.000 18.09 11.31 12.10 109.13 112.83 7.49 2.105 20.38
TPNZ...... Tappan Zee Financial
Inc. 16.500 25.31 21.71 27.97 119.22 119.22 20.78 1.212 33.9
YFCB...... Yonkers Financial
Corporation 14.625 46.50 14.06 NA 106.91 106.91 16.35 1.368 NA
Count 32 30 25 32 32 32 29 25
Comparable Group
JOAC...... Joachim Bancorp Inc. 14.750 11.22 52.68 59 108.54 108.54 31.46 3.390 200
HBBI...... Home Building
Bancorp 21.000 6.54 15.44 67.74 105.63 105.63 13.98 1.429 96.77
CSBF...... CSB Financial Group
Inc. 12.500 11.77 52.08 56.82 97.81 103.73 24.53 0.000 0.00
MCBN...... Mid-Coast Bancorp
Inc. 19.500 4.49 9.2 20.97 90.24 90.24 7.76 2.667 54.84
NSLB...... NS&L Bancorp Inc. 16.500 11.67 21.71 37.50 100.86 100.86 20.10 3.030 113.64
CKFB...... CKF Bancorp Inc. 19.250 17.85 22.92 22.13 116.03 116.03 29.65 2.286 165.52
ALBC...... Albion Banc Corp. 23.000 6.05 12.78 104.55 97.38 97.38 8.67 1.348 140.91
MIVI...... Mississippi View
Holding Co. 14.625 11.97 17.41 25.22 94.05 94.05 17.17 1.094 41.38
ATSB...... AmTrust Capital
Corp. 12.750 6.71 21.25 28.98 92.93 93.96 9.45 1.569 11.36
SCCB...... S. Carolina
Community Bancshrs 18.875 13.29 26.22 34.95 110.32 110.32 28.64 3.179 111.11
10 10 10 10 10 10 10 10
Comparable Average 10.16 25.17 45.79 101.38 102.07 19.14 2.00 93.55
Comparable Median 11.45 21.48 36.23 99.34 102.30 18.64 1.93 103.94
All Public Average 186.82 17.64 28.57 136.67 142.07 15.76 2.22 71.34
All Public Median 48.33 14.76 21.95 126.08 128.98 14.01 1.86 36.84
New York Average 372.68 17.40 33.25 137.59 151.19 15.21 1.86 62.90
New York Median 126.25 16.78 21.88 125.88 136.85 13.40 1.66 27.77
</TABLE>
5
<PAGE>
EXHIBIT 7
STANDARD CONVERSIONS--1996 TO DATE
SELECTED MARKET DATA
MARKET DATA AS OF 6/10/97
<TABLE>
<CAPTION>
PRICE TO PRO-FORMA
PRO-FORMA -----------------------
GROSS CONVERSION TOTAL PRO-FORMA PRO-FORMA
IPO PRICE PROCEEDS ASSETS EQUITY BOOK VALUE TANG. BOOK
TICKER SHORT NAME IPO DATE ($) ($000) ($000) ($000) (%) (%)
- ------ -------------------------------- -------- --------- -------- ---------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
HCBB.. HCB Bancshares Inc. 05/07/97 10.000 26,450 171,241 36,760 72.0 71.953
PSFC.. Peoples-Sidney Financial Corp. 04/28/97 10.000 17,854 86,882 25,061 71.2 71.242
NSBC.. NewSouth Bancorp, Inc. 04/08/97 15.000 43,643 194,139 55,487 78.7 78.654
HMLK.. Hemlock Federal Financial Corp 04/02/97 10.000 20,763 146,595 28,989 71.6 71.624
GSLA.. GS Financial Corp. 04/01/97 10.000 34,385 86,521 53,934 63.8 63.754
Q2
'97.. Average 71.5 71.4
Median 71.6 71.6
MRKF.. Market Financial Corporation 03/27/97 10.000 13,357 45,547 18,795 71.1 71.067
EFBC.. Empire Federal Bancorp Inc. 01/27/97 10.000 25,921 86,810 38,067 68.1 68.093
FAB... FirstFed America Bancorp Inc. 01/15/97 10.000 87,126 723,778 120,969 72.0 72.023
RSLN.. Roslyn Bancorp Inc. 01/13/97 10.000 423,714 1,596,744 588,624 72.0 71.984
AFBC.. Advance Financial Bancorp 01/02/97 10.000 10,845 91,852 15,256 71.1 71.086
Q1
'97.. Average 70.9 70.9
Median 71.1 71.1
1997
YTD Average 71.2 71.1
Median 71.4 71.4
HCFC.. Home City Financial Corp. 12/30/96 10.000 9,522 55,728 13,373 71.2 71.203
CENB.. Century Bancorp Inc. 12/23/96 50.000 20,367 81,304 28,246 72.1 72.105
SCBS.. Southern Community Bancshares 12/23/96 10.000 11,374 64,381 15,290 74.4 74.388
BFFC.. Big Foot Financial Corp. 12/20/96 10.000 25,128 194,624 34,576 72.7 72.674
RIVR.. River Valley Bancorp 12/20/96 10.000 11,903 86,604 16,314 73.0 72.961
PSFI.. PS Financial Inc. 11/27/96 10.000 21,821 53,520 30,338 71.9 71.927
CFNC.. Carolina Fincorp Inc. 11/25/96 10.000 18,515 94,110 24,052 77.0 76.979
DCBI.. Delphos Citizens Bancorp Inc. 11/21/96 10.000 20,387 88,022 28,226 72.2 72.228
FTNB.. Fulton Bancorp Inc. 10/18/96 10.000 17,193 85,496 23,705 72.5 72.528
CNBA.. Chester Bancorp Inc. 10/08/96 10.000 21,821 134,781 30,264 72.1 72.102
SSFC.. South Street Financial Corp. 10/03/96 10.000 44,965 166,978 58,917 76.3 76.319
AFED.. AFSALA Bancorp Inc. 10/01/96 10.000 14,548 133,046 20,281 71.7 71.731
Q4
'96.. Average 73.1 73.1
Median 72.4 72.4
CBES.. CBES Bancorp Inc. 09/30/96 10.000 10,250 86,168 16,788 61.1 61.055
WEHO.. Westwood Homestead Fin. Corp. 09/30/96 10.000 28,434 96,638 38,512 73.8 73.831
HBEI.. Home Bancorp of Elgin Inc. 09/27/96 10.000 70,093 304,520 96,498 72.6 72.637
PFFC.. Peoples Financial Corp. 09/13/96 10.000 14,910 78,078 23,187 64.3 64.303
PFED.. Park Bancorp Inc. 08/12/96 10.000 27,014 158,939 40,524 66.7 66.662
ANA... Acadiana Bancshares Inc. 07/16/96 12.000 32,775 225,248 45,564 71.9 71.932
PWBK.. Pennwood Bancorp Inc. 07/15/96 10.000 6,101 41,592 9,034 67.5 67.535
MBSP.. Mitchell Bancorp Inc. 07/12/96 10.000 9,799 28,222 13,991 70.0 70.038
OCFC.. Ocean Financial Corp. 07/03/96 20.000 167,762 1,036,445 235,685 71.2 71.181
HWEN.. Home Financial Bancorp 07/02/96 10.000 5,059 33,462 7,436 68.0 68.035
EGLB.. Eagle BancGroup Inc. 07/01/96 10.000 13,027 150,974 22,288 58.4 58.449
FLKY.. First Lancaster Bancshares 07/01/96 10.000 9,588 35,361 12,840 74.7 74.673
Q3
'96.. Average 68.4 68.4
Median 69.0 69.0
PROV.. Provident Financial Holdings 06/28/96 10.000 51,252 570,691 82,149 62.4 62.389
PRBC.. Prestige Bancorp Inc. 06/27/96 10.000 9,630 91,841 15,172 63.5 63.473
WYNE.. Wayne Bancorp Inc. 06/27/96 10.000 22,314 207,997 35,926 62.1 62.111
DIME.. Dime Community Bancorp Inc. 06/26/96 10.000 145,475 665,187 204,706 71.1 71.124
MECH.. Mechanics Savings Bank 06/26/96 10.000 52,900 662,482 73,516 72.0 71.957
CNSB.. CNS Bancorp Inc. 06/12/96 10.000 16,531 85,390 23,176 71.3 71.328
LXMO.. Lexington B&L Financial Corp. 06/06/96 10.000 12,650 49,981 17,802 71.1 71.059
FFBH.. First Federal Bancshares of AR 05/03/96 10.000 51,538 454,479 79,239 65.0 65.041
CBK... Citizens First Financial Corp. 05/01/96 10.000 28,175 227,872 37,414 75.3 75.306
RELI.. Reliance Bancshares Inc. 04/19/96 8.000 20,499 32,260 27,465 74.6 74.637
CATB.. Catskill Financial Corp. 04/18/96 10.000 56,868 230,102 76,844 74.0 74.004
YFCB.. Yonkers Financial Corporation 04/18/96 10.000 35,708 208,283 46,227 77.2 77.245
GSFC.. Green Street Financial Corp. 04/04/96 10.000 42,981 151,028 58,793 73.1 73.106
FFDF.. FFD Financial Corp. 04/03/96 10.000 14,548 58,955 20,239 71.9 71.880
AMFC.. AMB Financial Corp. 04/01/96 10.000 11,241 68,851 15,421 72.9 72.895
FBER.. 1st Bergen Bancorp 04/01/96 10.000 31,740 223,167 41,156 77.1 77.121
LONF.. London Financial Corporation 04/01/96 10.000 5,290 34,152 7,515 70.4 70.393
PHFC.. Pittsburgh Home Financial Corp 04/01/96 10.000 21,821 157,570 29,090 75.0 75.012
SSB... Scotland Bancorp Inc 04/01/96 10.000 18,400 57,718 23,853 77.1 77.139
SSM... Stone Street Bancorp Inc. 04/01/96 15.000 27,376 84,996 35,445 77.2 77.235
WHGB.. WHG Bancshares Corp. 04/01/96 10.000 16,201 85,027 22,144 73.2 73.162
Q2
'96.. Average 71.8 71.8
Median 72.9 72.9
CRZY.. Crazy Woman Creek Bancorp 03/29/96 10.000 10,580 37,510 14,752 71.7 71.719
PFFB.. PFF Bancorp Inc. 03/29/96 10.000 198,375 1,899,412 279,603 70.9 70.949
FCB... Falmouth Co-Operative Bank 03/28/96 10.000 14,548 73,735 21,169 68.7 68.722
CFTP.. Community Federal Bancorp 03/26/96 10.000 46,288 162,042 63,020 73.4 73.449
GAF... GA Financial Inc. 03/26/96 10.000 89,000 476,259 122,643 72.6 72.568
BYFC.. Broadway Financial Corp. 01/09/96 10.000 8,927 102,512 12,768 69.9 69.917
LFBI.. Little Falls Bancorp Inc. 01/05/96 10.000 30,418 196,394 41,370 73.5 73.526
Q1
'96.. Average 71.5 71.6
Median 71.7 71.7
1996
YTD Average 71.3 71.3
Median 72.1 72.0
1/1/96
to Average 71.2 71.2
5/6/97 Median 72.0 71.9
<CAPTION>
PERCENT CHANGE FROM IPO
-------------------- ----------------------------------
PRO-FORMA ADJUSTED AFTER AFTER AFTER AFTER CURRENT
EARNINGS ASSETS 1 DAY 1 WEEK 1 MONTH 3 MONTHS STOCK PRICE
TICKER (X) (%) (%) (%) (%) (%) 6/10/97
- ------ --------- -------- ----- ------ ------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
HCBB.. 29.0 13.4 26.25% 27.50% 28.75% NA 13.000
PSFC.. 11.5 17.0 25.63% 28.75% 32.50% NA 13.625
NSBC.. 22.1 18.4 35.00% 46.67% 59.17% NA 24.250
HMLK.. 37.5 12.4 28.75% 28.75% 30.00% NA 13.000
GSLA.. 38.7 28.4 33.75% 37.50% 40.00% NA 14.813
Q2
'97 27.8 17.9 29.88% 33.83% 38.08% 0.00%
29.0 17.0 28.75% 28.75% 32.50% 0.00%
MRKF.. 26.2 22.7 29.38% 22.50% 26.25% NA 13.375
EFBC.. 21.5 23.0 32.50% 35.00% 37.50% 31.25% 13.438
FAB... 13.6 10.7 36.25% 41.25% 48.75% 38.75% 14.813
RSLN.. 9.3 21.0 50.00% 59.38% 60.00% 58.75% 18.125
AFBC.. 16.8 10.6 28.75% 29.38% 40.00% 40.00% 13.938
Q1
'97 17.5 17.6 35.38% 37.50% 42.50% 42.19%
16.8 21.0 32.50% 35.00% 40.00% 38.75%
1997
YTD 22.6 17.8 32.63% 35.67% 40.29% 42.19%
21.8 17.7 30.94% 32.19% 38.75% 0.00%
HCFC.. 13.7 14.6 NA 25.00% 35.00% 35.00% 13.500
CENB.. 18.9 20.0 25.25% 32.00% 30.25% 36.00% 69.000
SCBS.. 14.5 15.0 30.00% 37.50% 35.00% 40.00% 13.750
BFFC.. 33.1 11.4 23.13% 25.00% 38.75% 41.25% 15.625
RIVR.. 15.2 12.1 36.88% 38.75% 50.00% 45.00% 14.500
PSFI.. 17.2 29.0 16.41% 16.88% 25.00% 37.50% 14.000
CFNC.. 17.2 16.4 30.00% 30.00% 36.25% 47.50% 14.500
DCBI.. 14.6 18.8 21.25% 21.25% 20.63% 41.25% 14.188
FTNB.. 14.6 16.7 25.00% 28.75% 47.50% 65.00% 19.750
CNBA.. 18.8 13.9 29.38% 26.25% 26.25% 32.50% 15.250
SSFC.. 26.1 21.2 NA 25.00% 23.75% 41.25% 16.250
AFED.. 13.7 9.9 13.75% 13.13% 15.63% 20.00% 13.875
Q4
'96.. 18.1 16.6 25.11% 26.63% 32.00% 40.19%
16.2 15.7 24.07% 25.63% 32.63% 40.63%
CBES.. 13.2 10.6 26.25% 34.38% 32.50% 42.50% 16.875
WEHO.. NA 22.7 7.50% 6.25% 5.00% 21.25% 13.438
HBEI.. 24.9 18.7 18.13% 25.00% 26.25% 33.75% 15.875
PFFC.. 28.6 16.0 8.75% 15.00% 27.50% 30.00% 15.625
PFED.. 26.2 14.5 2.50% 4.38% 5.00% 20.00% 14.750
ANA... NA 12.7 0.00% -2.08% 3.13% 15.63% 19.750
PWBK.. 14.5 12.8 -5.00% -8.75% -3.75% 11.88% 15.000
MBSP.. NA 25.8 NA 6.25% 10.00% 21.25% 16.750
OCFC.. 13.4 13.9 6.25% 0.63% 5.00% 18.13% 31.125
HWEN.. 11.4 13.1 2.50% -1.25% 5.00% 20.00% 15.750
EGLB.. 100.1 7.9 12.50% 12.50% 11.25% 30.00% 15.500
FLKY.. 18.5 21.3 35.00% 33.75% 37.50% 38.75% 15.000
Q3
'96.. 27.9 15.8 12.71% 14.01% 14.94% 25.26%
14.0 14.2 6.88% 6.25% 7.50% 21.25%
PROV.. 19.9 8.2 9.70% 8.10% 1.25% 23.75% 16.125
PRBC.. 28.8 9.5 3.75% 2.50% -2.50% 22.50% 15.875
WYNE.. 18.9 9.7 11.25% 13.75% 12.50% 36.25% 19.250
DIME.. 15.5 17.9 16.87% 20.00% 18.75% 33.75% 17.875
MECH.. NA 7.4 15.00% 15.00% 12.50% 45.00% 18.750
CNSB.. 24.4 16.2 10.00% 16.25% 15.00% 30.00% 16.000
LXMO.. 20.8 20.2 -5.00% -2.50% 1.25% 0.63% 15.250
FFBH.. 10.5 10.2 30.00% 32.50% 36.90% 36.25% 19.375
CBK... 15.7 11.0 5.00% 0.00% 1.25% -1.25% 15.500
RELI.. 32.3 38.9 4.69% 3.13% -0.75% 3.13% 7.750
CATB.. 18.6 19.8 3.75% 6.25% 3.75% 0.00% 15.750
YFCB.. 15.9 14.6 -2.50% 1.25% -0.60% -2.50% 14.625
GSFC.. 14.6 22.2 28.75% 22.50% 23.10% 30.60% 17.750
FFDF.. 25.4 19.8 5.00% 5.00% 3.10% 1.25% 13.375
AMFC.. 17.9 14.0 5.00% 5.00% 5.00% 5.00% 14.250
FBER.. 21.0 12.5 0.00% -5.00% -3.75% -7.50% 13.625
LONF.. 24.5 13.4 8.12% 6.25% 1.25% 3.10% 15.000
PHFC.. 17.0 12.2 10.00% 10.00% 6.25% 1.90% 15.125
SSB... 16.9 24.2 22.50% 25.00% 17.50% 23.75% 16.375
SSM... 19.1 24.4 16.67% 20.00% 18.33% 12.50% 26.125
WHGB.. 15.2 16.0 11.25% 10.60% 12.50% 10.00% 14.250
Q2
'96.. 19.6 16.3 11.66% 11.98% 10.74% 18.12%
18.6 14.6 9.70% 8.10% 5.00% 10.00%
CRZY.. 15.8 22.0 NA 7.50% 5.00% 1.25% 13.125
PFFB.. 25.0 9.5 13.75% 16.25% 16.25% 11.25% 15.125
FCB... 17.6 16.5 7.50% 12.50% 7.50% 3.75% 15.875
CFTP.. 13.6 22.2 26.25% 28.75% 26.25% 33.75% 17.500
GAF... 13.5 15.7 13.75% 15.00% 10.00% 10.00% 16.750
BYFC.. 13.0 8.0 3.75% 2.50% 2.50% 3.75% 10.750
LFBI.. 36.4 13.4 13.13% 13.75% 10.00% 8.10% 13.500
Q1
'96.. 19.3 15.3 13.02% 13.75% 11.07% 10.26%
15.8 15.7 13.13% 13.75% 10.00% 8.10%
1996
YTD 20.8 16.1 15.19% 16.46% 17.20% 24.28%
17.1 14.8 10.63% 13.75% 12.50% 21.88%
1/1/96
to 21.1 16.4 18.48% 19.89% 21.25% 25.66%
5/6/97 17.2 15.4 13.75% 16.25% 16.88% 21.25%
</TABLE>
7
<PAGE>
Landmark Community Bank
Pro-Forma Analysis Sheet--Twelve Months Ended
March 31, 1997
Includes SOP 93-6
Name of Association: Landmark Community Bank
Date of Letter to Association: 6/19/97
Date of Market Prices: 6/10/97
<TABLE>
<CAPTION>
Comparable All Publicly
Companies State Thrifts Traded Thrifts
-------------------- -------------------- --------------------
Landmark
Symbols Value Mean Median Mean Median Mean Median
--------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Price-Earnings Ratio............... P/E
Last Twelve Months................. N/A
At Minimum of Range................ (52.63)
At Midpoint of Range............... (76.92) 45.79 36.23 33.25 21.88 28.57 21.95
At Maximum of Range................ (125.00)
At SuperMaximum of Range........... (250.00)
Price-Book Ratio................... P/B
Last Twelve Months................. N/A
At Minimum of Range................ 58.79%
At Midpoint of Range............... 63.29% 101.38% 99.34% 137.59% 125.88% 136.67% 126.08%
At Maximum of Range................ 67.16%
At SuperMaximum of Range........... 70.97%
Price-Tangible Book Ratio.......... P/TB
Last Twelve Months................. N/A
At Minimum of Range................ 58.79%
At Midpoint of Range............... 63.29% 102.07% 102.30% 151.19% 136.85% 142.07% 128.98%
At Maximum of Range................ 67.16%
At SuperMaximum of Range........... 70.97%
Price-Assets Ratio................. P/A
Last Twelve Months................. N/A
At Minimum of Range................ 8.14%
At Midpoint of Range............... 9.44% 19.14% 18.64% 15.21% 13.40% 15.76% 14.01%
At Maximum of Range................ 10.70%
At SuperMaximum of Range........... 12.15%
<CAPTION>
RECENT STANDARD
CONVERSION THRIFTS
----------------------
<S> <C> <C>
MEAN MEDIAN
--------- -----------
Price-Earnings Ratio...............
Last Twelve Months.................
At Minimum of Range................
At Midpoint of Range............... 21.10 17.20
At Maximum of Range................
At SuperMaximum of Range...........
Price-Book Ratio...................
Last Twelve Months.................
At Minimum of Range................
At Midpoint of Range............... 71.20% 72.00%
At Maximum of Range................
At SuperMaximum of Range...........
Price-Tangible Book Ratio..........
Last Twelve Months.................
At Minimum of Range................
At Midpoint of Range............... 71.20% 71.90%
At Maximum of Range................
At SuperMaximum of Range...........
Price-Assets Ratio.................
Last Twelve Months.................
At Minimum of Range................
At Midpoint of Range............... 16.40% 15.40%
At Maximum of Range................
At SuperMaximum of Range...........
<PAGE>
Valuation Parameters
Prior Twelve Mos. Earning Base..... Y
Period Ended March 31, 1997...... $ (36) (1)
Pre-Conversion Book Value.......... B
As of March 31, 1997............. $ 955
Pre-Conversion Assets.............. A
As of March 31, 1997............. $ 11,326
Return on Money.................... R 3.79% (2)
Conversion Expenses................ $ 150
X 13.04% (3)
Proceeds Not Invested.............. $ 138 (4)
Estimated ESOP Borrowings.......... $ 92
ESOP Purchases..................... E 8.00% (5)
Cost of ESOP Borrowings............ $ 6 (5)
Cost of ESOP Borrowings............ S 0.00% (5)
Amort of ESOP Borrowings........... T 15 Years
Amort of MRP Amount................ N 5 Years
Estimated MRP Amount............... $ 46 (6)
MRP Purchases...................... M 4.00%
MRP Expense........................ $ 9
Foundation Amount.................. $ --
Foundation Amount.................. F 0.00%
Tax Rate........................... TAX 37.00%
Percentage Sold.................... PCT 100.00%
Tax Benefit........................ Z $ 0
Earnings Multiplier................ 1.00
</TABLE>
(1) Net income for the twelve months ended March 31, 1997
(2) Net Return assumes a reinvestment rate of 6.02 percent (the 1 year Treasury
at March 31, 1997), and a tax rate of 37%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over fifteen years.
(6) Assumes MRP is amortized straight line over five years.
2
<PAGE>
Exhibit 8 Full Offering-March 31, 1997
PRO FORMA CALCULATION
Calculation of Estimated Value (V) at Midpoint Value
P/E*Y
3. V= ------------------------------------------------- = $115,000 $868
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
P/B*(B+Z)
2. V= --------------------- = $115,000 $1,150
1-P/B*PCT*(1-X-E-M-F)
P/A*A
1. V= ----------------------- = $115,000 $1,151
1-P/A*PCT*(1-X-E-M-F)
<TABLE>
<CAPTION>
IMPLIED
-----------
FULL EXCHANGE CONVERSION
TOTAL PRICE PER CONVERSION -------------------------- ----------------------
CONCLUSION SHARES SHARE VALUE SHARES PERCENT SHARES PERCENT
- ----------------------------- ----------- ------------- ----------- ------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Appraised Value-- Midpoint... 115 $ 10 $ 1,150 0 0.00% 115 100.00%
Appraised Value-- Minimum.... 98 $ 10 $ 980 0 0.00% 98 100.00%
Appraised Value-- Maximum.... 132 $ 10 $ 1,320 0 0.00% 132 100.00%
Appraised Value--
SuperMaximum *............. 152 $ 10 $ 1,520 0 0.00% 152 100.00%
<CAPTION>
GROSS EXCHANGE EXCHANGE
CONCLUSION PROCEEDS VALUE RATIO
- ----------------------------- ----------- ------------- ----------
<S> <C> <C> <C>
Appraised Value-- Midpoint... $ 1,150 $ 0 #DIV/0!
Appraised Value-- Minimum.... $ 980 $ 0 #DIV/0!
Appraised Value-- Maximum.... $ 1,320 $ 0 #DIV/0!
Appraised Value--
SuperMaximum *............. $ 1,520 $ 0 #DIV/0!
</TABLE>
- ------------------------
* SuperMaximum is an overallotment option that is 15% above the maximum
amount.
3
<PAGE>
Exhibit 8 Full Offering-March 31, 1997
<TABLE>
<CAPTION>
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF MARCH 31, 1997
(DOLLARS IN THOUSANDS)
----------------------------------------------
<S> <C> <C> <C> <C> <C>
MINIMUM MIDPOINT MAXIMUM SUPERMAX
----------- --------- ----------- -----------
Conversion Proceeds
Total Shares Offered.......................................... 98 115 132 152
Conversion Shares Offered..................................... 98 115 132 152
Price Per Share............................................... $ 10 $ 10 $ 10 $ 10
--------- --------- --------- ---------
Gross Proceeds................................................ $ 980 $ 1,150 $ 1,320 $ 1,520
Less: Est. Conversion Expenses................................ $ 150 $ 150 $ 150 $ 150
--------- --------- --------- ---------
Net Proceeds.................................................. $ 830 $ 1,000 $ 1,170 $ 1,370
Estimated Income from Proceeds
Net Conversion Proceeds....................................... $ 830 $ 1,000 $ 1,170 $ 1,370
Less: ESOP Adjustment......................................... (3) $ 78 $ 92 $ 106 $ 122
Less: MRP Adjustment.......................................... (3) $ 39 $ 46 $ 53 $ 61
--------- --------- --------- ---------
Net Proceeds Reinvested....................................... $ 713 $ 862 $ 1,011 $ 1,187
Estimated Incremental Rate of Return.......................... 3.79% 3.79% 3.79% 3.79%
--------- --------- --------- ---------
Estimated Incremental Return.................................. $ 27 $ 33 $ 38 $ 45
Less: Cost of ESOP............................................ (4) $ 0 $ 0 $ 0 $ 0
Less: Amortization of ESOP.................................... (7) $ 3 $ 4 $ 4 $ 5
Less: MRP Adjustment.......................................... (7) $ 5 $ 6 $ 7 $ 8
--------- --------- --------- ---------
Pro-forma Net Income.......................................... $ 19 $ 23 $ 27 $ 32
Earnings Before Conversion.................................... ($36) ($36) ($36) ($36)
Earnings Excluding Adjustment................................. ($17) ($13) ($9) ($4)
Earnings Adjustment........................................... (6) $ 0 $ 0 $ 0 $ 0
--------- --------- --------- ---------
Earnings After Conversion..................................... ($17) ($13) ($9) ($4)
Pro-forma Net Worth
Net Worth at March 31, 1997................................... $ 955 $ 955 $ 955 $ 955
Net Conversion Proceeds....................................... 830 1,000 1,170 1,370
Plus: MHC Adjustment.......................................... (7) 0 0 0 0
Less: ESOP Adjustment......................................... (1) (78) (92) (106) (122)
Less: MRP Adjustment.......................................... (2) (39) (46) (53) (61)
--------- --------- --------- ---------
Pro-forma Net Worth........................................... $ 1,668 $ 1,817 $ 1,966 $ 2,142
Pro-forma Tangible Net Worth
Pro-forma Net Worth........................................... $ 1,668 $ 1,817 $ 1,966 $ 2,142
Less: Intangible.............................................. (5) $ 0 $ 0 $ 0 $ 0
--------- --------- --------- ---------
Pro-forma Tangible Net Worth.................................. $ 1,668 $ 1,817 $ 1,966 $ 2,142
Pro-forma Assets
Total Assets at March 31, 1997................................ $ 11,326 $ 11,326 $ 11,326 $ 11,326
Net Conversion Proceeds....................................... $ 830 $ 1,000 $ 1,170 $ 1,370
</TABLE>
<TABLE>
<CAPTION>
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF MARCH 31, 1997
(DOLLARS IN THOUSANDS)
----------------------------------------------
MINIMUM MIDPOINT MAXIMUM SUPERMAX
----------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Plus: MHC Adjustment.......................................... (7) 0 0 0 0
Less: ESOP Adjustment......................................... (1) (78) (92) (106) (122)
Less: MRP Adjustment.......................................... (2) (39) (46) (53) (61)
--------- --------- --------- ---------
Pro-forma Assets Excluding Adjustment......................... 12,039 12,188 12,337 12,513
Plus: Adjustment.............................................. (6) 0 0 0 0
--------- --------- --------- ---------
Pro-forma Total Assets........................................ $ 12,039 $ 12,188 $ 12,337 $ 12,513
Stockholder's Equity Per Share
Net Worth at March 31, 1997................................... $ 9.74 $ 8.30 $ 7.23 $ 6.28
Estimated Net Proceeds........................................ $ 8.47 $ 8.70 $ 8.86 $ 9.01
Plus: MHC Adjustment.......................................... $ 0.00 $ 0.00 $ 0.00 $ 0.00
Less: ESOP Stock.............................................. ($0.80) ($0.80) ($0.80) ($0.80)
Less: MRP Stock............................................... ($0.40) ($0.40) ($0.40) ($0.40)
Pro-forma Net Worth Per Share................................. $ 17.01 $ 15.80 $ 14.89 $ 14.09
Less: Intangible.............................................. $ 0.00 $ 0.00 $ 0.00 $ 0.00
Pro-forma Tangible Net Worth Per Share........................ $ 17.01 $ 15.80 $ 14.89 $ 14.09
Net Earnings Per Share
Historical Earnings Per Share................................. (8) ($0.40) ($0.34) ($0.30) ($0.26)
Incremental return Per Share.................................. (8) $ 0.30 $ 0.31 $ 0.31 $ 0.32
ESOP Adjustment Per Share..................................... (8) ($0.03) ($0.04) ($0.03) ($0.04)
MRP Adjustment Per Share...................................... (8) ($0.06) ($0.06) ($0.06) ($0.06)
Normalizing Adjustment Per Share.............................. $ 0.00 $ 0.00 $ 0.00 $ 0.00
Proforma Earnings Per Share................................... (8) ($0.19) ($0.13) ($0.08) ($0.04)
Shares Utilized
Shares Utilized............................................... 90 106 121 140
Pro-forma Ratios
Price/EPS without Adjustment.................................. -52.63 -76.92 -125.00 -250.00
Price/EPS with Adjustment..................................... -52.63 -76.92 -125.00 -250.00
Price/Book Value per Share.................................... 58.79% 63.29% 67.16% 70.97%
Price/Tangible Book Value..................................... 58.79% 63.29% 67.16% 70.97%
Market Value/Assets........................................... 8.14% 9.44% 10.70% 12.15%
</TABLE>
- ------------------------
(1) ESOP Borrowings are deducted from net worth and assets, and amortized over
15 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized over 5
years.
(3) Consists of ESOP and MRP amortization.
(4),(5) Not applicable
(6) Not applicable
(7) ESOP and MRP are amortized over 15 and 5 years respectively, and tax
impacted at 37%.
(8) All EPS computations are done in accordance with SOP 93-6.
4
<PAGE>
Exhibit 8 Full Offering-March 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Total Shares Offered............................. 98 115 132 152
Price Per Share.................................. 10 10 10 10
------ ------- ------ ------
Gross Proceeds................................... 980 1,150 1,320 1,520
Estimated Insider Purchases...................... 250 250 250 250
ESOP Purchases................................... -78 -92 -106 -122
------ ------- ------ ------
Proceeds to Base Fee On.......................... 1,152 1,308 1,464 1,648
Underwriters Percentage.......................... 0.00% 0.00% 0.00% 0.00%
------ ------- ------ ------
Underwriters Fee................................. 0 0 0 0
Advisory Fee..................................... 0 0 0 0
------ ------- ------ ------
Total Underwriters Fee........................... 0 0 0 0
All Other Expenses............................... 150 150 150 150
------ ------- ------ ------
Total Expense.................................... 150 150 150 150
Shares Outstanding............................... 98 115 132 152
Less: New ESOP Adjustment........................ 8 9 11 12
Less: Old ESOP Adjustment........................ (1) 0 0 0 0
Plus: New SOP 93-6 ESOP Shares................... (2) 0 0 0 0
Plus: Old SOP 93-6 ESOP Shares................... (2) 0 0 0 0
Shares for all EPS Calculations.................. 90 106 121 140
0
0
0
0
Dilution of Stock Options........................ 10.85%
Dilution of MRP.................................. 4.34%
Options Dilution
Shares utilized for Equity....................... 108 127 145 167
New Net Worth.................................... $ 1,668 $ 1,817 $ 1,967 $ 2,143
New Tangible Net Worth........................... $ 1,668 $ 1,817 $ 1,967 $ 2,143
New Net Worth Per Share.......................... 15.48 14.37 13.54 12.81
New Tangible Net Worth Per Share................. 15.48 14.37 13.54 12.81
MRP Dilution
Shares utilized for Equity....................... 102 120 137 158
New Net Worth.................................... $ 1,668 $ 1,817 $ 1,966 $ 2,142
New Tangible Net Worth........................... $ 1,668 $ 1,817 $ 1,966 $ 2,142
New Net Worth Per Share.......................... 16.37 15.19 14.32 13.55
New Tangible Net Worth Per Share................. 16.37 15.19 14.32 13.55
</TABLE>
Page 5
<PAGE>
LANDMARK COMMUNITY BANK
PRO-FORMA ANALYSIS SHEET--TWELVE MONTHS ENDED
MARCH 31, 1997
INCLUDES SOP 93-6
Name of Association: Landmark Community Bank
Date of Letter to Association: 6/19/97
Date of Market Prices: 6/10/97
<TABLE>
<CAPTION>
RECENT
STANDARD
COMPARABLE ALL PUBLICLY CONVERSION
COMPANIES STATE THRIFTS TRADED THRIFTS THRIFTS
LANDMARK -------------- -------------- -------------- -------------
SYMBOLS VALUE MEAN MEDIAN MEAN MEDIAN MEAN MEDIAN MEAN MEDIAN
------- -------- ------ ------ ------ ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Price-Earnings Ratio.................... P/E
Last Twelve Months...................... N/A
At Minimum of Range..................... 71.43
At Midpoint of Range.................... 66.67 45.79 36.23 33.25 21.88 28.57 21.95 21.10 17.20
At Maximum of Range..................... 62.50
At SuperMaximum of Range................ 58.82
Price-Book Ratio........................ P/B
Last Twelve Months...................... N/A
At Minimum of Range..................... 58.79%
At Midpoint of Range.................... 63.29% 101.38% 99.34% 137.59% 125.88% 136.67% 126.08% 71.20% 72.00%
At Maximum of Range..................... 67.16%
At SuperMaximum of Range................ 70.97%
Price-Tangible Book Ratio............... P/TB
Last Twelve Months...................... N/A
At Minimum of Range..................... 58.79%
At Midpoint of Range.................... 63.29% 102.07% 102.30% 151.19% 136.85% 142.07% 128.98% 71.20% 71.90%
At Maximum of Range..................... 67.16%
At SuperMaximum of Range................ 70.97%
Price-Assets Ratio...................... P/A
Last Twelve Months...................... N/A
At Minimum of Range..................... 8.14%
At Midpoint of Range.................... 9.44% 19.14% 18.64% 15.21% 13.40% 15.76% 14.01% 16.40% 15.40%
At Maximum of Range..................... 10.70%
At SuperMaximum of Range................ 12.15%
Page 3
<PAGE>
Valuation Parameters
Prior Twelve Mos. Earning Base.......... Y
Period Ended March 31, 1997........... $ (36)(1)
Pre-Conversion Book Value............... B
As of March 31, 1997.................. $ 955
Pre-Conversion Assets................... A
As of March 31, 1997.................. $11,326
Return on Money......................... R 3.79% (2)
Conversion Expenses..................... $ 150 300
X 13.04% (3)
Proceeds Not Invested................... $ 138 (4)
Estimated ESOP Borrowings............... $ 92
ESOP Purchases.......................... E 8.00% (5)
Cost of ESOP Borrowings................. $ 6 (5)
Cost of ESOP Borrowings................. S 0.00% (5)
Amort of ESOP Borrowings................ T 15 Years
Amort of MRP Amount..................... N 5 Years
Estimated MRP Amount.................... $ 46 (6)
MRP Purchases........................... M 4.00%
MRP Expense............................. $ 9
Foundation Amount....................... $ --
Foundation Amount....................... F 0.00%
Tax Rate................................ TAX 37.00%
Percentage Sold......................... PCT 100.00%
Tax Benefit............................. Z $ 0
Earnings Multiplier..................... 1.00
</TABLE>
(1) Net income for the twelve months ended March 31, 1997
(2) Net Return assumes a reinvestment rate of 6.02 percent (the 1 year Treasury
at March 31, 1997), and a tax rate of 37%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over fifteen years.
(6) Assumes MRP is amortized straight line over five years.
PRO FORMA CALCULATION
Calculation of Estimated Value (V) at Midpoint Value
P/E*Y
3. V= ------------------------------------------------- = $1,150,000
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
P/B*(B+Z)
2. V= --------------------- = $1,150,000
1-P/B*PCT*(1-X-E-M-F)
P/A*A
1. V= ----------------------- = $1,150,000
1-P/A*PCT*(1-X-E-M-F)
<TABLE>
<CAPTION>
FULL
TOTAL PRICE PER CONVERSION
CONCLUSION SHARES SHARE VALUE
- ------------------------------------------------------------------ ----------- ------------- -------------
<S> <C> <C> <C>
Appraised Value--Midpoint......................................... 115 $ 10 $ 1,150
Appraised Value--Minimum.......................................... 98 $ 10 $ 980
Appraised Value--Maximum.......................................... 132 $ 10 $ 1,320
Appraised Value--SuperMaximum *................................... 152 $ 10 $ 1,520
<CAPTION>
EXCHANGE CONVERSION
--------------------- ------------------------
CONCLUSION SHARES PERCENT SHARES PERCENT
- ------------------------------------------------------------------ ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Appraised Value--Midpoint......................................... 0 0.00% 115 100.00%
Appraised Value--Minimum.......................................... 0 0.00% 98 100.00%
Appraised Value--Maximum.......................................... 0 0.00% 132 100.00%
Appraised Value--SuperMaximum *................................... 0 0.00% 152 100.00%
<CAPTION>
GROSS EXCHANGE EXCHANGE
CONCLUSION PROCEEDS VALUE RATIO
- ------------------------------------------------------------------ ----------- --------------- -----------
Appraised Value--Midpoint......................................... $ 1,150 $ 0 #DIV/0!
Appraised Value--Minimum.......................................... $ 980 $ 0 #DIV/0!
Appraised Value--Maximum.......................................... $ 1,320 $ 0 #DIV/0!
Appraised Value--SuperMaximum *................................... $ 1,520 $ 0 #DIV/0!
</TABLE>
* SuperMaximum is an overallotment option that is 15% above the maximum
amount.
4
<PAGE>
<TABLE>
<CAPTION>
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF MARCH 31, 1997
(DOLLARS IN THOUSANDS)
----------------------------------------------------
<S> <C> <C> <C> <C> <C>
MINIMUM MIDPOINT MAXIMUM SUPERMAX
----------- --------- ----------- -----------
Conversion Proceeds
Total Shares Offered.............................. 98 115 132 152
Conversion Shares Offered......................... 98 115 132 152
Price Per Share................................... $ 10 $ 10 $ 10 $ 10
Gross Proceeds.................................... $ 980 $ 1,150 $ 1,320 $ 1,520
Less: Est. Conversion Expenses.................... $ 150 $ 150 $ 150 $ 150
Net Proceeds...................................... $ 830 $ 1,000 $ 1,170 $ 1,370
Estimated Income from Proceeds
Net Conversion Proceeds........................... $ 830 $ 1,000 $ 1,170 $ 1,370
Less: ESOP Adjustment............................. (3) $ 78 $ 92 $ 106 $ 122
Less: MRP Adjustment.............................. (3) $ 39 $ 46 $ 53 $ 61
Net Proceeds Reinvested........................... $ 713 $ 862 $ 1,011 $ 1,187
Estimated Incremental Rate of Return.............. 3.79% 3.79% 3.79% 3.79%
Estimated Incremental Return...................... $ 27 $ 33 $ 38 $ 45
Less: Cost of ESOP................................ (4) $ 0 $ 0 $ 0 $ 0
Less: Amortization of ESOP........................ (7) $ 3 $ 4 $ 4 $ 5
Less: MRP Adjustment.............................. (7) $ 5 $ 6 $ 7 $ 8
Pro-forma Net Income.............................. $ 19 $ 23 $ 27 $ 32
Earnings Before Conversion........................ ($ 36) ($ 36) ($ 36) ($ 36)
Earnings Excluding Adjustment..................... ($ 17) ($ 13) ($ 9) ($ 4)
Earnings Adjustment............................... (6) $ 30 $ 30 $ 30 $ 30
Earnings After Conversion......................... $ 13 $ 17 $ 21 $ 26
</TABLE>
<TABLE>
<CAPTION>
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF MARCH 31, 1997
(DOLLARS IN THOUSANDS)
----------------------------------------------------
MINIMUM MIDPOINT MAXIMUM SUPERMAX
----------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Pro-forma Net Worth
Net Worth at March 31, 1997....................... $ 955 $ 955 $ 955 $ 955
Net Conversion Proceeds........................... 830 1,000 1,170 1,370
Plus: MHC Adjustment.............................. (7) 0 0 0 0
Less: ESOP Adjustment............................. (1) -78 -92 -106 -122
Less: MRP Adjustment.............................. (2) -39 -46 -53 -61
Pro-forma Net Worth............................... $ 1,668 $ 1,817 $ 1,966 $ 2,142
Pro-forma Tangible Net Worth
Pro-forma Net Worth............................... $ 1,668 $ 1,817 $ 1,966 $ 2,142
Less: Intangible.................................. (5) $ 0 $ 0 $ 0 $ 0
Pro-forma Tangible Net Worth...................... $ 1,668 $ 1,817 $ 1,966 $ 2,142
Pro-forma Assets
Total Assets at March 31, 1997.................... $ 11,326 $ 11,326 $ 11,326 $ 11,326
Net Conversion Proceeds........................... $ 830 $ 1,000 $ 1,170 $ 1,370
Plus: MHC Adjustment.............................. (7) 0 0 0 0
Less: ESOP Adjustment............................. (1) -78 -92 -106 -122
Less: MRP Adjustment.............................. (2) -39 -46 -53 -61
Pro-forma Assets Excluding Adjustment............. 12,039 12,188 12,337 12,513
Plus: Adjustment.................................. (6) 0 0 0 0
Pro-forma Total Assets............................ $ 12,039 $ 12,188 $ 12,337 $ 12,513
Stockholder's Equity Per Share
Net Worth at March 31, 1997....................... $ 9.74 $ 8.30 $ 7.23 $ 6.28
Estimated Net Proceeds............................ $ 8.47 $ 8.70 $ 8.86 $ 9.01
Plus: MHC Adjustment.............................. $ 0.00 $ 0.00 $ 0.00 $ 0.00
Less: ESOP Stock.................................. ($ 0.80) ($ 0.80) ($ 0.80) ($ 0.80)
Less: MRP Stock................................... ($ 0.40) ($ 0.40) ($ 0.40) ($ 0.40)
Pro-forma Net Worth Per Share..................... $ 17.01 $ 15.80 $ 14.89 $ 14.09
Less: Intangible.................................. $ 0.00 $ 0.00 $ 0.00 $ 0.00
Pro-forma Tangible Net Worth Per Share............ $ 17.01 $ 15.80 $ 14.89 $ 14.09
Net Earnings Per Share
Historical Earnings Per Share..................... (8) ($ 0.40) ($ 0.34) ($ 0.30) ($ 0.26)
Incremental return Per Share...................... (8) $ 0.30 $ 0.31 $ 0.31 $ 0.32
ESOP Adjustment Per Share......................... (8) ($ 0.03) ($ 0.04) ($ 0.03) ($ 0.04)
MRP Adjustment Per Share.......................... (8) ($ 0.06) ($ 0.06) ($ 0.06) ($ 0.06)
Normalizing Adjustment Per Share.................. $ 0.33 $ 0.28 $ 0.24 $ 0.21
Proforma Earnings Per Share....................... (8) $ 0.14 $ 0.15 $ 0.16 $ 0.17
Shares Utilized
Shares Utilized................................... 90 106 121 140
Pro-forma Ratios
Price/EPS without Adjustment...................... 71.43 66.67 62.50 58.82
Price/EPS with Adjustment......................... 71.43 66.67 62.50 58.82
Price/Book Value per Share........................ 58.79% 63.29% 67.16% 70.97%
Price/Tangible Book Value......................... 58.79% 63.29% 67.16% 70.97%
Market Value/Assets............................... 8.14% 9.44% 10.70% 12.15%
</TABLE>
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(1) ESOP Borrowings are deducted from net worth and assets, and amortized over
15 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized over 5
years.
(3) Consists of ESOP and MRP amortization.
(4) ,(5) Not applicable
(6) Earnings were adjusted for one time SAIF assessment of $47 thousand tax
impacted 37%.
(7) ESOP and MRP are amortized over 15 and 5 years respectively, and tax
impacted at 37%.
(8) All EPS computations are done in accordance with SOP 93-6.
5
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Total Shares Offered.............................. 98 115 132 152
Price Per Share................................... $ 10 $ 10 $ 10 $ 10
Gross Proceeds.................................... 980 1,150 1,320 1,520
Estimated Insider Purchases....................... -250 -250 -250 -250
ESOP Purchases.................................... -78 -92 -106 -122
Proceeds to Base Fee On........................... 652 808 964 1,148
Underwriters Percentage........................... 0.00% 0.00% 0.00% 0.00%
Underwriters Fee.................................. 0 0 0 0
Advisory Fee...................................... 0 0 0 0
Total Underwriters Fee............................ 0 0 0 0
All Other Expenses................................ 150 150 150 150
Total Expense..................................... 150 150 150 150
Shares Outstanding................................ 98 115 132 152
Less: New ESOP Adjustment......................... 8 9 11 12
Less: Old ESOP Adjustment......................... (1) 0 0 0 0
Plus: New SOP 93-6 ESOP Shares.................... (2) 0 0 0 0
Plus: Old SOP 93-6 ESOP Shares.................... (3) 0 0 0 0
Shares for all EPS Calculations................... 90 106 121 140
Dilution of Stock Options......................... 10.85%
Dilution of MRP................................... 4.34%
</TABLE>
6
<PAGE>
Exhibit 10
[Logo]
About the Firm
FinPro, Inc. was established in 1988 as a full service management consulting
firm specializing in providing advisory services to the Financial Institutions
Industry. FinPro is located in Liberty Corner, New Jersey. FinPro offers a
full array of products and services including:
-- Strategic and Business Planning
-- Bank Valuations and Franchise Value Enhancement
-- Corporate Finance Consulting
-- Bank Appraisals and Fairness Opinions
-- Deposit Studies and Valuations
-- Asset/Liability Management
-- Loan Review
-- Portfolio Due Diligence
-- Market Feasibility Studies
-- Branch Acquisition, Sales, Consolidation and Applications
-- Branch and Product Profitability and Restructuring
-- CRA Analysis
-- Geo Coding of Assets and Liabilities
-- Compliance Reviews
-- Mergers and Acquisitions
-- Earnings Improvement Studies
-- Operational and Systems Consulting
-- Financial Reporting
Since inception, FinPro has performed management advisory services for
Banks, Thrifts, Finance Companies and NonBank Banks along with work for the
Federal Bankruptcy Court, Federal Deposit Insurance Corporation, Office of
Thrift Supervision and the Resolution Trust Corporation. In addition, FinPro
is recognized as an expert in banking and in loan analysis by the Federal
Bankruptcy Court.
<PAGE>
FinPro principals are frequent speakers and presenters at financial
institution trade association functions and designed the Statistical Report
Analysis currently produced quarterly by the New Jersey Savings League for
its members. FinPro also hosts a tri-annual President's Breakfast for
Presidents of New Jersey Community Banks.
To facilitate its analytical capabilities, FinPro maintains a library of
databases encompassing bank and thrift capital markets data, census data,
branch deposit data, national peer data, market research data and many other
topics. As such, FinPro can provide quick, current and precise analytical
assessments based on timely data. In addition, FinPro's geographic mapping
capabilities give it a unique capability to thematically illustrate multiple
issues and to provide targeted marketing opportunities to its clients.
FinPro has also designed and built PC-based software programs to utilize
as tools in its work. Examples include:
-- A proprietary software program (LaRS -Registered Trademark-) to
perform loan review analytics.
-- A duration based asset/liability model.
-- A five year strategic planning, three year business planning, and one
year budgetary model that completely simulates an entire institution.
-- A branch and product profitability model.
Using systems such as these, FinPro provides state-of-the-art end
products in all of its product and service areas.
2
<PAGE>
FinPro Key Players
Donald J. Musso - Managing Director and President
Donald is the founder of FinPro and has been with FinPro since its
inception in late 1988. He has experience in all aspects of a
financial institution and considerable experience in strategic
planning, financial institution valuations, enhancing franchise
value, market differentiation, asset/liability management,
restructuring troubled institutions, and solving complex accounting
and financial problems.
Mr. Musso has been an expert witness in loan analytics for both the
Federal Bankruptcy Court, the Office of Thrift Supervision and the
United States Attorney's Office.
He is a frequent speaker on Financial Institution related topics and
has assisted trade groups in various activities.
Prior to establishing FinPro, Donald had direct industry experience
having managed the Corporate Planning and Mergers and Acquisitions
departments for Meritor Financial Group, a $20 billion institution
in Philadelphia. Before that, he had responsibility for the
banking, thrift and real estate consulting practice in the State of
New Jersey for Deloitte Haskins & Sells.
Donald has a B.S. in Finance from Villanova University and a M.B.A.
in Finance from Fairleigh Dickenson University.
Steven P. Musso - Managing Director
Steve joined FinPro in 1989. He has experience in loan reviews and
work-outs, branch profitability, market feasibility studies, CRA
analysis and strategic planning. Steve developed FinPro's CRA and
market feasibility products.
Steve runs all of the FinPro models and designed much of the
specifications for the LaRS -Registered Trademark- system.
Additionally, he is responsible for managing many strategic plans,
loan reviews and operational improvement engagements.
He is a licensed real estate agent in New Jersey and Pennsylvania.
Prior to joining FinPro, Steve practiced real estate in Pennsylvania.
Mr. Musso has a B.S. in Finance from Syracuse University.
3
<PAGE>
Kenneth G. Emerson, CPA - Director
Ken joined FinPro in October 1996. He has eleven years of bank
accounting and financial information systems experience, most
recently with Summit Bancorp. Prior to that Ken worked for Valley
Savings Bank, Howard Savings Bank, and Carteret Mortgage Company.
Ken's responsibilities have included Regulatory Reporting, SEC
Reporting, Shareholder Reporting, Budgeting, Financial system
conversions, System interfaces, Asset/Liability management, FASB
implementation, and LAN management.
Mr. Emerson has a B.A. in Accounting from Franklin & Marshall College.
Dennis E. Gibney - Senior Financial Analyst
Dennis joined the firm in June of 1996. He received a B.S. from
Babson College with a triple-major in Finance, Investments and
Economics. Prior to joining the firm, Dennis received broad based
experience in the securities industry.
During school, Dennis worked for Merrill Lynch & Co. supporting their
Mortgage-Backed trading desk in New York as an Allocations
Specialist and for Sandler O'Neill & Partners, where he provided
sales and trade support.
Dennis is currently concentrating on the firm's Asset Liability
Management products.
4
