<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 10, 1998
REGISTRATION NO. 333-63593
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 1 TO THE
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PROVIDENT BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter )
<TABLE>
<CAPTION>
<S> <C> <C>
FEDERAL 6712 (TO BE APPLIED FOR)
(State or Jurisdiction (Primary Standard (I.R.S. Employer
of Incorporation or Industrial Classification Code Identification No.)
Organization) Number)
</TABLE>
400 RELLA BOULEVARD
MONTEBELLO, NEW YORK 10901
(914) 369-8040
(Address and Telephone Number of Principal Executive Offices)
GEORGE STRAYTON
PRESIDENT AND CHIEF EXECUTIVE OFFICER
400 RELLA BOULEVARD
MONTEBELLO, NEW YORK 10901
(914) 369-8040
(Name, Address and Telephone Number of Agent for Service)
COPIES TO:
ERIC LUSE, ESQ.
KENNETH R. LEHMAN, ESQ.
LUSE LEHMAN GORMAN POMERENK & SCHICK, P.C.
5335 WISCONSIN AVENUE, N.W., SUITE 400
(202) 274-2000
WASHINGTON, D.C. 20015
APPROXIMATE DATE OF PROPOSED SALE TO THE PUBLIC: As soon as practicable after
this registration statement becomes effective.
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]
If this form is filed to register additional securities for an offering pursuant
to Rule 462(b) 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 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 this form is a post-effective amendment filed pursuant to Rule 462(d) 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: [X] Registration Number 333-63593
If the delivery of the prospectus is expected to be made pursuant to Rule 434,
check the following box: [_]
<PAGE>
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
==============================================================================================================
PROPOSED PROPOSED
AMOUNT TO BE MAXIMUM MAXIMUM
TITLE OF EACH CLASS OF REGISTERED OFFERING PRICE AGGREGATE AMOUNT OF
SECURITIES TO BE REGISTERED PER OFFERING REGISTRATION FEE
SHARE/UNIT PRICE (1)
- ----------------------------------------- ------------------ --------------- ------------ ----------------
<S> <C> <C> <C> <C>
Common Stock, $0.10 par value per share 4,007,175 shares $10.00 $40,071,750 $11,822 (2)
Participation Interests (2) 340,000 interests -- -- --
==============================================================================================================
</TABLE>
______________
(1) Estimated solely for the purpose of calculating the registration fee.
(2) Previously submitted.
(3) The securities of Provident Bancorp, Inc. to be purchased by the Provident
Savings Bank 401(k) Plan as adopted by Provident Bank are included in the
amount shown for Common Stock. However, pursuant to Rule 457(h) of the
Securities Act of 1933, as amended, no separate fee is required for the
participation interests. Pursuant to such rule, the amount being
registered has been calculated on the basis of the number of shares of
Common Stock that may be purchased with the current assets of such Plan.
<PAGE>
PART II: INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
<TABLE>
<CAPTION>
Amount
----------
<S> <C> <C>
* Legal Fees and Expenses (including Blue Sky fees).. $ 180,000
** Underwriter's fees................................. 470,000
* Printing, Postage, EDGAR and Mailing............... 225,000
* Appraisal and Business Plan Fees and Expenses...... 52,500
* Accounting Fees and Expenses....................... 125,000
* Underwriter's Counsel Fees......................... 42,000
* Filing Fees (NASD, NASDAQ, OTS and SEC)............ 95,900
* Conversion Agent/Transfer Agent.................... 25,000
* Other Expenses..................................... 34,000
----------
* Total.............................................. $1,250,000
==========
</TABLE>
______________
* Estimated
** Provident Bancorp, Inc. has retained Ryan, Beck & Co., Inc. ("Ryan, Beck")
to assist in the sale of common stock on a best efforts basis in the
Offerings. Ryan, Beck will receive fees of approximately $450,000,
exclusive of estimated expenses of $20,000.
ITEM 14. INDEMNIFICATION OF DIRECTORS AND OFFICERS OF PROVIDENT BANK AND
PROVIDENT BANCORP, INC.
Generally, federal regulations define areas for indemnity coverage for
federal savings associations, and proposed federal regulations define areas for
indemnity coverage for federal MHC subsidiary holding companies, as follows:
(a) Any person against whom any action is brought or threatened
because that person is or was a director or officer of the savings association
shall be indemnified by the savings association for:
(i) Any amount for which that person becomes liable under a
judgment in such action; and
(ii) Reasonable costs and expenses, including reasonable
attorneys' fees, actually paid
or incurred by that person in defending or settling such action, or
in enforcing his or her rights under this section if he or she attains
a favorable judgement in such enforcement action.
(b) Indemnification shall be made to such person under paragraph
(b) of this Section only if:
(i) Final judgement on the merits is in his or her favor; or
(ii) In case of:
a. Settlement,
b. Final judgement against him or her, or
c. Final judgement in his or her favor, other than on the
merits, if a majority of the disinterested directors of
the savings association determine that he or she was
acting in good faith within the scope of his or her
employment or authority as he or she could reasonably
have perceived it under the circumstances and for a
purpose he or she could reasonably have believed under
the circumstances was in the best interest of the
savings association or its members. However, no
<PAGE>
indemnification shall be made unless the association
gives the Office at least 60 days notice of its
intention to make such indemnification. Such notice
shall state the facts on which the action arose, the
terms of any settlement, and any disposition of the
action by a court. Such notice, a copy thereof, and a
certified copy of the resolution containing the required
determination by the board of directors shall be sent to
the Regional Director, who shall promptly acknowledge
receipt thereof. The notice period shall run from the
date of such receipt. No such indemnification shall be
made if the OTS advises the association in writing,
within such notice period, of its objection thereto.
(c) As used in this paragraph:
(i) "Action" means any 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 not appealable or as to which the period for appeal has expired
with no appeal taken;
(iv) "Settlement" includes the entry of a judgment by consent
or confession or a plea of guilty or of nolo contendere.
ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES
Not Applicable.
ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES:
See the Exhibit Index which immediately preceeds the Exhibits to the
Form S-1.
ITEM 17. UNDERTAKINGS
The undersigned Registrant hereby undertakes to:
(1) File, during any period in which it offers or sales are being
made, 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
deviation 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;
<PAGE>
(iii) Include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.
(2) For the purpose of determining liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering.
(3) Remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of the
offering.
The registrant 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 registrant pursuant to the foregoing provisions, or otherwise, the
registrant 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
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant 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 registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question 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
Pursuant to the requirements of the Securities Act of 1933, the registrant
has duly caused this registration statement to be signed on its behalf by the
undersigned thereunto duly authorized, in the village of Montebello, State of
New York on December 9, 1998.
PROVIDENT BANCORP, INC. (IN FORMATION)
By: /s/ George Strayton
------------------------------------
George Strayton
President and Chief Executive Officer
(Duly Authorized Representative)
POWER OF ATTORNEY
We, the undersigned directors and officers of Provident Bancorp, Inc. (the
"Company") hereby severally constitute and appoint George Strayton as our true
and lawful attorney and agent, to do any and all things in our names in the
capacities indicated below which said George Strayton may deem necessary or
advisable to enable the Company to comply with the Securities Act of 1933, and
any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the registration statement on Form S-1 relating
to the offering of the Company's Common Stock, including specifically, but not
limited to, power and authority to sign for us in our names in the capacities
indicated below the registration statement and any and all amendments (including
post-effective amendments) thereto; and we hereby approve, ratify and confirm
all that said George Strayton shall do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and as of the dates indicated.
<TABLE>
<CAPTION>
Signatures Title Date
- ------------------------- ------------------------------- ----------------
<S> <C> <C>
/s/ George Strayton President, Chief Executive December 9, 1998
- ------------------------- Officer and Director
George Strayton (Principal Executive Officer)
/s/ Katherine A. Dering Senior Vice President and December 9, 1998
- ------------------------- Chief Financial Officer
Katherine A. Dering (Principal Financial and
Accounting Officer)
/s/ William F. Helmer Chairman of the Board December 9, 1998
- -------------------------
William F. Helmer
/s/ Dennis L. Coyle Vice Chairman of the Board December 9, 1998
- -------------------------
Dennis L. Coyle
/s/ Murray L. Korn Director December 9, 1998
- -------------------------
Murray L. Korn
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Signatures Title Date
- -------------------------- ------------------------------- ----------------
<S> <C> <C>
/s/ Donald T. McNelis Director December 9, 1998
- ---------------------
Donald T. McNelis
/s/ Richard A. Nozell Director December 9, 1998
- ---------------------
Richard A. Nozell
/s/ William R. Sichol, Jr. Director December 9, 1998
- --------------------------
William R. Sichol, Jr.
/s/ Wilbur C. Ward Director December 9, 1998
- -----------------
Wilbur C. Ward
/s/ F. Gary Zeh Director December 9, 1998
- ---------------
F. Gary Zeh
</TABLE>
<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 10, 1998
REGISTRATION NO. 333-
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------
EXHIBITS
TO
POST-EFFECTIVE AMENDMENT NO. 1
TO THE
REGISTRATION STATEMENT
ON
FORM S-1
----------------
PROVIDENT BANCORP, INC.
MONTEBELLO, NEW YORK
<PAGE>
EXHIBIT INDEX
1.1 Engagement Letter between Provident Bank and Ryan, Beck & Co., Inc.*
1.2 Agency Agreement among Provident Bancorp, Inc., Provident Bank and Ryan,
Beck & Co., Inc.*
2 Plan of Reorganization from Mutual Savings Association to Mutual Holding
Company and
Stock Issuance Plan*
3.1 Proposed Federal Holding Company Charter of Provident Bancorp, Inc.
(contained in Exhibit 2)*
3.2 Proposed Bylaws of Provident Bancorp, Inc (contained in Exhibit 2)*
4 Form of Common Stock Certificate of Provident Bancorp, Inc*
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 Letter of RP Financial, LC with respect to Subscription Rights*
10.1 Form of Employee Stock Ownership Plan*
10.2 Employment Agreement with George Strayton, as amended*
10.3 Form of Employment Agreement*
10.4 Deferred Compensation Agreement*
10.5 Supplemental Executive Retirement Plan, as amended*
10.6 Management Incentive Program*
10.7 1996 Long-Term Incentive Plan for Officers and Directors, as amended*
16 Letter regarding change in accountants *
21 Subsidiaries of the Registrant*
23.1 Consent of Luse Lehman Gorman Pomerenk & Schick, P.C. (contained in
Opinions included on Exhibits 5 and 8.1)
23.2 Consent of KPMG Peat Marwick LLP*
23.3 Consent of Deloitte & Touche LLP*
23.4 Consent of RP Financial, LC
24 Power of Attorney (set forth on signature page)
27 EDGAR Financial Data Schedule*
99.1 Appraisal Agreement between Provident Bank and RP Financial, LC.*
99.2 Business Plan Agreement between Provident Bank and RP Financial, LC.*
99.3 Appraisal Report of RP Financial, LC*
<PAGE>
99.4 Proxy Statement*
99.5 Marketing Materials*
99.6 Order Form*
99.7 401(k) Supplement*
99.8 Updated Appraisal Report of RP Financial, LC
___________________
* Previously filed.
** Separately bound.
<PAGE>
EXHIBIT 23.4
<PAGE>
EXHIBIT 23.4
[LETTERHEAD OF RP FINANCIAL, LC. APPEARS HERE]
December 9, 1998
Board of Directors
Provident Bank
400 Rella Boulevard
Montebello, New York 10901
Gentlemen:
We hereby consent to the use of our firm's name in the Form MHC-1, Form
MHC-2 and Application on Form H-e(1) for Provident Bank, Montebello, New York,
and any amendments thereto, and in the Form S-1 Registration Statement and any
amendments thereto for Provident Bancorp, Inc. We also hereby consent to the
inclusion of, summary of and references to our Appraisal Report and our
statement concerning subscription rights in such filings including the
Prospectus of Provident Bancorp, Inc.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ James P. Hennessey
James P. Hennessey
Senior Vice President
<PAGE>
EXHIBIT 99.8
- --------------------------------------------------------------------------------
PRO FORMA VALUATION UPDATE REPORT
MUTUAL HOLDING COMPANY STOCK OFFERING
PROVIDENT BANK
Montebello, New York
Dated As Of:
October 30, 1998
- --------------------------------------------------------------------------------
Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
<PAGE>
-------------------------------------------------------------
PRO FORMA VALUATION UPDATE REPORT
MUTUAL HOLDING COMPANY STOCK OFFERING
PROVIDENT BANK
Montebello, New York
Dated As Of:
November 12, 1998
-------------------------------------------------------------
Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
<PAGE>
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
November 12, 1998
Board of Directors
Provident Bank
400 Rella Boulevard
Montebello, New York 10901
Members of the Board:
We have completed and hereby provide an updated appraisal ("Second Update")
of the estimated pro forma market value of the common stock which is to be
offered in connection with the mutual-to-stock conversion transaction described
below. This Second Update is furnished pursuant to the requirements of 563b.7
and has been prepared in accordance with the "Guidelines for Appraisal Reports
for the Valuation of Savings and Loan Associations Converting from Mutual to
Stock Form of Organization" ("Valuation Guidelines") of the Office of Thrift
Supervision ("OTS"), including the most recent revisions as of October 21, 1994,
and applicable regulatory interpretations thereof. As in the preparation of our
original appraisal dated September 4, 1998 ("Original Appraisal") and the first
updated appraisal dated October 30, 1998 ("First Update"), we believe the data
and information used herein is reliable; however, we cannot guarantee the
accuracy and completeness of such information.
DESCRIPTION OF REORGANIZATION
- -----------------------------
We understand that the Board of Directors of Provident Bank, Montebello,
New York ("Provident" or the "Bank") has adopted a Plan of Conversion,
incorporated herein by reference, in which the Bank will reorganize from the
mutual form of organization to the mutual holding company form of organization.
In the reorganization process, to become effective concurrent with the
completion of the stock sale, Provident will become a wholly-owned subsidiary of
Provident Bancorp, Inc. (the "Holding Company"), a Delaware Corporation, and
Provident Bancorp, Inc. will issue a majority of its common stock to Provident,
M.H.C. (the "MHC"), and sell a minority of its common stock to the public. The
above structure reflects what is called a "two-tier" mutual holding company
structure. It is a two-tier structure because it will have two levels of
holding companies: a "mid-tier" stock holding company and a "top-tier" mutual
holding company. The number of shares of common stock sold to the public will
approximate 47 percent of the shares issued in the offering, and the number of
shares issued to the MHC will approximate 53 percent of the shares issued in the
offering.
________________________________________________________________________________
WASHINGTON HEADQUARTERS
Rosslyn Center
1700 North Moore Street, Suite 2210
<PAGE>
Board of Directors
November 12, 1998
Page 2
Limiting Factors and Considerations
- -----------------------------------
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
Common Stock. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change time to time, no assurance can be given that persons who purchase shares
of common stock in the Conversion will thereafter be able to buy or sell such
shares at prices related to the foregoing valuation of the estimated pro forma
market value thereof.
RP Financial's updated valuation was determined based on the financial
condition and operations of the Bank as of September 30, 1998, the date of the
most recent financial data included in the Holding Company's Prospectus.
RP Financial is not a seller of securities within the meaning of any
federal and state securities laws and any report prepared by RP Financial shall
not be used as an offer or solicitation with respect to the purchase or sale of
any securities. RP Financial maintains a policy which prohibits RP Financial,
its principals or employees from purchasing stock of its client financial
institutions.
This valuation will be updated as provided for in the conversion
regulations and guidelines. These updates will consider, among other things,
any developments or changes in the Bank's financial performance and condition,
management policies, and current conditions in the equity markets for thrift
shares. These updates may also consider changes in other external factors which
impact value including, but not limited to: various changes in the legislative
and regulatory environment for financial institutions, the stock market and the
market for thrift stocks, and interest rates. Should any such new developments
or changes be material, in our opinion, to the valuation of the shares,
appropriate adjustments to the estimated pro forma market value will be made.
The reasons for any such adjustments will be explained in the update at the date
of the release of the update.
DISCUSSION OF RELEVANT CONSIDERATIONS
- -------------------------------------
This Second Update reflects the following noteworthy items: a review of
stock market conditions since the October 30, 1998 date of the First Update,
along with updated stock prices as of November 10, 1998. Pro forma market value
is defined as the price at which Provident's stock immediately upon completion
of the offering would change hands between a willing buyer and a willing seller,
neither being under any compulsion to buy or sell and both having reasonable
knowledge of relevant facts.
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
common stock. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change from time to time, no assurance can be given that persons who purchase
shares of common stock in the offering will thereafter be able to buy or sell
such shares at prices related to the foregoing valuation of the pro forma market
value thereof. RP Financial is not a seller of securities within the meaning of
any federal and state securities laws and any report prepared by RP Financial
shall not be used as an offer or solicitation with respect to the
<PAGE>
Board of Directors
November 12, 1998
Page 3
purchase or sale of any securities. RP Financial maintains a policy which
prohibits the company, its principals or employees from purchasing stock of its
client institutions.
DISCUSSION OF RELEVANT CONSIDERATIONS
- -------------------------------------
1. Stock Market Conditions
-----------------------
In the period since the First Update, the performance of the overall
stock market has improved as stocks generally have been gaining back the ground
lost in the late Summer/early Fall of 1998. The market has continued to respond
to two successive rate cuts from the Fed and generally favorable economic
reports -- both of which have been interpreted by the investment community as
improving the investment outlook for stocks. The DJIA has enjoyed an increase
since the October 30, 1998 update, and as of November 10, 1998, the DJIA closed
at 8863.98, an increase of 3.2 percent. Similarly, since October 30, 1998, the
SNL index has increased by 2.6 percent to 693.8. The most dramatic increase,
however, was in the SNL MHC index, closing at 868.9, for an 8.8 percent increase
since the First Update. We view movement in the MHC index as a firming up of
the market for thrift stock offerings given the investment community's
anticipation of second step pricing in the market price of publicly-traded MHCs.
Such strength, however, appears to reflect retail buying of thrift stocks,
including publicly-traded MHCs, as we understand from numerous sources that many
of the institutional buyers, particularly mutual funds and hedge funds, are less
active in the face of redemption requests. Table 1 below underscores these
trends. Since the date of the First Update, three out of every four Peer Group
companies had higher market prices as of November 10, 1998.
<PAGE>
Board of Directors
November 12, 1998
Page 4
Table 1
Selected Market Groups
Average Pricing Characteristics
<TABLE>
<CAPTION>
At Oct. 30, At Nov. 10, %
1998 1998 Change
------------ ------------ --------
<S> <C> <C> <C>
Peer Group of MHCs (Fully Converted Basis)
- --------------------------------------------
Price/Earnings (x) 19.02x 19.48x 2.4%
Price/Core Earnings (x) 19.97 20.51 2.7
Price/Book (%) 83.66% 85.49% 2.2
Price/Assets (%) 18.75 19.55 4.3
Avg. Mkt. Capitalization ($Mil) $220.94 $244.44 10.6
SAIF-Insured Thrifts
- --------------------------------------------
Price/Earnings (x) 17.45x 17.54x 0.5%
Price/Core Earnings (x) 17.93 18.32 2.2
Price/Book (%) 126.24% 128.18% 1.5
Price/Assets (%) 16.02 16.21 1.2
Avg. Mkt. Capitalization ($Mil) $145.23 $148.28 2.1
Recent Conversions(1)
- ---------------------------------------------
Price/Core Earnings (x) 17.86x 16.75x (6.2%)
Price/Book (%) 69.74% 69.70% (0.1)
</TABLE>
(1) Ratios based on conversions completed for prior three months.
The "new issue" market is separate and distinct from the market for
seasoned issues. Accordingly, as discussed in the earlier valuation reports, RP
Financial has considered the pro forma pricing and trading level of recently
converted companies in this Second Update, including full stock conversions and
mutual holding companies. Between the date of the Original Appraisal and the
First Update, there has been limited new activity. In the last three months
there have been five full conversion offerings, only two of which are NASDAQ
listed (see Table 2); of these two, CNY Financial remains slightly below the IPO
price, whereas First Niles has increased by nearly 14 percent (see Table 3). On
average, the two recent publicly-traded conversions are trading at 69.7 percent
price/tangible book. The two new publicly-traded mutual holding companies,
Sound Bancorp and West Essex Bancorp, essentially remain unchanged in price
since the First Update, with both remaining below their IPO price and trading at
an average of 65.4 percent price/tangible book. Other offerings in the market
have been forced to either extend their offerings or resolicit at lower
valuations due to subscriptions falling below the previously established
valuation range, including conversions, MHC offerings and second step
conversions.
<PAGE>
RP Financial, LC.
Table 2
Pricing Characteristics and After-Market Trends
Recent Conversions Completed (Last Three Months)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional Information Pre-Conversion Data Offering Information
-------------------------------------
Financial Info. Asset Quality
- -----------------------------------------------------------------------------------------------------------------------------------
Conversion Equity/ NPAs/ Res. Gross % of Exp./
Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc.
- ----------- ----- ---- ------ ------ ------ ------ ---- ----- ---- -----
($Mil) (%) (%)(2) (%) ($Mil.) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Standard Conversions
- --------------------
First Niles Financial, Inc. OH 10/27/98 FNFI $ 73 16.64% 2.39% 49% $ 17.5 88% 3.4%
CNY Financial NY* 10/06/98 CNYF 238 13.48% 0.68% 187% 52.5 87% 3.3%
IBL Bancorp, Inc. LA 10/01/98 Pink 23 7.51% 0.91% 195% 2.1 88% 17.8%
Farnsworth Bancorp, Inc. NJ 09/30/98 Pink 39 5.75% 1.72% 19% 3.8 92% 8.7%
CGB&L Financial Group, Inc. IL 09/23/98 Pink 7 14.22% 0.16% 300% 1.0 90% 25.7%
Averages - Standard Conversions: $ 76 11.52% 1.17% 150% $ 15.4 89% 11.8%
Medians - Standard Conversions: $ 39 13.48% 0.91% 187% $ 3.8 88% 8.7%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Contribution to Insider Purchases
Institutional Information Charitable Found.
- -----------------------------------------------------------------------------------------------------------------------------------
Benefit Plans Initial
-------------
Conversion % of Recog. Mgmt.& Dividend
Institution State Date Ticker Form Offering ESOP Plans Dirs. Yield
- ----------- ----- ---- ------ ---- -------- ---- ------- ------ --------
(%) (%) (%) (%)(3) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Standard Conversions
- --------------------
First Niles Financial, Inc. OH 10/27/98 FNFI N.A. N.A. 8.0% 4.0% 8.6% 0.00%
CNY Financial NY* 10/06/98 CNYF N.A. N.A. 8.0% 4.0% 3.0% 0.00%
IBL Bancorp, Inc. LA 10/01/98 Pink N.A. N.A. 8.0% 4.0% 18.0% 1.50%
Farnsworth Bancorp, Inc. NJ 09/30/98 Pink N.A. N.A. 8.0% 4.0% 10.2% 0.00%
CGB&L Financial Group, Inc. IL 09/23/98 Pink N.A. N.A. 8.0% 4.0% 22.4% 2.00%
Averages - Standard Conversions: N.A. N.A. 8.0% 4.0% 12.4% 0.70%
Medians - Standard Conversions: N.A. N.A. 8.0% 4.0% 10.2% 0.00%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Pro Forma Data
-------------------------------------------------
Institutional Information Pricing Ratios(4) Financial Charac.
- ------------------------------------------------------------------------------------------------------------------
Conversion Core IPO
Institution State Date Ticker P/TB P/E(5) P/A ROA TE/A ROE Price
- ----------- ----- ---- ------ ----- ------- ---- ----- ---- ---- -----
(%) (x) (%) (%) (%) (%) ($)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Standard Conversions
- --------------------
First Niles Financial, Inc. OH 10/27/98 FNFI 65.0% 31.6x 20.0% 0.6% 30.7% 2.1% $ 10.00
CNY Financial NY* 10/06/98 CNYF 69.8% 17.9 19.0% 1.1% 27.2% 3.9% 10.00
IBL Bancorp, Inc. LA 10/01/98 Pink 65.9% 9.5 8.7% 0.9% 13.1% 6.9% 10.00
Farnsworth Bancorp, Inc. NJ 09/30/98 Pink 72.5% 12.3 9.1% 0.7% 12.6% 5.9% 10.00
CGB&L Financial Group, Inc. IL 09/23/98 Pink 61.8% 18.9 13.1% 0.7% 21.2% 3.3% 10.00
Averages - Standard Conversions: 67.0% 18.1x 14.0% 0.8% 21.0% 4.4% $ 10.00
Medians - Standard Conversions: 65.9% 17.9x 13.1% 0.7% 21.2% 3.9% $ 10.00
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Post-IPO Pricing Trends
--------------------------------------------------------------
Institutional Information
Closing Price:
- --------------------------------------------------------------------------------------------------------------------------------
First After After
Conversion Trading % First % First %
Institution State Date Ticker Day Change Week(6) Change Month(7) Change
- ----------- ----- ---- ------ --------- -------- -------- -------- -------- --------
($) (%) ($) (%) ($) (%)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Standard Conversions
- --------------------
First Niles Financial, Inc. OH 10/27/98 FNFI $11.50 15.0% $10.75 7.5% $11.38 13.7%
CNY Financial NY* 10/06/98 CNYF 10.00 0.0% 9.50 -5.0% 9.50 -5.0%
IBL Bancorp, Inc. LA 10/01/98 Pink 10.00 0.0% 10.00 0.0% 10.00 0.0%
Farnsworth Bancorp, Inc. NJ 09/30/98 Pink 11.00 10.0% 10.88 8.8% 10.63 6.3%
CGB&L Financial Group, Inc. IL 09/23/98 Pink 10.00 0.0% 10.00 0.0% 10.00 0.0%
Averages - Standard Conversions: $10.50 5.0% $10.23 2.3% $10.30 3.0%
Medians - Standard Conversions: $10.00 0.0% $10.00 0.0% $10.00 0.0%
- --------------------------------------------------------------------------------------------------------------------------------
Note: * - Appraisal performed by RP Financial; "NT" - Not Traded; "NA" - Not Applicable, Not Available.
(1) Non-OTS regulated thrift. (5) Exclude impact of special SAIF assessment on earnings.
(2) As reported in summary pages of prospectus. (6) Latest price if offering less than one week old.
(3) As reported in prospectus. (7) Latest price if offering more than one week but less than one month old
(4) Does not take into account the adoption of SOP 93-6. (8) Simultaneously converted to commercial bank charter.
November 10, 1998
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3
Market Pricing Comparatives
Prices As of November 10, 1998
<TABLE>
<CAPTION>
Market Per Share Data
--------------
Capitalization Core Book Pricing Ratios(3)
--------------- ---------------------------------------
Price/ Market 12-Mth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts 16.24 148.28 0.91 13.28 17.54 128.18 16.21 133.69 18.32
All Public Companies 16.54 170.79 0.95 13.22 17.11 130.37 16.21 135.83 18.06
Special Selection Grouping(8) 10.38 25.12 0.44 14.86 0.00 69.70 20.28 69.70 16.75
State of NY 19.18 467.90 1.09 14.95 17.34 122.57 17.40 128.18 19.73
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CNYF CNY Financial Corp of NY 9.38 50.25 0.56 14.34 NM 65.41 17.81 65.41 16.75
FNFI First Niles Financial of OH 11.38 0.00 0.32 15.38 NM 73.99 22.74 73.99 NM
<CAPTION>
Dividends(4) Financial Characteristics(6)
------------------------ -------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
--------------- ---------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ----- ------ -------- ------ ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts 0.33 2.03 33.57 1,123 13.72 0.60 0.90 7.70 0.86 7.24
All Public Companies 0.34 2.02 32.72 1,218 13.46 0.60 0.93 8.16 0.89 7.67
Special Selection Grouping(8) 0.00 0.00 0.00 185 28.98 1.28 0.56 1.91 0.85 2.99
State of NY 0.36 1.65 29.27 2,746 14.34 0.62 0.80 6.68 0.95 7.09
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CNYF CNY Financial Corp of NY 0.00 0.00 0.00 282 27.23 1.28 0.47 1.74 1.06 3.91
FNFI First Niles Financial of OH 0.00 0.00 0.00 88 30.74 NA 0.64 2.08 0.64 2.08
</TABLE>
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB =
Price to tangible book value; and P/CORE = Price to estimated core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month earnings and average equity and assets balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Converted Last 3 Mths (no MHC);
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
Board of Directors
November 12, 1998
Page 7
SUMMARY OF ADJUSTMENTS
- ----------------------
We have upgraded one valuation parameter since the First Update, i.e.,
marketing of the issue, as summarized below.
Provident Bank
Valuation Adjustments
<TABLE>
<CAPTION>
Previous Current Change in
Key Valuation Parameters Valuation Adjustment Valuation Adjustment
- ------------------------ -------------------- --------------------
<S> <C> <C>
Financial Condition Slight Downward No Change
Profitability, Growth and Viability of Earnings Slight Downward No Change
Asset Growth No Adjustment No Change
Primary Market Area Slight Upward No Change
Dividends Slight Downward No Change
Liquidity of the Shares No Adjustment No Change
Marketing of the Issue Significant Downward Moderate Downward
Management No Adjustment No Change
Effect of Government Regul. & Reg. Reform No Adjustment No Change
</TABLE>
Overall, taking into account the foregoing factors, we believe that an
increase in the Bank's valuation ratios on a fully converted basis are
appropriate, taking into account the general increase in market prices and the
moderating of the marketing of the issue valuation parameter.
VALUATION APPROACHES
- --------------------
In applying the accepted valuation methodology promulgated by the OTS,
i.e., the pro forma market value approach, we considered the three key pricing
ratios in valuing Provident to-be-issued stock -- price/earnings ("P/E"),
price/book ("P/B"), and price/assets ("P/A") approaches -- all performed on a
pro forma basis including the effects of the conversion proceeds. In computing
the pro forma impact of the conversion and the related pricing ratios, updated
information consistent with the prospectus for the effective tax rate, offering
expenses, reinvestment rate and stock benefit plans utilized in the Original
Appraisal did not change in this update. The pro assumptions are summarized in
Exhibits 2 and 3.
Consistent with earlier valuation reports, this updated appraisal continues
to be based primarily on fundamental analysis techniques applied to the Peer
Group, including the P/E approach, the P/B approach and the P/A approach, but
also incorporates a technical analysis of recently completed stock conversions,
principally the P/B approach which (as discussed in the Original Appraisal) is
the most meaningful pricing ratio as the pro forma P/E ratios reflect an assumed
reinvestment rate and do not yet reflect the actual use of proceeds.
Based on the foregoing, we have concluded that the pro forma market value
range of Provident's stock is subject to an increase. Therefore, as of November
12, 1998, RP Financial concluded that the pro forma market value of Provident's
stock as a mutual holding company on
<PAGE>
Board of Directors
November 12, 1998
Page 8
a fully-converted basis is equal to $72,000,000, which represents a 16 percent
increase from the midpoint valuation of $62,000,000 concluded in the First
Update. The implied conversion pricing ratios relative to the Peer Group's
pricing ratios are indicated in Table 4, and the updated pro forma calculations
are detailed in Exhibits 2 and 3.
1. P/B Approach. Based on the updated midpoint value, Provident's pro
------------
forma full conversion P/TB ratio was 63.87 percent (versus the 59.48 percent
midpoint valuation in the First Update). Relative to the average P/TB ratio
indicated for the Peer Group of 86.70 percent (fully converted basis),
Provident's updated valuation reflected a 26.3 percent discount relative to the
Peer Group (versus the 29.8 percent discount applied in the First Update). At
the supermaximum of the range, Provident's P/TB ratio approximates 71.88
percent.
The updated P/TB pricing for Provident at the midpoint falls between
the P/TB ratios for the two recently completed publicly-traded MHCs (full
conversion basis). Further, factoring in only the MHC offering (i.e., not on a
full conversion basis), Provident's P/TB pricing appears to be consistent with
Sound Bancorp and West Essex Bancorp. Also, Provident's full conversion P/TB at
the upper end of the range exceeds the average current P/TB for the two recent
standard conversions which are publicly traded.
2. P/E Approach. In applying the P/E approach we considered both core
------------
and reported earnings, with highest confidence in the core earnings estimates.
Provident's reported and core earnings for the twelve months ended September 30,
1998 equaled $4.242 million (see Table 1 in the First Update). Based on
Provident's core earnings, and incorporating the impact of the pro forma
assumptions discussed previously, the Bank's reported and core P/E multiple at
the updated midpoint value (full conversion) equaled 13.04 times. Comparatively,
the Peer Group posted an average reported and core P/E multiple of 19.48 and
19.04 times, respectively (fully converted basis), which indicated discounts of
33.1 and 31.5 percent, respectively, in the Bank's reported and core P/E
multiples. At the supermaximum of the range, the Bank's reported and core P/E
ratios approximate 16.04 times.
3. P/A Approach. At the updated midpoint value, Provident exhibited a pro
------------
forma P/A ratio of 9.57 percent. In comparison to the Peer Group's average P/A
ratio of 19.55 percent (fully converted basis), Provident's midpoint P/A ratio
indicated a smaller discount than in the First Update). At the supermaximum of
the range, Provident's P/A ratio approximates 12.33 percent.
SUMMARY
- -------
Based on the foregoing, we have concluded that Provident's estimated pro
forma market value should be increased from the level in the First Update.
Accordingly, it is our opinion, as of November 12, 1998, the estimated aggregate
pro forma market value of the offering shares in a full stock conversion, is as
follows:
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4
MHC INSTITUTIONS -- IMPLIED PRICING RATIOS FULL CONVERSION BASIS
Provident Bank and the Comparables
As of November 10, 1998
<TABLE>
<CAPTION>
Fully Converted
Implied Value Per Share Data
----------------- _______________
Implied Core Book Pricing Ratios(3)
--------------------------------------
Price/ Market 12-Mth Value/
Share(1) Val(8) EPS(2) Share P/E P/B P/A P/TB P/CORE
------- ------- ------- ------- ------- ------- ------- ------ ------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Provident Bank
- --------------
Superrange 10.00 95.22 0.62 14.30 16.04 69.94 12.33 71.88 ?6.04
Range Maximum 10.00 82.80 0.69 15.17 14.49 65.93 10.87 67.92 14.49
Range Midpoint 10.00 72.00 0.77 16.17 13.04 61.86 9.57 63.87 13.04
Range Minimum 10.00 61.20 0.87 17.52 11.48 57.08 8.24 59.10 11.48
SAIF-Insured Thrifts(7)
- -----------------------
Averages 16.74 148.28 0.91 13.28 17.54 128.18 16.21 133.69 18.32
Medians -- -- -- -- 16.81 116.30 14.88 120.07 17.77
All Non-MHC State of NY(7)
- --------------------------
Averages 17.34 332.57 1.02 16.02 17.55 103.80 13.70 115.96 19.48
Medians -- -- -- -- 15.43 112.23 17.56 116.18 18.18
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
Averages 14.1? 244.44 0.71 16.33 19.?? 85.49 19.55 ?6.70 20.51
Medians -- -- -- -- 19.04 84.05 19.29 ?5.04 19.22
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
ALLB Alliance Bank MHC of PA (19.9) 13.63 46.61 0.?9 18.90 15.31 72.12 14.84 72.12 15.31
BCSB BCSB Bankcorp MHC of MD (38.6) 9.75 59.89 0.52 12.45 18.75 78.31 19.59 78.31 18.75
BRKL Brookline Bncp MHC of MA(47.0) 12.00 350.16 0.68 14.?6 17.14 80.21 35.15 80.21 17.65
FFFL Fidelity Bcsh MHC of FL (47.9) 23.13 168.62 1.20 23.48 16.40 ?8.51 10.88 100.00 19.28
SBFL Fingr Lakes Fin.MHC OF NY(33.1 11.00 38.50 0.43 12.65 22.45 98.96 13.24 86.96 25.58
GBNK Gaston Fed Bncp MHC of NC(47.0 13.75 62.05 0.49 15.44 26.44 89.05 26.83 89.05 28.06
HARS Harris Fin. MHC of PA (24.9) 16.88 650.34 0.68 16.35 20.59 103.24 22.75 106.23 24.87
JXSB Jcksnville SB,MHC of IL (45.6) 13.38 26.48 0.51 15.99 19.11 83.68 14.71 83.68 26.24
LFED Leeds Fed Bksr MHC of MD (36.3 14.88 82.91 0.?? 17.34 17.30 85.81 23.69 85.81 17.30
LIBB Liberty Bancorp MHC of NJ (47) 9.75 38.03 0.51 13.20 19.12 73.8? 14.31 73.86 19.12
NBCP Niagara Bancorp of NY MHC(45.4 11.50 342.77 0.6? 14.27 24.47 81.16 21.52 81.16 18.55
NWSB Northwest Bcrp MHC of PA (30.8 12.00 57?.22 0.66 12.09 17.91 99.26 19.78 103.18 18.18
PBHC Pathfinder BC MHC of NY (45.2) 11.?8 33.01 0.62 14.17 16.97 83.84 15.43 91.88 19.16
PBCT Peoples Bank, MHC of CT (41.2) 28.38 2155.23 1.32 26.86 15.02 105.66 19.95 113.38 21.50
PLSK Pulaski SB, MHC of NJ (47.0) 11.38 24.64 0.63 15.76 18.97 72.21 12.14 72.21 18.06
SKBOD Skibo Fin Corp MHC of PA(45.0) 12.00 42.49 0.51 14.24 26.09 84.27 24.77 84.27 23.53
SFFS Sound Bancorp MHC of NY (44.1) 9.94 51.8? 0.78 14.80 12.74 67.16 17.33 67.16 12.74
WAYN Wayne Svgs Bks MHC of OH (48.2 21.25 53.93 0.94 19.43 21.04 109.37 18.99 109.37 22.61
WCFB Wbstr Cty FSB MHC of IA (45.6) 17.00 39.03 0.85 18.56 20.00 91.59 33.36 91.59 20.00
WEBK West Essex MHC of NJ (42.2) 10.00 42.07 0.42 15.73 23.81 63.57 11.77 63.57 23.81
<CAPTION>
Dividends(4) Financial Characteristics(6)
----------------------------- ------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
------------- -----------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
-------- ------- ----------- -------- -------- -------- ------- ----- ----- ------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Provident Bank
- --------------
Superrange 0.00 0.00 0.00 772 17.63 0.84 0.77 4.36 0.77 4.36
Range Minimum 0.00 0.00 0.00 761 16.49 0.85 0.75 4.55 0.75 4.55
Range Midpoint 0.00 0.00 0.00 752 15.47 0.86 0.73 4.74 0.73 4.74
Range Minimum 0.00 0.00 0.00 74? 14.43 0.87 0.72 4.97 0.72 4.97
SAIF - Insured Thrifts(7)
- -------------------------
Average -- 0.33 2.03 33.57 1,123 13.72 0.60 0.90 7.70 0.86 7.24
Medians -- -- -- -- -- -- -- -- -- --
All Non-MHC State of H7(7)
- --------------------------
Average -- 0.30 1.52 26.50 2,593 13.49 0.45 0.53 5.0? 0.76 6.10
Medians -- -- -- -- -- -- -- -- -- --
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
Average -- 0.32 1.94 34.51 1,216 23.02 0.59 1.07 4.73 1.03 4.47
Medians -- -- -- -- -- -- -- -- -- --
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
ALLB Alliance Bank MHC of PA (19.9) 0.36 2.64 40.45 314 20.57 0.89 1.01 4.77 1.01 4.77
BCSB BCSB Bankcorp MHC of MD (38.6) 0.00 0.00 0.00 306 25.02 0.34 1.05 4.18 1.05 4.1?
BRKL Brookline Bncp MHC of MA(47.0) 0.20 1.67 29.41 996 43.82 0.33 2.26 5.88 2.19 5.71
FFFL Fidelity Bcsh MHC of FL (47.9) 1.00 4.32 NA 1,549 11.05 0.27 0.80 6.12 0.68 5.21
SBFL Fingr Lakes Fin.MHC OF NY(33.1 0.24 2.18 55.81 298 15.22 0.50 0.6? 3.93 0.56 3.45
GBNK Gaston Fed Bncp MHC of NC(47.0 0.20 1.45 40.82 231 30.13 0.50 1.01 4.37 0.95 4.12
HARS Harris Fin. MHC of PA (24.9) 0.22 1.30 32.35 2,858 22.04 0.65 1.17 5.09 0.97 4.22
JXSB Jcksnville SB,MHC of IL (45.6) 0.30 2.24 58.82 180 17.58 0.79 0.7? 4.42 0.56 3.22
LFED Leeds Fed Bksr MHC of MD (36.3 0.56 3.76 65.12 350 27.60 0.83 1.41 5.01 1.41 5.01
LIBB Liberty Bancorp MHC of NJ (47) 0.00 0.00 0.00 266 19.37 0.38 0.74 3.69 0.74 3.89
NBCP Niagara Bancorp of NY MHC(45.4 0.12 1.04 19.35 1,593 26.52 0.26 0.96 4.08 1.27 5.38
NWSB Northwest Bcrp MHC of PA (30.8 0.16 1.33 24.24 2,928 19.93 0.52 1.22 5.64 1.20 5.56
PBHC Pathfinder BC MHC of NY (45.2) 0.20 1.68 32.26 214 18.41 1.40 0.92 5.00 0.82 4.43
PBCT Peoples Bank, MHC of CT (41.2) 0.92 3.24 69.70 10,803 18.88 0.59 1.44 7.26 1.01 5.07
PLSK Pulaski SB, MHC of NJ (47.0) 0.30 2.64 47.62 203 16.82 0.62 0.66 3.87 0.69 4.06
SKBOD Skibo Fin Corp MHC of PA(45.0) 0.20 1.67 39.22 172 29.39 0.59 0.95 3.23 1.05 3.58
SFFS Sound Bancorp MHC of NY (44.1) 0.00 0.00 0.00 299 25.80 0.52 1.36 5.27 1.36 5.27
WAYN Wayne Svgs Bks MHC of OH (48.2 0.62 2.92 65.96 284 17.37 NA 0.91 5.26 0.85 4.?9
WCFB Wbstr Cty FSB MHC of IA (45.6) 0.80 4.71 NA 117 36.42 0.07 1.70 4.62 1.70 4.?2
WEBK West Essex MHC of NJ (42.2) 0.00 0.00 0.00 357 18.52 1.10 0.49 2.67 0.49 2.67
</TABLE>
(1) Current stock price of minority stock. Average of High/Low or Bid/Ask price
per share.
(2) EPS (estimated core earnings) is based on reported trailing twelve month
data, adjusted to omit non-operating gains and losses (including the SAIF
assessment) on a tax effected basis. Public ??C data reflects additional
earnings from reinvestment of proceeds of second step conversion.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB =
Price to Tangible Book; and P/CORE = Price to Core Earnings. Ratios are pro
forms assuming a second step conversion to full stock form.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
estimated core earnings (earnings adjusted to reflect second step
conversion).
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month earnings and average equity and assets balances.
(7) Excludes from averages and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
(8) Figures estimated by RP Financial to reflect a second step conversion of the
??C to full stock firm.
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (C) 1997 AP Financial, LC.
<PAGE>
Board of Directors
November 12, 1998
Page 10
<TABLE>
<CAPTION>
Full Conversion
Gross Offering Offering
Amount Shares(1)
--------------- ----------
<S> <C> <C>
Minimum $61,200,000 6,120,000
Midpoint 72,000,000 7,200,000
Maximum 82,800,000 8,280,000
Supermaximum(2) 95,220,000 9,522,000
</TABLE>
(1) Based on a $10.00 per share offering price.
(2) In the event that the appraised value increases up to an additional
15 percent.
The Board of Directors has established a public offering range such that
the public ownership of the Holding Company will constitute a 47 percent
ownership interest. Accordingly, the offering range to the public of the
minority stock will range from $28,560,000 at the minimum, to $33,600,000 at the
midpoint, $38,640,000 at the maximum and $44,436,000 at the supermaximum of the
valuation range, all based on a $10.00 per share offering price. Based on the
public offering range, the public ownership of the shares will represent 47
percent of the shares issued in the reorganization, with the MHC owning the
majority of the shares. The pro forma valuation calculations relative to the
Peer Group (fully converted basis) are shown in Table 4 and are detailed in
Exhibit 2 and Exhibit 3; the pro forma valuation calculations relative to the
Peer Group based on reported financials are shown in Table 5 and are detailed in
Exhibits 4 and 5.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ Ronald S. Riggins
----------------------------
Ronald S. Riggins
President
/s/ James P. Hennessey
----------------------------
James P. Hennessey
Senior Vice President
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 5
Public Market Pricing
Provident Bank and the Comparables
As of November 10, 1998
<TABLE>
<CAPTION>
Market Per Share Data
---------------
Capitalization Core Book Pricing Ratios(3)
--------------- ---------------------------------------
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Provident Bank
- --------------
Superrange 10.00 95.22 0.53 9.77 18.91 102.33 13.06 106.52 18.91
Range Maximum 10.00 82.80 0.59 10.62 16.81 94.14 11.44 98.23 16.81
Range Midpoint 10.00 72.00 0.67 11.60 14.90 86.21 10.01 90.17 14.90
Range Minimum 10.00 61.20 0.77 12.92 12.92 77.39 8.56 81.15 12.92
All SAIF-Insured Thrifts (7)
- --------------------------
Averages 16.24 148.28 0.91 13.28 17.54 128.18 16.21 133.69 18.32
Medians --- --- --- --- 16.81 116.30 14.88 120.07 17.77
All Non-MHC State of NY(7)
- --------------------------
Averages 20.43 531.95 1.19 15.96 17.15 120.44 17.25 125.90 19.38
Medians --- --- --- --- 15.43 112.23 17.56 116.18 18.18
Comparable Group Averages
- -------------------------
Averages 14.17 87.37 0.50 9.13 23.73 159.83 21.29 166.29 24.78
Medians --- --- --- --- 24.27 148.97 19.65 153.62 25.56
State of NY
- -----------
AFED AFSALA Bancorp, Inc. of NY(7) 17.75 23.41 0.84 14.46 23.05 122.75 13.99 122.75 21.13
ALBK ALBANK Fin. Corp. of Albany NY(7) 63.75 853.23 3.44 29.39 18.48 216.91 20.53 270.13 18.53
ALBC Albion Banc Corp. of Albion NY 8.25 6.20 0.48 8.37 16.18 98.57 8.37 98.57 17.19
AHCI Ambanc Holding Co., Inc. of NY 16.00 65.68 0.55 14.64 NM 109.29 11.85 109.29 29.09
ASFC Astoria Financial Corp. of NY 46.13 1226.74 2.97 34.25 14.24 134.69 9.65 185.11 15.53
CNYF CNY Financial Corp of NY 9.38 50.25 0.56 14.34 NM 65.41 17.81 65.41 16.75
CNY Carver Bancorp, Inc. of NY 9.38 21.71 0.40 15.51 20.39 60.48 5.08 62.53 23.45
CATB Catskill Fin. Corp. of NY 13.50 58.83 0.87 15.56 15.17 86.76 18.69 86.76 15.52
DME Dime Bancorp, Inc. of NY 26.06 2919.42 0.78 11.96 14.81 217.89 13.74 263.77 NM
DCOM Dime Community Bancorp of NY 25.75 301.64 1.18 15.37 21.11 167.53 17.30 192.60 21.82
ESBK Elmira Svgs Bank (The) of NY 22.00 15.99 1.75 20.57 14.86 106.95 6.88 106.95 12.57
FIBC Financial Bancorp, Inc. of NY(7) 37.50 64.09 1.70 17.07 21.31 219.68 20.11 220.46 22.06
FFIC Flushing Fin. Corp. of NY 16.00 181.39 0.88 12.10 18.60 132.23 15.87 137.34 18.18
GOSB GSB Financial Corp. of NY 13.38 29.60 0.46 14.24 NM 93.96 22.43 93.96 29.09
GPT GreenPoint Fin. Corp. of NY 36.38 3460.57 1.65 18.84 22.60 193.10 25.42 NM 22.05
HAVN Haven Bancorp of Woodhaven NY 15.94 141.08 0.94 13.84 16.27 115.17 6.07 120.21 16.96
HRBT Hudson River Bancorp Inc of NY 10.88 194.25 0.47 12.20 26.54 89.18 23.84 89.18 23.15
ICBC Independence Comm Bnk Cp of NY 13.38 1017.47 0.45 12.63 NM 105.94 21.26 112.15 29.73
JSB JSB Financial, Inc. of NY 53.88 525.81 5.26 38.94 11.51 138.37 33.63 138.37 10.24
PEEK Peekskill Fin. Corp. of NY 13.88 39.70 0.66 15.11 21.35 91.86 19.81 91.86 21.03
QCSB Queens County Bancorp of NY 30.00 642.57 1.16 6.91 25.42 NM 37.65 NM 25.86
RELY Reliance Bancorp, Inc. of NY 26.25 235.83 2.07 20.65 12.56 127.12 9.46 184.60 12.68
RCBK Richmond County Fin Corp of NY 15.31 404.55 0.73 12.48 NM 122.68 23.90 123.07 20.97
RSLN Roslyn Bancorp, Inc. of NY 17.13 709.18 1.06 14.36 15.43 119.29 18.41 119.87 16.16
<CAPTION>
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
--------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Provident Bank
- --------------
Superrange 0.00 0.00 0.00 729 12.77 0.89 0.69 5.41 0.69 5.41
Range Maximum 0.00 0.00 0.00 724 12.15 0.90 0.68 5.60 0.68 5.60
Range Midpoint 0.00 0.00 0.00 719 11.61 0.90 0.67 5.79 0.67 5.79
Range Minimum 0.00 0.00 0.00 715 11.06 0.91 0.66 5.99 0.66 5.99
All SAIF-Insured Thrifts (7)
- --------------------------
Averages 0.33 2.03 33.57 1,123 13.72 0.60 0.90 7.70 0.86 7.24
Medians --- --- --- --- --- --- --- --- --- ---
All Non-MHC State of NY(7)
- --------------------------
Averages 0.40 1.72 31.38 3,084 14.34 0.62 0.81 6.85 0.97 7.31
Medians --- --- --- --- --- --- --- --- --- ---
Comparable Group Averages
- -------------------------
Averages 0.32 1.94 13.09 1,079 14.25 0.59 0.84 6.54 0.79 5.92
Medians --- --- --- --- --- --- --- --- --- ---
State of NY
- -----------
AFED AFSALA Bancorp, Inc. of NY(7) 0.28 1.58 33.33 167 11.40 0.33 0.62 5.01 0.68 5.47
ALBK ALBANK Fin. Corp. of Albany NY(7) 0.84 1.32 24.42 4,157 9.46 0.78 1.14 12.53 1.14 12.49
ALBC Albion Banc Corp. of Albion NY 0.12 1.45 25.00 74 8.49 0.47 0.54 6.24 0.50 5.88
AHCI Ambanc Holding Co., Inc. of NY 0.24 1.50 43.64 554 10.84 0.61 0.34 3.00 0.42 3.75
ASFC Astoria Financial Corp. of NY 0.80 1.73 26.94 12,713 7.16 0.37 0.80 10.43 0.74 9.56
CNYF CNY Financial Corp of NY 0.00 0.00 0.00 282 27.23 1.28 0.47 1.74 1.06 3.91
CNY Carver Bancorp, Inc. of NY 0.00 0.00 0.00 427 8.40 NA 0.25 3.02 0.22 2.63
CATB Catskill Fin. Corp. of NY 0.37 2.74 42.53 315 21.55 0.20 1.29 5.56 1.26 5.43
DME Dime Bancorp, Inc. of NY 0.20 0.77 25.64 21,243 6.31 0.97 0.93 15.56 0.41 6.90
DCOM Dime Community Bancorp of NY 0.48 1.86 40.68 1,744 10.33 0.33 0.91 7.69 0.88 7.44
ESBK Elmira Svgs Bank (The) of NY 0.64 2.91 36.57 233 6.43 0.75 0.47 7.39 0.55 8.73
FIBC Financial Bancorp, Inc. of NY(7) 0.50 1.33 29.41 319 9.16 NA 0.95 10.72 0.92 10.35
FFIC Flushing Fin. Corp. of NY 0.24 1.50 27.27 1,143 12.00 0.22 0.91 7.10 0.93 7.26
GOSB GSB Financial Corp. of NY 0.12 0.90 26.09 132 23.87 0.07 0.49 1.84 0.83 3.13
GPT GreenPoint Fin. Corp. of NY 0.64 1.76 38.79 13,613 13.16 2.27 1.16 11.12 1.19 11.40
HAVN Haven Bancorp of Woodhaven NY 0.30 1.88 31.91 2,323 5.27 0.40 0.42 7.51 0.40 7.20
HRBT Hudson River Bancorp Inc of NY 0.00 0.00 0.00 815 26.74 NA 0.90 3.36 1.03 3.85
ICBC Independence Comm Bnk Cp of NY 0.12 0.90 26.67 4,786 20.07 0.69 -0.81 -4.22 0.68 3.58
JSB JSB Financial, Inc. of NY 1.60 2.97 30.42 1,563 24.31 NA 2.92 12.14 3.28 13.64
PEEK Peekskill Fin. Corp. of NY 0.36 2.59 54.55 200 21.57 0.75 0.98 4.06 1.00 4.12
QCSB Queens County Bancorp of NY 0.80 2.67 68.97 1,707 8.67 0.44 1.54 15.23 1.52 14.97
RELY Reliance Bancorp, Inc. of NY 0.72 2.74 34.78 2,493 7.44 0.40 0.82 10.05 0.81 9.95
RCBK Richmond County Fin Corp of NY 0.24 1.57 32.88 1,693 19.48 0.24 0.52 2.99 1.40 8.08
RSLN Roslyn Bancorp, Inc. of NY 0.40 2.34 37.74 3,853 15.43 0.16 1.29 7.43 1.23 7.10
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 5
Public Market Pricing
Provident Bank and the Comparables
As of November 10, 1998
<TABLE>
<CAPTION>
Per Share Data
Market ---------------
Capitalization Core Book Pricing Ratios(3)
--------------- --------------------------------------
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
------- ------- ------- ------- ------- ------- ------- ------ ------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SFED SFS Bancorp of Schenectady NY(7) 21.88 26.43 0.92 18.14 23.03 120.62 14.84 120.62 23.78
SKAN Skaneateles Bancorp Inc of NY 13.75 19.90 1.00 12.96 12.73 106.10 7.33 108.44 13.75
SIB Staten Island Bancorp of NY 19.56 882.74 0.91 15.75 NM 124.19 29.24 127.43 21.49
ROSE T R Financial Corp. of NY 31.25 550.94 1.98 15.10 13.24 206.95 13.17 206.95 15.78
WSBI Warwick Community Bncrp of NY 13.69 90.45 0.64 13.04 NM 104.98 22.04 104.98 21.39
YFCB Yonkers Fin. Corp. of NY 14.00 38.16 0.99 15.17 12.84 92.29 9.50 92.29 14.14
Comparable Group
- ----------------
ALLB Alliance Bank MHC of PA (19.9) 13.63 8.86 0.60 9.24 22.72 147.51 15.95 147.51 22.72
BCSB BCSB Bankcorp MHC of MD (38.6) 9.75 23.02 0.36 7.28 27.08 133.93 21.79 133.93 27.08
BRKL Brookline Bncp MHC of MA(47.0) 12.00 164.10 0.51 9.47 22.64 126.72 41.80 126.72 23.53
FFFL Fidelity Bcsh MHC of FL (47.9) 23.13 75.40 0.92 13.28 20.11 174.17 10.71 179.30 25.14
SBFL Fingr Lakes Fin.MHC OF NY(33.1 11.00 12.98 0.23 6.28 NM 175.16 14.26 175.16 NM
GBNK Gaston Fed Bncp MHC of NC(47.0 13.75 29.05 0.30 9.14 NM 150.44 30.51 150.44 NM
HARS Harris Fin. MHC of PA (24.9) 16.88 142.50 0.38 5.65 NM 298.76 23.70 329.04 NM
JXSB Jcksnville SB,MHC of IL (45.6) 13.38 11.63 0.30 9.41 26.76 142.19 15.35 142.19 NM
LFED Leeds Fed Bksr MHC of MD (36.3 14.88 28.02 0.64 9.49 23.25 156.80 25.54 156.80 23.25
LIBB Liberty Bancorp MHC of NJ (47) 9.75 17.88 0.37 8.76 26.35 111.30 15.31 111.30 26.35
NBCP Niagara Bancorp of NY MHC(45.4 11.50 155.27 0.45 8.76 NM 131.28 23.91 131.28 25.56
NWSB Northwest Bcrp MHC of PA (30.8 12.00 173.26 0.44 4.65 26.67 258.06 21.95 287.08 27.27
PBHC Pathfinder BC MHC of NY (45.2) 11.88 15.19 0.45 8.61 22.42 137.98 16.41 161.63 26.40
PBCT Peoples Bank, MHC of CT (41.2) 28.38 784.22 1.00 13.36 16.99 212.43 18.93 253.62 28.38
PLSK Pulaski SB, MHC of NJ (47.0) 11.38 11.27 0.48 10.68 25.29 106.55 12.54 106.55 23.71
SKBOD Skibo Fin Corp MHC of PA(45.0) 12.00 12.42 0.29 7.09 NM 169.25 28.44 169.25 NM
SFFS Sound Bancorp MHC of NY (44.1) 9.94 22.85 0.63 10.02 15.78 99.20 18.90 99.20 15.78
WAYN Wayne Svgs Bks MHC of OH (48.2 21.25 25.44 0.66 9.94 29.11 213.78 20.37 213.78 NM
WCFB Wbstr Cty FSB MHC of IA (45.6) 17.00 16.35 0.63 10.75 26.98 158.14 37.01 158.14 26.98
WEBK West Essex MHC of NJ (42.2) 10.00 17.73 0.27 10.76 NM 92.94 12.48 92.94 NM
<CAPTION>
Dividends(4) Financial Characteristics(6)
----------------------------- ------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
------------- -----------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
-------- ------- ----------- -------- -------- -------- ------- ----- ----- ------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SFED SFS Bancorp of Schenectady NY(7) 0.32 1.46 34.78 178 12.30 NA 0.66 5.30 0.64 5.13
SKAN Skaneateles Bancorp Inc of NY 0.28 2.04 28.00 272 6.91 1.58 0.60 8.67 0.56 8.03
SIB Staten Island Bancorp of NY 0.32 1.64 35.16 3,019 23.55 0.53 1.02 5.10 1.65 8.29
ROSE T R Financial Corp. of NY 0.88 2.82 44.44 4,183 6.36 0.49 1.05 16.77 0.88 14.07
WSBI Warwick Community Bncrp of NY 0.16 1.17 25.00 410 20.99 0.69 0.32 1.46 1.08 4.93
YFCB Yonkers Fin. Corp. of NY 0.32 2.29 32.32 402 10.30 0.28 0.89 6.80 0.80 6.18
Comparable Group
- ----------------
ALLB Alliance Bank MHC of PA (19.9) 0.36 2.64 11.91 280 10.81 0.89 0.73 6.67 0.73 6.67
BCSB BCSB Bankcorp MHC of MD (38.6) 0.00 0.00 0.00 274 16.27 0.34 0.80 4.95 0.80 4.95
BRKL Brookline Bncp MHC of MA(47.0) 0.20 1.67 18.43 835 32.99 0.33 2.07 8.28 2.00 7.97
FFFL Fidelity Bcsh MHC of FL (47.9) 1.00 4.32 NM 1,468 6.15 0.27 0.65 8.98 0.52 7.18
SBFL Fingr Lakes Fin.MHC OF NY(33.1 0.24 2.18 NM 275 8.14 0.50 0.41 4.75 0.33 3.76
GBNK Gaston Fed Bncp MHC of NC(47.0 0.20 1.45 31.32 203 20.28 0.50 0.73 5.92 0.66 5.39
HARS Harris Fin. MHC of PA (24.9) 0.22 1.30 14.38 2,421 7.93 0.65 0.80 9.83 0.57 7.05
JXSB Jcksnville SB,MHC of IL (45.6) 0.30 2.24 NM 166 10.80 0.79 0.57 5.41 0.34 3.24
LFED Leeds Fed Bksr MHC of MD (36.3 0.56 3.76 NM 303 16.29 0.83 1.13 6.89 1.13 6.89
LIBB Liberty Bancorp MHC of NJ (47) 0.00 0.00 0.00 248 13.75 0.38 0.57 4.26 0.57 4.26
NBCP Niagara Bancorp of NY MHC(45.4 0.12 1.04 12.10 1,431 18.22 0.26 0.69 4.92 1.04 7.38
NWSB Northwest Bcrp MHC of PA (30.8 0.16 1.33 11.20 2,563 8.50 0.52 0.92 10.14 0.90 9.91
PBHC Pathfinder BC MHC of NY (45.2) 0.20 1.68 20.78 198 11.89 1.40 0.74 6.28 0.63 5.33
PBCT Peoples Bank, MHC of CT (41.2) 0.92 3.24 NM 9,619 8.91 0.59 1.22 13.50 0.73 8.08
PLSK Pulaski SB, MHC of NJ (47.0) 0.30 2.64 29.35 191 11.77 0.62 0.51 4.32 0.54 4.61
SKBOD Skibo Fin Corp MHC of PA(45.0) 0.20 1.67 20.69 146 16.80 0.59 0.57 3.38 0.68 4.08
SFFS Sound Bancorp MHC of NY (44.1) 0.00 0.00 0.00 274 19.05 0.52 1.20 6.29 1.20 6.29
WAYN Wayne Svgs Bks MHC of OH (48.2 0.62 2.92 NM 259 9.53 NA 0.71 7.52 0.64 6.80
WCFB Wbstr Cty FSB MHC of IA (45.6) 0.80 4.71 NM 97 23.41 0.07 1.40 5.95 1.40 5.95
WEBK West Essex MHC of NJ (42.2) 0.00 0.00 0.00 336 13.43 1.10 0.34 2.51 0.34 2.51
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) EPS (core basis) is based on actual trailing twelve month data, adjusted to
omit the impact of non-operating items (including the SAIF assessment) on a
tax effected basis, and is shown on a pro forma basis where appropriate.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB =
Price to Tangible Book; and P/CORE = Price to Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and total
assets balances.
(7) Excludes from averages and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (C) 1997 AP Financial, LC.
<PAGE>
EXHIBITS
<PAGE>
LIST OF EXHIBITS
Exhibit
Number Description
- ------- -----------
1 Stock Prices: As of November 10, 1998
2 Pro Forma Analysis Sheet: Fully Converted Basis
3 Pro Forma Effect of Conversion Proceeds: Fully Converted Basis
4 Pro Forma Analysis Sheet: Minority Stock Offering
5 Pro Forma Effects: Minority Stock Offering
6 Firm Qualifications Statement
<PAGE>
EXHIBIT 1
Stock Prices
As of November 10, 1998
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
Exhibit 1A
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
SAIF-Insured Thrifts(276) 16.41 7,733 155.1 22.91 13.73 16.48 -0.19 -7.80 -15.13
NYSE Traded Companies(7) 30.00 42,346 1,471.6 44.18 22.62 30.61 0.54 -20.02 -25.08
AMEX Traded Companies(22) 14.37 3,367 46.1 20.86 12.51 14.45 -0.32 -12.60 -19.77
NASDAQ Listed OTC Companies(247) 16.23 7,203 129.9 22.53 13.60 16.29 -0.20 -7.04 -14.45
California Companies(17) 20.81 14,436 508.3 30.40 16.52 21.32 -2.85 -19.10 -23.66
Florida Companies(5) 12.30 30,056 372.4 20.58 8.56 11.74 3.98 -23.82 -29.94
Mid-Atlantic Companies(53) 16.11 11,387 179.1 23.26 13.28 16.25 -0.43 -9.43 -17.04
Mid-West Companies(131) 16.12 5,635 110.6 22.01 13.84 16.12 0.20 -6.62 -14.01
New England Companies(7) 17.39 8,258 192.1 25.05 13.19 17.86 -2.11 -12.87 -17.54
North-West Companies(11) 17.16 11,371 239.7 22.62 13.86 17.39 -1.12 -1.25 -4.43
South-East Companies(41) 16.54 4,622 98.3 23.01 13.70 16.61 -0.23 -3.44 -12.10
South-West Companies(6) 13.11 2,743 43.0 19.23 11.80 13.06 0.40 -12.06 -24.54
Western Companies (Excl CA)(5) 16.38 2,133 37.8 22.05 14.44 16.25 0.60 -6.56 -18.23
Thrift Strategy(235) 15.93 5,160 91.5 22.08 13.53 15.98 -0.09 -7.46 -14.46
Mortgage Banker Strategy(24) 20.44 22,735 573.2 29.06 16.01 20.72 -0.65 -7.94 -19.13
Real Estate Strategy(7) 16.34 8,453 106.8 24.59 13.62 16.57 -3.43 -9.29 -13.41
Diversified Strategy(7) 19.57 48,273 1,065.4 28.45 13.19 19.53 1.37 -16.70 -24.06
Retail Banking Strategy(3) 16.63 5,223 102.1 25.69 13.85 16.63 0.85 -10.83 -23.82
Companies Issuing Dividends(232) 16.98 7,729 164.4 23.51 14.27 17.07 -0.26 -7.47 -14.99
Companies Without Dividends(44) 13.17 7,754 102.4 19.51 10.67 13.14 0.18 -9.73 -15.93
Equity/Assets ++6%(16) 16.37 20,211 336.7 24.99 11.98 16.55 -1.10 -17.42 -24.33
Equity/Assets 6-12%(124) 17.71 8,552 210.2 24.96 14.58 17.88 -0.70 -7.66 -17.11
Equity/Assets ++12%(136) 15.24 5,495 83.6 20.80 13.17 15.21 0.38 -6.74 -12.20
Converted Last 3 Mths (no MHC)(1) 11.38 1,754 0.0 11.63 10.75 11.63 -2.15 0.00 0.00
Actively Traded Companies(28) 23.60 29,804 785.2 32.49 18.84 23.90 -0.59 -8.70 -18.10
Market Value Below $20 Million(63) 12.44 1,203 13.7 17.78 11.02 12.39 0.65 -14.45 -20.00
Holding Company Structure(248) 16.71 7,658 159.2 23.32 13.99 16.77 -0.15 -8.14 -15.16
Assets Over $1 Billion(55) 20.28 25,967 573.4 28.74 15.44 20.63 -1.32 -8.06 -16.28
Assets $500 Million-$1 Billion(37) 18.19 5,662 95.3 25.12 14.92 18.19 -0.13 -8.06 -15.87
Assets $250-$500 Million(63) 16.69 3,684 57.1 22.82 14.28 16.72 -0.21 -2.97 -10.36
Assets less than $250 Million(121) 13.93 1,703 22.9 19.55 12.31 13.91 0.34 -9.91 -16.64
Goodwill Companies(112) 17.18 13,974 262.3 24.40 13.83 17.29 -0.43 -8.43 -16.49
Non-Goodwill Companies(161) 15.86 3,451 82.2 21.87 13.64 15.90 0.02 -7.47 -14.14
Acquirors of FSLIC Cases(7) 32.44 33,613 1,441.8 43.53 26.84 33.29 -0.82 -9.76 -16.09
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
EPS(3) EPS(3) Share Share(4) Share
-------- ------- ------- ------- -------
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
SAIF-Insured Thrifts(276) 0.99 0.94 13.57 13.11 123.34
NYSE Traded Companies(7) 2.09 1.80 19.18 18.53 242.79
AMEX Traded Companies(22) 0.83 0.80 14.50 14.20 118.98
NASDAQ Listed OTC Companies(247) 0.98 0.93 13.34 12.87 120.57
California Companies(17) 1.63 1.48 17.06 16.32 235.48
Florida Companies(5) 0.66 0.45 9.41 8.62 103.68
Mid-Atlantic Companies(53) 1.08 1.02 13.13 12.38 140.88
Mid-West Companies(131) 0.90 0.87 13.47 13.16 109.30
New England Companies(7) 1.26 1.13 13.94 13.33 187.82
North-West Companies(11) 0.99 0.92 13.26 12.06 104.14
South-East Companies(41) 0.95 0.90 13.42 13.21 96.56
South-West Companies(6) 0.96 0.93 12.74 12.34 157.37
Western Companies (Excl CA)(5) 0.96 0.94 16.05 15.22 103.87
Thrift Strategy(235) 0.94 0.90 13.71 13.33 114.91
Mortgage Banker Strategy(24) 1.23 1.18 13.55 12.10 185.99
Real Estate Strategy(7) 1.47 1.34 12.12 11.73 169.68
Diversified Strategy(7) 0.98 0.67 10.32 9.95 124.95
Retail Banking Strategy(3) 2.95 2.35 14.38 13.24 212.83
Companies Issuing Dividends(232) 1.05 0.98 13.82 13.35 122.39
Companies Without Dividends(44) 0.70 0.70 12.16 11.74 128.70
Equity/Assets ++6%(16) 1.26 1.25 11.02 9.86 231.87
Equity/Assets 6-12%(124) 1.17 1.06 13.20 12.46 155.57
Equity/Assets ++12%(136) 0.80 0.79 14.22 14.07 81.17
Converted Last 3 Mths (no MHC)(1) 0.32 0.32 15.38 15.38 50.04
Actively Traded Companies(28) 1.51 1.57 14.98 13.89 189.58
Market Value Below $20 Million(63) 0.75 0.69 12.70 12.59 94.11
Holding Company Structure(248) 1.00 0.95 13.78 13.29 124.37
Assets Over $1 Billion(55) 1.33 1.28 13.85 12.56 184.93
Assets $500 Million-$1 Billion(37) 1.09 1.02 13.57 12.96 140.05
Assets $250-$500 Million(63) 1.06 0.99 14.11 13.72 123.70
Assets less than $250 Million(121) 0.78 0.73 13.20 13.12 89.26
Goodwill Companies(112) 1.08 1.02 13.32 12.19 145.78
Non-Goodwill Companies(161) 0.93 0.89 13.81 13.81 108.61
Acquirors of FSLIC Cases(7) 2.97 2.83 21.52 20.53 252.04
</TABLE>
(1) Average of high/low or bid/ask price per share
(2) Or since offering price if converted or first listed in 1996 or 1997.
Percent change figures are actual year-to-date and are not annualized (3)
EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and
assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by public
(non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
++ Greater than sign
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(56) 18.17 12,242 283.0 25.03 14.25 18.35 -1.03 -6.38 -16.08
NYSE Traded Companies(5) 32.05 52,915 1,570.1 38.25 24.35 32.21 -0.74 22.06 1.87
AMEX Traded Companies(5) 15.53 2,453 40.3 23.20 13.05 15.68 -0.85 -14.85 -17.63
NASDAQ Listed OTC Companies(46) 16.80 8,476 155.6 23.65 13.16 16.99 -1.08 -8.81 -18.09
California Companies(1) 16.31 7,610 124.1 24.00 9.00 16.44 -0.79 -17.42 -15.27
Mid-Atlantic Companies(21) 20.48 21,457 565.8 26.50 15.31 20.79 -1.99 1.27 -12.76
New England Companies(29) 17.72 7,289 127.9 24.96 14.19 17.86 -0.80 -6.33 -14.45
North-West Companies(2) 13.13 5,865 78.0 19.13 12.22 13.22 -0.77 -25.31 -27.48
South-East Companies(3) 11.46 2,611 25.7 20.67 11.08 11.21 2.86 -38.85 -44.01
Thrift Strategy(44) 18.22 8,308 207.9 24.88 14.38 18.39 -0.93 -5.61 -14.89
Mortgage Banker Strategy(6) 19.70 28,158 661.2 27.80 15.58 19.92 -1.14 -9.09 -22.28
Real Estate Strategy(2) 12.69 7,761 97.9 19.19 8.88 12.82 -1.10 -13.41 -18.25
Diversified Strategy(4) 18.02 35,860 650.9 25.50 13.44 18.44 -2.04 -6.44 -18.24
Companies Issuing Dividends(48) 19.12 13,790 325.7 26.17 14.99 19.31 -0.94 -6.13 -16.45
Companies Without Dividends(8) 13.05 3,926 53.5 18.93 10.24 13.21 -1.48 -7.72 -14.13
Equity/Assets + 6%(3) 16.69 5,981 102.3 24.13 12.83 17.02 -2.06 3.94 -16.42
Equity/Assets 6-12%(35) 18.69 11,846 256.3 25.64 14.44 18.88 -0.96 -7.68 -15.19
Equity/Assets ++ 12%(18) 17.48 14,071 363.6 24.08 14.15 17.62 -0.97 -5.82 -17.66
Converted Last 3 Mths (no MHC)(1) 9.38 5,357 50.2 10.25 8.88 9.50 -1.26 -6.20 -6.20
Actively Traded Companies(14) 22.70 20,220 465.3 30.78 18.25 22.88 -0.83 -5.98 -15.66
Market Value Below $20 Million(6) 12.65 1,451 16.4 20.80 10.51 12.44 2.03 -20.01 -31.99
Holding Company Structure(43) 18.13 9,624 192.8 24.78 14.27 18.29 -0.83 -4.39 -14.73
Assets Over $1 Billion(16) 25.06 33,062 840.6 31.80 18.26 25.33 -1.18 5.05 -7.19
Assets $500 Million-$1 Billion(11) 19.92 5,781 96.0 27.17 15.72 20.14 -1.03 -7.19 -15.58
Assets $250-$500 Million(15) 14.43 3,890 51.9 20.79 12.23 14.66 -1.76 -9.26 -17.29
Assets less than $250 Million(14) 13.52 1,981 23.4 20.81 11.13 13.54 -0.12 -15.27 -24.70
Goodwill Companies(28) 18.68 19,691 468.6 26.17 14.21 18.90 -1.32 -5.23 -16.91
Non-Goodwill Companies(28) 17.72 5,622 118.0 24.03 14.29 17.86 -0.76 -7.39 -15.35
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(56) 1.25 1.20 13.10 12.55 124.73
NYSE Traded Companies(5) 1.93 1.93 21.83 19.18 134.82
AMEX Traded Companies(5) 1.23 1.16 12.68 12.32 114.56
NASDAQ Listed OTC Companies(46) 1.17 1.11 12.09 11.77 124.73
California Companies(1) 1.81 1.81 14.00 13.97 134.21
Mid-Atlantic Companies(21) 1.16 1.20 14.65 13.81 123.89
New England Companies(29) 1.37 1.22 12.42 11.98 133.12
North-West Companies(2) 1.17 1.08 9.82 9.82 93.47
South-East Companies(3) 0.63 0.87 11.04 10.85 74.90
Thrift Strategy(44) 1.21 1.18 13.72 13.25 122.17
Mortgage Banker Strategy(6) 1.52 1.25 11.89 11.18 147.61
Real Estate Strategy(2) 1.29 1.27 9.57 9.56 91.37
Diversified Strategy(4) 1.20 1.22 9.56 7.98 135.28
Companies Issuing Dividends(48) 1.30 1.23 13.25 12.60 131.22
Companies Without Dividends(8) 1.00 1.01 12.31 12.30 89.82
Equity/Assets + 6%(3) 1.39 0.98 7.77 7.62 164.50
Equity/Assets 6-12%(35) 1.35 1.23 12.36 11.85 143.87
Equity/Assets ++ 12%(18) 1.03 1.17 15.39 14.70 82.80
Converted Last 3 Mths (no MHC)(1) 0.25 0.56 14.34 14.34 52.66
Actively Traded Companies(14) 1.86 1.68 15.33 14.57 155.08
Market Value Below $20 Million(6) 0.94 0.97 11.50 11.24 147.22
Holding Company Structure(43) 1.20 1.19 13.27 12.94 119.18
Assets Over $1 Billion(16) 1.64 1.60 14.76 13.36 140.30
Assets $500 Million-$1 Billion(11) 1.49 1.25 13.88 13.63 156.56
Assets $250-$500 Million(15) 1.07 1.03 12.10 11.89 106.56
Assets less than $250 Million(14) 0.87 0.90 11.87 11.73 108.01
Goodwill Companies(28) 1.31 1.18 13.05 11.88 139.98
Non-Goodwill Companies(28) 1.19 1.21 13.14 13.14 111.17
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1996 or 1997.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities
or unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
** Greater than sign
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
+ Less than sign
++ Greater than sign
Copyright (c) 1997 by Financial, LC.
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
------------------------ ---------------------------------------------------
Shares Market 52 Week (1) % Change From
---------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 13.63 9,693 46.6 21.23 10.88 13.76 -1.06 -13.27 -14.02
BIF-Insured Thrifts(3) 17.25 32,213 318.2 28.09 12.52 16.88 3.72 -12.14 -16.97
NASDAQ Listed OTC Companies(23) 14.17 13,071 87.4 22.26 11.12 14.22 -0.34 -13.10 -14.46
Florida Companies(2) 23.13 6,802 75.4 35.38 18.75 23.00 0.57 -20.24 -28.83
Mid-Atlantic Companies(13) 11.89 11,567 49.3 19.64 9.38 11.88 0.14 -16.57 -17.32
Mid-West Companies(5) 17.21 2,170 17.8 25.75 14.25 17.17 0.33 -22.54 -22.50
New England Companies(2) 20.19 46,621 474.2 29.56 14.54 20.57 -2.70 1.88 -2.66
South-East Companies(1) 13.75 4,497 29.1 18.06 10.00 14.44 -4.78 37.50 37.50
Thrift Strategy(21) 13.23 9,071 45.6 20.90 10.68 13.29 -0.40 -13.10 -13.82
Mortgage Banker Strategy(1) 16.88 33,992 142.5 27.88 11.00 16.75 0.78 -9.97 -15.09
Diversified Strategy(1) 28.38 64,147 784.2 41.13 19.19 28.50 -0.42 -16.23 -25.32
Companies Issuing Dividends(19) 15.25 15,125 104.1 25.04 11.82 15.29 -0.16 -16.02 -17.73
Companies Without Dividends(4) 9.86 4,857 20.4 11.15 8.35 9.97 -1.09 -1.40 -1.40
Equity/Assets 6-12%(12) 16.29 16,789 126.1 28.83 12.97 16.20 0.81 -27.71 -30.56
Equity/Assets >12%(11) 12.06 9,354 48.7 15.69 9.28 12.25 -1.49 1.51 1.63
Holding Company Structure(5) 12.86 8,818 47.3 18.99 10.23 12.63 2.19 -9.52 -9.62
Assets Over $1 Billion(5) 18.38 36,312 266.1 27.88 13.29 18.33 0.39 -10.52 -13.86
Assets $500 Million-$1 Billion(3) 12.00 29,095 164.1 17.98 9.88 12.63 -4.99 20.00 20.00
Assets $250-$500 Million(7) 12.92 4,293 19.8 21.45 10.92 13.07 -1.36 -19.71 -20.19
Assets less than $250 Million(8) 12.73 2,959 16.3 19.66 9.97 12.67 0.81 -13.05 -14.08
Goodwill Companies(8) 16.00 23,551 175.9 24.47 12.21 15.88 1.10 -15.04 -18.20
Non-Goodwill Companies(14) 13.46 7,613 41.1 21.98 10.71 13.61 -1.16 -13.01 -13.44
MHC Institutions(23) 14.17 13,071 87.4 22.26 11.12 14.22 -0.34 -13.10 -14.46
MHC Converted Last 3 Months(2) 9.97 4,705 20.3 10.13 8.46 10.00 -0.30 -0.30 -0.30
<CAPTION>
Current Per Share Financials
----------------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- ---------- -------- -------- --------- --------
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 0.51 0.47 8.93 8.85 73.41
BIF-Insured Thrifts(3) 0.83 0.63 10.24 9.10 90.15
NASDAQ Listed OTC Companies(23) 0.56 0.50 9.13 8.89 75.92
Florida Companies(2) 1.15 0.92 13.28 12.90 215.87
Mid-Atlantic Companies(13) 0.44 0.43 8.25 8.08 64.72
Mid-West Companies(5) 0.62 0.53 10.03 10.03 79.13
New England Companies(2) 1.10 0.76 11.42 10.33 89.34
South-East Companies(1) 0.33 0.30 9.14 9.14 45.06
Thrift Strategy(21) 0.50 0.47 9.09 8.97 72.07
Mortgage Banker Strategy(1) 0.53 0.38 5.65 5.13 71.21
Diversified Strategy(1) 1.67 1.00 13.36 11.19 149.96
Companies Issuing Dividends(19) 0.60 0.52 9.11 8.81 79.83
Companies Without Dividends(4) 0.41 0.41 9.20 9.20 60.29
Equity/Assets 6-12%(12) 0.69 0.55 9.11 8.63 100.90
Equity/Assets >12%(11) 0.43 0.45 9.15 9.15 50.94
Holding Company Structure(5) 0.51 0.51 9.22 8.97 68.21
Assets Over $1 Billion(5) 0.82 0.64 9.14 8.43 107.96
Assets $500 Million-$1 Billion(3) 0.53 0.51 9.47 9.47 28.71
Assets $250-$500 Million(7) 0.50 0.48 9.00 9.00 71.81
Assets less than $250 Million(8) 0.44 0.40 9.21 9.03 63.89
Goodwill Companies(8) 0.71 0.55 9.08 8.40 98.43
Non-Goodwill Companies(14) 0.47 0.46 9.08 9.08 64.73
MHC Institutions(23) 0.56 0.50 9.13 8.89 75.92
MHC Converted Last 3 Months(2) 0.45 0.45 10.39 10.39 66.37
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1996 or 1997.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and
assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by public
(non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NYSE Traded Companies
- ---------------------
BYS Bay State Bancorp of MA* 24.38 2,535 61.8 32.63 19.25 24.38 0.00 21.90 21.90
CFB Commercial Federal Corp. of NE 22.94 60,391 1,385.4 38.19 19.63 23.19 -1.08 -28.13 -35.49
DME Dime Bancorp, Inc. of NY* 26.06 112,027 2,919.4 32.69 18.19 26.81 -2.80 8.58 -13.85
DSL Downey Financial Corp. of CA 24.88 28,132 699.9 35.00 17.75 25.63 -2.93 -3.45 -8.12
FED FirstFed Fin. Corp. of CA 17.50 21,188 370.8 26.94 14.13 18.44 -5.10 -3.10 -9.70
GSB Golden State Bancorp of CA(8) 19.06 128,549 2,450.1 21.75 11.94 19.50 -2.26 N.A. N.A.
GDW Golden West Fin. Corp. of CA 90.69 57,172 5,184.9 114.25 72.38 94.69 -4.22 4.99 -7.28
GPT GreenPoint Fin. Corp. of NY* 36.38 95,123 3,460.6 42.63 25.19 36.81 -1.17 4.87 0.28
JSB JSB Financial, Inc. of NY* 53.88 9,759 525.8 59.69 45.00 53.38 0.94 11.95 7.63
OCN Ocwen Financial Corp. of FL 16.13 60,794 980.6 30.38 6.00 13.75 17.31 -34.99 -36.60
SIB Staten Island Bancorp of NY* 19.56 45,130 882.7 23.63 14.13 19.69 -0.66 63.00 -6.59
WES Westcorp Inc. of Orange CA 7.88 26,397 208.0 20.31 5.81 7.94 -0.76 -55.46 -53.32
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 18.19 2,279 41.5 25.63 15.00 18.19 0.00 -23.02 -22.20
ANE Alliance Bncp of New Eng of CT* 12.63 2,292 28.9 16.08 9.13 12.88 -1.94 11.47 14.82
BKC American Bank of Waterbury CT* 21.50 4,703 101.1 32.56 17.88 22.00 -2.27 -6.76 -11.81
BFD BostonFed Bancorp of MA 18.75 5,368 100.7 24.88 14.00 18.63 0.64 -10.71 -14.31
CNY Carver Bancorp, Inc. of NY 9.38 2,314 21.7 17.13 8.50 9.25 1.41 -28.56 -42.28
CBK Citizens First Fin.Corp. of IL 15.75 2,526 39.8 22.38 14.00 15.06 4.58 -12.50 -22.22
EFC EFC Bancorp Inc of IL 11.00 7,491 82.4 14.94 9.06 11.19 -1.70 10.00 10.00
EBI Equality Bancorp, Inc. of MO 11.75 2,520 29.6 16.00 11.63 11.94 -1.59 17.50 -18.97
ESX Essex Bancorp of Norfolk VA(8) 1.81 1,059 1.9 6.00 1.38 1.88 -3.72 -65.52 -54.06
FCB Falmouth Bancorp, Inc. of MA* 15.38 1,402 21.6 23.88 13.00 15.50 -0.77 -22.13 -24.98
FAB FirstFed America Bancorp of MA 14.88 7,858 116.9 23.25 10.75 15.00 -0.80 -26.52 -31.99
GAF GA Financial Corp. of PA 15.63 7,143 111.6 22.25 11.38 16.00 -2.31 -19.60 -17.21
HBS Haywood Bancshares, Inc. of NC* 17.38 1,250 21.7 24.00 17.25 17.25 0.75 -15.47 -22.76
KNK Kankakee Bancorp, Inc. of IL 25.63 1,373 35.2 37.75 24.25 26.00 -1.42 -18.97 -32.11
KYF Kentucky First Bancorp of KY 13.13 1,241 16.3 15.88 12.13 13.00 1.00 -3.67 -12.12
NBN Northeast Bancorp of ME* 10.75 2,618 28.1 19.50 8.00 10.75 0.00 -41.35 -43.42
NEP Northeast PA Fin. Corp of PA 12.69 6,427 81.6 16.00 8.94 12.50 1.52 26.90 26.90
PDB Piedmont Bancorp, Inc. of NC 9.13 2,688 24.5 11.38 9.00 9.06 0.77 -15.07 -16.08
SSB Scotland Bancorp, Inc. of NC(8) 11.25 1,914 21.5 11.25 8.13 11.25 0.00 2.27 13.18
SZB SouthFirst Bancshares of AL 16.00 967 15.5 22.75 14.88 16.00 0.00 -13.51 -29.67
SRN Southern Banc Company of AL 12.50 1,230 15.4 19.13 12.38 12.75 -1.96 -25.95 -29.58
SSM Stone Street Bancorp of NC 15.38 1,843 28.3 22.50 14.00 15.38 0.00 -20.64 -30.69
TSH Teche Holding Company of LA 14.75 3,095 45.7 23.13 13.13 14.75 0.00 -27.16 -35.16
FTF Texarkana Fst. Fin. Corp of AR 23.00 1,676 38.5 30.63 20.00 23.00 0.00 -9.80 -8.00
THR Three Rivers Fin. Corp. of MI 14.50 862 12.5 21.36 13.64 14.63 -0.89 -22.21 -26.66
WSB Washington SB, FSB of MD 4.50 4,424 19.9 9.50 3.75 4.25 5.88 -37.93 -50.33
WFI Winton Financial Corp. of OH 10.94 4,014 43.9 20.63 9.81 12.38 -11.63 9.40 7.36
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 38.75 1,096 42.5 45.50 22.22 38.75 0.00 74.39 32.30
FBER 1st Bergen Bancorp of NJ(8) 22.69 2,585 58.7 22.69 14.50 22.50 0.84 23.45 18.61
AFED AFSALA Bancorp, Inc. of NY(8) 17.75 1,319 23.4 20.75 12.25 17.75 0.00 -5.33 -7.79
ALBK ALBANK Fin. Corp. of Albany NY(8) 63.75 13,384 853.2 74.63 40.94 65.50 -2.67 47.81 23.93
AMFC AMB Financial Corp. of IN 13.88 870 12.1 19.38 11.13 14.00 -0.86 -15.26 -12.59
ASBP ASB Financial Corp. of OH 10.88 1,655 18.0 16.75 9.81 11.88 -8.42 -18.68 -17.89
ABBK Abington Bancorp of MA* 15.75 3,532 55.6 22.25 12.50 15.75 0.00 -11.27 -25.00
AABC Access Anytime Bancorp of NM 7.50 1,228 9.2 13.00 6.63 7.50 0.00 -20.55 -31.82
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
NYSE Traded Companies
- ---------------------
BYS Bay State Bancorp of MA* 1.05 1.05 23.66 23.66 114.26
CFB Commercial Federal Corp. of NE 0.98 1.34 15.12 12.08 183.53
DME Dime Bancorp, Inc. of NY* 1.76 0.78 11.96 9.88 189.62
DSL Downey Financial Corp. of CA 2.03 2.10 16.31 16.14 207.31
FED FirstFed Fin. Corp. of CA 1.52 1.41 11.79 11.73 180.61
GSB Golden State Bancorp of CA(8) 1.14 1.20 8.74 7.33 140.93
GDW Golden West Fin. Corp. of CA 7.28 7.15 52.23 52.23 688.85
GPT GreenPoint Fin. Corp. of NY* 1.61 1.65 18.84 8.08 143.11
JSB JSB Financial, Inc. of NY* 4.68 5.26 38.94 38.94 160.21
OCN Ocwen Financial Corp. of FL 0.45 0.04 7.03 6.43 57.66
SIB Staten Island Bancorp of NY* 0.56 0.91 15.75 15.35 66.89
WES Westcorp Inc. of Orange CA 0.28 -1.26 12.59 12.56 138.79
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 1.29 1.21 19.26 19.26 130.82
ANE Alliance Bncp of New Eng of CT* 1.07 0.61 7.59 7.42 109.95
BKC American Bank of Waterbury CT* 2.21 1.92 13.07 12.73 137.84
BFD BostonFed Bancorp of MA 1.33 1.06 15.38 14.84 197.13
CNY Carver Bancorp, Inc. of NY 0.46 0.40 15.51 15.00 184.69
CBK Citizens First Fin.Corp. of IL 0.78 0.44 15.52 15.52 111.27
EFC EFC Bancorp Inc of IL -0.44 0.53 12.56 12.56 53.08
EBI Equality Bancorp, Inc. of MO 0.50 -0.11 10.40 10.40 112.13
ESX Essex Bancorp of Norfolk VA(8) -0.44 -0.44 0.04 -0.08 202.45
FCB Falmouth Bancorp, Inc. of MA* 0.84 0.61 15.86 15.86 80.45
FAB FirstFed America Bancorp of MA 0.86 0.69 14.15 14.15 164.51
GAF GA Financial Corp. of PA 1.20 1.18 15.45 15.32 114.64
HBS Haywood Bancshares, Inc. of NC* 1.12 1.76 17.68 17.12 121.37
KNK Kankakee Bancorp, Inc. of IL 1.95 1.86 29.05 24.90 295.09
KYF Kentucky First Bancorp of KY 0.74 0.73 11.61 11.61 66.11
NBN Northeast Bancorp of ME* 0.91 0.90 9.22 8.49 123.20
NEP Northeast PA Fin. Corp of PA -0.20 0.45 13.22 13.22 74.34
PDB Piedmont Bancorp, Inc. of NC 0.61 0.59 8.04 8.04 48.56
SSB Scotland Bancorp, Inc. of NC(8) 0.44 0.44 7.96 7.96 31.91
SZB SouthFirst Bancshares of AL 0.66 0.59 16.75 16.34 168.54
SRN Southern Banc Company of AL 0.44 0.44 15.10 14.99 85.44
SSM Stone Street Bancorp of NC 0.82 0.82 16.64 16.64 60.91
TSH Teche Holding Company of LA 1.24 1.22 18.44 18.44 133.26
FTF Texarkana Fst. Fin. Corp of AR 1.97 1.91 16.36 16.36 113.04
THR Three Rivers Fin. Corp. of MI 0.95 0.86 14.72 14.67 114.72
WSB Washington SB, FSB of MD 0.40 0.28 5.43 5.43 62.00
WFI Winton Financial Corp. of OH 1.06 0.80 6.49 6.38 89.33
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 1.73 1.17 22.26 21.87 244.52
FBER 1st Bergen Bancorp of NJ(8) 0.83 0.83 14.07 14.07 118.47
AFED AFSALA Bancorp, Inc. of NY(8) 0.77 0.84 14.46 14.46 126.84
ALBK ALBANK Fin. Corp. of Albany NY( 3.45 3.44 29.39 23.60 310.58
AMFC AMB Financial Corp. of IN 0.37 0.69 15.26 15.26 136.40
ASBP ASB Financial Corp. of OH 0.65 0.64 8.76 8.76 70.35
ABBK Abington Bancorp of MA* 1.28 0.97 9.85 8.98 154.65
AABC Access Anytime Bancorp of NM 0.23 0.12 7.68 7.68 96.47
</TABLE>
<PAGE>
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
Exhibit 1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
AFBC Advance Fin. Bancorp of WV 14.06 1,031 14.5 20.88 12.38 14.38 -2.23 -20.79 -19.10
ALBC Albion Banc Corp. of Albion NY 8.25 752 6.2 14.17 7.63 8.25 0.00 -15.38 -38.11
ABCL Alliance Bancorp, Inc. of IL 20.00 11,457 229.1 29.25 15.00 19.13 4.55 -24.18 -24.53
ALLB Alliance Bank MHC of PA (19.9) 13.63 3,274 8.9 39.00 12.50 13.63 0.00 -56.38 -56.03
AHCI Ambanc Holding Co., Inc. of NY* 16.00 4,105 65.7 20.00 12.00 16.13 -0.81 -6.60 -14.67
ASBI Ameriana Bancorp of IN 18.00 3,253 58.6 22.00 17.25 17.25 4.35 -12.20 -9.46
ABCW Anchor Bancorp Wisconsin of WI 19.25 17,059 328.4 23.88 14.63 19.75 -2.53 30.51 5.83
ANDB Andover Bancorp, Inc. of MA* 32.75 6,483 212.3 39.88 25.56 32.50 0.77 5.65 1.71
ASFC Astoria Financial Corp. of NY 46.13 26,593 1,226.7 62.50 30.13 48.13 -4.16 -17.99 -17.26
AVND Avondale Fin. Corp. of IL(8) 12.38 2,903 35.9 18.19 8.38 12.88 -3.88 -23.82 -23.82
BCSB BCSB Bankcorp MHC of MD (38.6) 9.75 6,117 23.0 12.63 9.25 10.13 -3.75 -2.50 -2.50
BKCT Bancorp Connecticut of CT* 16.63 5,114 85.0 25.00 14.75 17.00 -2.18 -11.31 -20.81
BPLS Bank Plus Corp. of CA 3.19 19,387 61.8 16.13 2.28 3.81 -16.27 -72.85 -74.74
BNKU Bank United Corp. of TX 39.50 31,583 1,247.5 56.00 25.50 41.00 -3.66 -8.14 -19.29
BWFC Bank West Fin. Corp. of MI 9.00 2,624 23.6 17.50 8.75 9.25 -2.70 -38.27 -44.20
BANC BankAtlantic Bancorp of FL 8.56 37,097 317.6 17.00 6.50 8.75 -2.17 -36.59 -48.90
BKUNA BankUnited Fin. Corp. of FL 9.00 17,786 160.1 18.50 6.56 8.69 3.57 -32.08 -41.60
BVCC Bay View Capital Corp. of CA 19.00 19,586 372.1 38.00 12.50 19.00 0.00 -41.77 -47.59
FSNJ Bayonne Banchsares of NJ(8) 15.44 9,120 140.8 17.38 10.00 15.63 -1.22 24.72 15.40
BFSB Bedford Bancshares, Inc. of VA 14.00 2,298 32.2 17.38 10.50 14.75 -5.08 0.86 -17.65
BFFC Big Foot Fin. Corp. of IL 13.63 2,513 34.3 23.94 12.75 13.50 0.96 -25.32 -35.10
BYFC Broadway Fin. Corp. of CA 7.25 933 6.8 12.73 6.75 8.50 -14.71 -39.18 -40.91
BRKL Brookline Bncp MHC of MA(47.0) 12.00 29,095 164.1 17.98 9.88 12.63 -4.99 20.00 20.00
CBES CBES Bancorp, Inc. of MO 17.25 940 16.2 26.00 14.44 17.00 1.47 -13.23 -22.47
CITZ CFS Bancorp, Inc. of IN 9.94 22,727 225.9 11.44 8.31 10.00 -0.60 -0.60 -0.60
CFSB CFSB Bancorp of Lansing MI 23.75 8,166 193.9 28.75 19.02 24.25 -2.06 23.44 -0.46
CKFB CKF Bancorp of Danville KY 15.38 844 13.0 21.25 15.00 15.38 0.00 -14.56 -16.86
CNSB CNS Bancorp, Inc. of MO 12.63 1,492 18.8 21.50 12.25 12.25 3.10 -29.36 -38.39
CNYF CNY Financial Corp of NY* 9.38 5,357 50.2 10.25 8.88 9.50 -1.26 -6.20 -6.20
CSBF CSB Financial Group Inc of IL 9.88 821 8.1 14.00 9.00 9.88 0.00 -20.58 -26.81
CBCI Calumet Bancorp of Chicago IL(8) 30.44 3,146 95.8 39.00 26.00 30.25 0.63 -7.76 -8.45
CAFI Camco Fin. Corp. of OH 15.75 5,481 86.3 20.67 14.88 15.75 0.00 3.82 -7.35
CMRN Cameron Fin. Corp. of MO 16.63 2,434 40.5 22.19 14.50 16.50 0.79 -14.19 -18.88
CFNC Carolina Fincorp of NC* 8.75 1,906 16.7 18.88 8.00 8.00 9.38 -48.92 -52.70
CASB Cascade Financial Corp. of WA 13.00 4,309 56.0 16.00 9.80 13.00 0.00 25.00 22.64
CATB Catskill Fin. Corp. of NY* 13.50 4,358 58.8 18.88 11.75 13.50 0.00 -23.43 -28.50
CAVB Cavalry Bancorp of TN 20.00 7,538 150.8 25.25 18.50 19.88 0.60 100.00 100.00
CNIT Cenit Bancorp of Norfolk VA 19.00 4,997 94.9 28.58 16.50 19.13 -0.68 -14.14 -28.30
CEBK Central Co-Op. Bank of MA* 17.25 1,965 33.9 33.50 17.00 17.25 0.00 -31.68 -39.47
CENB Century Bancorp, Inc. of NC(8) 14.00 1,271 17.8 39.00 12.00 13.50 3.70 -47.51 -50.44
COFI Charter One Financial of OH 28.00 132,541 3,711.1 34.64 18.25 29.06 -3.65 2.26 -6.85
CVAL Chester Valley Bancorp of PA 28.00 2,449 68.6 35.24 24.76 28.00 0.00 13.09 0.50
CLAS Classic Bancshares, Inc. of KY 15.16 1,300 19.7 21.50 12.00 15.00 1.07 -1.43 -9.49
CBSA Coastal Bancorp of Houston TX 18.50 7,362 136.2 26.67 14.50 18.75 -1.33 -6.71 -20.43
CFCP Coastal Fin. Corp. of SC 19.00 6,256 118.9 20.50 14.72 18.50 2.70 1.33 3.37
CFKY Columbia Financial of KY 13.13 2,671 35.1 17.13 11.63 13.06 0.54 31.30 31.30
CMSB Commonwealth Bancorp Inc of PA 15.06 14,764 222.3 24.25 10.63 15.34 -1.83 -17.48 -24.25
CMSV Commty. Svgs, MHC of FL (48.5)(8) 23.25 5,100 57.4 40.75 17.56 22.88 1.62 -35.06 -34.28
CFTP Community Fed. Bancorp of MS 14.25 4,398 62.7 21.00 14.25 14.75 -3.39 -15.58 -29.63
CFFC Community Fin. Corp. of VA 12.13 2,569 31.2 16.38 11.00 12.25 -0.98 8.98 -12.17
CIBI Community Inv. Bancorp of OH 11.50 1,243 14.3 15.25 9.83 11.50 0.00 16.99 6.78
COOP Cooperative Bancshares of NC 12.25 3,043 37.3 25.00 12.25 13.13 -6.70 -28.99 -50.00
CRZY Crazy Woman Creek Bncorp of WY 14.75 888 13.1 20.00 11.94 15.50 -4.84 -4.10 -1.67
CRSB Crusader Holding Corp of PA 12.25 3,835 47.0 17.86 10.63 11.88 3.11 N.A. N.A.
DNFC D&N Financial Corp. of MI 20.50 9,164 187.9 29.75 15.94 21.00 -2.38 -11.14 -22.64
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
AFBC Advance Fin. Bancorp of WV 0.82 0.71 14.48 14.48 110.75
ALBC Albion Banc Corp. of Albion NY 0.51 0.48 8.37 8.37 98.56
ABCL Alliance Bancorp, Inc. of IL 1.01 1.24 15.77 15.64 180.52
ALLB Alliance Bank MHC of PA (19.9) 0.60 0.60 9.24 9.24 85.48
AHCI Ambanc Holding Co., Inc. of NY* 0.44 0.55 14.64 14.64 135.02
ASBI Ameriana Bancorp of IN 1.17 0.98 14.03 13.78 115.37
ABCW Anchor Bancorp Wisconsin of WI 1.29 1.12 7.67 7.55 120.62
ANDB Andover Bancorp, Inc. of MA* 2.43 2.37 17.61 17.61 214.77
ASFC Astoria Financial Corp. of NY 3.24 2.97 34.25 24.92 478.06
AVND Avondale Fin. Corp. of IL(8) -1.80 -1.23 14.98 14.98 179.17
BCSB BCSB Bankcorp MHC of MD (38.6) 0.36 0.36 7.28 7.28 44.74
BKCT Bancorp Connecticut of CT* 1.27 1.07 9.58 9.58 96.83
BPLS Bank Plus Corp. of CA 0.39 0.59 9.55 8.77 221.09
BNKU Bank United Corp. of TX 3.62 3.32 21.67 19.78 432.67
BWFC Bank West Fin. Corp. of MI 0.32 0.33 8.87 8.87 69.16
BANC BankAtlantic Bancorp of FL 0.71 0.32 6.88 5.32 101.26
BKUNA BankUnited Fin. Corp. of FL 0.44 0.21 10.29 8.60 201.51
BVCC Bay View Capital Corp. of CA 0.84 1.34 19.45 12.52 281.96
FSNJ Bayonne Banchsares of NJ(8) 0.51 0.51 10.51 10.51 76.78
BFSB Bedford Bancshares, Inc. of VA 0.77 0.76 9.02 9.02 68.02
BFFC Big Foot Fin. Corp. of IL 0.47 0.35 15.16 15.16 87.79
BYFC Broadway Fin. Corp. of CA 0.62 0.38 14.01 14.01 147.53
BRKL Brookline Bncp MHC of MA(47.0) 0.53 0.51 9.47 9.47 28.71
CBES CBES Bancorp, Inc. of MO 1.09 0.71 18.21 18.21 156.26
CITZ CFS Bancorp, Inc. of IN 0.36 0.40 10.88 10.88 62.51
CFSB CFSB Bancorp of Lansing MI 1.43 1.28 8.31 8.31 106.22
CKFB CKF Bancorp of Danville KY 0.96 0.86 15.97 15.97 74.47
CNSB CNS Bancorp, Inc. of MO 0.58 0.46 14.73 14.73 64.31
CNYF CNY Financial Corp of NY* 0.25 0.56 14.34 14.34 52.66
CSBF CSB Financial Group Inc of IL 0.44 0.43 13.34 12.59 57.51
CBCI Calumet Bancorp of Chicago IL(8) 3.04 3.06 27.73 27.73 156.38
CAFI Camco Fin. Corp. of OH 1.23 0.89 10.62 9.98 107.32
CMRN Cameron Fin. Corp. of MO 1.01 0.99 18.02 18.02 90.71
CFNC Carolina Fincorp of NC* 0.56 0.63 8.07 8.07 59.76
CASB Cascade Financial Corp. of WA 0.87 0.73 7.57 7.57 106.86
CATB Catskill Fin. Corp. of NY* 0.89 0.87 15.56 15.56 72.22
CAVB Cavalry Bancorp of TN 0.70 0.51 13.53 13.53 46.93
CNIT Cenit Bancorp of Norfolk VA 1.27 1.17 10.32 9.56 130.45
CEBK Central Co-Op. Bank of MA* 1.58 1.18 18.94 17.25 194.33
CENB Century Bancorp, Inc. of NC(8) 0.95 0.94 14.74 14.74 76.21
COFI Charter One Financial of OH 1.42 1.81 11.34 10.70 149.70
CVAL Chester Valley Bancorp of PA 1.42 1.31 13.47 13.47 155.63
CLAS Classic Bancshares, Inc. of KY 0.75 0.95 15.78 13.57 106.14
CBSA Coastal Bancorp of Houston TX 2.10 2.15 15.58 13.57 404.85
CFCP Coastal Fin. Corp. of SC 1.07 0.86 5.81 5.81 98.61
CFKY Columbia Financial of KY 0.28 0.28 14.12 14.12 44.10
CMSB Commonwealth Bancorp Inc of PA 0.82 0.53 12.93 10.14 154.28
CMSV Commty. Svgs, MHC of FL (48.5)(8) 1.01 0.93 16.29 16.29 150.10
CFTP Community Fed. Bancorp of MS 0.66 0.57 13.33 13.33 59.86
CFFC Community Fin. Corp. of VA 0.71 0.68 10.05 10.01 71.32
CIBI Community Inv. Bancorp of OH 0.70 0.70 8.19 8.19 91.68
COOP Cooperative Bancshares of NC 0.78 0.72 10.23 10.23 127.97
CRZY Crazy Woman Creek Bncorp of WY 0.83 0.83 16.22 16.22 69.23
CRSB Crusader Holding Corp of PA 0.97 0.89 6.06 5.74 52.68
DNFC D&N Financial Corp. of MI 1.71 1.38 12.22 11.37 218.06
</TABLE>
<PAGE>
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
Exhibit 1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
DCBI Delphos Citizens Bancorp of OH 19.00 1,756 33.4 24.25 15.38 19.00 0.00 10.14 -8.43
DCOM Dime Community Bancorp of NY* 25.75 11,714 301.6 29.31 15.00 25.25 1.98 15.73 8.42
ESBF ESB Financial Corp of PA 16.00 5,665 90.6 20.00 15.06 16.00 0.00 0.57 -8.57
EGLB Eagle BancGroup of IL 19.00 1,097 20.8 21.13 14.00 20.00 -5.00 1.33 0.64
EBSI Eagle Bancshares of Tucker GA 18.00 5,806 104.5 27.25 17.00 18.75 -4.00 -1.37 -18.18
ETFS East Texas Fin. Serv. of TX 10.50 1,539 16.2 16.25 10.50 10.50 0.00 -18.73 -33.67
ESBK Elmira Svgs Bank (The) of NY* 22.00 727 16.0 32.25 16.25 22.00 0.00 -22.34 -26.67
EMLD Emerald Financial Corp. of OH 10.50 10,297 108.1 16.00 9.06 11.38 -7.73 15.89 -5.06
EFBC Empire Federal Bancorp of MT 13.63 2,480 33.8 18.00 10.63 12.88 5.82 -19.25 -20.43
EFBI Enterprise Fed. Bancorp of OH(8) 45.50 2,211 100.6 47.50 25.00 47.50 -4.21 71.70 44.44
EQSB Equitable FSB of Wheaton MD 21.25 1,228 26.1 34.00 16.13 21.75 -2.30 -2.30 -19.81
FCBF FCB Fin. Corp. of Neenah WI 28.44 3,857 109.7 34.00 22.00 28.44 0.00 4.37 -3.59
FFDF FFD Financial Corp. of OH 14.50 1,445 21.0 24.00 14.50 15.50 -6.45 -19.44 -19.44
FFLC FFLC Bancorp of Leesburg FL 16.75 3,694 61.9 23.50 15.00 16.28 2.89 -19.66 -22.99
FFWC FFW Corporation of Wabash IN 16.50 1,458 24.1 21.50 14.00 15.50 6.45 3.13 -13.16
FFYF FFY Financial Corp. of OH 31.25 4,011 125.3 36.88 26.25 30.25 3.31 7.76 -5.67
FMCO FMS Financial Corp. of NJ 10.00 7,220 72.2 16.67 8.88 10.00 0.00 0.00 -15.47
FFHH FSF Financial Corp. of MN 15.50 2,898 44.9 21.25 13.38 15.38 0.78 -19.48 -25.98
FBCI Fidelity Bancorp of Chicago IL 21.75 2,833 61.6 26.00 16.00 22.25 -2.25 -8.42 -15.14
FSBI Fidelity Bancorp, Inc. of PA 17.00 1,974 33.6 28.00 16.50 17.50 -2.86 -11.46 -26.72
FFFL Fidelity Bcsh MHC of FL (47.9) 23.13 6,802 75.4 35.38 18.75 23.00 0.57 -20.24 -28.83
FFED Fidelity Fed. Bancorp of IN 4.75 3,127 14.9 10.50 3.75 4.50 5.56 -50.67 -53.93
FFOH Fidelity Financial of OH 13.63 5,602 76.4 19.88 11.88 13.63 0.00 -8.40 -12.06
FIBC Financial Bancorp, Inc. of NY(8) 37.50 1,709 64.1 37.69 22.00 37.69 -0.50 55.41 55.41
SBFL Fingr Lakes Fin.MHC OF NY(33.1 11.00 3,570 13.0 24.75 9.00 11.50 -4.35 -24.81 -31.25
FBSI First Bancshares, Inc. of MO 12.94 2,163 28.0 17.50 12.50 13.00 -0.46 2.45 -17.21
FBBC First Bell Bancorp of PA 16.00 6,229 99.7 21.63 12.88 15.63 2.37 -5.88 -15.79
FSTC First Citizens Corp of GA 27.25 2,795 76.2 35.50 22.00 28.00 -2.68 6.16 -19.85
FCME First Coastal Corp. of ME* 10.38 1,361 14.1 15.63 8.00 9.50 9.26 -23.11 -30.24
FDEF First Defiance Fin.Corp. of OH 14.63 8,158 119.4 16.25 11.13 14.63 0.00 -4.88 -8.56
FESX First Essex Bancorp of MA* 18.75 7,564 141.8 26.13 13.75 17.75 5.63 -6.25 -19.35
FFSX First FSB MHC Sxld of IA(46.3)(8) 24.00 2,845 31.5 39.00 20.00 22.25 7.87 -26.72 -24.41
FFES First Fed of E. Hartford CT 25.00 2,749 68.7 42.25 20.50 25.50 -1.96 -30.07 -32.89
BDJI First Fed. Bancorp. of MN 15.00 998 15.0 22.00 13.50 15.00 0.00 -12.64 -31.82
FFBH First Fed. Bancshares of AR 20.50 4,871 99.9 30.25 16.00 20.13 1.84 -4.65 -13.68
FTFC First Fed. Capital Corp. of WI 16.38 18,472 302.6 18.38 11.88 16.13 1.55 24.75 -3.31
FFKY First Fed. Fin. Corp. of KY 27.50 4,130 113.6 28.75 20.50 27.50 0.00 25.00 20.88
FFBZ First Federal Bancorp of OH 12.00 3,151 37.8 14.50 9.63 11.88 1.01 24.61 13.64
FFCH First Fin. Holdings Inc. of SC 19.63 13,659 268.1 27.00 14.50 19.63 0.00 -2.14 -26.09
FFHS First Franklin Corp. of OH 13.50 1,704 23.0 20.83 12.50 13.50 0.00 -18.18 -35.19
FGHC First Georgia Hold. Corp of GA 8.50 4,799 40.8 15.75 5.33 8.50 0.00 52.33 34.28
FFSL First Independence Corp. of KS 10.50 959 10.1 15.63 9.75 10.50 0.00 -30.00 -25.00
FISB First Indiana Corp. of IN 21.00 12,708 266.9 30.00 17.38 22.13 -5.11 2.34 -16.70
FKAN First Kansas Financial of KS 10.13 1,554 15.7 12.50 9.00 10.13 0.00 1.30 1.30
FKFS First Keystone Fin. Corp of PA 15.00 2,329 34.9 21.75 11.75 16.00 -6.25 -6.25 -16.11
FLKY First Lancaster Bncshrs of KY 13.38 959 12.8 16.13 12.00 13.06 2.45 -16.38 -16.06
FLFC First Liberty Fin. Corp. of GA 21.75 13,369 290.8 25.50 17.00 21.34 1.92 18.66 1.97
CASH First Midwest Fin., Inc. of IA 17.25 2,614 45.1 24.88 15.38 16.38 5.31 -12.66 -23.33
FMBD First Mutual Bancorp Inc of IL(8) 17.38 3,531 61.4 25.00 14.75 17.38 0.00 -13.10 -30.48
FMSB First Mutual SB of Bellevue WA* 12.50 4,245 53.1 19.00 11.94 12.81 -2.42 -31.51 -32.43
FNFI First Niles Financial of OH 11.38 1,754 0.0 11.63 10.75 11.63 -2.15 N.A. N.A.
FNGB First Northern Cap. Corp of WI 12.00 8,802 105.6 14.00 9.50 12.38 -3.07 -12.73 -14.29
FWWB First Savings Bancorp of WA 21.31 11,699 249.3 25.97 19.38 22.00 -3.14 -0.79 -14.76
FSFF First SecurityFed Fin of IL 13.75 6,408 88.1 17.25 10.69 13.88 -0.94 -8.33 -12.70
FSLA First Source Bancorp of NJ 8.44 31,839 268.7 13.93 6.75 8.63 -2.20 -15.35 -39.41
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
DCBI Delphos Citizens Bancorp of OH 0.94 0.94 14.83 14.83 66.00
DCOM Dime Community Bancorp of NY* 1.22 1.18 15.37 13.37 148.85
ESBF ESB Financial Corp of PA 1.03 1.03 12.01 10.72 166.91
EGLB Eagle BancGroup of IL 0.65 0.13 18.16 18.16 160.85
EBSI Eagle Bancshares of Tucker GA 1.49 1.45 13.36 13.36 192.94
ETFS East Texas Fin. Serv. of TX 0.41 0.35 13.77 13.77 79.66
ESBK Elmira Svgs Bank (The) of NY* 1.48 1.75 20.57 20.57 319.81
EMLD Emerald Financial Corp. of OH 0.67 0.61 5.10 5.04 59.96
EFBC Empire Federal Bancorp of MT 0.64 0.64 15.62 15.62 43.12
EFBI Enterprise Fed. Bancorp of OH(8) 1.03 0.88 16.47 16.06 165.37
EQSB Equitable FSB of Wheaton MD 2.60 1.52 15.83 15.83 293.04
FCBF FCB Fin. Corp. of Neenah WI 1.51 1.12 19.42 19.42 134.24
FFDF FFD Financial Corp. of OH 0.68 0.48 10.95 10.95 62.95
FFLC FFLC Bancorp of Leesburg FL 1.13 1.13 14.30 14.30 114.30
FFWC FFW Corporation of Wabash IN 1.30 1.14 13.12 12.07 139.45
FFYF FFY Financial Corp. of OH 1.93 1.89 21.00 21.00 162.49
FMCO FMS Financial Corp. of NJ 0.73 0.73 5.67 5.63 93.31
FFHH FSF Financial Corp. of MN 1.05 0.96 14.70 14.44 143.66
FBCI Fidelity Bancorp of Chicago IL 0.33 1.04 18.77 18.74 177.09
FSBI Fidelity Bancorp, Inc. of PA 1.45 1.42 14.23 14.23 200.70
FFFL Fidelity Bcsh MHC of FL (47.9) 1.15 0.92 13.28 12.90 215.87
FFED Fidelity Fed. Bancorp of IN -0.22 -0.18 2.40 2.40 63.01
FFOH Fidelity Financial of OH 0.84 0.80 11.93 10.66 94.27
FIBC Financial Bancorp, Inc. of NY(8) 1.76 1.70 17.07 17.01 186.43
SBFL Fingr Lakes Fin.MHC OF NY(33.1 0.29 0.23 6.28 6.28 77.15
FBSI First Bancshares, Inc. of MO 0.85 0.85 11.26 10.80 79.60
FBBC First Bell Bancorp of PA 1.23 1.22 11.90 11.90 120.46
FSTC First Citizens Corp of GA 2.20 1.99 12.72 10.17 126.02
FCME First Coastal Corp. of ME* 0.90 0.81 11.29 11.29 126.17
FDEF First Defiance Fin.Corp. of OH 0.66 0.63 12.66 12.66 71.36
FESX First Essex Bancorp of MA* 1.41 1.27 12.68 9.36 164.12
FFSX First FSB MHC Sxld of IA(46.3)(8) 1.20 1.17 14.77 11.90 193.88
FFES First Fed of E. Hartford CT 2.16 2.28 26.89 26.89 361.11
BDJI First Fed. Bancorp. of MN 0.81 0.82 12.71 12.71 121.56
FFBH First Fed. Bancshares of AR 1.14 1.13 17.46 17.46 118.69
FTFC First Fed. Capital Corp. of WI 1.02 0.70 6.43 6.12 85.77
FFKY First Fed. Fin. Corp. of KY 1.53 1.47 13.24 12.57 99.19
FFBZ First Federal Bancorp of OH 0.54 0.51 5.23 5.23 65.81
FFCH First Fin. Holdings Inc. of SC 1.21 1.19 9.16 9.16 134.69
FFHS First Franklin Corp. of OH 1.10 0.92 12.24 12.20 136.08
FGHC First Georgia Hold. Corp of GA 0.41 0.41 3.07 2.87 37.68
FFSL First Independence Corp. of KS 0.94 0.94 12.62 12.62 129.65
FISB First Indiana Corp. of IN 1.50 0.97 12.83 12.70 136.82
FKAN First Kansas Financial of KS 0.46 0.45 13.46 13.28 68.21
FKFS First Keystone Fin. Corp of PA 1.18 1.05 10.91 10.91 167.87
FLKY First Lancaster Bncshrs of KY 0.53 0.53 14.73 14.73 56.04
FLFC First Liberty Fin. Corp. of GA 0.68 0.75 8.78 8.03 113.08
CASH First Midwest Fin., Inc. of IA 1.09 0.98 16.41 14.65 161.15
FMBD First Mutual Bancorp Inc of IL(8) 0.46 0.30 15.88 12.45 105.17
FMSB First Mutual SB of Bellevue WA* 1.20 1.01 8.02 8.02 110.92
FNFI First Niles Financial of OH 0.32 0.32 15.38 15.38 50.04
FNGB First Northern Cap. Corp of WI 0.77 0.70 8.57 8.57 80.71
FWWB First Savings Bancorp of WA 1.12 1.04 12.84 11.90 98.65
FSFF First SecurityFed Fin of IL 0.53 0.79 14.05 14.01 51.66
FSLA First Source Bancorp of NJ 0.44 0.41 8.28 8.02 39.64
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
SOPN First Svgs Bancorp of NC 22.63 3,714 84.0 26.00 20.88 23.00 -1.61 -4.72 -11.25
FBNW FirstBank Corp of Clarkston WA 16.00 1,964 31.4 23.75 13.25 16.25 -1.54 -6.21 -15.25
FFDB FirstFed Bancorp, Inc. of AL 9.50 2,434 23.1 15.94 9.25 9.25 2.70 -13.64 -12.12
FSPT FirstSpartan Fin. Corp. of SC 35.25 4,209 148.4 47.25 24.50 34.63 1.79 -6.62 -12.42
FLAG Flag Financial Corp of GA 11.75 5,175 60.8 19.38 11.00 12.00 -2.08 -4.70 -18.00
FLGS Flagstar Bancorp, Inc of MI 26.31 13,670 359.7 28.38 17.75 26.75 -1.64 42.22 32.88
FFIC Flushing Fin. Corp. of NY* 16.00 11,337 181.4 19.92 12.00 16.00 0.00 5.47 0.50
FBHC Fort Bend Holding Corp. of TX(8) 24.50 1,866 45.7 28.00 16.63 24.50 0.00 22.50 12.64
FTSB Fort Thomas Fin. Corp. of KY 12.13 1,474 17.9 15.75 10.25 11.38 6.59 -11.78 -21.13
FKKY Frankfort First Bancorp of KY 15.50 1,584 24.6 19.50 13.63 15.50 0.00 -19.48 -12.08
FTNB Fulton Bancorp, Inc. of MO 15.13 1,719 26.0 24.00 15.13 16.50 -8.30 -23.39 -31.63
GUPB GFSB Bancorp, Inc of Gallup NM 13.63 1,166 15.9 17.00 13.00 13.63 0.00 2.25 -3.20
GSLA GS Financial Corp. of LA 12.75 3,267 41.7 21.00 10.38 13.75 -7.27 -29.17 -39.29
GOSB GSB Financial Corp. of NY* 13.38 2,212 29.6 18.94 8.31 13.69 -2.26 -13.00 -25.91
GBNK Gaston Fed Bncp MHC of NC(47.0 13.75 4,497 29.1 18.06 10.00 14.44 -4.78 37.50 37.50
GFCO Glenway Financial Corp. of OH 19.75 2,283 45.1 24.25 15.00 19.00 3.95 26.36 5.33
GTPS Great American Bancorp of IL 16.50 1,371 22.6 23.00 15.00 16.50 0.00 -15.38 -13.16
PEDE Great Pee Dee Bancorp of SC 12.75 2,202 28.1 17.38 10.63 12.75 0.00 27.50 -20.95
GSFC Green Street Fin. Corp. of NC 14.75 4,083 60.2 18.81 11.25 13.25 11.32 -18.06 -19.18
GFED Guaranty Fed Bancshares of MO 12.25 5,917 72.5 14.34 10.13 12.44 -1.53 -3.47 -4.89
HCBBE HCB Bancshares of Camden AR 9.50 2,645 25.1 16.13 8.38 8.75 8.57 -31.56 -34.48
HEMT HF Bancorp of Hemet CA 17.25 6,391 110.2 18.25 12.00 16.75 2.99 11.29 -1.43
HFFC HF Financial Corp. of SD 14.25 4,284 61.0 24.17 12.13 14.00 1.79 -14.52 -19.35
HMNF HMN Financial, Inc. of MN 13.38 5,376 71.9 21.67 11.00 14.00 -4.43 -22.79 -38.26
HALL Hallmark Capital Corp. of WI 12.69 2,939 37.3 18.00 9.50 12.75 -0.47 -13.61 -25.35
HRBF Harbor Federal Bancorp of MD 21.50 1,863 40.1 23.41 17.00 21.75 -1.15 15.34 -6.36
HARB Harbor Florida Bancshrs of FL 11.06 30,910 341.9 13.50 8.75 11.25 -1.69 4.24 0.36
HFSA Hardin Bancorp of Hardin MO 18.75 816 15.3 20.00 14.25 18.50 1.35 4.17 2.74
HARL Harleysville SB of PA 29.13 1,677 48.9 35.00 27.50 29.13 0.00 -2.90 5.93
HFGI Harrington Fin. Group of IN 8.88 3,205 28.5 13.00 8.00 8.88 0.00 -32.98 -31.69
HARS Harris Fin. MHC of PA (24.9) 16.88 33,992 142.5 27.88 11.00 16.75 0.78 -9.97 -15.09
HFFB Harrodsburg 1st Fin Bcrp of KY 14.38 1,930 27.8 18.00 14.00 14.44 -0.42 -14.15 -14.15
HHFC Harvest Home Fin. Corp. of OH 14.00 879 12.3 16.75 11.75 13.75 1.82 1.82 -11.11
HAVN Haven Bancorp of Woodhaven NY 15.94 8,851 141.1 28.75 10.50 17.00 -6.24 -22.24 -29.16
HTHR Hawthorne Fin. Corp. of CA 15.38 3,170 48.8 24.00 12.00 15.25 0.85 -14.56 -23.60
HMLK Hemlock Fed. Fin. Corp. of IL 14.38 1,878 27.0 19.00 13.13 14.25 0.91 -15.41 -16.05
HBSC Heritage Bancorp, Inc of SC 18.75 4,629 86.8 22.38 14.00 18.50 1.35 25.00 25.00
HFWA Heritage Financial Corp of WA 11.31 9,776 110.6 15.94 9.63 12.31 -8.12 13.10 13.10
HCBC High Country Bancorp of CO 10.75 1,323 14.2 15.50 10.25 10.75 0.00 7.50 -30.65
HBNK Highland Bancorp of CA 35.50 2,179 77.4 43.50 32.00 35.50 0.00 8.40 8.40
HIFS Hingham Inst. for Sav. of MA* 17.00 1,964 33.4 24.67 15.00 17.00 0.00 -10.53 -11.32
HBEI Home Bancorp of Elgin IL(8) 14.13 6,659 94.1 19.13 10.50 14.00 0.93 -19.26 -20.97
HBFW Home Bancorp of Fort Wayne IN 27.75 2,351 65.2 37.63 24.25 27.25 1.83 12.39 -5.93
HCFC Home City Fin. Corp. of OH 13.00 905 11.8 22.75 11.00 13.00 0.00 -21.83 -29.73
HOMF Home Fed Bancorp of Seymour IN 24.00 5,142 123.4 33.75 20.50 24.00 0.00 -4.00 -7.69
HWEN Home Financial Bancorp of IN 7.50 903 6.8 9.75 6.50 6.50 15.38 -9.09 -18.92
HLFC Home Loan Financial Corp of OH 13.38 2,248 30.1 16.75 11.45 13.38 0.00 33.80 33.80
HPBC Home Port Bancorp, Inc. of MA* 23.75 1,842 43.7 27.63 19.13 23.75 0.00 7.95 2.68
HSTD Homestead Bancorp, Inc. of LA 8.25 1,478 12.2 9.31 3.41 8.25 0.00 -17.50 43.48
HFBC HopFed Bancorp of KY 18.25 4,034 73.6 21.88 15.25 18.00 1.39 82.50 82.50
HZFS Horizon Fin'l. Services of IA 12.50 880 11.0 16.88 11.00 12.50 0.00 8.70 4.17
HRZB Horizon Financial Corp. of WA* 13.75 7,484 102.9 19.25 12.50 13.63 0.88 -19.12 -22.54
HRBT Hudson River Bancorp Inc of NY 10.88 17,854 194.3 13.69 8.88 10.50 3.62 8.80 8.80
ITLA ITLA Capital Corp of CA* 16.31 7,610 124.1 24.00 9.00 16.44 -0.79 -17.42 -15.27
ICBC Independence Comm Bnk Cp of NY 13.38 76,044 1,017.5 19.13 11.00 13.69 -2.26 33.80 33.80
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
SOPN First Svgs Bancorp of NC 1.42 1.42 18.72 18.72 81.90
FBNW FirstBank Corp of Clarkston WA 0.98 0.55 15.47 15.47 99.00
FFDB FirstFed Bancorp, Inc. of AL 0.66 0.66 7.31 6.75 73.91
FSPT FirstSpartan Fin. Corp. of SC 1.71 1.61 28.57 28.57 126.02
FLAG Flag Financial Corp of GA 0.39 0.27 4.26 4.26 47.92
FLGS Flagstar Bancorp, Inc of MI 2.20 2.20 10.44 10.16 188.24
FFIC Flushing Fin. Corp. of NY* 0.86 0.88 12.10 11.65 100.84
FBHC Fort Bend Holding Corp. of TX(8) 1.11 0.73 12.19 11.53 170.60
FTSB Fort Thomas Fin. Corp. of KY 0.80 0.80 11.05 11.05 68.76
FKKY Frankfort First Bancorp of KY 1.02 1.02 14.08 14.08 85.06
FTNB Fulton Bancorp, Inc. of MO 0.66 0.51 14.83 14.83 64.05
GUPB GFSB Bancorp, Inc of Gallup NM 0.75 0.75 12.19 12.19 105.67
GSLA GS Financial Corp. of LA 0.46 0.40 16.01 16.01 44.43
GOSB GSB Financial Corp. of NY* 0.27 0.46 14.24 14.24 59.65
GBNK Gaston Fed Bncp MHC of NC(47.0 0.33 0.30 9.14 9.14 45.06
GFCO Glenway Financial Corp. of OH 1.18 1.18 12.80 12.70 132.87
GTPS Great American Bancorp of IL 0.76 0.76 16.97 16.97 108.76
PEDE Great Pee Dee Bancorp of SC 0.59 0.59 14.29 14.29 31.06
GSFC Green Street Fin. Corp. of NC 0.69 0.69 14.81 14.81 42.44
GFED Guaranty Fed Bancshares of MO 0.52 0.52 10.84 10.84 46.74
HCBBE HCB Bancshares of Camden AR 0.25 0.25 14.45 14.28 83.79
HEMT HF Bancorp of Hemet CA -0.03 0.04 13.13 11.33 165.80
HFFC HF Financial Corp. of SD 1.42 1.22 12.86 12.86 130.87
HMNF HMN Financial, Inc. of MN 0.97 0.68 13.17 12.08 134.89
HALL Hallmark Capital Corp. of WI 0.95 0.89 11.38 11.38 149.16
HRBF Harbor Federal Bancorp of MD 0.98 0.95 15.89 15.89 124.37
HARB Harbor Florida Bancshrs of FL 0.56 0.53 8.53 8.45 43.69
HFSA Hardin Bancorp of Hardin MO 1.09 0.88 16.78 16.78 162.99
HARL Harleysville SB of PA 2.07 2.07 15.12 15.12 235.77
HFGI Harrington Fin. Group of IN -1.52 -0.41 5.98 5.98 176.57
HARS Harris Fin. MHC of PA (24.9) 0.53 0.38 5.65 5.13 71.21
HFFB Harrodsburg 1st Fin Bcrp of KY 0.77 0.77 14.99 14.99 56.49
HHFC Harvest Home Fin. Corp. of OH 0.63 0.63 11.73 11.73 103.39
HAVN Haven Bancorp of Woodhaven NY 0.98 0.94 13.84 13.26 262.40
HTHR Hawthorne Fin. Corp. of CA 3.11 3.40 15.06 15.06 378.97
HMLK Hemlock Fed. Fin. Corp. of IL 0.87 0.86 15.50 15.50 102.38
HBSC Heritage Bancorp, Inc of SC 0.76 0.76 20.46 20.46 65.00
HFWA Heritage Financial Corp of WA 0.44 0.27 9.74 8.87 42.75
HCBC High Country Bancorp of CO 0.55 0.55 13.82 13.82 76.03
HBNK Highland Bancorp of CA 3.73 3.25 19.11 19.11 272.91
HIFS Hingham Inst. for Sav. of MA* 1.46 1.44 11.91 11.91 125.68
HBEI Home Bancorp of Elgin IL(8) 0.39 0.39 14.01 14.01 57.98
HBFW Home Bancorp of Fort Wayne IN 1.26 1.23 18.27 18.27 153.25
HCFC Home City Fin. Corp. of OH 1.05 1.05 12.18 12.18 89.24
HOMF Home Fed Bancorp of Seymour IN 2.05 1.56 13.51 13.18 140.53
HWEN Home Financial Bancorp of IN 0.43 0.33 8.31 8.31 47.13
HLFC Home Loan Financial Corp of OH 0.49 0.49 14.21 14.21 37.67
HPBC Home Port Bancorp, Inc. of MA* 1.84 2.08 12.71 12.71 143.23
HSTD Homestead Bancorp, Inc. of LA 0.36 0.36 10.40 10.40 48.02
HFBC HopFed Bancorp of KY 0.72 0.72 14.46 14.46 54.00
HZFS Horizon Fin'l. Services of IA 0.67 0.80 9.65 9.65 102.21
HRZB Horizon Financial Corp. of WA* 1.13 1.14 11.63 11.63 76.03
HRBT Hudson River Bancorp Inc of NY 0.41 0.47 12.20 12.20 45.63
ITLA ITLA Capital Corp of CA* 1.81 1.81 14.00 13.97 134.21
ICBC Independence Comm Bnk Cp of NY -0.53 0.45 12.63 11.93 62.94
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------- ------- ----- ----- ----- ----- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
IFSB Independence FSB of DC 12.75 1,281 16.3 21.63 11.75 12.25 4.08 -10.53 -25.00
INBI Industrial Bancorp of OH 19.00 4,999 95.0 25.00 16.25 19.63 -3.21 7.04 7.04
IWBK Interwest Bancorp of WA 25.38 15,651 397.2 31.33 17.75 25.75 -1.44 1.52 0.83
IPSW Ipswich SB of Ipswich MA* 12.25 2,392 29.3 20.75 10.75 12.50 -2.00 4.26 -25.76
JXVL Jacksonville Bancorp of TX 15.44 2,422 37.4 23.25 14.38 14.94 3.35 -16.54 -33.59
JXSB Jcksnville SB,MHC of IL (45.6) 13.38 1,908 11.6 25.50 13.25 13.25 0.98 -24.28 -33.10
JSBA Jefferson Svgs Bancorp of MO 16.25 10,030 163.0 31.88 11.00 16.13 0.74 -24.42 -20.73
KSBK KSB Bancorp of Kingfield ME* 14.00 1,261 17.7 22.50 12.00 13.75 1.82 -5.91 -37.78
KFBI Klamath First Bancorp of OR 17.75 9,917 176.0 23.06 14.00 17.88 -0.73 -16.00 -17.44
LSBI LSB Fin. Corp. of Lafayette IN 29.50 933 27.5 32.00 24.76 29.50 0.00 18.00 8.70
LVSB Lakeview Financial of NJ 19.63 4,880 95.8 28.75 13.50 19.63 0.00 -23.02 -23.02
LARK Landmark Bancshares, Inc of KS 22.97 1,328 30.5 29.25 19.50 20.75 10.70 -2.26 -7.68
LARL Laurel Capital Group of PA 19.00 2,206 41.9 23.50 16.50 19.00 0.00 7.53 -12.32
LSBX Lawrence Savings Bank of MA* 13.00 4,331 56.3 19.31 9.63 13.50 -3.70 -8.77 -20.63
LFED Leeds Fed Bksr MHC of MD (36.3 14.88 5,196 28.0 23.50 11.75 15.00 -0.80 -29.41 -31.59
LXMO Lexington B&L Fin. Corp. of MO 11.50 1,009 11.6 17.88 11.38 11.50 0.00 -31.34 -35.21
LIBB Liberty Bancorp MHC of NJ (47) 9.75 3,901 17.9 11.69 7.25 9.75 0.00 -2.50 -2.50
LFCO Life Financial Corp of CA(8) 6.00 6,562 39.4 25.38 2.25 5.88 2.04 -66.20 -52.49
LFBI Little Falls Bancorp of NJ 17.00 2,478 42.1 22.25 11.50 16.13 5.39 -8.75 -17.07
LOGN Logansport Fin. Corp. of IN 15.00 1,199 18.0 19.63 13.50 15.00 0.00 -4.76 -16.67
MAFB MAF Bancorp, Inc. of IL 25.50 22,393 571.0 28.83 19.38 25.25 0.99 17.46 8.14
MBLF MBLA Financial Corp. of MO 19.00 1,247 23.7 30.63 18.25 19.00 0.00 -26.21 -37.70
MECH MECH Financial Inc of CT* 27.00 5,295 143.0 31.81 20.63 26.81 0.71 6.93 3.61
MFBC MFB Corp. of Mishawaka IN 21.50 1,474 31.7 30.38 18.00 21.00 2.38 -7.53 -29.23
MSBF MSB Financial, Inc of MI 15.00 1,333 20.0 17.73 13.75 15.00 0.00 -10.82 -13.14
MARN Marion Capital Holdings of IN 22.00 1,619 35.6 29.50 21.00 23.25 -5.38 -17.76 -18.91
MRKF Market Fin. Corp. of OH 12.63 1,336 16.9 20.25 10.00 12.38 2.02 -18.52 -19.19
MASB MassBank Corp. of Reading MA* 37.88 3,554 134.6 54.25 29.50 39.00 -2.87 -17.20 -20.47
MFLR Mayflower Co-Op. Bank of MA* 24.25 900 21.8 27.50 17.00 24.25 0.00 -7.62 -9.35
MDBK Medford Bancorp, Inc. of MA* 16.75 8,717 146.0 22.13 13.50 16.75 0.00 -4.61 -14.67
MWBX MetroWest Bank of MA* 6.75 14,258 96.2 9.50 5.75 7.00 -3.57 -15.63 -25.00
METF Metropolitan Fin. Corp. of OH 10.75 7,051 75.8 18.88 9.00 10.75 0.00 -21.13 -30.65
MIFC Mid Iowa Financial Corp. of IA(8) 13.75 1,735 23.9 14.00 10.13 13.75 0.00 35.74 19.57
MCBN Mid-Coast Bancorp of ME 8.25 713 5.9 14.00 7.50 8.25 0.00 -14.68 -17.50
MWBI Midwest Bancshares, Inc. of IA 12.50 1,071 13.4 19.50 10.75 13.00 -3.85 -28.90 -31.51
MFFC Milton Fed. Fin. Corp. of OH 13.50 2,237 30.2 17.00 12.31 14.00 -3.57 -12.56 -12.22
MBSP Mitchell Bancorp, Inc. of NC(8) 15.75 931 14.7 18.50 14.00 15.38 2.41 -11.12 -7.35
MBBC Monterey Bay Bancorp of CA 13.13 3,923 51.5 21.40 10.75 12.44 5.55 -13.62 -15.83
MONT Montgomery Fin. Corp. of IN 10.50 1,642 17.2 13.63 9.75 10.50 0.00 -17.65 -18.48
MSBK Mutual SB, FSB of Bay City MI 7.50 4,290 32.2 14.13 5.75 7.50 0.00 -43.40 -42.31
MYST Mystic Financial of MA* 12.00 2,574 30.9 18.56 9.75 12.38 -3.07 20.00 20.00
NHTB NH Thrift Bancshares of NH 16.38 2,095 34.3 21.75 12.00 17.75 -7.72 -25.55 -20.10
NSLB NS&L Bancorp, Inc of Neosho MO 13.13 686 9.0 19.25 13.00 13.00 1.00 -29.26 -30.46
NSSY NSS Bancorp of CT(8)* 48.00 2,378 114.1 58.75 35.00 50.00 -4.00 30.61 27.15
NMSB Newmil Bancorp, Inc. of CT* 11.75 3,837 45.1 14.63 10.00 12.63 -6.97 -12.96 -9.62
NBCP Niagara Bancorp of NY MHC(45.4* 11.50 29,756 155.3 17.00 8.50 11.38 1.05 15.00 15.00
NBSI North Bancshares of Chicago IL 12.13 1,271 15.4 18.83 11.00 12.00 1.08 -31.35 -32.16
FFFD North Central Bancshares of IA 18.00 3,104 55.9 24.88 15.00 17.69 1.75 -3.38 -9.46
NEIB Northeast Indiana Bncrp of IN 16.50 1,815 29.9 20.68 14.89 16.50 0.00 -11.48 -17.95
NWSB Northwest Bcrp MHC of PA (30.8 12.00 46,865 173.3 18.00 9.00 12.00 0.00 -21.16 -15.07
NWEQ Northwest Equity Corp. of WI 17.50 825 14.4 22.25 15.63 18.00 -2.78 -2.78 -15.66
NTMG Nutmeg FS&LA of CT 12.00 1,077 12.9 13.00 8.72 12.00 0.00 33.33 14.29
OHSL OHSL Financial Corp. of OH 14.00 2,496 34.9 18.38 12.88 14.00 0.00 1.82 3.70
OCFC Ocean Fin. Corp. of NJ 14.88 14,757 219.6 20.00 12.00 14.94 -0.40 -19.31 -20.13
OTFC Oregon Trail Fin. Corp. of OR 13.25 3,950 52.3 18.50 11.00 13.25 0.00 -16.56 -23.76
<CAPTION>
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- ------ ------- ----- ------- -------
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
IFSB Independence FSB of DC 4.18 3.32 16.53 15.10 207.60
INBI Industrial Bancorp of OH 1.12 1.12 12.44 12.44 77.75
IWBK Interwest Bancorp of WA 1.29 1.09 11.00 10.07 156.44
PSW Ipswich SB of Ipswich MA* 1.10 0.93 5.74 5.74 104.29
JXVL Jacksonville Bancorp of TX 1.30 1.30 14.48 14.48 100.20
JXSB Jcksnville SB,MHC of IL (45.6) 0.50 0.30 9.41 9.41 87.16
JSBA Jefferson Svgs Bancorp of MO 0.98 0.87 11.84 9.50 123.81
KSBK KSB Bancorp of Kingfield ME* 1.33 1.33 9.54 8.30 122.63
KFBI Klamath First Bancorp of OR 0.96 0.93 14.63 13.48 103.99
LSBI LSB Fin. Corp. of Lafayette IN 1.89 1.62 19.70 19.70 234.33
LVSB Lakeview Financial of NJ 1.94 0.83 11.60 7.78 121.69
LARK Landmark Bancshares, Inc of KS 1.84 1.55 22.57 22.57 172.69
LARL Laurel Capital Group of PA 1.40 1.44 11.13 11.13 100.35
LSBX Lawrence Savings Bank of MA* 2.12 2.09 9.61 9.61 79.63
LFED Leeds Fed Bksr MHC of MD (36.3 0.64 0.64 9.49 9.49 58.26
LXMO Lexington B&L Fin. Corp. of MO 0.62 0.62 15.17 14.15 94.45
LIBB Liberty Bancorp MHC of NJ (47) 0.37 0.37 8.76 8.76 63.69
LFCO Life Financial Corp of CA (8) 1.78 1.87 9.38 9.38 57.96
LFBI Little Falls Bancorp of NJ 0.78 0.77 15.00 13.95 137.49
LOGN Logansport Fin. Corp. of IN 1.08 1.09 13.51 13.51 77.14
MAFB MAF Bancorp, Inc. of IL 1.70 1.62 12.56 11.24 161.03
MBLF MBLA Financial Corp. of MO 1.51 1.49 22.33 22.33 162.97
MECH MECH Financial Inc of CT* 1.62 1.61 17.51 17.51 180.30
MFBC MFB Corp. of Mishawaka IN 1.52 1.56 20.95 20.95 210.33
MSBF MSB Financial, Inc of MI 0.91 0.77 10.13 10.13 61.37
MARN Marion Capital Holdings of IN 1.35 1.35 22.01 21.53 121.50
MRKF Market Fin. Corp. of OH 0.41 0.41 11.29 11.29 40.87
MASB MassBank Corp. of Reading MA* 3.06 2.64 31.05 30.66 262.93
MFLR Mayflower Co-Op. Bank of MA* 1.67 1.45 14.67 14.46 158.85
MDBK Medford Bancorp, Inc. of MA* 1.39 1.31 11.83 11.24 130.10
MWBX MetroWest Bank of MA* 0.55 0.54 3.49 3.49 46.93
METF Metropolitan Fin. Corp. of OH 0.93 0.80 5.61 5.20 150.18
MIFC Mid Iowa Financial Corp. of IA(8) 0.79 0.78 7.73 7.72 77.83
MCBN Mid-Coast Bancorp of ME 0.61 0.53 7.35 7.35 91.60
MWBI Midwest Bancshares, Inc. of IA 1.27 1.10 11.04 11.04 149.94
MFFC Milton Fed. Fin. Corp. of OH 0.67 0.54 11.75 11.75 105.17
MBSP Mitchell Bancorp, Inc. of NC(8) 0.47 0.47 15.72 15.72 40.07
MBBC Monterey Bay Bancorp of CA 0.33 0.33 11.97 10.95 111.19
MONT Montgomery Fin. Corp. of IN 0.62 0.62 12.27 12.27 72.68
MSBK Mutual SB, FSB of Bay City MI 1.79 -0.58 8.27 8.27 136.57
MYST Mystic Financial of MA* 0.62 0.58 13.33 13.33 75.15
NHTB NH Thrift Bancshares of NH 1.38 1.28 12.60 11.01 154.81
NSLB NS&L Bancorp, Inc of Neosho MO 0.60 0.59 16.87 16.76 91.32
NSSY NSS Bancorp of CT(8)* 2.18 1.92 23.19 22.62 274.11
NMSB Newmil Bancorp, Inc. of CT* 0.81 0.62 9.01 9.01 96.37
NBCP Niagara Bancorp of NY MHC (45.4* 0.30 0.45 8.76 8.76 48.09
NBSI North Bancshares of Chicago IL 0.36 0.31 10.43 10.43 98.30
FFFD North Central Bancshares of IA 1.42 1.40 16.02 13.93 107.83
NEIB Northeast Indiana Bncrp of IN 1.27 1.27 14.61 14.61 111.99
NWSB Northwest Bcrp MHC of PA (30.8 0.45 0.44 4.65 4.18 54.68
NWEQ Northwest Equity Corp. of WI 1.51 1.37 14.54 14.54 120.14
NTMG Nutmeg FS&LA of CT 0.87 0.46 6.31 6.31 104.10
OHSL OHSL Financial Corp. of OH 0.83 0.77 10.76 10.76 99.30
OCFC Ocean Fin. Corp. of NJ 0.93 0.93 14.29 14.22 104.24
OTFC Oregon Trail Fin. Corp. of OR 0.83 0.83 15.82 15.82 69.51
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
----------------------- ----------------------------------------------------
Shares Market 52 Week (1) % Change From
---------------- ---------------------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------- ------- -------- ------- ------- ------- ------- ---------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OFCP Ottawa Financial Corp. of MI 23.13 5,717 132.2 30.91 18.88 23.00 0.57 -9.54 -25.17
PFFB PFF Bancorp of Pomona CA 15.31 15,440 236.4 21.13 11.94 16.13 -5.08 -19.97 -22.99
PHSED PHS Bancorp of PA (45.0) 14.37 2,760 17.8 22.13 11.50 14.63 -1.78 -21.82 -23.89
PSFI PS Financial of Chicago IL 10.00 2,019 20.2 22.38 8.50 10.63 -5.93 -39.39 -55.32
PSBI PSB Bancorp Inc. of PA* 7.31 3,101 22.7 11.27 6.25 7.69 -4.94 -28.33 -35.14
PVFC PVF Capital Corp. of OH 14.00 3,991 55.9 18.83 10.00 13.50 3.70 7.03 4.01
PBCI Pamrapo Bancorp, Inc. of NJ 23.50 2,843 66.8 32.38 22.13 23.38 0.51 -6.00 -13.76
PFED Park Bancorp of Chicago IL 14.63 2,418 35.4 19.75 13.25 14.63 0.00 -19.31 -21.47
PVSA Parkvale Financial Corp of PA 20.50 6,381 130.8 28.00 19.60 20.75 -1.20 -10.48 -25.18
PBHC Pathfinder BC MHC of NY (45.2)* 11.88 2,736 15.2 26.13 9.88 10.75 10.51 -35.19 -40.60
PEEK Peekskill Fin. Corp. of NY 13.88 2,860 39.7 18.25 12.00 13.63 1.83 -21.80 -17.13
PFSB PennFed Fin. Services of NJ 13.63 9,236 125.9 19.00 10.25 13.63 0.00 -12.06 -20.43
PWBK Pennwood Bancorp, Inc. of PA 11.13 697 7.8 17.44 9.00 11.13 0.00 -21.89 -24.85
PBKB People's Bancshares of MA* 20.75 3,317 68.8 27.75 15.00 20.81 -0.29 12.16 -8.79
TSBS Peoples Bancorp Inc of NJ(8)* 10.69 36,373 388.8 11.83 6.97 11.00 -2.82 12.05 -9.64
PFDC Peoples Bancorp of Auburn IN 19.88 3,281 65.2 25.00 19.88 19.88 0.00 -12.92 -9.64
PBCT Peoples Bank, MHC of CT (41.2)* 28.38 64,147 784.2 41.13 19.19 28.50 -0.42 -16.23 -25.32
PFFC Peoples Fin. Corp. of OH 12.00 1,352 16.2 18.50 10.00 11.00 9.09 -14.29 -20.69
PHBK Peoples Heritage Fin Grp of ME* 18.25 87,784 1,602.1 26.50 13.81 19.81 -7.87 -8.48 -20.65
PSFC Peoples Sidney Fin. Corp of OH 16.75 1,755 29.4 24.38 15.00 17.00 -1.47 -4.99 -6.32
PERM Permanent Bancorp, Inc. of IN 12.81 4,249 54.4 18.25 10.94 12.50 2.48 -1.46 -17.67
PCBC Perry Co. Fin. Corp. of MO 19.75 828 16.4 24.13 18.00 19.75 0.00 -21.00 -18.15
PHFC Pittsburgh Home Fin Corp of PA 14.00 1,872 26.2 20.81 12.13 14.50 -3.45 -25.85 -22.22
PFSL Pocahontas Bancorp of AR 9.00 6,685 60.2 11.43 6.75 9.06 -0.66 3.45 -18.63
PTRS Potters Financial Corp of OH 14.00 938 13.1 22.25 13.00 14.00 0.00 -13.85 -30.00
PRBC Prestige Bancorp of PA 13.25 1,000 13.3 22.07 12.50 13.25 0.00 -15.34 -23.81
PFNC Progress Financial Corp. of PA 14.00 5,192 72.7 21.67 11.50 13.88 0.86 1.38 -10.88
PROV Provident Fin. Holdings of CA 15.75 4,625 72.8 24.25 14.00 16.25 -3.08 -21.01 -28.02
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 18.75 2,106 11.7 51.00 16.00 19.25 -2.60 -36.97 -40.25
PLSK Pulaski SB, MHC of NJ (47.0) 11.38 2,108 11.3 20.50 10.13 11.38 0.00 -44.49 -40.88
PULS Pulse Bancorp of S. River NJ(8) 29.25 3,190 93.3 30.50 23.00 28.06 4.24 15.84 11.94
QCFB QCF Bancorp of Virginia MN 25.25 1,321 33.4 31.75 25.00 25.25 0.00 -6.48 -15.13
QCBC Quaker City Bancorp of CA 16.00 5,799 92.8 21.25 11.75 16.00 0.00 -1.23 -5.88
QCSB Queens County Bancorp of NY* 30.00 21,419 642.6 31.42 22.88 29.91 0.30 26.53 11.11
RARB Raritan Bancorp of Raritan NJ(8)* 35.00 2,456 86.0 37.00 24.75 35.00 0.00 22.25 25.00
RELY Reliance Bancorp, Inc. of NY 26.25 8,984 235.8 42.25 21.50 27.00 -2.78 -21.64 -28.34
RELI Reliance Bancshares Inc of WI(8) 9.63 2,396 23.1 10.13 8.06 9.63 0.00 13.29 1.37
RCBK Richmond County Fin Corp of NY 15.31 26,424 404.6 19.75 11.31 15.38 -0.46 53.10 53.10
RIVR River Valley Bancorp of IN 15.00 1,190 17.9 20.75 13.25 15.00 0.00 -14.29 -20.00
RVSB Riverview Bancorp of WA 13.38 6,186 82.8 19.13 11.25 12.75 4.94 -4.43 -24.62
RSLN Roslyn Bancorp, Inc. of NY* 17.13 41,400 709.2 30.50 13.31 17.88 -4.19 -20.10 -26.32
SCCB S. Carolina Comm. Bnshrs of SC 13.50 580 7.8 24.00 13.50 13.50 0.00 -40.00 -40.00
SFED SFS Bancorp of Schenectady NY(8) 21.88 1,208 26.4 27.88 19.75 21.75 0.60 -2.50 -18.60
SGVB SGV Bancorp of W. Covina CA 13.50 2,219 30.0 18.81 11.75 13.50 0.00 -25.00 -23.94
SISB SIS Bancorp, Inc. of MA(8)* 40.25 7,171 288.6 52.63 29.50 44.50 -9.55 21.05 0.15
SWCB Sandwich Bancorp of MA(8)* 58.50 2,043 119.5 64.50 37.00 55.88 4.69 46.25 32.95
SKAN Skaneateles Bancorp Inc of NY* 13.75 1,447 19.9 22.25 12.63 13.75 0.00 -31.25 -37.87
SKBOD Skibo Fin Corp MHC of PA(45.0) 12.00 3,450 12.4 14.00 6.75 12.13 -1.07 -3.38 -4.00
SOBI Sobieski Bancorp of S. Bend IN 14.50 764 11.1 24.25 13.88 14.50 0.00 -24.68 -28.85
SFFS Sound Bancorp MHC of NY (44.1) 9.94 5,212 22.9 10.13 8.50 10.00 -0.60 -0.60 -0.60
SSFC South Street Fin. Corp. of NC* 8.25 4,676 38.6 19.13 8.00 8.38 -1.55 -52.17 -56.58
SBAN SouthBanc Shares Inc. of SC 19.75 4,306 85.0 23.76 15.00 20.00 -1.25 7.51 -7.10
SCBS Southern Commun. Bncshrs of AL 13.00 1,137 14.8 20.75 12.00 13.00 0.00 -27.78 -28.77
SMBC Southern Missouri Bncrp of MO 16.75 1,412 23.7 23.25 15.75 16.75 0.00 -7.61 -18.29
SVRN Sovereign Bancorp, Inc. of PA 14.06 163,725 2,302.0 22.19 9.00 14.44 -2.63 -12.34 -18.68
<CAPTION>
Current Per Share Financials
---------------------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- -------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- --------------------------------------- <C> <C> <C> <C> <C>
<S>
OFCP Ottawa Financial Corp. of MI 1.38 1.23 13.23 10.85 160.90
PFFB PFF Bancorp of Pomona CA 1.11 1.06 14.96 14.80 197.19
PHSED PHS Bancorp of PA (45.0) 0.58 0.53 10.62 10.62 85.84
PSFI PS Financial of Chicago IL 0.42 0.73 11.27 11.27 42.10
PSBI PSB Bancorp Inc. of PA* 0.37 0.37 9.41 9.41 47.49
PVFC PVF Capital Corp. of OH 1.23 1.15 7.82 7.82 108.56
PBCI Pamrapo Bancorp, Inc. of NJ 1.59 1.53 17.40 17.32 139.72
PFED Park Bancorp of Chicago IL 0.70 0.71 16.55 16.55 81.39
PVSA Parkvale Financial Corp of PA 1.79 1.76 13.16 13.10 176.04
PBHC Pathfinder BC MHC of NY (45.2)* 0.53 0.45 8.61 7.35 72.40
PEEK Peekskill Fin. Corp. of NY 0.65 0.66 15.11 15.11 70.05
PFSB PennFed Fin. Services of NJ 1.23 1.16 11.30 9.90 169.60
PWBK Pennwood Bancorp, Inc. of PA 0.40 0.44 11.42 11.42 66.11
PBKB People's Bancshares of MA* 1.66 0.63 9.79 9.37 258.78
TSBS Peoples Bancorp Inc of NJ(8)* 0.28 0.27 9.41 9.13 23.99
PFDC Peoples Bancorp of Auburn IN 1.31 1.31 13.88 13.88 92.75
PBCT Peoples Bank, MHC of CT (41.2)* 1.67 1.00 13.36 11.19 149.96
PFFC Peoples Fin. Corp. of OH 0.71 0.33 10.89 10.89 62.80
PHBK Peoples Heritage Fin Grp of ME* 0.76 1.02 8.24 6.85 111.27
PSFC Peoples Sidney Fin. Corp of OH 0.70 0.70 11.18 11.18 60.34
PERM Permanent Bancorp, Inc. of IN 0.62 0.59 10.23 8.35 119.26
PCBC Perry Co. Fin. Corp. of MO 1.01 1.00 20.02 20.02 108.41
PHFC Pittsburgh Home Fin Corp of PA 1.15 1.02 13.80 13.65 199.00
PFSL Pocahontas Bancorp of AR 0.40 0.40 8.74 8.47 60.52
PTRS Potters Financial Corp of OH 1.01 0.90 11.66 11.66 136.62
PRBC Prestige Bancorp of PA 0.71 0.69 15.26 15.26 169.98
PFNC Progress Financial Corp. of PA 0.77 0.69 8.03 7.17 116.01
PROV Provident Fin. Holdings of CA 1.11 0.40 18.11 18.11 181.76
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 0.95 0.78 11.70 11.70 87.19
PLSK Pulaski SB, MHC of NJ (47.0) 0.45 0.48 10.68 10.68 90.76
PULS Pulse Bancorp of S. River NJ(8) 1.74 1.74 14.39 14.39 170.56
QCFB QCF Bancorp of Virginia MN 2.01 1.95 19.93 19.93 113.92
QCBC Quaker City Bancorp of CA 1.30 1.21 13.66 13.66 154.08
QCSB Queens County Bancorp of NY* 1.18 1.16 6.91 6.91 79.68
RARB Raritan Bancorp of Raritan NJ(8)* 1.71 1.65 13.67 13.53 176.53
RELY Reliance Bancorp, Inc. of NY 2.09 2.07 20.65 14.22 277.51
RELI Reliance Bancshares Inc of WI(8) 0.24 0.23 9.34 9.34 17.65
RCBK Richmond County Fin Corp of NY 0.27 0.73 12.48 12.44 64.06
RIVR River Valley Bancorp of IN 1.07 0.94 15.54 15.34 114.02
RVSB Riverview Bancorp of WA 0.72 0.68 10.02 9.71 43.42
RSLN Roslyn Bancorp, Inc. of NY* 1.11 1.06 14.36 14.29 93.07
SCCB S. Carolina Comm. Bnshrs of SC 0.70 0.70 16.23 16.23 82.74
SFED SFS Bancorp of Schenectady NY(8) 0.95 0.92 18.14 18.14 147.43
SGVB SGV Bancorp of W. Covina CA 0.78 0.76 13.93 13.76 204.14
SISB SIS Bancorp, Inc. of MA(8)* 1.68 2.09 18.34 18.34 256.82
SWCB Sandwich Bancorp of MA(8)* 2.45 2.32 21.81 21.20 259.92
SKAN Skaneateles Bancorp Inc of NY* 1.08 1.00 12.96 12.68 187.65
SKBOD Skibo Fin Corp MHC of PA(45.0) 0.24 0.29 7.09 7.09 42.20
SOBI Sobieski Bancorp of S. Bend IN 0.71 0.69 16.84 16.84 121.07
SFFS Sound Bancorp MHC of NY (44.1) 0.63 0.63 10.02 10.02 52.59
SSFC South Street Fin. Corp. of NC* 0.22 0.22 7.37 7.37 43.56
SBAN SouthBanc Shares Inc. of SC 0.62 0.66 17.72 17.72 85.38
SCBS Southern Commun. Bncshrs of AL 0.75 0.75 10.36 10.36 59.74
SMBC Southern Missouri Bncrp of MO 0.75 0.79 17.08 17.08 110.43
SVRN Sovereign Bancorp, Inc. of PA 0.53 0.66 6.34 5.59 115.12
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Market Capitalization Price Change Data
----------------------- -----------------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- --------------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- ------- ------ ---------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
STFR St. Francis Cap. Corp. of WI 40.38 4,788 193.3 50.75 34.50 40.88 -1.22 2.88 -20.04
SPBC St. Paul Bancorp, Inc. of IL 20.38 40,598 827.4 27.06 16.81 21.06 -3.23 -11.39 -22.36
SFFC StateFed Financial Corp. of IA 11.00 1,549 17.0 15.00 9.00 9.50 15.79 -18.52 -25.42
SFIN Statewide Fin. Corp. of NJ 15.88 4,397 69.8 26.69 15.25 16.25 -2.28 -27.42 -33.83
STSA Sterling Financial Corp. of WA 18.50 7,606 140.7 27.63 14.00 17.25 7.25 -17.78 -14.94
ROSE T R Financial Corp. of NY* 31.25 17,630 550.9 44.75 19.88 33.25 -6.02 -4.58 -6.02
THRD TF Financial Corp. of PA 20.00 3,192 63.8 30.00 16.13 19.75 1.27 -14.46 -33.33
THTL Thistle Group Holdings of PA 9.00 9,000 81.0 10.06 7.63 9.00 0.00 -10.00 -10.00
TSBK Timberland Bancorp of WA 13.25 6,282 83.2 18.50 10.75 14.00 -5.36 32.50 32.50
TRIC Tri-County Bancorp of WY 12.88 1,167 15.0 16.50 11.25 12.50 3.04 -11.17 -14.13
TWIN Twin City Bancorp, Inc. of TN 13.75 1,241 17.1 15.50 12.75 13.75 0.00 0.88 -11.29
USAB USABancshares, Inc of PA* 7.00 2,002 14.0 13.31 6.19 7.63 -8.26 11.46 -6.67
UCBC Union Community Bancorp of IN 12.13 3,042 36.9 15.81 10.63 12.13 0.00 21.30 -17.09
UCFC United Community Fin. of OH 13.88 33,465 464.5 17.94 13.00 14.00 -0.86 38.80 38.80
UBMT United Fin. Corp. of MT 24.75 1,698 42.0 31.50 21.75 24.25 2.06 N.A. N.A.
UTBI United Tenn. Bancshares of TN 12.38 1,455 18.0 16.00 9.88 12.38 0.00 23.80 23.80
WHGB WHG Bancshares of MD 12.00 1,389 16.7 19.00 10.13 12.00 0.00 -24.72 -36.00
WSFS WSFS Financial Corp. of DE* 17.06 12,233 208.7 23.88 12.75 17.75 -3.89 -4.59 -14.70
WVFC WVS Financial Corp. of PA 14.88 3,615 53.8 20.13 14.75 14.88 0.00 -10.84 -15.60
WRNB Warren Bancorp of Peabody MA* 9.06 7,911 71.7 14.38 8.75 9.19 -1.41 -9.40 -21.22
WSBI Warwick Community Bncrp of NY* 13.69 6,607 90.4 18.00 10.38 14.38 -4.80 36.90 -21.23
WFSL Washington Federal, Inc. of WA 25.38 51,446 1,305.7 30.13 22.25 26.75 -5.12 -9.23 -11.20
WAYN Wayne Svgs Bks MHC of OH (48.2 21.25 2,487 25.4 30.00 17.00 21.25 0.00 -24.30 -19.39
WCFB Wbstr Cty FSB MHC of IA (45.6) 17.00 2,114 16.4 21.75 12.50 17.00 0.00 -19.05 -15.00
WBST Webster Financial Corp. of CT 26.50 37,943 1,005.5 36.25 18.88 27.88 -4.95 -15.87 -20.30
WEFC Wells Fin. Corp. of Wells MN 16.75 1,652 27.7 22.00 15.25 16.75 0.00 -8.22 -6.32
WEBK West Essex MHC of NJ (42.2) 10.00 4,197 17.7 10.13 8.41 10.00 0.00 0.00 0.00
WCBI WestCo Bancorp, Inc. of IL(8) 34.00 2,405 81.8 34.00 26.00 34.00 0.00 25.93 24.77
WSTR WesterFed Fin. Corp. of MT 18.75 5,589 104.8 26.75 17.00 18.25 2.74 -18.48 -26.47
WOFC Western Ohio Fin. Corp. of OH 23.00 2,298 52.9 27.50 19.75 21.75 5.75 -12.38 -14.43
WEHO Westwood Hmstd Fin Corp of OH 10.63 2,436 25.9 18.13 10.00 10.50 1.24 -35.34 -37.47
FFWD Wood Bancorp of OH 13.88 2,691 37.4 27.00 12.25 13.25 4.75 -6.22 -26.17
YFCB Yonkers Fin. Corp. of NY 14.00 2,726 38.2 20.25 13.00 14.00 0.00 -26.32 -27.27
YFED York Financial Corp. of PA 17.88 9,416 168.4 25.95 14.88 18.38 -2.72 -16.17 -27.08
<CAPTION>
Current Per Share Financials
---------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- --------
($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
STFR St. Francis Cap. Corp. of WI 2.68 2.60 27.35 24.47 366.50
SPBC St. Paul Bancorp, Inc. of IL 1.22 1.17 10.79 10.75 112.44
SFFC StateFed Financial Corp. of IA 0.66 0.66 10.38 10.38 57.97
SFIN Statewide Fin. Corp. of NJ 1.21 1.16 14.51 14.49 149.34
STSA Sterling Financial Corp. of WA 0.92 1.32 14.72 6.49 273.76
ROSE T R Financial Corp. of NY* 2.36 1.98 15.10 15.10 237.29
THRD TF Financial Corp. of PA 1.23 1.10 16.46 14.08 218.09
THTL Thistle Group Holdings of PA 0.53 0.53 10.79 10.79 38.81
TSBK Timberland Bancorp of WA 0.71 0.66 13.55 13.55 41.88
TRIC Tri-County Bancorp of WY 0.79 0.75 12.44 12.44 74.31
TWIN Twin City Bancorp, Inc. of TN 0.89 0.72 11.29 11.29 89.13
USAB USABancshares, Inc of PA* 0.26 0.32 6.55 6.51 67.28
UCBC Union Community Bancorp of IN 0.47 0.47 14.22 14.22 35.53
UCFC United Community Fin. of OH 0.58 0.58 12.47 12.47 38.59
UBMT United Fin. Corp. of MT 1.35 1.32 17.83 17.23 120.93
UTBI United Tenn. Bancshares of TN 0.71 0.71 13.83 13.83 51.16
WHGB WHG Bancshares of MD 0.46 0.46 14.52 14.52 95.01
WSFS WSFS Financial Corp. of DE* 1.42 1.37 7.77 7.74 130.44
WVFC WVS Financial Corp. of PA 0.97 1.05 9.12 9.12 82.17
WRNB Warren Bancorp of Peabody MA* 0.76 0.72 5.14 5.14 48.52
WSBI Warwick Community Bncrp of NY* 0.19 0.64 13.04 13.04 62.12
WFSL Washington Federal, Inc. of WA 2.17 2.10 14.91 13.87 109.57
WAYN Wayne Svgs Bks MHC of OH (48.2 0.73 0.66 9.94 9.94 104.30
WCFB Wbstr Cty FSB MHC of IA (45.6) 0.63 0.63 10.75 10.75 45.93
WBST Webster Financial Corp. of CT 1.58 1.61 14.91 12.78 241.51
WEFC Wells Fin. Corp. of Wells MN 1.46 1.33 15.25 15.25 112.52
WEBK West Essex MHC of NJ (42.2) 0.27 0.27 10.76 10.76 80.14
WCBI WestCo Bancorp, Inc. of IL(8) 1.87 1.86 19.95 19.95 132.43
WSTR WesterFed Fin. Corp. of MT 1.29 1.26 19.94 16.38 178.85
WOFC Western Ohio Fin. Corp. of OH 0.12 0.10 22.57 21.11 155.48
WEHO Westwood Hmstd Fin Corp of OH 0.41 0.57 10.21 10.21 52.33
FFWD Wood Bancorp of OH 0.88 0.72 8.38 8.38 61.74
YFCB Yonkers Fin. Corp. of NY 1.09 0.99 15.17 15.17 147.31
YFED York Financial Corp. of PA 1.06 0.84 11.60 11.60 130.55
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1B
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- --------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings
---------------------- --------------- NPAs Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs
- --------------------- ------- ------- ------ ------- ------ ------ ------- ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(276) 13.67 13.38 0.91 7.80 5.77 0.86 7.34 0.60 139.30
NYSE Traded Companies(7) 8.58 8.11 0.76 10.15 5.91 0.49 7.54 0.75 156.04
AMEX Traded Companies(22) 13.69 13.56 0.73 5.86 5.56 0.76 5.63 0.49 184.75
NASDAQ Listed OTC Companies(247) 13.81 13.51 0.92 7.91 5.79 0.88 7.49 0.61 136.10
California Companies(17) 7.64 7.30 0.62 8.74 7.66 0.52 7.80 1.38 99.17
Florida Companies(5) 11.23 10.50 0.88 8.75 5.56 0.59 5.23 0.46 163.09
Mid-Atlantic Companies(53) 11.24 10.84 0.83 9.01 6.61 0.83 8.56 0.58 115.62
Mid-West Companies(131) 14.36 14.14 0.91 6.97 5.21 0.88 6.78 0.56 142.87
New England Companies(7) 7.46 7.15 0.72 9.97 7.22 0.62 8.45 0.66 132.66
North-West Companies(11) 17.27 16.48 1.16 8.38 5.66 1.04 7.63 0.37 233.88
South-East Companies(41) 17.24 17.07 1.09 8.20 5.49 1.04 7.73 0.63 151.21
South-West Companies(6) 11.02 10.92 0.69 7.19 6.45 0.65 6.88 0.52 72.35
Western Companies (Excl CA)(5) 16.85 16.35 0.99 6.29 5.84 0.97 6.16 0.35 144.03
Thrift Strategy(235) 14.66 14.42 0.92 7.29 5.64 0.89 6.98 0.57 142.34
Mortgage Banker Strategy(24) 7.61 6.85 0.73 9.57 4.82 0.66 8.95 0.73 129.21
Real Estate Strategy(7) 7.34 7.11 0.92 12.47 9.19 0.83 11.35 1.31 114.12
Diversified Strategy(7) 8.71 8.36 0.81 10.10 4.77 0.52 7.23 0.58 108.22
Retail Banking Strategy(3) 6.78 6.24 1.41 20.74 20.56 1.13 16.57 0.91 64.52
Companies Issuing Dividends(232) 13.84 13.55 0.95 7.99 5.96 0.90 7.45 0.57 140.75
Companies Without Dividends(44) 12.70 12.44 0.64 6.69 4.68 0.67 6.74 0.77 131.07
Equity/Assets + 6 1/2% (16) 4.79 4.33 0.54 10.68 6.28 0.55 10.98 1.12 104.52
Equity/Assets 6-12%(124) 8.70 8.29 0.81 9.57 6.42 0.73 8.60 0.65 133.29
Equity/Assets ++ 12%(136) 19.24 19.07 1.03 5.85 5.12 1.03 5.77 0.50 148.67
Converted Last 3 Mths (no MHC)(1) 30.74 30.74 0.64 2.08 2.81 0.64 2.08 0.00 0.00
Actively Traded Companies(28) 8.94 8.40 0.90 10.70 5.45 0.91 11.31 0.78 137.64
Market Value Below $20 Million(63) 14.89 14.79 0.84 5.98 5.92 0.78 5.43 0.67 135.86
Holding Company Structure(248) 13.67 13.38 0.90 7.72 5.73 0.87 7.34 0.62 135.05
Assets Over $1 Billion(55) 9.23 8.59 0.79 10.25 6.34 0.77 9.73 0.82 113.42
Assets $500 Million-$1 Billion(37) 10.39 9.96 0.86 8.20 5.05 0.80 7.92 0.44 159.95
Assets $250-$500 Million(63) 13.85 13.56 0.94 8.22 6.37 0.91 7.68 0.57 160.18
Assets less than $250 Million(121) 16.66 16.57 0.95 6.33 5.44 0.91 5.89 0.58 135.24
Goodwill Companies(112) 10.68 9.99 0.84 9.25 6.26 0.79 8.56 0.66 131.81
Non-Goodwill Companies(161) 15.71 15.71 0.95 6.73 5.45 0.91 6.46 0.56 145.76
Acquirors of FSLIC Cases(7) 9.57 8.97 1.28 14.56 11.38 1.22 13.98 0.78 62.20
<CAPTION>
Pricing Ratios Dividend Data (6)
------------------------------------------------- ------------------------
Price/ Price/ Ind. Divi-
Resvs/ Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Loans Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------ ------- ------ ------ ------ -------- ------ ------ ---------
(%) (X) (%) (%) (%) (x) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(276) 0.79 17.19 126.07 15.85 131.69 18.06 0.33 2.04 32.64
NYSE Traded Companies(7) 1.38 17.56 153.06 13.50 163.41 13.52 0.21 0.89 19.42
AMEX Traded Companies(22) 0.78 16.68 101.87 13.69 103.28 18.46 0.33 2.27 32.93
NASDAQ Listed OTC Companies(247) 0.77 17.22 127.49 16.10 133.36 18.11 0.34 2.04 33.01
California Companies(17) 1.28 13.76 110.16 8.42 116.35 12.41 0.15 0.77 15.98
Florida Companies(5) 0.95 16.77 137.62 16.17 152.89 20.81 0.14 1.13 18.47
Mid-Atlantic Companies(53) 0.92 16.21 125.74 13.31 133.93 18.05 0.32 1.93 32.03
Mid-West Companies(131) 0.66 17.71 125.51 16.55 128.84 18.28 0.34 2.13 32.98
New England Companies(7) 1.02 14.13 132.88 9.65 140.43 17.30 0.39 2.23 30.27
North-West Companies(11) 0.80 18.35 134.00 20.17 154.75 19.32 0.32 1.77 31.72
South-East Companies(41) 0.77 18.47 136.16 20.14 140.12 19.28 0.39 2.39 39.53
South-West Companies(6) 0.56 16.12 102.22 10.77 105.74 12.88 0.26 1.81 28.50
Western Companies (Excl CA)(5) 0.90 17.30 101.02 16.75 106.07 17.62 0.56 3.35 58.51
Thrift Strategy(235) 0.74 17.50 120.43 16.42 124.33 18.24 0.34 2.14 34.18
Mortgage Banker Strategy(24) 0.97 16.32 162.25 12.38 185.01 19.29 0.26 1.38 25.53
Real Estate Strategy(7) 1.62 11.29 133.92 10.05 136.67 12.20 0.18 0.93 11.58
Diversified Strategy(7) 1.08 20.09 195.48 16.88 205.20 18.17 0.40 2.02 40.52
Retail Banking Strategy(3) 0.63 7.52 122.45 7.77 132.37 9.35 0.23 1.47 8.84
Companies Issuing Dividends(232) 0.75 17.16 127.33 16.21 132.66 18.21 0.39 2.40 38.28
Companies Without Dividends(44) 0.98 17.35 118.92 13.81 126.24 16.91 0.00 0.00 0.00
Equity/Assets + 6%(16) 0.95 13.66 160.38 7.89 179.31 13.25 0.15 0.72 10.08
Equity/Assets 6-12%(124) 0.87 15.46 141.01 12.06 149.51 17.05 0.32 1.82 27.77
Equity/Assets ++ 12%(136) 0.70 19.16 108.44 20.24 109.87 19.51 0.37 2.39 40.36
Converted Last 3 Mths (no MHC)(1) 0.00 0.00 73.99 22.74 73.99 0.00 0.00 0.00 0.00
Actively Traded Companies(28) 0.92 16.67 165.75 14.43 182.18 16.44 0.44 1.95 33.41
Market Value Below $20 Million(63) 0.66 17.68 101.84 14.56 102.49 18.87 0.31 2.36 37.26
Holding Company Structure(248) 0.77 17.27 126.66 15.92 132.39 17.97 0.34 2.06 33.02
Assets Over $1 Billion(55) 0.98 16.09 150.15 13.26 166.24 17.15 0.31 1.54 25.44
Assets $500 Million-$1 Billion(37) 0.85 15.48 143.76 14.06 152.11 17.54 0.37 1.91 30.33
Assets $250-$500 Million(63) 0.78 16.35 121.43 16.10 125.00 17.09 0.32 1.85 30.04
Assets less than $250 Million(121) 0.68 18.59 111.62 17.49 112.48 19.13 0.34 2.39 38.45
Goodwill Companies(112) 0.90 16.44 136.77 13.69 150.06 17.48 0.33 1.83 28.41
Non-Goodwill Companies(161) 0.70 17.73 117.30 17.22 117.30 18.51 0.34 2.20 35.94
Acquirors of FSLIC Cases(7) 0.62 13.04 142.26 13.76 152.62 12.66 0.47 1.99 24.69
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
+ less than sign.
++ greater than sign.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
------------------------------------------------------------ -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
----------------------- ----------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- -------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(56) 11.89 11.51 1.06 10.58 6.84 1.06 9.98 0.57 194.30 1.25
NYSE Traded Companies(5) 17.61 15.76 1.39 9.67 5.41 1.49 8.93 1.08 83.51 0.90
AMEX Traded Companies(5) 11.63 11.34 1.09 10.80 7.82 1.01 9.63 0.83 136.15 1.17
NASDAQ Listed OTC Companies(46) 11.23 11.01 1.02 10.67 6.90 1.01 10.15 0.49 214.78 1.31
California Companies(1) 10.43 10.41 1.43 13.81 11.10 1.43 13.81 0.00 0.00 1.90
Mid-Atlantic Companies(21) 14.39 13.80 0.96 8.27 5.15 1.07 8.37 0.79 128.74 1.13
New England Companies(29) 9.81 9.52 1.13 12.72 7.95 1.03 11.38 0.48 252.40 1.41
North-West Companies(2) 11.26 11.26 1.31 12.46 8.91 1.24 11.32 0.04 0.00 1.13
South-East Companies(3) 15.00 14.84 0.77 4.38 5.17 0.98 5.79 0.32 159.18 0.52
Thrift Strategy(44) 12.82 12.49 1.04 9.69 6.54 1.06 9.24 0.58 190.81 1.19
Mortgage Banker Strategy(6) 8.55 8.09 1.07 13.24 7.98 0.91 10.77 0.33 264.90 1.15
Real Estate Strategy(2) 10.51 10.50 1.52 14.41 9.74 1.48 14.02 0.90 116.78 1.73
Diversified Strategy(4) 7.03 5.93 0.97 14.59 6.67 1.04 15.46 0.85 151.28 1.98
Companies Issuing Dividends(48) 11.34 10.89 1.05 10.76 6.73 1.04 10.03 0.53 190.78 1.20
Companies Without Dividends(8) 14.85 14.84 1.13 9.66 7.43 1.17 9.68 0.79 211.44 1.51
Equity/Assets (less than) 6%(3) 5.08 5.02 1.00 19.27 8.43 0.78 14.33 0.94 113.96 1.66
Equity/Assets 6-12%(35) 8.73 8.39 1.03 11.90 7.37 0.96 10.93 0.55 200.35 1.36
Equity/Assets (greater than) 12%(18) 18.85 18.34 1.12 6.66 5.60 1.29 7.46 0.57 194.57 0.97
Converted Last 3 Mths (no MHC)(1) 27.23 27.23 0.47 1.74 2.67 1.06 3.91 1.28 74.83 1.43
Actively Traded Companies(14) 10.45 9.99 1.36 13.70 8.43 1.28 12.12 0.39 221.94 1.07
Market Value Below $20 Million(6) 8.88 8.68 0.75 8.16 7.14 0.78 8.47 0.76 231.68 1.21
Holding Company Structure(43) 12.62 12.38 1.05 9.84 6.49 1.08 9.54 0.48 212.59 1.26
Assets Over $1 Billion(16) 11.26 10.27 1.22 12.15 6.51 1.25 11.79 0.63 181.05 1.25
Assets $500 Million-$1 Billion(11) 9.34 9.20 1.06 12.24 7.45 0.94 10.09 0.48 219.98 1.34
Assets $250-$500 Million(15) 12.82 12.70 1.09 10.61 7.53 1.10 9.96 0.62 172.92 1.49
Assets less than $250 Million(14) 13.09 12.97 0.86 7.93 6.16 0.89 7.98 0.52 218.08 0.95
Goodwill Companies(28) 10.21 9.40 0.99 11.09 7.09 0.95 9.99 0.75 162.48 1.25
Non-Goodwill Companies(28) 13.39 13.39 1.12 10.13 6.63 1.16 9.97 0.43 224.61 1.25
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(56) 14.64 140.32 15.68 144.75 16.20 0.38 1.96 29.40
NYSE Traded Companies(5) 18.03 155.32 24.67 158.15 19.25 0.55 1.43 28.49
AMEX Traded Companies(5) 13.43 128.55 13.85 132.84 15.79 0.41 2.45 32.02
NASDAQ Listed OTC Companies(46) 14.43 139.91 14.81 144.90 15.94 0.35 1.96 29.18
California Companies(1) 9.01 116.50 12.15 116.75 9.01 0.00 0.00 0.00
Mid-Atlantic Companies(21) 17.44 132.06 18.44 133.40 19.10 0.39 1.59 31.61
New England Companies(29) 13.54 151.14 13.85 158.17 15.06 0.38 2.06 27.67
North-West Companies(2) 11.29 137.04 14.68 137.04 12.22 0.32 2.40 27.80
South-East Companies(3) 15.57 106.22 15.97 107.30 11.88 0.41 3.68 48.21
Thrift Strategy(44) 15.05 132.01 16.20 132.71 16.89 0.40 1.99 30.52
Mortgage Banker Strategy(6) 12.83 164.28 13.38 178.26 13.82 0.33 1.65 21.23
Real Estate Strategy(2) 10.47 146.38 15.41 146.51 10.80 0.18 1.99 23.68
Diversified Strategy(4) 16.44 196.30 13.63 229.05 15.04 0.37 2.03 35.35
Companies Issuing Dividends(48) 14.45 146.32 15.84 151.75 16.31 0.45 2.32 35.13
Companies Without Dividends(8) 15.67 108.79 14.85 108.90 15.65 0.00 0.00 0.00
Equity/Assets (less than) 6%(3) 11.88 214.98 10.95 218.43 12.81 0.35 1.89 22.93
Equity/Assets 6-12%(35) 14.28 150.17 13.72 158.59 15.61 0.40 2.03 29.75
Equity/Assets (greater than) 12%(18) 16.23 109.76 20.11 104.99 17.73 0.34 1.82 29.96
Converted Last 3 Mths (no MHC)(1) 0.00 65.41 17.81 65.41 16.75 0.00 0.00 0.00
Actively Traded Companies(14) 12.83 157.75 15.48 170.88 12.83 0.55 2.37 31.36
Market Value Below $20 Million(6) 15.37 111.17 9.82 115.33 14.24 0.23 1.57 21.68
Holding Company Structure(43) 15.07 136.25 16.30 141.73 16.80 0.39 2.00 31.24
Assets Over $1 Billion(16) 16.18 166.61 19.04 178.86 16.59 0.52 1.93 34.35
Assets $500 Million-$1 Billion(11) 12.57 154.18 13.44 158.05 16.03 0.54 2.67 37.47
Assets $250-$500 Million(15) 12.89 128.47 14.89 130.27 15.36 0.23 1.67 21.65
Assets less than $250 Million(14) 15.81 117.95 14.16 119.96 16.77 0.28 1.86 26.46
Goodwill Companies(28) 14.97 147.28 14.06 157.03 15.83 0.39 1.91 28.61
Non-Goodwill Companies(28) 14.30 133.89 17.13 133.89 16.51 0.37 2.00 30.15
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities
or unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for stock
splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 14.46 14.36 0.83 6.24 3.73 0.79 5.74 0.56 129.25 0.85
BIF-Insured Thrifts(3) 13.01 11.94 0.89 8.23 4.32 0.80 6.93 0.75 136.84 1.13
NASDAQ Listed OTC Companies(23) 14.25 14.00 0.84 6.54 3.82 0.79 5.92 0.59 130.45 0.89
Florida Companies(2) 6.15 5.98 0.65 8.98 4.97 0.52 7.18 0.27 78.51 0.34
Mid-Atlantic Companies(13) 13.30 13.04 0.72 5.78 3.68 0.73 5.67 0.66 79.13 0.83
Mid-West Companies(5) 14.58 14.58 0.89 6.29 3.63 0.79 5.33 0.43 297.10 0.54
New England Companies(2) 20.95 20.22 1.65 10.89 5.15 1.36 8.03 0.46 322.57 2.02
South-East Companies(1) 20.28 20.28 0.73 5.92 2.40 0.66 5.39 0.50 132.06 0.96
Thrift Strategy(21) 14.89 14.74 0.82 5.97 3.74 0.80 5.73 0.58 131.75 0.84
Mortgage Banker Strategy(1) 7.93 7.20 0.80 9.83 3.14 0.57 7.05 0.65 60.95 0.96
Diversified Strategy(1) 8.91 7.46 1.22 13.50 5.88 0.73 8.08 0.59 177.88 1.64
Companies Issuing Dividends(19) 13.90 13.59 0.87 7.05 3.74 0.80 6.27 0.59 145.52 0.90
Companies Without Dividends(4) 15.63 15.63 0.73 4.50 4.13 0.73 4.50 0.59 73.94 0.84
Equity/Assets 6-12%(12) 9.44 8.95 0.73 7.74 4.04 0.59 6.26 0.69 83.98 0.81
Equity/Assets >12%(11) 19.05 19.05 0.95 5.33 3.60 0.98 5.57 0.49 172.27 0.97
Holding Company Structure(5) 14.49 14.14 0.78 5.85 4.13 0.82 6.01 0.64 96.29 0.66
Assets Over $1 Billion(5) 9.94 9.30 0.86 9.47 4.07 0.75 7.92 0.46 126.66 0.96
Assets $500 Million-$1 Billion(3) 32.99 32.99 2.07 8.28 4.42 2.00 7.97 0.33 467.25 2.39
Assets $250-$500 Million(7) 13.36 13.36 0.76 5.65 3.93 0.74 5.41 0.70 64.94 0.78
Assets less than $250 Million(8) 15.53 15.28 0.73 5.07 3.44 0.69 4.69 0.62 141.19 0.73
Goodwill Companies(8) 10.44 9.73 0.78 8.03 4.09 0.64 6.43 0.70 87.04 0.94
Non-Goodwill Companies(14) 16.06 16.06 0.84 5.69 3.45 0.84 5.58 0.52 163.36 0.87
MHC Institutions(23) 14.25 14.00 0.84 6.54 3.82 0.79 5.92 0.59 130.45 0.89
MHC Converted Last 3 Months(2) 16.24 16.24 0.77 4.40 4.52 0.77 4.40 0.81 63.36 1.19
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- --------- ------- ------- ---------
(X) (%) (%) (%) (x) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 24.40 159.70 21.57 163.49 24.18 0.30 1.93 32.92
BIF-Insured Thrifts(3) 19.70 160.56 19.75 182.18 26.78 0.41 1.99 44.28
NASDAQ Listed OTC Companies(23) 23.73 159.83 21.29 166.29 24.78 0.32 1.94 35.35
Florida Companies(2) 20.11 174.17 10.71 179.30 25.14 1.00 4.32 0.00
Mid-Atlantic Companies(13) 23.69 155.29 19.32 161.67 24.24 0.18 1.40 28.15
Mid-West Companies(5) 27.62 171.37 24.25 171.37 26.98 0.57 3.29 60.00
New England Companies(2) 19.82 169.57 30.36 190.17 25.95 0.56 2.45 46.41
South-East Companies(1) 0.00 150.44 30.51 150.44 0.00 0.20 1.45 60.61
Thrift Strategy(21) 24.24 149.19 21.29 152.40 24.48 0.29 1.90 33.19
Mortgage Banker Strategy(1) 0.00 298.76 23.70 329.04 0.00 0.22 1.30 41.51
Diversified Strategy(1) 16.99 212.43 18.93 253.62 28.38 0.92 3.24 55.09
Companies Issuing Dividends(19) 23.90 172.45 22.34 180.53 25.29 0.40 2.43 49.49
Companies Without Dividends(4) 23.07 109.34 17.12 109.34 23.07 0.00 0.00 0.00
Equity/Assets 6-12%(12) 23.76 186.66 17.02 199.59 25.60 0.43 2.45 50.94
Equity/Assets >12%(11) 23.68 133.00 25.57 133.00 24.08 0.21 1.43 19.76
Holding Company Structure(5) 23.41 138.71 18.98 143.44 23.52 0.19 1.13 19.43
Assets Over $1 Billion(5) 21.26 214.94 19.84 236.07 26.59 0.48 2.25 43.04
Assets $500 Million-$1 Billion(3) 22.64 126.72 41.80 126.72 23.53 0.20 1.67 37.74
Assets $250-$500 Million(7) 23.59 145.62 18.47 145.62 22.21 0.25 1.64 15.00
Assets less than $250 Million(8) 25.56 139.41 22.22 142.79 25.86 0.29 2.06 45.00
Goodwill Companies(8) 22.65 186.90 18.00 205.36 26.86 0.36 1.70 28.32
Non-Goodwill Companies(14) 25.39 149.09 23.42 149.09 24.59 0.33 2.24 46.43
MHC Institutions(23) 23.73 159.83 21.29 166.29 24.78 0.32 1.94 35.35
MHC Converted Last 3 Months(2) 15.78 96.07 15.69 96.07 15.78 0.00 0.00 0.00
</TABLE>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities
or unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of
institutions included in the respective averages. All figures have been
adjusted for stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NYSE Traded Companies
- ---------------------
BYS Bay State Bancorp of MA* 20.71 20.71 0.92 4.44 4.31 0.92 4.44 0.56 150.03 0.99
CFB Commercial Federal Corp. of NE 8.24 6.58 0.69 9.70 4.27 0.94 13.27 0.77 85.15 0.83
DME Dime Bancorp, Inc. of NY* 6.31 5.21 0.93 15.56 6.75 0.41 6.90 0.97 54.49 0.69
DSL Downey Financial Corp. of CA 7.87 7.79 0.98 13.22 8.16 1.01 13.67 0.75 70.52 0.58
FED FirstFed Fin. Corp. of CA 6.53 6.49 0.80 13.92 8.69 0.74 12.91 0.73 312.44 2.92
GSB Golden State Bancorp of CA(8) 6.20 5.20 0.81 13.04 5.98 0.85 13.73 0.68 162.74 1.78
GDW Golden West Fin. Corp. of CA 7.58 7.58 1.06 14.87 8.03 1.04 14.60 NA NA 0.86
GPT GreenPoint Fin. Corp. of NY* 13.16 5.65 1.16 11.12 4.43 1.19 11.40 2.27 36.31 1.11
JSB JSB Financial, Inc. of NY* 24.31 24.31 2.92 12.14 8.69 3.28 13.64 NA NA 0.52
OCN Ocwen Financial Corp. of FL 12.19 11.15 0.87 6.99 2.79 0.08 0.62 NA NA 1.50
SIB Staten Island Bancorp of NY* 23.55 22.95 1.02 5.10 2.86 1.65 8.29 0.53 93.20 1.20
WES Westcorp Inc. of Orange CA 9.07 9.05 0.20 2.19 3.55 -0.89 -9.85 NA NA 1.57
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 14.72 14.72 1.04 6.50 7.09 0.98 6.09 NA NA NA
ANE Alliance Bncp of New Eng of CT* 6.90 6.75 0.99 13.13 8.47 0.56 7.48 0.44 276.36 1.76
BKC American Bank of Waterbury CT* 9.48 9.24 1.61 17.87 10.28 1.40 15.52 1.45 71.20 1.73
BFD BostonFed Bancorp of MA 7.80 7.53 0.71 8.64 7.09 0.57 6.89 NA NA 0.86
CNY Carver Bancorp, Inc. of NY 8.40 8.12 0.25 3.02 4.90 0.22 2.63 NA NA 1.26
CBK Citizens First Fin.Corp. of IL 13.95 13.95 0.71 5.12 4.95 0.40 2.89 0.67 54.73 0.45
EFC EFC Bancorp Inc of IL 23.66 23.66 -0.78 -5.19 -4.00 0.94 6.26 0.53 57.48 0.42
EBI Equality Bancorp, Inc. of MO 9.27 9.27 0.49 5.35 4.26 -0.11 -1.18 NA NA NA
ESX Essex Bancorp of Norfolk VA(8) 0.02 -0.04 -0.24 NM -24.31 -0.24 NM 1.26 76.64 1.11
FCB Falmouth Bancorp, Inc. of MA* 19.71 19.71 1.13 5.09 5.46 0.82 3.70 NA NA 0.67
FAB FirstFed America Bancorp of MA 8.60 8.60 0.56 5.53 5.78 0.45 4.44 0.27 324.40 1.33
GAF GA Financial Corp. of PA 13.48 13.36 1.06 7.57 7.68 1.04 7.44 0.23 79.89 0.47
HBS Haywood Bancshares, Inc. of NC* 14.57 14.11 0.92 6.39 6.44 1.45 10.05 0.60 82.40 0.66
KNK Kankakee Bancorp, Inc. of IL 9.84 8.44 0.71 6.89 7.61 0.68 6.57 0.97 61.91 0.98
KYF Kentucky First Bancorp of KY 17.56 17.56 1.08 6.34 5.64 1.06 6.25 0.17 272.34 0.78
NBN Northeast Bancorp of ME* 7.48 6.89 0.83 11.53 8.47 0.82 11.41 0.81 114.63 1.05
NEP Northeast PA Fin. Corp of PA 17.78 17.78 -0.28 -1.52 -1.58 0.63 3.42 0.23 182.16 0.72
PDB Piedmont Bancorp, Inc. of NC 16.56 16.56 1.28 7.79 6.68 1.23 7.54 0.68 116.45 0.97
SSB Scotland Bancorp, Inc. of NC(8) 24.95 24.95 1.33 4.93 3.91 1.33 4.93 NA NA 0.57
SZB SouthFirst Bancshares of AL 9.94 9.70 0.47 4.21 4.13 0.42 3.76 1.56 29.78 0.75
SRN Southern Banc Company of AL 17.67 17.54 0.51 2.96 3.52 0.51 2.96 0.01 690.91 0.18
SSM Stone Street Bancorp of NC 27.32 27.32 1.39 4.89 5.33 1.39 4.89 0.03 NA 0.64
TSH Teche Holding Company of LA 13.84 13.84 0.94 6.94 8.41 0.93 6.83 NA NA 1.01
FTF Texarkana Fst. Fin. Corp of AR 14.47 14.47 1.79 11.92 8.57 1.73 11.56 0.18 287.39 0.64
THR Three Rivers Fin. Corp. of MI 12.83 12.79 0.85 6.31 6.55 0.77 5.71 0.83 59.56 0.78
WSB Washington SB, FSB of MD 8.76 8.76 0.66 7.69 8.89 0.46 5.38 NA NA 0.99
WFI Winton Financial Corp. of OH 7.27 7.14 1.19 16.33 9.69 0.90 12.33 NA NA NA
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 9.10 8.94 0.73 8.09 4.46 0.49 5.47 1.89 30.48 0.77
FBER 1st Bergen Bancorp of NJ(8) 11.88 11.88 0.72 5.76 3.66 0.72 5.76 0.87 121.69 2.43
AFED AFSALA Bancorp, Inc. of NY(8) 11.40 11.40 0.62 5.01 4.34 0.68 5.47 0.33 205.73 1.42
ALBK ALBANK Fin. Corp. of Albany NY(8) 9.46 7.60 1.14 12.53 5.41 1.14 12.49 0.78 93.99 1.05
AMFC AMB Financial Corp. of IN 11.19 11.19 0.30 2.25 2.67 0.56 4.19 0.28 149.09 0.53
ASBP ASB Financial Corp. of OH 12.45 12.45 0.94 6.35 5.97 0.93 6.26 0.34 191.18 0.98
ABBK Abington Bancorp of MA* 6.37 5.81 0.86 12.84 8.13 0.65 9.73 0.14 353.60 0.77
AABC Access Anytime Bancorp of NM 7.96 7.96 0.25 3.06 3.07 0.13 1.60 0.34 120.10 0.58
AFBC Advance Fin. Bancorp of WV 13.07 13.07 0.78 5.32 5.83 0.67 4.61 0.47 88.35 0.49
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NYSE Traded Companies
- ---------------------
BYS Bay State Bancorp of MA* 23.22 103.04 21.34 103.04 23.22 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 23.41 151.72 12.50 189.90 17.12 0.22 0.96 22.45
DME Dime Bancorp, Inc. of NY* 14.81 217.89 13.74 263.77 NM 0.20 0.77 11.36
DSL Downey Financial Corp. of CA 12.26 152.54 12.00 154.15 11.85 0.32 1.29 15.76
FED FirstFed Fin. Corp. of CA 11.51 148.43 9.69 149.19 12.41 0.00 0.00 0.00
GSB Golden State Bancorp of CA(8) 16.72 218.08 13.52 260.03 15.88 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 12.46 173.64 13.17 173.64 12.68 0.50 0.55 6.87
GPT GreenPoint Fin. Corp. of NY* 22.60 193.10 25.42 NM 22.05 0.64 1.76 39.75
JSB JSB Financial, Inc. of NY* 11.51 138.37 33.63 138.37 10.24 1.60 2.97 34.19
OCN Ocwen Financial Corp. of FL NM 229.45 27.97 250.86 NM 0.00 0.00 0.00
SIB Staten Island Bancorp of NY* NM 124.19 29.24 127.43 21.49 0.32 1.64 57.14
WES Westcorp Inc. of Orange CA 28.14 62.59 5.68 62.74 NM 0.20 2.54 71.43
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 14.10 94.44 13.90 94.44 15.03 0.44 2.42 34.11
ANE Alliance Bncp of New Eng of CT* 11.80 166.40 11.49 170.22 20.70 0.20 1.58 18.69
BKC American Bank of Waterbury CT* 9.73 164.50 15.60 168.89 11.20 0.80 3.72 36.20
BFD BostonFed Bancorp of MA 14.10 121.91 9.51 126.35 17.69 0.40 2.13 30.08
CNY Carver Bancorp, Inc. of NY 20.39 60.48 5.08 62.53 23.45 0.00 0.00 0.00
CBK Citizens First Fin.Corp. of IL 20.19 101.48 14.15 101.48 NM 0.00 0.00 0.00
EFC EFC Bancorp Inc of IL NM 87.58 20.72 87.58 20.75 0.00 0.00 NM
EBI Equality Bancorp, Inc. of MO 23.50 112.98 10.48 112.98 NM 0.24 2.04 48.00
ESX Essex Bancorp of Norfolk VA(8) NM NM 0.89 NM NM 0.00 0.00 NM
FCB Falmouth Bancorp, Inc. of MA* 18.31 96.97 19.12 96.97 25.21 0.24 1.56 28.57
FAB FirstFed America Bancorp of MA 17.30 105.16 9.05 105.16 21.57 0.20 1.34 23.26
GAF GA Financial Corp. of PA 13.03 101.17 13.63 102.02 13.25 0.56 3.58 46.67
HBS Haywood Bancshares, Inc. of NC* 15.52 98.30 14.32 101.52 9.88 0.60 3.45 53.57
KNK Kankakee Bancorp, Inc. of IL 13.14 88.23 8.69 102.93 13.78 0.48 1.87 24.62
KYF Kentucky First Bancorp of KY 17.74 113.09 19.86 113.09 17.99 0.50 3.81 67.57
NBN Northeast Bancorp of ME* 11.81 116.59 8.73 126.62 11.94 0.21 1.95 23.08
NEP Northeast PA Fin. Corp of PA NM 95.99 17.07 95.99 28.20 0.00 0.00 NM
PDB Piedmont Bancorp, Inc. of NC 14.97 113.56 18.80 113.56 15.47 0.48 5.26 NM
SSB Scotland Bancorp, Inc. of NC(8) 25.57 141.33 35.26 141.33 25.57 0.20 1.78 45.45
SZB SouthFirst Bancshares of AL 24.24 95.52 9.49 97.92 27.12 0.60 3.75 NM
SRN Southern Banc Company of AL 28.41 82.78 14.63 83.39 28.41 0.35 2.80 NM
SSM Stone Street Bancorp of NC 18.76 92.43 25.25 92.43 18.76 0.46 2.99 56.10
TSH Teche Holding Company of LA 11.90 79.99 11.07 79.99 12.09 0.50 3.39 40.32
FTF Texarkana Fst. Fin. Corp of AR 11.68 140.59 20.35 140.59 12.04 0.64 2.78 32.49
THR Three Rivers Fin. Corp. of MI 15.26 98.51 12.64 98.84 16.86 0.40 2.76 42.11
WSB Washington SB, FSB of MD 11.25 82.87 7.26 82.87 16.07 0.10 2.22 25.00
WFI Winton Financial Corp. of OH 10.32 168.57 12.25 171.47 13.68 0.25 2.29 23.58
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 22.40 174.08 15.85 177.18 NM 0.27 0.70 15.61
FBER 1st Bergen Bancorp of NJ(8) 27.34 161.27 19.15 161.27 27.34 0.28 1.23 33.73
AFED AFSALA Bancorp, Inc. of NY(8) 23.05 122.75 13.99 122.75 21.13 0.28 1.58 36.36
ALBK ALBANK Fin. Corp. of Albany NY(8) 18.48 216.91 20.53 270.13 18.53 0.84 1.32 24.35
AMFC AMB Financial Corp. of IN NM 90.96 10.18 90.96 20.12 0.32 2.31 NM
ASBP ASB Financial Corp. of OH 16.74 124.20 15.47 124.20 17.00 0.40 3.68 61.54
ABBK Abington Bancorp of MA* 12.30 159.90 10.18 175.39 16.24 0.20 1.27 15.63
AABC Access Anytime Bancorp of NM NM 97.66 7.77 97.66 NM 0.00 0.00 0.00
AFBC Advance Fin. Bancorp of WV 17.15 97.10 12.70 97.10 19.80 0.32 2.28 39.02
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ALBC Albion Banc Corp. of Albion NY 8.49 8.49 0.54 6.24 6.18 0.50 5.88 0.47 72.86 0.44
ABCL Alliance Bancorp, Inc. of IL 8.74 8.66 0.75 8.29 5.05 0.92 10.18 0.17 175.47 0.45
ALLB Alliance Bank MHC of PA (19.9) 10.81 10.81 0.73 6.67 4.40 0.73 6.67 0.89 54.73 0.91
AHCI Ambanc Holding Co., Inc. of NY* 10.84 10.84 0.34 3.00 2.75 0.42 3.75 0.61 123.86 1.26
ASBI Ameriana Bancorp of IN 12.16 11.94 0.98 8.54 6.50 0.82 7.15 0.56 54.99 0.43
ABCW Anchor Bancorp Wisconsin of WI 6.36 6.26 1.11 17.39 6.70 0.97 15.09 NA NA 1.22
ANDB Andover Bancorp, Inc. of MA* 8.20 8.20 1.19 14.70 7.42 1.16 14.34 0.31 238.74 0.99
ASFC Astoria Financial Corp. of NY 7.16 5.21 0.80 10.43 7.02 0.74 9.56 0.37 81.42 0.76
AVND Avondale Fin. Corp. of IL(8) 8.36 8.36 -0.91 -11.02 -14.54 -0.62 -7.53 1.29 84.31 2.96
BCSB BCSB Bankcorp MHC of MD (38.6) 16.27 16.27 0.80 4.95 3.69 0.80 4.95 0.34 88.87 0.56
BKCT Bancorp Connecticut of CT* 9.89 9.89 1.43 13.91 7.64 1.21 11.72 0.61 181.32 2.10
BPLS Bank Plus Corp. of CA 4.32 3.97 0.19 4.16 12.23 0.28 6.30 1.75 69.27 1.79
BNKU Bank United Corp. of TX 5.01 4.57 0.89 17.76 9.16 0.81 16.29 0.62 55.77 0.44
BWFC Bank West Fin. Corp. of MI 12.83 12.83 0.49 3.63 3.56 0.51 3.74 0.57 28.07 0.23
BANC BankAtlantic Bancorp of FL 6.79 5.25 0.83 13.30 8.29 0.37 5.99 0.83 101.92 1.20
BKUNA BankUnited Fin. Corp. of FL 5.11 4.27 0.28 6.60 4.89 0.13 3.15 0.46 37.03 0.21
BVCC Bay View Capital Corp. of CA 6.90 4.44 0.36 5.41 4.42 0.57 8.63 NA NA 1.06
FSNJ Bayonne Banchsares of NJ(8) 13.69 13.69 0.73 5.33 3.30 0.73 5.33 0.71 62.50 0.96
BFSB Bedford Bancshares, Inc. of VA 13.26 13.26 1.23 8.87 5.50 1.21 8.76 0.21 232.62 0.60
BFFC Big Foot Fin. Corp. of IL 17.27 17.27 0.55 3.12 3.45 0.41 2.32 0.16 87.72 0.26
BYFC Broadway Fin. Corp. of CA 9.50 9.50 0.45 4.56 8.55 0.28 2.79 1.15 68.56 0.97
BRKL Brookline Bncp MHC of MA(47.0) 32.99 32.99 2.07 8.28 4.42 2.00 7.97 0.33 467.25 2.39
CBES CBES Bancorp, Inc. of MO 11.65 11.65 0.85 5.95 6.32 0.55 3.88 NA NA 0.54
CITZ CFS Bancorp, Inc. of IN 17.41 17.41 0.58 3.31 3.62 0.64 3.68 0.67 42.30 0.81
CFSB CFSB Bancorp of Lansing MI 7.82 7.82 1.37 17.55 6.02 1.22 15.71 0.19 304.47 0.62
CKFB CKF Bancorp of Danville KY 21.44 21.44 1.30 5.93 6.24 1.17 5.32 0.84 26.94 0.25
CNSB CNS Bancorp, Inc. of MO 22.90 22.90 0.89 3.67 4.59 0.70 2.91 0.23 184.72 0.61
CNYF CNY Financial Corp of NY* 27.23 27.23 0.47 1.74 2.67 1.06 3.91 1.28 74.83 1.43
CSBF CSB Financial Group Inc of IL 23.20 21.89 0.76 3.28 4.45 0.74 3.20 1.13 34.83 0.69
CBCI Calumet Bancorp of Chicago IL(8) 17.73 17.73 1.95 11.64 9.99 1.96 11.72 1.22 99.48 1.57
CAFI Camco Fin. Corp. of OH 9.90 9.30 1.26 13.00 7.81 0.91 9.41 0.72 39.75 0.34
CMRN Cameron Fin. Corp. of MO 19.87 19.87 1.14 5.47 6.07 1.12 5.36 1.06 67.46 0.87
CFNC Carolina Fincorp of NC* 13.50 13.50 0.93 4.48 6.40 1.05 5.04 0.13 303.47 0.51
CASB Cascade Financial Corp. of WA 7.08 7.08 0.86 12.32 6.69 0.72 10.34 0.48 193.12 1.08
CATB Catskill Fin. Corp. of NY* 21.55 21.55 1.29 5.56 6.59 1.26 5.43 0.20 302.80 1.40
CAVB Cavalry Bancorp of TN 28.83 28.83 1.59 6.34 3.50 1.16 4.62 NA NA NA
CNIT Cenit Bancorp of Norfolk VA 7.91 7.33 0.90 12.59 6.68 0.83 11.60 0.19 316.10 0.75
CEBK Central Co-Op. Bank of MA* 9.75 8.88 0.85 8.64 9.16 0.63 6.45 0.40 188.70 1.00
CENB Century Bancorp, Inc. of NC(8) 19.34 19.34 1.20 4.68 6.79 1.18 4.63 0.47 119.57 0.78
COFI Charter One Financial of OH 7.58 7.15 1.00 13.71 5.07 1.28 17.47 0.40 142.90 0.82
CVAL Chester Valley Bancorp of PA 8.66 8.66 0.99 11.50 5.07 0.92 10.61 0.31 283.81 1.22
CLAS Classic Bancshares, Inc. of KY 14.87 12.79 0.73 4.88 4.95 0.93 6.18 0.29 216.16 0.92
CBSA Coastal Bancorp of Houston TX 3.85 3.35 0.52 14.57 11.35 0.54 14.92 NA NA 0.71
CFCP Coastal Fin. Corp. of SC 5.89 5.89 1.21 19.85 5.63 0.97 15.96 0.48 188.30 1.31
CFKY Columbia Financial of KY 32.02 32.02 0.64 2.94 2.13 0.64 2.94 0.21 122.95 0.48
CMSB Commonwealth Bancorp Inc of PA 8.38 6.57 0.52 5.85 5.44 0.34 3.78 0.46 91.32 0.66
CMSV Commty. Svgs, MHC of FL (48.5)(8) 10.85 10.85 0.70 6.35 4.34 0.65 5.85 0.27 133.22 0.52
CFTP Community Fed. Bancorp of MS 22.27 22.27 1.24 4.91 4.63 1.07 4.24 0.28 78.26 0.41
CFFC Community Fin. Corp. of VA 14.09 14.04 1.00 7.33 5.85 0.96 7.02 1.30 48.66 0.71
CIBI Community Inv. Bancorp of OH 8.93 8.93 0.86 8.07 6.09 0.86 8.07 NA NA NA
COOP Cooperative Bancshares of NC 7.99 7.99 0.63 8.10 6.37 0.58 7.48 0.86 32.97 0.35
CRZY Crazy Woman Creek Bncorp of WY 23.43 23.43 1.24 5.15 5.63 1.24 5.15 NA NA NA
CRSB Crusader Holding Corp of PA 11.50 10.90 2.28 32.12 7.92 2.09 29.47 0.67 63.39 0.50
DNFC D&N Financial Corp. of MI 5.60 5.21 0.84 15.34 8.34 0.68 12.38 0.50 109.80 0.83
DCBI Delphos Citizens Bancorp of OH 22.47 22.47 1.48 5.93 4.95 1.48 5.93 NA NA NA
DCOM Dime Community Bancorp of NY* 10.33 8.98 0.91 7.69 4.74 0.88 7.44 0.33 209.19 1.17
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- ---------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
---------------------------------------
ALBC Albion Banc Corp. of Albion NY 16.18 98.57 8.37 98.57 17.19 0.12 1.45 23.53
ABCL Alliance Bancorp, Inc. of IL 19.80 126.82 11.08 127.88 16.13 0.44 2.20 43.56
ALLB Alliance Bank MHC of PA (19.9) 22.72 147.51 15.95 147.51 22.72 0.36 2.64 60.00
AHCI Ambanc Holding Co., Inc. of NY* NM 109.29 11.85 109.29 29.09 0.24 1.50 54.55
ASBI Ameriana Bancorp of IN 15.38 128.30 15.60 130.62 18.37 0.64 3.56 54.70
ABCW Anchor Bancorp Wisconsin of WI 14.92 250.98 15.96 254.97 17.19 0.20 1.04 15.50
ANDB Andover Bancorp, Inc. of MA* 13.48 185.97 15.25 185.97 13.82 0.72 2.20 29.63
ASFC Astoria Financial Corp. of NY 14.24 134.69 9.65 185.11 15.53 0.80 1.73 24.69
AVND Avondale Fin. Corp. of IL(8) NM 82.64 6.91 82.64 NM 0.00 0.00 NM
BCSB BCSB Bankcorp MHC of MD (38.6) 27.08 133.93 21.79 133.93 27.08 0.00 0.00 0.00
BKCT Bancorp Connecticut of CT* 13.09 173.59 17.17 173.59 15.54 0.00 0.00 0.00
BPLS Bank Plus Corp. of CA 8.18 33.40 1.44 36.37 5.41 0.00 0.00 0.00
BNKU Bank United Corp. of TX 10.91 182.28 9.13 199.70 11.90 0.64 1.62 17.68
BWFC Bank West Fin. Corp. of MI 28.13 101.47 13.01 101.47 27.27 0.24 2.67 NM
BANC BankAtlantic Bancorp of FL 12.06 124.42 8.45 160.90 26.75 0.10 1.17 14.08
BKUNA BankUnited Fin. Corp. of FL 20.45 87.46 4.47 104.65 NM 0.00 0.00 0.00
BVCC Bay View Capital Corp. of CA 22.62 97.69 6.74 151.76 14.18 0.40 2.11 47.62
FSNJ Bayonne Banchsares of NJ(8) NM 146.91 20.11 146.91 NM 0.25 1.62 49.02
BFSB Bedford Bancshares, Inc. of VA 18.18 155.21 20.58 155.21 18.42 0.32 2.29 41.56
BFFC Big Foot Fin. Corp. of IL 29.00 89.91 15.53 89.91 NM 0.00 0.00 0.00
BYFC Broadway Fin. Corp. of CA 11.69 51.75 4.91 51.75 19.08 0.20 2.76 32.26
BRKL Brookline Bncp MHC of MA(47.0) 22.64 126.72 41.80 126.72 23.53 0.20 1.67 37.74
CBES CBES Bancorp, Inc. of MO 15.83 94.73 11.04 94.73 24.30 0.48 2.78 44.04
CITZ CFS Bancorp, Inc. of IN 27.61 91.36 15.90 91.36 24.85 0.32 3.22 NM
CFSB CFSB Bancorp of Lansing MI 16.61 285.80 22.36 285.80 18.55 0.52 2.19 36.36
CKFB CKF Bancorp of Danville KY 16.02 96.31 20.65 96.31 17.88 0.54 3.51 56.25
CNSB CNS Bancorp, Inc. of MO 21.78 85.74 19.64 85.74 27.46 0.30 2.38 51.72
CNYF CNY Financial Corp of NY* NM 65.41 17.81 65.41 16.75 0.00 0.00 0.00
CSBF CSB Financial Group Inc of IL 22.45 74.06 17.18 78.47 22.98 0.00 0.00 0.00
CBCI Calumet Bancorp of Chicago IL(8) 10.01 109.77 19.47 109.77 9.95 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 12.80 148.31 14.68 157.82 17.70 0.41 2.60 33.33
CMRN Cameron Fin. Corp. of MO 16.47 92.29 18.33 92.29 16.80 0.28 1.68 27.72
CFNC Carolina Fincorp of NC* 15.63 108.43 14.64 108.43 13.89 0.24 2.74 42.86
CASB Cascade Financial Corp. of WA 14.94 171.73 12.17 171.73 17.81 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 15.17 86.76 18.69 86.76 15.52 0.37 2.74 41.57
CAVB Cavalry Bancorp of TN 28.57 147.82 42.62 147.82 NM 0.20 1.00 28.57
CNIT Cenit Bancorp of Norfolk VA 14.96 184.11 14.56 198.74 16.24 0.44 2.32 34.65
CEBK Central Co-Op. Bank of MA* 10.92 91.08 8.88 100.00 14.62 0.32 1.86 20.25
CENB Century Bancorp, Inc. of NC(8) 14.74 94.98 18.37 94.98 14.89 0.68 4.86 71.58
COFI Charter One Financial of OH 19.72 246.91 18.70 261.68 15.47 0.56 2.00 39.44
CVAL Chester Valley Bancorp of PA 19.72 207.87 17.99 207.87 21.37 0.44 1.57 30.99
CLAS Classic Bancshares, Inc. of KY 20.21 96.07 14.28 111.72 15.96 0.32 2.11 42.67
CBSA Coastal Bancorp of Houston TX 8.81 118.74 4.57 136.33 8.60 0.32 1.73 15.24
CFCP Coastal Fin. Corp. of SC 17.76 327.02 19.27 327.02 22.09 0.28 1.47 26.17
CFKY Columbia Financial of KY NM 92.99 29.77 92.99 NM 0.28 2.13 NM
CMSB Commonwealth Bancorp Inc of PA 18.37 116.47 9.76 148.52 28.42 0.32 2.12 39.02
CMSV Commty. Svgs, MHC of FL (48.5)(8) 23.02 142.73 15.49 142.73 25.00 0.90 3.87 NM
CFTP Community Fed. Bancorp of MS 21.59 106.90 23.81 106.90 25.00 0.32 2.25 48.48
CFFC Community Fin. Corp. of VA 17.08 120.70 17.01 121.18 17.84 0.32 2.64 45.07
CIBI Community Inv. Bancorp of OH 16.43 140.42 12.54 140.42 16.43 0.24 2.09 34.29
COOP Cooperative Bancshares of NC 15.71 119.75 9.57 119.75 17.01 0.00 0.00 0.00
CRZY Crazy Woman Creek Bncorp of WY 17.77 90.94 21.31 90.94 17.77 0.40 2.71 48.19
CRSB Crusader Holding Corp of PA 12.63 202.15 23.25 213.41 13.76 0.00 0.00 0.00
DNFC D&N Financial Corp. of MI 11.99 167.76 9.40 180.30 14.86 0.20 0.98 11.70
DCBI Delphos Citizens Bancorp of OH 20.21 128.12 28.79 128.12 20.21 0.24 1.26 25.53
DCOM Dime Community Bancorp of NY* 21.11 167.53 17.30 192.60 21.82 0.48 1.86 39.34
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
<TABLE>
<CAPTION>
Exhibit 1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
Key Financial Ratios Asset Quality Ratios
------------------------------------------------------ --------------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings
---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ESBF ESB Financial Corp of PA 7.20 6.42 0.69 9.08 6.44 0.69 9.08 0.60 83.44 1.34
EGLB Eagle BancGroup of IL 11.29 11.29 0.41 3.49 3.42 0.08 0.70 1.08 52.94 0.81
EBSI Eagle Bancshares of Tucker GA 6.92 6.92 0.88 11.78 8.28 0.85 11.46 1.20 49.97 0.78
ETFS East Texas Fin. Serv. of TX 17.29 17.29 0.53 3.02 3.90 0.45 2.58 0.41 46.61 0.38
ESBK Elmira Svgs Bank (The) of NY* 6.43 6.43 0.47 7.39 6.73 0.55 8.73 0.75 90.35 0.86
EMLD Emerald Financial Corp. of OH 8.51 8.41 1.13 14.11 6.38 1.03 12.84 0.33 NA NA
EFBC Empire Federal Bancorp of MT 36.22 36.22 1.45 3.95 4.70 1.45 3.95 0.01 NA 0.41
EFBI Enterprise Fed. Bancorp of OH(8) 9.96 9.71 0.78 6.96 2.26 0.67 5.95 NA NA 0.32
EQSB Equitable FSB of Wheaton MD 5.40 5.40 0.95 18.23 12.24 0.55 10.66 0.29 NA NA
FCBF FCB Fin. Corp. of Neenah WI 14.47 14.47 1.24 8.45 5.31 0.92 6.26 0.22 327.68 0.98
FFDF FFD Financial Corp. of OH 17.39 17.39 1.07 4.76 4.69 0.75 3.36 0.09 329.27 0.38
FFLC FFLC Bancorp of Leesburg FL 12.51 12.51 1.03 7.97 6.75 1.03 7.97 0.19 276.11 0.60
FFWC FFW Corporation of Wabash IN 9.41 8.66 0.99 10.40 7.88 0.87 9.12 0.43 112.60 0.70
FFYF FFY Financial Corp. of OH 12.92 12.92 1.24 9.26 6.18 1.21 9.06 0.51 82.43 0.56
FMCO FMS Financial Corp. of NJ 6.08 6.03 0.85 13.59 7.30 0.85 13.59 NA NA 1.09
FFHH FSF Financial Corp. of MN 10.23 10.05 0.75 7.05 6.77 0.68 6.44 0.19 127.62 0.36
FBCI Fidelity Bancorp of Chicago IL 10.60 10.58 0.19 1.80 1.52 0.60 5.67 0.24 45.86 0.14
FSBI Fidelity Bancorp, Inc. of PA 7.09 7.09 0.74 10.76 8.53 0.72 10.54 0.17 330.68 1.05
FFFL Fidelity Bcsh MHC of FL (47.9) 6.15 5.98 0.65 8.98 4.97 0.52 7.18 0.27 78.51 0.34
FFED Fidelity Fed. Bancorp of IN 3.81 3.81 -0.32 -5.38 -4.63 -0.26 -4.40 0.40 384.49 1.91
FFOH Fidelity Financial of OH 12.66 11.31 0.88 7.11 6.16 0.84 6.77 NA NA 0.40
FIBC Financial Bancorp, Inc. of NY(8) 9.16 9.12 0.95 10.72 4.69 0.92 10.35 NA NA NA
SBFL Fingr Lakes Fin.MHC OF NY(33.1 8.14 8.14 0.41 4.75 2.64 0.33 3.76 0.50 90.60 0.89
FBSI First Bancshares, Inc. of MO 14.15 13.57 1.10 7.90 6.57 1.10 7.90 1.24 24.67 0.36
FBBC First Bell Bancorp of PA 9.88 9.88 1.09 10.34 7.69 1.08 10.26 0.08 121.66 0.14
FSTC First Citizens Corp of GA 10.09 8.07 1.91 19.64 8.07 1.73 17.77 1.17 86.37 1.39
FCME First Coastal Corp. of ME* 8.95 8.95 0.80 8.29 8.67 0.72 7.47 0.24 650.60 2.55
FDEF First Defiance Fin.Corp. of OH 17.74 17.74 0.94 4.96 4.51 0.90 4.74 0.29 171.18 0.62
FESX First Essex Bancorp of MA* 7.73 5.70 0.85 11.56 7.52 0.77 10.41 0.53 173.68 1.50
FFSX First FSB MHC Sxld of IA(46.3)(8) 7.62 6.14 0.68 8.43 5.00 0.66 8.22 0.34 138.99 0.65
FFES First Fed of E. Hartford CT 7.45 7.45 0.60 8.60 8.64 0.64 9.07 0.28 101.38 1.36
BDJI First Fed. Bancorp. of MN 10.46 10.46 0.70 6.62 5.40 0.71 6.70 0.18 202.30 0.78
FFBH First Fed. Bancshares of AR 14.71 14.71 1.00 6.71 5.56 0.99 6.65 0.85 20.75 0.23
FTFC First Fed. Capital Corp. of WI 7.50 7.14 1.20 17.20 6.23 0.82 11.80 NA NA NA
FFKY First Fed. Fin. Corp. of KY 13.35 12.67 1.61 11.89 5.56 1.54 11.42 0.53 84.73 0.52
FFBZ First Federal Bancorp of OH 7.95 7.95 0.82 10.74 4.50 0.78 10.14 0.54 190.00 1.19
FFCH First Fin. Holdings Inc. of SC 6.80 6.80 0.91 14.12 6.16 0.90 13.89 0.71 97.86 0.81
FFHS First Franklin Corp. of OH 8.99 8.97 0.81 8.84 8.15 0.67 7.39 0.66 69.48 0.71
FGHC First Georgia Hold. Corp of GA 8.15 7.62 1.17 14.29 4.82 1.17 14.29 1.65 37.32 0.71
FFSL First Independence Corp. of KS 9.73 9.73 0.75 7.72 8.95 0.75 7.72 1.07 49.47 0.70
FISB First Indiana Corp. of IN 9.38 9.28 1.14 12.20 7.14 0.74 7.89 1.11 127.56 1.65
FKAN First Kansas Financial of KS 19.73 19.47 0.67 3.42 4.54 0.66 3.34 0.05 327.59 0.43
FKFS First Keystone Fin. Corp of PA 6.50 6.50 0.74 11.05 7.87 0.66 9.83 1.30 32.19 0.86
FLKY First Lancaster Bncshrs of KY 26.28 26.28 1.03 3.61 3.96 1.03 3.61 1.60 23.31 0.42
FLFC First Liberty Fin. Corp. of GA 7.76 7.10 0.68 9.04 3.13 0.75 9.97 0.77 132.28 1.51
CASH First Midwest Fin., Inc. of IA 10.18 9.09 0.71 6.60 6.32 0.64 5.93 1.94 37.96 1.19
FMBD First Mutual Bancorp Inc of IL(8) 15.10 11.84 0.42 2.95 2.65 0.27 1.93 0.34 115.35 0.50
FMSB First Mutual SB of Bellevue WA* 7.23 7.23 1.08 14.96 9.60 0.91 12.59 0.05 NA 1.39
FNFI First Niles Financial of OH 30.74 30.74 0.64 2.08 2.81 0.64 2.08 NA NA NA
FNGB First Northern Cap. Corp of WI 10.62 10.62 1.00 9.10 6.42 0.91 8.27 0.08 578.49 0.55
FWWB First Savings Bancorp of WA 13.02 12.06 1.20 8.69 5.26 1.11 8.07 0.43 164.95 1.03
FSFF First SecurityFed Fin of IL 27.20 27.12 1.13 5.03 3.85 1.69 7.50 0.34 170.99 0.94
FSLA First Source Bancorp of NJ 20.89 20.23 1.22 8.46 5.21 1.14 7.88 0.30 184.63 1.03
SOPN First Svgs Bancorp of NC 22.86 22.86 1.76 7.70 6.27 1.76 7.70 0.09 220.74 0.28
FBNW FirstBank Corp of Clarkston WA 15.63 15.63 1.08 7.37 6.13 0.60 4.14 0.39 160.81 0.78
FFDB FirstFed Bancorp, Inc. of AL 9.89 9.13 0.90 9.30 6.95 0.90 9.30 1.41 41.95 0.90
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- ------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ESBF ESB Financial Corp of PA 15.53 133.22 9.59 149.25 15.53 0.36 2.25 34.95
EGLB Eagle BancGroup of IL 29.23 104.63 11.81 104.63 NM 0.00 0.00 0.00
EBSI Eagle Bancshares of Tucker GA 12.08 134.73 9.33 134.73 12.41 0.64 3.56 42.95
ETFS East Texas Fin. Serv. of TX 25.61 76.25 13.18 76.25 NM 0.20 1.90 48.78
ESBK Elmira Svgs Bank (The) of NY* 14.86 106.95 6.88 106.95 12.57 0.64 2.91 43.24
EMLD Emerald Financial Corp. of OH 15.67 205.88 17.51 208.33 17.21 0.16 1.52 23.88
EFBC Empire Federal Bancorp of MT 21.30 87.26 31.61 87.26 21.30 0.34 2.49 53.13
EFBI Enterprise Fed. Bancorp of OH(8) NM 276.26 27.51 283.31 NM 1.00 2.20 NM
EQSB Equitable FSB of Wheaton MD 8.17 134.24 7.25 134.24 13.98 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 18.83 146.45 21.19 146.45 25.39 0.88 3.09 58.28
FFDF FFD Financial Corp. of OH 21.32 132.42 23.03 132.42 NM 0.30 2.07 44.12
FFLC FFLC Bancorp of Leesburg FL 14.82 117.13 14.65 117.13 14.82 0.36 2.15 31.86
FFWC FFW Corporation of Wabash IN 12.69 125.76 11.83 136.70 14.47 0.42 2.55 32.31
FFYF FFY Financial Corp. of OH 16.19 148.81 19.23 148.81 16.53 0.90 2.88 46.63
FMCO FMS Financial Corp. of NJ 13.70 176.37 10.72 177.62 13.70 0.12 1.20 16.44
FFHH FSF Financial Corp. of MN 14.76 105.44 10.79 107.34 16.15 0.50 3.23 47.62
FBCI Fidelity Bancorp of Chicago IL NM 115.88 12.28 116.06 20.91 0.40 1.84 NM
FSBI Fidelity Bancorp, Inc. of PA 11.72 119.47 8.47 119.47 11.97 0.36 2.12 24.83
FFFL Fidelity Bcsh MHC of FL (47.9) 20.11 174.17 10.71 179.30 25.14 1.00 4.32 NM
FFED Fidelity Fed. Bancorp of IN NM 197.92 7.54 197.92 NM 0.00 0.00 NM
FFOH Fidelity Financial of OH 16.23 114.25 14.46 127.86 17.04 0.32 2.35 38.10
FIBC Financial Bancorp, Inc. of NY(8) 21.31 219.68 20.11 220.46 22.06 0.50 1.33 28.41
SBFL Fingr Lakes Fin.MHC OF NY(33.1 NM 175.16 14.26 175.16 NM 0.24 2.18 NM
FBSI First Bancshares, Inc. of MO 15.22 114.92 16.26 119.81 15.22 0.12 0.93 14.12
FBBC First Bell Bancorp of PA 13.01 134.45 13.28 134.45 13.11 0.40 2.50 32.52
FSTC First Citizens Corp of GA 12.39 214.23 21.62 267.94 13.69 0.36 1.32 16.36
FCME First Coastal Corp. of ME* 11.53 91.94 8.23 91.94 12.81 0.00 0.00 0.00
FDEF First Defiance Fin.Corp. of OH 22.17 115.56 20.50 115.56 23.22 0.36 2.46 54.55
FESX First Essex Bancorp of MA* 13.30 147.87 11.42 200.32 14.76 0.56 2.99 39.72
FFSX First FSB MHC Sxld of IA(46.3)(8) 20.00 162.49 12.38 201.68 20.51 0.48 2.00 40.00
FFES First Fed of E. Hartford CT 11.57 92.97 6.92 92.97 10.96 0.68 2.72 31.48
BDJI First Fed. Bancorp. of MN 18.52 118.02 12.34 118.02 18.29 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 17.98 117.41 17.27 117.41 18.14 0.28 1.37 24.56
FTFC First Fed. Capital Corp. of WI 16.06 254.74 19.10 267.65 23.40 0.28 1.71 27.45
FFKY First Fed. Fin. Corp. of KY 17.97 207.70 27.72 218.77 18.71 0.60 2.18 39.22
FFBZ First Federal Bancorp of OH 22.22 229.45 18.23 229.45 23.53 0.16 1.33 29.63
FFCH First Fin. Holdings Inc. of SC 16.22 214.30 14.57 214.30 16.50 0.48 2.45 39.67
FFHS First Franklin Corp. of OH 12.27 110.29 9.92 110.66 14.67 0.30 2.22 27.27
FGHC First Georgia Hold. Corp of GA 20.73 276.87 22.56 296.17 20.73 0.00 0.00 0.00
FFSL First Independence Corp. of KS 11.17 83.20 8.10 83.20 11.17 0.30 2.86 31.91
FISB First Indiana Corp. of IN 14.00 163.68 15.35 165.35 21.65 0.48 2.29 32.00
FKAN First Kansas Financial of KS 22.02 75.26 14.85 76.28 22.51 0.00 0.00 0.00
FKFS First Keystone Fin. Corp of PA 12.71 137.49 8.94 137.49 14.29 0.20 1.33 16.95
FLKY First Lancaster Bncshrs of KY 25.25 90.84 23.88 90.84 25.25 0.60 4.48 NM
FLFC First Liberty Fin. Corp. of GA NM 247.72 19.23 270.86 29.00 0.30 1.38 44.12
CASH First Midwest Fin., Inc. of IA 15.83 105.12 10.70 117.75 17.60 0.48 2.78 44.04
FMBD First Mutual Bancorp Inc of IL(8) NM 109.45 16.53 139.60 NM 0.32 1.84 69.57
FMSB First Mutual SB of Bellevue WA* 10.42 155.86 11.27 155.86 12.38 0.20 1.60 16.67
FNFI First Niles Financial of OH NM 73.99 22.74 73.99 NM 0.00 0.00 0.00
FNGB First Northern Cap. Corp of WI 15.58 140.02 14.87 140.02 17.14 0.36 3.00 46.75
FWWB First Savings Bancorp of WA 19.03 165.97 21.60 179.08 20.49 0.36 1.69 32.14
FSFF First SecurityFed Fin of IL 25.94 97.86 26.62 98.14 17.41 0.00 0.00 0.00
FSLA First Source Bancorp of NJ 19.18 101.93 21.29 105.24 20.59 0.18 2.13 40.91
SOPN First Svgs Bancorp of NC 15.94 120.89 27.63 120.89 15.94 1.00 4.42 70.42
FBNW FirstBank Corp of Clarkston WA 16.33 103.43 16.16 103.43 29.09 0.36 2.25 36.73
FFDB FirstFed Bancorp, Inc. of AL 14.39 129.96 12.85 140.74 14.39 0.28 2.95 42.42
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
______________________ _______________
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FSPT FirstSpartan Fin. Corp. of SC 22.67 22.67 1.42 5.64 4.85 1.34 5.31 0.36 125.28 0.55
FLAG Flag Financial Corp of GA 8.89 8.89 0.88 9.49 3.32 0.61 6.57 1.33 65.46 1.22
FLGS Flagstar Bancorp, Inc of MI 5.55 5.40 1.41 23.50 8.36 1.41 23.50 2.26 20.60 0.53
FFIC Flushing Fin. Corp. of NY* 12.00 11.55 0.91 7.10 5.38 0.93 7.26 0.22 262.60 0.95
FBHC Fort Bend Holding Corp. of TX(8) 7.15 6.76 0.66 10.00 4.53 0.43 6.58 NA NA NA
FTSB Fort Thomas Fin. Corp. of KY 16.07 16.07 1.18 7.42 6.60 1.18 7.42 1.93 30.61 0.65
FKKY Frankfort First Bancorp of KY 16.55 16.55 1.21 7.18 6.58 1.21 7.18 0.15 50.76 0.08
FTNB Fulton Bancorp, Inc. of MO 23.15 23.15 1.07 4.44 4.36 0.82 3.43 0.51 171.86 1.05
GUPB GFSB Bancorp, Inc of Gallup NM 11.54 11.54 0.78 6.14 5.50 0.78 6.14 0.70 44.69 0.51
GSLA GS Financial Corp. of LA 36.03 36.03 1.14 2.73 3.61 0.99 2.38 0.12 260.11 0.74
GOSB GSB Financial Corp. of NY* 23.87 23.87 0.49 1.84 2.02 0.83 3.13 0.07 NA NA
GBNK Gaston Fed Bncp MHC of NC(47.0 20.28 20.28 0.73 5.92 2.40 0.66 5.39 0.50 132.06 0.96
GFCO Glenway Financial Corp. of OH 9.63 9.56 0.90 9.53 5.97 0.90 9.53 0.32 119.55 0.45
GTPS Great American Bancorp of IL 15.60 15.60 0.72 3.89 4.61 0.72 3.89 0.12 331.46 0.47
PEDE Great Pee Dee Bancorp of SC 46.01 46.01 1.89 4.14 4.63 1.89 4.14 0.48 107.27 0.62
GSFC Green Street Fin. Corp. of NC 34.90 34.90 1.59 4.49 4.68 1.59 4.49 0.07 216.10 0.19
GFED Guaranty Fed Bancshares of MO 23.19 23.19 1.26 5.10 4.24 1.26 5.10 0.29 278.91 0.99
HCBBE HCB Bancshares of Camden AR 17.25 17.04 0.33 1.99 2.63 0.33 1.99 0.44 150.91 1.38
HEMT HF Bancorp of Hemet CA 7.92 6.83 -0.02 -0.23 -0.17 0.02 0.31 NA NA NA
HFFC HF Financial Corp. of SD 9.83 9.83 1.06 10.98 9.96 0.91 9.44 0.93 151.01 1.74
HMNF HMN Financial, Inc. of MN 9.76 8.96 0.79 6.41 7.25 0.56 4.49 0.10 405.75 0.62
HALL Hallmark Capital Corp. of WI 7.63 7.63 0.66 8.86 7.49 0.62 8.30 0.37 NA NA
HRBF Harbor Federal Bancorp of MD 12.78 12.78 0.79 6.25 4.56 0.77 6.05 0.69 33.35 0.34
HARB Harbor Florida Bancshrs of FL 19.52 19.34 1.39 8.87 5.06 1.32 8.40 0.37 237.31 1.23
HFSA Hardin Bancorp of Hardin MO 10.30 10.30 0.72 6.61 5.81 0.58 5.34 0.15 144.56 0.41
HARL Harleysville SB of PA 6.41 6.41 0.97 14.66 7.11 0.97 14.66 NA NA 0.79
HFGI Harrington Fin. Group of IN 3.39 3.39 -0.91 -21.02 -17.12 -0.25 -5.67 0.16 57.76 0.27
HARS Harris Fin. MHC of PA (24.9) 7.93 7.20 0.80 9.83 3.14 0.57 7.05 0.65 60.95 0.96
HFFB Harrodsburg 1st Fin Bcrp of KY 26.54 26.54 1.36 5.09 5.35 1.36 5.09 0.55 66.83 0.48
HHFC Harvest Home Fin. Corp. of OH 11.35 11.35 0.62 5.35 4.50 0.62 5.35 0.09 144.19 0.25
HAVN Haven Bancorp of Woodhaven NY 5.27 5.05 0.42 7.51 6.15 0.40 7.20 0.40 147.03 1.01
HTHR Hawthorne Fin. Corp. of CA 3.97 3.97 1.00 22.67 20.22 1.09 24.78 5.28 22.92 1.31
HMLK Hemlock Fed. Fin. Corp. of IL 15.14 15.14 0.92 5.35 6.05 0.91 5.29 NA NA 0.82
HBSC Heritage Bancorp, Inc of SC 31.48 31.48 1.12 5.60 4.05 1.12 5.60 0.44 57.25 0.38
HFWA Heritage Financial Corp of WA 22.78 20.75 1.16 5.53 3.89 0.71 3.40 0.10 886.55 1.25
HCBC High Country Bancorp of CO 18.18 18.18 0.84 5.51 5.12 0.84 5.51 0.41 181.40 0.91
HBNK Highland Bancorp of CA 7.00 7.00 1.46 19.23 10.51 1.27 16.75 1.65 96.78 2.01
HIFS Hingham Inst. for Sav. of MA* 9.48 9.48 1.24 13.00 8.59 1.22 12.82 0.20 340.32 0.86
HBEI Home Bancorp of Elgin IL(8) 24.16 24.16 0.71 2.74 2.76 0.71 2.74 0.24 122.58 0.34
HBFW Home Bancorp of Fort Wayne IN 11.92 11.92 0.85 6.84 4.54 0.83 6.68 0.10 402.90 0.43
HCFC Home City Fin. Corp. of OH 13.65 13.65 1.26 7.45 8.08 1.26 7.45 NA NA 0.65
HOMF Home Fed Bancorp of Seymour IN 9.61 9.38 1.48 16.28 8.54 1.13 12.39 0.72 83.53 0.72
HWEN Home Financial Bancorp of IN 17.63 17.63 0.92 5.28 5.73 0.70 4.05 NA NA 0.91
HLFC Home Loan Financial Corp of OH 37.72 37.72 1.50 4.75 3.66 1.50 4.75 0.06 NA NA
HPBC Home Port Bancorp, Inc. of MA* 8.87 8.87 1.46 15.19 7.75 1.65 17.18 0.11 NA 1.41
HSTD Homestead Bancorp, Inc. of LA 21.66 21.66 0.75 3.46 4.36 0.75 3.46 0.27 119.47 0.69
HFBC HopFed Bancorp of KY 26.78 26.78 1.22 8.52 3.95 1.22 8.52 0.11 107.86 0.23
HZFS Horizon Fin'l. Services of IA 9.44 9.44 0.66 6.84 5.36 0.79 8.16 1.03 37.74 0.62
HRZB Horizon Financial Corp. of WA* 15.30 15.30 1.55 9.96 8.22 1.56 10.05 0.03 NA 0.87
HRBT Hudson River Bancorp Inc of NY 26.74 26.74 0.90 3.36 3.77 1.03 3.85 NA NA 2.20
ITLA ITLA Capital Corp of CA* 10.43 10.41 1.43 13.81 11.10 1.43 13.81 NA NA 1.90
ICBC Independence Comm Bnk Cp of NY 20.07 18.95 -0.81 -4.22 -3.96 0.68 3.58 0.69 116.06 1.29
IFSB Independence FSB of DC 7.96 7.27 1.98 26.14 32.78 1.57 20.76 1.32 19.24 0.42
INBI Industrial Bancorp of OH 16.00 16.00 1.50 9.13 5.89 1.50 9.13 0.35 138.50 0.55
IWBK Interwest Bancorp of WA 7.03 6.44 0.82 11.73 5.08 0.70 9.91 0.64 83.89 0.90
IPSW Ipswich SB of Ipswich MA* 5.50 5.50 1.14 21.03 8.98 0.97 17.78 0.71 99.04 0.91
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FSPT FirstSpartan Fin. Corp. of SC 20.61 123.38 27.97 123.38 21.89 0.80 2.27 46.78
FLAG Flag Financial Corp of GA NM 275.82 24.52 275.82 NM 0.24 2.04 61.54
FLGS Flagstar Bancorp, Inc of MI 11.96 252.01 13.98 258.96 11.96 0.32 1.22 14.55
FFIC Flushing Fin. Corp. of NY* 18.60 132.23 15.87 137.34 18.18 0.24 1.50 27.91
FBHC Fort Bend Holding Corp. of TX(8) 22.07 200.98 14.36 212.49 NM 0.40 1.63 36.04
FTSB Fort Thomas Fin. Corp. of KY 15.16 109.77 17.64 109.77 15.16 0.25 2.06 31.25
FKKY Frankfort First Bancorp of KY 15.20 110.09 18.22 110.09 15.20 0.80 5.16 NM
FTNB Fulton Bancorp, Inc. of MO 22.92 102.02 23.62 102.02 29.67 0.30 1.98 45.45
GUPB GFSB Bancorp, Inc of Gallup NM 18.17 111.81 12.90 111.81 18.17 0.30 2.20 40.00
GSLA GS Financial Corp. of LA 27.72 79.64 28.70 79.64 NM 0.28 2.20 60.87
GOSB GSB Financial Corp. of NY* NM 93.96 22.43 93.96 29.09 0.12 0.90 44.44
GBNK Gaston Fed Bncp MHC of NC(47.0 NM 150.44 30.51 150.44 NM 0.20 1.45 60.61
GFCO Glenway Financial Corp. of OH 16.74 154.30 14.86 155.51 16.74 0.44 2.23 37.29
GTPS Great American Bancorp of IL 21.71 97.23 15.17 97.23 21.71 0.44 2.67 57.89
PEDE Great Pee Dee Bancorp of SC 21.61 89.22 41.05 89.22 21.61 0.36 2.82 61.02
GSFC Green Street Fin. Corp. of NC 21.38 99.59 34.75 99.59 21.38 0.48 3.25 69.57
GFED Guaranty Fed Bancshares of MO 23.56 113.01 26.21 113.01 23.56 0.32 2.61 61.54
HCBBE HCB Bancshares of Camden AR NM 65.74 11.34 66.53 NM 0.24 2.53 NM
HEMT HF Bancorp of Hemet CA NM 131.38 10.40 152.25 NM 0.00 0.00 NM
HFFC HF Financial Corp. of SD 10.04 110.81 10.89 110.81 11.68 0.36 2.53 25.35
HMNF HMN Financial, Inc. of MN 13.79 101.59 9.92 110.76 19.68 0.24 1.79 24.74
HALL Hallmark Capital Corp. of WI 13.36 111.51 8.51 111.51 14.26 0.00 0.00 0.00
HRBF Harbor Federal Bancorp of MD 21.94 135.31 17.29 135.31 22.63 0.52 2.42 53.06
HARB Harbor Florida Bancshrs of FL 19.75 129.66 25.31 130.89 20.87 0.26 2.35 46.43
HFSA Hardin Bancorp of Hardin MO 17.20 111.74 11.50 111.74 21.31 0.60 3.20 55.05
HARL Harleysville SB of PA 14.07 192.66 12.36 192.66 14.07 0.48 1.65 23.19
HFGI Harrington Fin. Group of IN NM 148.49 5.03 148.49 NM 0.12 1.35 NM
HARS Harris Fin. MHC of PA (24.9) NM 298.76 23.70 329.04 NM 0.22 1.30 41.51
HFFB Harrodsburg 1st Fin Bcrp of KY 18.68 95.93 25.46 95.93 18.68 0.40 2.78 51.95
HHFC Harvest Home Fin. Corp. of OH 22.22 119.35 13.54 119.35 22.22 0.44 3.14 69.84
HAVN Haven Bancorp of Woodhaven NY 16.27 115.17 6.07 120.21 16.96 0.30 1.88 30.61
HTHR Hawthorne Fin. Corp. of CA 4.95 102.12 4.06 102.12 4.52 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL 16.53 92.77 14.05 92.77 16.72 0.32 2.23 36.78
HBSC Heritage Bancorp, Inc of SC 24.67 91.64 28.85 91.64 24.67 0.30 1.60 39.47
HFWA Heritage Financial Corp of WA 25.70 116.12 26.46 127.51 NM 0.18 1.59 40.91
HCBC High Country Bancorp of CO 19.55 77.79 14.14 77.79 19.55 0.40 3.72 72.73
HBNK Highland Bancorp of CA 9.52 185.77 13.01 185.77 10.92 0.50 1.41 13.40
HIFS Hingham Inst. for Sav. of MA* 11.64 142.74 13.53 142.74 11.81 0.27 1.59 18.49
HBEI Home Bancorp of Elgin IL(8) NM 100.86 24.37 100.86 NM 0.40 2.83 NM
HBFW Home Bancorp of Fort Wayne IN 22.02 151.89 18.11 151.89 22.56 0.32 1.15 25.40
HCFC Home City Fin. Corp. of OH 12.38 106.73 14.57 106.73 12.38 0.36 2.77 34.29
HOMF Home Fed Bancorp of Seymour IN 11.71 177.65 17.08 182.09 15.38 0.40 1.67 19.51
HWEN Home Financial Bancorp of IN 17.44 90.25 15.91 90.25 22.73 0.10 1.33 23.26
HLFC Home Loan Financial Corp of OH 27.31 94.16 35.52 94.16 27.31 0.20 1.49 40.82
HPBC Home Port Bancorp, Inc. of MA* 12.91 186.86 16.58 186.86 11.42 0.80 3.37 43.48
HSTD Homestead Bancorp, Inc. of LA 22.92 79.33 17.18 79.33 22.92 0.20 2.42 55.56
HFBC HopFed Bancorp of KY 25.35 126.21 33.80 126.21 25.35 0.30 1.64 41.67
HZFS Horizon Fin'l. Services of IA 18.66 129.53 12.23 129.53 15.63 0.18 1.44 26.87
HRZB Horizon Financial Corp. of WA* 12.17 118.23 18.08 118.23 12.06 0.44 3.20 38.94
HRBT Hudson River Bancorp Inc of NY 26.54 89.18 23.84 89.18 23.15 0.00 0.00 0.00
ITLA ITLA Capital Corp of CA* 9.01 116.50 12.15 116.75 9.01 0.00 0.00 0.00
ICBC Independence Comm Bnk Cp of NY NM 105.94 21.26 112.15 29.73 0.12 0.90 NM
IFSB Independence FSB of DC 3.05 77.13 6.14 84.44 3.84 0.25 1.96 5.98
INBI Industrial Bancorp of OH 16.96 152.73 24.44 152.73 16.96 0.60 3.16 53.57
IWBK Interwest Bancorp of WA 19.67 230.73 16.22 252.04 23.28 0.56 2.21 43.41
IPSW Ipswich SB of Ipswich MA* 11.14 213.41 11.75 213.41 13.17 0.16 1.31 14.55
</TABLE>
<PAGE>
RP FINANCIAL, LC.
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Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
JXVL Jacksonville Bancorp of TX 14.45 14.45 1.34 9.15 8.42 1.34 9.15 0.62 78.01 0.63
JXSB Jcksnville SB,MHC of IL (45.6) 10.80 10.80 0.57 5.41 3.74 0.34 3.24 0.79 59.47 0.59
JSBA Jefferson Svgs Bancorp of MO 9.56 7.67 0.78 8.70 6.03 0.69 7.72 0.74 72.40 0.73
KSBK KSB Bancorp of Kingfield ME* 7.78 6.77 1.08 13.94 9.50 1.08 13.9? NA NA 1.15
KFBI Klamath First Bancorp of OR 14.07 12.96 0.95 6.55 5.41 0.92 6.3? NA NA 0.29
LSBI LSB Fin. Corp. of Lafayette IN 8.41 8.41 0.85 9.93 6.41 0.73 8.51 NA NA 0.79
LVSB Lakeview Financial of NJ 9.53 6.39 1.75 16.93 9.88 0.75 7.24 0.56 135.74 1.54
LARK Landmark Bancshares, Inc of KS 13.07 13.07 1.06 7.67 8.01 0.89 6.46 0.25 196.35 0.66
LARL Laurel Capital Group of PA 11.09 11.09 1.43 13.36 7.37 1.47 13.74 0.27 309.56 1.19
LSBX Lawrence Savings Bank of MA* 12.07 12.07 2.58 24.91 16.31 2.54 24.56 0.27 357.94 1.76
LFED Leeds Fed Bksr MHC of MD (36.3 16.29 16.29 1.13 6.89 4.30 1.13 6.89 0.83 28.70 0.38
LXMO Lexington B&L Fin. Corp. of MO 16.06 14.98 0.78 3.83 5.39 0.78 3.83 0.48 130.50 0.95
LIBB Liberty Bancorp MHC of NJ (47) 13.75 13.75 0.57 4.26 3.79 0.57 4.26 0.38 80.19 0.44
LFCO Life Financial Corp of CA(8) 16.18 16.18 3.00 20.55 29.67 3.15 21.59 2.27 20.25 0.75
LFBI Little Falls Bancorp of NJ 10.91 10.15 0.57 5.18 4.59 0.56 5.11 NA NA NA
LOGN Logansport Fin. Corp. of IN 17.51 17.51 1.46 7.83 7.20 1.47 7.90 0.24 112.4? 0.36
MAFB MAF Bancorp, Inc. of IL 7.?0 6.98 1.09 14.00 6.67 1.04 13.34 0.52 83.69 0.54
MBLF MBLA Financial Corp. of MO 13.70 13.70 0.86 6.67 7.95 0.85 6.58 0.45 74.68 0.50
MECH MECH Financial Inc of CT* 9.71 9.71 0.96 9.69 6.00 0.96 9.63 0.51 259.89 2.05
MFBC MFB Corp. of Mishawaka IN 9.96 9.96 0.79 6.78 7.07 0.81 6.96 0.04 372.13 0.18
MSBF MSB Financial, Inc of MI 16.51 16.51 1.53 9.21 6.07 1.30 7.79 1.51 33.14 0.54
MARN Marion Capital Holdings of IN 18.12 17.72 1.14 5.69 6.14 1.14 5.69 0.82 129.18 1.23
MRKF Market Fin. Corp. of OH 27.62 27.62 0.98 3.00 3.25 0.98 3.00 0.31 30.41 0.16
MASB MassBank Corp. of Reading MA* 11.81 11.66 1.17 10.24 8.08 1.01 8.83 0.16 166.21 0.82
MFLR Mayflower Co-Op. Bank of MA* 9.24 9.10 1.13 11.81 6.89 0.98 10.25 0.61 134.79 1.54
MDBK Medford Bancorp, Inc. of MA* 9.09 8.6? 1.08 11.89 8.30 1.01 11.21 0.17 360.57 1.18
MWBX MetroWest Bank of MA* 7.44 7.44 1.24 16.82 8.15 1.21 16.51 0.46 345.13 2.28
METF Metropolitan Fin. Corp. of OH 3.74 3.46 0.70 18.02 8.65 0.61 15.50 1.45 42.45 0.77
MIFC Mid Iowa Financial Corp. of IA(8) 9.93 9.92 1.02 10.90 5.75 1.01 10.76 0.14 161.5? 0.43
MCBN Mid-Coast Bancorp of ME 8.02 8.02 0.70 8.30 7.39 0.61 7.21 0.69 79.42 0.70
MWBI Midwest Bancshares, Inc. of IA 7.36 7.36 0.88 12.32 10.16 0.76 10.67 0.54 54.65 0.49
MFFC Milton Fed. Fin. Corp. of OH 11.17 11.17 0.67 5.75 4.96 0.54 4.6? 0.41 70.20 0.39
MBSP Mitchell Bancorp, Inc. of NC(8) 39.23 39.23 1.23 3.03 2.98 1.23 3.03 1.54 34.72 0.72
MBBC Monterey Bay Bancorp of CA 10.77 9.85 0.31 2.74 2.51 0.31 2.74 0.55 112.07 1.08
MONT Montgomery Fin. Corp. of IN 16.88 16.88 0.92 5.12 5.90 0.92 5.12 NA NA 0.19
MSBK Mutual SB, FSB of Bay City MI 6.0? 6.06 -1.22 -21.64 -23.87 -0.39 -7.01 0.10 312.68 0.55
MYST Mystic Financial of MA* 17.74 17.74 0.82 5.37 5.17 0.77 5.03 0.12 540.93 0.88
NHTB NH Thrift Bancshares of NH 8.14 7.11 0.90 11.39 8.42 0.84 10.56 1.00 95.48 1.21
NSLB NS&L Bancorp, Inc of Neosho MO 18.47 18.35 0.68 3.55 4.57 0.67 3.49 0.19 41.67 0.14
NSSY NSS Bancorp of CT(8)* 8.46 8.25 0.79 9.?8 4.54 0.69 8.35 0.63 131.72 1.27
NMSB Newmil Bancorp, Inc. of CT* 9.35 9.35 0.87 9.34 6.89 0.67 7.15 0.75 179.97 2.87
NBCP Niagara Bancorp of NY MHC(45.4* 18.22 18.22 0.69 4.92 2.61 1.04 7.38 0.26 199.97 1.06
NBSI North Bancshares of Chicago IL 10.61 10.61 0.37 3.13 2.97 0.32 2.69 NA NA 0.26
FFFD North Central Bancshares of IA 14.86 12.92 1.32 8.91 7.89 1.31 8.79 0.19 424.53 1.03
NEIB Northeast Indiana Bncrp of IN 13.05 13.05 1.19 8.56 7.70 1.19 8.56 0.41 159.71 0.73
NWSB Northwest Bcrp MHC of PA (30.8 8.50 7.64 0.92 10.14 3.75 0.90 9.91 0.52 116.00 0.79
NWEQ Northwest Equity Corp. of WI 12.10 12.10 1.27 10.71 8.63 1.15 9.72 1.71 28.61 0.60
NTMG Nutmeg FS&LA of CT 6.06 6.06 0.8? 14.08 7.25 0.44 7.4? 1.30 35.79 0.53
OHSL OHSL Financial Corp. of OH 10.84 10.84 0.86 7.94 5.93 0.80 7.37 NA NA NA
OCFC Ocean Fin. Corp. of NJ 13.71 13.64 0.91 6.22 6.25 0.91 6.22 0.41 113.75 0.80
OTFC Oregon Trail Fin. Corp. of OR 22.76 22.76 1.15 5.2? 6.26 1.15 5.28 0.20 181.83 0.60
OFCP Ottawa Financial Corp. of MI ?.22 6.74 0.89 10.38 5.97 0.79 9.25 0.50 79.48 0.46
PFFB PFF Bancorp of Pomona CA 7.59 7.51 0.60 6.81 7.25 0.57 6.50 1.03 82.38 1.32
PHSED PHS Bancorp of PA (45.0) 12.37 12.37 0.72 5.58 4.0? 0.66 5.10 0.21 252.66 1.29
PSFI PS Financial of Chicago IL 26.77 26.77 1.00 3.18 4.20 1.73 5.53 0.41 50.85 0.37
PSBI PSB Bancorp Inc. of PA* 19.81 19.81 0.78 3.93 5.06 0.78 3.93 1.46 16.02 0.46
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
JXVL Jacksonville Bancorp of TX 11.88 106.63 15.41 106.63 11.88 0.50 3.24 ?8.46
JXSB Jcksnville SB,MHC of IL (45.6) 26.76 142.19 15.35 142.19 NA 0.30 2.24 60.00
JSBA Jefferson Svgs Bancorp of MO 16.58 137.25 13.12 171.05 18.68 0.28 1.72 28.57
KSBK KSB Bancorp of Kingfield ME* 10.53 146.75 11.42 168.67 10.53 0.24 1.71 18.05
KFBI Klamath First Bancorp of OR 18.49 121.33 17.07 131.68 19.09 0.36 2.03 37.50
LSBI LSB Fin. Corp. of Lafayette IN 15.61 149.75 12.59 149.75 18.21 0.40 1.36 21.16
LVSB Lakeview Financial of NJ 10.12 169.22 16.13 252.31 23.65 0.25 1.27 12.89
LARK Landmark Bancshares, Inc of KS 12.48 101.77 13.30 101.77 1?.82 0.60 2.61 32.61
LARL Laurel Capital Group of PA 13.57 170.71 18.93 170.71 13.19 0.60 3.16 42.86
LSBX Lawrence Savings Bank of MA* 6.13 135.28 16.33 135.28 6.22 0.00 0.00 0.00
LFED Leeds Fed Bksr MHC of MD (36.3 23.25 156.80 25.54 156.80 23.25 0.56 3.76 NA
LXMO Lexington B&L Fin. Corp. of MO 1?.55 75.81 12.18 81.27 18.55 0.30 2.61 48.39
LIBB Liberty Bancorp MHC of NJ (47) 26.35 111.30 15.31 111.30 26.35 0.00 0.00 0.00
LFCO Life Financial Corp of CA(8) 3.37 63.97 10.35 63.97 3.21 0.00 0.00 0.00
LFBI Little Falls Bancorp of NJ 21.79 113.33 12.36 121.86 22.08 0.24 1.41 30.77
LOGN Logansport Fin. Corp. of IN 13.89 111.03 19.45 111.03 13.76 0.44 2.93 40.74
MAFB MAF Bancorp, Inc. of IL 15.00 203.03 15.84 226.87 15.74 0.28 1.10 16.47
MBLF MBLA Financial Corp. of MO 12.58 85.09 11.66 85.09 12.75 0.60 3.16 39.74
MECH MECH Financial Inc of CT* 16.67 154.20 14.98 154.20 16.77 0.60 2.22 37.0?
MFBC MFB Corp. of Mishawaka IN 14.14 102.63 10.22 102.63 1?.78 0.34 1.58 22.37
MSBF MSB Financial, Inc of MI 16.48 148.08 24.44 148.08 19.48 0.30 2.00 32.97
MARN Marion Capital Holdings of IN 16.30 99.95 18.11 102.18 16.30 0.88 4.00 65.19
MRKF Market Fin. Corp. of OH NA 111.87 30.90 111.87 NA 0.28 2.22 68.29
MASB MassBank Corp. of Reading MA* 12.38 122.00 14.41 123.55 14.35 1.08 2.85 35.29
MFLR Mayflower Co-Op. Bank of MA* 14.52 165.30 15.27 167.70 16.72 0.80 3.30 47.90
MDBK Medford Bancorp, Inc. of MA* 12.05 141.59 12.87 149.02 12.79 0.40 2.39 28.78
MWBX MetroWest Bank of MA* 12.27 193.41 14.38 193.41 12.50 0.20 2.96 36.36
METF Metropolitan Fin. Corp. of OH 11.56 191.62 7.16 206.73 13.44 0.00 0.00 0.00
MIFC Mid Iowa Financial Corp. of IA(8) 17.41 177.88 17.67 178.11 17.63 0.08 0.58 10.13
MCBN Mid-Coast Bancorp of ME 13.52 112.24 9.01 112.24 15.57 0.20 2.42 32.79
MWBI Midwest Bancshares, Inc. of IA 9.84 113.22 8.34 113.22 11.36 0.36 2.88 28.35
MFFC Milton Fed. Fin. Corp. of OH 20.15 114.89 12.84 114.89 25.00 0.60 4.44 NA
MBSP Mitchell Bancorp, Inc. of NC(8) NA 100.19 39.31 100.19 NA 0.80 5.08 NA
MBBC Monterey Bay Bancorp of CA NA 109.69 11.81 119.91 NA 0.12 0.91 36.36
MONT Montgomery Fin. Corp. of IN 16.94 85.57 14.45 85.57 16.94 0.22 2.10 35.48
MSBK Mutual SB, FSB of Bay City MI NA 90.69 5.49 90.69 NA 0.00 0.00 NA
MYST Mystic Financial of MA* 19.35 90.02 15.97 90.02 20.69 0.20 1.67 32.26
NHTB NH Thrift Bancshares of NH 11.87 130.00 10.58 148.77 12.80 0.60 3.66 43.48
NSLB NS&L Bancorp, Inc of Neosho MO 21.88 77.83 14.38 78.34 22.25 0.50 3.81 NA
NSSY NSS Bancorp of CT(8)* 22.02 206.99 17.51 212.20 25.00 0.52 1.08 23.85
NMSB Newmil Bancorp, Inc. of CT* 14.51 130.41 12.19 130.41 18.95 0.36 3.06 44.4?
NBCP Niagara Bancorp of NY MHC(45.4* NA 131.28 23.91 131.28 25.56 0.12 1.04 40.00
NBSI North Bancshares of Chicago IL NA 116.30 12.34 116.30 NA 0.40 3.30 NA
FFFD North Central Bancshares of IA 12.68 112.36 16.69 129.22 12.86 0.32 1.78 22.54
NEIB Northeast Indiana Bncrp of IN 12.99 112.94 14.73 112.94 12.99 0.36 2.18 28.35
NWSB Northwest Bcrp MHC of PA (30.8 26.67 258.06 21.95 287.08 27.27 0.16 1.33 35.56
NWEQ Northwest Equity Corp. of WI 11.59 120.36 14.57 120.36 12.77 0.68 3.89 45.0?
NTMG Nutmeg FS&LA of CT 13.79 190.17 11.53 190.17 26.09 0.20 1.67 22.99
OHSL OHSL Financial Corp. of OH 16.87 130.1? 14.10 130.11 18.18 0.50 3.57 60.24
OCFC Ocean Fin. Corp. of NJ 16.00 10?.13 14.27 104.64 16.00 0.48 3.23 51.61
OTFC Oregon Trail Fin. Corp. of OR 15.96 83.75 19.06 83.75 15.96 0.24 1.81 28.92
OFCP Ottawa Financial Corp. of MI 16.76 174.83 14.38 213.18 18.80 0.40 1.73 28.99
PFFB PFF Bancorp of Pomona CA 13.79 102.34 7.76 103.45 14.44 0.00 0.00 0.00
PHSED PHS Bancorp of PA (45.0) 24.78 135.31 16.74 135.31 27.11 0.28 1.95 48.28
PSFI PS Financial of Chicago IL 23.81 88.73 23.75 88.73 13.70 0.52 5.20 NA
PSBI PSB Bancorp Inc. of PA* 19.76 77.68 15.39 77.68 19.76 0.00 0.00 0.00
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
PVFC PVF Capital Corp. of OH 7.20 7.20 1.22 17.04 8.79 1.14 15.93 0.96 64.83 0.72
PBCI Pamrapo Bancorp, Inc. of NJ 12.45 12.40 1.18 9.26 6.77 1.13 8.91 1.56 38.29 1.03
PFED Park Bancorp of Chicago IL 20.33 20.33 0.92 4.28 4.78 0.93 4.34 0.07 390.63 0.67
PVSA Parkvale Financial Corp of PA 7.48 7.44 1.08 13.97 8.73 1.06 13.74 0.43 272.64 1.51
PBHC Pathfinder BC MHC of NY (45.2)* 11.89 10.15 0.74 6.28 4.46 0.63 5.33 1.40 32.66 0.69
PEEK Peekskill Fin. Corp. of NY 21.57 21.57 0.98 4.06 4.68 1.00 4.12 0.75 46.50 1.32
PFSB PennFed Fin. Services of NJ 6.66 5.84 0.76 11.00 9.02 0.72 10.38 0.46 39.60 0.26
PWBK Pennwood Bancorp, Inc. of PA 17.27 17.27 0.59 3.29 3.59 0.65 3.62 1.44 58.95 1.15
PBKB People's Bancshares of MA* 3.78 3.62 0.73 17.53 8.00 0.28 6.65 NA NA 0.92
TSBS Peoples Bancorp Inc of NJ(8)* 39.22 38.06 1.30 5.03 2.62 1.25 4.85 0.84 55.53 0.84
PFDC Peoples Bancorp of Auburn IN 14.96 14.96 1.45 9.60 6.59 1.45 9.60 NA NA 0.35
PBCT Peoples Bank, MHC of CT (41.2)* 8.91 7.46 1.22 13.50 5.88 0.73 8.08 0.59 177.88 1.64
PFFC Peoples Fin. Corp. of OH 17.34 17.34 1.15 6.30 5.92 0.53 2.93 NA NA 0.30
PHBK Peoples Heritage Fin Grp of ME* 7.41 6.16 0.94 12.97 4.16 1.26 17.41 NA NA 1.28
PSFC Peoples Sidney Fin. Corp of OH 18.53 18.53 1.17 4.95 4.18 1.17 4.95 0.91 44.42 0.45
PERM Permanent Bancorp, Inc. of IN 8.58 7.00 0.59 6.31 4.84 0.56 6.00 0.18 223.89 0.75
PCBC Perry Co. Fin. Corp. of MO 18.47 18.47 0.98 5.17 5.11 0.97 5.12 NA NA 0.16
PHFC Pittsburgh Home Fin Corp of PA 6.93 6.86 0.70 8.13 8.21 0.62 7.21 1.20 38.73 0.81
PFSL Pocahontas Bancorp of AR 14.44 14.00 0.68 7.04 4.44 0.68 7.04 0.26 159.98 0.88
PTRS Potters Financial Corp of OH 8.53 8.53 0.76 8.70 7.21 0.68 7.75 0.32 541.52 2.35
PRBC Prestige Bancorp of PA 8.98 8.98 0.46 4.55 5.36 0.44 4.42 0.40 72.32 0.41
PFNC Progress Financial Corp. of PA 6.92 6.18 0.82 14.39 5.50 0.74 12.90 NA NA 1.19
PROV Provident Fin. Holdings of CA 9.96 9.96 0.68 6.05 7.05 0.24 2.18 0.67 112.01 0.88
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 13.42 13.42 1.11 8.38 5.07 0.91 6.88 0.98 39.77 0.51
PLSK Pulaski SB, MHC of NJ (47.0) 11.77 11.77 0.51 4.32 3.95 0.54 4.61 0.62 85.06 0.97
PULS Pulse Bancorp of S. River NJ(8) 8.44 8.44 1.04 12.60 5.95 1.04 12.60 NA NA 1.27
QCFB QCF Bancorp of Virginia MN 17.49 17.49 1.72 9.92 7.96 1.67 9.62 0.08 NA 1.92
QCBC Quaker City Bancorp of CA 8.87 8.87 0.87 10.00 8.13 0.81 9.31 0.83 103.46 1.07
QCSB Queens County Bancorp of NY* 8.67 8.67 1.54 15.23 3.93 1.52 14.97 0.44 125.66 0.63
RARB Raritan Bancorp of Raritan NJ(8)* 7.74 7.66 1.00 13.30 4.89 0.96 12.83 0.30 294.38 1.23
RELY Reliance Bancorp, Inc. of NY 7.44 5.12 0.82 10.05 7.96 0.81 9.95 0.40 90.40 0.92
RELI Reliance Bancshares Inc of WI(8) 52.92 52.92 1.28 2.56 2.49 1.22 2.45 0.47 85.79 0.65
RCBK Richmond County Fin Corp of NY 19.48 19.42 0.52 2.99 1.76 1.40 8.08 0.24 191.44 1.01
RIVR River Valley Bancorp of IN 13.63 13.45 0.93 7.10 7.13 0.82 6.23 0.55 158.30 1.03
RVSB Riverview Bancorp of WA 23.08 22.36 1.69 8.33 5.38 1.60 7.87 0.28 137.60 0.63
RSLN Roslyn Bancorp, Inc. of NY* 15.43 15.35 1.29 7.43 6.48 1.23 7.10 0.16 412.78 1.89
SCCB S. Carolina Comm. Bnshrs of SC 19.62 19.62 0.88 3.88 5.19 0.88 3.88 1.87 32.63 0.81
SFED SFS Bancorp of Schenectady NY(8) 12.30 12.30 0.66 5.30 4.34 0.64 5.13 NA NA 0.63
SGVB SGV Bancorp of W. Covina CA 6.82 6.74 0.42 5.55 5.78 0.41 5.41 0.79 40.46 0.46
SISB SIS Bancorp, Inc. of MA(8)* 7.14 7.14 0.73 10.11 4.17 0.91 12.58 0.26 488.24 2.66
SWCB Sandwich Bancorp of MA(8)* 8.39 8.16 0.97 11.94 4.19 0.92 11.31 0.57 138.76 1.16
SKAN Skaneateles Bancorp Inc of NY* 6.91 6.76 0.60 8.67 7.85 0.56 8.03 1.58 64.65 1.29
SKBOD Skibo Fin Corp MHC of PA(45.0) 16.80 16.80 0.57 3.38 2.00 0.68 4.08 0.59 64.19 0.80
SOBI Sobieski Bancorp of S. Bend IN 13.91 13.91 0.62 4.31 4.90 0.60 4.19 0.08 315.79 0.31
SFFS Sound Bancorp MHC of NY (44.1) 19.05 19.05 1.20 6.29 6.34 1.20 6.29 0.52 72.34 0.77
SSFC South Street Fin. Corp. of NC* 16.92 16.92 0.45 2.28 2.67 0.45 2.28 0.23 91.68 0.40
SBAN SouthBanc Shares Inc. of SC 20.75 20.75 0.86 6.72 3.14 0.91 7.16 0.37 153.09 0.99
SCBS Southern Commun. Bncshrs of AL 17.34 17.34 1.21 7.33 5.77 1.21 7.33 0.19 602.29 1.69
SMBC Southern Missouri Bncrp of MO 15.47 15.47 0.66 4.08 4.48 0.70 4.30 1.49 55.70 1.08
SVRN Sovereign Bancorp, Inc. of PA 5.51 4.86 0.57 11.75 3.77 0.70 14.63 NA NA 1.18
STFR St. Francis Cap. Corp. of WI 7.46 6.68 0.77 9.82 6.64 0.75 9.53 NA NA 0.85
SPBC St. Paul Bancorp, Inc. of IL 9.60 9.56 1.08 11.84 5.99 1.04 11.36 NA NA 0.88
SFFC StateFed Financial Corp. of IA 17.91 17.91 1.16 6.53 6.00 1.16 6.53 1.55 14.83 0.30
SFIN Statewide Fin. Corp. of NJ 9.72 9.70 0.79 8.16 7.62 0.75 7.83 0.47 95.71 0.89
STSA Sterling Financial Corp. of WA 5.38 2.37 0.36 6.67 4.97 0.51 9.57 0.57 118.79 1.06
ROSE T R Financial Corp. of NY* 6.36 6.36 1.05 16.77 7.55 0.88 14.07 0.49 76.53 0.65
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
PVFC PVF Capital Corp. of OH 11.38 179.03 12.90 179.03 12.17 0.00 0.00 0.00
PBCI Pamrapo Bancorp, Inc. of NJ 14.78 135.06 16.82 135.68 15.36 1.12 4.77 70.44
PFED Park Bancorp of Chicago IL 20.90 88.40 17.98 88.40 20.61 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 11.45 155.78 11.65 156.49 11.65 0.48 2.34 26.82
PBHC Pathfinder BC MHC of NY (45.2)* 22.42 137.98 16.41 161.63 26.40 0.20 1.68 37.74
PEEK Peekskill Fin. Corp. of NY 21.35 91.86 19.81 91.86 21.03 0.36 2.59 55.38
PFSB PennFed Fin. Services of NJ 11.08 120.62 8.04 137.68 11.75 0.16 1.17 13.01
PWBK Pennwood Bancorp, Inc. of PA 27.83 97.46 16.84 97.46 25.30 0.28 2.52 70.00
PBKB People's Bancshares of MA* 12.50 211.95 8.02 221.45 NM 0.76 3.66 45.78
TSBS Peoples Bancorp Inc of NJ(8)* NM 113.60 44.56 117.09 NM 0.10 0.94 35.71
PFDC Peoples Bancorp of Auburn IN 15.18 143.23 21.43 143.23 15.18 0.48 2.41 36.64
PBCT Peoples Bank, MHC of CT (41.2)* 16.99 212.43 18.93 253.62 28.38 0.92 3.24 55.09
PFFC Peoples Fin. Corp. of OH 16.90 110.19 19.11 110.19 NM 0.60 5.00 NM
PHBK Peoples Heritage Fin Grp of ME* 24.01 221.48 16.40 266.42 17.89 0.44 2.41 57.89
PSFC Peoples Sidney Fin. Corp of OH 23.93 149.82 27.76 149.82 23.93 0.28 1.67 40.00
PERM Permanent Bancorp, Inc. of IN 20.66 125.22 10.74 153.41 21.71 0.24 1.87 38.71
PCBC Perry Co. Fin. Corp. of MO 19.55 98.65 18.22 98.65 19.75 0.50 2.53 49.50
PHFC Pittsburgh Home Fin Corp of PA 12.17 101.45 7.04 102.56 13.73 0.24 1.71 20.87
PFSL Pocahontas Bancorp of AR 22.50 102.97 14.87 106.26 22.50 0.24 2.67 60.00
PTRS Potters Financial Corp of OH 13.86 120.07 10.25 120.07 15.56 0.28 2.00 27.72
PRBC Prestige Bancorp of PA 18.66 86.83 7.80 86.83 19.20 0.20 1.51 28.17
PFNC Progress Financial Corp. of PA 18.18 174.35 12.07 195.26 20.29 0.16 1.14 20.78
PROV Provident Fin. Holdings of CA 14.19 86.97 8.67 86.97 NM 0.00 0.00 0.00
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 19.74 160.26 21.50 160.26 24.04 1.10 5.87 NM
PLSK Pulaski SB, MHC of NJ (47.0) 25.29 106.55 12.54 106.55 23.71 0.30 2.64 66.67
PULS Pulse Bancorp of S. River NJ(8) 16.81 203.27 17.15 203.27 16.81 0.80 2.74 45.98
QCFB QCF Bancorp of Virginia MN 12.56 126.69 22.16 126.69 12.95 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 12.31 117.13 10.38 117.13 13.22 0.00 0.00 0.00
QCSB Queens County Bancorp of NY* 25.42 NM 37.65 NM 25.86 0.80 2.67 67.80
RARB Raritan Bancorp of Raritan NJ(8)* 20.47 256.04 19.83 258.68 21.21 0.60 1.71 35.09
RELY Reliance Bancorp, Inc. of NY 12.56 127.12 9.46 184.60 12.68 0.72 2.74 34.45
RELI Reliance Bancshares Inc of WI(8) NM 103.10 54.56 103.10 NM 0.00 0.00 0.00
RCBK Richmond County Fin Corp of NY NM 122.68 23.90 123.07 20.97 0.24 1.57 NM
RIVR River Valley Bancorp of IN 14.02 96.53 13.16 97.78 15.96 0.22 1.47 20.56
RVSB Riverview Bancorp of WA 18.58 133.53 30.82 137.80 19.68 0.24 1.79 33.33
RSLN Roslyn Bancorp, Inc. of NY* 15.43 119.29 18.41 119.87 16.16 0.40 2.34 36.04
SCCB S. Carolina Comm. Bnshrs of SC 19.29 83.18 16.32 83.18 19.29 0.64 4.74 NM
SFED SFS Bancorp of Schenectady NY(8) 23.03 120.62 14.84 120.62 23.78 0.32 1.46 33.68
SGVB SGV Bancorp of W. Covina CA 17.31 96.91 6.61 98.11 17.76 0.00 0.00 0.00
SISB SIS Bancorp, Inc. of MA(8)* 23.96 219.47 15.67 219.47 19.26 0.64 1.59 38.10
SWCB Sandwich Bancorp of MA(8)* 23.88 268.23 22.51 275.94 25.22 1.40 2.39 57.14
SKAN Skaneateles Bancorp Inc of NY* 12.73 106.10 7.33 108.44 13.75 0.28 2.04 25.93
SKBOD Skibo Fin Corp MHC of PA(45.0) NM 169.25 28.44 169.25 NM 0.20 1.67 NM
SOBI Sobieski Bancorp of S. Bend IN 20.42 86.10 11.98 86.10 21.01 0.32 2.21 45.07
SFFS Sound Bancorp MHC of NY (44.1) 15.78 99.20 18.90 99.20 15.78 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* NM 111.94 18.94 111.94 NM 0.40 4.85 NM
SBAN SouthBanc Shares Inc. of SC NM 111.46 23.13 111.46 29.92 0.48 2.43 NM
SCBS Southern Commun. Bncshrs of AL 17.33 125.48 21.76 125.48 17.33 0.30 2.31 40.00
SMBC Southern Missouri Bncrp of MO 22.33 98.07 15.17 98.07 21.20 0.50 2.99 66.67
SVRN Sovereign Bancorp, Inc. of PA 26.53 221.77 12.21 251.52 21.30 0.08 0.57 15.09
STFR St. Francis Cap. Corp. of WI 15.07 147.64 11.02 165.02 15.53 0.64 1.58 23.88
SPBC St. Paul Bancorp, Inc. of IL 16.70 188.88 18.13 189.58 17.42 0.60 2.94 49.18
SFFC StateFed Financial Corp. of IA 16.67 105.97 18.98 105.97 16.67 0.20 1.82 30.30
SFIN Statewide Fin. Corp. of NJ 13.12 109.44 10.63 109.59 13.69 0.52 3.27 42.98
STSA Sterling Financial Corp. of WA 20.11 125.68 6.76 285.05 14.02 0.00 0.00 0.00
ROSE T R Financial Corp. of NY* 13.24 206.95 13.17 206.95 15.78 0.88 2.82 37.29
</TABLE>
<PAGE>
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit 1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 10, 1998
<TABLE>
<CAPTION>
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
THRD TF Financial Corp. of PA 7.55 6.46 0.60 7.06 6.15 0.54 6.31 0.30 99.86 0.92
THTL Thistle Group Holdings of PA 27.80 27.80 1.37 4.91 5.89 1.37 4.91 0.22 98.57 0.76
TSBK Timberland Bancorp of WA 32.35 32.35 1.80 9.17 5.36 1.68 8.53 NA NA 0.86
TRIC Tri-County Bancorp of WY 16.74 16.74 1.05 6.57 6.13 0.99 6.24 0.03 NA 0.94
TWIN Twin City Bancorp, Inc. of TN 12.67 12.67 1.02 7.92 6.47 0.82 6.41 0.37 27.12 0.14
USAB USABancshares, Inc of PA* 9.74 9.68 0.59 6.21 3.71 0.73 7.64 1.08 49.32 0.90
UCBC Union Community Bancorp of IN 40.02 40.02 1.44 5.52 3.?7 1.44 5.52 0.33 99.15 0.40
UCFC United Community Fin. of OH 32.31 32.31 1.50 4.65 4.18 1.50 4.65 0.51 72.00 0.95
UBMT United Fin. Corp. of MT 14.74 1?.25 1.12 7.57 5.45 1.09 7.40 0.42 156.46 1.02
UTBI United Tenn. Bancshares of TN 27.03 27.03 1.36 9.53 5.74 1.36 9.53 0.57 148.60 1.27
WHGB WHG Bancshares of MD 15.28 15.28 0.58 3.18 3.83 0.58 3.18 0.65 41.31 0.46
WSFS WSFS Financial Corp. of DE* 5.96 5.93 1.13 19.24 8.32 1.09 18.56 1.17 128.88 3.15
WVFC WVS Financial Corp. of PA 11.10 11.10 1.20 10.72 6.52 1.30 11.60 NA NA 1.19
WRNB Warren Bancorp of Peabody MA* 10.59 10.59 1.61 15.02 8.39 1.52 14.23 0.90 116.78 1.56
WSBI Warwick Community Bncrp of NY* 20.99 20.99 0.32 1.46 1.39 1.0? 4.93 0.69 67.04 0.80
WFSL Washington Federal, Inc. of WA 13.61 12.66 1.98 14.88 8.55 1.91 14.40 0.52 81.10 0.57
WAYN Wayne Svgs Bks MHC of OH (48.2 9.53 9.53 0.71 7.52 3.44 0.64 6.80 NA NA 0.35
WCFB Wbstr Cty FSB MHC of IA (45.6) 23.41 23.41 1.40 5.95 3.71 1.40 5.95 0.07 534.72 0.69
WBST Webster Financial Corp. of CT 6.17 5.29 0.75 13.27 5.96 0.77 13.52 0.39 159.51 1.14
WEFC Wells Fin. Corp. of Wells MN 13.55 13.55 1.22 8.42 8.72 1.11 7.67 NA NA NA
WEBK West Essex MHC of NJ (42.2) 13.43 13.43 0.34 2.51 2.70 0.34 2.51 1.10 54.38 1.60
WCBI WestCo Bancorp, Inc. of IL(8) 15.06 15.06 1.42 9.21 5.50 1.41 9.16 0.56 50.90 0.36
WSTR WesterFed Fin. Corp. of MT 11.15 9.16 0.71 6.63 6.88 0.69 6.47 0.52 94.24 0.74
WOFC Western Ohio Fin. Corp. of OH 14.52 13.58 0.07 0.51 0.52 0.06 0.43 1.29 74.24 1.36
WEHO Westwood Hmstd Fin Corp of OH 19.51 19.51 0.76 3.32 3.86 1.05 4.62 0.29 82.74 0.26
FFWD Wood Bancorp of OH 13.57 13.57 1.43 11.11 6.34 1.17 9.09 0.16 243.12 0.48
YFCB Yonkers Fin. Corp. of NY 10.30 10.30 0.89 6.80 7.79 0.80 6.18 0.28 123.06 0.66
YFED York Financial Corp. of PA 8.89 8.89 0.84 9.54 5.93 0.66 7.56 2.25 31.83 0.90
<CAPTION>
Pricing Ratios Dividend Data(6)
----------------------------------------- ------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- --------- ------- ------- --------
(X) (%) (%) (%) (x) ($) (%) (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
THRD TF Financial Corp. of PA 16.26 121.51 9.17 142.05 18.18 0.48 2.40 39.02
THTL Thistle Group Holdings of PA 16.98 83.41 23.19 83.41 16.98 0.20 2.22 37.74
TSBK Timberland Bancorp of WA 18.66 97.79 31.64 97.79 20.08 0.24 1.81 33.80
TRIC Tri-County Bancorp of WY 16.30 103.54 17.33 103.54 17.17 0.44 3.42 55.70
TWIN Twin City Bancorp, Inc. of TN 15.45 121.79 15.43 121.79 19.10 0.40 2.91 44.94
USAB USABancshares, Inc of PA* 26.92 106.87 10.40 107.53 21.88 0.00 0.00 0.00
UCBC Union Community Bancorp of IN 25.81 85.30 34.14 85.30 25.81 0.38 3.13 NM
UCFC United Community Fin. of OH 23.93 111.31 35.97 111.31 23.93 0.00 0.00 0.00
UBMT United Fin. Corp. of MT 18.33 138.81 20.47 143.64 18.75 1.00 4.04 74.07
UTBI United Tenn. Bancshares of TN 17.44 89.52 24.20 89.52 17.44 0.00 0.00 0.00
WHGB WHG Bancshares of MD 26.09 82.64 12.63 82.64 26.09 0.32 2.67 69.57
WSFS WSFS Financial Corp. of DE* 12.01 219.56 13.08 220.41 12.45 0.12 0.70 8.45
WVFC WVS Financial Corp. of PA 15.34 163.16 18.11 163.16 14.17 0.60 4.03 61.86
WRNB Warren Bancorp of Peabody MA* 11.92 176.26 18.67 176.26 12.58 0.36 3.97 47.37
WSBI Warwick Community Bncrp of NY* NM 104.98 22.04 104.98 21.39 0.16 1.17 NM
WFSL Washington Federal, Inc. of WA 11.70 170.22 23.16 182.98 12.09 0.92 3.62 42.40
WAYN Wayne Svgs Bks MHC of OH (48.2 29.11 213.78 20.37 213.78 NM 0.62 2.92 NM
WCFB Wbstr Cty FSB MHC of IA (45.6) 26.98 158.14 37.01 158.14 26.98 0.80 4.71 NM
WBST Webster Financial Corp. of CT 16.77 177.73 10.97 207.36 16.46 0.44 1.66 27.85
WEFC Wells Fin. Corp. of Wells MN 11.47 109.84 14.89 109.84 12.59 0.60 3.58 41.10
WEBK West Essex MHC of NJ (42.2) NM 92.94 12.48 92.94 NM 0.00 0.00 0.00
WCBI WestCo Bancorp, Inc. of IL(8) 18.18 170.43 25.67 170.43 18.28 0.68 2.00 36.36
WSTR WesterFed Fin. Corp. of MT 14.53 94.03 10.48 114.47 14.88 0.54 2.88 41.86
WOFC Western Ohio Fin. Corp. of OH NM 101.91 14.79 108.95 NM 1.00 4.35 NM
WEHO Westwood Hmstd Fin Corp of OH 25.93 104.11 20.31 104.11 18.65 0.40 ?.76 NM
FFWD Wood Bancorp of OH 15.77 165.63 22.48 165.63 19.28 0.36 2.59 40.91
YFCB Yonkers Fin. Corp. of NY 12.84 92.29 9.50 92.29 14.14 0.32 2.29 29.36
YFED York Financial Corp. of PA 16.87 154.14 13.70 154.14 21.29 0.50 2.80 47.17
</TABLE>
<PAGE>
EXHIBIT 2
Pro Forma Analysis Sheet
Fully Converted Basis
<PAGE>
EXHIBIT 2
PRO FORMA ANALYSIS SHEET
Provident Bank
Prices as of November 10, 1998
<TABLE>
<CAPTION>
Peer Group New York Companies
-------------------- -----------------------
Price Multiple Symbol Subject (1) Mean Median Mean Median
- -------------- ------ ----------- ---- ------ ---- ------
<S> <C> <C> <C> <C> <C> <C>
Price-earnings ratio = P/E 13.04 x 19.48 19.04x 17.55x 15.43x
Price-book ratio = P/B 61.86% 85.49% 84.05% 103.80% 112.23%
Price-assets ratio = P/A 9.57% 19.55% 19.29% 13.70% 17.56%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y) $4,242,000 ESOP Stock Purchases (E) 8.00% (5)
Pre-Conversion Book Value (B) $55,200,000 Cost of ESOP Borrowings (S) 0.00% (4)
Pre-Conv. Tang. Book Value (B) $51,535,389 ESOP Amortization (T) 10.00 years
Pre-Conversion Assets (A) $691,068,000 RRP Amount (M) 4.00%
Reinvestment Rate (2)(R) 3.22% RRP Vesting (N) 5.00 years (5)
Est. Conversion Expenses (3)(X) 3.00% Foundation (F) 0.00%
Tax rate (TAX) 40.00% Tax Benefit (Z) 0
Percentage Sold (PCT) 100.00%
<CAPTION>
All SAIF-Insured
Companies
--------------------
Price Multiple Mean Median
- -------------- ---- ------
<S> <C> <C>
Price-earnings ratio = 17.54x 16.81x
Price-book ratio = 128.18% 116.30%
Price-assets ratio = 16.21% 14.88%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y)
Pre-Conversion Book Value (B)
Pre-Conv. Tang. Book Value (B)
Pre-Conversion Assets (A)
Reinvestment Rate (2)(R)
Est. Conversion Expenses (3)(X)
Tax rate (TAX)
</TABLE>
Calculation of Pro Forma Value After Conversion
- -----------------------------------------------
<TABLE>
<S> <C> <C>
1. V= P/E * (Y) V= $72,000,000
----------------------------------------------------
1 - P/E * PCT * ((1-X-E-M-F)*R - (1-TAX)*E/T - (1-TAX)*M/N)
2. V= P/B * (B+Z) V= $72,000,000
----------------------
1 - P/B * PCT * (1-X-E-M-F)
3. V= P/A * (A+Z) V= $72,000,000
-----------------------
1 - P/A * PCT * (1-X-E-M-F)
</TABLE>
<TABLE>
<CAPTION>
Aggregate
Shares Sold to Price Per Gross Offering Total Shares Market Value
Conclusion Public Share Proceeds Issued of Stock Issued
- ---------- ------ ----- -------- ------ ---------------
<S> <C> <C> <C> <C> <C>
Minimum 6,120,000 10.00 $61,200,000 6,120,000 61,200,000
Midpoint 7,200,000 10.00 72,000,000 7,200,000 72,000,000
Maximum 8,280,000 10.00 82,800,000 8,280,000 82,800,000
Supermaximum 9,522,000 10.00 95,220,000 9,522,000 95,220,000
</TABLE>
___________________________________________
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.37 percent, and a tax rate
of 40.00 percent.
(3) Offering expenses shown at estimated midpoint value.
(4) No cost is applicable since holding company will fund the ESOP loan.
(5) ESOP and MRP amortize over 10 years and 5 years, respectively;
amortizationexpenses tax effected at 40.00 percent.
<PAGE>
EXHIBIT 3
Pro Forma Effect of Conversion Proceeds
Fully Converted Basis
<PAGE>
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Provident Bank
At the Minimum
<TABLE>
<S> <C>
1. Offering Proceeds $61,200,000
Less: Estimated Offering Expenses 1,836,000
Net Conversion Proceeds -----------
$59,364,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $59,364,000
Less: Capital Expenditures 0
Less: Non-Cash Stock Purchases (1) 7,344,000
-----------
Net Proceeds Reinvested $52,020,000
Estimated net incremental rate of return 3.22%
-----------
Earnings Increase $ 1,676,084
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 293,760
Less: Recognition Plan Vesting (4) 293,760
-----------
Net Earnings Increase $ 1,088,564
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
----------- -------- ----------
<S> <C> <C> <C> <C>
12 Months ended September 30, 1998 (reported) $ 4,242,000 $1,088,564 $ 5,330,564
12 Months ended September 30, 1998 (core) $ 4,242,000 $1,088,564 $ 5,330,564
Before Net Cash Tax Benefit After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
----------- --------- --------------- ----------
September 30, 1998 $ 55,200,000 $52,020,000 $ 0 $107,220,000
September 30, 1998 (Tangible) $ 51,535,389 $52,020,000 $ 0 $103,555,389
Before Net Cash Tax Benefit After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- ---------- --------------- -----------
September 30, 1998 $691,068,000 $52,020,000 $ 0 $743,088,000
</TABLE>
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense
is tax-effected at a 40.00 percent rate .
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
40.00 percent.
<PAGE>
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Provident Bank
At the Midpoint
<TABLE>
<S> <C>
1. Offering Proceeds $72,000,000
Less: Estimated Offering Expenses 2,160,000
----------
Net Conversion Proceeds $69,840,000
2. Est mated Additional Income from Conversion Proceeds
Net Conversion Proceeds $69,840,000
Less: Capital Expenditures 0
Less: Non-Cash Stock Purchases (1) 8,640,000
----------
Net Proceeds Reinvested $61,200,000
Estimated net incremental rate of return 3.22%
----------
Earnings Increase $ 1,971,864
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 345,600
Less: Recognition Plan Vesting (4) 345,600
----------
Net Earnings Increase $ 1,280,664
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
<S> <C> <C> <C> <C>
12 Months ended September 30, 1998 (reported) $ 4,242,000 $1,280,664 $ 5,522,664
12 Months ended September 30, 1998 (core) $ 4,242,000 $1,280,664 $ 5,522,664
Before Net Cash Tax Benefit After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $ 55,200,000 $ 61,200,000 $ 0 $116,400,000
September 30, 1998 (Tangible) $ 51,535,389 $ 61,200,000 $ 0 $112,735,389
Before Net Cash Tax Benefit After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $691,068,000 $ 61,200,000 $ 0 $752,268,000
</TABLE>
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 40.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
40.00 percent.
<PAGE>
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Provident Bank
At the Maximum
<TABLE>
<S> <C>
1. Offering Proceeds $ 82,800,000
Less: Estimated Offering Expenses 2,484,000
------------
Net Conversion Proceeds $ 80,316,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $ 80,316,000
Less: Capital Expenditures 0
Less: Non-Cash Stock Purchases (1) 9,936,000
------------
Net Proceeds Reinvested $ 70,380,000
Estimated net incremental rate of return 3.22%
------------
Earnings Increase $ 2,267,644
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 397,440
Less: Recognition Plan Vesting (4) 397,440
------------
Net Earnings Increase $ 1,472,764
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
<S> <C> <C> <C> <C>
12 Months ended September 30, 1998 (reported) $ 4,242,000 $1,472,764 $ 5,714,764
12 Months ended September 30, 1998 (core) $ 4,242,000 $1,472,764 $ 5,714,764
Before Net Cash Tax Benefit After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
------------ -------- --------------- ----------
September 30, 1998 $ 55,200,000 $70,380,000 $ 0 $125,580,000
September 30, 1998 (Tangible) $ 51,535,389 $70,380,000 $ 0 $121,915,389
Before Net Cash Tax Benefit After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
------------ -------- --------------- ----------
September 30, 1998 $691,068,000 $70,380,000 $ 0 $761,448,000
</TABLE>
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense
is tax-effected at a 40.00 percent rate .
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
40.00 percent.
<PAGE>
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Provident Bank
At the Supermaximum Value
<TABLE>
<S> <C>
1. Offering Proceeds $95,220,000
Less: Estimated Offering Expenses 2,856,600
-----------
Net Conversion Proceeds $92,363,400
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $92,363,400
Less: Capital Expenditures 0
Less: Non-Cash Stock Purchases (1) 11,426,400
-----------
Net Proceeds Reinvested $80,937,000
Estimated net incremental rate of return 3.22%
-----------
Earnings Increase $ 2,607,790
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 457,056
Less: Recognition Plan Vesting (4) 457,056
-----------
Net Earnings Increase $ 1,693,678
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
<S> <C> <C> <C> <C>
12 Months ended September 30, 1998 (reported) $ 4,242,000 $1,693,678 $ 5,935,678
12 Months ended September 30, 1998 (core) $ 4,242,000 $1,693,678 $ 5,935,678
Before Net Cash Tax Benefit After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $ 55,200,000 $ 80,937,000 $ 0 $ 136,137,000
September 30, 1998 (Tangible) $ 51,535,389 $ 80,937,000 $ 0 $ 132,472,389
Before Net Cash Tax Benefit After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $691,068,000 $ 80,937,000 $ 0 $ 772,005,000
</TABLE>
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 40.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
40.00 percent.
<PAGE>
EXHIBIT 4
Pro Forma Analysis Sheet
Minority Stock Offering
<PAGE>
EXHIBIT 4
PRO FORMA ANALYSIS SHEET
Provident Bank
Prices as of November 10, 1998
<TABLE>
<CAPTION>
Peer Group New York Companies
------------------------------ ----------------------
Price Multiple Symbol Subject (1) Mean Median Mean Median
- -------------- -------- ---------- ---- ------ ---- ------
<S> <C> <C> <C> <C> <C> <C>
Price-earnings ratio = P/E 14.90 x 23.73x 24.27x 17.15x 15.43x
Price-book ratio = P/B 86.21% 159.83% 148.97% 120.44% 112.23%
Price-assets ratio = P/A 10.01% 21.29% 19.65% 17.25% 17.56%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y) $ 4,242,000 ESOP Stock Purchases (E) 8.00(5)
Pre-Conversion Book Value (B) $ 55,200,000 Cost of ESOP Borrowings (S) 0.00(4)
Pre-Conv. Tang. Book Value (B) $ 51,535,000 ESOP Amortization (T) 10.00years
Pre-Conversion Assets (A) $691,068,000 RRP Amount (M) 4.00%
Reinvestment Rate (2)(R) 3.22% RRP Vesting (N) 5.00years (5)
Est. Conversion Expenses (3)(X) 3.72% Foundation (F) 0.00%
Tax rate (TAX) 40.00% Tax Benefit (Z) 0
Percentage Sold (PCT) 46.67%
<CAPTION>
All SAIF-Insured
Companies
-------------------------
Price Multiple Mean Median
- -------------- ---- ------
<S> <C> <C>
Price-earnings ratio = 17.54x 16.81x
Price-book ratio = 128.18% 116.30%
Price-assets ratio = 16.21% 14.88%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y)
Pre-Conversion Book Value (B)
Pre-Conv. Tang. Book Value (B)
Pre-Conversion Assets (A)
Reinvestment Rate (2)(R)
Est. Conversion Expenses (3)(X)
Tax rate (TAX)
</TABLE>
<TABLE>
<CAPTION>
Calculation of Pro Forma Value After Conversion
- -----------------------------------------------
<S> <C> <C>
1. V= P/E * (Y) V= $72,000,000
-----------------------------------------------------
1 - P/E * PCT * ((1-X-E-M-F)*R - (1-TAX)*E/T - (1-TAX)*M/N)
2. V= P/B * (B+Z) V= $72,000,000
------------------------------
1 - P/B * PCT * (1-X-E-M-F)
3. V= P/A * (A+Z) V= $72,000,000
----------------------------
1 - P/A * PCT * (1-X-E-M-F)
</TABLE>
<TABLE>
<CAPTION>
Aggregate
Shares Issued to Shares Sold to Price Per Gross Offering Total Shares Market Value
Conclusion MHC Public Share Proceeds Issued of Stock Issued
- ---------- --- ------ ----- -------- ------ ---------------
<S> <C> <C> <C> <C> <C> <C>
Minimum 3,264,000 2,856,000 10.00 $28,560,000 2,856,000 28,560,000
Midpoint 3,840,000 3,360,000 10.00 33,600,000 3,360,000 33,600,000
Maximum 4,416,000 3,864,000 10.00 38,640,000 3,864,000 38,640,000
Supermaximum 5,078,400 4,443,600 10.00 44,436,000 4,443,600 44,436,000
</TABLE>
____________________________
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.37 percent,
and a tax rate of 40.00 percent.
(3) Offering expenses shown at estimated midpoint value.
(4) No cost is applicable since holding company will fund the ESOP loan.
(5) ESOP and MRP amortize over 10 years and 5 years, respectively;
amortization expenses tax effected at 40.00 percent.
<PAGE>
EXHIBIT 5
Pro Forma Effects
Minority Stock Offering
<PAGE>
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Provident Bank
At the Minimum
<TABLE>
<S> <C>
1. Offering Proceeds $28,560,000
Less: Estimated Offering Expenses 1,250,000
-----------
Net Conversion Proceeds $27,310,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $27,310,000
Less: Capital Expenditures 0
Less: Non-Cash Stock Purchases (1) 3,427,200
-----------
Net Proceeds Reinvested $23,882,800
Estimated net incremental rate of return 3.22%
-----------
Earnings Increase $ 769,504
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 137,088
Less: Recognition Plan Vesting (4) 137,088
-----------
Net Earnings Increase $ 495,328
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1998 (reported) $ 4,242,000 $495,328 $ 4,737,328
12 Months ended September 30, 1998 (core) $ 4,242,000 $495,328 $ 4,737,328
Before Net Cash Tax Benefit After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $ 55,200,000 $23,882,800 $ 0 $79,082,800
September 30, 1998 (Tangible) $ 51,535,000 $23,882,800 $ 0 $75,417,800
Before Net Cash Tax Benefit After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $691,068,000 $23,882,800 $ 0 $714,950,800
</TABLE>
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 40.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
40.00 percent.
<PAGE>
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Provident Bank
At the Midpoint
<TABLE>
<S> <C>
1. Offering Proceeds $33,600,000
Less: Estimated Offering Expenses 1,250,000
-----------
Net Conversion Proceeds $32,350,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $32,350,000
Less: Capital Expenditures 0
Less: Non-Cash Stock Purchases (1) 4,032,000
-----------
Net Proceeds Reinvested $28,318,000
Estimated net incremental rate of return 3.22%
-----------
Earnings Increase $ 912,406
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 161,280
Less: Recognition Plan Vesting (4) 161,280
-----------
Net Earnings Increase $ 589,846
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- -----------
<S> <C> <C> <C> <C>
12 Months ended September 30, 1998 (reported) $ 4,242,000 $589,846 $ 4,831,846
12 Months ended September 30, 1998 (core) $ 4,242,000 $589,846 $ 4,831,846
Before Net Cash Tax Benefit After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $ 55,200,000 $28,318,000 $ 0 $ 83,518,000
September 30, 1998 (Tangible) $ 51,535,000 $28,318,000 $ 0 $ 79,853,000
Before Net Cash Tax Benefit After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $691,068,000 $28,318,000 $ 0 $719,386,000
</TABLE>
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 40.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
40.00 percent.
<PAGE>
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Provident Bank
At the Maximum
<TABLE>
<S> <C>
1. Offering Proceeds $38,640,0000
Less: Estimated Offering Expenses 1,250,0000
------------
Net Conversion Proceeds $ 37,390,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $ 37,390,000
Less: Capital Expenditures 0
Less: Non-Cash Stock Purchases (1) 4,636,800
------------
Net Proceeds Reinvested $ 32,753,200
Estimated net incremental rate of return 3.22%
------------
Earnings Increase $ 1,055,308
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 185,472
Less: Recognition Plan Vesting (4) 185,472
------------
Net Earnings Increase $ 684,364
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
<S> <C> <C> <C> <C>
12 Months ended September 30, 1998 (reported) $4,242,000 $684,364 $4,926,364
12 Months ended September 30, 1998 (core) $4,242,000 $684,364 $4,926,364
Before Net Cash Tax Benefit After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $55,200,000 $32,753,200 $ 0 $87,953,200
September 30, 1998 (Tangible) $51,535,000 $32,753,200 $ 0 $84,288,200
Before Net Cash Tax Benefit After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $691,068,000 $32,753,200 $ 0 $723,821,200
</TABLE>
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 40.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
40.00 percent.
<PAGE>
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Provident Bank
At the Supermaximum Value
<TABLE>
<S> <C>
1. Offering Proceeds $44,436,000
Less: Estimated Offering Expenses 1,250,000
-----------
Net Conversion Proceeds $43,186,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $43,186,000
Less: Capital Expenditures 0
Less: Non-Cash Stock Purchases (1) 5,332,320
-----------
Net Proceeds Reinvested $37,853,680
Estimated net incremental rate of return 3.22%
-----------
Earnings Increase $ 1,219,646
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 213,293
Less: Recognition Plan Vesting (4) 213,293
-----------
Net Earnings Increase $ 793,060
</TABLE>
<TABLE>
<CAPTION>
Net
Before Earnings After
Conversion Increase Conversion
---------- -------- ----------
<S> <C> <C> <C> <C>
3. Pro Forma Earnings
12 Months ended September 30, 1998 (reported) $4,242,000 $793,060 $ 5,035,060
12 Months ended September 30, 1998 (core) $4,242,000 $793,060 $ 5,035,060
Before Net Cash Tax Benefit After
Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
4. Pro Forma Net Worth
September 30, 1998 $ 55,200,000 $37,853,680 $ 0 $ 93,053,680
September 30, 1998 (Tangible) $ 51,535,000 $37,853,680 $ 0 $ 89,388,680
Before Net Cash Tax Benefit After
Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
5. Pro Forma Assets
September 30, 1998 $691,068,000 $37,853,680 $ 0 $728,921,680
</TABLE>
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 40.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
40.00 percent.
<PAGE>
EXHIBIT 6
Firm Qualifications Statement
<PAGE>
RP FINANCIAL, LC.
- --------------------------------------
Financial Services Industry Consultants FIRM QUALIFICATION STATEMENT
RP Financial provides financial and management consulting and valuation services
to the financial services industry nationwide, particularly federally-insured
financial institutions. RP Financial establishes long-term client relationships
through its wide array of services, emphasis on quality and timeliness, hands-on
involvement by our principals and senior consulting staff, and careful
structuring of strategic plans and transactions. RP Financial's staff draws from
backgrounds in consulting, regulatory agencies and investment banking, thereby
providing our clients with considerable resources.
STRATEGIC AND CAPITAL PLANNING
RP Financial's strategic and capital planning services are designed to provide
effective workable plans with quantifiable results. Through a program known as
SAFE (Strategic Alternatives Financial Evaluations), RP Financial analyzes
strategic options to enhance shareholder value or other established objectives.
Our planning services involve conducting situation analyses; establishing
mission statements, strategic goals and objectives; and identifying strategies
for enhancement of franchise value, capital management and planning, earnings
improvement and operational issues. Strategy development typically includes the
following areas: capital formation and management, asset/liability targets,
profitability, return on equity and market value of stock. Our proprietary
financial simulation model provides the basis for evaluating the financial
impact of alternative strategies and assessing the feasibility/compatibility of
such strategies with regulations and/or other guidelines.
MERGER AND ACQUISITION SERVICES
RP Financial's merger and acquisition (M&A) services include targeting
candidates and potential acquirors, assessing acquisition merit, conducting
detailed due diligence, negotiating and structuring transactions, preparing
merger business plans and financial simulations, rendering fairness opinions and
assisting in implementing post-acquisition strategies. Through our financial
simulations, comprehensive in-house data bases, valuation expertise and
regulatory knowledge, RP Financial's M&A consulting focuses on structuring
transactions to enhance shareholder returns.
VALUATION SERVICES
RP Financial's extensive valuation practice includes valuations for a variety of
purposes including mergers and acquisitions, mutual-to-stock conversions, ESOPs,
subsidiary companies, mark-to-market transactions, loan and servicing
portfolios, non-traded securities, core deposits, FAS 107 (fair market value
disclosure), FAS 122 (loan servicing rights) and FAS 123 (stock options). Our
principals and staff are highly experienced in performing valuation appraisals
which conform with regulatory guidelines and appraisal industry standards. RP
Financial is the nation's leading valuation firm for mutual-to-stock conversions
of thrift institutions.
OTHER CONSULTING SERVICES AND DATA BASES
RP Financial offers a variety of other services including branching strategies,
feasibility studies and special research studies, which are complemented by our
quantitative and computer skills. RP Financial's consulting services are aided
by its in-house data base resources for commercial banks and savings
institutions and proprietary valuation and financial simulation models.
YEAR 2000 SERVICES
RP Financial, through a relationship with a computer research and development
company with a proprietary methodology, offers Year 2000 advisory and conversion
services to financial institutions which are more cost effective and less
disruptive than most other providers of such service.
RP Financial's Key Personnel (Years of Relevant Experience)
Ronald S. Riggins, Managing Director (18)
William E. Pommerening, Managing Director (14)
Gregory E. Dunn, Senior Vice President (16)
James P. Hennessey, Senior Vice President (13)
James J. Oren, Senior Vice President (11)
________________________________________________________________________________
WASHINGTON HEADQUARTERS
Rosslyn Center
1700 North Moore Street, Suite 2210
