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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13E-3
RULE 13E-3 TRANSACTION STATEMENT
(PURSUANT TO SECTION 13(E) OF THE SECURITIES EXCHANGE ACT OF 1934)
MISSISSIPPI VIEW HOLDING COMPANY
--------------------------------
(Name of Issuer)
MISSISSIPPI VIEW HOLDING COMPANY
MISSISSIPPI VIEW HOLDING COMPANY STOCK EMPLOYEE COMPENSATION TRUST
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(Name of Person(s) Filing Statement)
Common Stock, $.10 par value
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(Title of Class of Securities)
605785 10 4
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(CUSIP Number of Class of Securities)
Thomas J. Leiferman
Mississippi View Holding Company
35 East Broadway
Little Falls, Minnesota 56345 (320) 632-5461
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications on Behalf of the Person(s) Filing Statement)
This statement is filed in connection with (check the appropriate
box):
a. [ ] The filing of solicitation materials or an information statement
subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the
Securities Exchange Act of 1934.
b. [ ] The filing of a registration statement under the Securities Act of
1993.
c. [X] A tender offer.
d. [ ] None of the above.
Check the following box if the soliciting materials or information statement
referred to in checking box (a) are preliminary copies: [ ]
CALCULATION OF FILING FEE
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Transaction Valuation* Amount of filing fee
$4,773,00 $954.60
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*For purposes of calculating the filing fee only. This assumes the purchase of
222,000 shares of common stock of the Issuer at the maximum tender offer price
per share of $21.50. The amount of the filing fee, calculated in accordance with
Regulation 240.0-11 of the Securities Exchange Act of 1934, equals 1/50th of one
percentum of the value of the shares to be purchased.
[X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
<TABLE>
<S> <C> <C> <C>
Amount Previously Paid: 954.60 Filing Party: Mississippi View Holding Company
Form or Registration No.: Schedule 13E-4 Date Filed: April 13, 1998
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This Rule 13E-3 Transaction Statement is being filed by Mississippi
View Holding Company, a Minnesota corporation (the "Company"), and the
Mississippi View Holding Company Stock Employee Compensation Trust (the "Trust")
in connection with the issuer tender offer to be made by the Company to its
stockholders to purchase up to 222,000 shares of its outstanding Common Stock,
par value $0.10 per share (the "Shares") at prices of not greater than $21.50
nor less than $19.50 per Share net to the Seller in cash, upon the terms and
subject to the conditions set forth in the Company's Offer to Purchase, dated
April 13, 1998 (the "Offer to Purchase") and in the accompanying Letter of
Transmittal, which together constitute the "Offer," copies of which are filed as
Exhibits (d)(1) and (d)(2) hereto, respectively. Unless otherwise indicate, all
references in this Statement are to the Offer to Purchase. In addition, the
Company and the Trust have entered into a Common Stock Purchase Agreement
pursuant to which the Trust will purchase approximately 9.9% of the outstanding
shares of Common Stock after the Offer.
The cross-reference sheet below is being supplied pursuant to General
Instruction F to Schedule 13E-3 and shows the location in the Schedule 13E-4
filed by the Company with the Securities and Exchange Commission concurrently
herewith required to be included in response to the items of this Statement. The
information in such Schedule 13E-4 is hereby expressly incorporated herein by
reference. A copy of such Schedule 13E-4 of the Company (excluding exhibits) is
attached hereto as Exhibit (f)(1).
CROSS REFERENCE SHEET
Item in Location in
Schedule 13E-3 Schedule 13E-4
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Item 1(a) Item 1(a)
Item 1(b) Item 1(b)
Item 1(c) Item 1(c)
Item 1(d) *
Item 1(e) *
Item 1(f) *
Item 2 Item 1(d)
Item 3 *
Item 4 *
Item 5 Item 3
Item 6 Item 2
Item 7 Item 3
Item 8 *
Item 9 *
Item 10(a) *
Item 10(b) Item 4
Item 11 Item 5
Item 12 *
Item 13 *
Item 14 Item 7
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Item in Location in
Schedule 13E-3 Schedule 13E-4
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Item 15(a) *
Item 15(b) Item 6
Item 16 Item 8
Item 17 Separately included herewith
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* This Item is inapplicable or the answer thereto is in the negative.
1. Issuer and Class of Security Subject to the Transaction.
(a) The name of the issuer is Mississippi View Holding
Company. Its principal executive office is at 35
East Broadway, Little Falls, Minnesota 56345.
(b) The title, amount of securities outstanding of the
class of securities which is the subject of this
Schedule 13E-3 and the approximate number of holders
of record of such class are set forth in the section
titled "INTRODUCTION" in the Offer to Purchase,
which is incorporated herein by reference.
(c) The principal market in which the securities are
being traded and the high and low bid quotations are
set forth in the section titled "THE OFFER -- Price
Range of Shares; Dividends" in the Offer to
Purchase, which is incorporated herein by reference.
(d) Information as to dividends paid by the Company and
the effect on the ability to pay future dividends is
set forth in the section titled "THE OFFER -- Price
Range of Shares; Dividends" in the Offer to
Purchase, which is incorporated herein by reference.
(e) No underwritten public offering of the Company's
securities has been made by the persons filing this
Statement during the past three years.
(f) Information required by this paragraph of Item 1 is
set forth in Schedule A -- Previous Stock
Repurchases" in the Offer to Purchase, which
information is incorporated herein by reference.
2. Identity and Background.
(a-d) This Statement is being filed by the Company and the
and (g) Trust. The information set forth in the section
titled "INTRODUCTION" and in Schedule A to the Offer
to Purchase are incorporated herein by reference.
(e-f) Neither the Company, the Trust, nor, to the best of
their knowledge, any of the persons listed in
Schedule A to the Offer to Purchase, has during the
last five years (i) been convicted in a criminal
proceeding (excluding traffic violations or similar
misdemeanors) or (ii) been a party to a civil
proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such
proceeding
3
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was or is subject to a judgment, decree or final
order enjoining further violations of, or
prohibiting activities subject to, federal or state
securities laws or finding any violation of such
laws.
3. Past Contacts, Transactions or Negotiations.
(a-b) The information required by this Item is set forth
in the sections titled "INTRODUCTION," "SPECIAL
FACTORS -- Background of the Offer," "SPECIAL
FACTORS -- Fairness of the Transaction," "SPECIAL
FACTORS -- Interests of Directors and Executive
Officers; Transactions and Arrangements Concerning
Shares," and "THE OFFER -- Certain Information
Concerning the Company" in the Offer to Purchase,
each of which is incorporated herein by reference.
4. Terms of the Transaction.
(a) The material terms of the Offer are described in the
sections titled "INTRODUCTION" and "THE OFFER" in
the Offer to Purchase, each of which is incorporated
herein by reference.
(b) There are no terms or arrangements concerning the
Offer relating to any stockholder of the Company
which are not identical to those relating to other
holders of Shares, except as set forth in the
sections titled "INTRODUCTION" and "SPECIAL FACTORS
-- Interests of Directors and Executive Officers;
Transactions and Arrangements Concerning Shares" in
the Offer to Purchase, each of which is incorporated
herein by reference.
5. Plans or Proposals of the Issuer or Affiliate.
The Company's plans or proposals regarding (a) the
sale of assets is set forth in the section titled
"SPECIAL FACTORS -- Plans for the Company after the
Offer"; (b) a change in the present dividend rate or
policy and the indebtedness of the Company is set
forth in the section titled "SPECIAL FACTORS --
Certain Effects of the Offer," and (c) causing a
class of equity securities to be delisted, eligible
for termination of registration and the suspension
of the issuer's obligation to file reports is set
forth in the sections titled "SPECIAL FACTORS --
Certain Effects of the Offer" and "THE OFFER --
Effects of the Offer on the Market for Shares;
Registration under the Exchange Act" in the Offer to
Purchase, each of which is incorporated herein by
reference.
There are no plans or proposals regarding (a) the
acquisition of additional securities of the issuer,
(b) an extraordinary corporate transaction, (c) any
change in the Board of Directors, (d) any change in
the issuer's corporate structure or (e) any change
in the issuer's organizational documents which may
impede control of the issuer.
6. Source and Amount of Funds or Other Consideration.
(a) Information as to the source and amount of funds to
and (c-d) be used in the Rule 13e-3 transaction is set forth
in the section titled "THE OFFER -- Source and
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Amount of Funds" in the Offer to Purchase, which is
incorporated herein by reference.
(b) Information as to the itemized expenses to be
incurred in connection with the Offer is set forth
in the section titled "THE OFFER -- Fees and
Expenses" in the Offer to Purchase, which is
incorporated herein by reference.
7. Purposes, Alternatives, Reasons and Effect.
(a) The purpose of the Offer and the reason for its
and (c) structure is set forth in the sections titled
"INTRODUCTION," "SPECIAL FACTORS -- Background of
the Offer" and "SPECIAL FACTORS -- Purposes of and
Reasons for the Offer" in the Offer to Purchase,
each of which is incorporated herein by reference.
(b) No alternative means were considered to accomplish
the purposes referenced to in (a) above.
(d) The effects of the Rule 13e-3 transaction is set
forth in the sections titled "INTRODUCTION,"
"SPECIAL FACTORS -- Fairness of the Offer," "SPECIAL
FACTORS -- Certain Effects of the Offer," "THE OFFER
-- Effect of the Offer on the Market for Shares;
Registration under the Exchange Act" and "THE OFFER
-- Certain Information Concerning the Company," and
the tax consequences are set forth in "SPECIAL
FACTORS -- Certain Federal Income Tax Consequences"
and "THE OFFER -- Certain Information Concerning the
Company" in the Offer to Purchase, each of which is
incorporated herein by reference.
8. Fairness of the Transaction.
The information required by this Item is set forth
in the sections titled "SPECIAL FACTORS -- Fairness
of the Offer" and "SPECIAL FACTORS -- Opinion of
Financial Advisor" in the Offer to Purchase, each of
which is incorporated herein by reference.
9. Reports, Opinions, Appraisals and Certain Negotiations.
(a) All reports, opinions and appraisals received by the
and (b) Company are set forth in the section titled "SPECIAL
FACTORS -- Fairness of the Offer" and "SPECIAL
FACTORS -- Opinion of Financial Advisor" in the
Offer to Purchase, which is incorporated herein by
reference.
(c) The written opinion referred to in Item 9(a) is
available for inspection at the principal executive
offices of the Company by any interested stockholder
of the Company or his representative that has been
so designated in writing. Copies of such opinions
and materials will be transmitted by the Company to
any interested stockholder or his representative
that has been so designated in writing upon the
written request and at the expense of the requesting
stockholder.
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10. Interest in Securities of the Issuer.
The information required by this Item regarding
ownership by the issuer's officers and directors and
its affiliates and transactions in Shares in the
past 60 days is set forth in Schedule A to the Offer
to Purchase, which is incorporated herein by
reference.
11. Contracts, Arrangements or Understandings with Respect to the Issuer's
Securities.
There are no contracts, agreements or understandings
with respect to the issuer's securities which would
be required to be disclosed pursuant to Item 11.
12. Present Intention and Recommendation of Certain Persons with Regard to
the Transaction.
(a) The information required by this paragraph is set
forth in the section titled "SPECIAL FACTORS --
Interest of Directors and Executive Officers;
Transactions and Arrangements Concerning Shares" in
the Offer to Purchase, which is incorporated herein
by reference.
(b) Information regarding recommendations with respect
to the Offer is set forth in the sections titled
"INTRODUCTION" and "SPECIAL FACTORS -- Purposes of
and Reasons for the Offer" in the Offer to Purchase,
each of which is incorporated herein by reference.
13. Other Provisions of the Transactions.
(a) No appraisal rights will be available in connection
with the Offer.
(b) No provision has been made in connection with the
Offer to allow unaffiliated stockholders of the
Company to obtain access to the files of the
Company.
(c) No exchange of debt securities is involved.
14. Financial Information.
Audited financial statements for the years ended
September 30, 1996 and 1997 and unaudited financial
statements for the three months ended December 31,
1997 and 1996, are set forth on page II-1 to II-30
of the Offer to Purchase and are incorporated herein
by reference. Certain other summary financial
information is set forth in the section titled "THE
OFFER -- Certain Information Concerning the Company"
in the Offer to Purchase which is incorporated
herein by reference.
15. Persons and Assets Employed, Retained or Utilized.
(a) The use of corporate assets in connection with the
Offer is set forth in the section titled "THE OFFER
-- Source and Amount of Funds" in the Offer to
Purchase, which is incorporated herein by reference.
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(b) The information required by this paragraph is set
forth in the sections titled "INTRODUCTION,"
"SPECIAL FACTORS -- Opinion of Financial Advisor"
and "THE OFFER -- Fees and Expenses" in the Offer to
Purchase, each of which is incorporated herein by
reference.
16. Additional Information.
Additional information concerning the Offer is set
forth in the Offer to Purchase, which is
incorporated herein by reference in its entirety.
17. Material to be filed as Exhibits.
(a) To be filed by amendment, if applicable
(b)(1) Opinion of FinPro, Inc. dated April 9, 1998
delivered to the Board of Directors and the Special
Committee of the Board (the "Special Committee")
(b)(2) April 1998 FinPro, Inc. Report delivered to the
Board of Directors and the Special Committee
(c)(1) Mississippi View Holding Company Stock Employee
Compensation Trust Agreement
(c)(2) Common Stock Purchase Agreement
(d)(1) Offer to Purchase dated April 13, 1998
(d)(2) Letter of Transmittal
(d)(3) Notice of Guaranteed Delivery
(d)(4) Letter from Securities Dealers, Commercial Banks and
Trust Companies to their Clients
(d)(5) Letter to Brokers, Dealers, Commercial Banks, Trust
Companies and Nominees
(d)(6) Letter to Stockholders dated April 13, 1998 from
Thomas J. Leiferman, President and Chief Executive
Officer of the Company
(d)(7) Letter to Participants in the Community Federal
Savings and Loan Association of Little Falls
Employee Stock Ownership Plan
(d)(8) Letter to Participants in the Community Federal
Savings and Loan Association of Little Falls Profit
Sharing Plan
(d)(9) Letter to Participants in the Community Federal
Savings and Loan Association of Little Falls
Management Stock Bonus Plan
(e) Not applicable
(f)(1) Schedule 13E-4 of the Company dated April 13, 1998
(excluding exhibits)
(f)(2) Press Release issued by the Company on April 13,
1998.
7
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SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 10, 1998 MISSISSIPPI VIEW HOLDING COMPANY
By: /s/ Thomas J. Leiferman
---------------------------
Name: Thomas J. Leiferman
Title: President
Dated: April 10, 1998 MISSISSIPPI VIEW HOLDING COMPANY
STOCK EMPLOYEE COMPENSATION TRUST
By: /s/ Gerald R. Peterson
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Name: Gerald R. Peterson
Title: Trustee
8
<PAGE>
EXHIBIT INDEX
Exhibit
(a) To be filed by amendment, if applicable
(b)(1) Opinion of FinPro, Inc. dated April 9, 1998 delivered to the
Board of Directors and the Special Committee of the
Board (the "Special Committee")
(b)(2) April 1998 FinPro, Inc. Report delivered to the Board of
Directors and Special Committee
(c)(1) Mississippi View Holding Company Stock Employee Compensation
Trust Agreement
(c)(2) Common Stock Purchase Agreement
(d)(1) Offer to Purchase dated April 13, 1998
(d)(2) Letter of Transmittal
(d)(3) Notice of Guaranteed Delivery
(d)(4) Letter from Securities Dealers, Commercial Banks and Trust
Companies to their Clients
(d)(5) Letter to Brokers, Dealers, Commercial Banks, Trust
Companies and Nominees
(d)(6) Letter to Stockholders dated April 13, 1998 from Thomas J.
Leiferman, President and Chief Executive Officer of the
Company
(d)(7) Letter to Participants in the Community Federal Savings and
Loan Association of Little Falls Employee Stock Ownership
Plan
(d)(8) Letter to Participants in the Community Federal Savings and
Loan Association of Little Falls Profit Sharing Plan
(d)(9) Letter to Participants in the Community Federal Savings and
Loan Association of Little Falls Management Stock Bonus Plan
(e) Not applicable
(f)(1) Schedule 13E-4 of the Company dated April 13, 1998
(excluding exhibits)
(f)(2) Press Release issued by the Company on April 13, 1998
9
[FINPRO LETTERHEAD]
April 9, 1998
Board of Directors
Mississippi View Holding Company
35 East Broadway
Little Falls, Minnesota 56345
Members of the Board:
You have requested our opinion, as an independent financial analyst to the
common shareholders of Mississippi View Holding Company and its wholly owned
subsidiary Community Federal Savings and Loan Association of Little Falls,
Little Falls, Minnesota (the "Bank"), as to the fairness, from a financial point
of view to the common shareholders of the Bank, of the terms of the proposed
Tender Offer.
As part of its banking analysis business, FinPro, Inc. is continually engaged in
the valuation of bank, bank holding company and thrift securities in connection
with mutual-to-stock conversions, stock repurchases and mergers and acquisitions
nationwide.
In rendering its opinion, FinPro reviewed certain publicly available information
concerning the Company, including it's audited financial statements and annual
reports. FinPro considered many factors in making its evaluation. In arriving at
its Opinion regarding the fairness of the transaction, FinPro reviewed: (i) the
Tender Offer; (ii) the most recent external auditor's reports to the Boards of
Directors; (iii) the December 31, 1997 Report of Condition and Income; (iv) the
most recent regulatory report, compliance report and Community Reinvestment Act
Report; (v) the most recent annual report (10k); (vi) the internal loan
classification list, OREO list and Delinquency list; (vii) details on stock
price performance; (viii) the budget and long range operating plan; and (ix)
details on the ESOP and RRP plans. FinPro conducted an off-site review of the
Company's historical performance and current financial condition.
We have also had discussions with the management of the Bank regarding its
financial results and have analyzed the most current financial data available on
the Bank. We also considered such other information, financial studies, analyses
and investigations, and economic and market criteria which we deemed relevant.
We also considered: (a) a transaction summary of the financial terms of the
Modified Dutch Auction, including the aggregate consideration relative to fully
diluted book value, fully diluted earnings, fully diluted assets, and deposit
liabilities of the Bank; (b) the financial terms, financial condition, operating
performance, and market areas of other recently completed mergers and
acquisitions of comparable financial institution entities, including evaluating
Midwest transactions both generally and specifically, along with trading and
financial multiples of comparable institutions; and (c) discounted cash flow
analyses for the Bank, incorporating the current business plan and future
prospects. We also considered the reduced marketability characteristics of the
Bank's Common Stock and the earnings in the future. The results of these
analyses and the other factors considered were evaluated as a whole, with the
aggregate results indicating a range of financial parameters utilized to assess
the consideration as described in the Tender Offer.
We have not independently verified any of the information reviewed by us and
have relied on its being complete and accurate in all material respects. In
addition, we have not made an independent evaluation of the assets of the Bank.
I-1
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In reaching our opinion we took into consideration the financial benefits of the
proposed transaction to all the Bank's shareholders. Based on all factors that
we deem relevant and assuming the accuracy and completeness of the information
and data provided to us by the Bank, it is our opinion as of April 8, 1998, that
the proposed transaction is fair and equitable to all of the Bank's shareholders
from a financial point of view.
We hereby consent to the reference to our firm in the proxy statement or
prospectus related to the Tender Offer and to the inclusion of our opinion as an
exhibit to the proxy statement or prospectus related to the Tender Offer
transaction.
Respectfully submitted,
FinPro, Inc.
Liberty Corner, New Jersey
By /s/ Donald J. Musso
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Donald J. Musso
President
I-2
Exhibit(b)(2)
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Mississippi View
Holding Company
Modified Dutch Auction
Fairness Opinion
April 9, 1998
FinPro, Inc.
26 Church Street
PO Box 323
Liberty Corner, NJ 07938
(908) 604-9336
(908) 604-5951
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TABLE OF CONTENTS
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1. Introduction......................................................2
2. Methodology.......................................................4
A. Net Asset Value..........................................4
B. Market Value.............................................4
C. Investment Value.........................................7
3. Market Value.......................................................10
A. Comparable Trading Multiples.............................10
Comparable Selection.....................................11
Selection Screens........................................11
Comparable Group Profiles................................14
Valuation Adjustments....................................20
Summary of Adjustments...................................32
Market for Seasoned Thrifts..............................33
Market Multiples.........................................35
Imputed Value............................................36
B. Comparable Sales.........................................37
Local Acquisitions of Similar Size.......................42
Minority Interest Discount...............................43
Marketability Discount...................................44
Imputed Value............................................45
4. Investment Value..................................................46
A. Net Present Value........................................46
B. Return on Investment.....................................48
C. Price Equity Index.......................................49
5. Conclusion........................................................50
Appendix 1 Economics of the Repurchase...............................51
Appendix 2. List of Exhibits.........................................52
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 2
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1. Introduction
You have requested our opinion, as an independent financial analyst to the
common shareholders of Mississippi View Holding Company (the "Company") and its
wholly owned subsidiary Community Federal Savings and Loan Association of Little
Falls, Little Falls, Minnesota (the "Bank"), as to the fairness, from a
financial point of view to the common shareholders of the Bank, of the terms of
the proposed Tender Offer.
Pursuant to the Tender Offer, the Company will allow its shareholders to tender
shares of its common stock, $.10 par value per share (the "shares") at prices,
net to the seller in cash, not in excess of $21.50 nor less the $19.50 per
share, as specified by shareholders tendering their shares, upon the terms and
subject to the conditions set forth in the related Letter of Transmittal (which
together constitute the "Offer"). The Company will determine the single per
Share price, not in excess of $21.50 nor less that $19.50 per share (the
"purchase price"), that it will pay for shares validly tendered pursurant to the
Offer, taking into account the number of shares so tendered and the prices
specified by tendereing shareholders. The Company will select the lowest
purchase price that will allow it to buy 222,000 shares (or such lesser number
of shares are validly tendered) or approximately 30% of the outstanding shares.
All shares acquired in the Offer will be acquired at the purchares price. All
shares validly tendered at prices at or below the purchase price and not
withdrawn will be purchased at the purchase price, net to the seller in cash,
upon the terms and subject to the terms of the Offer, including the proration
provisions.
As part of its banking analysis business, FinPro, Inc. is continually engaged in
the valuation of bank, bank holding company and thrift securities in connection
with mutual-to-stock conversions, stock repurchases and mergers and acquisitions
nationwide.
In rendering its opinion, FinPro reviewed certain publicly available information
concerning the Company, including it's audited financial statements and annual
reports. FinPro considered many factors in making its evaluation. In arriving at
its Opinion regarding the fairness of the transaction, FinPro reviewed: (i) the
Tender Offer; (ii) the most recent external auditor's reports to the Boards of
Directors; (iii) the December 31, 1997 Report of Condition and Income; (iv) the
most recent regulatory report, compliance report and Community Reinvestment Act
Report; (v) the most recent annual report (10k); (vi) the internal loan
classification list, OREO list and Delinquency list; (vii) details on stock
price performance; (viii) the budget and long range operating plan; and (ix)
details on the ESOP and RRP plans. FinPro conducted an off-site review of the
Company's historical performance and current financial condition.
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Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 3
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We have also had discussions with the management of the Bank regarding its
financial results and have analyzed the most current financial data available on
the Bank. We also considered such other information, financial studies, analyses
and investigations, and economic and market criteria which we deemed relevant.
We also considered: (a) a transaction summary of the financial terms of the
Tender Offer, including the aggregate consideration relative to fully diluted
book value, fully diluted earnings, fully diluted assets, and deposit
liabilities of the Bank; (b) the financial terms, financial condition, operating
performance, and market areas of other recently completed mergers and
acquisitions of comparable financial institution entities, including evaluating
Midwest transactions both generally and specifically, along with trading and
financial multiples of comparable institutions; and (c) discounted cash flow
analyses for the Bank, incorporating the current business plan and future
prospects. We also considered the reduced marketability characteristics of the
Bank's Common Stock and the earnings in the future. The results of these
analyses and the other factors considered were evaluated as a whole, with the
aggregate results indicating a range of financial parameters utilized to assess
the consideration as described in the Tender Offer.
We have not independently verified any of the information reviewed by us and
have relied on its being complete and accurate in all material respects. In
addition, we have not made an independent evaluation of the assets of the Bank.
Our valuation is not intended, and must not be construed, to be a recommendation
of any kind as the advisability of tendering shares or retaining shares of
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 retain
shares of common stock will thereafter be able to sell such shares at prices
related to the foregoing valuation of the pro-forma market value thereof. FinPro
is not a seller of securities within the meaning of any federal or state
securities laws and any report prepared by FinPro shall not be used as an offer
or solicitation with respect to the purchase or sale of any securities.
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Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 4
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2. Methodology
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A. Net Asset Value
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Net asset value is the value of the net equity of a bank, including every kind
of property and value. This approach normally assumes liquidation on the date of
appraisal with the recognition of securities gains or losses, real estate
appreciation or depreciation, adjustments to the loan loss reserve, discount to
the loan portfolio and changes in the net value of other assets. As such, it is
not the best approach to use when valuing a going concern, because it is based
on historical costs and varying accounting methods. Even if the assets and
liabilities are adjusted to reflect prevailing prices and yields (which is often
of limited accuracy because readily available data is often lacking), it still
results in a liquidation value for the concern. Furthermore, since this method
does not take into account the values attributable to the going concern such as
the interrelationship among the company's assets and liabilities, customer
relations, market presence, image and reputation, and staff expertise and depth,
little weight is given by FinPro to the net asset value method of valuation.
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B. Market Value
- -----------------------------------------------------
Market value is generally defined as the price, established on an "arms-length"
basis, at which knowledgeable, unrelated buyers and sellers would agree. The
market value is frequently used to determine the price of a minority block of
stock when both the quantity and the quality of the "comparable" data are deemed
sufficient. However, the relative thinness of the specific market for the stock
of the banking company being appraised may result in the need to review
alternative markets for comparative pricing purposes. The "hypothetical" market
value for a small bank with a thin market for its stock is normally determined
by comparison to the average price to earnings, price to equity and dividend
yield of local or regional publicly-traded bank issues, adjusting for
significant differences in financial performance criteria and for any lack of
marketability or liquidity. The market value in connection with the evaluation
of control of a bank is determined by the previous sales of banks in the state
or region. In valuing a business enterprise, when sufficient comparable trading
data is available, the market value deserves greater weight than the net asset
value and similar emphasis as the investment value as discussed below.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 5
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FinPro maintains substantial files concerning the trading prices and acquisition
prices paid for thrifts and banking institutions nationwide. The database
includes transactions involving national thrift organizations, Minnesota thrift
organizations and thrift organizations in the Midwest region of the United
States over the last five years. Organized by different peer groups, the data
presents averages of financial performance, trading levels and purchase price
levels, thereby facilitating a valid comparative pricing analysis. In analyzing
the transaction value of the Company, FinPro has considered the market approach
and has evaluated price to equity and price to earnings multiples of all
national, Minnesota, the Comparable Group and Regional banking organizations
with assets less than $100 million.
COMPARABLE TRADING MULTIPLES
FinPro calculated an "Adjusted Book Value" of $23.06 per share, based on the
Company's fully diluted December 31, 1997 equity and the median price to book
multiple of 136.85% for Comparable savings organizations using trading data as
of April 2, 1998. FinPro calculated an "Adjusted Book Value" of $27.16 per
share, based on the Company's fully diluted December 31, 1997 equity and the
median price to book multiple of 161.16% for national savings organizations
using trading data as of April 2, 1998. FinPro calculated an "Adjusted Book
Value" of $22.55 per share, based on the Company's fully diluted December 31,
1997 equity and the median price to book multiple of 133.81% for Minnesota
savings organizations using trading data as of April 2, 1998. FinPro calculated
an "Adjusted Book Value" of $21.25 per share, based on the Company's fully
diluted December 31, 1997 equity and the median price to book multiple of
126.12% for institutions less than $100 million in asset size using trading data
as of April 2, 1998.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 6
================================================================================
FinPro calculated an "Adjusted Earnings Value" of $18.01 per share, based on the
Company's fully diluted unadjusted last twelve months earnings ending December
31, 1997 and the median price to earnings multiple of 18.96 for Comparable
savings organizations using trading data as of April 2, 1998. FinPro calculated
an "Adjusted Earnings Value" of $19.77 per share, based on the Company's fully
diluted unadjusted last twelve months earnings ending December 31, 1997 and the
median price to earnings multiple of 20.81 for national savings organizations
using trading data as of April 2, 1998. FinPro calculated an "Adjusted Earnings
Value" of $18.65 per share, based on the Company's fully diluted unadjusted last
twelve months earnings ending December 31, 1997 and the median price to earnings
multiple of 19.63 for Minnesota savings organizations using trading data as of
April 2, 1998. FinPro calculated an "Adjusted Earnings Value" of $21.86 per
share, based on the Company's fully diluted unadjusted last twelve months
earnings ending December 31, 1997 and the median price to earnings multiple of
23.01 for institutions less than $100 million in asset size using trading data
as of April 2, 1998.
The financial performance characteristics of the regional banking organizations
vary, sometimes substantially, from those of the Company. When the variance is
significant for relevant performance factors, adjustments to the price multiples
are appropriate when comparing them to the transaction value.
COMPARABLE SALES MULTIPLES
FinPro calculated an "Adjusted Book Value" of $26.68 per share, based on the
Company's fully diluted December 31, 1997 equity and the median price to book
multiple of 158.33% for Comparable savings organizations sold between April 2,
1997 and April 2, 1998. FinPro calculated an "Adjusted Book Value" of $31.27 per
share, based on the Company's fully diluted December 31, 1997 equity and the
median price to book multiple of 185.60% for national savings organizations sold
between April 2, 1997 and April 2, 1998. FinPro calculated an "Adjusted Book
Value" of $25.55 per share, based on the Company's fully diluted December 31,
1997 equity and the median price to book multiple of 151.65% for savings
organizations less than $100 million in asset size sold between April 2, 1997
and April 2, 1998.
- --------------------------------------------------------------------------------
Revised 4/9/98
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Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 7
================================================================================
FinPro calculated an "Adjusted Earnings Value" of $24.02 per share, based on the
Company's fully adjusted last twelve month ended December 31, 1997 earnings and
the median price to last twelve months earnings multiple of 25.28 for Comparable
savings organizations sold between April 2, 1997 and April 2, 1998. FinPro
calculated an "Adjusted Earnings Value" of $21.26 per share, based on the
Company's fully adjusted last twelve month ended December 31, 1997 earnings and
the median price to last twelve months earnings multiple of 22.38 for national
savings organizations sold between April 2, 1997 and April 2, 1998. FinPro
calculated an "Adjusted Earnings Value" of $21.25 per share, based on the
Company's fully adjusted last twelve month ended December 31, 1997 earnings and
the median price to last twelve months earnings multiple of 22.37 for savings
organizations less than $100 million in asset size sold between April 2, 1997
and April 2, 1998.
The financial performance characteristics of the regional banking organizations
vary, sometimes substantially, from those of the Company. When the variance is
significant for relevant performance factors, adjustments to the price multiples
are appropriate when comparing them to the transaction value.
- -----------------------------------------------------
C. Investment Value
- -----------------------------------------------------
The investment value is sometimes referred to as the income value or earnings
value. One investment value method frequently used estimates the present value
of an enterprise's future earnings or cash flow. Another popular investment
value method is to determine the level of current annual benefits (earnings,
cash flow, dividends, etc.), and then capitalize one or more of the benefit
types using an appropriate capitalization rate such as an earnings or dividend
yield. Yet another method of calculating investment value is a cash flow
analysis of the ability of a banking company to service acquisition debt
obligations (at a certain price level) while providing sufficient earnings for
reasonable dividends and capital adequacy requirements. In connection with the
cash flow analysis, the return on investment that would accrue to a prospective
buyer at the transaction value is calculated. The investment value methods which
were analyzed in connection with this transaction were the net present value
analysis, and the return on investment analysis, which are discussed below.
- --------------------------------------------------------------------------------
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<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 8
================================================================================
NET PRESENT VALUE ANALYSIS
The investment of earnings value of any banking organization's stock is an
estimate of present value of the future benefits, usually earnings, cash flow or
dividends, which will accrue to the stock. An earnings value is calculated using
an annual future earnings stream over a period of time of no less than ten years
and the residual value which assumes the sale of the organization in the tenth
year, and an appropriate capitalization rate (the net present value discount
rate). FinPro's computations were based on an analysis of the banking industry,
the economic and competitive situations in the Company's market area, its
current financial condition and historical levels of growth and earnings. Using
a net present value discount rate of 12%, an acceptable discount rate
considering the risk-return relationship most investors would demand for an
investment of this type as of the valuation date, the "Net Present Value of
Future Earnings," equaled $20.00 per share.
RETURN ON INVESTMENT ANALYSIS
Return on investment (ROI) analysis assumes the formation of a bank holding
company and analyzes the ten year ROI of an equity investment equal to the
Company's book value at December 31, 1997, assuming a constant return on equity
of 5.96%, with a liquidation at book value in the year 2007, as opposed to a
sale at 25.7 times projected earnings for the year 2007. This ROI analysis
provides a benchmark for assessing the validity of the fair market value of a
majority block of stock. The ROI analysis is one approach to valuing a going
concern, and is directly impacted by the earnings stream, dividend payout levels
and levels of debt, if any. Other financial and non-financial factors indirectly
affect the ROI; however, these factors more directly influence the level of ROI
an investor would demand from an investment in a majority block of stock of a
specific bank at a certain point in time. The ROI, assuming a constant return on
equity of 5.96% with liquidation at book value in 2007, is 5.96%, and sale at
25.7 projected earnings in 2007, is 9.86%.
- --------------------------------------------------------------------------------
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<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 9
================================================================================
PRICE EQUITY INDEX ANALYSIS
Furthermore, a price level indicator, the price equity index, may be used to
confirm the validity of the transaction value. The price equity index adjusts
the price to equity multiple in order to facilitate a truer price level
comparison with comparable banking organizations, regardless of differing levels
of equity capital. The price equity index is derived by multiplying the price to
equity multiple by the equity-to-assets ratio. The following table sets forth
the average price equity indices for all Minnesota thrifts, for all Comparable
thrifts, and for the Company for the years 1997, 1996 and 1995.
FIGURE 1 - PRICE EQUITY INDEX
- -------------------------------------------------------------------------------
1997 1996 1995
equity index equity index equity index
- -------------------------------------------------------------------------------
Mississippi View 0.2008 0.1510 0.1506
Comparables 0.1963 0.1790 0.2080
Minnesota 0.2026 0.1716 0.1506
Proposed Price low $19.50 0.2038
Proposed Price high $21.50 0.2247
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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Mississippi View Holding Company April 9, 1998
Page 10
================================================================================
3. Market Value
- -----------------------------------------------------
A. Comparable Trading Multiples
- -----------------------------------------------------
The estimated fair market value of the Common Stock of the Bank is determined by
its value relative to market values for the Comparable Group. Adjustments must
be delineated from a potential investor's viewpoint. A potential investor is
assumed to be aware of all relevant and necessary facts as they pertain to the
value of the Bank, relative to other publicly traded thrift institutions and
relative to alternative investment opportunities.
There are numerous criteria on which the market value adjustments are based, but
the major ones utilized for purposes of this report include:
o Balance Sheet Strength
o Asset Quality
o Earnings Quality, Predictability and Growth
o Dividends
o Marketability of the Issue
o Recent Regulatory Matters
o Market for Seasoned Thrift Stocks
After identifying the adjustments that should be made to market value, the
market value for the Bank is computed and adjusted. The estimated market value
for the Bank is then compared with the market valuation ratios of the Comparable
Group, the aggregate ratios for all public thrifts, and all public Minnesota
thrifts.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 11
================================================================================
- -----------------------------------------------------
Comparable Selection
- -----------------------------------------------------
This section presents an analysis of the Bank's operations against a Comparable
Group of publicly traded savings institutions. The Comparable Group ("Comparable
Group") was selected from a universe of 394 public thrifts as of April 2, 1998.
The Comparable Group was selected based upon similarity of characteristics to
the Bank. The Comparable Group multiples provide the basis for the fair market
valuation of the Bank. Factors that influence the Bank's value such as balance
sheet structure and size, profitability, income and expense trends, capital
levels, credit risk, interest rate risk and recent operating results can be
measured against the Comparable Group. The Comparable Group current market
pricing, coupled with the appropriate adjustments for differences between the
Bank and the Comparable Group, will then be utilized as the basis for the
valuation of the Bank's common stock.
In an ideal world, all of the Comparable Group would contain the exact
characteristics of the Bank. The goal of the selection criteria process is to
find those institutions that most closely match those of the Bank. None of the
Comparables selected will be exact clones of the Bank
- -----------------------------------------------------
Selection Screens
- -----------------------------------------------------
The selection screens utilized to identify possible Comparables from the list of
394 public thrifts at April 2, 1998 included:
1. The IPO date had to be on or before January 1, 1997, eliminating any new
conversions.
2. The total asset size had to be less than or equal to $100 million, but
greater than or equal to $50 million.
3. The number of offices had to be two or less.
4. The loan to asset ratio had to be greater than or equal to 50.00%
5. The institution had to be located in the Midwest Region.
6. The price to book trading multiple had to be less than or equal to 200% to
eliminate those institutions with speculation included in their price.
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Mississippi View Holding Company April 9, 1998
Page 12
================================================================================
This resulted in 14 institutions.
FIGURE 2 - SCREENING RESULTS
<TABLE>
<CAPTION>
Number
of
Ticker Short Name Exchange City State Offices IPO Date
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95
CKFB CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95
FFBI First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93
FFDF FFD Financial Corp. NASDAQ Dover OH 1 04/03/96
FTSB Fort Thomas Financial Corp. NASDAQ Fort Thomas KY 2 06/28/95
HCFC Home City Financial Corp. NASDAQ Springfield OH 1 12/30/96
KYF Kentucky First Bancorp Inc. AMSE Cynthiana KY 2 08/29/95
LOGN Logansport Financial Corp. NASDAQ Logansport IN 1 06/14/95
MIVI Mississippi View Holding Co. NASDAQ Little Falls MN 1 03/24/95
MSBF MSB Financial Inc. NASDAQ Marshall MI 2 02/06/95
NSLB NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/08/95
PFFC Peoples Financial Corp. NASDAQ Massillon OH 2 09/13/96
SFFC StateFed Financial Corp. NASDAQ Des Moines IA 2 01/05/94
WCFB Webster City Federal SB (MHC) NASDAQ Webster City IA 1 08/15/94
</TABLE>
Webster City was eliminated from the group since an MHC has characteristics
unlike the Bank. Additionally, the Bank was eliminated from the group.
FIGURE 3 - COMPARABLE GROUP
<TABLE>
<CAPTION>
Number
of
Ticker Short Name Exchange City State Offices IPO Date
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95
CKFB CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95
FFBI First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93
FFDF FFD Financial Corp. NASDAQ Dover OH 1 04/03/96
FTSB Fort Thomas Financial Corp. NASDAQ Fort Thomas KY 2 06/28/95
HCFC Home City Financial Corp. NASDAQ Springfield OH 1 12/30/96
KYF Kentucky First Bancorp Inc. AMSE Cynthiana KY 2 08/29/95
LOGN Logansport Financial Corp. NASDAQ Logansport IN 1 06/14/95
MSBF MSB Financial Inc. NASDAQ Marshall MI 2 02/06/95
NSLB NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/08/95
PFFC Peoples Financial Corp. NASDAQ Massillon OH 2 09/13/96
SFFC StateFed Financial Corp. NASDAQ Des Moines IA 2 01/05/94
</TABLE>
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 13
================================================================================
The members of the Comparable Group were selected based upon the following
criteria:
1. Asset size
2. Profitability
3. Capital level
4. Asset mix
5. Operating strategy
6. Date of conversion
1. Asset size The Comparable Group should have a similar asset size to the Bank.
Large institutions are not appropriate for the peer group due to a more
extensive branch network, greater financial strength, more access to diverse
markets and more capacity in terms of infrastructure. The Comparable Group
ranged in size from $57.8 million to $99.9 million in total assets with an
median of $82.5 million. The Bank's asset size was $68.6 million as of December
31, 1997.
2. Profitability The Comparable Group should have similar financial conditions
and recent earnings that are comparable to the Bank. They should show a
comparable return on equity and return on assets measures. As such, the
Comparable Group have ROAAs with a median 1.25% and ROAEs with a median of 7.35%
for the most recent quarter available. The Comparable Group profitability
measures had a dispersion about the mean for the ROAA measure ranging from a low
of 0.14% to a high of 1.83%, while the ROAE measure ranged from a low of 1.65%
to a high of 9.15%. The Bank had an ROAA of 1.08% and ROAE of 6.37% for the
period ended December 31, 1997.
3. Capital level The Comparable Group should have a capital level similar to the
Bank's. Capital is important in that it is a determinant of asset size and
regulatory rating. Institutions with capital in a similar range as the Bank were
selected. The median equity to assets ratio for the Comparable Group was 18.26%
with a high of 24.06% and a low of 9.23%. At December 31, 1997, the Bank had an
equity to assets ratio of 18.18%.
4. Asset Mix The asset mix is very important in the selection criteria for
Comparables. At December 31, 1997, the Bank had a total net loan to asset ratio
of 66.10%, but this ratio will be higher after the offering. The median loan to
asset ratio for the Comparables was 73.28%, ranging from a low of 57.96% to a
high of 93.18%.
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Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 14
================================================================================
5. Operating strategy An institution's operating characteristics are important
because they determine future performance. They also affect expected rates of
return and investor's general perception of the quality, risk and attractiveness
of a given company. Specific operating characteristics include profitability,
balance sheet growth, asset quality, capitalization, and non-financial factors
such as management strategies and lines of business.
6. Date of conversion Recent conversions, those completed after January 1, 1997,
were excluded since the earnings of a newly converted institution do not reflect
a full year's benefits of reinvestment of conversion proceeds. Additionally, new
issues tend to trade at a discount to the market averages.
- -----------------------------------------------------
Comparable Group Profiles
- -----------------------------------------------------
o AmTrust Capital Corp. ATSB is a SAIF insured thrift that operates
2 branches in Peru, Indiana and has $69.1 million in assets. ATSB
had the highest intangible assets to equity ratio, 0.99%, the
highest non-performing loans to loans ratio, 2.37%, the highest
non-performing assets to equity ratio, 16.68%, the highest
non-interest income to average assets ratio, 0.55%, and the
highest efficiency and overhead ratios at 88.31% and 85.91%
respectively. AmTrust had the lowest net interest margin, 2.82%
and the lowest net interest income to average assets ratio, 2.69%.
ATSB was selected to the Group based on asset size, geographic
proximity, and dependence on net interest income.
o CKF Bancorp Inc. CKFB is a SAIF insured institution that operates
1 branch in Danville, Kentucky. CKF is the second smallest
comparable in the Group with $62.9 million in assets. CKFB had the
second highest ROAA, 1.82%, the second highest equity to assets
ratio, 21.89%, and the third highest loans to assets ratio,
89.11%. CKFB had the second lowest reserves to loans ratio, 0.22%,
the second lowest efficiency ratio, 42.50%, and the second lowest
overhead ratio, 40.92%. ESBK was selected to the Group based on
asset size, profitability, interest margin, net interest income,
and number of branches.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 15
================================================================================
o First Financial Bancorp Inc. FFBI is a SAIF insured institution
with $82.7 million in assets. First Financial had 2 branches and
is located in Belvidere, Illinois. FFBI had the highest deposit to
asset ratio, 81.70%, the highest non-interest income to average
assets, 0.55%, and the highest non-interest expense to average
assets, 2.97%. FFBI had the lowest equity to assets ratio, 9.23%,
the lowest core capital to assets ratio, 8.67%, the lowest ROAA,
0.14%, the lowest ROAE, 1.65%, the lowest asset growth rate,
(12.52%), and the lowest loan growth rate, (25.92%). FFBI was
selected to the Group based on asset size, geographic proximity,
loan to asset ratio, deposit to asset ratio, and number of
branches.
o FFD Financial Corp. FFDF is a SAIF insured institution that
operates 1 branch and is located in Dover, Ohio. FFD Financial had
$92.4 million in assets. FFDF had the highest equity to assets
ratio, 24.06%, the highest equity + reserves to assets ratio,
24.35%, the highest reserves to NPLs, 642.86%, and the highest
ROAA, 1.83%. FFDF had the second lowest non-interest expense to
average assets, 0.07%. It was selected as a comparable based on
its asset size, core capital to assets, interest expense to
average assets, efficiency ratio, and number of branches.
o Fort Thomas Financial Corp. FTSB has 2 branches and is a SAIF
insured institution located in Fort Thomas, Kentucky. FTSB had the
largest total assets of the Group with $99.9 million. Fort Thomas
had the highest non-performing assets to assets ratio, 2.04%, and
the second highest deposit growth rate, 10.00%. FTSB was included
in the Comparable Group based on its asset size, core capital to
assets, net interest income to average assets, and number of
branches.
o Home City Financial Corp. HCFC is a SAIF insured institution with
1 branch located in Springfield, Ohio. Home City had $71.9 million
in assets. HCFC had the highest ROAE, 9.15%, the highest interest
income to average assets, 9.19%, and the highest interest expense
to average assets, 4.73%. HCFC was included with the Comparable
Group based on its size, equity to assets, non-performing assets
to assets, non-interest expense to average assets, efficiency
ratio, and number of branches.
o Kentucky First Bancorp Inc. KYF is a SAIF insured institution
that operates 2 offices and is located in Cynthiana, Kentucky.
Kentucky First had $86.3 million in assets and is the only
institution of the group that is listed on the American Stock
Exchange. KYF had the lowest loans to assets ratio, 57.96% and the
second lowest deposit growth rate, 0.61%. KYF was included in the
Comparable Group based on its asset size, level of loans, level of
equity, profitability level, net interest income, and number of
branches.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 16
================================================================================
o Logansport Financial Corp. LOGN is a SAIF insured Indiana
institution that operates 1 branch. Logansport Financial had total
assets of $86.1 million. LOGN had the second highest total capital
to risk adjusted assets ratio, 35.37%, the third highest ROAA
ratio, 1.50%, and the second highest asset growth rate,10.88%.
Logansport Financial had the second lowest non-interest expense to
average assets ratio, 1.55%, the lowest efficiency ratio, 38.75%,
and the lowest efficiency ratio 35.59%. LOGN was included in the
Comparable Group based on its asset size, equity to assets,
non-performing loans to loans, net interest margin, net interest
income, and number of branches.
o MSB Financial Inc. MSBF is a SAIF insured institution that
operates 2 branches and is based in Marshall, Michigan. MSB
Financial had $77.4 in assets. MSBF had the highest loans to
deposits ratio, 170.35%, loans to assets ratio, 93.18%, the
highest borrowings to assets ratio, 27.33%, highest net interest
margin, 4.78%, the highest net interest income to average assets,
4.61%, and the highest asset growth rate, 16.93%. MSBF had the
lowest deposits to assets ratio, 54.70%, the lowest non-performing
loans to loans, 0.02%, the second lowest non-performing assets to
equity ratio, 0.12%, and the second lowest non-performing assets
to assets ratio, 0.02%. It was included in the Comparable Group
based on its asset size, interest expense to average assets,
efficiency ratio, and number of branches.
o NS&L Bancorp Inc. NSLB is a SAIF insured institution that
operates 2 branches and is based in Neosho, Missouri. NS&L had
$57.8 in assets which is the lowest level of assets of the Group.
NSLB had the second highest intangible assets to equity ratio,
0.73% and the second highest reserves to non-performing loans,
612.50%. NSLB had the lowest loans to deposits ratio, 79.72%, the
second lowest ratio of borrowings to assets ratio, 1.73%, the
lowest non-performing loans to loans ratio, 0.02%, the lowest
non-performing assets to equity ratio, 0.07%, the lowest reserves
to loans ratio, 0.14%, the lowest interest income and interest
expense to average assets at 6.70% and 3.51% respectively. It was
included in the Comparable Group based on its asset size, capital
levels, interest expense ratio, non-interest expense, and number
of branches.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 17
================================================================================
o Peoples Financial Corp. PFFC is a SAIF insured institution that
operates 2 branches and is based in Massillon, Ohio. Peoples
Financial had $82.5 in total assets and no borrowings. PFFC had
the highest total capital to risk adjusted assets, 36.47%, the
second highest reserves to non-performing assets + 90 ratio,
480.65, and the highest loan growth rate, 29.29%. PFFC had the
lowest non-performing loans to loans ratio, 0.02%, the second
lowest interest expense to average assets ratio, 3.58%, and the
lowest non-interest income to average assets, 0.03%. It was
included in the Comparable Group based on its asset size, capital
levels, deposit to asset ratio, net interest margin, non-interest
expense to average assets, and number of branches.
o StateFed Financial Corp. SFFC is a SAIF insured institution that
has $88.6 in total assets. StateFed Financial operates 2 branches
and is based in Des Moines, Iowa. SFFC had the highest reserves to
non-performing loans ratio, 17.52%, the second highest interest
expense to average assets ratio, 4.51%, the highest non-interest
expense to average assets ratio, 1.44%, and the highest deposit
growth rate, 10.23%. SFFC had the second lowest deposits to assets
ratio, 59.98%, the lowest reserves to non-performing loans ratio,
17.52%, the lowest reserves to non-performing assets + 90 ratio,
14.72%, and the lowest non-interest expense to average assets
ratio, 1.44%. SFFC was included in the Comparable Group based on
its asset size, equity to assets level, profitability, and number
of branches.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 18
================================================================================
FIGURE 4 - KEY FINANCIAL INDICATORS
The Bank and the Comparable Group
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
The Bank (Most Comparable National Median
Recent Quarter Group Median (Most Recent
(Most Recent Quarter)
Quarter)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Balance Sheet Data
- -------------------------------------------------------------------------------------------------------------------------
Gross Loans to Deposits 82.66% 107.56% 96.56%
- -------------------------------------------------------------------------------------------------------------------------
Total Net Loans to Assets 66.10% 73.28% 69.92%
- -------------------------------------------------------------------------------------------------------------------------
Deposits to Assets 79.96% 69.59% 71.94%
- -------------------------------------------------------------------------------------------------------------------------
Borrowed Funds to Assets 0.00% 9.58% 12.83%
- -------------------------------------------------------------------------------------------------------------------------
Capital
- -------------------------------------------------------------------------------------------------------------------------
Equity to Assets 18.18% 18.26% 10.51%
- -------------------------------------------------------------------------------------------------------------------------
Tangible Equity to Assets 18.18% 18.26% 10.45%
- -------------------------------------------------------------------------------------------------------------------------
Intangible Assets to Equity 0.00% 0.00% 0.00%
- -------------------------------------------------------------------------------------------------------------------------
Regulatory Core Capital to Assets 16.36% 15.12% 9.16%
- -------------------------------------------------------------------------------------------------------------------------
Equity + Reserves to Assets 19.44% 18.47% 11.19%
- -------------------------------------------------------------------------------------------------------------------------
Total Capital to Risk Adjusted Assets 33.09% 26.83% 17.62%
- -------------------------------------------------------------------------------------------------------------------------
Growth
- -------------------------------------------------------------------------------------------------------------------------
Asset Growth (7.20%) 4.77% 8.35%
- -------------------------------------------------------------------------------------------------------------------------
Loan Growth 1.39% 11.99% 10.87%
- -------------------------------------------------------------------------------------------------------------------------
Deposit Growth (2.62%) 2.60% 5.38%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 19
================================================================================
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
The Bank Comparable Group National
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Asset Quality
- -------------------------------------------------------------------------------------------------------------------
Non-Performing Loans to Loans 0.65% 0.27% 0.62%
- -------------------------------------------------------------------------------------------------------------------
Reserves to Non-Performing Loans 290.24% 64.36% 122.13%
- -------------------------------------------------------------------------------------------------------------------
Non-Performing Assets to Assets 0.43% 0.23% 0.49%
- -------------------------------------------------------------------------------------------------------------------
Non-Performing Assets to Equity 2.38% 1.17% 4.41%
- -------------------------------------------------------------------------------------------------------------------
Reserves to Loans 1.90% 0.44% 0.81%
- -------------------------------------------------------------------------------------------------------------------
Profitability
- -------------------------------------------------------------------------------------------------------------------
Return on Assets 1.08% 1.25% 0.92%
- -------------------------------------------------------------------------------------------------------------------
Return on Equity 6.37% 7.35% 8.22%
- -------------------------------------------------------------------------------------------------------------------
Income Statement
- -------------------------------------------------------------------------------------------------------------------
Net Interest Margin 3.91% 3.59% 3.48%
- -------------------------------------------------------------------------------------------------------------------
Interest Income to Average Assets 7.48% 7.35% 7.39%
- -------------------------------------------------------------------------------------------------------------------
Interest Expense to Average Assets 3.62% 3.83% 4.14%
- -------------------------------------------------------------------------------------------------------------------
Net Interest Income to Average Assets 3.85% 3.49% 3.31%
- -------------------------------------------------------------------------------------------------------------------
Noninterest Income to Average Assets 0.25% 0.19% 0.33%
- -------------------------------------------------------------------------------------------------------------------
Noninterest Expense to Average Assets 2.35% 2.36% 2.18%
- -------------------------------------------------------------------------------------------------------------------
Efficiency Ratio 57.68% 55.45% 58.36%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
Source: SNL Securities and FinPro calculations.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 20
================================================================================
- -----------------------------------------------------
Valuation Adjustments
- -----------------------------------------------------
BALANCE SHEET STRENGTH
The balance sheet strength of an institution is an important market value
determinant, as the investment community considers such factors as bank
marketability, capitalization, asset composition, funding mix, intangible levels
and interest rate risk in assessing the attractiveness of investing in the
common stock of a thrift. The following tables summarize the key financial
elements of the Bank as measured against the Comparable Group.
FIGURE 5 - KEY BALANCE SHEET DATA
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
-------------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -------------------------------------------------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. 69,106 104.82 70.11 66.89 21.51
CKFB CKF Bancorp Inc. 62,865 129.52 89.11 68.80 8.29
FFBI First Financial Bancorp Inc. 82,682 81.43 66.52 81.70 8.10
FFDF FFD Financial Corp. 92,364 109.70 69.80 63.63 10.86
FTSB Fort Thomas Financial Corp. 99,873 127.88 91.66 71.68 11.31
HCFC Home City Financial Corp. 71,854 121.86 87.66 71.94 7.95
KYF Kentucky First Bancorp Inc. 86,307 91.21 57.96 63.55 18.50
LOGN Logansport Financial Corp. 86,115 105.42 74.18 70.37 7.55
MSBF MSB Financial Inc. 77,444 170.35 93.18 54.70 27.33
NSLB NS&L Bancorp Inc. 57,823 79.72 61.46 77.09 1.73
PFFC Peoples Financial Corp. 82,464 91.04 72.37 79.49 0.00
SFFC StateFed Financial Corp. 88,608 129.09 77.43 59.98 21.44
- -------------------------------------------------------------------------------------------------------------------------
Average 79,792 111.84 75.95 69.15 12.05
Median 82,573 107.56 73.28 69.59 9.58
Maximum 99,873 170.35 93.18 81.70 27.33
Minimum 57,823 79.72 57.96 54.70 0.00
MIVI Mississippi View Holding Co. 68,619 82.66 66.10 79.96 0.00
Variance to the Comparable Median (13,954) -24.90 -7.18 10.38 -9.58
</TABLE>
Sources: SNL and FinPro Computations
Liquidity - The liquidity of the Bank and the Comparable Group appear
similar and were sufficient to meet all regulatory guidelines.
Asset Composition - The Bank's net loan to asset ratio of 66.10% is
below the median for the Comparable Group of 73.28%. Therefore, the
Bank had a higher reliance on the wholesale market for assets
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 21
================================================================================
Funding Mix - The Comparable Group had 9.28% of its funding base from
borrowings while the Bank's ratio is 0.00%. The Bank's lower level of
borrowings leaves room for an additional funding source in the future.
FIGURE 6 - BALANCE SHEET GROWTH DATA
<TABLE>
<CAPTION>
Balance Sheet Growth as of The MRQ
-------------------------------------
Asset Loan Deposit
Growth Growth Growth
Rate Rate Rate
Ticker Short Name (%) (%) (%)
- -----------------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. (4.31) (5.50) (7.14)
CKFB CKF Bancorp Inc. 4.77 5.12 0.98
FFBI First Financial Bancorp Inc. (12.52) (25.95) 2.60
FFDF FFD Financial Corp. 7.20 25.22 7.93
FTSB Fort Thomas Financial Corp. 9.62 12.18 10.00
HCFC Home City Financial Corp. NA NA NA
KYF Kentucky First Bancorp Inc. (1.78) 4.17 0.61
LOGN Logansport Financial Corp. 10.88 11.99 5.57
MSBF MSB Financial Inc. 16.39 14.98 2.52
NSLB NS&L Bancorp Inc. (0.98) 12.30 5.15
PFFC Peoples Financial Corp. (7.60) 29.29 2.17
SFFC StateFed Financial Corp. 7.00 0.51 10.23
- ----------------------------------------------------------------------------------------
Average 2.61 7.66 3.69
Median 4.77 11.99 2.60
Maximum 16.39 29.29 10.23
Minimum (12.52) (25.95) (7.14)
MIVI Mississippi View Holding Co. (2.43) 1.39 (2.62)
Variance to the Comparable Median (7.20) (10.60) (5.22)
</TABLE>
Sources: SNL and FinPro Computations
The Bank's assets and deposits have decreased while the Comparable median has
increased. The Bank has increased loans, but at a rate slower than the
Comparable Group.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 22
================================================================================
FIGURE 7 - CAPITAL DATA
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. 10.83 10.73 0.99 10.00 11.55 17.00
CKFB CKF Bancorp Inc. 21.89 21.89 0.00 19.59 22.09 34.13
FFBI First Financial Bancorp Inc. 9.23 9.23 0.00 8.67 9.87 15.38
FFDF FFD Financial Corp. 24.06 24.06 0.00 16.40 24.35 32.70
FTSB Fort Thomas Financial Corp. 15.82 15.82 0.00 15.04 16.29 24.15
HCFC Home City Financial Corp. 19.49 19.49 0.00 15.20 20.12 26.59
KYF Kentucky First Bancorp Inc. 17.02 17.02 0.00 14.50 17.47 27.06
LOGN Logansport Financial Corp. 19.21 19.21 0.00 19.10 19.49 35.37
MSBF MSB Financial Inc. 16.86 16.86 0.00 12.51 17.29 21.21
NSLB NS&L Bancorp Inc. 19.74 19.62 0.73 15.70 19.82 34.30
PFFC Peoples Financial Corp. 18.85 18.85 0.00 16.62 19.03 36.47
SFFC StateFed Financial Corp. 17.66 17.66 0.00 10.66 17.91 18.94
- ---------------------------------------------------------------------------------------------------------------------------------
Average 17.56 17.54 0.14 14.50 17.94 26.94
Median 18.26 18.26 0.00 15.12 18.47 26.83
Maximum 24.06 24.06 0.99 19.59 24.35 36.47
Minimum 9.23 9.23 0.00 8.67 9.87 15.38
MIVI Mississippi View Holding Co. 18.18 18.18 0.00 16.36 19.44 33.09
Variance to the Comparable Median (0.08) (0.08) 0.00 1.24 0.97 6.27
</TABLE>
Sources: SNL and FinPro Computations
Capitalization - The Comparable Group's median equity to assets ratio
of 18.26% is in line with the Bank's ratio of 18.18%.
Intangible Levels - One of the most important factors influencing
market values is the level of intangibles that an institution carries
on its books. Only two members of the Comparable Group have
intangibles, both less than 1.00% of equity. Thrifts trade more on
tangible book than on book. The Bank had no intangible assets.
Interest Rate Risk - The Bank has a moderate level of interest rate
risk, evidenced by a net portfolio value above tangible equity at rate
shocks up to and including +200 basis points and above the assumed
4.00% capital limit under all rate shocks.
The Bank has a greater percentage of wholesale investments, no borrowings and
capital levels which are consistent with the Comparable Group. As the balance
sheet elements offset each other, the Bank's market value should not be adjusted
in comparison to the Comparable Group for this measure.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 23
================================================================================
ASSET QUALITY
The asset quality of an institution is an important determinant of market value.
The investment community considers levels of nonperforming loans, REO and levels
of ALLL in assessing the attractiveness of investing in the common stock of an
institution.
FIGURE 8 - ASSET QUALITY TABLE
<TABLE>
<CAPTION>
Asset Quality as of The Most Recent Quarter
--------------------------------------------------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/
Loans NPLs Assets Equity Loans NPAs + 90
Ticker Short Name (%) (%) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. 2.37 43.83 1.81 16.68 1.04 40.38
CKFB CKF Bancorp Inc. 0.12 189.39 0.10 0.48 0.22 42.66
FFBI First Financial Bancorp Inc. 1.50 64.36 1.00 10.81 0.97 64.36
FFDF FFD Financial Corp. 0.07 642.86 0.05 0.19 0.42 642.86
FTSB Fort Thomas Financial Corp. 2.22 23.24 2.04 12.88 0.52 23.24
HCFC Home City Financial Corp. 0.41 174.52 0.36 1.85 0.72 174.52
KYF Kentucky First Bancorp Inc. 0.07 NM 0.04 0.22 0.77 348.65
LOGN Logansport Financial Corp. 0.67 56.84 0.62 3.25 0.38 45.62
MSBF MSB Financial Inc. 0.02 NM 0.02 0.12 0.46 51.31
NSLB NS&L Bancorp Inc. 0.02 612.50 0.01 0.07 0.14 36.57
PFFC Peoples Financial Corp. 0.02 NM 0.04 0.20 0.25 480.65
SFFC StateFed Financial Corp. 1.89 17.52 1.74 9.86 0.33 14.72
- ------------------------------------------------------------------------------------------------------------------------------
Average 0.78 202.78 0.65 4.72 0.52 163.80
Median 0.27 64.36 0.23 1.17 0.44 48.47
Maximum 2.37 642.86 2.04 16.68 1.04 642.86
Minimum 0.02 17.52 0.01 0.07 0.14 14.72
MIVI Mississippi View Holding Co. 0.65 290.24 0.43 2.38 1.90 225.65
Variance to the Comparable Median 0.39 225.88 0.20 1.22 1.46 177.19
</TABLE>
Sources: SNL and FinPro Computations
The Bank has a higher level of non-performing loans ("NPL") to total loans at
0.65% when compared to the Comparable Group median of 0.27%. However, the Bank's
reserve levels are higher than the Comparables, offsetting the higher level of
NPLs.
Based on these factors no adjustment is warranted for this element.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 24
================================================================================
EARNINGS QUALITY, PREDICTABILITY AND GROWTH
The earnings quality, predictability and growth are critical components in the
establishment of market values for thrifts. Thrift earnings are primarily a
function of:
o net interest income
o loan loss provision
o non-interest income
o non-interest expense
The quality and predictability of earnings is dependent on both internal and
external factors. Some internal factors include the mix of the balance sheet,
the interest rate sensitivity of the balance sheet, the asset quality, and the
infrastructure in place to deliver the assets and liabilities to the public.
External factors include the competitive market for both assets and liabilities,
the global interest rate scenario, local economic factors and regulatory issues.
Each of these factors can influence the earnings of an institution, and each of
these factors is volatile. Investors prefer stability and consistency. As such,
solid, consistent earnings are preferred to high but risky earnings. Investors
also prefer earnings to be diversified and not entirely dependent on interest
income.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 25
================================================================================
The Bank's ROAA and ROAE are slightly below the Comparable Group median.
FIGURE 9 - PROFITABILITY DATA
<TABLE>
<CAPTION>
Profitability as of The Most Recent Quarter
---------------------------------------------------
Return on Return on
Avg Assets Avg Equity
Ticker Short Name (%) (%)
- ------------------------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C>
ATSB AmTrust Capital Corp. 0.41 3.87
CKFB CKF Bancorp Inc. 1.82 7.74
FFBI First Financial Bancorp Inc. 0.14 1.65
FFDF FFD Financial Corp. 1.83 7.49
FTSB Fort Thomas Financial Corp. 1.23 7.53
HCFC Home City Financial Corp. 1.39 9.15
KYF Kentucky First Bancorp Inc. 1.13 6.77
LOGN Logansport Financial Corp. 1.50 7.71
MSBF MSB Financial Inc. 1.51 8.83
NSLB NS&L Bancorp Inc. 0.72 3.63
PFFC Peoples Financial Corp. 0.79 3.27
SFFC StateFed Financial Corp. 1.27 7.21
- ------------------------------------------------------------------------------------------------
Average 1.15 6.24
Median 1.25 7.35
Maximum 1.83 9.15
Minimum 0.14 1.65
MIVI Mississippi View Holding Co. 1.08 6.37
Variance to the Comparable Median (0.17) (0.98)
</TABLE>
Sources: SNL and FinPro Computations
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 26
================================================================================
However, the Bank's margin, noninterest expense and noninterest income are
consistent with or better than the Comparable Group medians.
FIGURE 10 - INCOME STATEMENT DATA
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
-----------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets
Ticker Short Name (%) (%) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. 2.82 7.04 4.35 2.69 0.55 2.87
CKFB CKF Bancorp Inc. 3.75 7.46 3.80 3.66 0.10 1.67
FFBI First Financial Bancorp Inc. 3.08 7.18 4.25 2.93 0.55 2.97
FFDF FFD Financial Corp. 3.35 6.98 3.68 3.31 0.07 1.95
FTSB Fort Thomas Financial Corp. 4.15 8.49 4.46 4.03 0.31 2.29
HCFC Home City Financial Corp. 4.59 9.19 4.73 4.46 0.13 2.55
KYF Kentucky First Bancorp Inc. 3.45 7.23 3.85 3.37 0.18 1.91
LOGN Logansport Financial Corp. 3.95 7.62 3.80 3.81 0.20 1.55
MSBF MSB Financial Inc. 4.78 8.26 3.65 4.61 0.46 2.80
NSLB NS&L Bancorp Inc. 3.27 6.70 3.51 3.18 0.40 2.46
PFFC Peoples Financial Corp. 3.71 7.19 3.58 3.61 0.03 2.42
SFFC StateFed Financial Corp. 3.47 7.79 4.51 3.28 0.16 1.44
- ------------------------------------------------------------------------------------------------------------------------------------
Average 3.70 7.59 4.01 3.58 0.26 2.24
Median 3.59 7.35 3.83 3.49 0.19 2.36
Maximum 4.78 9.19 4.73 4.61 0.55 2.97
Minimum 2.82 6.70 3.51 2.69 0.03 1.44
MIVI Mississippi View Holding Co. 3.91 7.48 3.62 3.85 0.25 2.35
Variance to the Comparable Median 0.32 0.14 (0.21) 0.36 0.06 (0.00)
<CAPTION>
Income Statement as of The
Most Recent Quarter
----------------------------
Efficiency Overhead
Ratio Ratio
Ticker Short Name (%) (%)
- ------------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C>
ATSB AmTrust Capital Corp. 88.31 85.91
CKFB CKF Bancorp Inc. 42.50 40.92
FFBI First Financial Bancorp Inc. 85.19 82.41
FFDF FFD Financial Corp. 57.77 56.88
FTSB Fort Thomas Financial Corp. 52.81 49.23
HCFC Home City Financial Corp. 55.54 54.29
KYF Kentucky First Bancorp Inc. 53.63 51.11
LOGN Logansport Financial Corp. 38.75 35.59
MSBF MSB Financial Inc. 55.35 50.86
NSLB NS&L Bancorp Inc. 68.48 64.48
PFFC Peoples Financial Corp. 66.44 66.13
SFFC StateFed Financial Corp. 52.28 50.02
- -------------------------------------------------------------------------------------
Average 59.75 57.32
Median 55.45 52.70
Maximum 88.31 85.91
Minimum 38.75 35.59
MIVI Mississippi View Holding Co. 57.68 54.88
Variance to the Comparable Median 2.24 2.18
</TABLE>
Sources: SNL and FinPro Computations
FIGURE 11 - CORE EARNINGS DATA
<TABLE>
<CAPTION>
Income
--------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income
Ticker Short Name LTM LTM LTM LTM MRQ MRQ
- ------------------------------------------------------------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. 288 125 0.25 0.57 64 (4)
CKFB CKF Bancorp Inc. 1,117 843 0.97 1.29 214 214
FFBI First Financial Bancorp Inc. 124 251 0.61 0.30 49 (2)
FFDF FFD Financial Corp. 1,607 772 0.56 1.19 164 164
FTSB Fort Thomas Financial Corp. 1,185 1,185 0.82 0.82 306 306
HCFC Home City Financial Corp. 888 900 0.99 0.98 251 250
KYF Kentucky First Bancorp Inc. 993 983 0.77 0.78 207 204
LOGN Logansport Financial Corp. 1,232 1,249 0.96 0.95 360 367
MSBF MSB Financial Inc. 1,123 1,038 0.84 0.91 308 263
NSLB NS&L Bancorp Inc. 426 418 0.65 0.66 94 94
PFFC Peoples Financial Corp. 684 674 0.49 0.49 122 122
SFFC StateFed Financial Corp. 1,096 1,096 0.72 0.72 273 273
- ------------------------------------------------------------------------------------------------------------------------------------
Average 897 795 0.72 0.81 201 188
Median 1,045 872 0.75 0.80 211 209
Maximum 1,607 1,249 0.99 1.29 360 367
Minimum 124 125 0.25 0.30 49 (4)
MIVI Mississippi View Holding Co. 744 732 0.94 0.95 177 175
Variance to the Comparable Median (301) (140) 0.20 0.15 (34) (34)
</TABLE>
<TABLE>
<CAPTION>
Income
-----------------------------
Core EPS EPS
Ticker Short Name MRQ MRQ
- -------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C>
ATSB AmTrust Capital Corp. 0.13 (0.01)
CKFB CKF Bancorp Inc. 0.26 0.26
FFBI First Financial Bancorp Inc. 0.12 0.00
FFDF FFD Financial Corp. 0.12 0.12
FTSB Fort Thomas Financial Corp. 0.21 0.21
HCFC Home City Financial Corp. 0.24 0.24
KYF Kentucky First Bancorp Inc. 0.16 0.16
LOGN Logansport Financial Corp. 0.29 0.30
MSBF MSB Financial Inc. 0.25 0.21
NSLB NS&L Bancorp Inc. 0.14 0.14
PFFC Peoples Financial Corp. 0.09 0.09
SFFC StateFed Financial Corp. 0.18 0.18
- -------------------------------------------------------------------------------
Average 0.18 0.16
Median 0.17 0.17
Maximum 0.29 0.30
Minimum 0.09 (0.01)
MIVI Mississippi View Holding Co. 0.24 0.24
Variance to the Comparable Median 0.07 0.07
</TABLE>
Sources: SNL and FinPro Computations
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 27
================================================================================
Currently, investors are focusing on earnings sustainability as the interest
rate volatility has caused wide variation in income levels. With the intense
competition for both assets and deposits, banks can not easily replace lost
spread and margin with balance sheet growth.
Based on the Bank's historical earnings performance, no adjustment is warranted
to the market value for earnings.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 28
================================================================================
DIVIDENDS
Historically, banks have not established dividend policies immediately at or
after conversion to stock ownership. Rather, newly converted institutions, in
general, have preferred to establish an earnings track record, fully invest the
conversion proceeds, and allow for seasoning of the stock before establishing a
dividend policy. In the late 1980's and early 1990's however, there was a
tendency toward initiating dividend policies concurrent with the conversion as a
means of increasing the attractiveness of the issue and to utilize the proceeds.
The last few years have seen yet another shift away from dividend policies
concurrent with conversion. Recent issues have been fully or over subscribing
without the need for the additional enticement of dividends. After the
conversion is another issue, however. Recent pressures on ROE and on internal
rate of returns to investors has prompted the industry toward cash dividends.
This trend is exacerbated by the lack of growth potential. Typically, when
institutions are in a growth mode, they issue stock dividends or do not declare
a dividend. When growth is stunted, these institutions shift toward reducing
equity levels and thus utilize cash dividends as a tool in this regard.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 29
================================================================================
FIGURE 12 - DIVIDENDS DATA
Dividends
-----------------------------
Current LTM Dividend
Dividend Payout
Yield Ratio
Ticker Short Name ($) (%)
- ------------------------------------------------------------------------------
Comparable Thrift Data
ATSB AmTrust Capital Corp. 1.290 35.090
CKFB CKF Bancorp Inc. 2.532 113.950
FFBI First Financial Bancorp Inc. 0.000 0.000
FFDF FFD Financial Corp. 1.333 23.110
FTSB Fort Thomas Financial Corp. 1.639 36.590
HCFC Home City Financial Corp. 1.933 33.670
KYF Kentucky First Bancorp Inc. 3.540 64.100
LOGN Logansport Financial Corp. 2.238 42.110
MSBF MSB Financial Inc. 1.805 29.950
NSLB NS&L Bancorp Inc. 2.857 75.760
PFFC Peoples Financial Corp. 3.030 NM
SFFC StateFed Financial Corp. 1.379 27.780
- ------------------------------------------------------------------------------
Average 1.965 43.828
Median 1.869 35.090
Maximum 3.540 113.950
Minimum 0.000 0.000
MIVI Mississippi View Holding Co. 1.600 16.840
Eleven of the twelve Comparable institutions had declared dividends. The median
dividend payout ratio for the Comparable Group was 35.09%, ranging from a high
of 113.95% to a low of 0.00%. The Bank's dividend payout ratio is below the
Comparable average while the current dividend yield is in line with the
Comparable Group. The Bank has adequate capital to afford dividends. No
adjustment is warranted for this factor.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 30
================================================================================
MARKETABILITY OF THE ISSUE
The Comparable Group is by definition composed only of companies that trade in
the public markets with all of the Comparables trading on NASDAQ or AMEX.
Typically, the number of shares outstanding and the market capitalization
provides an indication of how much marketability there will be in a given stock.
The actual marketability can be measured by volume traded over a given period of
time.
FIGURE 13 - PERCENTAGE TRADED
- --------------------------------------------------------------------------------
Volume for February 1998 as a
percent of outstanding shares
- --------------------------------------------------------------------------------
AmTrust Capital 3.40%
CKF Bancorp 1.70%
First Financial 1.50%
FFD Financial 2.60%
Fort Thomas Financial 2.40%
Home City Financial 0.10%
Kentucky First Bancorp 6.20%
Logansport Financial 12.20%
MSB Financial 0.50%
NS&L Bancorp 4.10%
Peoples Financial 3.60%
StateFed Financial Corp 1.30%
- --------------------------------------------------------------------------------
Median 2.50%
Mississippi View Holding Company 3.80%
- --------------------------------------------------------------------------------
Variance to median 1.30%
- --------------------------------------------------------------------------------
Sources: SNL and FinPro Computations
The Bank's trading level is greater than the Comparable median. However, the
Bank has recently been delisted from NASDAQ. Though the Bank was more liquid
than the Comparables, it will become less so now that it is no longer listed on
NASDAQ. Based on this factor, a discount appears warranted. This discount is
partially mitigated by the lower than average trading volume of the Comparables.
A discount of 5% is warranted for this factor.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 31
================================================================================
RECENT REGULATORY MATTERS
Recently, regulators have been concerned with capital redistributions from
thrifts which have converted within the past three years. Regulatory agencies
are publicly indicating that they will enforce the limits of stock buy backs to:
0% in the first year, 5% in the second year and 5% in the third year.
This threat to over-capitalized institutions, of not being able to use all of
the capital markets tools available, will hurt the stocks attractiveness, as it
will put them at a significant competitive disadvantage to the rest of the
industry.
However, no adjustment for this measure is warranted because the majority of the
Comparables converted within the last three years and are bound by the same
limitations.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 32
================================================================================
- -----------------------------------------------------
Summary of Adjustments
- -----------------------------------------------------
Overall, FinPro believes that the Bank pro-forma market value should be
discounted relative to the Comparable Group, reflecting the following
adjustments.
FIGURE 15 - VALUATION ADJUSTMENTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Key Valuation Parameters Valuation Adjustments Discount / Premium
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Balance Sheet Strength No Adjustment 0%
Asset Quality No Adjustment 0%
Earnings Quality, Predictability and Growth No Adjustment 0%
Dividends No Adjustment 0%
Marketability of the Issue Slight Downward 5%
Recent Regulatory Matters No Adjustment 0%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
The Bank and the Comparable Group are very similar in their performance and
condition.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 33
================================================================================
- -----------------------------------------------------
Market for Seasoned Thrifts
- -----------------------------------------------------
Data for all public thrifts as of April 2, 1998 is provided in Exhibit 2. A
common measure utilized as a proxy for the performance of the thrift industry is
the SNL thrift index, graphically shown below and tabularly shown on the
following page:
FIGURE 16 - SNL THRIFT INDEX CHART
[GRAPHIC OMITTED]
Source: SNL Securities
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 34
================================================================================
FIGURE 17 - HISTORICAL SNL INDEX
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
SNL THRIFT INDEX MONTHLY PERFORMANCE
January 2, 1992 to April 2, 1998
- ----------------------------------------------------------------------------------------------------------------------------
SNL % Change % Change % Change % Change % Change % Change % Change
Thrift Since Since Since Since Since Since Since
Date Index 01/02/92 01/04/93 01/03/94 12/30/94 12/29/95 12/31/96 12/31/97
---- ----- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Jan-92 143.9 - - - - - - -
Jul-92 175.1 21.7% - - - - - -
Jan-93 201.1 39.7% - - - - - -
Jul-93 220.5 53.2% 9.6% - - - - -
Jan-94 252.5 75.5% 25.6% - - - - -
Jul-94 273.8 90.3% 36.2% 8.4% - - - -
Jan-95 256.1 78.0% 27.3% 1.4% - - - -
Jul-95 328.2 128.1% 63.2% 30.0% 28.2% - - -
Jan-96 370.7 157.6% 84.3% 46.8% 44.7% - - -
Jul-96 389.9 171.0% 93.9% 54.4% 52.2% 5.2% - -
Jan-97 520.1 261.4% 158.6% 106.0% 103.1% 40.3% - -
Jul-97 684.5 375.7% 240.4% 171.1% 167.3% 84.7% 31.6%
Jan-98 768.3 433.9% 282.0% 204.3% 217.1% 104.1% 58.9% -5.6%
Apr-98 884.3 514.5% 339.7% 250.2% 265.0% 134.9% 82.9% 8.6%
</TABLE>
Sources: SNL and FinPro Computations
As the Figures 16 and 17 illustrate, the performance of the SNL index has been
robust through 1996 and 1997. The dip in the index, occurring in late 1994, was
the product of the interest rate rise during that period along with the overall
uneasiness in the stock market in general.
Thrift pricing in general was robust in 1995 due to the falling interest rates,
the industry consolidation and renewed earnings. Contrasting this view, in late
1994 investors faced shrinking spreads and margins due to rising rates and
consolidation that was tailing off and slowing down. The blockbuster level of
consolidations have led many investors to think that all institutions are fair
game for acquisitions and prices have risen accordingly.
As Figure 16 and 17 show, in 1997, the SNL index has continued to increase as a
result of the flat interest rate environment. In addition, the market continues
to demonstrate evidence of acquisition speculation.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 35
================================================================================
- -----------------------------------------------------
Market Multiples
- -----------------------------------------------------
The following table provides the key market multiples for the Comparable Group
FIGURE 18 - COMPARABLE TRADING MULTIPLES
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Current Price in Relation to
---------------------------------------------------------------------------------
Price/ Price/ Tangible
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets
Ticker (x) (x) (x) (x) (%) (%) (%)
- -------------------------------------------------------------------------------------------------------------------------------
Comparable Group
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. 29.81 27.19 62.00 NM 105.73 106.82 11.45
CKFB CKF Bancorp Inc. 18.99 15.31 20.36 18.99 115.23 115.23 27.24
FFBI First Financial Bancorp Inc. 52.60 84.17 41.39 NM 137.45 137.45 12.69
FFDF FFD Financial Corp. 46.88 18.91 40.18 46.88 146.29 146.29 35.19
FTSB Fort Thomas Financial Corp. 18.15 18.60 18.60 18.15 142.39 142.39 22.51
HCFC Home City Financial Corp. 19.40 19.01 18.81 19.40 120.39 120.39 23.45
KYF Kentucky First Bancorp Inc. 22.07 18.11 18.34 22.07 124.78 124.78 21.24
LOGN Logansport Financial Corp. 15.41 18.82 18.62 14.90 136.24 136.24 26.17
MSBF MSB Financial Inc. 16.63 18.27 19.79 19.79 157.43 157.43 26.54
NSLB NS&L Bancorp Inc. 31.25 26.52 26.92 31.25 105.17 105.93 20.76
PFFC Peoples Financial Corp. 45.83 33.67 33.67 45.83 150.27 150.27 28.35
SFFC StateFed Financial Corp. 20.14 20.14 20.14 20.14 144.42 144.42 25.49
Comparable Average 28.10 26.56 28.24 25.74 132.15 132.30 23.42
Comparable Median 21.11 18.96 20.25 19.97 136.85 136.85 24.47
MIVI Mississippi View Holding Co. 20.83 21.05 21.28 20.83 118.69 118.69 21.57
</TABLE>
Sources: SNL and FinPro Computations
Note: The multiples for Mississippi View are based on the price of the Bank's
last trade on NASDAQ of $20 per share, the Bank's most recent trade was $18.50
The Bank is trading at a discount on a price to book basis when compared to the
Comparable Group, all public thrifts, all Minnesota public thrifts and all
public thrifts with < $100 million in assets. The Bank is, however, trading at a
premium on a price to LTM EPS basis when compared to the Comparable Group, all
public thrifts, and all public Minnesota thrifts.
FIGURE 19 - MARKET TRADING MULTIPLES
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
Current Price in Relation to
---------------------------------------------------------------------------------------
Price/ Price/ Tangible
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets
(x) (x) (x) (x) (%) (%) (%)
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Comparable Average 28.10 26.56 28.24 25.74 132.15 132.30 23.42
Comparable Median 21.11 18.96 20.25 19.97 136.85 136.85 24.47
All Public Average 24.84 24.73 25.98 27.67 182.83 190.48 21.45
All Public Median 20.23 20.81 22.11 22.02 161.16 165.08 19.22
Minnesota Average 18.61 18.90 19.87 20.08 136.44 138.29 19.08
Minnesota Median 19.35 19.63 19.90 19.35 133.81 133.81 18.13
Assets less than
$100 Million Average 26.89 26.89 26.89 26.89 136.57 136.57 136.57
Assets less than
$100 Million Median 23.01 23.01 23.01 23.01 126.12 126.12 126.12
Mississippi View Holding Co. 20.83 21.05 21.28 20.83 118.69 118.69 21.57
</TABLE>
Sources: SNL and FinPro Computations
Note: The multiples for Mississippi View are based on the price of the Bank's
last trade on NASDAQ of $20 per share, the Bank's most recent trade was $18.50
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 36
================================================================================
- -----------------------------------------------------
Imputed Value
- -----------------------------------------------------
Based upon the current market trading multiples and adjustments to value, it is
FinPro's opinion that a fair market trading value for the stock is $19.03 per
share.
FIGURE 20 - VALUATION COMPUTATION
- --------------------------------------------------------------------------------
Price to Price to Price to
Earnings Book Tangible Book
- --------------------------------------------------------------------------------
Comparable Median 18.96 136.85% 136.85%
Adjustment (Marketability) -5.00% -5.00% -5.00%
Adjusted Multiples 18.01 130.01% 130.01%
Imputed Price $ 17.11 $ 21.91 $ 21.91
Weight 60% 20% 20%
Weighted Price $ 19.03
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 37
================================================================================
- -----------------------------------------------------
B. Comparable Sales
- -----------------------------------------------------
The number of national bank acquisitions continues to demonstrate its cyclical
nature; thrifts deals, however, did deviate in the fourth quarter of 1997.
FIGURE 21 - DEALS FOR LAST TWELVE QUARTERS
[GRAPHIC OMITTED]
Source: SNL Securities
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 38
================================================================================
From 1995 through April 2, 1998, thrift deal prices have grown substantially. As
illustrated by the following graphs and tables, thrift deal prices as a multiple
of book value, tangible book value and earnings continue to climb for all
thrifts, thrift acquisitions of a similar size and thrifts in the Midwest
region. The price to assets and price to deposits multiples have declined for
the Midwest region and deals of a similar size.
FIGURE 22 - THRIFT ACQUISITION MULTIPLES, PRICE TO BOOK
[GRAPHIC OMITTED]
Source: SNL Securities
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 39
================================================================================
FIGURE 23 - THRIFT ACQUISITION MULTIPLES, PRICE TO TANGIBLE BOOK
[GRAPHIC OMITTED]
Source: SNL Securities
FIGURE 24 - THRIFT ACQUISITION MULTIPLES, PRICE TO EARNINGS
[GRAPHIC OMITTED]
Source: SNL Securities
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 40
================================================================================
FIGURE 25 - THRIFT ACQUISITION MULTIPLES, PRICE TO ASSETS
[GRAPHIC OMITTED]
Source: SNL Securities
FIGURE 26 - THRIFT ACQUISITION MULTIPLES, PRICE TO DEPOSITS
[GRAPHIC OMITTED]
Source: SNL Securities
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 41
================================================================================
FIGURE 27 - DEAL MULTIPLES
- --------------------------------------------------------------------------------
Median Price to LTM Earnings 1995 1996 1997 1998 YTD
Thrifts - Nationwide 18.4 17.6 24.6 26.4
Thrifts - Midwest 20.1 23.9 24.5 27.3
Thrifts - Deal Value $10-50 Million 17.5 18.3 25.5 30.6
Average Price to Book
Thrifts - Nationwide 144.7 149.5 185.5 215.8
Thrifts - Midwest 136.7 138.7 167.7 240.3
Thrifts - Deal Value $10-50 Million 146.0 141.0 169.7 172.0
Average Price to Tangible Book
Thrifts - Nationwide 150.0 153.6 192.3 221.7
Thrifts - Midwest 137.9 141.9 169.8 247.9
Thrifts - Deal Value $10-50 Million 155.8 144.1 171.0 172.0
Average Price to Assets
Thrifts - Nationwide 14.8 15.0 18.4 20.9
Thrifts - Midwest 17.9 17.4 20.7 18.4
Thrifts - Deal Value $10-50 Million 15.3 16.7 19.1 17.7
Average Price to Deposits
Thrifts - Nationwide 19.2 19.9 24.9 28.3
Thrifts - Midwest 23.8 23.1 28.6 26.1
Thrifts - Deal Value $10-50 Million 20.0 22.1 24.5 21.3
- --------------------------------------------------------------------------------
Source: SNL Securities
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 42
================================================================================
- -----------------------------------------------------
Local Acquisitions of Similar Size
- -----------------------------------------------------
In the Midwest region there are five pending acquisitions within a relatively
comparable size range. They are as follows:
FIGURE 28 - PENDING ACQUISITIONS TABLE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Announced Regional Thrift Deals Since April 2, 1997
Ann'd
Completed/ Deal
Bank/ Bank/ Announced Terminated Value
Buyer ST Thrift Seller ST Thrift Date Status Date ($M)
----- -- ------ ------ -- ------ ---- ------ ---- ----
Blue River Bancshrs IN Bank Shelby County Bncrp IN Thrift 02/27/98 Pending NA 10.8
Southside Bancshares MO Bank Public Srvc Bk, FSB MO Thrift 02/26/98 Pending NA 8.5
Citizens Finl Svcs IN Thrift SuburbFed Financial IL Thrift 12/30/97 Pending NA 46.5
First State Bancshrs MO Bank Joachim Bancorp Inc. MO Thrift 12/29/97 Pending NA 12.8
Waterfield Mortgage IN Thrift Indiana Community Bk IN Thrift 10/31/97 Pending NA 22.1
Medians
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Announced Regional Thrift Deals Since April 2, 1997
-------------------------------------------------------------------------
Announced Deal
-------------------------------------------------------------------------
Price Price Price Price Price Price
Consider Per To BV Tang. BV 4-Qtr Deposits Assets
Buyer Type Share ($) (%) (%) EPS (x) (%) (%)
----- ---- --------- --- --- ------- --- ---
<S> <C> <C> <C> <C> <C> <C> <C>
Blue River Bancshrs Cash 58.0 136.3 136.3 19.0 15.3 11.1
Southside Bancshares Mixture NA 194.8 194.8 31.6 15.1 12.1
Citizens Finl Svcs Com Stock 36.0 158.3 158.9 17.7 14.8 10.8
First State Bancshrs Cash 17.3 126.3 126.3 45.4 52.0 36.5
Waterfield Mortgage Cash 21.7 175.0 175.0 NA 27.1 23.6
158.33 158.86 25.28 15.26 12.06
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
Sources: SNL and FinPro Computations
In the last year, April 2, 1997 through April 2, 1998, the Midwest region saw
the completion of eleven acquisitions within a relatively comparable size range.
They are as follows:
FIGURE 29 - COMPLETED ACQUISITIONS TABLE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Announced Regional Thrift Deals Since April 2, 1997
Ann'd
Completed/ Deal
Bank/ Bank/ Announced Terminated Value
Buyer ST Thrift Seller ST Thrift Date Status Date ($M)
----- -- ------ ------ -- ------ ---- ------ ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AMCORE Financial IL Bank Midwest Federal Finl WI Thrift 11/12/97 Completed 03/27/98 47.9
Mercantile Bancorp MO Bank HomeCorp Inc. IL Thrift 10/29/97 Completed 03/02/98 51.0
First FSB- Siouxland IA Thrift GFS Bancorp Inc. IA Thrift 10/17/97 Completed 03/31/98 18.3
North Central Bcshrs IA Thrift Valley Fin'l Corp IA Thrift 09/19/97 Completed 01/30/98 14.7
Camco Fin'l Corp OH Thrift GF Bancorp, Inc OH Thrift 07/28/97 Completed 01/08/98 11.0
Enterprise Fedl Bncp OH Thrift North Cincinnati SB OH Thrift 07/21/97 Completed 02/25/98 9.7
Washington Bancorp IA Thrift Rubio Savings Bank IA Thrift 07/02/97 Completed 01/15/98 4.7
HMN Financial, Inc. MN Thrift Marshalltown Fin'l IA Thrift 07/01/97 Completed 12/09/97 26.2
Oak Hill Financial OH Bank Unity Savings Bank OH Thrift 04/29/97 Completed 10/02/97 12.6
Central Illinois Bcp IL Bank First Ozaukee Capt'l WI Thrift 04/25/97 Completed 09/10/97 9.6
Peoples Bancorp OH Bank Gateway Bancorp KY Thrift 04/25/97 Completed 12/12/97 23.1
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Announced Regional Thrift Deals Since April 2, 1997
Price Price Price Price Price Price
Consider Per To BV Tang. BV 4-Qtr Deposits Assets
Type Share ($) (%) (%) EPS (x) (%) (%)
---- --------- --- --- ------- --- ---
<S> <C> <C> <C> <C> <C> <C> <C>
AMCORE Financial Com Stock 31.111 265.91 275.08 18.41 30.05 22.63
Mercantile Bancorp Com Stock 27.635 209.36 209.36 31.76 16.65 15.37
First FSB- Siouxland Cash 17.650 157.17 157.17 15.48 29.57 19.36
North Central Bcshrs Cash 525.000 169.79 169.79 12.31 14.43 13.20
Camco Fin'l Corp Com Stock 35.310 158.98 158.98 25.77 27.40 22.24
Enterprise Fedl Bncp Mixture NA 167.50 167.50 48.99 19.35 16.01
Washington Bancorp Cash 2,334.000 143.59 143.59 17.48 NA NA
HMN Financial, Inc. Cash 17.510 122.45 122.45 30.72 25.26 20.88
Oak Hill Financial Com Stock 134.609 168.77 168.95 22.18 26.17 19.33
Central Illinois Bcp Cash 15.100 114.48 114.48 NA 36.13 27.17
Peoples Bancorp Mixture 21.900 135.60 135.60 37.12 51.49 36.90
Medians 158.98 158.98 23.98 26.79 20.12
----------------------------------------------------------------------------------------
</TABLE>
Sources: SNL and FinPro Computations
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 43
================================================================================
- -----------------------------------------------------
Minority Interest Discount
- -----------------------------------------------------
As the current transaction involves the repurchase of up to 30% of the
outstanding shares, not 100% of the outstanding shares, it is appropriate to
apply a minority interest discount. As this is not a forced transaction, such as
an acquisition, there should not be a "take out" or "control" premium. By
applying a minority discount, the "take out" and "control" premiums are removed
from the acquisition multiples.
There have been numerous publications which address this issue. In Banking
Circular 259, the Office of the Controller of Currency states:
"For mergers and consolidations, the OCC recognizes that purchase
premiums do exist and may, in some instances, be paid in the purchase
of small blocks of shares. However, the payment of purchase premiums
depends entirely on the acquisition or control plans of the
purchasers, and such payments are not regular or predictable elements
of market value. Consequently, the OCC's valuation methods do not
include consideration of purchase premiums in arriving at the value of
shares."
In the Modified Dutch Auction, the Bank will only be repurchasing a minority
block of stock. As the acquisition multiples, used for comparison, include a
"take out" or "control" premium, a minority discount is warranted in order to
mitigate this "take out" or "control" premium. In this particular instance, a
10% minority discount is appropriate.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 44
================================================================================
- -----------------------------------------------------
Marketability Discount
- -----------------------------------------------------
Institutions which do not have a liquid trading market typically trade at a
discount to publicly traded institutions with a liquid market, all else being
equal. As the Bank has recently been delisted from NASDAQ, a discount for
marketability is warranted.
Sheshunoff's Mergers and Acquisitions, states:
"Marketability definitely adds value to a security; conversely, lack of
marketability detracts from the value of a security."
In determining the discount warranted for this factor, FinPro looked at the
performance of pink sheet thrifts stock multiples in comparison to publicly
traded thrift stocks.
FIGURE 30 - MARKETABILITY DISCOUNT CALCULATION
- -----------------------------------------------------------------------------
Price to Price to
Earnings Book
- -----------------------------------------------------------------------------
Minnesota Publicly Traded Thrift Median 18.8 133
National Pink Sheet Thrift Median 18.5 107
- -----------------------------------------------------------------------------
Percent Discount 1.60% 19.55%
Weight 60% 40%
Weighted Discount 8.78%
- -----------------------------------------------------------------------------
As the table above illustrates, the market appears to discount illiquid stocks
by approximately 10%. It is interesting to note that when the Bank was delisted
from NASDAQ, the price dropped from $20 per share to $18.50 per share, a 7.50%
decline.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 45
================================================================================
- -----------------------------------------------------
Imputed Value
- -----------------------------------------------------
Based upon the current institution sale multiples and adjustments to value, the
weighted average price is $20.33 per share.
FIGURE 31 - IMPUTED VALUE USING COMPARABLE SALES DATA
- -------------------------------------------------------------------------------
Price to Price to Price to
Earnings Book Tangible Book
- -------------------------------------------------------------------------------
Comparable Median 25.28 158.33% 158.86%
Adjustments (Minority) -10.00% -10.00% -10.00%
Adjusted Multiples 22.75 142.50% 142.97%
Adjustments (Marketability) -10.00% -10.00% -10.00%
Adjusted Multiples 20.48 128.25% 128.68%
Imputed Price $ 19.46 $ 21.61 $ 21.68
Weight 60% 20% 20%
Weighted Price $ 20.33
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 46
================================================================================
4. Investment Value
The investment value is sometimes referred to as the income value or earnings
value. One investment value method frequently used estimates the present value
of an enterprise's future earnings or cash flow. Another popular investment
value method is to determine the level of current annual benefits (earnings,
cash flow, dividends, etc.), and then capitalize one or more of the benefit
types using an appropriate capitalization rate such as an earnings or dividend
yield. Yet another method of calculating investment value is a cash flow
analysis of the ability of a banking company to service acquisition debt
obligations (at a certain price level) while providing sufficient earnings for
reasonable dividends and capital adequacy requirements. In connection with the
cash flow analysis, the return on investment that would accrue to a prospective
buyer at the transaction value is calculated. The investment value methods which
were analyzed in connection with this transaction were the net present value
analysis, and the return on investment analysis, which are discussed below.
- -----------------------------------------------------
A. Net Present Value
- -----------------------------------------------------
The investment of earnings value of any banking organization's stock is an
estimate of present value of the future benefits, usually earnings, cash flow or
dividends, which will accrue to the stock. An earnings value is calculated using
an annual future earnings stream over a period of time of no less than ten years
and the residual value of the earnings stream after ten years, assuming no
earnings growth, and an appropriate capitalization rate (the net present value
discount rate). FinPro's computations were based on an analysis of the banking
industry, the economic and competitive situations in the Company's market area,
its current financial condition and historical levels of growth and earnings
The first step in evaluating the present value of future benefits is to
determine the recurring cash earnings of the Bank. Based on financial data as of
December 31, 1997, the recurring cash earnings of the Bank was $940 thousand.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 47
================================================================================
FIGURE 32 - CASH EARNINGS CALCULATION
- -------------------------------------------------------------------------------
Cash Earnings Computation
Twelve Month Data as of 12/31/97
- -------------------------------------------------------------------------------
$ in thousands
Net income 743
Add:
Provision for loan loss* -
Depreciation* 60
ESOP fair value adjustment* 21
Non-Cash Dividends* (3)
Amortization of ESOP* 37
Amortization of MSBP* 42
Tax benefit of MSBP* 9
Amort/Accretion premiums and discounts* 20
Net (gains) on sales of foreclosed real estate* (8)
Net loan fees deferred* 17
Net increase in unearned MSBP* 2
- -------------------------------------------------------------------------------
Cash Earnings 940
Cash ROE 7.54%
- -------------------------------------------------------------------------------
* Tax impacted at 37%
These earnings are translated to a cash ROE which is held constant over a 10
year period. It is assumed that the Bank's dividend payout ratio of 16.84% is
maintained. All cash flows are discounted at 12.00%. The residual value is
determined by assuming that the Bank will be sold at 25.70 times the cash
earnings at the tenth year.
FIGURE 33 - DISCOUNTED CASH FLOW RESULTS
- --------------------------------------------------------------------------------
12/31/97 12/31/98
-------------------------------
Begining Equity $ 12,476 12,476
Cash Earnings 940
Dividends Paid (assumes 16.84% payout) 158
---
Resultant Cash Flow 782
Discounted Cash Flow to the Investor 141
(Pre-tax)
NPV 13,132
Shares Outstanding 657
NPV/Share $ 20.00
- -------------------------------------------------------------------------------
The present value of the Bank's future cash flows and residual value is $13.1
million or $20.00 per share, based on 656,629 shares.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 48
================================================================================
- -----------------------------------------------------
B. Return on Investment
- -----------------------------------------------------
Return on investment (ROI) analysis assumes the formation of a bank holding
company and analyzes the ten year ROI of an equity investment equal to the
Company's book value at December 31, 1997, assuming a constant return on equity
of 5.96%, with a liquidation at book value in the year 2007, as opposed to a
sale at 25.7 times projected earnings for the year 2007.
This ROI analysis provides a benchmark for assessing the validity of the fair
market value of a majority block of stock. The ROI analysis is one approach to
valuing a going concern, and is directly impacted by the earnings stream,
dividend payout levels and levels of debt, if any. Other financial and
non-financial factors indirectly affect the ROI; however, these factors more
directly influence the level of ROI an investor would demand from an investment
in a majority block of stock of a specific bank at a certain point in time.
The ROI, assuming a constant return on equity of 5.96% with liquidation at book
value in 2007, is 5.96%, and sale at 25.7 projected earnings in 2007, is 9.86%.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 49
================================================================================
- -----------------------------------------------------
C. Price Equity Index
- -----------------------------------------------------
Furthermore, a price level indicator, the equity index, may be used to confirm
the validity of the transaction value. The equity index adjusts the price to
equity multiple in order to facilitate a truer price level comparison with
comparable banking organizations, regardless of differing levels of equity
capital. The equity index is derived by multiplying the price to equity multiple
by the equity-to-assets ratio. The following table sets forth the average price
equity indexes for all Minnesota transactions, for all Comparable transactions,
and for the Company for the years 1997, 1996 and 1995.
FIGURE 34 - EQUITY INDEX
- --------------------------------------------------------------------------------
1997 1996 1995
equity index equity index equity index
- --------------------------------------------------------------------------------
Mississippi View 0.2008 0.1510 0.1506
Comparables 0.1963 0.1790 0.2080
Minnesota 0.2026 0.1716 0.1506
Proposed Price low $19.50 0.2038
Proposed Price high $21.50 0.2247
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 50
================================================================================
5. Conclusion
Based upon the terms of the Modified Dutch Auction and the market conditions as
they existed on April 2, 1998, it is FinPro's opinion that the value of
Mississippi Views stock is approximately $20.00 per share. It is also FinPro's
Opinion that this is fair and equitable from a financial perspective to the
Company and its shareholders.
In order to incent shareholders to tender their stock an incentive premium must
be offered. The following table lists the completed Modified Dutch Auctions over
the past two years. An incentive premium of approximately 7.50% to 10.00%
appears to be warranted.
FIGURE 35 - RECENT MODIFIED DUTCH AUCTIONS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Modified Dutch Auctions Completed in the Past Two Years
- --------------------------------------------------------------------------------------------------------------
Percent of
Price Prior to Shares Outstanding Closing Incentive
Announcement Range Repurchased Price Premium
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PULS $ 15.00 $15.00 - $17.75 21.00% $ 17.75 18.33%
THRD $ 19.25 $22.50 - $26.00 26.00% $ 26.00 35.06%
PHBK $ 22.00 $21.00 - $24.00 9.90% $ 24.00 9.09%
SHEN $ 21.00 $21.00 - $23.75 8.75% $ 23.75 13.10%
FFYF $ 24.75 $24.00 - $26.00 29.30% $ 26.00 5.05%
- --------------------------------------------------------------------------------------------------------------
Median Incentive Premium 13.10%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
Based upon the terms of the Modified Dutch Auction and the market conditions as
they existed on April 2, 1998 it is FinPro's opinion that a range from $19.50
per share to $21.50 per share should be established for the Tender Offer. It is
also FinPro's opinion that this range is fair and equitable from a financial
perspective to the Company and its shareholders.
Sincerely,
Donald J. Musso
President
FinPro, Inc.
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 51
================================================================================
Appendix 1 Economics of the Repurchase
At the high end of the range, the Tender Offer dilutes book value per share from
$16.30 to $14.08. However, the transaction is very accretive to earnings.
Earnings per share would increase from $1.00 to $1.10. As thrifts trade
primarily on an earnings basis, this transaction makes economic sense even at
the high end of the range.
At December 31, 1997
--------------------
Number of shares (1) 736,864
Net Worth $12,067,904
LTM Earnings $739,715
Stock price $18.500
Earnings per share $1.0039
Book Value per share $16.38
Tax Rate 36.00%
(1) Note: 3,379 shares repurchased 3/19/98
Buyback Assumptions
-------------------
Amount of buyback 30.00%
Opportunity cost of capital 5.50%
Buyback price assumed $21.500 High end of Range
Buyback amount in shares 221,059
Buyback amount in dollars $4,837,773
Breakeven Levels Proforma Existing
---------------- -------- --------
LTM Earnings $739,715 739,715
Tax affected loss of
earnings on Buyback ($170,290) $739,715
-------------------------------
Proforma Net Income $569,425 $739,715
Shares remaining 515,805 736,864
Proforma Net Income
per share $1.1040 $1.0039
Proforma Book Value $7,230,131 $12,067,904
Proforma Book Value
per share $14.02 $16.38
- --------------------------------------------------------------------------------
Revised 4/9/98
<PAGE>
Fairness Opinion
Mississippi View Holding Company April 9, 1998
Page 52
================================================================================
Appendix 2. List of Exhibits
Mississippi View Holding Company
Little Falls, Minnesota
Exhibit
1 Firm Biography
2 Industry Trading Multiples
3 Selected Market Data - All Public Thrifts
4 Acquisition Multiples for Recent Regional Deals
<PAGE>
Exhibit 1
- --------------------------------------------------------------------------------
About the Firm
- --------------------------------------------------------------------------------
FinPro, Inc. was established in 1988 as a full service management consulting
firm specializing in providing advisory services to the Financial Institutions
Industry. FinPro provides management advisory services for Banks, Thrifts,
Finance Companies and NonBank Banks. Additionally, FinPro has performed work for
the Federal Bankruptcy Court, Federal Deposit Insurance Corporation, Office of
Thrift Supervision and the Resolution Trust Corporation. FinPro is recognized as
an expert in banking and in loan analysis by the Federal Bankruptcy Court.
FinPro is independently owned, not associated or affiliated with any transaction
oriented firm. This provides FinPro with an unbiased platform from which to make
analytical recommendations. FinPro believes that a client deserves to be told
all of the alternatives, along with their associated benefits and downsides and
that a decision should be made on its merits. This uniquely positions FinPro as
an objective third party willing to suggest the unpopular strategies, unlike its
competitors who rely on a transaction to get paid.
FinPro is headquartered in Liberty Corner, New Jersey and has a branch office in
Buffalo, New York.
FinPro principals are frequent speakers and presenters at financial institution
trade association functions. In addition, FinPro designed the Statistical Report
Analysis currently produced quarterly by the New Jersey Community and Savings
Bankers for its members. FinPro also regularly hosts President's Breakfast for
Presidents of New Jersey Community Banks.
FinPro maintains a library of databases encompassing bank and thrift capital
markets data, census data, branch deposit data, national peer data, market
research data along with many other related topics. As such, FinPro can provide
quick, current and precise analytical assessments based on timely data. In
addition, FinPro's geographic mapping capabilities give it a unique capability
to thematically illustrate multiple issues and to provide targeted marketing
opportunities to its clients.
FinPro has also designed and built PC-based software programs to utilize as
tools in its work. Examples include:
o A proprietary software program (LaRS (R)) to perform loan review
analytics.
o A duration based asset/liability model.
o A five year strategic planning, three year business planning, and one year
budgetary model that completely simulates an entire institution.
o A branch and product profitability model.
o A market performance grid and branch improvement grid model.
o A criteria based market feasibility model.
Using systems such as these, FinPro provides state-of-the-art end products in
all of its product and service areas.
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] P.O. Box 323 o Liberty Corner o NJ o 07938
Phone: 908 / 604-9336
Fax: 908 / 604-5951
e-mail: [email protected]
Website: finpronj.com
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
About the Firm
- --------------------------------------------------------------------------------
LISTING OF SERVICES
- -------------------
FinPro offers a full array of products and services including:
Planning
Strategic and Business Planning
Budgeting
Segment Planning
Asset/Liability Management
Capital Markets
Corporate Finance
Mergers and Acquisitions
Deposit Studies and Valuations
Valuation
Bank Valuations and Franchise Value Enhancement
Bank Appraisals and Fairness Opinions
Market Research
Branch Acquisitions, Sales, Consolidations, Swaps and
Applications
Branch and Product Profitability
Customer Segmentation and Profiling
Competitive Analysis and Positioning
Branch Network Evaluations
Market Feasibility Studies
Site Studies
Market Studies and Market Area Evaluations
Compliance
Portfolio Due Diligence
Geocoding of Loans and Deposits
Compliance Reviews
Loan Review
CRA Analysis and Improvement
Financial
Earnings Improvement Studies
Balance Sheet Restructuring
Operations
Operational and Systems Consulting
Financial Reporting
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] P.O. Box 323 o Liberty Corner o NJ o 07938
Phone: 908 / 604-9336
Fax: 908 / 604-5951
e-mail: [email protected]
Website: finpronj.com
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
About the Firm
- --------------------------------------------------------------------------------
Donald founded FinPro, Inc. in 1987 as a consulting and investment banking firm
located in New Jersey that specializes in providing advisory services to the
financial institutions industry.
Mr. Musso has a broad background in capital markets, bank valuations, enhancing
franchise value, corporate finance, mergers and acquisitions, asset/liability
management, strategic planning, market feasibility and differentiation, branch
acquisition, sales, consolidation and profitability, financial modeling and
analysis, balance sheet restructuring, product and segment profitability,
business development and project management. Besides his consulting experience,
he has solid industry experience, having worked for two $10 billion plus east
coast financial institutions.
Mr. Musso has provided expert testimony on financial institutions matters for
the Federal Bankruptcy Court, the Office of Thrift Supervision and the United
States Attorney's Office.
He is a frequent speaker on Financial Institution related topics and has
assisted trade groups in various activities. Mr. Musso is also on the faculty of
Stonier Graduate School of Banking, teaching Strategic Planning
Prior to establishing FinPro, Donald had direct industry experience having
managed the Corporate Planning and Mergers and Acquisitions departments for
Meritor Financial Group, a $20 billion institution in Philadelphia. Before that,
he had responsibility for the banking, thrift and real estate consulting
practice in the State of New Jersey for Deloitte Haskins & Sells.
Donald has a B.S. in Finance from Villanova University and a M.B.A. in Finance
from Fairleigh Dickenson University.
[GRAPHIC OMITTED]
Donald J. Musso
Managing Director and President
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] P.O. Box 323 o Liberty Corner o NJ o 07938
Phone: 908 / 604-9336
Fax: 908 / 604-5951
e-mail: [email protected]
Website: finpronj.com
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
About the Firm
- --------------------------------------------------------------------------------
Ken joined the firm in 1996, bringing with him twelve years of banking and
securities experience.
Mr. Emerson has concentrated on bank valuations, strategic plans, market
feasibility studies, and branch profitability. His experience with respect to
accounting, reporting, and information systems serve him well in this capacity.
Ken's prior employers include Summit Bancorp, Valley Savings Bank, Howard
Savings Bank, Carteret Mortgage Company, CIT Data Corp., and Mahler & Emerson
Inc. Ken has managed financial reporting departments, complying with the
regulatory reporting requirements of the FRB, FDIC, OTS, State of New Jersey
Department of Banking, SEC, and NASD. Additional responsibilities have included
asset/liability, cash, back office, operations, objective and LAN management and
shareholder reporting, budgeting, acquisitions, sales, conversions, interfaces,
and FASB implementation.
Ken is a frequent speaker on Financial Institution related topics and is a
member of the AICPA and NJSCPA.
Mr. Emerson has a B.A. in Accounting from Franklin & Marshall College and is a
licensed CPA in the state of New Jersey.
[GRAPHIC OMITTED]
Kenneth G. Emerson, CPA
Director
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] P.O. Box 323 o Liberty Corner o NJ o 07938
Phone: 908 / 604-9336
Fax: 908 / 604-5951
e-mail: [email protected]
Website: finpronj.com
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
About the Firm
- --------------------------------------------------------------------------------
Dennis joined the firm in June of 1996.
Dennis has refined FinPro's interest rate risk product and currently manages all
of the Firm's interest rate risk engagements. Additionally, he has concentrated
on merger and acquisition transactions, divestitures, shareholder value
enhancements and has designed and built FinPro's acquisition opportunity ranking
model. Conversion appraisals, market feasibility, competitive analysis, branch
profitability and branch sales/acquisitions are other areas of specialization.
Prior to joining the firm, Dennis received broad based experience in the
securities industry. He worked for Merrill Lynch & Company supporting their
Mortgage-Backed trading desk in New York, as an Allocations Specialist and for
Sandler O'Neill & Partners, where he provided sales
and trade support.
He received a B.S. from Babson College with a triple-major in Finance,
Investments and Economics.
[GRAPHIC OMITTED]
Dennis E. Gibney
Senior Financial Analyst
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] P.O. Box 323 o Liberty Corner o NJ o 07938
Phone: 908 / 604-9336
Fax: 908 / 604-5951
e-mail: [email protected]
Website: finpronj.com
- --------------------------------------------------------------------------------
<PAGE>
Exhibit 2
Industry Multiples
Pricing Data as of April 2, 1998
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank CA Private 30,876,530 NA NA
%CCMD Chevy Chase Bank, FSB MD Private 6,160,256 NA NA
AABC Access Anytime Bancorp Inc. NM NASDAQ 107,213 11.50 14.00
ABBK Abington Bancorp Inc. MA NASDAQ 531,986 22.25 80.92
ABCL Alliance Bancorp IL NASDAQ 1,363,825 27.88 223.62
ABCW Anchor BanCorp Wisconsin WI NASDAQ 1,941,180 44.94 406.77
AFBC Advance Financial Bancorp WV NASDAQ 108,032 19.38 21.01
AFCB Affiliated Community Bancorp MA NASDAQ 1,155,048 38.56 251.36
AFED AFSALA Bancorp Inc. NY NASDAQ 160,408 20.75 28.60
AHCI Ambanc Holding Co. NY NASDAQ 510,444 19.13 82.36
AHM H.F. Ahmanson & Co. CA NYSE 46,678,752 79.94 8,761.96
ALBC Albion Banc Corp. NY NASDAQ 71,719 10.75 8.06
ALBK ALBANK Financial Corp. NY NASDAQ 4,083,097 50.50 651.80
ALLB Alliance Bank (MHC) PA NASDAQ 260,464 35.00 114.54
AMFC AMB Financial Corp. IN NASDAQ 100,003 17.25 16.63
ANA Acadiana Bancshares Inc. LA AMSE 277,066 23.13 59.55
ANDB Andover Bancorp Inc. MA NASDAQ 1,322,745 40.00 207.03
ANE Alliance Bncp of New England CT AMSE 247,129 22.13 36.20
ASBI Ameriana Bancorp IN NASDAQ 390,868 20.63 66.68
ASBP ASB Financial Corp. OH NASDAQ 113,176 14.25 23.31
ASFC Astoria Financial Corp. NY NASDAQ 10,528,393 60.31 1,580.07
ATSB AmTrust Capital Corp. IN NASDAQ 69,106 15.50 7.91
AVND Avondale Financial Corp. IL NASDAQ 542,196 15.75 52.35
BANC BankAtlantic Bancorp Inc. FL NASDAQ 3,064,480 14.19 356.05
BDJI First Federal Bancorp. MN NASDAQ 118,838 19.88 19.84
BFD BostonFed Bancorp Inc. MA AMSE 974,680 24.31 134.22
BFFC Big Foot Financial Corp. IL NASDAQ 216,260 20.88 52.45
BFSB Bedford Bancshares Inc. VA NASDAQ 136,908 28.00 31.99
BKC American Bank of Connecticut CT AMSE 639,013 57.88 134.33
BKCT Bancorp Connecticut Inc. CT NASDAQ 443,025 20.13 102.48
BKUNA BankUnited Financial Corp. FL NASDAQ 3,028,776 14.63 207.81
BNKU Bank United Corp. TX NASDAQ 12,523,459 52.50 1,658.77
BPLS Bank Plus Corp. CA NASDAQ 4,167,806 15.00 290.51
BRKL Brookline Bancorp (MHC) MA NASDAQ 666,988 17.63 512.80
BTHL Bethel Bancorp ME NASDAQ 218,187 12.50 15.15
BVCC Bay View Capital Corp. CA NASDAQ 3,246,476 35.00 705.16
BWFC Bank West Financial Corp. MI NASDAQ 169,577 14.50 38.04
BYFC Broadway Financial Corp. CA NASDAQ 124,740 12.50 10.79
BYS Bay State Bancorp MA AMSE 233,074 30.38 77.01
CAFI Camco Financial Corp. OH NASDAQ 520,582 27.75 89.27
CAPS Capital Savings Bancorp Inc. MO NASDAQ 242,208 23.00 43.50
CASB Cascade Financial Corp. WA NASDAQ 422,530 15.00 50.92
CASH First Midwest Financial Inc. IA NASDAQ 407,592 23.38 62.92
CATB Catskill Financial Corp. NY NASDAQ 294,656 17.81 82.48
CAVB Cavalry Bancorp Inc. TN NASDAQ 282,129 24.00 180.92
CBCI Calumet Bancorp Inc. IL NASDAQ 486,626 35.88 112.70
CBES CBES Bancorp Inc. MO NASDAQ 111,127 22.50 22.79
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL NA NA NA NA NA NA NA NA NA
%CCMD NA NA NA NA NA NA NA NA NA
AABC 95.83 8.39 8.98 NM 153.13 153.13 13.06 0.00 0.00
ABBK 19.87 20.23 22.94 24.18 222.72 244.77 15.21 0.90 18.18
ABCL 21.12 21.78 20.05 22.48 170.80 172.81 16.40 1.58 30.86
ABCW 19.37 21.71 23.53 21.60 315.35 320.53 20.96 0.71 14.13
AFBC 23.07 NA NA 25.49 127.80 127.80 19.45 1.65 NA
AFCB 21.42 21.66 22.42 23.51 218.98 220.11 21.71 1.56 28.65
AFED 21.61 22.31 22.31 21.61 126.91 126.91 17.90 1.35 15.05
AHCI 23.91 27.72 34.15 29.88 134.59 134.59 16.14 1.26 14.49
AHM 22.45 22.27 25.30 22.97 388.61 455.23 15.95 1.10 24.51
ALBC 19.20 23.37 24.43 22.40 131.10 131.10 11.24 0.99 23.17
ALBK 11.37 15.93 16.08 11.48 181.26 233.36 15.96 1.43 20.82
ALLB 67.31 56.45 56.45 67.31 392.82 392.82 43.98 1.03 58.06
AMFC 15.40 15.68 24.30 26.95 112.52 112.52 16.62 1.62 22.73
ANA 16.52 19.27 19.94 17.00 133.98 133.98 21.54 1.90 31.67
ANDB 15.38 16.06 16.39 15.87 193.05 193.05 15.63 1.90 27.31
ANE 16.76 17.99 26.03 42.55 192.56 198.08 14.65 0.90 14.23
ASBI 19.10 18.58 21.26 25.78 150.11 150.22 17.06 3.10 55.86
ASBP 22.27 22.27 22.27 22.27 134.56 134.56 20.82 2.81 62.50
ASFC 20.38 19.84 21.31 22.17 186.04 267.34 15.01 1.33 18.42
ATSB 29.81 27.19 62.00 NM 105.73 106.82 11.45 1.29 35.09
AVND 6.35 NM NM NM 113.88 113.88 9.65 0.00 0.00
BANC 13.14 14.48 27.82 35.47 176.47 202.11 11.93 0.93 838.57
BDJI 19.11 23.11 23.11 19.11 164.12 164.12 16.70 0.00 0.00
BFD 19.61 19.61 21.90 23.38 154.66 160.48 13.77 1.15 20.97
BFFC 26.09 NA NA 40.14 138.34 138.34 24.25 0.00 NA
BFSB 21.21 19.72 19.72 21.21 153.17 153.17 23.36 2.00 38.73
BKC 16.26 17.07 19.69 20.97 233.18 241.15 21.02 2.63 46.61
BKCT 18.63 18.63 20.96 20.96 218.28 218.28 23.13 2.58 42.82
BKUNA 30.47 27.59 34.01 52.23 160.19 180.33 6.86 0.00 0.00
BNKU 20.83 21.17 24.08 21.17 270.76 277.78 13.25 1.22 23.39
BPLS 41.67 22.73 20.55 15.00 160.26 176.06 6.97 0.00 0.00
BRKL NA NA NA NA NA NA NA 0.00 NA
BTHL 16.45 13.02 16.89 19.53 91.17 108.60 6.89 2.56 20.83
BVCC 97.22 33.02 24.14 25.00 243.39 293.13 13.01 1.14 32.08
BWFC NM 32.22 43.94 51.79 164.21 164.21 22.42 1.66 43.42
BYFC 28.41 32.05 29.07 156.25 84.63 84.63 8.33 1.60 51.28
BYS NA NA NA NA NA NA NA 0.00 NA
CAFI 17.34 16.23 19.96 26.68 182.33 196.53 17.15 2.02 29.70
CAPS 17.97 18.70 19.66 19.83 190.40 190.40 17.96 1.04 19.51
CASB 17.86 19.74 20.27 19.74 173.81 173.81 12.05 0.00 0.00
CASH 16.23 17.84 19.16 17.71 142.62 159.88 15.44 2.05 29.77
CATB 20.24 20.96 20.96 20.24 115.07 115.07 27.99 1.80 34.12
CAVB NM NM NA NA NA NA NA 0.00 NM
CBCI 12.46 15.67 15.60 11.80 138.09 138.09 23.16 0.00 0.00
CBES 25.57 19.07 21.84 35.16 131.73 131.73 20.69 1.78 33.90
</TABLE>
Page 1 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CBK Citizens First Financial Corp. IL AMSE 273,600 21.50 51.54
CBSA Coastal Bancorp Inc. TX NASDAQ 2,911,410 34.75 174.06
CBSB Charter Financial Inc. IL NASDAQ 382,384 33.69 140.74
CCFH CCF Holding Co. GA NASDAQ 125,025 21.56 19.40
CEBK Central Co-operative Bank MA NASDAQ 367,096 32.38 63.62
CENB Century Bancorp Inc. NC NASDAQ 102,281 110.25 44.91
CENF CENFED Financial Corp. CA NASDAQ 2,209,038 47.25 283.77
CFB Commercial Federal Corp. NE NYSE 7,189,342 37.00 1,491.24
CFBC Community First Banking Co. GA NASDAQ 394,570 46.75 100.70
CFCP Coastal Financial Corp. SC NASDAQ 563,866 24.00 112.18
CFFC Community Financial Corp. VA NASDAQ 182,879 16.00 40.95
CFNC Carolina Fincorp Inc. NC NASDAQ 114,660 17.81 33.94
CFSB CFSB Bancorp Inc. MI NASDAQ 852,888 29.13 218.99
CFTP Community Federal Bancorp MS NASDAQ 228,656 18.50 85.63
CFX CFX Corp. NH AMSE 2,873,767 33.50 806.38
CIBI Community Investors Bancorp OH NASDAQ 95,876 19.00 17.15
CKFB CKF Bancorp Inc. KY NASDAQ 62,865 19.75 17.12
CLAS Classic Bancshares Inc. KY NASDAQ 132,793 20.00 26.00
CMRN Cameron Financial Corp MO NASDAQ 211,253 20.50 52.52
CMSB Commonwealth Bancorp Inc. PA NASDAQ 2,268,595 22.63 367.59
CMSV Community Savings Bnkshrs(MHC) FL NASDAQ 720,133 37.50 191.06
CNIT CENIT Bancorp Inc. VA NASDAQ 718,083 79.50 131.90
CNSB CNS Bancorp Inc. MO NASDAQ 97,891 18.25 30.17
CNY Carver Bancorp Inc. NY AMSE 415,767 14.88 34.42
COFI Charter One Financial OH NASDAQ 19,760,265 66.94 4,273.91
CONE Conestoga Bancorp, Inc. NY NASDAQ 494,348 NA NA
COOP Cooperative Bankshares Inc. NC NASDAQ 369,121 19.25 57.45
CRSB Crusader Holding Corp. PA NASDAQ 161,328 15.38 56.12
CRZY Crazy Woman Creek Bancorp WY NASDAQ 60,774 16.88 16.11
CSBF CSB Financial Group Inc. IL NASDAQ 47,602 13.25 11.13
CTZN CitFed Bancorp Inc. OH NASDAQ 3,460,297 57.25 748.10
CVAL Chester Valley Bancorp Inc. PA NASDAQ 325,643 35.00 76.21
DCBI Delphos Citizens Bancorp Inc. OH NASDAQ 107,747 21.00 40.86
DIBK Dime Financial Corp. CT NASDAQ 958,503 35.69 184.29
DIME Dime Community Bancorp Inc. NY NASDAQ 1,488,074 26.25 326.50
DME Dime Bancorp Inc. NY NYSE 21,848,000 30.13 3,505.28
DNFC D & N Financial Corp. MI NASDAQ 1,815,315 27.75 252.50
DSL Downey Financial Corp. CA NYSE 5,835,825 32.44 867.91
EBI Equality Bancorp Inc. MO AMSE 229,280 15.50 38.53
EBSI Eagle Bancshares GA NASDAQ 934,458 27.25 155.83
EFBC Empire Federal Bancorp Inc. MT NASDAQ 109,801 17.13 44.39
EFBI Enterprise Federal Bancorp OH NASDAQ 301,261 32.50 64.54
EGFC Eagle Financial Corp. CT NASDAQ 2,157,171 59.00 384.31
EGLB Eagle BancGroup Inc. IL NASDAQ 171,134 20.63 24.29
EMLD Emerald Financial Corp. OH NASDAQ 603,965 22.25 112.87
EQSB Equitable Federal Savings Bank MD NASDAQ 321,687 34.00 41.37
ESBK Elmira Savings Bank (The) NY NASDAQ 230,981 30.00 22.22
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
------------------------------------------------------------------------------------------ Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CBK 19.91 29.05 43.00 76.79 129.52 129.52 18.84 0.00 0.00
CBSA 16.09 15.44 15.51 16.09 168.12 197.78 5.98 1.38 20.44
CBSB 36.62 27.39 34.73 40.10 236.57 264.22 36.77 0.95 26.02
CCFH 44.92 134.77 NM NM 164.98 164.98 15.52 2.97 326.69
CEBK 23.81 22.64 24.71 23.81 176.43 195.15 17.33 0.99 22.38
CENB 29.64 25.46 25.40 29.64 145.64 145.64 43.91 1.81 34.64
CENF 33.75 20.81 23.05 34.74 209.26 209.53 12.85 0.76 15.14
CFB 17.13 17.87 18.14 17.79 263.16 291.80 16.78 0.60 9.43
CFBC NA NA NA NA 148.46 150.47 28.60 1.28 NA
CFCP 18.18 19.05 22.86 24.00 332.87 332.87 19.89 1.50 27.98
CFFC 19.05 21.62 21.62 19.05 163.93 164.61 22.35 1.75 37.84
CFNC 23.44 23.44 24.40 24.74 126.69 126.69 28.76 1.35 22.37
CFSB 20.80 21.74 23.30 22.75 327.98 327.98 25.98 1.79 31.66
CFTP 30.83 28.91 28.91 30.83 125.59 125.59 37.45 1.73 438.28
CFX 52.34 42.95 31.31 29.91 328.11 340.10 28.06 1.31 112.82
CIBI 19.00 17.92 17.92 19.00 154.35 154.35 17.88 1.68 27.68
CKFB 18.99 15.31 20.36 18.99 115.23 115.23 27.24 2.53 113.95
CLAS 21.74 22.47 28.57 21.74 130.04 152.44 19.58 1.40 31.46
CMRN 23.30 21.35 21.35 23.30 116.08 116.08 24.88 1.37 29.17
CMSB 21.75 22.18 32.32 33.27 171.14 216.71 16.20 1.41 27.45
CMSV 44.64 35.38 38.27 44.64 228.80 228.80 26.53 2.40 84.91
CNIT 19.11 22.02 22.59 20.28 250.63 272.54 18.35 1.51 27.70
CNSB 32.59 35.10 35.78 32.59 126.12 126.12 30.82 1.32 42.31
CNY 26.56 NM 43.75 46.48 97.67 101.54 8.28 0.00 NM
COFI NM 29.23 21.05 22.02 310.47 332.36 21.63 1.49 41.28
CONE NA NA NA NA NA NA NA NA 28.17
COOP 26.74 27.50 27.90 28.31 203.06 203.06 15.56 0.00 0.00
CRSB 9.86 NA NA 10.39 677.31 677.31 23.83 0.00 NA
CRZY 20.09 21.63 21.36 20.09 112.20 112.20 26.51 2.37 51.28
CSBF 27.60 49.07 53.00 30.11 101.22 107.55 23.37 0.00 0.00
CTZN 26.02 28.20 28.20 26.02 354.71 388.40 21.51 0.63 11.16
CVAL 23.03 24.31 25.74 24.31 264.35 264.35 23.31 1.26 31.49
DCBI 23.86 22.11 22.11 23.86 141.60 141.60 37.92 1.14 0.00
DIBK 10.75 11.29 11.37 10.75 232.50 238.72 19.23 1.35 12.66
DIME 27.34 27.93 29.49 28.53 175.35 202.86 21.94 1.22 11.17
DME 41.84 26.90 26.90 34.23 266.59 324.97 16.04 0.53 10.71
DNFC 17.34 18.14 20.26 20.40 257.42 259.83 13.91 0.72 5.95
DSL 15.30 19.19 19.90 15.60 201.73 204.27 14.87 0.99 18.71
EBI NA NA NA NA 150.34 150.34 16.81 1.55 NA
EBSI 22.71 30.28 25.00 22.71 212.23 212.23 16.68 2.20 66.67
EFBC 26.76 NA NA 26.76 109.36 109.36 40.43 1.75 NA
EFBI 32.50 29.02 32.50 33.85 199.26 199.39 21.42 3.08 89.29
EGFC 19.93 43.70 34.10 20.21 252.24 311.18 17.82 1.70 71.11
EGLB 57.29 47.97 66.53 103.13 119.63 119.63 14.19 0.00 0.00
EMLD 18.54 18.86 19.87 20.60 232.74 235.95 18.69 1.26 20.34
EQSB 19.32 18.89 19.10 19.77 246.91 246.91 12.84 0.00 0.00
ESBK 41.67 24.79 23.08 14.71 149.48 149.48 9.62 2.13 50.38
</TABLE>
Page 2 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ESX Essex Bancorp Inc. VA AMSE 191,886 4.75 5.03
ETFS East Texas Financial Services TX NASDAQ 120,093 14.63 22.52
FAB FIRSTFED AMERICA BANCORP INC. MA AMSE 1,159,508 21.06 183.40
FBBC First Bell Bancorp Inc. PA NASDAQ 675,684 20.50 133.47
FBCI Fidelity Bancorp Inc. IL NASDAQ 489,673 25.00 70.37
FBCV 1ST Bancorp IN NASDAQ 255,927 28.00 30.51
FBER 1st Bergen Bancorp NJ NASDAQ 290,435 19.25 55.14
FBHC Fort Bend Holding Corp. TX NASDAQ 302,728 27.75 46.48
FBNW FirstBank Corp. ID NASDAQ 183,292 20.00 39.68
FBSI First Bancshares Inc. MO NASDAQ 161,527 15.88 35.04
FCB Falmouth Bancorp Inc. MA AMSE 97,564 22.88 33.28
FCBF FCB Financial Corp. WI NASDAQ 519,911 33.00 127.46
FCME First Coastal Corp. ME NASDAQ 146,400 14.25 19.37
FDEF First Defiance Financial OH NASDAQ 579,698 15.50 132.18
FED FirstFed Financial Corp. CA NYSE 4,160,115 41.75 442.23
FESX First Essex Bancorp Inc. MA NASDAQ 1,197,459 24.06 181.35
FFBA First Colorado Bancorp Inc. CO NASDAQ 1,555,274 29.69 499.01
FFBH First Federal Bancshares of AR AR NASDAQ 549,607 28.75 140.76
FFBI First Financial Bancorp Inc. IL NASDAQ 82,682 25.25 10.49
FFBS FFBS BanCorp Inc. MS NASDAQ 134,952 22.25 34.98
FFBZ First Federal Bancorp Inc. OH NASDAQ 208,840 24.00 37.80
FFCH First Financial Holdings Inc. SC NASDAQ 1,793,325 26.38 356.62
FFDB FirstFed Bancorp Inc. AL NASDAQ 178,792 24.00 27.72
FFDF FFD Financial Corp. OH NASDAQ 92,364 22.50 32.51
FFED Fidelity Federal Bancorp IN NASDAQ 215,821 9.38 29.32
FFES First Federal of East Hartford CT NASDAQ 982,747 42.25 114.31
FFFD North Central Bancshares Inc. IA NASDAQ 221,954 23.31 76.15
FFFL Fidelity Bankshares Inc. (MHC) FL NASDAQ 1,045,692 30.50 207.35
FFHH FSF Financial Corp. MN NASDAQ 402,850 20.38 62.05
FFHS First Franklin Corp. OH NASDAQ 230,504 26.88 32.04
FFIC Flushing Financial Corp. NY NASDAQ 1,088,476 27.50 216.28
FFKY First Federal Financial Corp. KY NASDAQ 388,329 22.25 91.86
FFLC FFLC Bancorp Inc. FL NASDAQ 400,237 20.00 74.88
FFOH Fidelity Financial of Ohio OH NASDAQ 535,100 18.25 102.07
FFPB First Palm Beach Bancorp Inc. FL NASDAQ 1,821,077 40.25 203.45
FFSL First Independence Corp. KS NASDAQ 113,669 15.00 14.31
FFSX First Fed SB of Siouxland(MHC) IA NASDAQ 458,940 37.00 104.87
FFWC FFW Corp. IN NASDAQ 191,298 20.00 28.99
FFWD Wood Bancorp Inc. OH NASDAQ 166,546 20.00 53.02
FFYF FFY Financial Corp. OH NASDAQ 614,749 33.25 135.33
FGHC First Georgia Holding Inc. GA NASDAQ 166,386 12.13 37.01
FIBC Financial Bancorp Inc. NY NASDAQ 308,248 25.00 42.74
FISB First Indiana Corp. IN NASDAQ 1,613,405 27.38 346.79
FKFS First Keystone Financial PA NASDAQ 378,527 19.50 47.05
FKKY Frankfort First Bancorp Inc. KY NASDAQ 132,809 16.75 27.12
FLAG FLAG Financial Corp. GA NASDAQ 247,985 20.13 40.99
FLFC First Liberty Financial Corp. GA NASDAQ 1,275,398 33.00 255.70
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
-------------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ESX NM NM NM NM NM NM 2.62 0.00 0.00
ETFS 36.56 29.25 31.79 40.63 107.30 107.30 18.75 0.91 26.64
FAB 21.94 NA NA 27.71 131.56 131.56 15.82 0.00 NA
FBBC 16.53 16.67 17.08 16.53 182.87 182.87 19.75 1.95 32.52
FBCI 18.38 69.44 23.36 18.38 137.21 137.44 14.37 1.60 88.89
FBCV 17.50 15.56 23.73 21.21 132.83 135.20 11.92 0.95 14.29
FBER 22.92 24.37 24.37 22.92 140.41 140.41 18.99 1.04 20.25
FBHC 30.16 28.61 40.22 49.55 225.98 241.09 15.29 1.44 22.68
FBNW 20.00 NA NA 35.71 123.53 123.53 21.65 1.40 NA
FBSI 17.26 18.25 19.13 17.26 149.20 149.20 21.48 0.76 11.49
FCB 22.88 34.14 40.85 28.59 142.43 142.43 34.11 1.05 29.85
FCBF 18.33 23.74 23.08 19.64 173.96 173.96 24.52 2.42 54.68
FCME 16.19 15.66 19.26 16.96 130.85 130.85 13.23 0.00 0.00
FDEF 35.23 25.00 25.83 35.23 123.70 123.70 22.80 2.32 53.23
FED 17.11 19.42 19.79 18.00 198.43 200.14 10.63 0.00 0.00
FESX 20.05 19.25 21.48 20.05 199.20 226.58 15.14 2.33 40.00
FFBA 20.62 24.33 25.59 23.94 238.46 243.34 32.08 1.75 37.70
FFBH 23.96 23.76 25.00 23.96 169.82 169.82 25.61 0.97 18.18
FFBI 52.60 84.17 41.39 NM 137.45 137.45 12.69 0.00 0.00
FFBS 18.54 18.54 18.54 18.54 147.64 147.64 25.92 2.25 208.33
FFBZ 28.57 21.82 22.86 30.00 262.58 262.87 18.10 1.17 22.73
FFCH 23.55 23.34 23.76 23.55 308.84 308.84 19.89 1.59 33.19
FFDB 17.65 17.39 17.39 17.65 160.00 174.29 15.50 2.08 41.67
FFDF 46.88 18.91 40.18 46.88 146.29 146.29 35.19 1.33 23.11
FFED 18.03 14.65 15.37 23.44 186.75 186.75 13.59 4.27 62.50
FFES 18.53 20.92 18.95 18.21 170.64 170.64 11.63 1.61 29.70
FFFD 17.14 19.27 20.10 20.10 151.09 151.09 34.31 1.37 20.66
FFFL 25.42 32.45 38.13 34.66 241.11 242.64 19.78 2.95 87.77
FFHH 19.59 18.52 18.52 19.59 124.69 124.69 15.25 2.45 45.45
FFHS 16.80 19.47 21.16 18.66 150.90 151.66 13.90 1.49 26.09
FFIC 21.48 23.31 24.34 22.92 158.50 164.97 19.87 1.16 18.64
FFKY 15.89 15.03 15.24 15.89 173.69 183.73 23.74 2.52 36.49
FFLC 20.00 20.83 21.98 20.00 145.56 145.56 18.71 1.80 30.00
FFOH 19.84 20.51 21.47 21.73 158.83 180.16 19.07 1.75 143.82
FFPB 22.36 21.76 28.35 38.70 175.38 179.37 11.17 1.74 33.78
FFSL 20.83 20.83 20.83 20.83 125.94 125.94 12.59 2.00 34.72
FFSX 33.04 31.09 32.17 34.26 258.02 260.01 22.85 1.30 40.34
FFWC 14.71 15.87 16.13 15.15 157.60 172.86 15.09 1.80 27.38
FFWD 23.81 23.53 26.32 27.78 248.76 248.76 31.84 1.70 31.39
FFYF 16.63 17.05 17.23 16.96 161.96 161.96 22.01 2.41 37.18
FGHC 20.21 22.45 26.94 20.21 267.66 288.69 22.24 3.30 0.00
FIBC 14.88 15.92 14.88 14.88 155.28 155.96 13.87 2.00 25.48
FISB 18.01 20.13 24.89 24.44 226.61 229.27 21.49 1.75 29.41
FKFS 16.81 16.39 18.40 19.50 187.86 187.86 12.43 1.03 8.40
FKKY 17.45 119.64 27.92 17.45 120.33 120.33 20.42 4.78 NM
FLAG 25.16 20.33 27.20 83.85 185.83 185.83 16.53 1.69 34.34
FLFC 17.93 26.83 26.19 23.57 264.21 290.75 20.05 1.33 33.33
</TABLE>
Page 3 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FLGS Flagstar Bancorp Inc. MI NASDAQ 1,901,084 26.56 363.12
FLKY First Lancaster Bancshares KY NASDAQ 49,880 15.50 14.77
FMBD First Mutual Bancorp Inc. IL NASDAQ 391,439 19.63 68.83
FMCO FMS Financial Corp. NJ NASDAQ 628,403 39.50 94.72
FMSB First Mutual Savings Bank WA NASDAQ 445,762 18.13 74.77
FNGB First Northern Capital Corp. WI NASDAQ 667,696 13.63 120.52
FOBC Fed One Bancorp WV NASDAQ 366,776 37.38 88.77
FPRY First Financial Bancorp FL NASDAQ 240,379 NA NA
FSBI Fidelity Bancorp Inc. PA NASDAQ 393,076 25.38 49.63
FSFF First SecurityFed Financial IL NASDAQ 315,849 15.50 99.32
FSLA First Savings Bank (MHC) NJ NASDAQ 1,049,316 41.00 328.67
FSNJ Bayonne Bancshares Inc. NJ NASDAQ 610,639 15.50 140.87
FSPG First Home Bancorp Inc. NJ NASDAQ 537,798 32.63 88.36
FSPT FirstSpartan Financial Corp. SC NASDAQ 495,319 45.00 199.35
FSSB First FS&LA of San Bernardino CA NASDAQ 103,674 9.63 3.16
FSTC First Citizens Corp. GA NASDAQ 352,233 32.75 90.80
FTF Texarkana First Financial Corp AR AMSE 180,259 28.00 49.27
FTFC First Federal Capital Corp. WI NASDAQ 1,544,294 33.00 303.29
FTNB Fulton Bancorp Inc. MO NASDAQ 107,988 22.00 37.71
FTSB Fort Thomas Financial Corp. KY NASDAQ 99,873 15.25 22.49
FWWB First SB of Washington Bancorp WA NASDAQ 1,136,693 25.75 257.79
GAF GA Financial Inc. PA AMSE 783,948 20.13 155.32
GDW Golden West Financial CA NYSE 39,590,271 96.50 5,507.11
GFCO Glenway Financial Corp. OH NASDAQ 304,621 20.00 45.65
GFED Guaranty Federal Bcshs Inc. MO NASDAQ 230,616 12.25 76.21
GLMR Gilmer Financial Svcs, Inc. TX NASDAQ 42,171 14.13 2.70
GOSB GSB Financial Corp. NY NASDAQ 115,884 17.00 38.22
GPT GreenPoint Financial Corp. NY NYSE 13,083,518 37.19 3,147.59
GSB Golden State Bancorp Inc. CA NYSE 16,029,116 39.13 1,998.71
GSBC Great Southern Bancorp Inc. MO NASDAQ 750,458 26.13 210.25
GSFC Green Street Financial Corp. NC NASDAQ 179,700 18.38 78.98
GSLA GS Financial Corp. LA NASDAQ 131,396 20.13 69.20
GTPS Great American Bancorp IL NASDAQ 141,976 21.25 35.53
GUPB GFSB Bancorp Inc. NM NASDAQ 114,745 23.50 18.82
HALL Hallmark Capital Corp. WI NASDAQ 413,511 15.25 44.74
HARBD Harbor Florida Bancshares Inc. FL NASDAQ 1,128,942 12.00 368.39
HARL Harleysville Savings Bank PA NASDAQ 347,882 31.13 51.89
HARS Harris Financial Inc. (MHC) PA NASDAQ 2,201,304 27.00 912.34
HAVN Haven Bancorp Inc. NY NASDAQ 1,974,890 27.63 242.68
HBBI Home Building Bancorp IN NASDAQ 42,430 24.00 7.48
HBEI Home Bancorp of Elgin Inc. IL NASDAQ 352,595 17.38 119.12
HBFW Home Bancorp IN NASDAQ 350,038 34.00 81.10
HBNK Highland Bancorp Inc. CA NASDAQ 549,638 37.50 86.94
HBS Haywood Bancshares Inc. NC AMSE 153,480 22.75 28.45
HCBB HCB Bancshares Inc. AR NASDAQ 204,944 14.88 39.34
HCBC High Country Bancorp Inc. CO NASDAQ 87,130 15.25 20.17
HCFC Home City Financial Corp. OH NASDAQ 71,854 18.63 16.85
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
----------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FLGS 15.09 15.81 15.81 15.09 286.86 297.46 19.10 0.90 3.57
FLKY 24.22 28.18 28.18 24.22 103.89 103.89 29.62 3.23 45.45
FMBD 81.77 63.31 75.48 122.66 116.82 152.37 17.58 1.63 103.23
FMCO 18.63 17.63 17.63 18.63 242.33 245.34 15.01 0.71 10.71
FMSB 16.78 16.94 17.26 16.18 243.94 243.94 16.77 1.10 46.44
FNGB 18.92 20.64 21.63 20.04 163.17 163.17 18.05 2.64 48.48
FOBC 27.48 27.48 27.69 27.48 211.52 220.76 24.20 1.66 44.12
FPRY NA NA NA NA NA NA NA NA 39.66
FSBI 19.22 18.39 18.80 19.22 184.28 184.28 12.60 1.14 20.39
FSFF NA NA NA NA 108.09 108.47 31.45 0.00 NA
FSLA 33.06 35.34 33.61 33.06 323.34 354.06 31.32 1.17 36.99
FSNJ 29.81 NA NA 29.81 145.81 145.81 22.97 1.10 NA
FSPG 19.42 18.97 19.30 19.42 236.41 239.71 16.43 1.23 23.26
FSPT 26.16 NA NA 26.16 152.44 152.44 40.25 1.33 NA
FSSB NM NM NM NM 70.36 73.03 3.05 0.00 0.00
FSTC 17.80 15.75 17.42 19.97 254.67 318.58 25.70 0.98 14.42
FTF 15.91 15.82 16.09 17.07 180.41 180.41 27.34 2.00 30.08
FTFC 17.19 18.64 23.57 24.26 277.31 293.07 19.64 1.46 26.37
FTNB 27.50 28.21 34.92 36.67 146.08 146.08 35.03 1.09 25.64
FTSB 18.15 18.60 18.60 18.15 142.39 142.39 22.51 1.64 36.59
FWWB 18.93 19.51 20.60 20.77 159.74 172.47 23.01 1.40 21.21
GAF 15.72 17.50 18.46 17.97 133.72 134.98 19.81 2.39 36.52
GDW 14.89 15.74 15.98 15.08 204.10 204.10 13.91 0.52 7.42
GFCO 18.52 19.23 19.23 18.52 161.16 162.87 14.98 2.00 35.58
GFED NA NA NA NA 109.57 109.57 33.05 2.45 NA
GLMR NM 117.71 20.77 NM 71.05 71.05 6.41 0.00 0.00
GOSB 30.36 NA NA 38.64 115.96 115.96 32.98 0.00 NA
GPT 18.97 19.99 20.66 19.37 218.75 401.17 24.06 1.72 26.88
GSB 23.86 26.08 21.74 19.96 235.41 260.83 12.45 0.00 0.00
GSBC 14.84 16.03 17.30 16.75 321.34 324.13 28.08 1.68 25.15
GSFC 27.02 27.02 27.02 27.02 124.75 124.75 43.95 2.40 85.29
GSLA 50.31 NA NA 55.90 123.47 123.47 52.67 1.39 NA
GTPS 35.42 43.37 43.37 35.42 115.05 115.05 25.02 1.88 81.63
GUPB 19.58 21.56 21.56 19.58 131.21 131.21 16.40 1.70 36.70
HALL 15.89 16.05 16.40 15.89 141.86 141.86 10.82 0.00 0.00
HARBD NA NA NA NA NA NA NA 11.67 NA
HARL 16.21 15.49 15.49 16.21 218.73 218.73 14.90 1.41 20.40
HARS 84.38 51.92 72.97 112.50 510.40 572.03 41.44 0.82 38.44
HAVN 20.31 22.28 22.10 20.31 214.98 215.65 12.29 1.09 24.19
HBBI 25.00 21.05 22.02 27.27 116.45 116.45 17.63 1.25 26.32
HBEI 43.44 39.49 41.37 43.44 125.09 125.09 33.78 2.30 68.18
HBFW 30.36 27.87 28.10 31.48 190.69 190.69 23.17 0.59 16.39
HBNK 13.02 14.53 18.75 13.59 209.50 209.50 15.82 0.00 0.00
HBS 21.88 14.97 14.97 21.88 128.31 132.65 18.53 2.64 37.50
HCBB 53.12 NA NA 53.12 102.94 106.63 19.20 1.35 NA
HCBC NA NA NA NA 113.05 113.05 23.15 0.00 NA
HCFC 19.40 19.01 18.81 19.40 120.39 120.39 23.45 1.93 33.67
</TABLE>
Page 4 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
HEMT HF Bancorp Inc. CA NASDAQ 1,063,267 16.88 106.33
HFBC HopFed Bancorp Inc. KY NASDAQ 202,009 18.38 74.12
HFFB Harrodsburg First Fin Bancorp KY NASDAQ 108,908 17.25 32.17
HFFC HF Financial Corp. SD NASDAQ 580,668 30.50 90.81
HFGI Harrington Financial Group IN NASDAQ 544,677 11.50 38.63
HFNC HFNC Financial Corp. NC NASDAQ 910,786 13.13 225.65
HFSA Hardin Bancorp Inc. MO NASDAQ 115,434 19.00 15.65
HFWA Heritage Financial Corp. WA NASDAQ 328,601 15.06 146.89
HHFC Harvest Home Financial Corp. OH NASDAQ 93,141 15.00 13.37
HIFS Hingham Instit. for Savings MA NASDAQ 222,584 36.50 47.58
HLFC Home Loan Financial Corp. OH NASDAQ 61,324 16.19 36.39
HMLK Hemlock Federal Financial Corp IL NASDAQ 176,683 19.00 39.45
HMNF HMN Financial Inc. MN NASDAQ 691,232 29.25 121.22
HOMF Home Federal Bancorp IN NASDAQ 709,412 31.00 158.72
HPBC Home Port Bancorp Inc. MA NASDAQ 208,815 25.13 46.28
HRBF Harbor Federal Bancorp Inc. MD NASDAQ 233,572 24.00 40.64
HRZB Horizon Financial Corp. WA NASDAQ 532,767 18.25 136.08
HTHR Hawthorne Financial Corp. CA NASDAQ 928,197 19.50 60.27
HWEN Home Financial Bancorp IN NASDAQ 43,504 9.25 8.59
HZFS Horizon Financial Svcs Corp. IA NASDAQ 88,769 16.25 13.86
IBSF IBS Financial Corp. NJ NASDAQ 728,181 19.06 208.63
ICBC Independence Comm. Bank Corp. NY NASDAQ 3,857,781 17.75 1,349.78
IFSB Independence Federal Svgs Bank DC NASDAQ 269,761 18.50 23.70
INBI Industrial Bancorp Inc. OH NASDAQ 364,023 23.00 117.36
INCB Indiana Community Bank SB IN NASDAQ 95,378 20.75 19.13
IPSW Ipswich Savings Bank MA NASDAQ 227,244 16.13 38.46
ITLA ITLA Capital Corp. CA NASDAQ 1,015,909 20.75 162.88
IWBK InterWest Bancorp Inc. WA NASDAQ 1,982,317 44.25 355.64
JOAC Joachim Bancorp Inc. MO NASDAQ 34,229 16.44 11.88
JSB JSB Financial Inc. NY NYSE 1,535,031 57.19 567.30
JSBA Jefferson Savings Bancorp MO NASDAQ 1,238,055 29.75 297.94
JXSB Jacksonville Savings Bk (MHC) IL NASDAQ 168,036 24.13 46.03
JXVL Jacksonville Bancorp Inc. TX NASDAQ 235,405 20.50 50.09
KFBI Klamath First Bancorp OR NASDAQ 975,207 22.75 227.36
KNK Kankakee Bancorp Inc. IL AMSE 343,409 37.25 51.09
KSAV KS Bancorp Inc. NC NASDAQ 113,978 NA NA
KSBK KSB Bancorp Inc. ME NASDAQ 152,752 18.50 22.92
KYF Kentucky First Bancorp Inc. KY AMSE 86,307 14.13 17.70
LARK Landmark Bancshares Inc. KS NASDAQ 233,640 25.25 42.64
LARL Laurel Capital Group Inc. PA NASDAQ 213,379 21.25 46.21
LFBI Little Falls Bancorp Inc. NJ NASDAQ 328,522 19.50 48.31
LFCO Life Financial Corp. CA NASDAQ 411,785 20.13 131.73
LFED Leeds Federal Bankshares (MHC) MD NASDAQ 291,408 21.63 112.06
LISB Long Island Bancorp Inc. NY NASDAQ 6,072,524 67.13 1,612.92
LOGN Logansport Financial Corp. IN NASDAQ 86,115 17.88 22.54
LONF London Financial Corp. OH NASDAQ 37,916 15.25 7.78
LSBI LSB Financial Corp. IN NASDAQ 206,584 31.50 28.87
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HEMT 38.35 NM 46.88 38.35 126.98 150.94 9.99 0.00 0.00
HFBC NA NA NA NA NA NA NA 0.00 NA
HFFB 21.56 21.84 21.84 21.56 108.83 108.83 31.45 2.32 75.95
HFFC 13.86 15.40 16.58 14.39 163.10 163.10 15.64 1.38 19.70
HFGI NM 37.10 37.10 NM 153.33 153.33 6.85 1.04 29.03
HFNC 19.30 19.59 24.76 29.83 135.87 135.87 24.77 2.44 788.06
HFSA 16.96 19.00 20.65 19.00 119.57 119.57 13.56 2.74 46.00
HFWA NA NA NA NA NA NA NA 0.93 NA
HHFC 26.79 22.73 22.73 26.79 129.09 129.09 14.36 2.93 62.12
HIFS 17.89 18.25 18.25 17.89 222.56 222.56 21.38 1.43 29.50
HLFC NA NA NA NA NA NA NA 0.00 NA
HMLK 21.59 NA NA 21.59 129.69 129.69 22.33 1.47 NA
HMNF 23.59 20.74 25.88 31.79 143.52 154.60 17.54 0.00 0.00
HOMF 15.82 17.71 20.00 19.87 253.89 261.16 22.34 1.29 18.33
HPBC 13.36 14.04 14.36 13.96 210.78 210.78 22.16 3.18 44.69
HRBF 24.00 24.24 25.26 28.57 139.37 139.37 17.40 2.00 44.44
HRZB 16.29 16.44 16.59 15.73 160.37 160.37 25.54 2.41 36.67
HTHR 27.08 14.23 11.75 10.83 142.44 142.44 6.49 0.00 0.00
HWEN 23.13 24.34 31.90 38.54 116.35 116.35 19.75 1.08 26.32
HZFS 16.25 19.35 24.25 22.57 153.59 153.59 15.62 1.11 19.64
IBSF 34.04 35.30 35.30 34.04 161.55 161.55 28.65 2.10 64.74
ICBC NA NA NA NA NA NA NA 0.00 NA
IFSB 14.45 15.16 52.86 92.50 122.92 136.73 8.79 1.35 18.03
INBI 20.54 22.33 22.33 20.54 192.79 192.79 32.24 2.61 46.60
INCB 34.58 39.90 39.90 34.58 165.08 165.08 20.06 1.74 69.23
IPSW 14.93 18.32 22.40 18.32 325.10 325.10 16.92 0.99 14.20
ITLA 12.35 13.22 13.22 12.35 160.73 161.23 16.03 0.00 0.00
IWBK 17.56 17.63 20.30 22.58 266.57 271.14 17.94 1.72 25.10
JOAC 45.66 45.66 45.66 45.66 119.99 119.99 34.69 3.04 138.89
JSB 9.79 15.71 17.93 11.91 154.35 154.35 36.96 2.80 38.46
JSBA 28.61 27.55 29.75 35.42 237.62 298.99 24.07 0.94 20.37
JXSB 60.31 48.25 60.31 100.52 263.09 263.09 27.40 1.24 55.02
JXVL 16.02 15.07 15.07 16.02 145.49 145.49 21.28 2.44 36.76
KFBI 25.85 24.46 24.46 25.85 142.90 156.36 23.31 1.50 33.33
KNK 18.63 18.63 19.01 19.40 135.11 143.32 14.88 1.29 24.00
KSAV NA NA NA NA NA NA NA NA 63.46
KSBK 12.85 14.23 14.68 13.60 198.29 207.63 15.01 0.54 5.64
KYF 22.07 18.11 18.34 22.07 124.78 124.78 21.24 3.54 64.10
LARK 18.04 18.43 20.04 19.13 129.55 129.55 18.25 1.58 29.20
LARL 18.32 16.73 16.73 17.14 204.92 204.92 21.66 1.63 25.20
LFBI 24.38 26.00 27.08 24.38 132.83 143.49 15.48 1.03 20.67
LFCO 6.89 8.08 7.74 6.21 240.44 240.44 31.99 0.00 0.00
LFED 33.79 32.77 32.77 33.79 231.28 231.28 38.46 2.59 78.80
LISB 29.44 31.08 37.50 37.29 289.46 292.10 26.56 0.89 27.78
LOGN 15.41 18.82 18.62 14.90 136.24 136.24 26.17 2.24 42.11
LONF 15.25 17.73 19.06 15.89 149.07 149.07 20.52 1.57 609.30
LSBI 16.07 17.80 19.81 18.31 152.62 152.62 13.97 1.27 18.49
</TABLE>
Page 5 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LSBX Lawrence Savings Bank MA NASDAQ 359,855 18.25 78.25
LVSB Lakeview Financial Corp. NJ NASDAQ 472,691 24.00 102.86
LXMO Lexington B&L Financial Corp. MO NASDAQ 92,450 16.38 18.35
MAFB MAF Bancorp Inc. IL NASDAQ 3,457,664 39.50 593.01
MARN Marion Capital Holdings IN NASDAQ 191,854 28.50 50.78
MASB MASSBANK Corp. MA NASDAQ 925,403 50.13 178.99
MBB MSB Bancorp Inc. NY AMSE 765,367 35.50 100.97
MBBC Monterey Bay Bancorp Inc. CA NASDAQ 408,096 25.50 82.36
MBLF MBLA Financial Corp. MO NASDAQ 223,558 27.38 34.33
MBSP Mitchell Bancorp Inc. NC NASDAQ 36,103 17.13 15.94
MCBN Mid-Coast Bancorp Inc. ME NASDAQ 62,632 12.75 9.06
MDBK Medford Bancorp Inc. MA NASDAQ 1,135,572 44.25 200.95
MECH MECH Financial Inc. CT NASDAQ 892,371 31.25 165.41
MERI Meritrust Federal SB LA NASDAQ 233,803 80.00 61.93
METF Metropolitan Financial Corp. OH NASDAQ 924,985 16.63 117.23
MFBC MFB Corp. IN NASDAQ 264,097 26.50 43.11
MFFC Milton Federal Financial Corp. OH NASDAQ 218,826 15.88 35.99
MFLR Mayflower Co-operative Bank MA NASDAQ 131,908 27.13 24.39
MFSL Maryland Federal Bancorp MD NASDAQ 1,184,294 38.75 251.15
MIFC Mid-Iowa Financial Corp. IA NASDAQ 135,345 12.75 21.80
MIVI Mississippi View Holding Co. MN NASDAQ 68,619 20.00 14.80
MONT Montgomery Financial Corp. IN NASDAQ 105,671 12.75 21.08
MRKF Market Financial Corp. OH NASDAQ 56,833 17.25 23.04
MSBF MSB Financial Inc. MI NASDAQ 77,444 16.63 20.48
MSBK Mutual Savings Bank FSB MI NASDAQ 644,740 13.00 55.66
MWBI Midwest Bancshares Inc. IA NASDAQ 147,724 16.00 16.33
MWBX MetroWest Bank MA NASDAQ 608,941 7.94 111.99
MYST Mystic Financial Inc. MA NASDAQ 198,417 18.50 50.16
NASB NASB Financial Inc. MO NASDAQ 734,091 63.75 142.78
NBN Northeast Bancorp ME AMSE 278,733 18.13 40.50
NBSI North Bancshares Inc. IL NASDAQ 122,978 17.50 25.02
NEIB Northeast Indiana Bancorp IN NASDAQ 199,368 21.50 36.53
NEP Northeast PA Financial Corp. PA AMSE 386,532 15.56 100.03
NHTB New Hampshire Thrift Bncshrs NH NASDAQ 317,989 21.25 44.37
NMSB NewMil Bancorp Inc. CT NASDAQ 355,526 13.94 54.07
NSLB NS&L Bancorp Inc. MO NASDAQ 57,823 17.50 12.00
NSSY NSS Bancorp Inc. CT NASDAQ 670,749 47.13 114.09
NTBK Net.B@nk Inc. GA NASDAQ 93,220 27.75 170.54
NTMG Nutmeg Federal S&LA CT NASDAQ 105,151 10.50 10.36
NWEQ Northwest Equity Corp. WI NASDAQ 99,558 21.13 17.72
NWSB Northwest Bancorp Inc. (MHC) PA NASDAQ 2,248,816 17.00 795.56
OCFC Ocean Financial Corp. NJ NASDAQ 1,510,947 37.06 287.87
OCN Ocwen Financial Corp. FL NYSE 3,069,165 26.00 1,574.71
OFCP Ottawa Financial Corp. MI NASDAQ 885,817 29.50 156.74
OHSL OHSL Financial Corp. OH NASDAQ 238,905 32.25 40.02
OSFS Ohio State Financial Services OH NASDAQ 38,559 16.00 10.15
OTFC Oregon Trail Financial Corp. OR NASDAQ 257,049 17.75 76.91
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LSBX 5.43 10.03 10.14 5.50 208.10 208.10 21.74 0.00 0.00
LVSB 9.52 15.48 25.26 25.00 204.26 248.96 19.71 1.04 8.08
LXMO 22.74 23.39 23.39 22.74 108.23 115.40 19.85 1.83 42.86
MAFB 16.74 16.60 16.81 17.32 225.07 255.50 17.15 0.71 11.34
MARN 25.45 18.75 18.75 25.45 127.35 130.14 26.47 3.09 56.58
MASB 17.40 18.10 19.58 19.58 172.49 175.02 19.34 2.00 31.95
MBB NM 88.75 33.18 40.34 161.95 304.46 13.19 1.58 150.00
MBBC 49.04 45.54 50.00 53.13 161.09 172.76 20.18 0.55 19.64
MBLF 19.01 20.58 20.28 19.55 122.65 122.65 15.55 1.46 30.08
MBSP 32.93 28.54 28.54 32.93 110.06 110.06 44.16 2.34 66.67
MCBN 17.71 19.62 20.90 19.92 173.71 173.71 14.47 1.36 26.68
MDBK 19.07 18.51 19.24 17.29 197.99 210.41 17.70 1.81 37.66
MECH 20.56 12.55 12.70 22.32 186.79 186.79 18.54 0.00 0.00
MERI 25.32 24.10 24.10 25.32 311.77 311.77 26.49 0.88 21.08
METF 15.99 20.27 21.59 16.63 319.71 347.80 12.67 0.00 0.00
MFBC 22.08 22.27 22.46 22.84 128.58 128.58 16.32 1.28 26.89
MFFC 30.53 27.37 28.35 30.53 130.02 130.02 16.45 3.78 103.45
MFLR 15.07 17.28 19.24 18.33 189.55 192.51 18.49 2.95 40.76
MFSL 25.49 26.72 28.28 27.68 244.63 247.13 21.19 1.16 28.79
MIFC 15.94 14.49 15.94 15.94 172.06 172.30 16.11 0.63 9.09
MIVI 20.83 21.05 21.28 20.83 118.69 118.69 21.57 1.60 16.84
MONT 24.52 NA NA 24.52 107.23 107.23 19.94 1.73 NA
MRKF 35.94 NA NA 35.94 114.01 114.01 40.54 1.62 NA
MSBF 16.63 18.27 19.79 19.79 157.43 157.43 26.54 1.81 29.95
MSBK NM NM NM NM 169.71 169.71 8.63 0.00 0.00
MWBI 14.29 14.04 15.84 15.38 152.96 152.96 11.06 1.50 18.42
MWBX 15.27 14.98 14.98 15.27 250.41 250.41 18.39 1.51 32.08
MYST NA NA NA NA NA NA NA 0.00 NA
NASB 11.38 11.85 14.52 12.85 229.07 235.94 19.45 1.57 14.87
NBN 34.86 25.89 27.46 20.60 191.60 212.49 14.45 1.17 30.46
NBSI 54.69 41.67 44.87 54.69 150.86 150.86 20.35 2.29 76.19
NEIB 14.53 15.69 15.69 14.53 136.42 136.42 18.68 1.58 23.72
NEP NA NA NA NA NA NA NA 0.00 NA
NHTB 14.76 15.98 17.56 16.60 173.61 200.85 13.95 2.82 37.59
NMSB 20.50 21.12 21.12 17.42 163.21 163.21 15.21 2.30 39.39
NSLB 31.25 26.52 26.92 31.25 105.17 105.93 20.76 2.86 75.76
NSSY 17.07 19.16 64.55 19.97 209.54 215.87 17.05 0.85 12.20
NTBK NM NM NM NM 500.00 500.00 182.93 0.00 0.00
NTMG 29.17 25.61 38.89 37.50 178.57 178.57 9.85 1.91 25.15
NWEQ 14.27 15.65 16.25 15.09 142.54 142.54 17.80 2.84 37.04
NWSB 38.64 40.48 40.48 38.64 382.88 431.47 35.38 0.94 38.10
OCFC 19.71 20.94 20.82 19.30 135.02 135.02 19.26 2.16 33.90
OCN 17.57 18.71 54.17 NM 375.18 389.81 51.31 0.00 0.00
OFCP 19.93 22.01 23.05 22.35 205.29 252.35 17.69 1.36 27.13
OHSL 21.22 19.91 20.67 23.71 149.31 149.31 16.75 2.73 54.32
OSFS NA NA NA NA 97.15 97.15 26.32 0.00 NA
OTFC NA NA NA NA 115.71 115.71 29.92 1.13 NA
</TABLE>
Page 6 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PBCI Pamrapo Bancorp Inc. NJ NASDAQ 376,714 28.00 79.60
PBCT People's Bank (MHC) CT NASDAQ 8,184,000 39.38 2,408.27
PBHC Pathfinder Bancorp Inc. (MHC) NY NASDAQ 196,770 21.13 60.73
PBKB People's Bancshares Inc. MA NASDAQ 762,910 24.63 80.98
PCBC Perry County Financial Corp. MO NASDAQ 85,030 23.75 19.66
PDB Piedmont Bancorp Inc. NC AMSE 130,167 10.75 29.57
PEDE Great Pee Dee Bancorp SC NASDAQ 72,057 15.75 34.68
PEEK Peekskill Financial Corp. NY NASDAQ 184,215 17.44 54.53
PERM Permanent Bancorp Inc. IN NASDAQ 419,819 36.00 75.87
PERT Perpetual Bank (MHC) SC NASDAQ 292,059 65.00 98.08
PFDC Peoples Bancorp IN NASDAQ 294,291 23.00 77.77
PFED Park Bancorp Inc. IL NASDAQ 176,957 18.25 42.57
PFFB PFF Bancorp Inc. CA NASDAQ 2,765,855 21.00 377.07
PFFC Peoples Financial Corp. OH NASDAQ 82,464 16.50 23.37
PFNC Progress Financial Corp. PA NASDAQ 493,406 17.75 72.13
PFSB PennFed Financial Services Inc NJ NASDAQ 1,475,509 17.88 172.42
PFSLD Pocahontas Bancorp Inc. AR NASDAQ 389,405 10.38 69.19
PHBK Peoples Heritage Finl Group ME NASDAQ 6,795,337 50.31 1,395.55
PHFC Pittsburgh Home Financial Corp PA NASDAQ 299,669 18.50 36.43
PHSB Peoples Home Savings Bk (MHC) PA NASDAQ 217,735 20.63 56.93
PKPS Poughkeepsie Financial Corp. NY NASDAQ 875,492 11.25 141.87
PLSK Pulaski Savings Bank (MHC) NJ NASDAQ 181,732 19.00 40.05
PMFI Perpetual Midwest Financial IA NASDAQ 392,093 31.50 60.35
PRBC Prestige Bancorp Inc. PA NASDAQ 143,263 20.25 18.53
PROV Provident Financial Holdings CA NASDAQ 723,696 23.00 107.51
PSBK Progressive Bank Inc. NY NASDAQ 883,494 42.38 162.37
PSFC Peoples-Sidney Financial Corp. OH NASDAQ 106,239 18.00 32.14
PSFI PS Financial Inc. IL NASDAQ 87,922 14.13 28.96
PTRS Potters Financial Corp. OH NASDAQ 122,637 20.50 20.02
PULB Pulaski Bank, Svgs Bank (MHC) MO NASDAQ 180,485 49.00 102.75
PULS Pulse Bancorp NJ NASDAQ 539,322 27.38 84.65
PVFC PVF Capital Corp. OH NASDAQ 396,214 24.38 64.82
PVSA Parkvale Financial Corp. PA NASDAQ 1,019,143 31.75 162.83
PWBC PennFirst Bancorp Inc. PA NASDAQ 910,770 19.38 102.12
PWBK Pennwood Bancorp Inc. PA NASDAQ 47,211 22.00 12.11
QCBC Quaker City Bancorp Inc. CA NASDAQ 852,154 22.88 106.55
QCFB QCF Bancorp Inc. MN NASDAQ 152,668 27.25 37.65
QCSB Queens County Bancorp Inc. NY NASDAQ 1,603,269 45.25 674.80
RARB Raritan Bancorp Inc. NJ NASDAQ 408,308 27.75 65.83
RCBK Richmond County Financial Corp NY NASDAQ 1,096,040 19.13 467.92
REDF RedFed Bancorp Inc. CA NASDAQ 1,009,754 19.88 143.75
RELI Reliance Bancshares Inc. WI NASDAQ 44,544 9.25 23.70
RELY Reliance Bancorp Inc. NY NASDAQ 2,243,100 40.88 393.79
RIVR River Valley Bancorp IN NASDAQ 138,461 19.75 23.51
ROSE TR Financial Corp. NY NASDAQ 3,843,056 34.88 613.73
RSLN Roslyn Bancorp Inc. NY NASDAQ 3,601,079 24.25 1,058.33
RVSB Riverview Bancorp Inc. WA NASDAQ 263,045 17.00 104.27
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PBCI 15.91 16.09 16.87 18.42 164.03 165.09 21.13 4.00 57.47
PBCT 24.01 26.08 44.74 44.74 339.15 340.91 29.43 1.93 44.60
PBHC 66.02 32.50 37.72 105.63 257.62 303.96 30.87 0.95 26.68
PBKB 15.39 16.75 35.18 38.48 268.83 279.51 10.62 1.95 28.57
PCBC 22.84 20.47 20.47 22.84 120.19 120.19 23.12 2.11 34.48
PDB 20.67 19.20 19.20 20.67 140.34 140.34 22.72 3.72 71.43
PEDE NA NA NA NA 112.34 112.34 48.14 0.00 NA
PEEK 27.25 26.03 26.03 27.25 117.27 117.27 29.60 2.06 53.73
PERM 27.27 29.51 30.00 29.03 174.17 176.21 18.03 1.22 28.69
PERT 39.63 50.00 43.33 39.63 320.35 320.35 33.58 2.15 103.85
PFDC 19.17 18.40 18.40 19.17 173.58 173.58 26.50 1.91 33.34
PFED 76.04 27.24 28.08 57.03 110.27 110.27 24.06 0.00 0.00
PFFB 18.75 25.61 27.27 21.88 140.47 141.89 13.63 0.00 0.00
PFFC 45.83 33.67 33.67 45.83 150.27 150.27 28.35 3.03 NM
PFNC 20.17 19.72 25.72 27.73 287.22 342.00 14.62 0.68 10.73
PFSB 15.41 15.82 15.96 15.96 155.16 181.10 11.69 0.78 12.39
PFSLD NA NA NA NA NA NA NA 8.68 NA
PHBK 17.72 19.43 19.81 17.72 293.71 390.93 20.54 1.75 29.34
PHFC 14.92 16.23 18.69 17.79 147.76 149.56 12.16 1.30 240.35
PHSB 28.65 NA NA 30.33 198.89 198.89 26.14 1.16 NA
PKPS NM 62.50 51.14 NM 195.65 195.65 16.20 2.13 69.44
PLSK 43.18 NA NA 43.18 184.65 184.65 22.04 1.58 NA
PMFI 34.24 31.19 35.39 37.50 170.36 170.36 15.19 0.95 29.70
PRBC 28.13 22.01 22.50 31.64 118.56 118.56 12.93 0.99 13.04
PROV 23.00 21.90 41.82 57.50 128.85 128.85 14.91 0.00 0.00
PSBK 19.62 19.26 19.71 19.99 206.91 228.19 18.38 1.89 30.91
PSFC 22.50 NA NA 22.50 113.56 113.56 30.25 1.56 NA
PSFI NM 30.05 17.44 32.10 126.80 126.80 33.31 3.40 910.64
PTRS 26.97 16.94 17.23 26.97 181.26 181.26 16.27 0.98 14.46
PULB 55.68 53.85 61.25 61.25 424.61 424.61 56.93 2.25 115.38
PULS 16.29 15.29 15.47 16.29 191.30 191.30 15.67 2.92 40.50
PVFC 12.97 13.32 14.09 13.54 224.65 224.65 16.36 0.00 0.00
PVSA 15.26 15.72 15.72 15.26 201.08 202.23 15.91 1.89 23.17
PWBC 17.94 17.94 17.94 17.94 149.04 167.31 11.21 1.86 31.81
PWBK 26.19 26.19 25.58 34.38 131.26 131.26 25.66 1.64 38.10
QCBC 16.82 17.87 18.45 17.33 145.42 145.42 12.54 0.00 0.00
QCFB 11.95 13.36 13.36 11.95 140.39 140.39 24.67 0.00 0.00
QCSB 29.01 28.28 28.64 30.57 342.03 342.03 42.09 1.77 38.19
RARB 17.79 18.02 18.26 17.79 213.30 216.29 16.12 2.16 30.74
RCBK NA NA NA NA NA NA NA 0.00 NA
REDF 13.08 14.10 13.80 12.12 170.60 171.19 14.24 0.00 0.00
RELI 46.25 44.05 46.25 46.25 106.20 106.20 53.22 0.00 0.00
RELY 20.44 20.75 21.98 20.85 205.20 301.22 17.56 1.76 32.49
RIVR 17.03 NA NA 18.99 133.45 135.37 16.98 1.01 NA
ROSE 16.45 17.79 19.93 18.55 239.86 239.86 15.97 1.95 28.06
RSLN 25.26 NA NA 22.45 168.40 169.23 29.39 1.32 NA
RVSB NA NA NA NA 174.36 180.66 39.64 0.82 NA
</TABLE>
Page 7 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SBFL SB of the Finger Lakes (MHC) NY NASDAQ 247,708 20.25 72.29
SBOS Boston Bancorp (The) MA NASDAQ 1,715,070 NA NA
SCBS Southern Community Bancshares AL NASDAQ 70,893 17.00 19.33
SCCB S. Carolina Community Bancshrs SC NASDAQ 45,092 21.50 12.54
SFED SFS Bancorp Inc. NY NASDAQ 174,428 26.00 31.42
SFFC StateFed Financial Corp. IA NASDAQ 88,608 14.50 22.61
SFIN Statewide Financial Corp. NJ NASDAQ 675,316 23.00 103.93
SFSB SuburbFed Financial Corp. IL NASDAQ 438,462 47.25 59.80
SFSL Security First Corp. OH NASDAQ 677,876 22.50 169.39
SGVB SGV Bancorp Inc. CA NASDAQ 407,821 18.00 42.22
SHEN First Shenango Bancorp Inc. PA NASDAQ 374,972 43.00 88.97
SHSB SHS Bancorp Inc. PA NASDAQ 88,572 17.62 14.45
SIB Staten Island Bancorp Inc. NY NYSE 2,651,170 20.63 930.81
SISB SIS Bancorp Inc. MA NASDAQ 1,733,618 41.13 285.73
SKAN Skaneateles Bancorp Inc. NY NASDAQ 256,101 19.50 28.02
SKBO First Carnegie Deposit (MHC) PA NASDAQ 143,650 20.00 46.00
SMBC Southern Missouri Bancorp Inc. MO NASDAQ 159,926 22.50 35.92
SOBI Sobieski Bancorp Inc. IN NASDAQ 87,553 20.25 15.88
SOPN First Savings Bancorp Inc. NC NASDAQ 300,816 25.97 96.21
SOSA Somerset Savings Bank MA NASDAQ 539,672 5.03 83.81
SPBC St. Paul Bancorp Inc. IL NASDAQ 4,557,336 25.88 885.05
SRN Southern Banc Co. AL AMSE 105,116 16.50 20.30
SSB Scotland Bancorp Inc. NC AMSE 61,473 9.63 18.42
SSFC South Street Financial Corp. NC NASDAQ 228,491 11.50 53.78
SSM Stone Street Bancorp Inc. NC AMSE 108,092 20.63 39.15
STFR St. Francis Capital Corp. WI NASDAQ 1,597,648 44.50 233.68
STSA Sterling Financial Corp. WA NASDAQ 1,876,250 26.00 196.81
SVRN Sovereign Bancorp Inc. PA NASDAQ 14,336,283 19.13 2,627.15
SWBI Southwest Bancshares Inc. IL NASDAQ 368,282 32.63 88.57
SWCB Sandwich Bancorp Inc. MA NASDAQ 518,697 64.00 124.30
SZB SouthFirst Bancshares Inc. AL AMSE 165,388 21.38 20.86
THR Three Rivers Financial Corp. MI AMSE 97,487 21.00 17.32
THRD TF Financial Corp. PA NASDAQ 597,047 28.50 90.84
TPNZ Tappan Zee Financial Inc. NY NASDAQ 126,470 20.13 29.75
TRIC Tri-County Bancorp Inc. WY NASDAQ 89,999 13.75 16.05
TSBK Timberland Bancorp Inc. WA NASDAQ 293,278 18.00 119.03
TSBS Peoples Bancorp Inc. (MHC) NJ NASDAQ 640,419 43.25 391.26
TSH Teche Holding Co. LA AMSE 408,591 22.00 75.63
TWIN Twin City Bancorp TN NASDAQ 108,687 14.75 18.71
UBMT United Financial Corp. MT NASDAQ 96,258 27.75 47.13
UCBC Union Community Bancorp IN NASDAQ 132,040 14.88 45.25
UFRM United Federal Savings Bank NC NASDAQ 304,159 18.38 58.24
USAB USABancshares Inc. PA NASDAQ 64,269 14.00 10.25
UTBI United Tennessee Bankshares TN NASDAQ 89,884 15.00 21.82
VABF Virginia Beach Fed. Financial VA NASDAQ 616,188 19.13 95.25
WAMU Washington Mutual Inc. WA NASDAQ 96,981,099 74.00 19,059.44
WAYN Wayne Savings Bancshares (MHC) OH NASDAQ 255,124 28.75 64.90
</TABLE>
Page 8 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SBFL 72.32 84.38 96.43 84.38 333.06 333.06 29.18 0.99 83.33
SBOS NA NA NA NA NA NA NA NA 10.89
SCBS 19.32 19.77 19.54 19.32 137.10 137.10 27.27 1.77 34.88
SCCB 44.79 30.71 30.71 44.79 134.46 134.46 27.81 2.98 88.57
SFED 25.00 27.96 28.89 28.26 146.64 146.64 18.01 1.23 29.03
SFFC 20.14 20.14 20.14 20.14 144.42 144.42 25.49 1.38 27.78
SFIN 16.91 17.69 17.83 17.42 159.83 160.06 15.36 1.91 32.31
SFSB 22.29 22.72 28.13 30.29 202.70 203.31 13.64 0.68 15.38
SFSL 20.09 21.03 21.03 20.09 268.50 272.73 25.13 1.42 29.28
SGVB 50.00 31.03 37.50 50.00 137.09 139.10 10.35 0.00 0.00
SHEN 20.67 19.20 19.20 20.67 185.91 185.91 23.73 1.40 25.45
SHSB NA NA NA NA 120.27 120.27 16.31 0.00 NA
SIB NA NA NA NA 135.69 139.45 35.11 0.00 NA
SISB 114.24 24.92 19.58 16.85 226.33 226.33 16.48 1.56 31.52
SKAN 18.75 17.26 17.89 18.75 158.54 162.91 10.94 1.44 23.61
SKBO 83.33 NA NA 125.00 186.22 186.22 32.02 1.50 NA
SMBC 31.25 26.16 27.44 35.16 136.61 136.61 22.68 2.22 58.14
SOBI 29.78 30.68 30.68 29.78 114.08 114.08 17.67 1.58 45.45
SOPN 20.29 20.78 20.78 20.29 140.30 140.30 31.95 3.85 67.20
SOSA 13.98 14.37 14.80 13.98 234.00 234.00 15.53 0.00 0.00
SPBC 17.97 18.48 18.35 17.97 211.74 212.26 19.42 1.55 25.71
SRN 45.83 39.29 39.29 45.83 111.19 112.09 19.31 2.12 83.33
SSB 26.74 14.81 14.81 26.74 124.51 124.51 29.97 2.08 965.38
SSFC NM 23.96 25.00 NM 146.50 146.50 23.54 3.48 NM
SSM 27.14 25.15 25.15 27.14 125.99 125.99 36.22 2.23 542.68
STFR 15.45 19.10 19.87 21.39 179.94 201.81 14.63 1.26 21.46
STSA 19.70 20.80 22.81 19.70 191.32 207.01 10.49 0.00 0.00
SVRN 19.92 30.36 25.16 20.79 301.66 363.59 14.96 0.42 10.59
SWBI 21.46 21.90 21.90 19.42 201.14 201.14 24.05 2.45 51.68
SWCB 22.54 26.12 26.78 23.53 295.89 306.51 23.96 2.19 51.02
SZB 19.79 28.89 24.02 18.43 130.34 133.76 12.61 2.81 67.57
THR 20.19 19.63 20.79 21.88 131.91 132.33 17.76 2.10 35.51
THRD 22.98 22.80 26.89 26.39 164.17 196.69 15.21 1.68 32.00
TPNZ 27.95 27.95 28.75 29.60 138.22 138.22 23.52 1.39 33.33
TRIC 19.10 18.33 17.86 19.10 116.13 116.13 17.84 2.91 43.33
TSBK NA NA NA NA NA NA NA 0.00 NA
TSBS 63.60 52.74 70.90 63.60 355.67 393.90 61.10 0.81 42.68
TSH 19.64 18.33 19.13 19.64 136.73 136.73 18.51 2.27 41.67
TWIN 16.76 17.15 20.77 21.69 133.48 133.48 17.22 2.71 48.84
UBMT 40.81 25.23 25.23 40.81 137.72 137.72 35.26 3.60 88.18
UCBC NA NA NA NA 105.42 105.42 34.27 2.02 NA
UFRM 41.76 32.24 49.66 76.56 265.15 265.15 19.15 1.31 40.35
USAB 21.88 48.28 53.85 23.33 208.02 211.16 15.95 0.00 0.00
UTBI NA NA NA NA NA NA NA 0.00 NA
VABF 21.73 23.91 29.88 28.13 215.86 215.86 15.46 1.26 25.00
WAMU 19.68 39.78 23.49 20.56 355.77 382.03 19.65 1.57 56.99
WAYN 35.94 34.64 37.34 39.93 268.19 268.19 25.44 2.16 74.49
</TABLE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
WBST Webster Financial Corp. CT NASDAQ 7,019,621 69.75 952.31
WCBI Westco Bancorp Inc. IL NASDAQ 315,944 29.50 72.70
WCFB Webster City Federal SB (MHC) IA NASDAQ 95,121 20.00 42.19
WEFC Wells Financial Corp. MN NASDAQ 201,436 19.25 37.72
WEHO Westwood Homestead Fin. Corp. OH NASDAQ 134,259 14.25 40.52
WES Westcorp CA NYSE 3,728,865 16.88 443.45
WFI Winton Financial Corp. OH AMSE 329,897 16.13 64.73
WFSL Washington Federal Inc. WA NASDAQ 5,713,308 28.13 1,473.36
WHGB WHG Bancshares Corp. MD NASDAQ 101,331 18.75 26.04
WOFC Western Ohio Financial Corp. OH NASDAQ 371,988 26.75 62.92
WRNB Warren Bancorp Inc. MA NASDAQ 370,993 24.50 93.25
WSB Washington Savings Bank, FSB MD AMSE 265,742 8.00 35.25
WSBI Warwick Community Bancorp NY NASDAQ 298,170 17.63 116.44
WSFS WSFS Financial Corp. DE NASDAQ 1,515,217 21.75 271.00
WSTR WesterFed Financial Corp. MT NASDAQ 1,035,096 26.13 145.83
WVFC WVS Financial Corp. PA NASDAQ 292,022 39.50 69.25
WYNE Wayne Bancorp Inc. NJ NASDAQ 270,043 30.00 60.41
YFCB Yonkers Financial Corp. NY NASDAQ 331,802 19.13 57.77
YFED York Financial Corp. PA NASDAQ 1,182,276 25.50 225.72
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WBST 16.45 28.59 19.76 17.61 249.20 285.74 13.57 1.15 31.97
WCBI 16.39 16.86 18.10 17.99 149.59 149.59 23.01 2.31 35.43
WCFB 31.25 30.77 30.77 31.25 188.68 188.68 44.36 4.00 123.08
WEFC 16.59 16.59 17.04 17.19 127.23 127.23 18.72 2.49 20.69
WEHO NM 43.18 27.40 NA 134.43 134.43 30.18 2.53 NM
WES 11.10 12.05 NM NM 127.17 127.45 11.89 2.37 28.57
WFI 16.80 18.75 22.40 20.16 265.21 270.10 19.61 1.55 27.33
WFSL 13.79 13.79 13.92 14.06 199.61 216.51 25.74 3.13 41.00
WHGB 39.06 34.09 33.48 39.06 130.75 130.75 25.70 1.71 41.82
WOFC NM NM 157.35 NM 116.76 124.94 17.14 3.74 NM
WRNB 16.55 13.39 16.78 17.50 232.89 232.89 25.14 2.12 47.54
WSB 22.22 18.18 25.00 28.57 152.96 152.96 13.26 1.25 22.73
WSBI NA NA NA NA NA NA NA 0.00 NA
WSFS 17.54 16.86 17.13 18.13 312.50 314.31 17.89 0.00 0.00
WSTR 17.65 19.64 20.10 18.14 135.29 166.51 14.08 1.84 35.41
WVFC 17.63 18.72 18.63 17.03 222.54 222.54 23.72 3.04 255.92
WYNE 32.61 29.13 29.13 32.61 177.94 177.94 22.37 0.67 19.42
YFCB 16.49 17.55 17.87 18.39 128.61 128.61 17.41 1.46 20.18
YFED 20.56 21.07 25.00 27.72 215.37 215.37 19.09 2.04 39.67
</TABLE>
Page 9 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets less than $100 Million
ALBC Albion Banc Corp. NY NASDAQ 71,719 10.75 8.06
ATSB AmTrust Capital Corp. IN NASDAQ 69,106 15.50 7.91
CIBI Community Investors Bancorp OH NASDAQ 95,876 19.00 17.15
CKFB CKF Bancorp Inc. KY NASDAQ 62,865 19.75 17.12
CNSB CNS Bancorp Inc. MO NASDAQ 97,891 18.25 30.17
CRZY Crazy Woman Creek Bancorp WY NASDAQ 60,774 16.88 16.11
CSBF CSB Financial Group Inc. IL NASDAQ 47,602 13.25 11.13
FCB Falmouth Bancorp Inc. MA AMSE 97,564 22.88 33.28
FFBI First Financial Bancorp Inc. IL NASDAQ 82,682 25.25 10.49
FFDF FFD Financial Corp. OH NASDAQ 92,364 22.50 32.51
FLKY First Lancaster Bancshares KY NASDAQ 49,880 15.50 14.77
FTSB Fort Thomas Financial Corp. KY NASDAQ 99,873 15.25 22.49
GLMR Gilmer Financial Svcs, Inc. TX NASDAQ 42,171 14.13 2.70
HBBI Home Building Bancorp IN NASDAQ 42,430 24.00 7.48
HCBC High Country Bancorp Inc. CO NASDAQ 87,130 15.25 20.17
HCFC Home City Financial Corp. OH NASDAQ 71,854 18.63 16.85
HHFC Harvest Home Financial Corp. OH NASDAQ 93,141 15.00 13.37
HLFC Home Loan Financial Corp. OH NASDAQ 61,324 16.19 36.39
HWEN Home Financial Bancorp IN NASDAQ 43,504 9.25 8.59
HZFS Horizon Financial Svcs Corp. IA NASDAQ 88,769 16.25 13.86
INCB Indiana Community Bank SB IN NASDAQ 95,378 20.75 19.13
JOAC Joachim Bancorp Inc. MO NASDAQ 34,229 16.44 11.88
KYF Kentucky First Bancorp Inc. KY AMSE 86,307 14.13 17.70
LOGN Logansport Financial Corp. IN NASDAQ 86,115 17.88 22.54
LONF London Financial Corp. OH NASDAQ 37,916 15.25 7.78
LXMO Lexington B&L Financial Corp. MO NASDAQ 92,450 16.38 18.35
MBSP Mitchell Bancorp Inc. NC NASDAQ 36,103 17.13 15.94
MCBN Mid-Coast Bancorp Inc. ME NASDAQ 62,632 12.75 9.06
MIVI Mississippi View Holding Co. MN NASDAQ 68,619 20.00 14.80
MRKF Market Financial Corp. OH NASDAQ 56,833 17.25 23.04
MSBF MSB Financial Inc. MI NASDAQ 77,444 16.63 20.48
NSLB NS&L Bancorp Inc. MO NASDAQ 57,823 17.50 12.00
NTBK Net.B@nk Inc. GA NASDAQ 93,220 27.75 170.54
NWEQ Northwest Equity Corp. WI NASDAQ 99,558 21.13 17.72
OSFS Ohio State Financial Services OH NASDAQ 38,559 16.00 10.15
PCBC Perry County Financial Corp. MO NASDAQ 85,030 23.75 19.66
PEDE Great Pee Dee Bancorp SC NASDAQ 72,057 15.75 34.68
PFFC Peoples Financial Corp. OH NASDAQ 82,464 16.50 23.37
PSFI PS Financial Inc. IL NASDAQ 87,922 14.13 28.96
PWBK Pennwood Bancorp Inc. PA NASDAQ 47,211 22.00 12.11
RELI Reliance Bancshares Inc. WI NASDAQ 44,544 9.25 23.70
SCBS Southern Community Bancshares AL NASDAQ 70,893 17.00 19.33
SCCB S. Carolina Community Bancshrs SC NASDAQ 45,092 21.50 12.54
SFFC StateFed Financial Corp. IA NASDAQ 88,608 14.50 22.61
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ALBC 19.20 19.20 19.20 19.20 131.10 131.10 131.10 131.10 131.10
ATSB 29.81 29.81 29.81 29.81 105.73 105.73 105.73 105.73 105.73
CIBI 19.00 19.00 19.00 19.00 154.35 154.35 154.35 154.35 154.35
CKFB 18.99 18.99 18.99 18.99 115.23 115.23 115.23 115.23 115.23
CNSB 32.59 32.59 32.59 32.59 126.12 126.12 126.12 126.12 126.12
CRZY 20.09 20.09 20.09 20.09 112.20 112.20 112.20 112.20 112.20
CSBF 27.60 27.60 27.60 27.60 101.22 101.22 101.22 101.22 101.22
FCB 22.88 22.88 22.88 22.88 142.43 142.43 142.43 142.43 142.43
FFBI 52.60 52.60 52.60 52.60 137.45 137.45 137.45 137.45 137.45
FFDF 46.88 46.88 46.88 46.88 146.29 146.29 146.29 146.29 146.29
FLKY 24.22 24.22 24.22 24.22 103.89 103.89 103.89 103.89 103.89
FTSB 18.15 18.15 18.15 18.15 142.39 142.39 142.39 142.39 142.39
GLMR NM NM NM NM 71.05 71.05 71.05 71.05 71.05
HBBI 25.00 25.00 25.00 25.00 116.45 116.45 116.45 116.45 116.45
HCBC NA NA NA NA 113.05 113.05 113.05 113.05 113.05
HCFC 19.40 19.40 19.40 19.40 120.39 120.39 120.39 120.39 120.39
HHFC 26.79 26.79 26.79 26.79 129.09 129.09 129.09 129.09 129.09
HLFC NA NA NA NA NA NA NA NA NA
HWEN 23.13 23.13 23.13 23.13 116.35 116.35 116.35 116.35 116.35
HZFS 16.25 16.25 16.25 16.25 153.59 153.59 153.59 153.59 153.59
INCB 34.58 34.58 34.58 34.58 165.08 165.08 165.08 165.08 165.08
JOAC 45.66 45.66 45.66 45.66 119.99 119.99 119.99 119.99 119.99
KYF 22.07 22.07 22.07 22.07 124.78 124.78 124.78 124.78 124.78
LOGN 15.41 15.41 15.41 15.41 136.24 136.24 136.24 136.24 136.24
LONF 15.25 15.25 15.25 15.25 149.07 149.07 149.07 149.07 149.07
LXMO 22.74 22.74 22.74 22.74 108.23 108.23 108.23 108.23 108.23
MBSP 32.93 32.93 32.93 32.93 110.06 110.06 110.06 110.06 110.06
MCBN 17.71 17.71 17.71 17.71 173.71 173.71 173.71 173.71 173.71
MIVI 20.83 20.83 20.83 20.83 118.69 118.69 118.69 118.69 118.69
MRKF 35.94 35.94 35.94 35.94 114.01 114.01 114.01 114.01 114.01
MSBF 16.63 16.63 16.63 16.63 157.43 157.43 157.43 157.43 157.43
NSLB 31.25 31.25 31.25 31.25 105.17 105.17 105.17 105.17 105.17
NTBK NM NM NM NM 500.00 500.00 500.00 500.00 500.00
NWEQ 14.27 14.27 14.27 14.27 142.54 142.54 142.54 142.54 142.54
OSFS NA NA NA NA 97.15 97.15 97.15 97.15 97.15
PCBC 22.84 22.84 22.84 22.84 120.19 120.19 120.19 120.19 120.19
PEDE NA NA NA NA 112.34 112.34 112.34 112.34 112.34
PFFC 45.83 45.83 45.83 45.83 150.27 150.27 150.27 150.27 150.27
PSFI NM NM NM NM 126.80 126.80 126.80 126.80 126.80
PWBK 26.19 26.19 26.19 26.19 131.26 131.26 131.26 131.26 131.26
RELI 46.25 46.25 46.25 46.25 106.20 106.20 106.20 106.20 106.20
SCBS 19.32 19.32 19.32 19.32 137.10 137.10 137.10 137.10 137.10
SCCB 44.79 44.79 44.79 44.79 134.46 134.46 134.46 134.46 134.46
SFFC 20.14 20.14 20.14 20.14 144.42 144.42 144.42 144.42 144.42
</TABLE>
Page 10 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SHSB SHS Bancorp Inc. PA NASDAQ 88,572 17.62 14.45
SOBI Sobieski Bancorp Inc. IN NASDAQ 87,553 20.25 15.88
SSB Scotland Bancorp Inc. NC AMSE 61,473 9.63 18.42
THR Three Rivers Financial Corp. MI AMSE 97,487 21.00 17.32
TRIC Tri-County Bancorp Inc. WY NASDAQ 89,999 13.75 16.05
UBMT United Financial Corp. MT NASDAQ 96,258 27.75 47.13
USAB USABancshares Inc. PA NASDAQ 64,269 14.00 10.25
UTBI United Tennessee Bankshares TN NASDAQ 89,884 15.00 21.82
WCFB Webster City Federal SB (MHC) IA NASDAQ 95,121 20.00 42.19
Assets less than $100 Million Average 73,135 21.36
Assets less than $100 Million Median 77,444 17.15
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SHSB NA NA NA NA 120.27 120.27 120.27 120.27 120.27
SOBI 29.78 29.78 29.78 29.78 114.08 114.08 114.08 114.08 114.08
SSB 26.74 26.74 26.74 26.74 124.51 124.51 124.51 124.51 124.51
THR 20.19 20.19 20.19 20.19 131.91 131.91 131.91 131.91 131.91
TRIC 19.10 19.10 19.10 19.10 116.13 116.13 116.13 116.13 116.13
UBMT 40.81 40.81 40.81 40.81 137.72 137.72 137.72 137.72 137.72
USAB 21.88 21.88 21.88 21.88 208.02 208.02 208.02 208.02 208.02
UTBI NA NA NA NA NA NA NA NA NA
WCFB 31.25 31.25 31.25 31.25 188.68 188.68 188.68 188.68 188.68
26.89 26.89 26.89 26.89 136.57 136.57 136.57 136.57 136.57
23.01 23.01 23.01 23.01 126.12 126.12 126.12 126.12 126.12
</TABLE>
Page 11 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Minnesota
BDJI First Federal Bancorp. MN NASDAQ 118,838 19.88 19.84
FFHH FSF Financial Corp. MN NASDAQ 402,850 20.38 62.05
HMNF HMN Financial Inc. MN NASDAQ 691,232 29.25 121.22
MIVI Mississippi View Holding Co. MN NASDAQ 68,619 20.00 14.80
QCFB QCF Bancorp Inc. MN NASDAQ 152,668 27.25 37.65
WEFC Wells Financial Corp. MN NASDAQ 201,436 19.25 37.72
Minnesota Average 272,607 48.88
Minnesota Median 177,052 37.69
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BDJI 19.11 23.11 23.11 19.11 164.12 164.12 16.70 0.00 0.00
FFHH 19.59 18.52 18.52 19.59 124.69 124.69 15.25 2.45 45.45
HMNF 23.59 20.74 25.88 31.79 143.52 154.60 17.54 0.00 0.00
MIVI 20.83 21.05 21.28 20.83 118.69 118.69 21.57 1.60 16.84
QCFB 11.95 13.36 13.36 11.95 140.39 140.39 24.67 0.00 0.00
WEFC 16.59 16.59 17.04 17.19 127.23 127.23 18.72 2.49 20.69
18.61 18.90 19.87 20.08 136.44 138.29 19.08 1.09 13.83
19.35 19.63 19.90 19.35 133.81 133.81 18.13 0.80 8.42
</TABLE>
Page 12 of 13
<PAGE>
<TABLE>
<CAPTION>
Current Current
Stock Market
Total Price Value
Ticker State Exchange Assets ($) ($M)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Comparable Group
ATSB AmTrust Capital Corp. IN NASDAQ 69,106 15.50 7.91
CKFB CKF Bancorp Inc. KY NASDAQ 62,865 19.75 17.12
FFBI First Financial Bancorp Inc. IL NASDAQ 82,682 25.25 10.49
FFDF FFD Financial Corp. OH NASDAQ 92,364 22.50 32.51
FTSB Fort Thomas Financial Corp. KY NASDAQ 99,873 15.25 22.49
HCFC Home City Financial Corp. OH NASDAQ 71,854 18.63 16.85
KYF Kentucky First Bancorp Inc. KY AMSE 86,307 14.13 17.70
LOGN Logansport Financial Corp. IN NASDAQ 86,115 17.88 22.54
MSBF MSB Financial Inc. MI NASDAQ 77,444 16.63 20.48
NSLB NS&L Bancorp Inc. MO NASDAQ 57,823 17.50 12.00
PFFC Peoples Financial Corp. OH NASDAQ 82,464 16.50 23.37
SFFC StateFed Financial Corp. IA NASDAQ 88,608 14.50 22.61
Comparable Average 79,792 18.84
Comparable Median 82,573 19.09
All Public Average 1,530,203 279.67
All Public Median 325,643 64.90
Minnesota Average 272,607 48.88
Minnesota Median 177,052 37.69
Assets less than $100 Million Average 73,135 21.36
Assets less than $100 Million Median 77,444 17.15
MIVI * Mississippi View Holding Co. MN NASDAQ 68,619 20.00 14.80
* Pricing data is based upon last trade on NASDAQ, the Bank's most current price is $18.50
MIVI Premium / (Discount) to Median: Comparables -16.90% -22.47%
All Public -78.93% -77.20%
Minnesota -61.24% -60.73%
Assets less than $100 Million -11.40% -13.70%
</TABLE>
<TABLE>
<CAPTION>
Current Price in Relation to
--------------------------------------------------------------------------------------- Current LTM
Price/ Price/ Tangible Dividend Dividend
Earnings LTM EPS LTM Core EPS Core Book Value Book Value Assets Yield Payout Ratio
Ticker (x) (x) (x) (x) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ATSB 29.81 27.19 62.00 NM 105.73 106.82 11.45 1.29 35.09
CKFB 18.99 15.31 20.36 18.99 115.23 115.23 27.24 2.53 113.95
FFBI 52.60 84.17 41.39 NM 137.45 137.45 12.69 0.00 0.00
FFDF 46.88 18.91 40.18 46.88 146.29 146.29 35.19 1.33 23.11
FTSB 18.15 18.60 18.60 18.15 142.39 142.39 22.51 1.64 36.59
HCFC 19.40 19.01 18.81 19.40 120.39 120.39 23.45 1.93 33.67
KYF 22.07 18.11 18.34 22.07 124.78 124.78 21.24 3.54 64.10
LOGN 15.41 18.82 18.62 14.90 136.24 136.24 26.17 2.24 42.11
MSBF 16.63 18.27 19.79 19.79 157.43 157.43 26.54 1.81 29.95
NSLB 31.25 26.52 26.92 31.25 105.17 105.93 20.76 2.86 75.76
PFFC 45.83 33.67 33.67 45.83 150.27 150.27 28.35 3.03 NM
SFFC 20.14 20.14 20.14 20.14 144.42 144.42 25.49 1.38 27.78
28.10 26.56 28.24 25.74 132.15 132.30 23.42 1.96 43.83
21.11 18.96 20.25 19.97 136.85 136.85 24.47 1.87 35.09
24.84 24.73 25.98 27.67 182.83 190.48 21.45 1.49 49.38
20.23 20.81 22.11 22.02 161.16 165.08 19.22 1.44 29.46
18.61 18.90 19.87 20.08 136.44 138.29 19.08 1.09 13.83
19.35 19.63 19.90 19.35 133.81 133.81 18.13 0.80 8.42
26.89 26.89 26.89 26.89 136.57 136.57 136.57 136.57 136.57
23.01 23.01 23.01 23.01 126.12 126.12 126.12 126.12 126.12
20.83 21.05 21.28 20.83 118.69 118.69 21.57 1.60 16.84
-1.30% 11.02% 5.09% 4.33% -13.27% -13.27% -11.85% -14.39% -52.01%
2.99% 1.18% -3.75% -5.40% -26.35% -28.10% 12.26% 11.42% -42.83%
7.65% 7.23% 6.93% 7.65% -11.30% -11.30% 18.97% 100.00% 100.00%
-9.45% -8.50% -7.50% -9.45% -5.89% -5.89% -82.90% -98.73% -86.65%
</TABLE>
Page 13 of 13
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 1 of 40
<TABLE>
<CAPTION>
Corporate
---------------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- ----------------------------------------- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank Private San Francisco CA 227 NA SAIF Not Avail.
%CCMD Chevy Chase Bank, FSB Private Chevy Chase MD 128 NA SAIF Not Avail.
AABC Access Anytime Bancorp Inc. NASDAQ Clovis NM 3 08/08/86 SAIF Regular
ABBK Abington Bancorp Inc. NASDAQ Abington MA 8 06/10/86 BIF Regular
ABCL Alliance Bancorp NASDAQ Hinsdale IL 14 07/07/92 SAIF Regular
ABCW Anchor BanCorp Wisconsin NASDAQ Madison WI 35 07/16/92 SAIF Regular
AFBC Advance Financial Bancorp NASDAQ Wellsburg WV 2 01/02/97 SAIF Regular
AFCB Affiliated Community Bancorp NASDAQ Waltham MA 12 10/19/95 SAIF Not Avail.
AFED AFSALA Bancorp Inc. NASDAQ Amsterdam NY 6 10/01/96 SAIF Regular
AHCI Ambanc Holding Co. NASDAQ Amsterdam NY 12 12/27/95 BIF Regular
AHM H.F. Ahmanson & Co. NYSE Irwindale CA 462 10/25/72 SAIF Regular
ALBC Albion Banc Corp. NASDAQ Albion NY 2 07/26/93 SAIF Regular
ALBK ALBANK Financial Corp. NASDAQ Albany NY 109 04/01/92 SAIF Regular
ALLB Alliance Bank (MHC) NASDAQ Broomall PA 7 03/03/95 SAIF Mutual HC
AMFC AMB Financial Corp. NASDAQ Munster IN 4 04/01/96 SAIF Regular
ANA Acadiana Bancshares Inc. AMSE Lafayette LA 5 07/16/96 SAIF Regular
ANDB Andover Bancorp Inc. NASDAQ Andover MA 12 05/08/86 BIF Regular
ANE Alliance Bncp of New England AMSE Vernon CT 7 12/19/86 BIF Regular
ASBI Ameriana Bancorp NASDAQ New Castle IN 9 03/02/87 SAIF Regular
ASBP ASB Financial Corp. NASDAQ Portsmouth OH 1 05/11/95 SAIF Regular
ASFC Astoria Financial Corp. NASDAQ Lake Success NY 61 11/18/93 SAIF Regular
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF Regular
AVND Avondale Financial Corp. NASDAQ Chicago IL 5 04/07/95 SAIF Regular
BANC BankAtlantic Bancorp Inc. NASDAQ Fort Lauderdale FL 65 11/29/83 SAIF Regular
BDJI First Federal Bancorp. NASDAQ Bemidji MN 5 04/04/95 SAIF Regular
BFD BostonFed Bancorp Inc. AMSE Burlington MA 10 10/24/95 SAIF Regular
BFFC Big Foot Financial Corp. NASDAQ Long Grove IL 3 12/20/96 SAIF Regular
BFSB Bedford Bancshares Inc. NASDAQ Bedford VA 3 08/22/94 SAIF Regular
BKC American Bank of Connecticut AMSE Waterbury CT 14 12/01/81 BIF Regular
BKCT Bancorp Connecticut Inc. NASDAQ Southington CT 3 07/03/86 BIF Regular
BKUNA BankUnited Financial Corp. NASDAQ Coral Gables FL 18 12/11/85 SAIF Regular
BNKU Bank United Corp. NASDAQ Houston TX 80 08/09/96 SAIF Not Avail.
BPLS Bank Plus Corp. NASDAQ Los Angeles CA 38 NA SAIF Not Avail.
BRKL Brookline Bancorp (MHC) NASDAQ Brookline MA 5 03/25/98 BIF Mutual HC
BTHL Bethel Bancorp NASDAQ Portland ME 8 08/19/87 BIF Regular
BVCC Bay View Capital Corp. NASDAQ San Mateo CA 63 05/09/86 SAIF Regular
BWFC Bank West Financial Corp. NASDAQ Grand Rapids MI 3 03/30/95 SAIF Regular
BYFC Broadway Financial Corp. NASDAQ Los Angeles CA 3 01/09/96 SAIF Regular
BYS Bay State Bancorp AMSE Brookline MA 5 03/30/98 SAIF Regular
CAFI Camco Financial Corp. NASDAQ Cambridge OH 13 NA SAIF Not Avail.
CAPS Capital Savings Bancorp Inc. NASDAQ Jefferson City MO 8 12/29/93 SAIF Regular
CASB Cascade Financial Corp. NASDAQ Everett WA 11 09/16/92 SAIF Regular
CASH First Midwest Financial Inc. NASDAQ Storm Lake IA 13 09/20/93 SAIF Regular
CATB Catskill Financial Corp. NASDAQ Catskill NY 4 04/18/96 BIF Regular
CAVB Cavalry Bancorp Inc. NASDAQ Murfreesboro TN 9 NA SAIF Regular
CBCI Calumet Bancorp Inc. NASDAQ Dolton IL 5 02/20/92 SAIF Regular
CBES CBES Bancorp Inc. NASDAQ Excelsior Springs MO 2 09/30/96 SAIF Regular
CBK Citizens First Financial Corp. AMSE Bloomington IL 6 05/01/96 SAIF Regular
CBSA Coastal Bancorp Inc. NASDAQ Houston TX 37 NA SAIF Not Avail.
CBSB Charter Financial Inc. NASDAQ Sparta IL 8 12/29/95 SAIF Not Avail.
CCFH CCF Holding Co. NASDAQ Jonesboro GA 5 07/12/95 SAIF Regular
CEBK Central Co-operative Bank NASDAQ Somerville MA 8 10/24/86 BIF Regular
CENB Century Bancorp Inc. NASDAQ Thomasville NC 1 12/23/96 SAIF Regular
CENF CENFED Financial Corp. NASDAQ Pasadena CA 18 10/25/91 SAIF Regular
CFB Commercial Federal Corp. NYSE Omaha NE 164 12/31/84 SAIF Regular
CFBC Community First Banking Co. NASDAQ Carrollton GA 12 07/01/97 SAIF Regular
CFCP Coastal Financial Corp. NASDAQ Myrtle Beach SC 11 09/26/90 SAIF Regular
CFFC Community Financial Corp. NASDAQ Staunton VA 4 03/30/88 SAIF Regular
CFNC Carolina Fincorp Inc. NASDAQ Rockingham NC 4 11/25/96 SAIF Regular
CFSB CFSB Bancorp Inc. NASDAQ Lansing MI 17 06/22/90 SAIF Regular
CFTP Community Federal Bancorp NASDAQ Tupelo MS 2 03/26/96 SAIF Regular
CFX CFX Corp. AMSE Keene NH 43 02/12/87 BIF Regular
CIBI Community Investors Bancorp NASDAQ Bucyrus OH 3 02/07/95 SAIF Regular
CKFB CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95 SAIF Regular
</TABLE>
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker ($000) (%) (%) (%) (%)
- --------- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
%CAL 30,876,530 124 66.94 53.96 34.85
%CCMD 6,160,256 55 44.30 81.08 7.74
AABC 107,213 61 55.03 90.86 0.00
ABBK 531,986 103 62.61 61.08 31.19
ABCL 1,363,825 94 70.63 74.98 13.48
ABCW 1,941,180 115 80.31 69.84 22.66
AFBC 108,032 117 87.64 75.19 9.01
AFCB 1,155,048 98 61.96 63.12 26.37
AFED 160,408 57 48.16 84.84 1.13
AHCI 510,444 86 55.82 65.29 21.85
AHM 46,678,752 96 66.11 69.13 23.20
ALBC 71,719 97 74.31 76.56 12.83
ALBK 4,083,097 82 69.95 85.32 2.18
ALLB 260,464 74 59.12 80.17 8.16
AMFC 100,003 108 77.50 71.78 12.00
ANA 277,066 111 77.82 69.81 13.22
ANDB 1,322,745 104 74.42 71.59 19.56
ANE 247,129 71 63.71 89.72 2.32
ASBI 390,868 92 75.61 82.44 4.10
ASBP 113,176 86 69.06 80.24 2.89
ASFC 10,528,393 70 41.27 59.09 31.09
ATSB 69,106 105 70.11 66.89 21.51
AVND 542,196 62 45.42 73.24 16.75
BANC 3,064,480 119 68.57 57.55 30.54
BDJI 118,838 66 46.94 71.00 16.38
BFD 974,680 130 82.91 63.59 27.05
BFFC 216,260 82 46.51 56.77 23.44
BFSB 136,908 115 86.48 75.52 9.50
BKC 639,013 80 57.59 71.94 18.21
BKCT 443,025 83 58.85 71.23 17.15
BKUNA 3,028,776 185 88.35 47.68 42.64
BNKU 12,523,459 183 77.50 42.24 47.39
BPLS 4,167,806 99 68.96 69.38 25.47
BRKL 666,988 99 72.07 72.57 9.08
BTHL 218,187 115 77.14 67.20 22.23
BVCC 3,246,476 144 74.28 51.66 41.77
BWFC 169,577 109 70.16 64.60 21.23
BYFC 124,740 98 83.95 86.04 2.00
BYS 233,074 106 89.56 84.55 6.22
CAFI 520,582 117 86.02 73.42 15.43
CAPS 242,208 116 81.36 70.29 18.99
CASB 422,530 121 85.95 71.02 19.41
CASH 407,592 98 62.63 63.63 24.57
CATB 294,656 63 43.10 68.60 5.63
CAVB 282,129 89 78.20 88.00 0.00
CBCI 486,626 110 78.72 71.61 9.26
CBES 111,127 125 90.19 72.08 11.02
CBK 273,600 117 85.05 72.60 12.41
CBSA 2,911,410 92 43.58 47.23 47.48
CBSB 382,384 105 74.67 71.12 12.62
CCFH 125,025 108 79.22 73.13 14.81
CEBK 367,096 96 72.38 75.50 13.88
CENB 102,281 94 65.07 69.17 0.00
CENF 2,209,038 99 69.84 70.22 22.89
CFB 7,189,342 126 74.49 59.10 32.53
CFBC 394,570 94 75.08 79.84 1.72
CFCP 563,866 123 75.09 60.96 31.88
CFFC 182,879 122 88.50 72.70 12.58
CFNC 114,660 95 72.01 75.94 0.00
CFSB 852,888 135 89.05 65.94 24.94
CFTP 228,656 100 58.44 58.56 12.11
CFX 2,873,767 107 72.12 67.58 22.70
CIBI 95,876 109 85.32 78.48 9.30
CKFB 62,865 130 89.11 68.80 8.29
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 2 of 40
<TABLE>
<CAPTION>
Corporate
---------------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- ----------------------------------------- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLAS Classic Bancshares Inc. NASDAQ Ashland KY 3 12/29/95 SAIF Regular
CMRN Cameron Financial Corp NASDAQ Cameron MO 4 04/03/95 SAIF Regular
CMSB Commonwealth Bancorp Inc. NASDAQ Norristown PA 56 06/17/96 SAIF Not Avail.
CMSV Community Savings Bnkshrs(MHC) NASDAQ North Palm Beach FL 21 10/24/94 SAIF Mutual HC
CNIT CENIT Bancorp Inc. NASDAQ Norfolk VA 20 08/06/92 SAIF Regular
CNSB CNS Bancorp Inc. NASDAQ Jefferson City MO 5 06/12/96 SAIF Regular
CNY Carver Bancorp Inc. AMSE New York NY 7 10/25/94 SAIF Regular
COFI Charter One Financial NASDAQ Cleveland OH 220 01/22/88 SAIF Regular
CONE Conestoga Bancorp, Inc. NASDAQ Roslyn NY 8 03/30/94 SAIF Regular
COOP Cooperative Bankshares Inc. NASDAQ Wilmington NC 16 08/21/91 SAIF Regular
CRSB Crusader Holding Corp. NASDAQ Philadelphia PA 2 NA SAIF Not Avail.
CRZY Crazy Woman Creek Bancorp NASDAQ Buffalo WY 1 03/29/96 SAIF Regular
CSBF CSB Financial Group Inc. NASDAQ Centralia IL 2 10/09/95 SAIF Regular
CTZN CitFed Bancorp Inc. NASDAQ Dayton OH 36 01/23/92 SAIF Regular
CVAL Chester Valley Bancorp Inc. NASDAQ Downingtown PA 7 03/27/87 SAIF Regular
DCBI Delphos Citizens Bancorp Inc. NASDAQ Delphos OH 1 11/21/96 SAIF Regular
DIBK Dime Financial Corp. NASDAQ Wallingford CT 11 07/09/86 BIF Regular
DIME Dime Community Bancorp Inc. NASDAQ Brooklyn NY 15 06/26/96 BIF Regular
DME Dime Bancorp Inc. NYSE New York NY 91 08/19/86 BIF Regular
DNFC D & N Financial Corp. NASDAQ Hancock MI 36 02/13/85 SAIF Regular
DSL Downey Financial Corp. NYSE Newport Beach CA 86 01/01/71 SAIF Not Avail.
EBI Equality Bancorp Inc. AMSE St. Louis MO 3 12/02/97 SAIF Mutual HC
EBSI Eagle Bancshares NASDAQ Tucker GA 14 04/01/86 SAIF Regular
EFBC Empire Federal Bancorp Inc. NASDAQ Livingston MT 3 01/27/97 SAIF Regular
EFBI Enterprise Federal Bancorp NASDAQ West Chester OH 7 10/17/94 SAIF Regular
EGFC Eagle Financial Corp. NASDAQ Bristol CT 30 02/03/87 SAIF Regular
EGLB Eagle BancGroup Inc. NASDAQ Bloomington IL 3 07/01/96 SAIF Regular
EMLD Emerald Financial Corp. NASDAQ Strongsville OH 14 10/05/93 SAIF Regular
EQSB Equitable Federal Savings Bank NASDAQ Wheaton MD 4 09/10/93 SAIF Supervisory
ESBK Elmira Savings Bank (The) NASDAQ Elmira NY 6 03/01/85 BIF Regular
ESX Essex Bancorp Inc. AMSE Norfolk VA 4 07/18/90 SAIF Not Avail.
ETFS East Texas Financial Services NASDAQ Tyler TX 2 01/10/95 SAIF Regular
FAB FIRSTFED AMERICA BANCORP INC. AMSE Swansea MA 13 01/15/97 SAIF Regular
FBBC First Bell Bancorp Inc. NASDAQ Pittsburgh PA 7 06/29/95 SAIF Regular
FBCI Fidelity Bancorp Inc. NASDAQ Chicago IL 5 12/15/93 SAIF Regular
FBCV 1ST Bancorp NASDAQ Vincennes IN 2 04/07/87 SAIF Regular
FBER 1st Bergen Bancorp NASDAQ Wood-Ridge NJ 4 04/01/96 SAIF Regular
FBHC Fort Bend Holding Corp. NASDAQ Rosenberg TX 6 06/30/93 SAIF Regular
FBNW FirstBank Corp. NASDAQ Lewiston ID 6 07/02/97 SAIF Regular
FBSI First Bancshares Inc. NASDAQ Mountain Grove MO 8 12/22/93 SAIF Regular
FCB Falmouth Bancorp Inc. AMSE Falmouth MA 3 03/28/96 BIF Regular
FCBF FCB Financial Corp. NASDAQ Oshkosh WI 13 09/24/93 SAIF Regular
FCME First Coastal Corp. NASDAQ Westbrook ME 7 NA BIF Not Avail.
FDEF First Defiance Financial NASDAQ Defiance OH 10 10/02/95 SAIF Not Avail.
FED FirstFed Financial Corp. NYSE Santa Monica CA 24 12/16/83 SAIF Regular
FESX First Essex Bancorp Inc. NASDAQ Andover MA 15 08/04/87 BIF Regular
FFBA First Colorado Bancorp Inc. NASDAQ Lakewood CO 27 01/02/96 SAIF Not Avail.
FFBH First Federal Bancshares of AR NASDAQ Harrison AR 14 05/03/96 SAIF Regular
FFBI First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93 SAIF Regular
FFBS FFBS BanCorp Inc. NASDAQ Columbus MS 3 07/01/93 SAIF Regular
FFBZ First Federal Bancorp Inc. NASDAQ Zanesville OH 6 07/13/92 SAIF Regular
FFCH First Financial Holdings Inc. NASDAQ Charleston SC 34 11/10/83 SAIF Regular
FFDB FirstFed Bancorp Inc. NASDAQ Bessemer AL 8 11/19/91 SAIF Regular
FFDF FFD Financial Corp. NASDAQ Dover OH 1 04/03/96 SAIF Regular
FFED Fidelity Federal Bancorp NASDAQ Evansville IN 4 08/31/87 SAIF Regular
FFES First Federal of East Hartford NASDAQ East Hartford CT 12 06/23/87 SAIF Regular
FFFD North Central Bancshares Inc. NASDAQ Fort Dodge IA 7 03/21/96 SAIF Not Avail.
FFFL Fidelity Bankshares Inc. (MHC) NASDAQ West Palm Beach FL 21 01/07/94 SAIF Mutual HC
FFHH FSF Financial Corp. NASDAQ Hutchinson MN 11 10/07/94 SAIF Regular
FFHS First Franklin Corp. NASDAQ Cincinnati OH 7 01/26/88 SAIF Regular
FFIC Flushing Financial Corp. NASDAQ Flushing NY 7 11/21/95 BIF Regular
FFKY First Federal Financial Corp. NASDAQ Elizabethtown KY 8 07/15/87 SAIF Regular
FFLC FFLC Bancorp Inc. NASDAQ Leesburg FL 9 01/04/94 SAIF Regular
FFOH Fidelity Financial of Ohio NASDAQ Cincinnati OH 12 03/04/96 SAIF Not Avail.
</TABLE>
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker ($000) (%) (%) (%) (%)
- --------- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLAS 132,793 90 67.70 75.09 8.71
CMRN 211,253 138 85.48 62.04 15.27
CMSB 2,268,595 84 57.58 68.45 20.24
CMSV 720,133 83 63.10 76.47 10.43
CNIT 718,083 97 68.72 70.70 21.90
CNSB 97,891 92 68.40 74.45 0.61
CNY 415,767 92 59.60 64.73 26.37
COFI 19,760,265 125 64.86 51.72 38.95
CONE 494,348 29 23.21 80.86 2.02
COOP 369,121 100 77.91 78.21 13.61
CRSB 161,328 NA NA 87.19 6.68
CRZY 60,774 95 47.73 50.20 25.42
CSBF 47,602 75 57.23 76.21 0.00
CTZN 3,460,297 98 52.27 53.53 39.19
CVAL 325,643 100 82.28 81.88 7.73
DCBI 107,747 111 80.27 72.34 0.00
DIBK 958,503 46 39.02 85.25 6.05
DIME 1,488,074 83 57.11 69.03 16.14
DME 21,848,000 107 67.86 63.38 28.03
DNFC 1,815,315 126 72.25 57.46 34.13
DSL 5,835,825 110 91.66 83.45 8.29
EBI 229,280 95 48.48 50.87 37.07
EBSI 934,458 113 72.80 64.69 24.69
EFBC 109,801 69 41.82 60.89 0.64
EFBI 301,261 133 65.06 48.80 39.83
EGFC 2,157,171 83 52.56 63.52 26.12
EGLB 171,134 94 72.07 76.81 10.52
EMLD 603,965 90 77.94 86.21 4.66
EQSB 321,687 89 69.16 77.38 16.79
ESBK 230,981 85 77.60 91.80 1.08
ESX 191,886 109 85.65 78.67 12.39
ETFS 120,093 66 50.40 75.82 6.26
FAB 1,159,508 127 77.37 60.85 25.75
FBBC 675,684 117 85.86 73.27 13.32
FBCI 489,673 119 80.36 67.38 19.87
FBCV 255,927 140 73.90 52.62 37.28
FBER 290,435 60 45.06 74.86 10.79
FBHC 302,728 62 52.18 84.47 5.28
FBNW 183,292 130 78.87 60.79 21.22
FBSI 161,527 115 85.85 74.79 10.56
FCB 97,564 83 61.57 74.21 1.09
FCBF 519,911 127 77.30 60.78 22.43
FCME 146,400 94 73.59 78.55 11.13
FDEF 579,698 112 76.69 68.19 12.36
FED 4,160,115 166 77.63 46.72 46.67
FESX 1,197,459 97 60.02 62.16 28.69
FFBA 1,555,274 99 75.18 76.00 8.16
FFBH 549,607 97 79.17 82.04 2.18
FFBI 82,682 81 66.52 81.70 8.10
FFBS 134,952 91 71.00 78.35 3.41
FFBZ 208,840 144 87.14 60.68 30.83
FFCH 1,793,325 128 80.57 62.86 29.13
FFDB 178,792 76 68.05 89.68 0.00
FFDF 92,364 110 69.80 63.63 10.86
FFED 215,821 110 82.24 74.93 16.79
FFES 982,747 34 19.80 58.60 34.12
FFFD 221,954 137 87.14 63.58 12.86
FFFL 1,045,692 98 73.78 75.66 13.70
FFHH 402,850 130 68.38 52.79 35.68
FFHS 230,504 76 66.71 87.72 2.37
FFIC 1,088,476 93 55.57 60.07 26.38
FFKY 388,329 119 89.05 74.77 10.68
FFLC 400,237 101 79.21 78.80 7.50
FFOH 535,100 102 81.95 80.74 6.40
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 3 of 40
<TABLE>
<CAPTION>
Corporate
---------------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- ----------------------------------------- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. NASDAQ West Palm Beach FL 48 09/29/93 SAIF Regular
FFSL First Independence Corp. NASDAQ Independence KS 2 10/08/93 SAIF Regular
FFSX First Fed SB of Siouxland(MHC) NASDAQ Sioux City IA 13 07/13/92 SAIF Mutual HC
FFWC FFW Corp. NASDAQ Wabash IN 4 04/05/93 SAIF Regular
FFWD Wood Bancorp Inc. NASDAQ Bowling Green OH 7 08/31/93 SAIF Regular
FFYF FFY Financial Corp. NASDAQ Youngstown OH 10 06/28/93 SAIF Regular
FGHC First Georgia Holding Inc. NASDAQ Brunswick GA 7 02/11/87 SAIF Regular
FIBC Financial Bancorp Inc. NASDAQ Long Island City NY 5 08/17/94 SAIF Regular
FISB First Indiana Corp. NASDAQ Indianapolis IN 26 08/02/83 SAIF Regular
FKFS First Keystone Financial NASDAQ Media PA 6 01/26/95 SAIF Regular
FKKY Frankfort First Bancorp Inc. NASDAQ Frankfort KY 3 07/10/95 SAIF Regular
FLAG FLAG Financial Corp. NASDAQ LaGrange GA 4 12/11/86 SAIF Regular
FLFC First Liberty Financial Corp. NASDAQ Macon GA 31 12/06/83 SAIF Regular
FLGS Flagstar Bancorp Inc. NASDAQ Bloomfield Hills MI 19 NA SAIF Not Avail.
FLKY First Lancaster Bancshares NASDAQ Lancaster KY 1 07/01/96 SAIF Regular
FMBD First Mutual Bancorp Inc. NASDAQ Decatur IL 14 07/05/95 SAIF Regular
FMCO FMS Financial Corp. NASDAQ Burlington NJ 21 12/14/88 SAIF Regular
FMSB First Mutual Savings Bank NASDAQ Bellevue WA 8 12/17/85 BIF Regular
FNGB First Northern Capital Corp. NASDAQ Green Bay WI 19 12/29/83 SAIF Regular
FOBC Fed One Bancorp NASDAQ Wheeling WV 12 01/19/95 SAIF Not Avail.
FPRY First Financial Bancorp NASDAQ Tallahassee FL 6 03/29/88 SAIF Regular
FSBI Fidelity Bancorp Inc. NASDAQ Pittsburgh PA 8 06/24/88 SAIF Regular
FSFF First SecurityFed Financial NASDAQ Chicago IL 5 10/31/97 SAIF Regular
FSLA First Savings Bank (MHC) NASDAQ Woodbridge NJ 17 07/10/92 SAIF Mutual HC
FSNJ Bayonne Bancshares Inc. NASDAQ Bayonne NJ 4 08/22/97 SAIF Not Avail.
FSPG First Home Bancorp Inc. NASDAQ Pennsville NJ 10 04/20/87 SAIF Regular
FSPT FirstSpartan Financial Corp. NASDAQ Spartanburg SC 7 07/09/97 SAIF Regular
FSSB First FS&LA of San Bernardino NASDAQ San Bernardino CA 4 02/02/93 SAIF Regular
FSTC First Citizens Corp. NASDAQ Newnan GA 9 03/01/86 SAIF Regular
FTF Texarkana First Financial Corp AMSE Texarkana AR 5 07/07/95 SAIF Regular
FTFC First Federal Capital Corp. NASDAQ La Crosse WI 50 11/02/89 SAIF Regular
FTNB Fulton Bancorp Inc. NASDAQ Fulton MO 2 10/18/96 SAIF Regular
FTSB Fort Thomas Financial Corp. NASDAQ Fort Thomas KY 2 06/28/95 SAIF Regular
FWWB First SB of Washington Bancorp NASDAQ Walla Walla WA 20 11/01/95 SAIF Regular
GAF GA Financial Inc. AMSE Pittsburgh PA 13 03/26/96 SAIF Regular
GDW Golden West Financial NYSE Oakland CA 250 05/29/59 SAIF Not Avail.
GFCO Glenway Financial Corp. NASDAQ Cincinnati OH 5 11/30/90 SAIF Regular
GFED Guaranty Federal Bcshs Inc. NASDAQ Springfield MO 5 12/31/97 SAIF Mutual HC
GLMR Gilmer Financial Svcs, Inc. NASDAQ Gilmer TX 1 02/09/95 SAIF Regular
GOSB GSB Financial Corp. NASDAQ Goshen NY 2 07/09/97 BIF Regular
GPT GreenPoint Financial Corp. NYSE New York NY 74 01/28/94 BIF Regular
GSB Golden State Bancorp Inc. NYSE Glendale CA 181 10/01/83 SAIF Regular
GSBC Great Southern Bancorp Inc. NASDAQ Springfield MO 25 12/14/89 SAIF Regular
GSFC Green Street Financial Corp. NASDAQ Fayetteville NC 3 04/04/96 SAIF Regular
GSLA GS Financial Corp. NASDAQ Metairie LA 3 04/01/97 SAIF Regular
GTPS Great American Bancorp NASDAQ Champaign IL 3 06/30/95 SAIF Regular
GUPB GFSB Bancorp Inc. NASDAQ Gallup NM 1 06/30/95 SAIF Regular
HALL Hallmark Capital Corp. NASDAQ West Allis WI 3 01/03/94 SAIF Regular
HARBD Harbor Florida Bancshares Inc. NASDAQ Fort Pierce FL 24 03/19/98 SAIF Not Avail.
HARL Harleysville Savings Bank NASDAQ Harleysville PA 4 08/04/87 SAIF Regular
HARS Harris Financial Inc. (MHC) NASDAQ Harrisburg PA 34 01/25/94 SAIF Mutual HC
HAVN Haven Bancorp Inc. NASDAQ Woodhaven NY 40 09/23/93 SAIF Regular
HBBI Home Building Bancorp NASDAQ Washington IN 2 02/08/95 SAIF Regular
HBEI Home Bancorp of Elgin Inc. NASDAQ Elgin IL 4 09/27/96 SAIF Regular
HBFW Home Bancorp NASDAQ Fort Wayne IN 9 03/30/95 SAIF Regular
HBNK Highland Bancorp Inc. NASDAQ Burbank CA 7 NA SAIF Not Avail.
HBS Haywood Bancshares Inc. AMSE Waynesville NC 4 12/18/87 BIF Not Avail.
HCBB HCB Bancshares Inc. NASDAQ Camden AR 7 05/07/97 SAIF Regular
HCBC High Country Bancorp Inc. NASDAQ Salida CO 3 12/10/97 SAIF Regular
HCFC Home City Financial Corp. NASDAQ Springfield OH 1 12/30/96 SAIF Regular
HEMT HF Bancorp Inc. NASDAQ Hemet CA 19 06/30/95 SAIF Regular
HFBC HopFed Bancorp Inc. NASDAQ Hopkinsville KY 5 02/09/98 SAIF Regular
HFFB Harrodsburg First Fin Bancorp NASDAQ Harrodsburg KY 2 10/04/95 SAIF Regular
HFFC HF Financial Corp. NASDAQ Sioux Falls SD 19 04/08/92 SAIF Regular
</TABLE>
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker ($000) (%) (%) (%) (%)
- --------- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FFPB 1,821,077 93 63.81 68.59 23.61
FFSL 113,669 108 72.19 66.97 22.31
FFSX 458,940 105 74.86 71.59 18.30
FFWC 191,298 111 67.41 60.63 27.54
FFWD 166,546 108 82.40 76.41 10.11
FFYF 614,749 103 75.73 73.83 11.39
FGHC 166,386 109 87.35 80.40 10.04
FIBC 308,248 73 51.95 71.25 18.42
FISB 1,613,405 124 84.97 68.65 20.65
FKFS 378,527 86 52.24 60.86 26.62
FKKY 132,809 150 93.58 62.57 19.44
FLAG 247,985 95 69.23 72.85 16.82
FLFC 1,275,398 96 70.84 73.60 17.72
FLGS 1,901,084 150 87.36 58.38 25.37
FLKY 49,880 194 89.75 46.27 23.83
FMBD 391,439 97 79.38 81.76 3.19
FMCO 628,403 63 48.69 77.89 15.04
FMSB 445,762 98 81.92 83.64 7.68
FNGB 667,696 124 89.69 72.16 15.47
FOBC 366,776 65 45.70 70.59 17.75
FPRY 240,379 89 77.63 87.36 5.41
FSBI 393,076 76 49.20 64.33 25.07
FSFF 315,849 90 59.55 66.52 3.17
FSLA 1,049,316 73 56.67 77.79 11.34
FSNJ 610,639 56 38.51 69.23 13.98
FSPG 537,798 86 52.05 60.63 31.95
FSPT 495,319 112 80.67 72.29 0.00
FSSB 103,674 75 71.56 95.05 0.00
FSTC 352,233 88 76.16 86.29 2.93
FTF 180,259 103 82.23 79.79 3.59
FTFC 1,544,294 109 80.76 74.24 17.86
FTNB 107,988 129 82.19 63.80 11.54
FTSB 99,873 128 91.66 71.68 11.31
FWWB 1,136,693 132 67.61 51.23 33.72
GAF 783,948 67 39.27 58.95 25.29
GDW 39,590,271 139 84.60 60.90 30.49
GFCO 304,621 114 84.64 74.52 14.24
GFED 230,616 122 76.06 62.27 6.56
GLMR 42,171 81 56.24 69.02 20.27
GOSB 115,884 84 59.22 70.28 0.00
GPT 13,083,518 81 68.10 83.87 2.34
GSB 16,029,116 125 74.18 59.54 32.08
GSBC 750,458 138 85.11 61.89 28.89
GSFC 179,700 114 72.61 63.63 0.00
GSLA 131,396 95 41.09 43.24 12.30
GTPS 141,976 100 79.11 78.88 0.00
GUPB 114,745 100 55.33 55.12 31.43
HALL 413,511 110 69.83 63.63 27.95
HARBD 1,128,942 94 77.24 81.99 8.01
HARL 347,882 90 71.95 79.79 12.35
HARS 2,201,304 80 41.52 52.07 38.79
HAVN 1,974,890 84 58.27 69.12 22.37
HBBI 42,430 90 68.17 75.61 9.43
HBEI 352,595 121 85.01 70.40 1.42
HBFW 350,038 98 84.49 86.51 0.00
HBNK 549,638 120 79.34 66.17 24.56
HBS 153,480 97 74.86 77.32 6.84
HCBB 204,944 71 51.73 72.44 7.86
HCBC 87,130 123 80.10 65.10 13.15
HCFC 71,854 122 87.66 71.94 7.95
HEMT 1,063,267 70 56.24 80.47 10.35
HFBC 202,009 56 49.95 89.48 0.00
HFFB 108,908 106 76.37 71.85 0.00
HFFC 580,668 100 76.30 76.57 11.31
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 4 of 40
<TABLE>
<CAPTION>
Corporate
---------------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- ----------------------------------------- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
HFGI Harrington Financial Group NASDAQ Richmond IN 5 NA SAIF Not Avail.
HFNC HFNC Financial Corp. NASDAQ Charlotte NC 10 12/29/95 SAIF Regular
HFSA Hardin Bancorp Inc. NASDAQ Hardin MO 3 09/29/95 SAIF Regular
HFWA Heritage Financial Corp. NASDAQ Olympia WA 10 01/09/98 SAIF Mutual HC
HHFC Harvest Home Financial Corp. NASDAQ Cheviot OH 3 10/10/94 SAIF Regular
HIFS Hingham Instit. for Savings NASDAQ Hingham MA 5 12/20/88 BIF Regular
HLFC Home Loan Financial Corp. NASDAQ Coshocton OH 2 03/26/98 SAIF Regular
HMLK Hemlock Federal Financial Corp NASDAQ Oak Forest IL 3 04/02/97 SAIF Regular
HMNF HMN Financial Inc. NASDAQ Spring Valley MN 10 06/30/94 SAIF Regular
HOMF Home Federal Bancorp NASDAQ Seymour IN 16 01/23/88 SAIF Regular
HPBC Home Port Bancorp Inc. NASDAQ Nantucket MA 2 08/25/88 BIF Regular
HRBF Harbor Federal Bancorp Inc. NASDAQ Baltimore MD 9 08/12/94 SAIF Regular
HRZB Horizon Financial Corp. NASDAQ Bellingham WA 12 08/01/86 BIF Regular
HTHR Hawthorne Financial Corp. NASDAQ El Segundo CA 6 NA SAIF Not Avail.
HWEN Home Financial Bancorp NASDAQ Spencer IN 1 07/02/96 SAIF Regular
HZFS Horizon Financial Svcs Corp. NASDAQ Oskaloosa IA 3 06/30/94 SAIF Regular
IBSF IBS Financial Corp. NASDAQ Cherry Hill NJ 10 10/13/94 SAIF Regular
ICBC Independence Comm. Bank Corp. NASDAQ Brooklyn NY 34 03/17/98 SAIF Regular
IFSB Independence Federal Svgs Bank NASDAQ Washington DC 2 06/06/85 SAIF Regular
INBI Industrial Bancorp Inc. NASDAQ Bellevue OH 10 08/01/95 SAIF Regular
INCB Indiana Community Bank SB NASDAQ Lebanon IN 4 12/15/94 SAIF Regular
IPSW Ipswich Savings Bank NASDAQ Ipswich MA 6 05/26/93 BIF Regular
ITLA ITLA Capital Corp. NASDAQ La Jolla CA 6 10/24/95 BIF Not Avail.
IWBK InterWest Bancorp Inc. NASDAQ Oak Harbor WA 42 NA SAIF Not Avail.
JOAC Joachim Bancorp Inc. NASDAQ De Soto MO 1 12/28/95 SAIF Regular
JSB JSB Financial Inc. NYSE Lynbrook NY 13 06/27/90 BIF Regular
JSBA Jefferson Savings Bancorp NASDAQ Ballwin MO 31 04/08/93 SAIF Regular
JXSB Jacksonville Savings Bk (MHC) NASDAQ Jacksonville IL 5 04/21/95 SAIF Mutual HC
JXVL Jacksonville Bancorp Inc. NASDAQ Jacksonville TX 7 04/01/96 SAIF Not Avail.
KFBI Klamath First Bancorp NASDAQ Klamath Falls OR 33 10/05/95 SAIF Regular
KNK Kankakee Bancorp Inc. AMSE Kankakee IL 9 01/06/93 SAIF Regular
KSAV KS Bancorp Inc. NASDAQ Kenly NC 5 12/30/93 SAIF Regular
KSBK KSB Bancorp Inc. NASDAQ Kingfield ME 8 06/24/93 BIF Regular
KYF Kentucky First Bancorp Inc. AMSE Cynthiana KY 2 08/29/95 SAIF Regular
LARK Landmark Bancshares Inc. NASDAQ Dodge City KS 5 03/28/94 SAIF Regular
LARL Laurel Capital Group Inc. NASDAQ Allison Park PA 6 02/20/87 SAIF Regular
LFBI Little Falls Bancorp Inc. NASDAQ Little Falls NJ 6 01/05/96 SAIF Regular
LFCO Life Financial Corp. NASDAQ Riverside CA 2 NA SAIF Not Avail.
LFED Leeds Federal Bankshares (MHC) NASDAQ Baltimore MD 1 05/02/94 SAIF Mutual HC
LISB Long Island Bancorp Inc. NASDAQ Melville NY 35 04/18/94 SAIF Regular
LOGN Logansport Financial Corp. NASDAQ Logansport IN 1 06/14/95 SAIF Regular
LONF London Financial Corp. NASDAQ London OH 1 04/01/96 SAIF Regular
LSBI LSB Financial Corp. NASDAQ Lafayette IN 4 02/03/95 BIF Regular
LSBX Lawrence Savings Bank NASDAQ North Andover MA 5 05/02/86 BIF Regular
LVSB Lakeview Financial Corp. NASDAQ Paterson NJ 8 12/22/93 SAIF Regular
LXMO Lexington B&L Financial Corp. NASDAQ Lexington MO 4 06/06/96 SAIF Regular
MAFB MAF Bancorp Inc. NASDAQ Clarendon Hills IL 22 01/12/90 SAIF Regular
MARN Marion Capital Holdings NASDAQ Marion IN 4 03/18/93 SAIF Regular
MASB MASSBANK Corp. NASDAQ Reading MA 15 05/28/86 BIF Regular
MBB MSB Bancorp Inc. AMSE Goshen NY 16 09/03/92 BIF Regular
MBBC Monterey Bay Bancorp Inc. NASDAQ Watsonville CA 7 02/15/95 SAIF Regular
MBLF MBLA Financial Corp. NASDAQ Macon MO 2 06/24/93 SAIF Regular
MBSP Mitchell Bancorp Inc. NASDAQ Spruce Pine NC 1 07/12/96 SAIF Regular
MCBN Mid-Coast Bancorp Inc. NASDAQ Waldoboro ME 2 11/02/89 SAIF Regular
MDBK Medford Bancorp Inc. NASDAQ Medford MA 16 03/18/86 BIF Regular
MECH MECH Financial Inc. NASDAQ Hartford CT 14 06/26/96 BIF Regular
MERI Meritrust Federal SB NASDAQ Thibodaux LA 8 NA SAIF Not Avail.
METF Metropolitan Financial Corp. NASDAQ Mayfield Heights OH 15 NA SAIF Not Avail.
MFBC MFB Corp. NASDAQ Mishawaka IN 5 03/25/94 SAIF Regular
MFFC Milton Federal Financial Corp. NASDAQ West Milton OH 3 10/07/94 SAIF Regular
MFLR Mayflower Co-operative Bank NASDAQ Middleboro MA 4 12/23/87 BIF Regular
MFSL Maryland Federal Bancorp NASDAQ Hyattsville MD 27 06/02/87 SAIF Regular
MIFC Mid-Iowa Financial Corp. NASDAQ Newton IA 7 10/14/92 SAIF Regular
MIVI Mississippi View Holding Co. NASDAQ Little Falls MN 1 03/24/95 SAIF Regular
</TABLE>
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker ($000) (%) (%) (%) (%)
- --------- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
HFGI 544,677 80 20.27 25.25 69.47
HFNC 910,786 168 80.99 48.08 32.59
HFSA 115,434 79 52.17 66.39 21.22
HFWA 328,601 96 65.58 68.13 0.00
HHFC 93,141 74 47.74 64.72 23.43
HIFS 222,584 109 78.35 72.11 17.28
HLFC 61,324 109 86.58 79.23 1.63
HMLK 176,683 59 43.54 74.12 6.23
HMNF 691,232 96 64.68 67.61 18.47
HOMF 709,412 110 83.51 75.87 14.60
HPBC 208,815 125 85.01 68.21 19.99
HRBF 233,572 84 63.59 75.64 10.74
HRZB 532,767 98 80.46 82.32 0.00
HTHR 928,197 107 91.74 86.13 8.62
HWEN 43,504 135 80.32 59.55 22.99
HZFS 88,769 99 63.43 64.05 24.86
IBSF 728,181 39 29.98 76.91 4.54
ICBC 3,857,781 81 71.54 88.31 0.43
IFSB 269,761 75 56.58 75.66 15.32
INBI 364,023 119 88.84 74.43 7.97
INCB 95,378 86 74.47 87.05 0.00
IPSW 227,244 101 76.34 75.36 17.76
ITLA 1,015,909 96 80.08 83.06 6.05
IWBK 1,982,317 100 58.48 58.26 34.43
JOAC 34,229 106 74.11 70.20 0.00
JSB 1,535,031 90 65.51 73.04 0.00
JSBA 1,238,055 89 75.37 84.40 5.32
JXSB 168,036 89 77.83 87.56 0.13
JXVL 235,405 90 74.84 83.27 0.88
KFBI 975,207 85 58.93 69.61 14.46
KNK 343,409 86 70.23 81.54 6.84
KSAV 113,978 106 83.64 79.24 7.02
KSBK 152,752 109 78.69 72.48 18.47
KYF 86,307 91 57.96 63.55 18.50
LARK 233,640 115 71.83 62.48 22.04
LARL 213,379 86 69.99 81.53 6.11
LFBI 328,522 64 45.11 70.05 17.87
LFCO 411,785 152 77.93 51.43 28.94
LFED 291,408 77 62.93 81.41 0.21
LISB 6,072,524 99 61.09 61.63 26.58
LOGN 86,115 105 74.18 70.37 7.55
LONF 37,916 95 76.78 80.90 4.48
LSBI 206,584 131 87.14 66.65 24.29
LSBX 359,855 65 45.71 70.71 17.62
LVSB 472,691 67 51.25 76.30 12.83
LXMO 92,450 85 68.38 80.19 0.87
MAFB 3,457,664 117 78.74 67.59 23.04
MARN 191,854 118 81.96 69.66 5.57
MASB 925,403 34 29.43 87.51 0.08
MBB 765,367 59 51.51 87.99 0.02
MBBC 408,096 83 65.16 78.55 9.18
MBLF 223,558 120 58.40 48.72 37.91
MBSP 36,103 143 80.82 56.54 0.00
MCBN 62,632 106 79.24 74.43 16.27
MDBK 1,135,572 70 50.86 72.36 18.12
MECH 892,371 88 65.79 74.81 14.54
MERI 233,803 58 52.29 90.20 0.00
METF 924,985 97 77.14 79.76 14.69
MFBC 264,097 120 78.98 65.67 20.90
MFFC 218,826 96 63.39 66.22 21.26
MFLR 131,908 75 58.05 77.27 12.13
MFSL 1,184,294 121 84.08 69.57 20.43
MIFC 135,345 84 53.05 63.50 25.86
MIVI 68,619 83 66.10 79.96 0.00
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 5 of 40
<TABLE>
<CAPTION>
Corporate
---------------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- ----------------------------------------- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MONT Montgomery Financial Corp. NASDAQ Crawfordsville IN 4 07/01/97 SAIF Not Avail.
MRKF Market Financial Corp. NASDAQ Mount Healthy OH 2 03/27/97 SAIF Regular
MSBF MSB Financial Inc. NASDAQ Marshall MI 2 02/06/95 SAIF Regular
MSBK Mutual Savings Bank FSB NASDAQ Bay City MI 22 07/17/92 SAIF Regular
MWBI Midwest Bancshares Inc. NASDAQ Burlington IA 5 11/12/92 SAIF Regular
MWBX MetroWest Bank NASDAQ Framingham MA 13 10/10/86 BIF Regular
MYST Mystic Financial Inc. NASDAQ Medford MA 3 01/09/98 BIF Regular
NASB NASB Financial Inc. NASDAQ Grandview MO 7 09/27/85 SAIF Not Avail.
NBN Northeast Bancorp AMSE Auburn ME 12 08/19/87 BIF Regular
NBSI North Bancshares Inc. NASDAQ Chicago IL 2 12/21/93 SAIF Regular
NEIB Northeast Indiana Bancorp NASDAQ Huntington IN 3 06/28/95 SAIF Regular
NEP Northeast PA Financial Corp. AMSE Hazleton PA 10 04/01/98 SAIF Regular
NHTB New Hampshire Thrift Bncshrs NASDAQ Newport NH 11 05/22/86 SAIF Regular
NMSB NewMil Bancorp Inc. NASDAQ New Milford CT 15 02/01/86 BIF Regular
NSLB NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/08/95 SAIF Regular
NSSY NSS Bancorp Inc. NASDAQ Norwalk CT 8 06/16/94 BIF Regular
NTBK Net.B@nk Inc. NASDAQ Alpharetta GA NA NA SAIF Not Avail.
NTMG Nutmeg Federal S&LA NASDAQ Danbury CT 3 NA SAIF Not Avail.
NWEQ Northwest Equity Corp. NASDAQ Amery WI 3 10/11/94 SAIF Regular
NWSB Northwest Bancorp Inc. (MHC) NASDAQ Warren PA 67 11/07/94 SAIF Mutual HC
OCFC Ocean Financial Corp. NASDAQ Toms River NJ 10 07/03/96 SAIF Regular
OCN Ocwen Financial Corp. NYSE West Palm Beach FL 1 NA SAIF Not Avail.
OFCP Ottawa Financial Corp. NASDAQ Holland MI 26 08/19/94 SAIF Regular
OHSL OHSL Financial Corp. NASDAQ Cincinnati OH 5 02/10/93 SAIF Regular
OSFS Ohio State Financial Services NASDAQ Bridgeport OH 2 09/29/97 SAIF Regular
OTFC Oregon Trail Financial Corp. NASDAQ Baker City OR 7 10/06/97 SAIF Regular
PBCI Pamrapo Bancorp Inc. NASDAQ Bayonne NJ 9 11/14/89 SAIF Regular
PBCT People's Bank (MHC) NASDAQ Bridgeport CT 128 07/06/88 BIF Mutual HC
PBHC Pathfinder Bancorp Inc. (MHC) NASDAQ Oswego NY 5 11/16/95 BIF Mutual HC
PBKB People's Bancshares Inc. NASDAQ New Bedford MA 14 10/30/86 BIF Regular
PCBC Perry County Financial Corp. NASDAQ Perryville MO 1 02/13/95 SAIF Regular
PDB Piedmont Bancorp Inc. AMSE Hillsborough NC 1 12/08/95 SAIF Regular
PEDE Great Pee Dee Bancorp NASDAQ Cheraw SC 1 12/31/97 SAIF Regular
PEEK Peekskill Financial Corp. NASDAQ Peekskill NY 3 12/29/95 SAIF Regular
PERM Permanent Bancorp Inc. NASDAQ Evansville IN 11 04/04/94 SAIF Regular
PERT Perpetual Bank (MHC) NASDAQ Anderson SC 6 10/26/93 SAIF Mutual HC
PFDC Peoples Bancorp NASDAQ Auburn IN 7 07/07/87 SAIF Regular
PFED Park Bancorp Inc. NASDAQ Chicago IL 3 08/12/96 SAIF Regular
PFFB PFF Bancorp Inc. NASDAQ Pomona CA 23 03/29/96 SAIF Regular
PFFC Peoples Financial Corp. NASDAQ Massillon OH 2 09/13/96 SAIF Regular
PFNC Progress Financial Corp. NASDAQ Blue Bell PA 10 07/18/83 SAIF Regular
PFSB PennFed Financial Services Inc NASDAQ West Orange NJ 18 07/15/94 SAIF Regular
PFSLD Pocahontas Bancorp Inc. NASDAQ Pocahontas AR 6 04/01/98 SAIF Not Avail.
PHBK Peoples Heritage Finl Group NASDAQ Portland ME 142 12/04/86 BIF Regular
PHFC Pittsburgh Home Financial Corp NASDAQ Pittsburgh PA 8 04/01/96 SAIF Regular
PHSB Peoples Home Savings Bk (MHC) NASDAQ Beaver Falls PA 9 07/10/97 SAIF Mutual HC
PKPS Poughkeepsie Financial Corp. NASDAQ Poughkeepsie NY 16 11/19/85 SAIF Regular
PLSK Pulaski Savings Bank (MHC) NASDAQ Springfield NJ 6 04/03/97 SAIF Mutual HC
PMFI Perpetual Midwest Financial NASDAQ Cedar Rapids IA 5 03/31/94 SAIF Regular
PRBC Prestige Bancorp Inc. NASDAQ Pleasant Hills PA 5 06/27/96 SAIF Regular
PROV Provident Financial Holdings NASDAQ Riverside CA 10 06/28/96 SAIF Regular
PSBK Progressive Bank Inc. NASDAQ Fishkill NY 17 08/01/84 BIF Regular
PSFC Peoples-Sidney Financial Corp. NASDAQ Sidney OH 1 04/28/97 SAIF Regular
PSFI PS Financial Inc. NASDAQ Chicago IL 1 11/27/96 SAIF Regular
PTRS Potters Financial Corp. NASDAQ East Liverpool OH 4 12/31/93 SAIF Regular
PULB Pulaski Bank, Svgs Bank (MHC) NASDAQ St. Louis MO 5 05/11/94 SAIF Mutual HC
PULS Pulse Bancorp NASDAQ South River NJ 5 09/18/86 SAIF Regular
PVFC PVF Capital Corp. NASDAQ Bedford Heights OH 9 12/30/92 SAIF Supervisory
PVSA Parkvale Financial Corp. NASDAQ Monroeville PA 29 07/16/87 SAIF Regular
PWBC PennFirst Bancorp Inc. NASDAQ Ellwood City PA 11 06/13/90 SAIF Regular
PWBK Pennwood Bancorp Inc. NASDAQ Pittsburgh PA 3 07/15/96 SAIF Regular
QCBC Quaker City Bancorp Inc. NASDAQ Whittier CA 8 12/30/93 SAIF Regular
QCFB QCF Bancorp Inc. NASDAQ Virginia MN 2 04/03/95 SAIF Regular
QCSB Queens County Bancorp Inc. NASDAQ Flushing NY 11 11/23/93 BIF Regular
</TABLE>
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker ($000) (%) (%) (%) (%)
- --------- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MONT 105,671 123 88.98 72.06 7.82
MRKF 56,833 81 50.91 62.64 0.00
MSBF 77,444 170 93.18 54.70 27.33
MSBK 644,740 78 49.47 63.19 28.78
MWBI 147,724 87 62.17 71.27 20.65
MWBX 608,941 92 75.56 82.51 9.10
MYST 198,417 72 62.99 87.32 5.80
NASB 734,091 121 86.66 71.34 19.35
NBN 278,733 131 82.14 62.55 28.50
NBSI 122,978 106 64.43 61.03 23.66
NEIB 199,368 163 88.15 53.95 31.86
NEP 386,532 87 68.82 78.68 12.86
NHTB 317,989 95 81.44 85.29 5.96
NMSB 355,526 60 48.16 80.31 9.56
NSLB 57,823 80 61.46 77.09 1.73
NSSY 670,749 104 66.01 63.43 27.12
NTBK 93,220 77 48.2 63 0.00
NTMG 105,151 112 88.08 78.94 9.99
NWEQ 99,558 129 81.80 63.25 24.47
NWSB 2,248,816 87 73.31 84.73 5.06
OCFC 1,510,947 81 52.31 64.65 20.42
OCN 3,069,165 96 62.06 64.60 14.78
OFCP 885,817 115 84.97 73.89 16.42
OHSL 238,905 94 72.43 77.31 11.12
OSFS 38,559 89 63.95 71.46 0.00
OTFC 257,049 81 58.73 72.94 0.00
PBCI 376,714 69 56.71 81.62 3.68
PBCT 8,184,000 94 66.90 71.09 19.01
PBHC 196,770 80 62.21 77.45 9.49
PBKB 762,910 116 53.93 46.54 46.74
PCBC 85,030 24 17.73 72.56 7.64
PDB 130,167 125 83.05 66.35 16.59
PEDE 72,057 140 76.90 54.80 1.60
PEEK 184,215 36 26.40 73.20 0.00
PERM 419,819 79 51.70 65.07 23.71
PERT 292,059 95 65.71 69.36 18.49
PFDC 294,291 100 82.42 82.75 1.41
PFED 176,957 51 38.90 76.92 0.00
PFFB 2,765,855 110 67.98 61.70 27.41
PFFC 82,464 91 72.37 79.49 0.00
PFNC 493,406 97 66.72 69.06 14.42
PFSB 1,475,509 103 67.74 65.83 24.25
PFSLD 389,405 114 43.33 38.10 54.54
PHBK 6,795,337 101 71.37 70.68 19.57
PHFC 299,669 135 63.99 47.36 42.53
PHSB 217,735 58 46.43 80.05 6.08
PKPS 875,492 109 77.05 70.86 19.28
PLSK 181,732 67 56.75 84.31 3.10
PMFI 392,093 109 86.97 80.05 9.87
PRBC 143,263 106 67.42 63.63 24.21
PROV 723,696 118 86.72 73.77 12.80
PSBK 883,494 72 65.00 90.39 0.00
PSFC 106,239 118 88.16 74.94 0.00
PSFI 87,922 91 42.48 46.95 15.64
PTRS 122,637 84 68.69 81.62 8.15
PULB 180,485 96 80.53 84.26 1.22
PULS 539,322 33 25.70 77.24 13.66
PVFC 396,214 117 92.95 79.76 10.49
PVSA 1,019,143 85 75.17 88.84 1.95
PWBC 910,770 85 37.50 43.87 45.00
PWBK 47,211 84 64.71 76.82 3.07
QCBC 852,154 120 78.97 65.66 24.35
QCFB 152,668 64 43.30 67.92 11.89
QCSB 1,603,269 131 87.60 66.69 19.31
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 6 of 40
<TABLE>
<CAPTION>
Corporate
---------------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- ----------------------------------------- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
RARB Raritan Bancorp Inc. NASDAQ Bridgewater NJ 7 03/01/87 BIF Regular
RCBK Richmond County Financial Corp NASDAQ Staten Island NY 13 02/18/98 SAIF Regular
REDF RedFed Bancorp Inc. NASDAQ Redlands CA 14 04/08/94 SAIF Regular
RELI Reliance Bancshares Inc. NASDAQ Milwaukee WI 1 04/19/96 SAIF Regular
RELY Reliance Bancorp Inc. NASDAQ Garden City NY 30 03/31/94 SAIF Regular
RIVR River Valley Bancorp NASDAQ Madison IN 6 12/20/96 SAIF Regular
ROSE TR Financial Corp. NASDAQ Garden City NY 15 06/29/93 BIF Regular
RSLN Roslyn Bancorp Inc. NASDAQ Roslyn NY 8 01/13/97 BIF Regular
RVSB Riverview Bancorp Inc. NASDAQ Camas WA 9 10/01/97 SAIF Regular
SBFL SB of the Finger Lakes (MHC) NASDAQ Geneva NY 5 11/11/94 SAIF Mutual HC
SBOS Boston Bancorp (The) NASDAQ South Boston MA 7 11/09/83 BIF Regular
SCBS Southern Community Bancshares NASDAQ Cullman AL 1 12/23/96 SAIF Regular
SCCB S. Carolina Community Bancshrs NASDAQ Winnsboro SC 3 07/07/94 SAIF Regular
SFED SFS Bancorp Inc. NASDAQ Schenectady NY 4 06/30/95 SAIF Regular
SFFC StateFed Financial Corp. NASDAQ Des Moines IA 2 01/05/94 SAIF Regular
SFIN Statewide Financial Corp. NASDAQ Jersey City NJ 16 10/02/95 SAIF Regular
SFSB SuburbFed Financial Corp. NASDAQ Flossmoor IL 12 03/04/92 SAIF Regular
SFSL Security First Corp. NASDAQ Mayfield Heights OH 14 01/22/88 SAIF Regular
SGVB SGV Bancorp Inc. NASDAQ West Covina CA 8 06/29/95 SAIF Regular
SHEN First Shenango Bancorp Inc. NASDAQ New Castle PA 4 04/06/93 SAIF Regular
SHSB SHS Bancorp Inc. NASDAQ Pittsburgh PA 3 10/01/97 SAIF Regular
SIB Staten Island Bancorp Inc. NYSE Staten Island NY 17 12/22/97 BIF Regular
SISB SIS Bancorp Inc. NASDAQ Springfield MA 34 02/08/95 BIF Regular
SKAN Skaneateles Bancorp Inc. NASDAQ Skaneateles NY 9 06/02/86 BIF Regular
SKBO First Carnegie Deposit (MHC) NASDAQ Carnegie PA 3 04/04/97 SAIF Mutual HC
SMBC Southern Missouri Bancorp Inc. NASDAQ Poplar Bluff MO 8 04/13/94 SAIF Regular
SOBI Sobieski Bancorp Inc. NASDAQ South Bend IN 3 03/31/95 SAIF Regular
SOPN First Savings Bancorp Inc. NASDAQ Southern Pines NC 5 01/06/94 SAIF Regular
SOSA Somerset Savings Bank NASDAQ Somerville MA 5 07/09/86 BIF Regular
SPBC St. Paul Bancorp Inc. NASDAQ Chicago IL 53 05/18/87 SAIF Regular
SRN Southern Banc Co. AMSE Gadsden AL 4 10/05/95 SAIF Regular
SSB Scotland Bancorp Inc. AMSE Laurinburg NC 2 04/01/96 SAIF Regular
SSFC South Street Financial Corp. NASDAQ Albemarle NC 2 10/03/96 SAIF Regular
SSM Stone Street Bancorp Inc. AMSE Mocksville NC 2 04/01/96 SAIF Regular
STFR St. Francis Capital Corp. NASDAQ Brookfield WI 24 06/21/93 SAIF Regular
STSA Sterling Financial Corp. NASDAQ Spokane WA 41 NA SAIF Not Avail.
SVRN Sovereign Bancorp Inc. NASDAQ Wyomissing PA 179 08/12/86 SAIF Regular
SWBI Southwest Bancshares Inc. NASDAQ Hometown IL 6 06/24/92 SAIF Regular
SWCB Sandwich Bancorp Inc. NASDAQ Sandwich MA 11 07/25/86 BIF Regular
SZB SouthFirst Bancshares Inc. AMSE Sylacauga AL 4 02/14/95 SAIF Regular
THR Three Rivers Financial Corp. AMSE Three Rivers MI 4 08/24/95 SAIF Regular
THRD TF Financial Corp. NASDAQ Newtown PA 14 07/13/94 SAIF Regular
TPNZ Tappan Zee Financial Inc. NASDAQ Tarrytown NY 1 10/05/95 SAIF Regular
TRIC Tri-County Bancorp Inc. NASDAQ Torrington WY 2 09/30/93 SAIF Regular
TSBK Timberland Bancorp Inc. NASDAQ Hoquiam WA 8 01/13/98 SAIF Regular
TSBS Peoples Bancorp Inc. (MHC) NASDAQ Lawrenceville NJ 14 08/03/95 BIF Mutual HC
TSH Teche Holding Co. AMSE Franklin LA 9 04/19/95 SAIF Regular
TWIN Twin City Bancorp NASDAQ Bristol TN 3 01/04/95 SAIF Regular
UBMT United Financial Corp. NASDAQ Great Falls MT 5 09/23/86 SAIF Regular
UCBC Union Community Bancorp NASDAQ Crawfordsville IN 1 12/29/97 SAIF Regular
UFRM United Federal Savings Bank NASDAQ Rocky Mount NC 13 07/01/80 SAIF Regular
USAB USABancshares Inc. NASDAQ Philadelphia PA 2 NA BIF Not Avail.
UTBI United Tennessee Bankshares NASDAQ Newport TN 2 01/05/98 SAIF Regular
VABF Virginia Beach Fed. Financial NASDAQ Virginia Beach VA 14 11/01/80 SAIF Not Avail.
WAMU Washington Mutual Inc. NASDAQ Seattle WA 914 03/11/83 BIF Regular
WAYN Wayne Savings Bancshares (MHC) NASDAQ Wooster OH 6 06/25/93 SAIF Mutual HC
WBST Webster Financial Corp. NASDAQ Waterbury CT 84 12/12/86 SAIF Regular
WCBI Westco Bancorp Inc. NASDAQ Westchester IL 1 06/26/92 SAIF Regular
WCFB Webster City Federal SB (MHC) NASDAQ Webster City IA 1 08/15/94 SAIF Mutual HC
WEFC Wells Financial Corp. NASDAQ Wells MN 8 04/11/95 SAIF Regular
WEHO Westwood Homestead Fin. Corp. NASDAQ Cincinnati OH 2 09/30/96 SAIF Regular
WES Westcorp NYSE Irvine CA 26 05/01/86 SAIF Not Avail.
WFI Winton Financial Corp. AMSE Cincinnati OH 5 08/04/88 SAIF Regular
WFSL Washington Federal Inc. NASDAQ Seattle WA 104 11/17/82 SAIF Regular
</TABLE>
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker ($000) (%) (%) (%) (%)
- --------- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RARB 408,308 79 65.56 82.56 8.60
RCBK 1,096,040 60 49.82 83.23 6.36
REDF 1,009,754 107 89.41 83.65 6.38
RELI 44,544 156 61.99 39.68 8.98
RELY 2,243,100 62 44.18 71.46 17.62
RIVR 138,461 98 82.13 83.54 2.17
ROSE 3,843,056 94 53.68 57.31 33.79
RSLN 3,601,079 51 27.59 53.94 26.84
RVSB 263,045 96 62.52 65.15 11.23
SBFL 247,708 64 48.28 75.30 14.93
SBOS 1,715,070 24 19.25 78.85 7.61
SCBS 70,893 82 65.68 79.73 0.00
SCCB 45,092 102 79.79 78.16 0.00
SFED 174,428 89 77.15 86.26 0.00
SFFC 88,608 129 77.43 59.98 21.44
SFIN 675,316 76 49.66 65.73 23.74
SFSB 438,462 93 67.17 72.22 19.40
SFSL 677,876 122 90.78 74.30 15.22
SGVB 407,821 107 77.78 72.47 18.94
SHEN 374,972 94 69.14 73.40 12.73
SHSB 88,572 91 65.92 72.84 11.58
SIB 2,651,170 68 41.44 61.24 9.43
SISB 1,733,618 67 49.12 73.1 17.30
SKAN 256,101 99 83.96 84.52 7.05
SKBO 143,650 81 43.54 53.81 27.58
SMBC 159,926 106 73.51 69.40 13.15
SOBI 87,553 120 78.90 65.80 19.25
SOPN 300,816 96 66.82 69.78 6.65
SOSA 539,672 92 77.80 84.47 8.04
SPBC 4,557,336 99 71.46 72.07 17.31
SRN 105,116 46 37.36 81.78 0.00
SSB 61,473 98 72.79 74.24 0.00
SSFC 228,491 79 49.54 62.58 9.19
SSM 108,092 140 86.53 61.96 7.22
STFR 1,597,648 70 46.86 66.63 24.26
STSA 1,876,250 105 57.76 55.24 35.57
SVRN 14,336,283 126 69.38 55.03 38.31
SWBI 368,282 96 73.68 76.86 9.19
SWCB 518,697 88 71.48 81.55 8.79
SZB 165,388 78 61.16 78.86 10.73
THR 97,487 103 64.69 62.93 22.30
THRD 597,047 56 42.33 75.44 14.80
TPNZ 126,470 57 46.57 81.63 0.00
TRIC 89,999 90 45.50 50.45 33.00
TSBK 293,278 74 64.47 86.63 4.16
TSBS 640,419 81 62.44 77.04 4.68
TSH 408,591 126 85.57 68.09 17.60
TWIN 108,687 84 71.59 84.94 0.92
UBMT 96,258 53 39.19 73.68 0.00
UCBC 132,040 126 59.59 47.15 2.71
UFRM 304,159 97 84.64 87.42 3.29
USAB 64,269 74 53.03 71.88 18.99
UTBI 89,884 59 53.97 90.86 0.00
VABF 616,188 115 75.81 66.12 25.99
WAMU 96,981,099 133 69.92 52.57 39.39
WAYN 255,124 97 81.25 84.12 5.49
WBST 7,019,621 90 55.81 62.19 28.89
WCBI 315,944 93 76.28 82.17 0.00
WCFB 95,121 76 57.51 75.20 0.25
WEFC 201,436 NA NA 72.17 12.16
WEHO 134,259 134 87.83 65.72 11.00
WES 3,728,865 94 50.22 53.66 21.54
WFI 329,897 114 86.07 75.20 16.19
WFSL 5,713,308 145 74.04 50.96 33.90
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 7 of 40
<TABLE>
<CAPTION>
Corporate
---------------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- ----------------------------------------- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
WHGB WHG Bancshares Corp. NASDAQ Lutherville MD 5 04/01/96 SAIF Regular
WOFC Western Ohio Financial Corp. NASDAQ Springfield OH 10 07/29/94 SAIF Regular
WRNB Warren Bancorp Inc. NASDAQ Peabody MA 6 07/09/86 BIF Regular
WSB Washington Savings Bank, FSB AMSE Bowie MD 5 NA SAIF Not Avail.
WSBI Warwick Community Bancorp NASDAQ Warwick NY 4 12/23/97 BIF Regular
WSFS WSFS Financial Corp. NASDAQ Wilmington DE 16 11/26/86 BIF Regular
WSTR WesterFed Financial Corp. NASDAQ Missoula MT 36 01/10/94 SAIF Regular
WVFC WVS Financial Corp. NASDAQ Pittsburgh PA 5 11/29/93 SAIF Regular
WYNE Wayne Bancorp Inc. NASDAQ Wayne NJ 5 06/27/96 SAIF Regular
YFCB Yonkers Financial Corp. NASDAQ Yonkers NY 5 04/18/96 SAIF Regular
YFED York Financial Corp. NASDAQ York PA 22 02/01/84 SAIF Regular
- ------------------------------------------------------------------------------------------------------------------------------------
Average
Median
</TABLE>
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker ($000) (%) (%) (%) (%)
- --------- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
WHGB 101,331 104 78.47 75.39 3.95
WOFC 371,988 114 75.72 66.38 18.37
WRNB 370,993 74 65.17 87.68 0.79
WSB 265,742 52 45.84 88.78 2.01
WSBI 298,170 80 57.96 72.49 14.54
WSFS 1,515,217 103 52.09 50.62 42.55
WSTR 1,035,096 105 65.50 62.29 25.33
WVFC 292,022 97 55.77 57.23 28.97
WYNE 270,043 91 67.06 73.50 11.85
YFCB 331,802 66 42.85 65.36 20.43
YFED 1,182,276 102 87.29 85.81 3.46
- --------- -----------------------------------------------------------------------------------
1,530,203 97.49 67.64 70.80 14.83
325,643 96.56 69.92 71.94 12.83
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 8 of 40
<TABLE>
<CAPTION>
Corporate
---------------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- ----------------------------------------- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Comparable Thrift Data
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF Regular
CKFB CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95 SAIF Regular
FFBI First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93 SAIF Regular
FFDF FFD Financial Corp. NASDAQ Dover OH 1 04/03/96 SAIF Regular
FTSB Fort Thomas Financial Corp. NASDAQ Fort Thomas KY 2 06/28/95 SAIF Regular
HCFC Home City Financial Corp. NASDAQ Springfield OH 1 12/30/96 SAIF Regular
KYF Kentucky First Bancorp Inc. AMSE Cynthiana KY 2 08/29/95 SAIF Regular
LOGN Logansport Financial Corp. NASDAQ Logansport IN 1 06/14/95 SAIF Regular
MSBF MSB Financial Inc. NASDAQ Marshall MI 2 02/06/95 SAIF Regular
NSLB NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/08/95 SAIF Regular
PFFC Peoples Financial Corp. NASDAQ Massillon OH 2 09/13/96 SAIF Regular
SFFC StateFed Financial Corp. NASDAQ Des Moines IA 2 01/05/94 SAIF Regular
- ----------------------------------------- -----------------------------------------------------------------------------------------
Average
Median
Maximum
Minimum
MIVI * Mississippi View Holding Co. NASDAQ Little Falls MN 1 03/24/95 SAIF Regular
* Pricing data is based upon the last trade on NASDAQ, the Bank's
most current price is $18.50
Variance to the Comparable Median
</TABLE>
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker ($000) (%) (%) (%) (%)
- --------- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ATSB 69,106 104.82 70.11 66.89 21.51
CKFB 62,865 129.52 89.11 68.80 8.29
FFBI 82,682 81.43 66.52 81.70 8.10
FFDF 92,364 109.70 69.80 63.63 10.86
FTSB 99,873 127.88 91.66 71.68 11.31
HCFC 71,854 121.86 87.66 71.94 7.95
KYF 86,307 91.21 57.96 63.55 18.50
LOGN 86,115 105.42 74.18 70.37 7.55
MSBF 77,444 170.35 93.18 54.70 27.33
NSLB 57,823 79.72 61.46 77.09 1.73
PFFC 82,464 91.04 72.37 79.49 0.00
SFFC 88,608 129.09 77.43 59.98 21.44
- --------- -----------------------------------------------------------------------------------
79,792 111.84 75.95 69.15 12.05
82,573 107.56 73.28 69.59 9.58
99,873 170.35 93.18 81.70 27.33
57,823 79.72 57.96 54.70 0.00
68,619 82.66 66.10 79.96 0.00
(13,954) (24.90) (7.18) 10.38 (9.58)
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 9 of 40
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ----------------------------------------- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank 7.44 5.33 29.97 5.73 8.77 11.83
%CCMD Chevy Chase Bank, FSB 6.08 5.05 17.72 6.65 7.91 13.01
AABC Access Anytime Bancorp Inc. 8.53 8.53 0.00 7.51 9.02 16.81
ABBK Abington Bancorp Inc. 6.83 6.25 8.97 6.01 7.26 13.02
ABCL Alliance Bancorp 9.60 9.50 1.16 8.50 10.00 16.48
ABCW Anchor BanCorp Wisconsin 6.65 6.54 1.63 5.79 7.78 10.51
AFBC Advance Financial Bancorp 15.22 15.22 0.00 15.50 15.53 23.60
AFCB Affiliated Community Bancorp 9.79 9.74 0.50 9.79 10.54 18.65
AFED AFSALA Bancorp Inc. 12.52 12.52 0.00 12.48 13.22 29.70
AHCI Ambanc Holding Co. 11.99 11.99 0.00 9.88 12.74 24.68
AHM H.F. Ahmanson & Co. 5.13 4.56 11.70 5.87 5.94 11.82
ALBC Albion Banc Corp. 8.58 8.58 0.00 7.50 8.97 15.70
ALBK ALBANK Financial Corp. 8.81 6.98 22.32 NA 9.52 NA
ALLB Alliance Bank (MHC) 11.19 11.19 0.00 11.36 11.78 26.47
AMFC AMB Financial Corp. 14.77 14.77 0.00 NA 15.18 NA
ANA Acadiana Bancshares Inc. 16.08 16.08 0.00 12.46 17.08 24.43
ANDB Andover Bancorp Inc. 8.10 8.10 0.00 8.20 9.04 15.04
ANE Alliance Bncp of New England 7.61 7.41 2.79 7.20 8.82 13.20
ASBI Ameriana Bancorp 11.37 11.36 0.04 NA 11.67 NA
ASBP ASB Financial Corp. 15.46 15.46 0.00 12.70 16.18 27.60
ASFC Astoria Financial Corp. 8.54 6.24 28.72 5.41 8.92 15.08
ATSB AmTrust Capital Corp. 10.83 10.73 0.99 10.00 11.55 17.00
AVND Avondale Financial Corp. 8.48 8.48 0.00 8.31 9.64 16.54
BANC BankAtlantic Bancorp Inc. 6.76 5.96 12.64 11.12 7.69 18.64
BDJI First Federal Bancorp. 10.18 10.18 0.00 9.27 10.55 18.78
BFD BostonFed Bancorp Inc. 8.37 8.09 3.66 NA 9.05 NA
BFFC Big Foot Financial Corp. 17.54 17.54 0.00 12.38 17.68 34.07
BFSB Bedford Bancshares Inc. 14.52 14.52 0.00 12.88 15.04 25.37
BKC American Bank of Connecticut 9.02 8.75 3.29 7.58 9.9 14.40
BKCT Bancorp Connecticut Inc. 10.60 10.60 0.00 10.02 11.79 17.33
BKUNA BankUnited Financial Corp. 4.81 4.35 10.00 7.12 4.95 12.91
BNKU Bank United Corp. 4.89 4.77 2.54 7.41 5.17 11.98
BPLS Bank Plus Corp. 4.35 3.98 8.92 5.48 5.56 11.99
BRKL Brookline Bancorp (MHC) 17.08 17.08 0.00 15.86 18.93 20.53
BTHL Bethel Bancorp 8.48 7.36 14.28 7.38 9.63 13.39
BVCC Bay View Capital Corp. 5.35 4.48 16.99 6.36 6.53 10.87
BWFC Bank West Financial Corp. 13.66 13.66 0.00 11.62 13.81 22.22
BYFC Broadway Financial Corp. 10.57 10.57 0.00 8.61 11.43 14.69
BYS Bay State Bancorp 8.36 8.36 0.00 8.20 9.08 16.02
CAFI Camco Financial Corp. 9.41 8.78 7.25 9.16 9.66 16.74
CAPS Capital Savings Bancorp Inc. 9.43 9.43 0.00 8.26 9.75 16.86
CASB Cascade Financial Corp. 6.94 6.94 0.00 6.88 7.91 11.96
CASH First Midwest Financial Inc. 10.83 9.77 10.82 8.40 11.33 14.30
CATB Catskill Financial Corp. 24.32 24.32 0.00 20.65 24.96 61.01
CAVB Cavalry Bancorp Inc. 10.79 10.79 0.00 10.88 11.79 13.55
CBCI Calumet Bancorp Inc. 16.77 16.77 0.00 10.68 18.02 17.38
CBES CBES Bancorp Inc. 15.78 15.78 0.00 12.01 16.27 14.89
CBK Citizens First Financial Corp. 13.88 13.88 0.00 11.08 14.18 18.49
CBSA Coastal Bancorp Inc. 3.60 3.08 14.99 5.52 3.86 11.98
CBSB Charter Financial Inc. 15.54 14.14 10.49 12.53 16.11 22.83
CCFH CCF Holding Co. 9.40 9.40 0.00 8.31 9.93 13.19
CEBK Central Co-operative Bank 9.82 8.97 9.58 NA 10.61 NA
CENB Century Bancorp Inc. 30.15 30.15 0.00 19.17 30.69 44.51
CENF CENFED Financial Corp. 6.14 6.13 0.15 6.04 6.92 12.10
CFB Commercial Federal Corp. 6.38 5.79 9.83 6.83 7.04 14.40
CFBC Community First Banking Co. 17.80 17.61 1.32 12.00 18.36 17.42
CFCP Coastal Financial Corp. 5.97 5.97 0.00 6.01 6.87 11.09
CFFC Community Financial Corp. 13.63 13.58 0.44 11.68 14.20 17.45
CFNC Carolina Fincorp Inc. 22.71 22.71 0.00 14.98 23.07 NA
CFSB CFSB Bancorp Inc. 7.92 7.92 0.00 7.63 8.47 13.77
CFTP Community Federal Bancorp 26.46 26.46 0.00 23.54 26.72 54.93
CFX CFX Corp. 8.55 8.27 3.54 8.32 9.31 14.39
CIBI Community Investors Bancorp 11.58 11.58 0.00 11.00 12.12 20.70
CKFB CKF Bancorp Inc. 21.89 21.89 0.00 19.59 22.09 34.13
</TABLE>
<TABLE>
<CAPTION>
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
---------------------------------------------------------------------- --------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker (%) (%) (%) (%) (%) (%) (%) (%)
- ------ ----------------------------------------------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL 1.24 160.38 1.11 14.92 1.99 119.83 0.86 11.17
%CCMD 1.03 402.39 1.84 30.30 4.15 80.93 0.77 13.65
AABC 0.01 NM 0.08 0.91 0.89 634.94 1.49 22.43
ABBK 0.19 366.56 0.17 2.44 0.68 233.13 0.87 12.60
ABCL 0.31 178.52 0.27 2.79 0.56 147.57 0.79 8.54
ABCW 0.60 235.13 0.97 14.59 1.42 117.38 1.04 15.95
AFBC 0.90 38.71 0.79 5.17 0.35 27.69 0.87 5.67
AFCB 0.63 192.11 0.39 3.98 1.21 192.06 1.09 11.14
AFED 0.58 250.44 0.30 2.39 1.46 234.30 0.79 5.91
AHCI 0.98 135.67 0.58 4.82 1.34 112.17 0.56 4.52
AHM 2.09 58.49 1.73 33.72 1.22 46.72 0.87 17.14
ALBC 0.52 100.00 0.38 4.48 0.52 100.00 0.51 5.84
ALBK 0.86 118.60 0.70 7.94 1.02 81.33 1.19 13.03
ALLB 0.49 203.17 1.32 11.80 1.00 38.83 0.83 7.20
AMFC NA NA NA NA 0.53 NA 1.10 6.83
ANA 0.43 297.09 0.41 2.54 1.28 243.60 1.10 6.38
ANDB 0.80 159.52 0.62 7.71 1.27 151.68 1.06 13.24
ANE 2.06 92.34 1.56 20.56 1.91 75.91 0.86 12.29
ASBI NA NA NA NA 0.39 NA 0.92 8.22
ASBP 0.12 876.09 0.08 0.53 1.03 78.25 0.92 5.89
ASFC 0.88 105.11 0.52 6.04 0.92 67.77 0.82 10.23
ATSB 2.37 43.83 1.81 16.68 1.04 40.38 0.41 3.87
AVND 2.52 101.74 1.35 15.88 2.56 86.34 (2.03) (22.59)
BANC NA NA 1.07 15.90 1.35 84.73 1.01 17.43
BDJI 0.03 NM 0.03 0.27 0.79 198.64 0.66 6.10
BFD 0.22 372.04 0.20 2.41 0.82 335.20 0.75 8.21
BFFC 0.20 150.75 0.09 0.52 0.30 150.75 NA NA
BFSB - NM 0 0.00 0.60 96.46 1.20 8.39
BKC 3.07 49.97 2.11 23.44 1.54 41.86 1.33 15.85
BKCT 1.10 185.46 0.91 8.60 2.04 131.37 1.39 13.48
BKUNA 0.39 40.78 0.37 7.78 0.16 37.97 0.44 7.37
BNKU 0.72 50.53 0.68 14.00 0.36 41.06 0.70 13.66
BPLS 1.99 88.56 1.66 38.25 1.76 72.86 0.35 6.36
BRKL 1.41 181.93 1.27 7.43 2.56 145.63 1.84 11.15
BTHL NA NA NA NA 1.48 NA 0.68 7.97
BVCC 0.49 328.08 0.51 9.50 1.59 230.25 0.45 7.32
BWFC 0.50 44.48 0.48 3.53 0.22 32.03 0.72 4.92
BYFC 0.93 109.40 1.62 15.37 1.02 52.84 0.29 2.61
BYS 0.74 109.12 0.69 8.31 0.81 104.20 0.50 6.00
CAFI 0.18 162.58 0.29 3.04 0.30 53.21 1.15 12.00
CAPS 0.31 126.46 0.28 2.92 0.40 78.85 0.99 11.07
CASB 0.17 663.11 0.35 5.09 1.13 274.48 0.66 10.11
CASH 0.58 137.44 0.74 6.84 0.80 67.97 0.96 8.51
CATB 0.62 241.07 0.35 1.43 1.49 184.75 1.35 5.24
CAVB 0.07 NM 0.05 0.49 1.27 NM 1.22 11.09
CBCI 1.43 110.93 1.64 9.76 1.58 76.23 1.61 10.20
CBES 0.36 151.96 0.54 3.42 0.54 90.67 1.11 6.32
CBK 0.46 77.92 0.62 4.43 0.36 44.35 0.71 4.82
CBSA 1.37 42.72 0.71 19.60 0.58 35.48 0.40 11.68
CBSB 0.67 113.66 0.62 4.02 0.76 90.95 1.35 9.19
CCFH 0.63 106.86 0.50 5.34 0.68 106.86 0.13 1.10
CEBK 0.58 185.68 0.42 4.30 1.08 185.68 0.82 8.11
CENB 0.82 102.01 0.58 1.93 0.84 93.95 1.63 5.89
CENF NA NA NA NA 1.12 NA 0.61 11.06
CFB 0.86 104.11 0.84 13.10 0.90 80.01 0.97 16.07
CFBC 0.74 101.37 2.19 12.28 0.75 25.76 0.51 4.66
CFCP 0.73 164.09 0.59 9.93 1.20 151.67 1.23 19.77
CFFC 0.32 203.68 0.44 3.25 0.65 129.75 1.07 7.85
CFNC 0.14 365.18 0.10 0.43 0.50 365.18 1.22 5.29
CFSB 0.12 535.67 0.10 1.31 0.62 526.14 1.26 16.39
CFTP 0.69 65.50 0.49 1.87 0.45 53.05 1.32 4.54
CFX 0.67 156.56 0.59 6.91 1.06 128.94 0.71 7.63
CIBI 0.71 88.24 0.65 5.57 0.62 82.39 0.97 8.33
CKFB 0.12 189.39 0.10 0.48 0.22 42.66 1.82 7.74
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 10 of 40
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ----------------------------------------- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLAS Classic Bancshares Inc. 15.06 13.14 14.67 11.60 15.68 23.50
CMRN Cameron Financial Corp 21.44 21.44 0.00 16.89 22.25 25.56
CMSB Commonwealth Bancorp Inc. 9.47 7.63 21.06 6.60 9.87 13.40
CMSV Community Savings Bnkshrs(MHC) 11.28 11.28 0.00 NA 11.65 NA
CNIT CENIT Bancorp Inc. 6.95 6.43 8.03 6.60 7.48 12.00
CNSB CNS Bancorp Inc. 24.44 24.44 0.00 20.01 24.83 41.37
CNY Carver Bancorp Inc. 8.48 8.19 3.78 7.63 9.17 18.01
COFI Charter One Financial 6.97 6.54 6.57 NA 7.54 NA
CONE Conestoga Bancorp, Inc. 16.18 16.18 0.00 12.17 16.22 27.71
COOP Cooperative Bankshares Inc. 7.67 7.67 0.00 7.67 7.90 14.92
CRSB Crusader Holding Corp. 3.52 3.52 0.00 5.03 NA 10.57
CRZY Crazy Woman Creek Bancorp 23.64 23.64 0.00 18.41 24.07 46.36
CSBF CSB Financial Group Inc. 23.10 22.04 5.87 21.41 23.46 48.40
CTZN CitFed Bancorp Inc. 6.06 5.57 8.65 5.70 6.59 13.36
CVAL Chester Valley Bancorp Inc. 8.82 8.82 0.00 8.54 9.76 14.56
DCBI Delphos Citizens Bancorp Inc. 26.78 26.78 0.00 12.50 26.89 26.50
DIBK Dime Financial Corp. 8.27 8.07 2.61 8.17 9.56 21.90
DIME Dime Community Bancorp Inc. 12.51 11.00 13.55 9.22 13.29 18.68
DME Dime Bancorp Inc. 6.02 4.99 17.97 5.64 6.50 11.17
DNFC D & N Financial Corp. 5.40 5.36 0.91 6.55 5.98 11.98
DSL Downey Financial Corp. 7.37 7.29 1.22 6.61 7.92 12.64
EBI Equality Bancorp Inc. 11.18 11.18 0.00 9.60 11.31 25.90
EBSI Eagle Bancshares 7.83 7.83 0.00 5.91 8.50 9.08
EFBC Empire Federal Bancorp Inc. 36.97 36.97 0.00 24.50 37.16 65.30
EFBI Enterprise Federal Bancorp 10.75 10.75 0.04 9.97 10.96 17.95
EGFC Eagle Financial Corp. 7.06 5.80 18.94 7.65 7.51 18.37
EGLB Eagle BancGroup Inc. 11.86 11.86 0.00 9.99 12.41 16.30
EMLD Emerald Financial Corp. 8.03 7.93 1.37 7.74 8.30 12.85
EQSB Equitable Federal Savings Bank 5.20 5.20 0.00 5.20 5.38 11.66
ESBK Elmira Savings Bank (The) 6.32 6.32 0.00 6.31 6.96 10.35
ESX Essex Bancorp Inc. 7.83 7.75 1.16 8.07 8.92 14.47
ETFS East Texas Financial Services 17.47 17.47 0.00 14.80 17.70 38.77
FAB FIRSTFED AMERICA BANCORP INC. 11.17 11.17 0.00 9.36 12.09 19.35
FBBC First Bell Bancorp Inc. 10.80 10.80 0.00 10.59 10.91 23.39
FBCI Fidelity Bancorp Inc. 10.47 10.45 0.19 9.00 10.57 19.10
FBCV 1ST Bancorp 8.98 8.83 1.76 8.56 9.44 15.49
FBER 1st Bergen Bancorp 13.52 13.52 0.00 10.59 14.57 26.20
FBHC Fort Bend Holding Corp. 6.77 6.37 6.25 7.40 7.30 15.16
FBNW FirstBank Corp. 16.18 16.18 0.00 11.18 16.76 17.70
FBSI First Bancshares Inc. 14.40 14.40 0.00 11.72 14.72 17.62
FCB Falmouth Bancorp Inc. 23.94 23.94 0.00 14.68 24.45 28.10
FCBF FCB Financial Corp. 14.10 14.10 0.00 11.51 14.79 19.79
FCME First Coastal Corp. 10.11 10.11 0.00 7.71 11.94 13.29
FDEF First Defiance Financial 18.44 18.44 0.00 13.65 18.9 21.55
FED FirstFed Financial Corp. 5.36 5.31 0.84 6.28 7.39 12.29
FESX First Essex Bancorp Inc. 7.60 6.75 12.10 6.65 8.49 12.28
FFBA First Colorado Bancorp Inc. 13.46 13.22 2.03 12.49 13.76 23.76
FFBH First Federal Bancshares of AR 15.08 15.08 0.00 11.98 15.30 22.52
FFBI First Financial Bancorp Inc. 9.23 9.23 0.00 8.67 9.87 15.38
FFBS FFBS BanCorp Inc. 16.71 16.71 0.00 14.04 17.13 26.11
FFBZ First Federal Bancorp Inc. 7.61 7.60 0.10 6.75 8.57 11.10
FFCH First Financial Holdings Inc. 6.44 6.44 0.00 6.71 7.10 11.30
FFDB FirstFed Bancorp Inc. 9.69 8.97 8.17 8.91 10.34 17.01
FFDF FFD Financial Corp. 24.06 24.06 0.00 16.40 24.35 32.70
FFED Fidelity Federal Bancorp 7.28 7.28 0.00 8.74 8.11 13.16
FFES First Federal of East Hartford 6.82 6.82 0.00 6.95 7.08 23.13
FFFD North Central Bancshares Inc. 22.72 22.72 0.00 NA 23.68 NA
FFFL Fidelity Bankshares Inc. (MHC) 8.20 8.16 0.62 7.90 8.41 15.80
FFHH FSF Financial Corp. 10.91 10.91 0.00 9.90 11.13 18.50
FFHS First Franklin Corp. 9.21 9.17 0.50 6.75 9.65 14.90
FFIC Flushing Financial Corp. 12.54 12.10 3.94 9.11 13.13 19.76
FFKY First Federal Financial Corp. 13.67 13.02 5.47 12.26 14.14 19.48
FFLC FFLC Bancorp Inc. 12.85 12.85 0.00 11.08 13.27 21.70
FFOH Fidelity Financial of Ohio 12.01 10.74 11.87 10.12 12.32 19.33
</TABLE>
<TABLE>
<CAPTION>
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
---------------------------------------------------------------------- --------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker (%) (%) (%) (%) (%) (%) (%) (%)
- ------ ----------------------------------------------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLAS 0.25 374.21 0.34 2.25 0.92 148.74 0.83 5.58
CMRN 0.34 279.51 0.38 1.78 0.94 82.65 1.17 5.30
CMSB 0.68 100.96 0.42 4.45 0.69 94.35 0.73 7.56
CMSV 0.53 109.86 0.42 3.71 0.59 88.29 0.77 6.79
CNIT 0.21 363.75 0.33 4.74 0.77 155.74 0.86 12.00
CNSB 0.20 293.18 0.13 0.55 0.58 293.18 0.88 3.59
CNY 1.73 66.93 1.05 12.36 1.15 41.11 (0.11) (1.33)
COFI 0.35 251.20 0.30 4.27 0.89 150.61 0.79 11.28
CONE 0.23 80.00 0.16 0.99 0.18 26.87 0.66 4.10
COOP - NM 0.07 0.90 0.30 142.58 0.61 7.87
CRSB NA NA 0.65 18.47 NA NA NA NA
CRZY 0.39 237.5 0.18 0.78 0.92 237.50 1.29 5.05
CSBF NA NA NA NA 0.63 52.91 0.49 1.98
CTZN 0.51 198.71 0.37 6.03 1.01 143.60 0.88 13.82
CVAL 0.30 385.96 0.25 2.78 1.15 385.96 1.00 11.64
DCBI 0.43 29.22 0.35 1.29 0.13 29.22 1.62 5.82
DIBK 0.61 539.86 0.29 3.49 3.30 433.25 1.94 24.20
DIME 0.82 165.95 0.53 4.24 1.36 145.69 0.90 6.15
DME 1.37 51.54 1.06 17.57 0.71 45.34 0.60 11.04
DNFC 0.29 275.65 0.29 5.40 0.80 199.00 0.88 15.75
DSL 0.78 76.96 0.89 12.05 0.60 61.86 0.79 11.07
EBI 0.79 32.16 0.39 3.48 0.25 31.69 0.55 8.13
EBSI 1.31 70.43 1.18 15.04 0.92 56.90 0.64 7.50
EFBC - NM 0.00 0.00 0.44 645.16 1.43 3.94
EFBI - NM 0.00 0.00 0.32 NM 0.83 6.94
EGFC 0.74 116.03 0.52 7.32 0.86 87.45 0.42 5.93
EGLB 1.37 55.33 1.36 11.44 0.76 40.27 0.30 2.46
EMLD 0.30 113.80 0.35 4.35 0.35 57.48 1.03 13.45
EQSB - NM 0.38 7.31 0.26 32.66 0.75 14.84
ESBK 0.66 124.96 0.69 10.95 0.82 90.95 0.39 6.13
ESX 1.06 119.50 1.92 24.53 1.27 51.58 0.12 1.41
ETFS 0.66 68.42 0.33 1.90 0.45 68.42 0.64 3.48
FAB 0.37 324.39 0.35 3.14 1.19 263.67 0.17 1.49
FBBC 0.11 112.78 0.09 0.87 0.12 112.78 1.08 10.25
FBCI 0.43 29.54 NA NA 0.13 NA 0.22 2.11
FBCV 1.26 49.69 1.23 13.68 0.63 31.23 0.74 8.86
FBER 1.57 148.98 0.75 5.53 2.34 140.88 0.78 5.26
FBHC 0.84 120.69 0.47 6.88 1.02 114.18 0.67 10.68
FBNW 0.39 187.17 0.63 3.9 0.74 90.64 0.92 8.82
FBSI 0.04 905.26 0.04 0.25 0.37 76.11 1.16 8.38
FCB - NM 0.00 0.00 0.83 NM 1.00 4.04
FCBF 0.29 305.09 0.26 1.82 0.89 269.82 1.12 7.50
FCME 0.61 408.74 0.49 4.84 2.47 325.79 0.84 8.72
FDEF 0.31 196.78 0.33 1.78 0.6 140.92 0.96 4.69
FED 0.91 287.76 0.96 18.00 2.62 210.84 0.56 11.25
FESX 0.77 190.66 0.54 7.07 1.47 164.26 0.82 11.18
FFBA 0.18 223.19 0.15 1.12 0.40 201.71 1.31 9.92
FFBH 1.14 24.13 0.94 6.22 0.27 23.21 1.03 6.76
FFBI 1.50 64.36 1.00 10.81 0.97 64.36 0.14 1.65
FFBS 0.04 NM 0.03 0.17 0.59 72.88 1.41 7.42
FFBZ 0.66 166.83 0.57 7.55 1.10 149.74 0.97 12.67
FFCH 0.86 95.05 1.35 20.92 0.82 48.83 0.88 14.21
FFDB 0.92 103.21 0.99 10.19 0.95 45.57 0.96 9.89
FFDF 0.07 642.86 0.05 0.19 0.42 642.86 1.83 7.49
FFED 0.34 299.50 0.30 4.11 1.01 240.48 0.73 12.62
FFES 1.23 108.72 0.25 3.64 1.33 88.43 0.57 8.80
FFFD NA NA NA NA 1.11 NA 1.86 7.94
FFFL 0.47 58.82 0.40 4.82 0.28 51.95 0.67 7.63
FFHH 0.30 108.91 0.22 1.98 0.32 102.41 0.83 7.24
FFHS 0.47 139.04 0.32 3.44 0.66 76.37 0.74 8.24
FFIC 0.41 263.38 0.27 2.12 1.07 223.94 0.92 6.33
FFKY - NM 0.07 0.49 0.52 98.79 1.63 11.94
FFLC 0.08 695.87 0.19 1.46 0.53 224.83 1.00 7.18
FFOH 0.23 167.81 0.18 1.54 0.38 167.81 0.93 7.22
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 11 of 40
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ----------------------------------------- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 6.37 6.24 2.22 7.23 6.66 15.10
FFSL First Independence Corp. 9.99 9.99 0.00 8.51 10.58 19.87
FFSX First Fed SB of Siouxland(MHC) 8.85 8.79 0.77 8.73 9.22 17.24
FFWC FFW Corp. 9.57 8.81 8.81 6.75 9.95 12.05
FFWD Wood Bancorp Inc. 12.80 12.80 0.00 9.41 13.16 15.76
FFYF FFY Financial Corp. 13.59 13.59 0.00 9.16 14.06 16.26
FGHC First Georgia Holding Inc. 8.30 7.75 7.25 8.24 8.92 10.14
FIBC Financial Bancorp Inc. 8.93 8.90 0.44 6.58 9.43 17.93
FISB First Indiana Corp. 9.49 9.39 1.15 8.37 10.87 12.05
FKFS First Keystone Financial 6.62 6.62 0.00 8.42 7.07 20.51
FKKY Frankfort First Bancorp Inc. 16.96 16.96 0.00 18.83 17.04 36.55
FLAG FLAG Financial Corp. 8.90 8.90 0.00 8.90 9.81 14.90
FLFC First Liberty Financial Corp. 7.59 6.95 9.11 7.60 8.56 11.61
FLGS Flagstar Bancorp Inc. 6.66 6.44 3.57 5.62 6.95 11.74
FLKY First Lancaster Bancshares 28.50 28.50 0.00 27.40 28.81 39.80
FMBD First Mutual Bancorp Inc. 13.84 10.97 23.33 18.91 14.21 19.56
FMCO FMS Financial Corp. 6.19 6.12 1.21 7.05 6.69 15.85
FMSB First Mutual Savings Bank 6.88 6.88 0.00 NA 7.97 NA
FNGB First Northern Capital Corp. 11.06 11.06 0.00 10.19 11.53 16.65
FOBC Fed One Bancorp 11.06 10.65 4.21 9.80 11.47 24.50
FPRY First Financial Bancorp 6.35 6.35 0.00 6.20 7.00 10.80
FSBI Fidelity Bancorp Inc. 6.84 6.84 0.00 9.05 7.35 18.98
FSFF First SecurityFed Financial 29.09 29.02 0.32 21.60 29.67 42.80
FSLA First Savings Bank (MHC) 9.69 8.93 8.66 8.86 10.27 22.44
FSNJ Bayonne Bancshares Inc. 15.75 15.75 0.00 12.17 16.24 34.91
FSPG First Home Bancorp Inc. 6.95 6.86 1.38 6.60 7.62 16.55
FSPT FirstSpartan Financial Corp. 26.40 26.40 0.00 19.00 26.79 31.57
FSSB First FS&LA of San Bernardino 4.33 4.18 3.63 4.29 5.38 8.52
FSTC First Citizens Corp. 10.09 8.24 20.03 8.20 11.20 12.56
FTF Texarkana First Financial Corp 15.15 15.15 0.00 15.11 15.78 25.68
FTFC First Federal Capital Corp. 7.08 6.72 5.41 6.39 7.58 12.23
FTNB Fulton Bancorp Inc. 23.98 23.98 0.00 16.20 24.89 29.60
FTSB Fort Thomas Financial Corp. 15.82 15.82 0.00 15.04 16.29 24.15
FWWB First SB of Washington Bancorp 13.38 12.51 7.39 12.63 14.03 23.03
GAF GA Financial Inc. 14.81 14.69 0.94 12.59 14.98 33.76
GDW Golden West Financial 6.81 6.81 0.00 6.47 7.40 13.14
GFCO Glenway Financial Corp. 9.29 9.20 1.05 8.40 9.61 13.80
GFED Guaranty Federal Bcshs Inc. 30.15 30.15 0.00 29.06 31.10 51.14
GLMR Gilmer Financial Svcs, Inc. 9.02 9.02 0.00 8.80 9.75 19.20
GOSB GSB Financial Corp. 28.44 28.44 0.00 20.10 28.57 40.64
GPT GreenPoint Financial Corp. 9.70 5.54 45.46 7.08 10.54 15.49
GSB Golden State Bancorp Inc. 6.76 6.20 8.73 6.10 7.73 12.18
GSBC Great Southern Bancorp Inc. 8.74 8.68 0.81 7.50 10.85 11.20
GSFC Green Street Financial Corp. 35.23 35.23 0.00 35.23 35.37 79.66
GSLA GS Financial Corp. 42.66 42.66 0.00 31.82 42.97 78.93
GTPS Great American Bancorp 19.93 19.93 0.00 NA 20.28 NA
GUPB GFSB Bancorp Inc. 12.50 12.50 0.00 NA 12.82 NA
HALL Hallmark Capital Corp. 7.62 7.62 0.00 6.70 8.12 12.32
HARBD Harbor Florida Bancshares Inc. 8.93 8.68 2.97 7.69 9.94 15.52
HARL Harleysville Savings Bank 6.81 6.81 0.00 6.82 7.37 14.24
HARS Harris Financial Inc. (MHC) 8.12 7.31 10.85 6.81 8.51 13.65
HAVN Haven Bancorp Inc. 5.72 5.70 0.28 6.42 6.35 14.04
HBBI Home Building Bancorp 14.06 14.06 0.00 10.77 14.26 21.56
HBEI Home Bancorp of Elgin Inc. 27.00 27.00 0.00 20.88 27.31 37.23
HBFW Home Bancorp 12.15 12.15 0.00 9.71 12.55 20.66
HBNK Highland Bancorp Inc. 7.55 7.55 0.00 6.85 9.16 10.65
HBS Haywood Bancshares Inc. 14.45 14.04 3.28 13.91 14.93 27.68
HCBB HCB Bancshares Inc. 18.65 18.12 3.49 13.80 19.38 29.80
HCBC High Country Bancorp Inc. 20.47 20.47 0.00 14.70 21.22 24.53
HCFC Home City Financial Corp. 19.49 19.49 0.00 15.20 20.12 26.59
HEMT HF Bancorp Inc. 7.87 6.70 15.90 6.17 8.24 15.58
HFBC HopFed Bancorp Inc. 9.27 9.27 0.00 7.98 9.39 21.95
HFFB Harrodsburg First Fin Bancorp 26.73 26.73 0.00 22.50 27.05 43.10
HFFC HF Financial Corp. 9.58 9.58 0.00 7.47 10.45 12.77
</TABLE>
<TABLE>
<CAPTION>
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
---------------------------------------------------------------------- --------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker (%) (%) (%) (%) (%) (%) (%) (%)
- ------ ----------------------------------------------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB 0.56 80.21 0.52 8.22 0.45 53.27 0.57 8.53
FFSL 1.15 70.91 0.89 8.90 0.81 40.91 0.65 6.26
FFSX 0.19 257.66 0.14 1.62 0.49 195.85 0.74 8.70
FFWC 0.33 168.93 0.31 3.28 0.56 120.30 1.03 10.50
FFWD - NM 0.02 0.14 0.44 93.94 1.44 11.43
FFYF 0.82 74.80 0.62 4.57 0.61 74.80 1.29 9.34
FGHC 1.59 44.40 1.64 19.79 0.71 12.42 1.12 13.49
FIBC 1.15 83.07 1.89 21.11 0.95 25.52 0.93 9.85
FISB 1.34 121.60 1.38 14.60 1.63 100.34 1.17 12.16
FKFS 1.29 66.39 1.15 17.38 0.86 38.88 0.81 11.60
FKKY - NM 0.00 0.00 0.08 71.94 0.18 0.84
FLAG NA NA NA NA 1.31 NA 0.88 9.55
FLFC 0.81 168.99 1.00 13.21 1.37 96.64 0.76 10.16
FLGS 2.67 12.41 3.29 49.43 0.33 8.79 1.29 20.69
FLKY 1.55 21.68 2.25 7.88 0.34 8.62 1.17 3.64
FMBD 0.15 302.11 0.13 0.93 0.46 92.09 0.24 1.79
FMCO 1.41 72.62 0.86 13.91 1.03 57.98 0.98 15.11
FMSB - NM 0.00 0.00 1.33 720.77 1.05 15.58
FNGB 0.07 722.05 0.09 0.80 0.53 535.75 0.94 8.38
FOBC 0.37 241.60 0.17 1.55 0.88 111.94 0.92 8.18
FPRY NA NA NA NA 0.84 NA 0.57 8.95
FSBI 0.29 362.66 0.15 2.15 1.04 349.48 0.78 11.40
FSFF 0.05 NM 0.03 0.10 0.97 124.86 0.64 4.66
FSLA 0.71 143.66 0.54 5.53 1.03 98.01 0.90 9.55
FSNJ 2.09 60.45 0.90 5.71 1.27 48.09 0.45 4.04
FSPG 1.20 107.68 0.78 11.27 1.29 85.83 0.92 13.68
FSPT 0.33 144.54 0.28 1.04 0.48 82.73 1.24 6.93
FSSB 1.43 102.26 2.31 53.29 1.47 45.41 (1.18) (24.70)
FSTC 1.45 100.93 1.12 11.11 1.46 99.21 1.88 19.41
FTF - NM 0.07 0.49 0.76 377.18 1.74 11.13
FTFC 0.35 173.2 0.32 4.48 0.61 155.81 1.13 17.20
FTNB 1.10 100.10 1.05 4.38 1.10 86.26 1.26 5.09
FTSB 2.22 23.24 2.04 12.88 0.52 23.24 1.23 7.53
FWWB 0.11 914.11 0.19 1.42 0.97 263.53 1.21 8.47
GAF 0.56 76.28 0.22 1.49 0.43 76.28 1.15 7.19
GDW 1.08 64.56 1.07 15.68 0.70 55.16 0.91 14.14
GFCO 0.05 718.38 0.06 0.64 0.38 542.78 0.83 8.78
GFED 0.52 237.08 0.61 2.02 1.24 154.73 1.02 7.19
GLMR 2.51 51.93 1.65 18.25 1.30 44.52 0.06 0.59
GOSB 0.17 137.39 0.10 0.35 0.23 137.39 0.64 3.79
GPT 3.99 30.70 2.9 29.86 1.22 28.75 1.12 11.00
GSB 1.04 125.35 1.08 15.92 1.31 90.12 0.66 10.22
GSBC 1.60 155.26 1.84 20.99 2.48 114.98 1.90 22.00
GSFC 0.10 197.67 0.07 0.20 0.20 197.67 1.60 4.48
GSLA - NM 0.00 0.00 0.76 246.99 1.38 3.34
GTPS NA NA NA NA 0.44 126.79 0.63 3.02
GUPB 0.44 132.26 0.24 1.95 0.58 132.26 0.89 6.11
HALL 0.13 563.39 0.09 1.20 0.71 471.85 0.67 9.31
HARBD 0.37 355.94 0.51 5.69 1.31 197.92 1.28 15.29
HARL - NM 0.00 0.02 0.78 NM 1.02 15.63
HARS 0.76 124.14 0.62 7.63 0.94 63.10 0.89 10.80
HAVN 1.09 99.97 0.66 11.51 1.09 96.47 0.62 10.41
HBBI 0.99 29.02 0.67 4.79 0.29 29.02 0.75 5.70
HBEI 0.32 110.49 0.35 1.31 0.35 85.19 0.80 2.93
HBFW - NM 0 0 0.47 464.55 0.86 6.54
HBNK 2.09 96.94 1.94 25.70 2.03 82.92 1.20 16.17
HBS 0.51 126.76 0.54 3.74 0.64 89.14 1.26 9.12
HCBB 0.44 323.01 0.23 1.24 1.42 316.88 0.30 2.00
HCBC 0.52 177.96 0.42 2.03 0.93 177.96 NA NA
HCFC 0.41 174.52 0.36 1.85 0.72 174.52 1.39 9.15
HEMT 1.45 46.07 1.38 17.49 0.67 27.21 0.03 0.43
HFBC - NM 0 0.00 0.23 93.93 0.77 8.99
HFFB - NM 0 0 0.41 70.72 1.36 5.06
HFFC 0.35 324.37 0.33 3.44 1.14 241.11 1.07 11.48
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 12 of 40
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ----------------------------------------- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
HFGI Harrington Financial Group 4.47 4.47 0.00 6.08 4.51 26.82
HFNC HFNC Financial Corp. 18.24 18.24 0.00 16.20 19.03 30.60
HFSA Hardin Bancorp Inc. 11.34 11.34 0.00 10.32 11.54 20.84
HFWA Heritage Financial Corp. 8.82 8.82 0.00 10.90 9.67 15.80
HHFC Harvest Home Financial Corp. 11.12 11.12 0.00 NA 11.25 NA
HIFS Hingham Instit. for Savings 9.60 9.60 0.00 9.80 10.30 15.66
HLFC Home Loan Financial Corp. 17.59 17.59 0.00 17.59 17.88 30.12
HMLK Hemlock Federal Financial Corp 17.22 17.22 0.00 NA 17.66 NA
HMNF HMN Financial Inc. 12.22 11.45 7.16 NA 12.62 NA
HOMF Home Federal Bancorp 8.80 8.58 2.80 8.20 9.36 12.41
HPBC Home Port Bancorp Inc. 10.51 10.51 0.00 10.51 11.76 18.59
HRBF Harbor Federal Bancorp Inc. 12.49 12.49 0.00 9.41 12.68 21.79
HRZB Horizon Financial Corp. 15.93 15.93 0.00 15.90 16.60 29.25
HTHR Hawthorne Financial Corp. 4.56 4.56 0.00 7.55 5.99 11.48
HWEN Home Financial Bancorp 16.99 16.99 0.00 14.40 17.62 25.50
HZFS Horizon Financial Svcs Corp. 10.16 10.16 0.00 7.48 10.59 13.76
IBSF IBS Financial Corp. 17.74 17.74 0.00 17.58 17.89 61.69
ICBC Independence Comm. Bank Corp. 8.67 7.28 17.35 7.30 9.55 11.90
IFSB Independence Federal Svgs Bank 7.15 6.47 10.09 6.20 7.37 16.20
INBI Industrial Bancorp Inc. 16.72 16.72 0.00 9.86 17.20 19.03
INCB Indiana Community Bank SB 12.15 12.15 0.00 NA 12.85 NA
IPSW Ipswich Savings Bank 5.21 5.21 0.00 5.40 5.94 10.81
ITLA ITLA Capital Corp. 9.78 9.75 0.34 9.61 10.98 12.67
IWBK InterWest Bancorp Inc. 6.73 6.62 1.68 6.56 7.16 13.89
JOAC Joachim Bancorp Inc. 28.91 28.91 0.00 24.20 29.13 48.40
JSB JSB Financial Inc. 23.94 23.94 0.00 NA 24.32 NA
JSBA Jefferson Savings Bancorp 9.39 7.61 20.51 7.80 10.05 14.43
JXSB Jacksonville Savings Bk (MHC) 10.41 10.41 0.00 10.36 10.81 15.24
JXVL Jacksonville Bancorp Inc. 14.63 14.63 0.00 NA 15.12 NA
KFBI Klamath First Bancorp 15.07 13.96 8.62 11.44 15.22 24.34
KNK Kankakee Bancorp Inc. 11.01 10.45 5.72 9.00 11.63 16.30
KSAV KS Bancorp Inc. 12.81 12.81 0.02 NA 13.10 12.03
KSBK KSB Bancorp Inc. 7.56 7.25 4.47 NA 8.44 NA
KYF Kentucky First Bancorp Inc. 17.02 17.02 0.00 14.50 17.47 27.06
LARK Landmark Bancshares Inc. 14.09 14.09 0.00 10.77 14.54 22.68
LARL Laurel Capital Group Inc. 10.57 10.57 0.00 10.33 11.42 21.21
LFBI Little Falls Bancorp Inc. 11.66 10.88 7.46 8.10 12.01 23.83
LFCO Life Financial Corp. 13.31 13.31 0.00 5.30 13.94 10.32
LFED Leeds Federal Bankshares (MHC) 16.63 16.63 0.00 16.19 16.82 32.64
LISB Long Island Bancorp Inc. 9.18 9.10 0.89 7.37 9.73 15.81
LOGN Logansport Financial Corp. 19.21 19.21 0.00 19.10 19.49 35.37
LONF London Financial Corp. 13.76 13.76 0.00 16.00 14.24 31.48
LSBI LSB Financial Corp. 8.58 8.58 0.00 8.01 9.30 11.98
LSBX Lawrence Savings Bank 10.45 10.45 0.00 9.85 11.33 18.14
LVSB Lakeview Financial Corp. 9.65 8.06 17.96 7.90 10.38 14.00
LXMO Lexington B&L Financial Corp. 18.34 17.39 6.24 21.80 18.98 40.10
MAFB MAF Bancorp Inc. 7.62 6.77 11.89 6.88 8.07 14.34
MARN Marion Capital Holdings 20.78 20.43 2.15 18.74 21.85 29.81
MASB MASSBANK Corp. 11.21 11.07 1.43 10.15 11.47 35.01
MBB MSB Bancorp Inc. 9.77 6.19 39.01 6.15 10.14 12.79
MBBC Monterey Bay Bancorp Inc. 11.75 11.04 6.74 9.40 12.15 17.24
MBLF MBLA Financial Corp. 12.68 12.68 0.00 11.88 12.98 32.10
MBSP Mitchell Bancorp Inc. 40.13 40.13 0.00 32.30 40.65 57.00
MCBN Mid-Coast Bancorp Inc. 8.34 8.34 0.00 8.01 8.86 14.92
MDBK Medford Bancorp Inc. 8.94 8.46 5.89 8.46 9.53 15.75
MECH MECH Financial Inc. 9.92 9.92 0.00 NA 11.50 NA
MERI Meritrust Federal SB 8.50 8.50 0.00 8.68 8.71 18.08
METF Metropolitan Financial Corp. 3.96 3.65 8.15 5.47 4.57 8.39
MFBC MFB Corp. 12.70 12.70 0.00 12.30 12.84 24.68
MFFC Milton Federal Financial Corp. 11.84 11.84 0.00 10.02 12.07 21.77
MFLR Mayflower Co-operative Bank 9.75 9.62 1.52 9.75 10.62 15.55
MFSL Maryland Federal Bancorp 8.66 8.58 1.04 8.08 9.06 16.13
MIFC Mid-Iowa Financial Corp. 9.36 9.35 0.09 7.58 9.58 18.81
MIVI Mississippi View Holding Co. 18.18 18.18 0.00 16.36 19.44 33.09
</TABLE>
<TABLE>
<CAPTION>
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
---------------------------------------------------------------------- --------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker (%) (%) (%) (%) (%) (%) (%) (%)
- ------ ----------------------------------------------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
HFGI 0.27 69.97 0.18 3.96 0.19 21.99 0.20 3.99
HFNC 0.62 157.77 0.79 4.33 0.98 100.96 1.22 5.96
HFSA 0.36 106.88 0.19 1.67 0.39 106.88 0.76 6.06
HFWA 0.16 817.44 0.10 1.19 1.30 817.44 NA NA
HHFC 0.07 393.33 0.03 0.29 0.27 393.33 0.67 5.73
HIFS 0.98 91.33 0.77 7.99 0.89 91.33 1.26 13.00
HLFC - NM 0.00 0.00 0.33 463.16 1.35 7.73
HMLK 0.33 301.56 0.15 0.84 1.01 301.56 0.58 4.44
HMNF NA NA NA NA 0.61 340.52 0.98 6.79
HOMF 0.64 104.49 0.55 6.25 0.67 101.25 1.38 16.20
HPBC - NM 0 0 1.47 NM 1.68 15.77
HRBF 0.83 37.43 0.53 4.21 0.31 37.43 0.75 5.77
HRZB - NM 0 0 0.84 NM 1.57 10.05
HTHR NA NA NA NA 1.56 NA 1.08 22.30
HWEN 1.23 64.10 1.63 9.61 0.79 38.73 0.81 4.55
HZFS 1.29 52.34 0.96 9.45 0.67 44.55 0.85 8.36
IBSF 0.38 130.18 0.11 0.64 0.49 130.18 0.79 4.36
ICBC 0.40 307.47 0.29 3.38 1.24 126.32 NA NA
IFSB NA NA NA NA 0.39 NA 0.59 8.70
INBI 0.23 236.04 0.23 1.35 0.54 155.81 1.48 8.38
INCB NA NA NA NA 0.94 NA 0.52 4.28
IPSW 0.55 176.11 0.95 18.29 0.96 77.31 1.18 20.68
ITLA 1.02 146.16 1.21 12.36 1.50 99.19 1.46 13.23
IWBK 0.56 132.39 0.69 10.26 0.74 62.65 1.09 16.51
JOAC 0.29 102.74 0.21 0.74 0.30 89.29 0.75 2.62
JSB NA NA NA NA 0.58 NA 2.43 10.55
JSBA 0.60 145.69 0.8 8.49 0.88 82.88 0.81 9.49
JXSB 1.17 43.32 0.94 9.05 0.51 42.01 0.59 5.69
JXVL 0.63 104.86 0.70 4.81 0.66 70.27 1.49 9.90
KFBI 0.03 932.65 0.02 0.1 0.24 932.65 1.07 6.11
KNK 0.72 122.13 0.89 8.10 0.88 49.02 0.87 8.04
KSAV 0.53 64.74 0.44 3.44 0.34 64.74 1.09 8.37
KSBK NA NA NA NA 1.12 NA 1.08 14.51
KYF 0.07 NM 0.04 0.22 0.77 348.65 1.13 6.77
LARK 0.07 949.09 0.15 1.08 0.62 151.09 1.08 7.63
LARL 0.54 225.09 0.42 3.96 1.22 203.92 1.40 13.45
LFBI 0.87 90.97 0.57 4.93 0.79 61.86 0.60 4.74
LFCO 1.60 50.2 1.59 11.98 0.8 39.19 3.61 31.20
LFED 0.05 566.67 0.03 0.20 0.30 453.33 1.21 7.36
LISB 1.24 73.47 0.89 9.66 0.91 62.67 0.86 9.45
LOGN 0.67 56.84 0.62 3.25 0.38 45.62 1.50 7.71
LONF 0.26 238.16 0.20 1.46 0.62 238.16 1.08 5.62
LSBI 1.16 70.58 1.01 11.81 0.82 70.58 0.80 9.09
LSBX 0.64 298.58 0.52 4.95 1.91 168.85 2.31 25.64
LVSB 1.74 81.82 1.27 13.11 1.42 57.56 1.43 13.46
LXMO 0.79 119.11 0.54 2.93 0.94 119.11 1.14 4.35
MAFB 0.31 182.92 0.26 3.40 0.57 138.86 1.14 14.69
MARN 1.24 104.88 1.43 6.91 1.30 74.17 1.58 7.09
MASB 0.65 131.79 0.19 1.71 0.86 131.79 1.12 10.51
MBB 2.51 28.39 1.61 16.49 0.71 22.76 0.29 3.11
MBBC 0.88 71.14 0.65 5.56 0.63 62.58 0.43 3.87
MBLF 0.81 62.09 0.48 3.75 0.51 62.09 0.81 6.31
MBSP 1.88 34.31 1.77 4.41 0.64 29.42 1.51 3.62
MCBN 0.93 71.43 0.85 10.25 0.66 48.53 0.75 8.91
MDBK 0.30 390.09 0.16 1.75 1.17 379.54 1.05 11.81
MECH 0.68 351.65 0.58 5.87 2.39 270.14 1.61 15.99
MERI 0.32 128.24 0.20 2.31 0.41 62.38 1.18 14.45
METF 0.39 203.47 0.52 13.09 0.79 108.45 0.69 17.58
MFBC - NM 0.00 0.00 0.18 162.45 0.83 6.04
MFFC 0.14 243.72 0.09 0.77 0.35 83.77 0.65 4.87
MFLR 1.12 132.79 0.65 6.68 1.49 124.95 1.11 11.51
MFSL 0.35 135.21 0.42 4.88 0.47 65.66 0.82 9.73
MIFC 0.39 105.32 0.21 2.23 0.41 105.32 1.21 13.06
MIVI 0.65 290.24 0.43 2.38 1.90 225.65 1.08 6.37
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 13 of 40
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ----------------------------------------- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MONT Montgomery Financial Corp. 18.60 18.60 0.00 14.32 18.78 21.92
MRKF Market Financial Corp. 35.56 35.56 0.00 23.72 35.65 64.07
MSBF MSB Financial Inc. 16.86 16.86 0.00 12.51 17.29 21.21
MSBK Mutual Savings Bank FSB 5.09 5.09 0.00 5.15 5.39 12.35
MWBI Midwest Bancshares Inc. 7.23 7.23 0.00 6.42 7.61 14.82
MWBX MetroWest Bank 7.35 7.35 0.00 7.49 8.69 11.25
MYST Mystic Financial Inc. 6.36 6.36 0.00 6.23 6.93 11.37
NASB NASB Financial Inc. 8.49 8.26 2.92 8.40 9.35 14.00
NBN Northeast Bancorp 8.26 7.58 9.00 7.58 9.26 12.34
NBSI North Bancshares Inc. 13.49 13.49 0.00 10.86 13.66 24.65
NEIB Northeast Indiana Bancorp 13.69 13.69 0.00 11.90 14.29 19.80
NEP Northeast PA Financial Corp. 7.63 7.63 0.00 7.20 8.02 14.80
NHTB New Hampshire Thrift Bncshrs 8.04 7.03 13.54 6.47 9.00 11.86
NMSB NewMil Bancorp Inc. 9.32 9.32 0.00 10.35 10.88 20.27
NSLB NS&L Bancorp Inc. 19.74 19.62 0.73 15.70 19.82 34.30
NSSY NSS Bancorp Inc. 8.14 7.92 2.94 7.80 9.10 15.87
NTBK Net.B@nk Inc. 36.60 36.60 0.00 28.30 37.08 47.8
NTMG Nutmeg Federal S&LA 8.25 8.25 0.00 8.15 8.73 13.42
NWEQ Northwest Equity Corp. 11.61 11.61 0.00 8.86 12.08 13.93
NWSB Northwest Bancorp Inc. (MHC) 9.25 8.29 11.26 8.32 9.87 16.77
OCFC Ocean Financial Corp. 14.27 14.27 0 11.91 14.7 29.90
OCN Ocwen Financial Corp. 13.67 13.23 3.71 10.66 14.56 14.83
OFCP Ottawa Financial Corp. 8.62 7.13 18.66 6.78 8.99 11.34
OHSL OHSL Financial Corp. 10.90 10.90 0.00 8.77 11.12 17.26
OSFS Ohio State Financial Services 27.08 27.08 0.00 27.08 27.45 46.45
OTFC Oregon Trail Financial Corp. 25.85 25.85 0.00 18.06 26.17 35.78
PBCI Pamrapo Bancorp Inc. 12.88 12.81 0.62 11.67 13.54 25.15
PBCT People's Bank (MHC) 8.67 8.63 0.52 8.80 9.72 13.00
PBHC Pathfinder Bancorp Inc. (MHC) 11.99 10.34 15.29 8.57 12.41 14.47
PBKB People's Bancshares Inc. 3.95 3.81 3.81 NA 4.51 NA
PCBC Perry County Financial Corp. 19.24 19.24 0.00 16.00 19.27 70.20
PDB Piedmont Bancorp Inc. 16.18 16.18 0.00 15.03 16.85 28.18
PEDE Great Pee Dee Bancorp 42.85 42.85 0.00 NA 43.29 NA
PEEK Peekskill Financial Corp. 25.24 25.24 0.00 NA 25.59 NA
PERM Permanent Bancorp Inc. 10.00 9.89 1.17 8.95 10.50 22.05
PERT Perpetual Bank (MHC) 10.48 10.48 0.00 9.44 11.15 15.57
PFDC Peoples Bancorp 15.26 15.26 0.00 12.20 15.57 24.80
PFED Park Bancorp Inc. 21.81 21.81 0.00 14.50 22.10 37.80
PFFB PFF Bancorp Inc. 9.70 9.62 0.99 8.12 10.64 15.65
PFFC Peoples Financial Corp. 18.85 18.85 0.00 16.62 19.03 36.47
PFNC Progress Financial Corp. 5.09 4.31 16.05 6.50 5.76 10.00
PFSB PennFed Financial Services Inc 6.96 6.02 14.31 6.93 7.15 15.20
PFSLD Pocahontas Bancorp Inc. 6.36 6.36 0.00 6.36 6.80 16.18
PHBK Peoples Heritage Finl Group 6.99 5.35 24.84 7.17 7.99 11.95
PHFC Pittsburgh Home Financial Corp 8.23 8.14 1.19 17.52 8.71 17.52
PHSB Peoples Home Savings Bk (MHC) 13.14 13.14 0.00 NA 13.78 NA
PKPS Poughkeepsie Financial Corp. 8.29 8.29 0.00 6.95 9.37 11.62
PLSK Pulaski Savings Bank (MHC) 11.93 11.93 0.00 11.93 12.44 28.28
PMFI Perpetual Midwest Financial 8.92 8.92 0.00 8.19 9.67 12.23
PRBC Prestige Bancorp Inc. 10.91 10.91 0.00 8.83 11.19 18.78
PROV Provident Financial Holdings 11.58 11.58 0.00 8.63 12.41 14.32
PSBK Progressive Bank Inc. 8.88 8.12 9.33 7.98 9.99 15.79
PSFC Peoples-Sidney Financial Corp. 24.74 24.74 0.00 16.70 25.13 27.10
PSFI PS Financial Inc. 26.28 26.28 0.00 25.86 26.50 65.39
PTRS Potters Financial Corp. 8.97 8.97 0.00 7.93 10.72 17.28
PULB Pulaski Bank, Svgs Bank (MHC) 13.41 13.41 0.00 13.38 13.78 26.90
PULS Pulse Bancorp 8.20 8.20 0.00 7.51 8.63 26.88
PVFC PVF Capital Corp. 7.28 7.28 0.00 7.32 7.98 10.53
PVSA Parkvale Financial Corp. 7.91 7.87 0.56 7.27 9.33 14.28
PWBC PennFirst Bancorp Inc. 7.52 6.76 10.91 6.80 8.05 19.98
PWBK Pennwood Bancorp Inc. 17.98 17.98 0.00 17.98 18.50 32.39
QCBC Quaker City Bancorp Inc. 8.63 8.63 0.00 7.30 9.56 13.19
QCFB QCF Bancorp Inc. 17.57 17.57 0.00 NA 18.41 NA
QCSB Queens County Bancorp Inc. 10.64 10.64 0.00 9.30 11.22 15.26
</TABLE>
<TABLE>
<CAPTION>
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
---------------------------------------------------------------------- --------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker (%) (%) (%) (%) (%) (%) (%) (%)
- ------ ----------------------------------------------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MONT 0.67 29.14 0.75 4.02 0.19 22.34 0.73 4.61
MRKF - NM 0.00 0.00 0.18 26.94 1.04 3.15
MSBF 0.02 NM 0.02 0.12 0.46 51.31 1.51 8.83
MSBK 0.08 754.41 0.07 1.38 0.62 434.66 (1.40) (24.99)
MWBI 0.84 73.86 0.73 10.15 0.62 52.45 0.87 12.56
MWBX 0.62 287.10 0.58 7.90 1.78 130.81 1.33 17.94
MYST 0.29 315.24 0.18 2.86 0.91 315.24 NA NA
NASB 2.93 33.69 3.07 36.15 0.99 27.86 1.67 21.15
NBN 1.29 94.16 1.24 15.04 1.21 80.05 0.66 8.47
NBSI - NM 0.00 0.00 0.26 NM 0.53 3.70
NEIB 0.66 102.40 0.59 4.30 0.68 101.79 1.21 8.12
NEP NA NA NA NA 0.56 135.14 NA NA
NHTB 0.34 349.43 0.44 5.45 1.18 146.88 0.88 11.44
NMSB 1.51 214.55 0.78 8.39 3.24 172.67 0.87 8.49
NSLB 0.02 612.50 0.01 0.07 0.14 36.57 0.72 3.63
NSSY 1.69 86.23 1.14 14.03 1.46 73.30 0.94 11.68
NTBK - NM 0 0 1.01 NM (15.77) (38.02)
NTMG 0.71 76.74 1.17 14.15 0.55 30.83 0.68 9.71
NWEQ 1.43 40.58 1.33 11.47 0.58 35.37 1.06 9.14
NWSB 0.72 117.54 0.72 7.83 0.85 86.28 0.94 9.80
OCFC 0.70 119.03 0.45 3.13 0.84 97.91 0.97 6.00
OCN 1.19 119.81 6.19 45.26 1.43 14.31 2.78 27.22
OFCP 0.28 158.32 0.27 3.09 0.44 109.69 0.87 9.93
OHSL 0.04 688.31 0.03 0.30 0.31 73.10 0.87 7.86
OSFS 0.68 83.93 0.44 1.61 0.57 83.93 0.98 6.13
OTFC 0.30 180.70 0.18 0.69 0.55 180.70 NA NA
PBCI 2.36 49.10 1.70 13.18 1.16 29.81 1.37 10.34
PBCT 0.96 163.86 0.68 7.85 1.57 153.86 1.18 13.92
PBHC 1.25 54.12 1.17 9.74 0.68 36.05 0.97 7.94
PBKB 1.03 101.37 0.57 14.41 1.04 98.78 0.83 16.65
PCBC 0.06 277.78 0.01 0.06 0.17 277.78 1.08 5.72
PDB 0.87 93.11 1.13 6.96 0.81 52.20 1.22 7.26
PEDE 0.56 102.58 0.45 1.06 0.57 97.55 NA NA
PEEK 2.90 46.24 0.77 3.03 1.34 39.49 1.09 4.23
PERM 1.25 77.05 0.70 7.05 0.97 70.95 0.62 6.54
PERT NA NA NA NA 1.02 NA 0.78 6.55
PFDC 0.28 133.33 0.25 1.67 0.37 102.04 1.49 9.78
PFED 0.49 147.06 0.23 1.04 0.73 125.00 0.87 3.84
PFFB 1.61 85.46 1.38 14.27 1.38 67.00 0.55 5.32
PFFC 0.02 NM 0.04 0.2 0.25 480.65 0.79 3.27
PFNC 0.63 157.35 0.50 9.83 1.00 63.33 0.92 17.51
PFSB 0.63 44.69 0.55 7.97 0.28 33.00 0.81 11.05
PFSLD 0.26 396.55 0.13 2.08 1.02 194.26 0.63 9.86
PHBK 0.90 155.33 0.75 10.78 1.40 114.30 1.28 16.45
PHFC 2.23 33.93 1.68 20.40 0.76 28.88 0.82 7.53
PHSB 0.80 173.17 0.38 2.93 1.38 146.58 0.79 7.33
PKPS 3.63 38.49 3.32 40.01 1.40 26.72 0.28 3.29
PLSK 0.86 102.47 0.53 4.43 0.89 95.10 0.64 6.01
PMFI 0.43 199.93 0.37 4.19 0.86 193.33 0.49 5.67
PRBC 0.63 65.96 0.43 3.91 0.42 65.96 0.59 5.12
PROV 1.07 90.34 1.41 12.19 0.96 56.25 0.78 5.74
PSBK 1.02 167.65 0.73 8.22 1.71 150.14 0.98 11.46
PSFC 0.94 47.72 0.82 3.33 0.45 34.69 1.14 5.75
PSFI 1.26 39.49 0.54 2.04 0.50 21.91 1.12 2.97
PTRS 0.25 NM 0.17 1.88 2.54 NM 1.00 10.73
PULB NA NA NA NA 0.46 NA 1.07 8.15
PULS 2.75 60.73 0.85 10.32 1.67 43.79 1.10 13.71
PVFC 0.73 102.9 0.96 13.14 0.75 65.77 1.36 19.17
PVSA 0.47 397.79 0.36 4.49 1.88 397.79 1.07 14.71
PWBC 0.93 151.98 0.45 5.98 1.41 117.30 0.68 8.64
PWBK 1.07 74.85 0.74 4.13 0.80 34.66 0.96 5.14
QCBC 1.41 83.43 1.33 15.40 1.18 70.08 0.73 8.37
QCFB 0.67 288.79 0.39 2.24 1.95 214.67 1.62 9.27
QCSB 0.43 154.61 0.44 4.16 0.67 108.40 1.61 12.95
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 14 of 40
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ----------------------------------------- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
RARB Raritan Bancorp Inc. 7.56 7.46 1.40 7.33 8.37 13.51
RCBK Richmond County Financial Corp 9.80 9.69 1.28 NA 10.36 NA
REDF RedFed Bancorp Inc. 8.34 8.32 0.35 7.81 9.11 11.94
RELI Reliance Bancshares Inc. 50.09 50.09 0.00 46.47 50.44 70.12
RELY Reliance Bancorp Inc. 8.55 5.99 31.90 5.53 8.94 14.29
RIVR River Valley Bancorp 12.72 12.56 1.43 12.47 13.59 20.85
ROSE TR Financial Corp. 6.27 6.27 0 6.26 6.66 18.61
RSLN Roslyn Bancorp Inc. 17.45 17.38 0.46 12.32 18.12 27.60
RVSB Riverview Bancorp Inc. 22.72 22.11 3.49 17.20 23.09 33.90
SBFL SB of the Finger Lakes (MHC) 8.75 8.75 0.00 8.57 9.22 21.12
SBOS Boston Bancorp (The) 12.34 12.34 0.00 10.06 12.45 26.75
SCBS Southern Community Bancshares 19.89 19.89 0.00 NA 21.02 NA
SCCB S. Carolina Community Bancshrs 20.68 20.68 0.00 18.30 21.33 38.90
SFED SFS Bancorp Inc. 12.29 12.29 0.00 12.28 12.73 23.78
SFFC StateFed Financial Corp. 17.66 17.66 0.00 10.66 17.91 18.94
SFIN Statewide Financial Corp. 9.61 9.60 0.16 8.96 10.03 22.93
SFSB SuburbFed Financial Corp. 6.73 6.71 0.29 5.99 6.93 13.32
SFSL Security First Corp. 9.36 9.23 1.50 8.17 10.12 11.33
SGVB SGV Bancorp Inc. 7.55 7.45 1.43 6.56 7.88 13.72
SHEN First Shenango Bancorp Inc. 12.76 12.76 0.00 10.42 13.63 20.25
SHSB SHS Bancorp Inc. 13.57 13.57 0.00 10.85 14.08 23.48
SIB Staten Island Bancorp Inc. 25.87 25.35 2.68 15.01 26.46 36.60
SISB SIS Bancorp Inc. 7.24 7.24 0.00 7.17 8.55 13.13
SKAN Skaneateles Bancorp Inc. 6.90 6.73 2.70 6.72 7.90 11.31
SKBO First Carnegie Deposit (MHC) 17.19 17.19 0.00 17.19 17.56 57.80
SMBC Southern Missouri Bancorp Inc. 16.60 16.60 0.00 13.75 17.08 24.95
SOBI Sobieski Bancorp Inc. 14.39 14.39 0.00 10.50 14.62 24.10
SOPN First Savings Bancorp Inc. 22.77 22.77 0 22.69 22.97 50.03
SOSA Somerset Savings Bank 6.65 6.65 0.00 6.76 8.07 10.80
SPBC St. Paul Bancorp Inc. 9.17 9.15 0.27 8.61 9.92 17.12
SRN Southern Banc Co. 17.37 17.25 0.83 NA 17.44 NA
SSB Scotland Bancorp Inc. 24.07 24.07 0.00 20.65 24.48 43.59
SSFC South Street Financial Corp. 14.90 14.90 0.00 14.43 15.09 41.97
SSM Stone Street Bancorp Inc. 28.75 28.75 0.00 25.37 29.28 43.23
STFR St. Francis Capital Corp. 8.27 7.44 10.85 7.41 8.65 12.20
STSA Sterling Financial Corp. 5.48 5.09 7.57 7.57 5.96 13.60
SVRN Sovereign Bancorp Inc. 5.43 4.66 14.89 5.24 6.06 12.15
SWBI Southwest Bancshares Inc. 11.96 11.96 0.00 8.20 12.17 13.82
SWCB Sandwich Bancorp Inc. 8.10 7.84 3.47 7.77 8.89 14.73
SZB SouthFirst Bancshares Inc. 9.67 9.45 2.54 8.69 10.15 20.24
THR Three Rivers Financial Corp. 13.46 13.43 0.34 11.60 13.98 22.42
THRD TF Financial Corp. 8.39 7.10 16.52 7.17 8.73 17.41
TPNZ Tappan Zee Financial Inc. 17.02 17.02 0.00 13.50 17.56 41.70
TRIC Tri-County Bancorp Inc. 15.36 15.36 0.00 13.30 15.82 35.01
TSBK Timberland Bancorp Inc. 8.68 8.68 0.00 11.15 9.28 16.05
TSBS Peoples Bancorp Inc. (MHC) 17.18 15.78 9.67 15.76 17.72 26.48
TSH Teche Holding Co. 13.54 13.54 0.00 12.21 14.36 22.76
TWIN Twin City Bancorp 12.89 12.89 0.00 11.33 13.01 20.61
UBMT United Financial Corp. 25.61 25.61 0.00 17.20 25.92 41.90
UCBC Union Community Bancorp 32.49 32.49 0.00 22.70 32.69 56.50
UFRM United Federal Savings Bank 7.23 7.23 0.00 7.21 8.16 10.10
USAB USABancshares Inc. 8.43 8.32 1.51 11.00 8.83 11.20
UTBI United Tennessee Bankshares 7.85 7.85 0.00 6.50 8.54 18.95
VABF Virginia Beach Fed. Financial 7.16 7.16 0.00 6.96 7.86 12.63
WAMU Washington Mutual Inc. 5.47 5.13 6.72 NA 6.17 NA
WAYN Wayne Savings Bancshares (MHC) 9.48 9.48 0.00 9.10 9.86 17.49
WBST Webster Financial Corp. 5.44 4.78 12.80 5.61 6.19 13.41
WCBI Westco Bancorp Inc. 15.38 15.38 0.00 13.43 15.66 29.32
WCFB Webster City Federal SB (MHC) 23.50 23.50 0.00 23.50 23.90 54.01
WEFC Wells Financial Corp. 14.71 14.71 0.00 NA NA NA
WEHO Westwood Homestead Fin. Corp. 22.45 22.45 0.00 21.80 22.65 40.36
WES Westcorp 9.35 9.33 0.24 9.48 10.26 12.24
WFI Winton Financial Corp. 7.39 7.27 1.84 7.10 7.64 11.10
WFSL Washington Federal Inc. 12.90 12.01 7.77 11.08 13.31 20.27
</TABLE>
<TABLE>
<CAPTION>
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
---------------------------------------------------------------------- --------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker (%) (%) (%) (%) (%) (%) (%) (%)
- ------ ----------------------------------------------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
RARB 0.34 365.19 0.23 3.06 1.23 349.74 1.02 13.13
RCBK NA NA NA NA 1.12 NA NA NA
REDF 1.36 62.87 1.69 20.25 0.86 45.34 1.12 13.43
RELI - NM 0.00 0.00 0.57 NM 1.07 2.18
RELY 1.15 76.23 0.54 6.35 0.88 69.33 0.90 10.92
RIVR 0.79 133.67 0.71 5.56 1.05 122.47 0.80 6.79
ROSE 0.85 84.84 0.48 7.73 0.72 74.9 0.98 15.86
RSLN 0.65 370.82 0.18 1.06 2.42 362.05 1.01 5.49
RVSB 0.27 218.00 0.17 0.73 0.58 218.00 1.40 9.76
SBFL 0.91 106.00 0.50 5.69 0.96 93.11 0.38 4.03
SBOS 1.41 42.86 0.65 5.23 0.61 18.09 1.89 21.12
SCBS 3.30 52.44 2.17 10.90 1.73 48.64 1.20 5.66
SCCB 1.64 49.66 1.53 7.41 0.81 42.40 1.00 3.95
SFED 0.99 58.58 0.82 6.71 0.58 53.36 0.63 5.04
SFFC 1.89 17.52 1.74 9.86 0.33 14.72 1.27 7.21
SFIN 0.67 126.02 0.4 4.14 0.84 96.26 0.82 8.74
SFSB 0.51 58.49 0.37 5.53 0.30 42.37 0.66 10.03
SFSL 0.48 176.82 0.43 4.62 0.84 176.70 1.37 14.73
SGVB 1.15 36.53 1.23 16.25 0.42 26.58 0.33 4.46
SHEN 1.07 116.66 1.04 8.11 1.25 83.27 1.15 10.20
SHSB 1.77 44.57 1.19 8.80 0.79 43.23 0.08 1.10
SIB 1.94 73.70 0.83 3.20 1.43 71.34 0.70 7.79
SISB 0.76 350.9 0.44 6.12 2.67 279.99 0.68 9.53
SKAN 1.81 65.84 1.89 27.38 1.19 52.90 0.68 9.78
SKBO 1.12 76.50 0.50 2.89 0.85 47.72 0.63 4.49
SMBC 1.07 61.51 0.83 4.98 0.66 58.44 0.85 5.25
SOBI 0.11 259.74 0.26 1.82 0.29 87.34 0.61 3.95
SOPN 0.30 101.34 0.2 0.87 0.30 101.34 1.75 7.43
SOSA 4.89 37.37 4.86 73.11 1.83 29.23 1.16 18.38
SPBC 0.20 533.34 0.17 1.91 1.06 308.50 1.09 12.24
SRN - NM 0.00 0.00 0.19 NM 0.47 2.76
SSB - NM 0.00 0.00 0.57 NM 1.66 5.21
SSFC 0.30 124.71 0.16 1.06 0.38 118.51 0.85 3.41
SSM - NM 0.00 0.00 0.61 193.22 1.45 4.52
STFR 0.42 190.95 0.21 2.59 0.81 126.18 0.78 9.55
STSA 0.45 182.65 0.73 13.34 0.83 65.29 0.56 10.35
SVRN 0.81 112.56 0.63 11.52 0.91 94.38 0.58 10.58
SWBI 0.25 115.50 0.18 1.52 0.29 115.50 1.09 9.94
SWCB 0.63 176.50 0.56 6.95 1.11 140.03 0.98 12.38
SZB 0.35 221.35 0.29 3.02 0.78 37.22 0.57 4.45
THR 1.41 56.61 0.95 7.04 0.80 47.87 0.88 6.45
THRD 0.55 146.82 0.29 3.46 0.80 117.08 0.77 7.39
TPNZ 2.56 45.98 1.19 6.99 1.18 39.34 0.84 4.85
TRIC - NM 0.00 0.00 1.01 NM 1.02 6.72
TSBK 2.87 32.79 3.03 34.97 0.94 19.72 1.55 13.76
TSBS 1.18 72.46 0.78 4.54 0.85 68.34 1.18 6.99
TSH 0.44 219.88 0.38 2.84 0.97 215.27 0.98 7.31
TWIN - NM 0.08 0.59 0.16 131.58 1.01 7.85
UBMT - NM 0.05 0.21 0.80 133.33 1.30 5.39
UCBC 0.07 484.62 0.07 0.23 0.32 257.14 1.38 8.1
UFRM 0.97 114.45 0.91 12.62 1.10 88.10 0.64 8.70
USAB 1.07 70.22 0.57 6.75 0.75 70.22 0.53 4.57
UTBI - NM 0.02 0.27 1.29 74.91 0.92 10.50
VABF 0.02 NM 0.40 5.60 0.92 61.96 0.67 9.82
WAMU 0.89 111.49 0.83 15.19 0.99 83.12 0.52 9.21
WAYN 0.13 368.58 0.43 4.58 0.46 83.22 0.75 7.99
WBST 0.96 139.06 0.65 12.00 1.34 114.22 0.53 9.72
WCBI 0.25 147.79 0.19 1.26 0.37 147.79 1.51 9.81
WCFB - NM 0.06 0.26 0.70 652.54 1.45 6.18
WEFC NA NA NA NA NA NA 1.09 7.67
WEHO - NM 0.00 0.00 0.23 171.61 0.66 2.23
WES 1.06 171.01 0.70 7.49 1.81 129.53 1.04 11.04
WFI 0.07 398.08 0.22 2.94 0.29 100.24 1.09 15.13
WFSL 0.44 126.40 0.60 4.63 0.56 69.21 1.89 15.51
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 15 of 40
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ----------------------------------------- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
WHGB WHG Bancshares Corp. 19.65 19.65 0.00 15.82 19.84 31.97
WOFC Western Ohio Financial Corp. 14.68 13.85 6.56 11.40 15.73 21.60
WRNB Warren Bancorp Inc. 10.79 10.79 0.00 9.21 11.89 12.53
WSB Washington Savings Bank, FSB 8.67 8.67 0.00 8.16 9.12 21.80
WSBI Warwick Community Bancorp 10.17 10.17 0.00 9.76 10.63 19.91
WSFS WSFS Financial Corp. 5.73 5.69 0.64 6.93 7.37 11.05
WSTR WesterFed Financial Corp. 10.40 8.62 18.75 7.83 10.88 13.29
WVFC WVS Financial Corp. 10.66 10.66 0.00 10.78 11.29 22.03
WYNE Wayne Bancorp Inc. 12.57 12.57 0.00 10.33 13.37 23.82
YFCB Yonkers Financial Corp. 13.54 13.54 0.00 11.60 13.89 30.79
YFED York Financial Corp. 8.86 8.86 0.00 7.70 9.52 12.36
- ----------------------------------------- -----------------------------------------------------------------------------------------
Average 12.71 12.47 2.97 10.97 13.32 21.87
Median 10.51 10.45 - 9.16 11.19 17.62
</TABLE>
<TABLE>
<CAPTION>
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
---------------------------------------------------------------------- --------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker (%) (%) (%) (%) (%) (%) (%) (%)
- ------ ----------------------------------------------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
WHGB 1.21 19.59 0.95 4.85 0.24 19.59 0.76 3.61
WOFC 0.71 196.59 0.55 3.76 1.39 191.22 0.05 0.34
WRNB 0.44 381.43 0.83 7.68 1.68 132.18 2.03 19.53
WSB NA NA NA NA 0.99 NA 0.77 9.10
WSBI 1.02 78.04 0.67 6.63 0.80 67.04 NA NA
WSFS 1.75 179.85 1.23 21.48 3.15 117.68 1.11 20.25
WSTR 0.44 164.57 0.29 2.82 0.73 136.97 0.78 7.16
WVFC 0.36 312.48 0.2 1.91 1.14 312.48 1.31 10.96
WYNE 1.32 90.76 0.92 7.28 1.20 87.82 0.76 5.63
YFCB 0.96 85.97 0.49 3.63 0.82 71.78 1.05 7.11
YFED 0.08 921.36 1.01 11.41 0.75 29.20 0.95 11.22
- -----------------------------------------------------------------------------------------------------------------------
0.75 180.85 0.65 6.98 0.89 133.75 0.90 8.61
0.62 122.13 0.49 4.41 0.81 91.33 0.92 8.22
</TABLE>
<PAGE>
Exhibit 3
Selected Data on all Public Thrifts
Page 16 of 40
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter
----------------------------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ----------------------------------------- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Comparable Thrift Data
ATSB AmTrust Capital Corp. 10.83 10.73 0.99 10.00 11.55 17.00
CKFB CKF Bancorp Inc. 21.89 21.89 0.00 19.59 22.09 34.13
FFBI First Financial Bancorp Inc. 9.23 9.23 0.00 8.67 9.87 15.38
FFDF FFD Financial Corp. 24.06 24.06 0.00 16.40 24.35 32.70
FTSB Fort Thomas Financial Corp. 15.82 15.82 0.00 15.04 16.29 24.15
HCFC Home City Financial Corp. 19.49 19.49 0.00 15.20 20.12 26.59
KYF Kentucky First Bancorp Inc. 17.02 17.02 0.00 14.50 17.47 27.06
LOGN Logansport Financial Corp. 19.21 19.21 0.00 19.10 19.49 35.37
MSBF MSB Financial Inc. 16.86 16.86 0.00 12.51 17.29 21.21
NSLB NS&L Bancorp Inc. 19.74 19.62 0.73 15.70 19.82 34.30
PFFC Peoples Financial Corp. 18.85 18.85 0.00 16.62 19.03 36.47
SFFC StateFed Financial Corp. 17.66 17.66 0.00 10.66 17.91 18.94
- ----------------------------------------- ----------------------------------------------------------------------------------------
Average 17.56 17.54 0.14 14.50 17.94 26.94
Median 18.26 18.26 0.00 15.12 18.47 26.83
Maximum 24.06 24.06 0.99 19.59 24.35 36.47
Minimum 9.23 9.23 0.00 8.67 9.87 15.38
MIVI * Mississippi View Holding Co. 18.18 18.18 0.00 16.36 19.44 33.09
* Pricing data is based upon the last trade
on NASDAQ, the Bank's
most current price is $18.50 (0.08) (0.08) 0.00 1.24 0.97 6.27
Variance to the Comparable Median
</TABLE>
<TABLE>
<CAPTION>
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
---------------------------------------------------------------------- --------------------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker (%) (%) (%) (%) (%) (%) (%) (%)
- ------ ----------------------------------------------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ATSB 2.37 43.83 1.81 16.68 1.04 40.38 0.41 3.87
CKFB 0.12 189.39 0.10 0.48 0.22 42.66 1.82 7.74
FFBI 1.50 64.36 1.00 10.81 0.97 64.36 0.14 1.65
FFDF 0.07 642.86 0.05 0.19 0.42 642.86 1.83 7.49
FTSB 2.22 23.24 2.04 12.88 0.52 23.24 1.23 7.53
HCFC 0.41 174.52 0.36 1.85 0.72 174.52 1.39 9.15
KYF 0.07 NM 0.04 0.22 0.77 348.65 1.13 6.77
LOGN 0.67 56.84 0.62 3.25 0.38 45.62 1.50 7.71
MSBF 0.02 NM 0.02 0.12 0.46 51.31 1.51 8.83
NSLB 0.02 612.50 0.01 0.07 0.14 36.57 0.72 3.63
PFFC 0.02 NM 0.04 0.20 0.25 480.65 0.79 3.27
SFFC 1.89 17.52 1.74 9.86 0.33 14.72 1.27 7.21
- ----------------------------------------------------------------------------------------------------------------------
0.78 202.78 0.65 4.72 0.52 163.80 1.15 6.24
0.27 64.36 0.23 1.17 0.44 48.47 1.25 7.35
2.37 642.86 2.04 16.68 1.04 642.86 1.83 9.15
0.02 17.52 0.01 0.07 0.14 14.72 0.14 1.65
0.65 290.24 0.43 2.38 1.90 225.65 1.08 6.37
0.39 225.88 0.20 1.22 1.46 177.19 (0.17) (0.98)
</TABLE>
<PAGE>
Page 17 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
---------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank 2.63 6.91 4.50 2.41 1.02 2.27 62.36 46.37
%CCMD Chevy Chase Bank, FSB 3.89 7.14 3.89 3.25 5.86 7.60 79.02 41.20
AABC Access Anytime Bancorp Inc. 3.08 6.77 3.88 2.90 0.65 3.24 91.18 89.20
ABBK Abington Bancorp Inc. 3.39 7.24 4.01 3.23 0.82 2.67 63.80 54.63
ABCL Alliance Bancorp 2.92 7.13 4.32 2.81 1.20 2.62 64.89 49.95
ABCW Anchor BanCorp Wisconsin 3.10 7.66 4.68 2.97 0.68 2.07 57.34 47.55
AFBC Advance Financial Bancorp 3.88 7.70 3.92 3.78 0.33 2.72 66.71 63.79
AFCB Affiliated Community Bancorp 3.35 7.49 4.23 3.26 0.16 1.65 48.43 45.96
AFED AFSALA Bancorp Inc. 3.56 7.00 3.61 3.39 0.24 2.30 63.33 60.73
AHCI Ambanc Holding Co. 3.32 7.23 4.00 3.24 0.21 2.48 69.81 67.82
AHM H.F. Ahmanson & Co. 2.69 7.12 4.54 2.58 0.53 1.75 49.55 39.19
ALBC Albion Banc Corp. 3.56 7.51 4.17 3.34 0.48 2.96 78.97 75.95
ALBK ALBANK Financial Corp. 3.96 7.39 3.64 3.75 0.38 2.32 52.70 47.95
ALLB Alliance Bank (MHC) 3.55 7.17 3.74 3.42 0.24 2.37 64.71 62.22
AMFC AMB Financial Corp. 3.69 7.69 4.08 3.61 0.57 2.89 69.04 64.14
ANA Acadiana Bancshares Inc. 3.61 7.58 4.05 3.53 0.39 2.19 60.13 55.78
ANDB Andover Bancorp Inc. 3.22 7.28 4.17 3.10 0.43 1.84 49.95 43.09
ANE Alliance Bncp of New England 3.57 7.14 3.74 3.40 0.49 2.80 67.15 62.41
ASBI Ameriana Bancorp 3.17 7.45 4.40 3.04 0.54 2.27 63.37 56.82
ASBP ASB Financial Corp. 3.28 7.58 4.35 3.23 0.26 2.12 60.85 57.75
ASFC Astoria Financial Corp. 2.70 6.98 4.39 2.59 0.18 1.40 45.20 41.32
ATSB AmTrust Capital Corp. 2.82 7.04 4.35 2.69 0.55 2.87 88.31 85.91
AVND Avondale Financial Corp. 4.50 8.80 4.62 4.19 0.96 3.73 73.25 67.14
BANC BankAtlantic Bancorp Inc. 3.75 7.63 4.17 3.46 0.82 2.96 67.01 59.18
BDJI First Federal Bancorp. 3.30 7.27 4.13 3.13 0.53 2.54 68.86 63.59
BFD BostonFed Bancorp Inc. 3.40 7.21 3.93 3.27 0.39 2.27 65.01 60.83
BFFC Big Foot Financial Corp. NA NA NA NA NA NA NA NA
BFSB Bedford Bancshares Inc. 4.03 7.75 3.90 3.86 0.45 2.31 53.74 48.37
BKC American Bank of Connecticut 3.32 7.23 4.03 3.20 0.57 1.81 45.02 35.13
BKCT Bancorp Connecticut Inc. 3.80 7.54 3.83 3.71 0.31 2.06 50.86 46.73
BKUNA BankUnited Financial Corp. 2.00 7.17 5.25 1.93 0.17 1.38 63.22 59.91
BNKU Bank United Corp. 2.48 7.27 4.94 2.34 0.49 1.60 55.49 46.09
BPLS Bank Plus Corp. 2.28 6.99 4.77 2.22 0.34 2.02 71.75 67.39
BRKL Brookline Bancorp (MHC) 3.96 7.86 3.92 3.94 0.17 1.14 28.95 25.96
BTHL Bethel Bancorp 4.47 8.57 4.34 4.24 0.80 3.89 74.42 69.60
BVCC Bay View Capital Corp. 2.86 7.74 4.95 2.79 0.38 2.11 63.65 58.72
BWFC Bank West Financial Corp. 3.06 7.32 4.43 2.89 0.57 2.60 75.13 70.24
BYFC Broadway Financial Corp. 4.47 7.51 3.18 4.33 0.39 3.99 80.80 79.06
BYS Bay State Bancorp 3.73 7.71 4.06 3.64 0.12 2.74 72.74 71.82
CAFI Camco Financial Corp. 3.56 7.67 4.29 3.38 0.45 2.37 61.18 56.01
CAPS Capital Savings Bancorp Inc. 3.33 7.63 4.41 3.23 0.61 2.22 57.96 50.01
CASB Cascade Financial Corp. 3.06 7.92 4.96 2.95 0.36 2.26 67.75 63.83
CASH First Midwest Financial Inc. 3.26 7.69 4.55 3.15 0.37 1.96 52.84 47.23
CATB Catskill Financial Corp. 4.14 7.29 3.23 4.06 0.14 1.91 46.03 44.13
CAVB Cavalry Bancorp Inc. 5.21 8.39 3.55 4.84 0.97 4.01 69.14 62.96
CBCI Calumet Bancorp Inc. 3.92 7.87 4.24 3.63 0.17 1.23 50.67 48.35
CBES CBES Bancorp Inc. 4.51 8.21 3.85 4.36 0.44 3.14 64.32 60.71
CBK Citizens First Financial Corp. 3.36 7.59 4.38 3.20 0.39 2.59 71.92 68.54
CBSA Coastal Bancorp Inc. 2.02 6.93 4.97 1.96 0.21 1.45 62.24 58.16
CBSB Charter Financial Inc. 3.82 7.67 4.05 3.62 0.61 2.30 50.32 41.87
CCFH CCF Holding Co. 3.65 7.12 3.67 3.45 0.78 4.44 104.91 106.03
CEBK Central Co-operative Bank 3.51 7.14 3.75 3.39 0.22 2.47 65.76 63.50
CENB Century Bancorp Inc. 3.77 7.18 3.53 3.65 0.04 1.21 33.21 32.49
CENF CENFED Financial Corp. 2.33 7.26 5.00 2.26 0.36 1.53 55.66 48.64
CFB Commercial Federal Corp. 2.58 7.41 4.96 2.45 0.87 1.73 49.11 31.01
CFBC Community First Banking Co. 4.20 8.06 4.05 4.01 0.97 3.90 78.00 72.68
CFCP Coastal Financial Corp. 3.96 7.89 4.18 3.71 0.70 2.62 58.94 51.19
CFFC Community Financial Corp. 3.91 7.79 4.07 3.72 0.40 2.16 52.33 47.23
CFNC Carolina Fincorp Inc. 4.06 7.40 3.50 3.90 0.47 2.50 57.15 51.97
CFSB CFSB Bancorp Inc. 3.06 7.4 4.39 3 0.63 1.87 51.34 41.12
CFTP Community Federal Bancorp 3.53 6.92 3.48 3.44 0.12 1.49 42.11 40.17
CFX CFX Corp. 3.95 7.43 3.77 3.66 0.68 2.77 62.72 55.84
CIBI Community Investors Bancorp 3.48 7.71 4.32 3.39 0.18 1.98 54.22 51.84
CKFB CKF Bancorp Inc. 3.75 7.46 3.80 3.66 0.10 1.67 42.50 40.92
</TABLE>
<TABLE>
<CAPTION>
Balance Sheet Growth as of the MRQ Market Data as of The Most Recent Quarter
-------------------------------------- ---------------------------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker (%) (%) (%) ($) ($) ($) ($) ($) ($)
- ------- -------------------------------------- ------------ --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL 83.69 79.23 89.33 NA NA NA NA NA NA
%CCMD (0.26) (25.07) 18.75 NA NA NA NA NA NA
AABC 0.34 26.63 (0.77) 14.00 11.00 11.250 5.147 7.510 7.51
ABBK 9.25 10.74 8.15 80.92 21.00 22.000 9.500 9.990 9.09
ABCL 104.18 57.49 120.93 223.62 26.50 28.375 16.500 16.320 16.13
ABCW 3.85 7.04 3.84 406.77 36.38 37.000 17.750 14.250 14.02
AFBC 7.81 12.70 6.71 21.01 17.38 17.875 12.750 15.160 15.16
AFCB 11.90 9.50 11.74 251.36 37.75 37.750 17.300 17.610 17.52
AFED 7.05 5.61 8.29 28.60 19.25 19.500 12.000 16.350 16.35
AHCI 8.05 13.28 11.80 82.36 18.75 19.500 11.375 14.210 14.21
AHM (6.46) (4.09) -7.21 8,761.96 66.94 66.938 32.000 20.570 17.56
ALBC 11.05 10.69 13.24 8.06 13.33 13.583 5.500 8.200 8.20
ALBK 16.46 11.29 15.62 651.80 51.44 51.438 30.500 27.860 21.64
ALLB 10.25 11.64 10.53 114.54 31.00 32.500 10.125 8.910 8.91
AMFC 16.14 14.44 18.83 16.63 15.88 17.750 12.750 15.330 15.33
ANA 4.80 16.34 (0.01) 59.55 23.38 24.750 14.875 17.260 17.26
ANDB 9.79 12.85 14.88 207.03 40.25 42.000 25.000 20.720 20.72
ANE 6.39 7.47 7.84 36.20 16.50 18.000 8.719 11.490 11.17
ASBI (1.48) 4.18 1.10 66.68 19.88 22.000 15.250 13.740 13.73
ASBP 1.21 11.79 3.89 23.31 13.25 13.875 11.500 10.590 10.59
ASFC 44.76 63.87 37.84 1,580.07 55.75 58.125 34.750 32.420 22.56
ATSB (4.31) (5.50) (7.14) 7.91 13.88 14.500 10.000 14.660 14.51
AVND (8.96) (24.12) 20.10 52.35 16.25 18.875 12.750 13.830 13.83
BANC 17.61 13.55 (3.77) 356.05 16.75 17.125 12.125 8.040 7.02
BDJI 8.30 7.67 0.75 19.84 22.00 22.000 11.667 12.110 12.11
BFD 18.78 17.97 44.54 134.22 21.88 22.313 14.375 15.720 15.15
BFFC NA NA NA 52.45 21.00 NA NA 15.090 15.09
BFSB 5.64 5.49 7.38 31.99 34.00 34.500 17.500 18.280 18.28
BKC 14.43 1.60 14.47 134.33 48.75 49.500 27.375 24.820 24.00
BKCT 5.63 3.81 1.85 102.48 21.00 25.000 10.750 9.220 9.22
BKUNA 127.89 154.94 64.45 207.81 15.41 15.625 8.500 9.130 8.11
BNKU 13.24 21.31 5.81 1,658.77 48.94 49.875 24.250 19.390 18.90
BPLS 25.15 4.53 15.86 290.51 12.63 13.750 9.625 9.360 8.52
BRKL 5.40 7.14 2.07 512.80 NA NA NA NA NA
BTHL 4.55 0.81 (1.91) 15.15 13.25 13.250 10.750 13.710 11.51
BVCC (1.63) (3.68) (4.92) 705.16 36.25 36.250 20.625 14.380 11.94
BWFC 18.43 16.81 12.42 38.04 16.13 17.500 7.000 8.830 8.83
BYFC 6.39 8.27 6.00 10.79 11.50 11.500 9.000 14.770 14.77
BYS 6.02 10.83 4.86 77.01 NA NA NA NA NA
CAFI 10.89 14.78 6.76 89.27 25.50 27.000 14.048 15.220 14.12
CAPS 2.77 6.22 5.55 43.50 25.25 25.250 12.750 12.080 12.08
CASB 21.40 34.68 33.19 50.92 13.25 16.800 11.600 8.630 8.63
CASH 10.19 3.58 11.49 62.92 22.50 22.625 15.000 16.390 14.62
CATB 6.90 1.08 4.06 82.48 18.88 19.125 13.750 15.480 15.48
CAVB 15.17 6.09 15.72 180.92 NA NA NA NA NA
CBCI (4.62) (0.98) (2.48) 112.70 33.25 34.000 21.667 25.980 25.98
CBES 21.22 20.33 23.63 22.79 22.25 22.500 14.000 17.080 17.08
CBK 4.57 8.44 (1.73) 51.54 20.25 20.250 13.875 16.600 16.60
CBSA 1.23 2.58 4.90 174.06 34.88 34.875 22.375 20.670 17.57
CBSB 0.61 4.00 5.38 140.74 25.13 25.500 12.500 14.240 12.75
CCFH 41.26 52.55 36.94 19.40 20.13 20.125 13.409 13.070 13.07
CEBK 13.20 13.49 6.48 63.62 28.50 30.250 15.875 18.350 16.59
CENB 4.25 14.69 3.76 44.91 84.75 85.000 62.000 75.700 75.70
CENF 1.12 1.88 (0.46) 283.77 45.00 45.000 25.909 22.580 22.55
CFB 4.68 4.64 (3.90) 1,491.24 35.56 36.500 20.750 14.060 12.68
CFBC NA NA NA 100.70 37.75 37.750 31.875 31.490 31.07
CFCP 24.21 9.75 6.74 112.18 24.50 27.750 14.438 7.210 7.21
CFFC 9.73 8.31 16.53 40.95 13.81 13.813 10.500 9.760 9.72
CFNC 6.99 14.94 9.24 33.94 18.50 18.500 13.313 14.060 14.06
CFSB 2.78 5.16 1.6 218.99 26.25 26.25 11.515 8.88 8.88
CFTP 10.99 9.60 2.10 85.63 20.25 21.000 16.375 14.730 14.73
CFX 21.29 28.62 10.90 806.38 30.63 30.625 15.125 10.210 9.85
CIBI 0.09 12.57 6.96 17.15 16.16 17.000 10.333 12.310 12.31
CKFB 4.77 5.12 0.98 17.12 18.50 20.500 17.500 17.140 17.14
</TABLE>
<PAGE>
Page 18 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
---------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLAS Classic Bancshares Inc. 3.85 7.25 3.62 3.62 0.35 2.98 71.98 69.30
CMRN Cameron Financial Corp 3.94 7.96 4.19 3.77 0.11 1.91 49.12 47.69
CMSB Commonwealth Bancorp Inc. 3.36 6.93 3.79 3.14 0.62 2.95 71.15 65.50
CMSV Community Savings Bnkshrs(MHC) 4.07 7.26 3.95 3.31 0.52 2.68 70.47 65.86
CNIT CENIT Bancorp Inc. 3.27 7.28 4.20 3.08 0.73 2.42 61.48 52.36
CNSB CNS Bancorp Inc. 3.65 7.22 3.73 3.49 0.18 2.34 64.14 62.35
CNY Carver Bancorp Inc. 3.13 6.48 3.52 2.96 0.33 2.45 72.86 69.86
COFI Charter One Financial 2.93 7.38 4.55 2.82 0.71 1.66 46.26 32.79
CONE Conestoga Bancorp, Inc. 3.13 6.65 3.75 2.89 0.17 1.93 63.13 60.99
COOP Cooperative Bankshares Inc. 2.90 7.08 4.27 2.81 0.16 1.96 65.73 63.83
CRSB Crusader Holding Corp. NA NA NA NA NA NA NA NA
CRZY Crazy Woman Creek Bancorp 3.58 7.35 3.83 3.53 0.14 1.72 47.02 44.92
CSBF CSB Financial Group Inc. 3.35 6.65 3.41 3.24 0.22 2.73 75.34 73.70
CTZN CitFed Bancorp Inc. 2.40 6.93 4.66 2.27 1.06 1.96 55.38 34.52
CVAL Chester Valley Bancorp Inc. 3.80 7.70 3.98 3.72 0.39 2.58 62.82 58.91
DCBI Delphos Citizens Bancorp Inc. 3.98 7.43 3.52 3.91 0.25 1.71 41.11 37.30
DIBK Dime Financial Corp. 3.33 7.30 4.03 3.27 0.24 1.56 42.98 38.86
DIME Dime Community Bancorp Inc. 3.88 7.33 3.64 3.69 0.26 2.07 47.09 43.38
DME Dime Bancorp Inc. 2.51 6.85 4.46 2.39 0.51 1.69 56.68 47.40
DNFC D & N Financial Corp. 3.08 7.73 4.72 3.01 0.41 2.12 61.90 56.72
DSL Downey Financial Corp. 2.83 7.34 4.65 2.69 0.32 1.52 57.73 52.72
EBI Equality Bancorp Inc. 2.42 6.75 4.42 2.33 0.62 2.68 90.79 88.35
EBSI Eagle Bancshares 4.09 8.25 4.53 3.72 1.62 3.90 77.84 68.21
EFBC Empire Federal Bancorp Inc. 4.28 6.97 2.82 4.15 0.78 2.54 51.60 42.54
EFBI Enterprise Federal Bancorp 2.80 7.53 4.79 2.74 0.05 1.58 56.14 55.27
EGFC Eagle Financial Corp. 3.20 7.02 3.97 3.05 0.35 2.02 51.89 46.34
EGLB Eagle BancGroup Inc. 2.53 7.17 4.72 2.45 0.19 2.18 83.01 81.66
EMLD Emerald Financial Corp. 2.87 7.55 4.75 2.80 0.31 1.57 49.63 44.01
EQSB Equitable Federal Savings Bank 2.48 7.31 4.90 2.41 0.50 1.68 59.44 50.94
ESBK Elmira Savings Bank (The) 3.71 7.58 4.06 3.52 0.85 3.36 74.99 68.92
ESX Essex Bancorp Inc. 2.99 7.80 4.97 2.84 1.34 4.12 93.36 90.23
ETFS East Texas Financial Services 3.04 6.95 3.98 2.97 0.19 2.25 71.07 69.18
FAB FIRSTFED AMERICA BANCORP INC. 2.98 7.12 4.26 2.86 0.47 2.06 61.60 55.32
FBBC First Bell Bancorp Inc. 2.45 7.03 4.62 2.41 0.08 0.72 28.99 26.66
FBCI Fidelity Bancorp Inc. 3.00 7.36 4.42 2.94 0.24 1.86 58.28 54.91
FBCV 1ST Bancorp 2.59 7.52 5.04 2.48 0.43 2.29 75.23 70.91
FBER 1st Bergen Bancorp 3.44 7.16 3.83 3.33 0.11 2.10 60.88 59.63
FBHC Fort Bend Holding Corp. 3.24 6.97 4.00 2.97 1.83 3.98 84.03 74.22
FBNW FirstBank Corp. 4.37 8.20 4.08 4.11 0.83 3.86 78.20 73.82
FBSI First Bancshares Inc. 3.57 7.67 4.26 3.40 0.31 1.94 53.39 49.19
FCB Falmouth Bancorp Inc. 4.12 7.08 3.07 4.00 0.17 2.85 68.26 66.93
FCBF FCB Financial Corp. 3.46 7.74 4.34 3.40 0.38 1.82 48.07 42.34
FCME First Coastal Corp. 4.32 7.92 3.91 4.01 0.41 3.38 75.32 72.78
FDEF First Defiance Financial 4.20 7.82 3.81 4.01 0.25 2.51 57.91 55.28
FED FirstFed Financial Corp. 2.39 7.25 4.95 2.30 0.23 1.07 41.43 35.55
FESX First Essex Bancorp Inc. 3.31 7.59 4.42 3.18 0.25 2.01 55.12 51.52
FFBA First Colorado Bancorp Inc. 3.29 7.09 3.94 3.15 0.36 1.58 46.71 40.57
FFBH First Federal Bancshares of AR 3.22 7.58 4.45 3.13 0.26 1.85 55.24 51.58
FFBI First Financial Bancorp Inc. 3.08 7.18 4.25 2.93 0.55 2.97 85.19 82.41
FFBS FFBS BanCorp Inc. 3.70 7.48 3.84 3.64 0.50 1.92 46.26 38.94
FFBZ First Federal Bancorp Inc. 3.76 7.67 4.24 3.44 0.46 2.37 59.82 54.48
FFCH First Financial Holdings Inc. 3.11 7.54 4.53 3.01 0.73 2.23 59.43 49.60
FFDB FirstFed Bancorp Inc. 3.62 7.61 4.12 3.49 0.50 2.17 59.64 53.84
FFDF FFD Financial Corp. 3.35 6.98 3.68 3.31 0.07 1.95 57.77 56.88
FFED Fidelity Federal Bancorp 2.77 8.01 5.42 2.59 1.38 2.92 73.56 59.45
FFES First Federal of East Hartford 2.36 6.77 4.48 2.29 0.16 1.39 56.76 53.78
FFFD North Central Bancshares Inc. 4.06 7.69 3.75 3.94 1.09 2.17 43.21 27.56
FFFL Fidelity Bankshares Inc. (MHC) 3.36 7.29 4.10 3.18 0.41 2.56 70.69 66.90
FFHH FSF Financial Corp. 3.01 7.41 4.49 2.93 0.40 1.92 57.76 51.97
FFHS First Franklin Corp. 2.69 7.22 4.60 2.62 0.18 1.75 61.90 59.34
FFIC Flushing Financial Corp. 3.62 7.18 3.73 3.44 0.23 2.07 55.79 52.81
FFKY First Federal Financial Corp. 4.17 7.92 4.01 3.92 0.62 2.07 44.23 35.43
FFLC FFLC Bancorp Inc. 3.53 7.50 4.11 3.39 0.24 1.99 54.76 51.55
FFOH Fidelity Financial of Ohio 3.11 7.32 4.33 2.99 0.21 1.80 51.96 48.62
</TABLE>
<TABLE>
<CAPTION>
Balance Sheet Growth as of the MRQ Market Data as of The Most Recent Quarter
-------------------------------------- ---------------------------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker (%) (%) (%) ($) ($) ($) ($) ($) ($)
- ------- -------------------------------------- ------------ --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLAS 3.45 11.53 2.42 26.00 16.75 17.250 11.625 15.380 13.12
CMRN 10.10 12.31 5.63 52.52 20.50 21.000 15.500 17.660 17.66
CMSB 7.01 14.54 4.12 367.59 19.88 21.500 13.500 13.220 10.44
CMSV 9.91 16.03 7.20 191.06 35.38 39.750 18.500 16.390 16.39
CNIT 1.55 15.31 1.74 131.90 79.50 80.000 40.000 31.720 29.17
CNSB 0.42 8.11 0.00 30.17 20.50 21.500 15.000 14.470 14.47
CNY 11.72 136.40 2.18 34.42 16.25 17.125 8.375 15.230 14.65
COFI 10.48 25.49 0.09 4,273.91 63.13 64.000 39.167 21.560 20.14
CONE 11.04 (0.08) 13.23 NA 20.63 20.780 14.375 17.580 17.58
COOP 8.15 8.88 3.79 57.45 24.50 25.000 10.000 9.480 9.48
CRSB NA NA NA 56.12 NA NA NA 2.270 2.27
CRZY 15.56 7.73 4.95 16.11 15.00 15.688 11.875 15.040 15.04
CSBF 0.16 (2.11) 2.67 11.13 13.50 13.500 10.000 13.090 12.32
CTZN 18.58 10.90 15.29 748.10 39 40.125 21.000 16.140 14.74
CVAL 12.22 9.67 9.86 76.21 29.25 29.250 14.095 13.240 13.24
DCBI 1.07 17.19 2.46 40.86 20.75 20.750 12.000 14.830 14.83
DIBK 27.58 (6.55) 31.63 184.29 30.50 32.000 17.250 15.350 14.95
DIME 20.78 32.36 8.32 326.50 23.75 25.500 14.500 14.970 12.94
DME 15.78 36.61 7.70 3,505.28 30.25 30.250 14.625 11.300 9.27
DNFC 23.23 22.92 8.20 252.50 26.50 26.750 14.886 10.780 10.68
DSL 12.27 13.84 16.70 867.91 28.44 29.000 18.095 16.080 15.88
EBI 13.17 12.06 (4.12) 38.53 14.50 15.375 12.000 10.310 10.31
EBSI 15.84 21.55 11.98 155.83 22.00 22.000 14.750 12.840 12.84
EFBC NA NA NA 44.39 17.13 18.250 12.500 15.660 15.66
EFBI 22.27 20.89 2.78 64.54 31.50 31.500 14.125 16.310 16.30
EGFC 47.95 35.41 28.36 384.31 55.00 55.000 26.750 23.390 18.96
EGLB (0.89) 14.67 (1.90) 24.29 18.88 20.000 14.500 17.240 17.24
EMLD 6.43 10.17 5.52 112.87 22.13 22.125 10.625 9.560 9.43
EQSB 12.23 10.62 7.95 41.37 26.50 26.500 14.250 13.770 13.77
ESBK 3.65 4.20 2.58 22.22 30.00 30.000 15.952 20.070 20.07
ESX 11.89 15.71 16.74 5.03 4.75 7.938 1.000 0.030 (0.16)
ETFS 5.87 19.71 (0.87) 22.52 15.83 15.833 11.250 13.630 13.63
FAB 19.35 13.47 2.49 183.40 21.88 22.125 13.625 16.010 16.01
FBBC 2.97 9.15 2.30 133.47 19.00 19.375 13.250 11.210 11.21
FBCI 1.15 7.41 0.76 70.37 25.63 25.750 16.875 18.220 18.19
FBCV (2.21) 3.81 (0.16) 30.51 29.29 29.286 18.095 21.080 20.71
FBER 17.55 3.09 6.50 55.14 19.13 19.500 11.375 13.710 13.71
FBHC 8.69 27.04 7.22 46.48 21.75 24.000 11.000 12.280 11.51
FBNW 37.61 29.12 5.76 39.68 18.88 19.000 15.500 16.190 16.19
FBSI 2.87 9.85 7.03 35.04 15.63 15.625 8.250 10.640 10.64
FCB 10.22 36.78 10.95 33.28 20.50 22.000 13.125 16.060 16.06
FCBF 93.62 78.23 106.79 127.46 29.50 30.000 18.500 18.970 18.97
FCME (0.90) 7.72 (0.08) 19.37 14.88 15.750 7.250 10.890 10.89
FDEF 6.68 6.33 3.35 132.18 16.00 16.250 11.813 12.530 12.53
FED 0.39 3.36 -0.71 442.23 38.75 39.5 21.5 21.04 20.86
FESX 12.21 1.99 7.72 181.35 23.25 23.250 13.375 12.080 10.62
FFBA 2.72 9.76 4.06 499.01 23.75 26.125 16.000 12.450 12.20
FFBH 8.67 9.40 6.63 140.76 23.75 24.250 15.875 16.930 16.93
FFBI (12.52) (25.95) 2.60 10.49 21.00 21.000 15.500 18.370 18.37
FFBS 7.34 11.76 6.52 34.98 21.25 26.000 21.000 15.070 15.07
FFBZ 10.46 10.39 0.33 37.80 21.13 21.500 16.000 9.140 9.13
FFCH 13.34 8.77 6.36 356.62 26.56 26.563 11.125 8.540 8.54
FFDB 1.30 (7.33) 2.19 27.72 21.63 22.750 12.500 15.000 13.77
FFDF 7.20 25.22 7.93 32.51 18.00 19.500 13.000 15.380 15.38
FFED (17.05) (16.22) (14.09) 29.32 10.31 10.500 7.500 5.020 5.02
FFES 2.52 14.12 2.95 114.31 37.25 37.750 22.875 24.760 24.76
FFFD 9.29 15.27 8.79 76.15 19.88 20.000 13.500 15.430 15.43
FFFL 21.97 19.91 19.33 207.35 28.50 28.500 15.000 12.650 12.57
FFHH 11.17 21.04 5.88 62.05 20.94 21.000 14.750 16.340 16.34
FFHS 3.69 1.79 3.88 32.04 31.25 31.250 16.000 17.810 17.72
FFIC 40.39 55.81 12.53 216.28 23.88 24.000 17.375 17.350 16.67
FFKY 5.79 8.05 8.76 91.86 22.75 23.500 17.750 12.810 12.11
FFLC 15.53 38.44 11.58 74.88 21.75 23.500 12.300 13.740 13.74
FFOH 7.04 10.15 5.85 102.07 15.50 16.375 11.500 11.490 10.13
</TABLE>
<PAGE>
Page 19 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
---------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 2.80 7.36 4.69 2.68 0.39 2.13 69.50 65.04
FFSL First Independence Corp. 2.85 7.40 4.61 2.78 0.23 1.93 64.77 61.80
FFSX First Fed SB of Siouxland(MHC) 3.08 7.41 4.47 2.94 0.54 2.30 66.05 59.83
FFWC FFW Corp. 3.28 7.71 4.53 3.17 0.45 1.97 53.11 46.47
FFWD Wood Bancorp Inc. 4.30 8.12 3.96 4.16 0.26 2.30 52.30 49.37
FFYF FFY Financial Corp. 3.75 7.81 4.16 3.65 0.17 1.82 47.63 45.22
FGHC First Georgia Holding Inc. 4.25 8.47 4.54 3.93 0.87 3.15 64.45 56.58
FIBC Financial Bancorp Inc. 3.80 7.32 3.71 3.61 0.23 1.96 51.62 48.49
FISB First Indiana Corp. 4.36 8.43 4.26 4.17 0.79 2.66 54.02 45.32
FKFS First Keystone Financial 3.34 7.30 4.08 3.22 0.30 2.24 63.66 60.22
FKKY Frankfort First Bancorp Inc. 3.35 7.24 3.97 3.28 0.04 1.69 51.02 50.42
FLAG FLAG Financial Corp. 4.14 7.74 4.05 3.69 1.27 3.75 74.88 66.24
FLFC First Liberty Financial Corp. 3.93 7.90 4.31 3.59 0.86 2.74 58.82 48.91
FLGS Flagstar Bancorp Inc. 2.74 7.25 4.73 2.52 3.79 3.95 57.25 (6.98)
FLKY First Lancaster Bancshares 4.76 8.34 3.65 4.69 0.00 2.71 57.70 57.70
FMBD First Mutual Bancorp Inc. 3.00 6.96 4.18 2.78 0.36 2.72 81.13 78.72
FMCO FMS Financial Corp. 3.72 7.26 3.71 3.55 0.44 2.38 56.57 51.19
FMSB First Mutual Savings Bank 3.78 8.46 4.78 3.67 0.36 2.25 55.77 51.39
FNGB First Northern Capital Corp. 3.26 7.28 4.14 3.14 0.44 2.09 58.32 52.45
FOBC Fed One Bancorp 3.40 7.26 3.97 3.29 0.18 2.00 55.55 53.11
FPRY First Financial Bancorp 3.13 7.64 4.68 2.95 0.50 2.71 77.74 74.01
FSBI Fidelity Bancorp Inc. 2.99 7.16 4.24 2.91 0.23 1.88 59.50 56.26
FSFF First SecurityFed Financial 3.94 7.29 3.57 3.72 0.22 1.76 44.21 40.89
FSLA First Savings Bank (MHC) 3.23 7.05 3.97 3.09 0.23 1.70 48.63 44.87
FSNJ Bayonne Bancshares Inc. 2.61 6.74 4.19 2.55 0.21 1.67 60.02 56.72
FSPG First Home Bancorp Inc. 3.05 7.58 4.60 2.97 0.19 1.74 53.83 50.82
FSPT FirstSpartan Financial Corp. 3.69 7.14 3.54 3.60 0.34 1.87 47.46 42.50
FSSB First FS&LA of San Bernardino 3.56 7.66 4.34 3.32 0.91 4.38 98.33 97.87
FSTC First Citizens Corp. 4.46 7.86 3.62 4.24 0.71 2.28 65.26 59.48
FTF Texarkana First Financial Corp 3.89 7.96 4.16 3.80 0.43 1.50 35.71 28.51
FTFC First Federal Capital Corp. 3.07 7.47 4.56 2.90 1.21 2.61 62.75 47.28
FTNB Fulton Bancorp Inc. 3.85 7.61 3.82 3.79 0.45 2.45 56.84 51.67
FTSB Fort Thomas Financial Corp. 4.15 8.49 4.46 4.03 0.31 2.29 52.81 49.23
FWWB First SB of Washington Bancorp 3.69 7.78 4.23 3.55 0.31 1.94 47.97 43.46
GAF GA Financial Inc. 3.61 7.26 3.75 3.51 0.27 2.03 53.20 49.62
GDW Golden West Financial 2.36 7.30 5.00 2.29 0.19 0.84 33.93 28.51
GFCO Glenway Financial Corp. 3.22 7.52 4.42 3.10 0.29 2.02 57.57 53.64
GFED Guaranty Federal Bcshs Inc. 3.56 7.73 4.33 3.4 0.33 2.12 57.16 53.06
GLMR Gilmer Financial Svcs, Inc. 2.78 7.50 4.74 2.76 0.51 2.41 73.93 69.11
GOSB GSB Financial Corp. 3.69 6.26 2.73 3.53 0.20 2.66 71.29 69.67
GPT GreenPoint Financial Corp. 3.87 7.39 3.78 3.61 0.35 2.03 42.81 37.25
GSB Golden State Bancorp Inc. 2.72 7.06 4.48 2.58 0.62 1.80 54.15 43.16
GSBC Great Southern Bancorp Inc. 4.09 8.23 4.29 3.94 1.41 2.57 48.88 30.56
GSFC Green Street Financial Corp. 4.37 7.43 3.10 4.33 0.05 1.79 41.01 40.29
GSLA GS Financial Corp. 4.55 6.88 2.49 4.39 0.01 2.22 50.39 50.26
GTPS Great American Bancorp 4.35 7.33 3.28 4.04 0.54 3.37 74.09 70.63
GUPB GFSB Bancorp Inc. 3.00 7.35 4.38 2.97 0.06 1.67 54.92 53.97
HALL Hallmark Capital Corp. 2.55 7.66 5.18 2.48 0.22 1.52 56.28 52.48
HARBD Harbor Florida Bancshares Inc. 3.81 7.83 4.12 3.71 0.35 1.97 47.94 42.97
HARL Harleysville Savings Bank 2.78 7.41 4.70 2.71 0.12 1.25 44.34 41.91
HARS Harris Financial Inc. (MHC) 2.50 7.07 4.67 2.40 0.33 1.80 62.68 57.54
HAVN Haven Bancorp Inc. 3.08 7.09 4.18 2.91 0.78 2.56 68.71 60.32
HBBI Home Building Bancorp 3.54 7.56 4.14 3.43 0.25 2.50 68.18 65.89
HBEI Home Bancorp of Elgin Inc. 4.27 7.06 2.98 4.09 0.29 3.08 70.95 68.89
HBFW Home Bancorp 2.86 7.41 4.59 2.81 0.08 1.39 48.15 46.73
HBNK Highland Bancorp Inc. 4.40 8.77 4.76 4.01 0.35 2.05 44.43 39.55
HBS Haywood Bancshares Inc. 3.38 7.27 4.12 3.15 0.29 1.38 58.66 54.88
HCBB HCB Bancshares Inc. 3.14 7.25 4.23 3.02 0.25 2.66 79.15 77.41
HCBC High Country Bancorp Inc. NA NA NA NA NA NA NA NA
HCFC Home City Financial Corp. 4.59 9.19 4.73 4.46 0.13 2.55 55.54 54.29
HEMT HF Bancorp Inc. 2.44 7.02 4.67 2.35 0.25 2.21 73.06 70.25
HFBC HopFed Bancorp Inc. 2.17 6.52 4.39 2.13 0.30 1.20 49.51 42.50
HFFB Harrodsburg First Fin Bancorp 3.63 7.12 3.56 3.56 0.09 1.55 42.33 40.86
HFFC HF Financial Corp. 3.71 8.01 4.49 3.53 1.46 3.19 62.21 46.59
</TABLE>
<TABLE>
<CAPTION>
Balance Sheet Growth as of the MRQ Market Data as of The Most Recent Quarter
-------------------------------------- ---------------------------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker (%) (%) (%) ($) ($) ($) ($) ($) ($)
- ------- -------------------------------------- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB 21.16 10.26 6.96 203.45 43.13 43.125 23.250 22.950 22.44
FFSL 4.37 16.52 8.53 14.31 14.00 15.000 10.250 11.910 11.91
FFSX 0.36 2.52 (0.50) 104.87 31.75 34.500 18.833 14.340 14.23
FFWC 20.92 19.45 18.48 28.99 19.00 20.875 10.750 12.690 11.57
FFWD 4.29 7.66 9.22 53.02 18.80 18.800 8.400 8.040 8.04
FFYF 5.57 1.92 (1.49) 135.33 33.13 33.125 25.000 20.530 20.53
FGHC 10.52 16.40 6.67 37.01 9.50 9.500 5.333 4.530 4.20
FIBC 18.97 8.82 7.93 42.74 24.13 25.750 14.875 16.100 16.03
FISB 7.82 11.07 1.10 346.79 25.21 26.458 14.479 12.080 11.94
FKFS 21.83 10.31 3.68 47.05 17.88 18.688 9.500 10.380 10.38
FKKY 2.23 7.58 (5.25) 27.12 17.63 24.500 16.000 13.920 13.92
FLAG 11.73 8.32 (0.02) 40.99 21.50 21.500 10.250 10.830 10.83
FLFC 5.17 4.34 8.22 255.70 32.00 33.750 18.250 12.490 11.35
FLGS 46.55 49.04 77.74 363.12 19.80 21.750 13.000 9.260 8.93
FLKY 35.33 37.59 6.14 14.77 15.94 16.375 14.500 14.920 14.92
FMBD 17.98 9.25 57.71 68.83 25.00 25.000 13.750 16.800 12.88
FMCO 16.00 (1.19) 7.98 94.72 35.50 35.500 18.375 16.300 16.10
FMSB 6.94 8.58 13.53 74.77 18.50 20.167 10.606 7.430 7.43
FNGB 8.48 7.04 5.12 120.52 14.00 14.000 8.125 8.350 8.35
FOBC 7.28 24.31 3.70 88.77 27.50 27.500 15.750 17.670 16.93
FPRY 10.78 25.03 10.52 NA 20.75 21.125 17.250 17.070 17.07
FSBI 22.71 24.67 8.23 49.63 23.20 23.400 13.454 13.770 13.77
FSFF 22.37 14.08 (4.28) 99.32 15.75 16.625 15.000 14.340 14.29
FSLA 6.30 15.40 2.73 328.67 54.50 54.5 16.591 12.68 11.58
FSNJ 5.54 (2.88) (4.20) 140.87 13.38 13.375 7.160 10.630 10.63
FSPG 7.91 6.56 12.31 88.36 30.13 30.500 13.875 13.800 13.61
FSPT 31.90 19.37 10.53 199.35 40.25 40.250 35.000 29.520 29.52
FSSB 0.37 11.00 1.86 3.16 9.75 11.500 9.000 13.680 13.18
FSTC 36.90 31.41 42.51 90.80 34.00 35.500 14.167 12.860 10.28
FTF 10.20 8.10 6.35 49.27 25.00 27.000 14.875 15.520 15.52
FTFC 1.91 9.95 11.96 303.29 33.875 34.000 15.833 11.900 11.26
FTNB 8.57 2.63 1.73 37.71 22.13 26.500 14.750 15.060 15.06
FTSB 9.62 12.18 10.00 22.49 15.38 15.500 9.250 10.710 10.71
FWWB 16.34 26.39 9.36 257.79 27.50 28.563 18.000 16.120 14.93
GAF 23.64 32.24 2.80 155.32 18.88 19.813 14.875 15.050 14.91
GDW 4.93 10.51 9.09 5,507.11 97.81 97.813 59.875 47.280 47.28
GFCO 9.29 12.40 (0.76) 45.65 18.75 19.500 9.500 12.410 12.28
GFED 20.79 17.51 -2.16 76.21 12.88 14.436 5.955 11.18 11.18
GLMR 7.89 14.84 14.24 2.70 11.00 12.000 10.000 19.880 19.88
GOSB 19.51 12.23 (1.38) 38.22 18.06 18.938 14.250 14.660 14.66
GPT (1.82) 20.34 (4.19) 3,147.59 36.28 36.282 22.813 17.000 9.27
GSB 5.96 5.18 8.69 1,998.71 37.44 37.438 22.500 16.620 15.00
GSBC 12.10 10.04 22.38 210.25 24.50 25.875 16.000 8.130 8.06
GSFC 2.00 5.43 2.20 78.98 18.25 20.750 15.500 14.730 14.73
GSLA 50.08 21.32 (7.49) 69.20 21.00 21.000 13.375 16.300 16.30
GTPS 7.26 22.32 11.19 35.53 19.00 20.000 14.563 18.470 18.47
GUPB 40.32 47.60 17.44 18.82 21.13 22.250 15.750 17.910 17.91
HALL 4.21 12.58 1.01 44.74 17.00 18.000 8.500 10.750 10.75
HARBD 6.47 9.01 7.24 368.39 11.02 11.607 5.575 NA NA
HARL 7.29 5.37 7.42 51.89 27.50 30.250 15.200 14.230 14.23
HARS 24.50 8.64 (2.32) 912.34 19.88 20.750 6.042 5.290 4.72
HAVN 24.71 35.77 19.97 242.68 22.50 22.688 13.938 12.850 12.81
HBBI (4.79) 1.69 (7.69) 7.48 21.25 23.750 18.500 20.610 20.61
HBEI (1.05) 14.29 (1.42) 119.12 17.88 19.313 13.000 13.890 13.89
HBFW 7.65 14.66 9.3 81.10 29.50 29.5 19 17.83 17.83
HBNK 12.19 14.39 (5.52) 86.94 32.75 33.125 17.500 17.900 17.90
HBS 17.25 4.38 10.55 28.45 22.50 22.625 15.625 17.730 17.15
HCBB 16.12 8.46 (1.86) 39.34 14.50 14.500 12.625 14.450 13.95
HCBC NA NA NA 20.17 15.50 NA NA 13.490 13.49
HCFC NA NA NA 16.85 18.50 18.5 12 15.47 15.47
HEMT 4.98 30.20 1.12 106.33 17.50 17.875 11.000 13.290 11.18
HFBC NA NA NA 74.12 NA NA NA NA NA
HFFB 1.73 5.17 1.07 32.17 16.75 18.250 14.750 15.850 15.85
HFFC 5.05 0.02 7.48 90.81 26.50 27.250 16.750 18.700 18.70
</TABLE>
<PAGE>
Page 20 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HFGI Harrington Financial Group 1.35 6.58 5.26 1.31 0.05 1.03 75.04 74.02
HFNC HFNC Financial Corp. 3.40 7.61 4.31 3.29 0.12 1.84 53.55 51.92
HFSA Hardin Bancorp Inc. 2.77 7.37 4.64 2.74 0.25 1.80 60.72 57.15
HFWA Heritage Financial Corp. NA NA NA NA NA NA NA NA
HHFC Harvest Home Financial Corp. 2.65 7.06 4.46 2.61 0.06 1.65 62.00 61.07
HIFS Hingham Instit. for Savings 4.02 7.76 3.86 3.90 0.31 2.11 50.10 46.15
HLFC Home Loan Financial Corp. 4.74 8.10 3.45 4.65 0.44 2.90 56.90 52.78
HMLK Hemlock Federal Financial Corp 3.50 6.99 3.54 3.45 0.33 2.17 57.44 53.32
HMNF HMN Financial Inc. 2.77 7.18 4.48 2.70 0.18 1.58 54.74 51.80
HOMF Home Federal Bancorp 3.69 7.92 4.41 3.51 0.86 2.16 50.22 37.96
HPBC Home Port Bancorp Inc. 4.71 8.13 3.58 4.56 0.46 2.21 44.09 38.47
HRBF Harbor Federal Bancorp Inc. 3.00 7.38 4.44 2.94 0.13 1.87 60.75 58.96
HRZB Horizon Financial Corp. 3.64 7.75 4.23 3.52 0.26 1.40 37.01 32.28
HTHR Hawthorne Financial Corp. 3.79 8.52 4.94 3.58 0.42 2.45 61.97 57.52
HWEN Home Financial Bancorp 4.39 8.60 4.36 4.24 0.32 3.35 74.61 72.71
HZFS Horizon Financial Svcs Corp. 3.27 7.62 4.48 3.13 0.51 2.38 64.08 58.23
IBSF IBS Financial Corp. 3.12 6.98 3.95 3.03 0.11 1.93 61.58 60.22
ICBC Independence Comm. Bank Corp. NA NA NA NA NA NA NA NA
IFSB Independence Federal Svgs Bank 2.56 7.06 4.67 2.39 1.09 3.07 84.14 76.93
INBI Industrial Bancorp Inc. 4.05 8.04 4.07 3.97 0.15 1.78 43.27 41.16
INCB Indiana Community Bank SB 4.28 7.74 3.57 4.17 1.04 3.97 76.12 70.14
IPSW Ipswich Savings Bank 3.60 7.17 3.74 3.43 0.58 2.39 60.16 53.44
ITLA ITLA Capital Corp. 4.94 9.98 5.08 4.90 0.19 2.19 41.96 39.69
IWBK InterWest Bancorp Inc. 3.25 7.56 4.51 3.05 0.61 2.17 58.16 49.74
JOAC Joachim Bancorp Inc. 4.22 7.19 3.06 4.12 0.14 2.95 69.75 68.74
JSB JSB Financial Inc. 4.55 7.06 2.61 4.45 0.29 1.11 38.01 33.94
JSBA Jefferson Savings Bancorp 3.10 7.59 4.63 2.96 0.18 1.81 53.47 50.58
JXSB Jacksonville Savings Bk (MHC) 3.53 7.60 4.29 3.31 0.41 2.82 75.69 72.64
JXVL Jacksonville Bancorp Inc. 3.89 7.78 3.99 3.79 0.56 2.17 52.33 45.28
KFBI Klamath First Bancorp 3.32 7.14 3.92 3.22 0.17 1.71 47.68 44.92
KNK Kankakee Bancorp Inc. 3.22 7.23 4.15 3.09 0.46 2.37 65.13 59.95
KSAV KS Bancorp Inc. 3.86 7.80 4.12 3.68 0.11 2.01 52.79 51.36
KSBK KSB Bancorp Inc. 4.49 8.36 4.01 4.35 0.78 3.21 61.08 54.15
KYF Kentucky First Bancorp Inc. 3.45 7.23 3.85 3.37 0.18 1.91 53.63 51.11
LARK Landmark Bancshares Inc. 3.15 7.50 4.41 3.09 0.25 1.60 47.64 43.37
LARL Laurel Capital Group Inc. 3.69 7.43 3.81 3.62 0.32 1.72 43.61 38.58
LFBI Little Falls Bancorp Inc. 2.72 6.76 4.14 2.61 0.06 1.70 58.69 57.75
LFCO Life Financial Corp. 3.56 6.00 3.64 2.36 8.88 4.29 37.89 (196.30)
LFED Leeds Federal Bankshares (MHC) 2.95 7.06 4.16 2.90 0.10 1.05 35.11 32.88
LISB Long Island Bancorp Inc. 2.80 6.93 4.24 2.69 0.46 1.86 58.33 51.28
LOGN Logansport Financial Corp. 3.95 7.62 3.80 3.81 0.20 1.55 38.75 35.59
LONF London Financial Corp. 3.73 7.66 3.97 3.69 0.18 2.34 60.61 58.70
LSBI LSB Financial Corp. 3.56 7.81 4.46 3.35 0.35 2.45 66.28 62.77
LSBX Lawrence Savings Bank 3.26 7.23 4.07 3.17 0.38 2.21 62.11 57.60
LVSB Lakeview Financial Corp. 3.45 6.97 3.65 3.32 0.69 2.34 50.34 39.98
LXMO Lexington B&L Financial Corp. 4.10 8.15 4.13 4.02 0.25 2.48 57.62 55.00
MAFB MAF Bancorp Inc. 2.97 7.20 4.38 2.83 0.45 1.44 47.82 39.48
MARN Marion Capital Holdings 4.30 7.79 3.81 3.98 0.60 2.51 49.75 42.19
MASB MASSBANK Corp. 2.91 6.66 3.81 2.86 0.20 1.39 44.33 40.35
MBB MSB Bancorp Inc. 3.37 6.69 3.61 3.08 0.54 2.58 57.99 50.59
MBBC Monterey Bay Bancorp Inc. 2.83 7.15 4.44 2.72 0.33 2.29 68.20 64.31
MBLF MBLA Financial Corp. 2.10 6.95 4.87 2.08 0.01 0.64 30.44 30.26
MBSP Mitchell Bancorp Inc. 5.10 7.71 2.76 4.95 0.01 2.41 48.69 48.54
MCBN Mid-Coast Bancorp Inc. 3.94 7.97 4.27 3.71 0.39 2.92 70.84 67.77
MDBK Medford Bancorp Inc. 3.26 6.95 3.82 3.14 0.25 1.72 47.33 43.06
MECH MECH Financial Inc. 3.84 7.08 3.46 3.61 0.92 2.79 61.67 51.90
MERI Meritrust Federal SB 3.53 7.28 3.90 3.38 0.73 2.24 54.85 45.14
METF Metropolitan Financial Corp. 3.48 8.27 4.97 3.30 0.42 2.40 63.73 59.06
MFBC MFB Corp. 3.23 7.52 4.35 3.17 0.18 1.96 58.39 55.99
MFFC Milton Federal Financial Corp. 2.97 7.33 4.45 2.88 0.14 2.04 67.70 66.16
MFLR Mayflower Co-operative Bank 4.00 7.47 3.71 3.76 0.37 2.40 57.37 53.23
MFSL Maryland Federal Bancorp 2.73 7.26 4.58 2.67 0.23 1.60 53.99 49.99
MIFC Mid-Iowa Financial Corp. 3.00 7.32 4.41 2.91 0.92 2.15 56.25 42.50
MIVI Mississippi View Holding Co. 3.91 7.48 3.62 3.85 0.25 2.35 57.68 54.88
</TABLE>
<TABLE>
<CAPTION>
Balance Sheet Growth as of the MRQ Market Data as of The Most Recent Quarter
-------------------------------------- ---------------------------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker (%) (%) (%) ($) ($) ($) ($) ($) ($)
- ------- -------------------------------------- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HFGI 3.28 36.76 4.22 38.63 13.00 13.750 9.750 7.500 7.50
HFNC 1.02 22.59 (1.36) 225.65 14.50 22.063 13.938 9.660 9.66
HFSA 18.99 14.78 12.93 15.65 18.25 18.625 12.250 15.890 15.89
HFWA NA NA NA 146.89 NA NA NA NA NA
HHFC 11.33 3.81 4.37 13.37 15.75 15.750 9.250 11.620 11.62
HIFS 10.42 14.32 6.99 47.58 28.75 29.000 18.000 16.400 16.40
HLFC 7.36 11.90 4.55 36.39 NA NA NA NA NA
HMLK 20.68 41.73 (0.22) 39.45 17.13 17.500 12.500 14.650 14.65
HMNF 24.61 26.98 28.93 121.22 32.50 32.500 18.000 20.380 18.92
HOMF 9.07 7.51 6.28 158.72 26.00 28.250 16.167 12.210 11.87
HPBC 9.94 15.52 5.44 46.28 23.13 25 16.125 11.92 11.92
HRBF 6.76 4.32 5.35 40.64 25.25 25.250 15.375 17.220 17.22
HRZB 5.59 3.55 5.11 136.08 17.75 18.375 11.522 11.380 11.38
HTHR 9.56 24.14 11.38 60.27 20.13 24.000 7.750 13.690 13.69
HWEN 11.46 17.08 6.24 8.59 9.25 9.250 6.375 7.950 7.95
HZFS 19.89 9.29 2.56 13.86 12.00 13.000 7.500 10.580 10.58
IBSF (3.27) 13.73 (2.68) 208.63 17.69 18.750 13.261 11.800 11.80
ICBC NA NA NA 1,349.78 NA NA NA NA NA
IFSB 3.18 0.81 0.71 23.70 17.00 17.500 7.500 15.050 13.53
INBI 11.45 12.55 4.59 117.36 17.75 18.313 12.000 11.930 11.93
INCB 6.91 (2.48) 7.54 19.13 20.50 20.500 15.000 12.570 12.57
IPSW 42.97 42.98 32.39 38.46 16.50 16.5 5.938 4.96 4.96
ITLA 25.35 22.92 25.88 162.88 19.25 21.250 14.000 12.910 12.87
IWBK 16.38 16.67 0.01 355.64 37.75 43.250 27.625 16.600 16.32
JOAC (2.51) 5.24 (0.15) 11.88 16.00 16.000 14.000 13.700 13.70
JSB 1.25 16.92 (2.03) 567.30 50.06 50.625 36.000 37.050 37.05
JSBA 7.84 4.62 10.33 297.94 20.50 22.000 12.625 12.520 9.95
JXSB 17.88 10.31 19.31 46.03 20.00 20.000 9.167 9.170 9.17
JXVL 7.85 10.51 11.16 50.09 23.25 23.250 13.250 14.090 14.09
KFBI 44.88 17.39 68.93 227.36 21.50 24.250 15.000 15.920 14.55
KNK (2.06) 2.06 0.96 51.09 37.75 37.750 23.375 27.570 25.99
KSAV 13.03 16.52 9.68 NA 24.75 25.500 14.813 16.500 16.50
KSBK 13.69 20.09 1.23 22.92 22.50 22.500 7.667 9.330 8.91
KYF (1.78) 4.17 0.61 17.70 14.94 14.938 10.563 11.320 11.32
LARK 5.25 19.99 2.38 42.64 24.88 27.250 18.000 19.490 19.49
LARL 5.39 0.41 2.45 46.21 21.67 22.167 11.000 10.370 10.37
LFBI 8.24 25.38 0.80 48.31 20.50 20.500 12.188 14.680 13.59
LFCO 295.91 361.50 147.07 131.73 12.63 21.875 11.750 8.370 8.37
LFED 4.71 12.28 3.85 112.06 21.75 23.500 10.333 9.350 9.35
LISB 5.44 7.33 2.22 1,612.92 49.63 49.750 33.000 23.190 22.98
LOGN 10.88 11.99 5.57 22.54 18.00 18.000 11.125 13.120 13.12
LONF 1.62 3.80 6.52 7.78 16.75 21.000 14.000 10.230 10.23
LSBI 11.90 11.86 17.73 28.87 28.50 28.500 17.857 20.640 20.64
LSBX 6.51 7.09 3.41 78.25 16.38 16.375 8.125 8.770 8.77
LVSB 0.19 21.27 (0.18) 102.86 25.00 26.000 13.625 11.750 9.64
LXMO 49.96 38.71 75.11 18.35 17.75 17.875 13.000 15.130 14.19
MAFB 7.04 11.22 3.31 593.01 35.38 35.375 22.250 17.550 15.46
MARN 9.13 5.66 7.85 50.78 27.13 28.125 19.250 22.380 21.90
MASB 4.18 9.07 2.73 178.99 47.63 48.250 28.125 29.060 28.64
MBB (6.77) 15.80 (8.52) 100.97 37.63 37.625 16.375 21.920 11.66
MBBC (4.15) 13.33 0.76 82.36 19.50 20.500 14.625 15.830 14.76
MBLF 7.02 15.88 18.24 34.33 30.50 30.500 19.000 22.320 22.32
MBSP 5.56 8.25 11.09 15.94 17.00 18.000 14.000 15.560 15.56
MCBN 8.29 2.65 9.84 9.06 10.00 10.833 6.167 7.34 7.34
MDBK 9.28 1.67 3.73 200.95 39.25 42.000 24.500 22.350 21.03
MECH 19.51 16.86 1.91 165.41 26.06 28.000 15.500 16.730 16.73
MERI 3.18 4.36 2.30 61.93 69.00 69.000 31.500 25.660 25.66
METF 20.27 9.66 18.59 117.23 15.50 15.750 5.375 5.200 4.78
MFBC 17.93 25.55 7.34 43.11 30.38 30.375 16.625 20.610 20.61
MFFC 24.54 25.26 9.86 35.99 15.38 15.938 13.250 12.210 12.21
MFLR 9.51 4.22 2.79 24.39 25.00 26.750 15.750 14.310 14.09
MFSL 4.83 0.28 2.72 251.15 26.63 26.625 16.375 15.840 15.68
MIFC 15.61 13.86 8.71 21.80 11.50 11.750 6.375 7.410 7.40
MIVI (2.43) 1.39 (2.62) 14.80 18.50 19.750 12.000 16.850 16.85
</TABLE>
<PAGE>
Page 21 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
---------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONT Montgomery Financial Corp. 3.39 7.76 4.50 3.25 0.03 1.97 61.50 61.14
MRKF Market Financial Corp. 3.69 6.72 3.07 3.65 0.01 2.08 56.77 56.64
MSBF MSB Financial Inc. 4.78 8.26 3.65 4.61 0.46 2.80 55.35 50.86
MSBK Mutual Savings Bank FSB 1.75 6.49 4.77 1.72 0.47 2.18 99.81 99.76
MWBI Midwest Bancshares Inc. 2.88 7.42 4.64 2.78 0.23 1.78 59.12 55.71
MWBX MetroWest Bank 4.11 7.73 3.81 3.92 0.39 2.64 59.83 55.83
MYST Mystic Financial Inc. NA NA NA NA NA NA NA NA
NASB NASB Financial Inc. 3.62 8.41 4.88 3.53 0.82 2.04 47.31 35.08
NBN Northeast Bancorp 4.08 8.39 4.47 3.93 0.67 3.32 69.82 64.69
NBSI North Bancshares Inc. 3.27 7.28 4.14 3.14 0.19 2.55 76.56 75.13
NEIB Northeast Indiana Bancorp 3.60 7.89 4.38 3.51 0.31 1.69 44.19 39.24
NEP Northeast PA Financial Corp. NA NA NA NA NA NA NA NA
NHTB New Hampshire Thrift Bncshrs 3.67 7.40 3.99 3.41 0.69 2.66 62.28 54.65
NMSB NewMil Bancorp Inc. 3.97 7.37 3.54 3.84 0.45 2.67 65.15 61.07
NSLB NS&L Bancorp Inc. 3.27 6.70 3.51 3.18 0.40 2.46 68.48 64.48
NSSY NSS Bancorp Inc. 3.06 7.11 4.13 2.98 0.67 2.63 68.74 61.67
NTBK Net.B@nk Inc. 2.79 6.28 3.56 2.72 0.18 17.33 597.66 630.22
NTMG Nutmeg Federal S&LA 4.19 7.30 3.30 3.99 1.23 4.07 76.54 69.33
NWEQ Northwest Equity Corp. 3.83 8.01 4.39 3.62 0.44 2.34 55.95 50.54
NWSB Northwest Bancorp Inc. (MHC) 3.80 7.85 4.22 3.63 0.31 2.26 55.23 51.41
OCFC Ocean Financial Corp. 3.12 6.96 3.92 3.04 0.17 1.62 50.91 48.15
OCN Ocwen Financial Corp. 4.91 9.61 5.51 4.10 1.21 3.45 81.99 76.67
OFCP Ottawa Financial Corp. 3.36 7.45 4.34 3.11 0.41 2.15 57.12 51.44
OHSL OHSL Financial Corp. 3.17 7.63 4.54 3.09 0.16 1.98 61.03 58.97
OSFS Ohio State Financial Services 3.85 7.10 3.35 3.76 0.12 2.39 61.92 60.72
OTFC Oregon Trail Financial Corp. NA NA NA NA NA NA NA NA
PBCI Pamrapo Bancorp Inc. 4.72 7.69 3.21 4.48 0.36 2.65 53.02 49.28
PBCT People's Bank (MHC) 3.51 6.70 3.47 3.23 2.43 4.07 70.74 48.74
PBHC Pathfinder Bancorp Inc. (MHC) 4.06 7.39 3.60 3.80 0.51 3.02 66.18 61.64
PBKB People's Bancshares Inc. 3.11 7.24 4.26 2.98 0.29 2.61 77.55 75.34
PCBC Perry County Financial Corp. 2.85 6.88 4.07 2.81 0.04 1.08 37.74 36.82
PDB Piedmont Bancorp Inc. 3.95 7.84 3.99 3.85 0.28 2.13 52.18 48.65
PEDE Great Pee Dee Bancorp NA NA NA NA NA NA NA NA
PEEK Peekskill Financial Corp. 3.69 6.74 3.10 3.64 0.12 1.82 48.28 46.54
PERM Permanent Bancorp Inc. 2.72 7.15 4.54 2.62 0.43 1.99 64.17 58.27
PERT Perpetual Bank (MHC) 3.85 7.72 4.04 3.68 0.91 2.93 63.96 55.05
PFDC Peoples Bancorp 3.69 7.70 4.05 3.65 0.22 1.45 37.31 33.47
PFED Park Bancorp Inc. 3.56 7.03 3.60 3.42 0.10 2.20 66.89 65.89
PFFB PFF Bancorp Inc. 2.89 7.23 4.42 2.81 0.47 2.03 60.59 54.06
PFFC Peoples Financial Corp. 3.71 7.19 3.58 3.61 0.03 2.42 66.44 66.13
PFNC Progress Financial Corp. 4.57 8.21 3.96 4.25 1.21 4.06 71.06 62.82
PFSB PennFed Financial Services Inc 2.59 7.13 4.64 2.49 0.16 1.32 42.55 38.95
PFSLD Pocahontas Bancorp Inc. 2.02 6.97 5.01 1.96 0.33 1.31 57.35 50.13
PHBK Peoples Heritage Finl Group 4.66 7.68 3.41 4.28 0.95 3.26 59.53 50.59
PHFC Pittsburgh Home Financial Corp 2.97 7.53 4.66 2.86 0.20 1.82 58.81 55.92
PHSB Peoples Home Savings Bk (MHC) 3.54 7.24 3.80 3.43 0.38 2.75 72.11 68.98
PKPS Poughkeepsie Financial Corp. 3.30 7.66 4.51 3.15 0.44 2.74 68.28 63.90
PLSK Pulaski Savings Bank (MHC) 3.23 7.25 4.19 3.06 0.10 2.04 64.22 63.03
PMFI Perpetual Midwest Financial 2.97 7.67 4.83 2.84 0.39 2.21 68.41 64.10
PRBC Prestige Bancorp Inc. 3.18 7.00 3.91 3.08 0.26 2.33 69.66 67.08
PROV Provident Financial Holdings 3.19 7.13 4.06 3.07 0.70 2.83 75.79 70.25
PSBK Progressive Bank Inc. 4.05 7.78 3.93 3.85 0.38 2.43 53.62 49.04
PSFC Peoples-Sidney Financial Corp. 3.79 7.76 4.04 3.72 0.06 1.91 50.42 49.57
PSFI PS Financial Inc. 4.99 7.37 2.54 4.84 0.09 1.42 28.75 27.38
PTRS Potters Financial Corp. 3.43 7.16 3.91 3.25 0.29 2.45 70.30 67.64
PULB Pulaski Bank, Svgs Bank (MHC) 3.78 7.61 3.92 3.69 0.27 2.39 60.31 57.39
PULS Pulse Bancorp 2.68 7.00 4.38 2.63 0.08 1.02 37.71 35.92
PVFC PVF Capital Corp. 3.96 8.77 4.83 3.94 0.32 2.23 52.46 48.63
PVSA Parkvale Financial Corp. 2.98 7.23 4.30 2.93 0.23 1.44 44.92 40.59
PWBC PennFirst Bancorp Inc. 2.14 6.92 4.82 2.10 0.13 1.20 50.57 47.41
PWBK Pennwood Bancorp Inc. 4.43 7.91 3.70 4.20 0.25 2.85 62.07 59.81
QCBC Quaker City Bancorp Inc. 3.06 7.65 4.65 3.00 0.33 1.86 53.17 48.08
QCFB QCF Bancorp Inc. 4.14 7.19 3.12 4.07 0.38 1.80 40.43 34.85
QCSB Queens County Bancorp Inc. 4.66 8.15 3.83 4.32 0.12 1.87 41.82 40.16
</TABLE>
<TABLE>
<CAPTION>
Balance Sheet Growth as of the MRQ Market Data as of The Most Recent Quarter
-------------------------------------- ---------------------------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker (%) (%) (%) ($) ($) ($) ($) ($) ($)
- ------- -------------------------------------- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONT 11.68 12.03 5.26 21.08 12.88 14.000 11.000 11.890 11.89
MRKF 24.28 22.13 (4.88) 23.04 15.63 16.000 12.250 15.130 15.13
MSBF 16.39 14.98 2.52 20.48 19.00 19.500 9.500 10.560 10.56
MSBK (3.00) 25.81 (0.71) 55.66 13.00 14.625 5.500 7.660 7.66
MWBI 8.28 12.13 3.30 16.33 18.25 19.500 8.833 10.460 10.46
MWBX 16.53 17.37 13.96 111.99 9.00 9.500 4.625 3.170 3.17
MYST NA NA NA 50.16 NA NA NA NA NA
NASB (0.62) (2.16) 6.96 142.78 53.13 56.000 33.875 27.830 27.02
NBN 16.89 21.39 21.96 40.50 19.00 19.250 8.833 9.460 8.53
NBSI 4.69 7.68 1.96 25.02 17.88 18.833 10.500 11.600 11.60
NEIB 17.59 18.83 26.02 36.53 22.13 22.125 13.250 15.760 15.76
NEP NA NA NA 100.03 NA NA NA NA NA
NHTB 20.27 18.30 26.77 44.37 20.50 22.750 11.750 12.240 10.58
NMSB 14.00 4.68 8.21 54.07 13.00 14.500 8.750 8.540 8.54
NSLB (0.98) 12.30 5.15 12.00 18.88 19.500 13.625 16.640 16.52
NSSY 5.27 (2.24) (9.64) 114.09 36.00 37.000 22.688 22.490 21.83
NTBK NA NA NA 170.54 11.75 12.500 8.750 5.550 5.55
NTMG 11.95 8.84 11.10 10.36 8.44 8.438 5.250 5.880 5.88
NWEQ 3.15 3.46 0.85 17.72 20.75 20.750 11.875 14.820 14.82
NWSB 17.62 13.25 23.41 795.56 14.13 16.375 6.625 4.440 3.94
OCFC 15.88 15.29 4.50 287.87 37.25 38.375 25.500 27.450 27.45
OCN 23.57 18.68 3.29 1,574.71 25.44 28.282 12.625 6.930 6.67
OFCP 4.42 4.73 5.15 156.74 34.00 34.000 15.341 14.370 11.69
OHSL 10.77 8.85 8.97 40.02 27.00 28.250 21.000 21.600 21.60
OSFS 12.17 (2.73) (5.90) 10.15 15.50 15.500 15.500 16.470 16.47
OTFC NA NA NA 76.91 17.38 NA NA 15.340 15.34
PBCI 3.80 1.63 2.22 79.60 27.25 27.250 18.500 17.070 16.96
PBCT 7.05 3.76 11.88 2,408.27 38.00 38.000 18.959 11.610 11.55
PBHC 3.60 11.64 (4.15) 60.73 20.00 20.000 6.253 8.200 6.95
PBKB 53.77 48.79 5.60 80.98 22.75 24.500 10.500 9.160 8.81
PCBC 5.75 23.91 (1.20) 19.66 24.13 25.000 17.000 19.760 19.76
PDB 4.06 11.92 6.69 29.57 10.88 11.625 9.250 7.660 7.66
PEDE NA NA NA 34.68 16.13 NA NA 14.020 14.02
PEEK (1.77) 10.47 3.24 54.53 16.75 18.250 13.375 14.870 14.87
PERM 1.66 2.40 0.69 75.87 31.13 31.125 20.375 20.67 20.43
PERT 30.97 26.27 20.89 98.08 60.63 65.500 22.563 20.290 20.29
PFDC 4.98 8.57 3.99 77.77 22.00 25.000 13.000 13.250 13.25
PFED (0.69) 3.22 5.64 42.57 18.63 18.625 13.000 16.550 16.55
PFFB 9.56 2.75 1.39 377.07 19.88 21.500 13.625 14.950 14.80
PFFC (7.60) 29.29 2.17 23.37 15.13 19.000 12.750 10.980 10.98
PFNC 28.61 28.93 11.27 72.13 16.50 16.500 7.679 6.180 5.19
PFSB 21.57 20.74 11.00 172.42 17.13 17.375 10.000 11.520 9.87
PFSLD 4.37 17.15 28.95 69.19 11.06 11.182 4.162 NA NA
PHBK 25.88 29.06 14.75 1,395.55 46.00 47.000 26.188 17.130 12.87
PHFC 37.03 28.29 4.35 36.43 18.00 20.813 13.000 12.520 12.37
PHSB 7.67 3.99 (0.93) 56.93 18.88 19.750 13.625 10.370 10.37
PKPS 1.96 4.85 7.85 141.87 11.63 11.625 5.250 5.750 5.75
PLSK 13.07 6.20 4.09 40.05 19.25 24.500 11.500 10.290 10.29
PMFI 0.92 12.67 9.99 60.35 29.25 30.500 18.750 18.490 18.49
PRBC 24.97 25.68 8.75 18.53 20.00 20.000 13.000 17.080 17.08
PROV 22.41 25.37 9.69 107.51 21.88 22.250 13.750 17.850 17.85
PSBK 0.95 (3.12) 0.55 162.37 38.25 39.250 22.750 20.480 18.57
PSFC 15.11 9.45 (1.99) 32.14 17.88 18.500 12.563 15.850 15.85
PSFI 17.02 3.39 (2.20) 28.96 22.38 22.375 11.750 11.140 11.14
PTRS 7.41 29.43 2.89 20.02 20.00 20.750 9.500 11.310 11.31
PULB 2.29 6.52 2.28 102.75 31.38 32.500 14.500 11.540 11.54
PULS 5.81 5.04 3.77 84.65 26.13 29.750 15.750 14.310 14.31
PVFC 13.99 13.89 13.61 64.82 20.19 21.750 13.636 10.850 10.85
PVSA 7.81 20.76 7.58 162.83 34.25 34.250 19.600 15.790 15.70
PWBC 30.35 55.13 20.03 102.12 19.25 19.500 12.273 13.000 11.58
PWBK 1.08 41.99 3.58 12.11 19.75 19.750 13.000 16.760 16.76
QCBC 11.47 4.12 7.27 106.55 21.25 24.563 14.200 15.730 15.73
QCFB 3.91 12.02 0.83 37.65 29.75 29.750 17.500 19.410 19.41
QCSB 18.00 21.54 4.42 674.80 40.50 40.500 20.222 13.230 13.23
</TABLE>
<PAGE>
Page 22 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
---------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RARB Raritan Bancorp Inc. 3.57 7.22 3.80 3.43 0.25 1.95 52.01 48.52
RCBK Richmond County Financial Corp NA NA NA NA NA NA NA NA
REDF RedFed Bancorp Inc. 3.37 7.13 3.94 3.19 0.75 2.66 64.00 55.50
RELI Reliance Bancshares Inc. 5.02 7.39 2.59 4.80 0.05 3.11 64.15 63.80
RELY Reliance Bancorp Inc. 3.41 7.16 3.94 3.22 0.2 1.79 46.67 43.28
RIVR River Valley Bancorp 3.71 7.01 3.45 3.57 0.53 2.86 69.46 64.90
ROSE TR Financial Corp. 2.63 7.19 4.61 2.58 0.20 1.29 46.09 41.84
RSLN Roslyn Bancorp Inc. 3.09 6.80 3.82 2.98 0.21 1.31 40.45 36.33
RVSB Riverview Bancorp Inc. 4.51 8.17 3.94 4.24 0.86 2.95 54.96 45.77
SBFL SB of the Finger Lakes (MHC) 3.15 7.07 4.10 2.96 0.25 2.60 78.26 76.46
SBOS Boston Bancorp (The) 2.72 6.92 4.27 2.65 0.16 1.51 56.25 53.67
SCBS Southern Community Bancshares 3.97 7.30 3.39 3.91 0.24 2.28 54.94 52.14
SCCB S. Carolina Community Bancshrs 4.14 7.68 3.62 4.06 0.25 2.68 61.79 59.42
SFED SFS Bancorp Inc. 3.46 7.26 3.89 3.37 0.25 2.55 70.82 68.67
SFFC StateFed Financial Corp. 3.47 7.79 4.51 3.28 0.16 1.44 52.28 50.02
SFIN Statewide Financial Corp. 3.76 7.39 3.74 3.65 0.24 2.52 64.30 61.92
SFSB SuburbFed Financial Corp. 2.85 7.12 4.37 2.75 0.67 2.56 74.48 68.24
SFSL Security First Corp. 4.00 8.26 4.40 3.86 0.26 1.99 47.85 44.31
SGVB SGV Bancorp Inc. 2.60 7.19 4.68 2.52 0.27 2.15 74.85 72.18
SHEN First Shenango Bancorp Inc. 3.22 7.44 4.27 3.17 0.19 1.47 42.86 39.36
SHSB SHS Bancorp Inc. 3.03 7.72 4.77 2.96 0.16 1.95 61.61 59.58
SIB Staten Island Bancorp Inc. 4.39 7.05 2.88 4.16 0.35 2.06 43.41 38.65
SISB SIS Bancorp Inc. 3.80 7.12 3.53 3.59 0.92 2.99 65.85 57.08
SKAN Skaneateles Bancorp Inc. 4.13 7.73 3.84 3.88 0.72 3.38 72.00 66.80
SKBO First Carnegie Deposit (MHC) 2.66 6.74 4.16 2.58 0.06 1.62 61.43 60.60
SMBC Southern Missouri Bancorp Inc. 3.19 7.07 3.94 3.14 0.35 2.05 61.45 57.14
SOBI Sobieski Bancorp Inc. 3.38 7.27 4.02 3.25 0.17 2.39 70.09 68.55
SOPN First Savings Bancorp Inc. 3.90 7.57 3.75 3.83 0.17 1.24 30.99 27.85
SOSA Somerset Savings Bank 4.04 8.17 4.31 3.85 0.22 2.96 63.36 61.24
SPBC St. Paul Bancorp Inc. 3.01 7.00 4.11 2.88 0.90 2.14 59.09 46.34
SRN Southern Banc Co. 2.77 7.05 4.33 2.72 0.10 2.08 72.14 71.15
SSB Scotland Bancorp Inc. 4.58 7.56 3.06 4.50 0.11 2.26 48.91 47.66
SSFC South Street Financial Corp. 3.37 7.15 3.85 3.30 0.06 1.93 57.30 56.46
SSM Stone Street Bancorp Inc. 4.77 7.91 3.30 4.60 0.15 2.40 50.37 48.74
STFR St. Francis Capital Corp. 2.74 7.11 4.57 2.54 0.37 1.99 64.20 59.00
STSA Sterling Financial Corp. 2.81 7.62 4.97 2.65 0.48 2.16 64.77 58.45
SVRN Sovereign Bancorp Inc. 2.63 7.16 4.62 2.54 0.23 1.36 45.74 40.73
SWBI Southwest Bancshares Inc. 3.39 7.43 4.26 3.17 0.19 1.73 56.11 53.50
SWCB Sandwich Bancorp Inc. 3.72 7.23 3.69 3.54 0.51 2.46 58.18 52.13
SZB SouthFirst Bancshares Inc. 3.81 7.33 3.82 3.51 1.07 3.43 74.91 67.27
THR Three Rivers Financial Corp. 3.70 7.53 3.95 3.58 0.53 2.82 68.85 64.29
THRD TF Financial Corp. 3.12 6.85 3.82 3.03 0.19 2.15 61.67 59.25
TPNZ Tappan Zee Financial Inc. 3.78 7.43 3.72 3.71 0.13 2.40 62.22 60.92
TRIC Tri-County Bancorp Inc. 3.19 7.33 4.22 3.11 0.16 1.84 56.26 54.01
TSBK Timberland Bancorp Inc. 4.72 8.59 4.05 4.54 0.50 2.56 50.80 45.40
TSBS Peoples Bancorp Inc. (MHC) 3.66 6.94 3.45 3.48 0.31 2.13 52.66 48.41
TSH Teche Holding Co. 3.39 7.56 4.25 3.31 0.73 2.55 63.87 55.95
TWIN Twin City Bancorp 3.92 7.73 3.99 3.74 0.39 2.58 63.03 59.21
UBMT United Financial Corp. 3.85 7.04 3.33 3.71 0.65 2.06 47.31 38.07
UCBC Union Community Bancorp 3.50 7.83 4.42 3.41 0.06 1.28 31.81 30.52
UFRM United Federal Savings Bank 3.86 8.19 4.59 3.60 0.95 3.45 75.52 69.04
USAB USABancshares Inc. 4.80 9.17 4.50 4.67 0.57 4.00 73.80 70.58
UTBI United Tennessee Bankshares 3.41 6.91 3.60 3.31 0.24 1.97 55.71 52.47
VABF Virginia Beach Fed. Financial 3.21 7.99 4.88 3.12 0.42 2.62 73.31 69.70
WAMU Washington Mutual Inc. 3.03 7.38 4.50 2.88 0.84 1.98 51.23 37.06
WAYN Wayne Savings Bancshares (MHC) 3.33 7.56 4.35 3.21 0.23 2.37 68.82 66.58
WBST Webster Financial Corp. 3.16 7.02 4.00 3.02 0.51 2.07 54.92 47.37
WCBI Westco Bancorp Inc. 3.64 7.58 4.04 3.54 0.26 1.56 41.31 37.07
WCFB Webster City Federal SB (MHC) 3.65 7.15 3.57 3.58 0.22 1.46 38.40 34.66
WEFC Wells Financial Corp. 3.42 7.56 4.21 3.36 0.50 1.96 50.95 43.69
WEHO Westwood Homestead Fin. Corp. 3.56 7.68 4.16 3.52 0.11 2.00 55.03 53.65
WES Westcorp 3.57 7.66 4.56 3.10 4.26 6.96 94.89 87.87
WFI Winton Financial Corp. 3.19 8.04 4.92 3.12 0.13 1.87 57.25 55.44
WFSL Washington Federal Inc. 3.68 8.16 4.58 3.58 0.08 0.74 18.27 16.54
</TABLE>
<TABLE>
<CAPTION>
Balance Sheet Growth as of the MRQ Market Data as of The Most Recent Quarter
-------------------------------------- ---------------------------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker (%) (%) (%) ($) ($) ($) ($) ($) ($)
- ------- -------------------------------------- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RARB 8.77 13.88 1.78 65.83 28.00 29.250 15.500 13.010 12.83
RCBK NA NA NA 467.92 NA NA NA NA NA
REDF 14.42 22.00 6.81 143.75 19.88 21.125 12.375 11.650 11.61
RELI (0.14) 9.48 (1.41) 23.70 9.50 9.688 6.625 8.710 8.71
RELY 19.43 17.35 16.86 393.79 36.63 36.875 18.625 19.92 13.57
RIVR 64.64 92.27 50.56 23.51 17.00 17.250 13.250 14.800 14.59
ROSE 17.90 20.20 -6.02 613.73 33.25 35 16.563 14.54 14.54
RSLN (0.47) 88.77 (0.68) 1,058.33 23.25 24.313 15.000 14.400 14.33
RVSB 17.18 10.56 2.17 104.27 17.75 18.000 6.005 9.750 9.41
SBFL 23.59 33.22 21.26 72.29 16.00 16.000 6.625 6.080 6.08
SBOS (15.43) (13.03) 0.65 NA 41.75 44.000 28.750 40.290 40.29
SCBS (1.74) 17.30 0.90 19.33 18.25 19.000 13.000 12.400 12.40
SCCB (1.80) 0.58 5.20 12.54 22.50 25.25 15 15.99 15.99
SFED 5.79 12.99 7.01 31.42 26.88 26.875 14.750 17.730 17.73
SFFC 7.00 0.51 10.23 22.61 14.75 14.750 8.250 10.040 10.04
SFIN 6.17 2.21 (2.88) 103.93 24.00 24.000 14.125 14.390 14.37
SFSB 8.51 21.31 2.29 59.80 50.00 50.000 19.000 23.310 23.24
SFSL 8.58 10.71 12.89 169.39 20.88 21.500 11.667 8.380 8.25
SGVB 10.27 10.92 18.95 42.22 17.75 19.375 11.125 13.130 12.94
SHEN (7.59) 0.23 2.84 88.97 37.00 37.000 21.750 23.130 23.13
SHSB 8.43 5.76 0.34 14.45 16.75 17.870 14.750 14.650 14.65
SIB 48.75 12.33 2.91 930.81 20.94 20.938 19.063 15.200 14.79
SISB 8.58 9.88 7.62 285.73 40.19 40.250 22.375 18.170 18.17
SKAN 5.75 3.90 6.48 28.02 22.13 22.125 10.667 12.300 11.97
SKBO 2.25 3.50 (4.82) 46.00 18.75 19.875 11.625 10.740 10.74
SMBC 0.17 14.37 (6.53) 35.92 20.50 20.500 14.250 16.470 16.47
SOBI 10.86 24.36 (2.33) 15.88 20.38 20.375 13.750 17.750 17.75
SOPN 13.14 8.53 6.72 96.21 25.50 25.500 17.875 18.510 18.51
SOSA 4.32 6.30 3.02 83.81 5.00 5.938 1.984 2.150 2.15
SPBC 4.59 15.08 (1.58) 885.05 26.25 28.500 15.200 12.220 12.19
SRN (0.12) 15.53 (1.19) 20.30 17.75 18.000 13.125 14.840 14.72
SSB (9.69) (3.36) 9.21 18.42 9.94 19.250 9.875 7.730 7.73
SSFC (0.01) 1.64 1.61 53.78 19.00 20.000 13.750 7.850 7.85
SSM 2.16 12.02 0.61 39.15 22.19 27.250 19.250 16.370 16.37
STFR 13.36 17.00 19.00 233.68 50.50 50.500 26.000 24.730 22.05
STSA 22.12 14.28 14.87 196.81 21.75 22.500 13.625 13.590 12.56
SVRN 14.68 19.05 9.05 2,627.15 17.29 18.021 9.115 6.340 5.26
SWBI (3.69) 3.11 0.93 88.57 29.75 30.125 18.000 16.220 16.22
SWCB 11.65 15.55 8.95 124.30 44.00 45.000 27.250 21.630 20.88
SZB 77.63 52.31 101.60 20.86 22.75 22.750 12.875 16.400 15.98
THR 9.20 5.97 1.61 17.32 21.75 21.750 13.750 15.920 15.87
THRD (7.84) (18.83) (3.98) 90.84 30.00 30.000 16.250 17.360 14.49
TPNZ 8.35 3.86 10.23 29.75 18.75 22.625 13.625 14.560 14.56
TRIC 4.79 14.49 (6.45) 16.05 15.00 15.000 9.000 11.840 11.84
TSBK 44.22 2.02 58.95 119.03 NA NA NA NA NA
TSBS 6.56 4.35 0.44 391.26 45.25 45.250 15.750 12.160 10.98
TSH 5.06 5.07 5.25 75.63 22.75 23.500 14.375 16.090 16.09
TWIN 3.47 (0.93) 7.74 18.71 15.50 15.500 11.667 11.050 11.05
UBMT (7.30) 3.38 (9.88) 47.13 25.50 27.000 18.750 20.150 20.15
UCBC 59.49 8 3.01 45.25 14.63 14.688 14.625 14.11 14.11
UFRM 16.63 33.72 12.93 58.24 19.63 21.000 8.000 6.930 6.93
USAB 105.16 128.73 94.24 10.25 8.50 9.750 6.375 6.730 6.63
UTBI 48.30 8.47 51.90 21.82 NA NA NA NA NA
VABF 1.66 2.84 (3.77) 95.25 18.38 18.750 9.375 8.860 8.86
WAMU 10.93 9.67 (3.19) 19,059.44 63.81 72.375 42.750 20.800 19.37
WAYN 2.03 (1.42) 2.58 64.90 29.00 33.000 15.833 10.720 10.72
WBST 25.19 4.09 -2.06 952.31 66.50 66.750 35.125 27.990 24.41
WCBI 1.59 7.22 1.75 72.70 27.25 29.250 20.000 19.720 19.72
WCFB 1.40 0.36 0.81 42.19 20.00 22.000 12.750 10.600 10.60
WEFC 0.05 NA 0.02 37.72 17.88 19.000 12.875 15.130 15.13
WEHO 11.93 38.37 11.57 40.52 17.00 18.125 12.000 10.600 10.60
WES 11.81 8.16 6.77 443.45 16.88 23.500 13.250 13.270 13.24
WFI 12.88 13.06 11.96 64.73 10.19 10.313 5.875 6.080 5.97
WFSL (2.66) 1.72 4.93 1,473.36 28.58 30.285 20.455 14.090 12.99
</TABLE>
<PAGE>
Page 23 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
---------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WHGB WHG Bancshares Corp. 3.84 7.22 3.55 3.68 0.13 2.47 64.91 63.65
WOFC Western Ohio Financial Corp. 2.95 7.59 4.69 2.90 0.18 2.32 71.57 69.82
WRNB Warren Bancorp Inc. 4.97 7.94 3.17 4.76 0.29 2.74 51.97 49.05
WSB Washington Savings Bank, FSB 2.49 8.02 5.63 2.38 0.23 1.69 70.47 67.60
WSBI Warwick Community Bancorp NA NA NA NA NA NA NA NA
WSFS WSFS Financial Corp. 3.06 7.45 4.73 2.72 1.31 2.39 57.20 36.60
WSTR WesterFed Financial Corp. 3.51 7.24 4.05 3.19 0.65 2.60 64.36 57.07
WVFC WVS Financial Corp. 3.65 7.64 4.02 3.61 0.12 1.67 44.79 42.93
WYNE Wayne Bancorp Inc. 3.50 7.28 3.84 3.44 0.23 2.28 63.28 60.79
YFCB Yonkers Financial Corp. 3.92 7.51 3.66 3.84 0.30 2.24 53.97 50.43
YFED York Financial Corp. 3.32 7.58 4.44 3.14 0.44 2.10 59.99 54.38
----------------------------------------------------------------------------------------------------------------------------
Average 3.48 7.46 4.12 3.33 0.46 2.31 60.48 55.09
Median 3.48 7.39 4.14 3.31 0.33 2.18 58.36 53.66
</TABLE>
<TABLE>
<CAPTION>
Balance Sheet Growth as of the MRQ Market Data as of The Most Recent Quarter
-------------------------------------- ---------------------------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker (%) (%) (%) ($) ($) ($) ($) ($) ($)
- ------- -------------------------------------- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WHGB 5.71 1.13 7.13 26.04 18.75 18.750 13.125 14.340 14.34
WOFC (5.29) (2.65) 5.88 62.92 26.88 29.250 21.000 22.910 21.41
WRNB 3.35 7.06 2.82 93.25 23.00 24.125 14.750 10.520 10.52
WSB 3.55 (6.07) 5.27 35.25 8.25 9.500 4.875 5.230 5.23
WSBI NA NA NA 116.44 NA NA NA NA NA
WSFS 11.61 (7.10) 2.96 271.00 20.00 21.750 10.500 6.960 6.92
WSTR 83.65 83.99 87.53 145.83 25.50 27.000 17.625 19.310 15.69
WVFC 5.84 7.04 (0.52) 69.25 35.25 35.250 23.500 17.750 17.75
WYNE 10.64 23.02 10.91 60.41 26.75 27.500 14.875 16.860 16.86
YFCB 26.58 60.39 11.63 57.77 19.25 22.000 12.750 14.870 14.87
YFED 1.92 1.23 7.60 225.72 25.75 27.250 12.800 11.840 11.84
---------------------------------------------------------------------------------------------------------------------------
Average 12.96 15.49 9.26 279.67 24.34 25.41 14.91 14.74 14.27
Median 8.35 10.87 5.38 64.90 21.00 22.13 13.75 14.38 13.99
</TABLE>
<PAGE>
Page 24 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income Statement as of The Most Recent Quarter
---------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. 2.82 7.04 4.35 2.69 0.55 2.87 88.31 85.91
CKFB CKF Bancorp Inc. 3.75 7.46 3.80 3.66 0.10 1.67 42.50 40.92
FFBI First Financial Bancorp Inc. 3.08 7.18 4.25 2.93 0.55 2.97 85.19 82.41
FFDF FFD Financial Corp. 3.35 6.98 3.68 3.31 0.07 1.95 57.77 56.88
FTSB Fort Thomas Financial Corp. 4.15 8.49 4.46 4.03 0.31 2.29 52.81 49.23
HCFC Home City Financial Corp. 4.59 9.19 4.73 4.46 0.13 2.55 55.54 54.29
KYF Kentucky First Bancorp Inc. 3.45 7.23 3.85 3.37 0.18 1.91 53.63 51.11
LOGN Logansport Financial Corp. 3.95 7.62 3.80 3.81 0.20 1.55 38.75 35.59
MSBF MSB Financial Inc. 4.78 8.26 3.65 4.61 0.46 2.80 55.35 50.86
NSLB NS&L Bancorp Inc. 3.27 6.70 3.51 3.18 0.40 2.46 68.48 64.48
PFFC Peoples Financial Corp. 3.71 7.19 3.58 3.61 0.03 2.42 66.44 66.13
SFFC StateFed Financial Corp. 3.47 7.79 4.51 3.28 0.16 1.44 52.28 50.02
----------------------------------------------------------------------------------------------------------------------------
Average 3.70 7.59 4.01 3.58 0.26 2.24 59.75 57.32
Median 3.59 7.35 3.83 3.49 0.19 2.36 55.45 52.70
Maximum 4.78 9.19 4.73 4.61 0.55 2.97 88.31 85.91
Minimum 2.82 6.70 3.51 2.69 0.03 1.44 38.75 35.59
</TABLE>
<TABLE>
<CAPTION>
Balance Sheet Growth as of the MRQ Market Data as of The Most Recent Quarter
-------------------------------------- ---------------------------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker (%) (%) (%) ($) ($) ($) ($) ($) ($)
- ------- -------------------------------------- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ATSB (4.31) (5.50) (7.14) 7.91 13.875 14.500 10.000 14.66 14.51
CKFB 4.77 5.12 0.98 17.12 18.500 20.500 17.500 17.14 17.14
FFBI (12.52) (25.95) 2.60 10.49 21.000 21.000 15.500 18.37 18.37
FFDF 7.20 25.22 7.93 32.51 18.000 19.500 13.000 15.38 15.38
FTSB 9.62 12.18 10.00 22.49 15.375 15.500 9.250 10.71 10.71
HCFC NA NA NA 16.85 18.500 18.500 12.000 15.47 15.47
KYF (1.78) 4.17 0.61 17.70 14.938 14.938 10.563 11.32 11.32
LOGN 10.88 11.99 5.57 22.54 18.000 18.000 11.125 13.12 13.12
MSBF 16.39 14.98 2.52 20.48 19.000 19.500 9.500 10.56 10.56
NSLB (0.98) 12.30 5.15 12.00 18.875 19.500 13.625 16.64 16.52
PFFC (7.60) 29.29 2.17 23.37 15.125 19.000 12.750 10.98 10.98
SFFC 7.00 0.51 10.23 22.61 14.750 14.750 8.250 10.04 10.04
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Average 2.61 7.66 3.69 18.84 17.16 17.93 11.92 13.70 13.68
Median 4.77 11.99 2.60 19.09 18.00 18.75 11.56 13.89 13.82
Maximum 16.39 29.29 10.23 32.51 21.00 21.00 17.50 18.37 18.37
Minimum (12.52) (25.95) (7.14) 7.91 13.88 14.50 8.25 10.04 10.04
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MIVI * Mississippi View Holding Co. (2.43) 1.39 (2.62) 14.80 18.50 19.75 12.00 16.85 16.85
* Pricing data is based upon the last
trade on NASDAQ, the Bank's most
current price is $18.50
Variance to the Comparable Median (7.20) (10.60) (5.22) (4.29) 0.50 1.00 0.44 2.96 3.04
</TABLE>
<PAGE>
Page 25 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 04/02/98
------------------------ ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/ Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank NA NA NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB NA NA NA NA NA NA NA NA
AABC Access Anytime Bancorp Inc. - 0.00 8.98 13.06 95.83 8.39 153.13 153.13
ABBK Abington Bancorp Inc. 0.90 18.18 22.94 15.21 19.87 20.23 222.72 244.77
ABCL Alliance Bancorp 1.58 30.86 20.05 16.40 21.12 21.78 170.80 172.81
ABCW Anchor BanCorp Wisconsin 0.71 14.13 23.53 20.96 19.37 21.71 315.35 320.53
AFBC Advance Financial Bancorp 1.65 NA NA 19.45 23.07 NA 127.80 127.80
AFCB Affiliated Community Bancorp 1.56 28.65 22.42 21.71 21.42 21.66 218.98 220.11
AFED AFSALA Bancorp Inc. 1.35 15.05 22.31 17.9 21.61 22.31 126.91 126.91
AHCI Ambanc Holding Co. 1.26 14.49 34.15 16.14 23.91 27.72 134.59 134.59
AHM H.F. Ahmanson & Co. 1.10 24.51 25.3 15.95 22.45 22.27 388.61 455.23
ALBC Albion Banc Corp. 0.99 23.17 24.43 11.24 19.20 23.37 131.10 131.10
ALBK ALBANK Financial Corp. 1.43 20.82 16.08 15.96 11.37 15.93 181.26 233.36
ALLB Alliance Bank (MHC) 1.03 58.06 56.45 43.98 67.31 56.45 392.82 392.82
AMFC AMB Financial Corp. 1.62 22.73 24.30 16.62 15.40 15.68 112.52 112.52
ANA Acadiana Bancshares Inc. 1.90 31.67 19.94 21.54 16.52 19.27 133.98 133.98
ANDB Andover Bancorp Inc. 1.90 27.31 16.39 15.63 15.38 16.06 193.05 193.05
ANE Alliance Bncp of New England 0.90 14.23 26.03 14.65 16.76 17.99 192.56 198.08
ASBI Ameriana Bancorp 3.10 55.86 21.26 17.06 19.10 18.58 150.11 150.22
ASBP ASB Financial Corp. 2.81 62.50 22.27 20.82 22.27 22.27 134.56 134.56
ASFC Astoria Financial Corp. 1.33 18.42 21.31 15.01 20.38 19.84 186.04 267.34
ATSB AmTrust Capital Corp. 1.29 35.09 62.00 11.45 29.81 27.19 105.73 106.82
AVND Avondale Financial Corp. - 0.00 NM 9.65 6.35 NM 113.88 113.88
BANC BankAtlantic Bancorp Inc. 0.93 838.57 27.82 11.93 13.14 14.48 176.47 202.11
BDJI First Federal Bancorp. - 0.00 23.11 16.70 19.11 23.11 164.12 164.12
BFD BostonFed Bancorp Inc. 1.15 20.97 21.90 13.77 19.61 19.61 154.66 160.48
BFFC Big Foot Financial Corp. - NA NA 24.25 26.09 NA 138.34 138.34
BFSB Bedford Bancshares Inc. 2.00 38.73 19.72 23.36 21.21 19.72 153.17 153.17
BKC American Bank of Connecticut 2.63 46.61 19.69 21.02 16.26 17.07 233.18 241.15
BKCT Bancorp Connecticut Inc. 2.58 42.82 20.96 23.13 18.63 18.63 218.28 218.28
BKUNA BankUnited Financial Corp. - 0.00 34.01 6.86 30.47 27.59 160.19 180.33
BNKU Bank United Corp. 1.22 23.39 24.08 13.25 20.83 21.17 270.76 277.78
BPLS Bank Plus Corp. - 0.00 20.55 6.97 41.67 22.73 160.26 176.06
BRKL Brookline Bancorp (MHC) - NA NA NA NA NA NA NA
BTHL Bethel Bancorp 2.56 20.83 16.89 6.89 16.45 13.02 91.17 108.60
BVCC Bay View Capital Corp. 1.14 32.08 24.14 13.01 97.22 33.02 243.39 293.13
BWFC Bank West Financial Corp. 1.66 43.42 43.94 22.42 NM 32.22 164.21 164.21
BYFC Broadway Financial Corp. 1.60 51.28 29.07 8.33 28.41 32.05 84.63 84.63
BYS Bay State Bancorp - NA NA NA NA NA NA NA
CAFI Camco Financial Corp. 2.02 29.70 19.96 17.15 17.34 16.23 182.33 196.53
CAPS Capital Savings Bancorp Inc. 1.04 19.51 19.66 17.96 17.97 18.70 190.40 190.40
CASB Cascade Financial Corp. - 0.00 20.27 12.05 17.86 19.74 173.81 173.81
CASH First Midwest Financial Inc. 2.05 29.77 19.16 15.44 16.23 17.84 142.62 159.88
CATB Catskill Financial Corp. 1.80 34.12 20.96 27.99 20.24 20.96 115.07 115.07
CAVB Cavalry Bancorp Inc. - NM NA NA NM NM NA NA
CBCI Calumet Bancorp Inc. - 0.00 15.60 23.16 12.46 15.67 138.09 138.09
CBES CBES Bancorp Inc. 1.78 33.90 21.84 20.69 25.57 19.07 131.73 131.73
CBK Citizens First Financial Corp. - 0.00 43.00 18.84 19.91 29.05 129.52 129.52
CBSA Coastal Bancorp Inc. 1.38 20.44 15.51 5.98 16.09 15.44 168.12 197.78
CBSB Charter Financial Inc. 0.95 26.02 34.73 36.77 36.62 27.39 236.57 264.22
CCFH CCF Holding Co. 2.97 326.69 NM 15.52 44.92 134.77 164.98 164.98
CEBK Central Co-operative Bank 0.99 22.38 24.71 17.33 23.81 22.64 176.43 195.15
CENB Century Bancorp Inc. 1.81 34.64 25.4 43.91 29.64 25.46 145.64 145.64
CENF CENFED Financial Corp. 0.76 15.14 23.05 12.85 33.75 20.81 209.26 209.53
CFB Commercial Federal Corp. 0.60 9.43 18.14 16.78 17.13 17.87 263.16 291.80
CFBC Community First Banking Co. 1.28 NA NA 28.60 NA NA 148.46 150.47
CFCP Coastal Financial Corp. 1.50 27.98 22.86 19.89 18.18 19.05 332.87 332.87
CFFC Community Financial Corp. 1.75 37.84 21.62 22.35 19.05 21.62 163.93 164.61
CFNC Carolina Fincorp Inc. 1.35 22.37 24.4 28.76 23.44 23.44 126.69 126.69
CFSB CFSB Bancorp Inc. 1.79 31.66 23.30 25.98 20.8 21.74 327.98 327.98
CFTP Community Federal Bancorp 1.73 438.28 28.91 37.45 30.83 28.91 125.59 125.59
CFX CFX Corp. 1.31 112.82 31.31 28.06 52.34 42.95 328.11 340.10
CIBI Community Investors Bancorp 1.68 27.68 17.92 17.88 19.00 17.92 154.35 154.35
CKFB CKF Bancorp Inc. 2.53 113.95 20.36 27.24 18.99 15.31 115.23 115.23
</TABLE>
Productivity
-------------
Full Time
Equivalent
Employees
Ticker Most Recent Qtr
- ----- ---------------
%CAL 5031
%CCMD 4388
AABC 60
ABBK 165
ABCL 440
ABCW 551
AFBC NA
AFCB 220
AFED 50
AHCI 181
AHM 7849
ALBC 27
ALBK 1438
ALLB 73
AMFC NA
ANA 86
ANDB 280
ANE 83
ASBI NA
ASBP 21
ASFC 1241
ATSB NA
AVND 201
BANC NA
BDJI 39
BFD 252
BFFC NA
BFSB 39
BKC 133
BKCT 110
BKUNA 258
BNKU 1593
BPLS 506
BRKL 92
BTHL NA
BVCC 640
BWFC 66
BYFC 51
BYS 72
CAFI 194
CAPS 80
CASB 143
CASH 104
CATB 70
CAVB 153
CBCI 135
CBES 55
CBK 100
CBSA 451
CBSB 104
CCFH 67
CEBK NA
CENB 11
CENF 321
CFB 1569
CFBC 176
CFCP 180
CFFC 58
CFNC 42
CFSB 240
CFTP 34
CFX 976
CIBI 26
CKFB 9
<PAGE>
Page 26 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 04/02/98
------------------------ ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/ Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLAS Classic Bancshares Inc. 1.40 31.46 28.57 19.58 21.74 22.47 130.04 152.44
CMRN Cameron Financial Corp 1.37 29.17 21.35 24.88 23.30 21.35 116.08 116.08
CMSB Commonwealth Bancorp Inc. 1.41 27.45 32.32 16.20 21.75 22.18 171.14 216.71
CMSV Community Savings Bnkshrs(MHC) 2.40 84.91 38.27 26.53 44.64 35.38 228.80 228.80
CNIT CENIT Bancorp Inc. 1.51 27.70 22.59 18.35 19.11 22.02 250.63 272.54
CNSB CNS Bancorp Inc. 1.32 42.31 35.78 30.82 32.59 35.10 126.12 126.12
CNY Carver Bancorp Inc. - NM 43.75 8.28 26.56 NM 97.67 101.54
COFI Charter One Financial 1.49 41.28 21.05 21.63 NM 29.23 310.47 332.36
CONE Conestoga Bancorp, Inc. NA 28.17 NA NA NA NA NA NA
COOP Cooperative Bankshares Inc. - 0.00 27.9 15.56 26.74 27.50 203.06 203.06
CRSB Crusader Holding Corp. - NA NA 23.83 9.86 NA 677.31 677.31
CRZY Crazy Woman Creek Bancorp 2.37 51.28 21.36 26.51 20.09 21.63 112.20 112.20
CSBF CSB Financial Group Inc. - 0.00 53.00 23.37 27.60 49.07 101.22 107.55
CTZN CitFed Bancorp Inc. 0.63 11.16 28.2 21.51 26.02 28.2 354.71 388.4
CVAL Chester Valley Bancorp Inc. 1.26 31.49 25.74 23.31 23.03 24.31 264.35 264.35
DCBI Delphos Citizens Bancorp Inc. 1.14 0.00 22.11 37.92 23.86 22.11 141.60 141.60
DIBK Dime Financial Corp. 1.35 12.66 11.37 19.23 10.75 11.29 232.50 238.72
DIME Dime Community Bancorp Inc. 1.22 11.17 29.49 21.94 27.34 27.93 175.35 202.86
DME Dime Bancorp Inc. 0.53 10.71 26.90 16.04 41.84 26.90 266.59 324.97
DNFC D & N Financial Corp. 0.72 5.95 20.26 13.91 17.34 18.14 257.42 259.83
DSL Downey Financial Corp. 0.99 18.71 19.90 14.87 15.30 19.19 201.73 204.27
EBI Equality Bancorp Inc. 1.55 NA NA 16.81 NA NA 150.34 150.34
EBSI Eagle Bancshares 2.20 66.67 25.00 16.68 22.71 30.28 212.23 212.23
EFBC Empire Federal Bancorp Inc. 1.75 NA NA 40.43 26.76 NA 109.36 109.36
EFBI Enterprise Federal Bancorp 3.08 89.29 32.50 21.42 32.50 29.02 199.26 199.39
EGFC Eagle Financial Corp. 1.70 71.11 34.10 17.82 19.93 43.70 252.24 311.18
EGLB Eagle BancGroup Inc. - 0.00 66.53 14.19 57.29 47.97 119.63 119.63
EMLD Emerald Financial Corp. 1.26 20.34 19.87 18.69 18.54 18.86 232.74 235.95
EQSB Equitable Federal Savings Bank - 0.00 19.10 12.84 19.32 18.89 246.91 246.91
ESBK Elmira Savings Bank (The) 2.13 50.38 23.08 9.62 41.67 24.79 149.48 149.48
ESX Essex Bancorp Inc. - 0.00 NM 2.62 NM NM NM NM
ETFS East Texas Financial Services 0.91 26.64 31.79 18.75 36.56 29.25 107.3 107.30
FAB FIRSTFED AMERICA BANCORP INC. - NA NA 15.82 21.94 NA 131.56 131.56
FBBC First Bell Bancorp Inc. 1.95 32.52 17.08 19.75 16.53 16.67 182.87 182.87
FBCI Fidelity Bancorp Inc. 1.60 88.89 23.36 14.37 18.38 69.44 137.21 137.44
FBCV 1ST Bancorp 0.95 14.29 23.73 11.92 17.50 15.56 132.83 135.20
FBER 1st Bergen Bancorp 1.04 20.25 24.37 18.99 22.92 24.37 140.41 140.41
FBHC Fort Bend Holding Corp. 1.44 22.68 40.22 15.29 30.16 28.61 225.98 241.09
FBNW FirstBank Corp. 1.40 NA NA 21.65 20.00 NA 123.53 123.53
FBSI First Bancshares Inc. 0.76 11.49 19.13 21.48 17.26 18.25 149.20 149.20
FCB Falmouth Bancorp Inc. 1.05 29.85 40.85 34.11 22.88 34.14 142.43 142.43
FCBF FCB Financial Corp. 2.42 54.68 23.08 24.52 18.33 23.74 173.96 173.96
FCME First Coastal Corp. - 0.00 19.26 13.23 16.19 15.66 130.85 130.85
FDEF First Defiance Financial 2.32 53.23 25.83 22.80 35.23 25.00 123.70 123.70
FED FirstFed Financial Corp. - 0.00 19.79 10.63 17.11 19.42 198.43 200.14
FESX First Essex Bancorp Inc. 2.33 40.00 21.48 15.14 20.05 19.25 199.20 226.58
FFBA First Colorado Bancorp Inc. 1.75 37.70 25.59 32.08 20.62 24.33 238.46 243.34
FFBH First Federal Bancshares of AR 0.97 18.18 25.00 25.61 23.96 23.76 169.82 169.82
FFBI First Financial Bancorp Inc. - 0.00 41.39 12.69 52.60 84.17 137.45 137.45
FFBS FFBS BanCorp Inc. 2.25 208.33 18.54 25.92 18.54 18.54 147.64 147.64
FFBZ First Federal Bancorp Inc. 1.17 22.73 22.86 18.10 28.57 21.82 262.58 262.87
FFCH First Financial Holdings Inc. 1.59 33.19 23.76 19.89 23.55 23.34 308.84 308.84
FFDB FirstFed Bancorp Inc. 2.08 41.67 17.39 15.50 17.65 17.39 160.00 174.29
FFDF FFD Financial Corp. 1.33 23.11 40.18 35.19 46.88 18.91 146.29 146.29
FFED Fidelity Federal Bancorp 4.27 62.50 15.37 13.59 18.03 14.65 186.75 186.75
FFES First Federal of East Hartford 1.61 29.70 18.95 11.63 18.53 20.92 170.64 170.64
FFFD North Central Bancshares Inc. 1.37 20.66 20.1 34.31 17.14 19.27 151.09 151.09
FFFL Fidelity Bankshares Inc. (MHC) 2.95 87.77 38.13 19.78 25.42 32.45 241.11 242.64
FFHH FSF Financial Corp. 2.45 45.45 18.52 15.25 19.59 18.52 124.69 124.69
FFHS First Franklin Corp. 1.49 26.09 21.16 13.90 16.80 19.47 150.90 151.66
FFIC Flushing Financial Corp. 1.16 18.64 24.34 19.87 21.48 23.31 158.5 164.97
FFKY First Federal Financial Corp. 2.52 36.49 15.24 23.74 15.89 15.03 173.69 183.73
FFLC FFLC Bancorp Inc. 1.80 30.00 21.98 18.71 20.00 20.83 145.56 145.56
FFOH Fidelity Financial of Ohio 1.75 143.82 21.47 19.07 19.84 20.51 158.83 180.16
</TABLE>
Productivity
-------------
Full Time
Equivalent
Employees
Ticket Most Recent Qtr
- ----- ---------------
CLAS NA
CMRN 57
CMSB 732
CMSV 278
CNIT 236
CNSB 27
CNY 115
COFI 4327
CONE 105
COOP 114
CRSB NA
CRZY 10
CSBF NA
CTZN 775
CVAL 107
DCBI 21
DIBK 147
DIME 245
DME 6000
DNFC 487
DSL 1097
EBI 87
EBSI 546
EFBC 37
EFBI 38
EGFC 406
EGLB 52
EMLD 122
EQSB NA
ESBK 111
ESX 95
ETFS 29
FAB NA
FBBC 56
FBCI NA
FBCV 90
FBER 58
FBHC 146
FBNW 91
FBSI 65
FCB 29
FCBF NA
FCME 74
FDEF 155
FED 437
FESX 274
FFBA 367
FFBH 156
FFBI 36
FFBS 32
FFBZ 70
FFCH 571
FFDB 67
FFDF 24
FFED 107
FFES 178
FFFD NA
FFFL NA
FFHH 91
FFHS 52
FFIC 203
FFKY 103
FFLC 131
FFOH 102
<PAGE>
Page 27 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 04/02/98
------------------------ ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/ Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 1.74 33.78 28.35 11.17 22.36 21.76 175.38 179.37
FFSL First Independence Corp. 2.00 34.72 20.83 12.59 20.83 20.83 125.94 125.94
FFSX First Fed SB of Siouxland(MHC) 1.30 40.34 32.17 22.85 33.04 31.09 258.02 260.01
FFWC FFW Corp. 1.80 27.38 16.13 15.09 14.71 15.87 157.60 172.86
FFWD Wood Bancorp Inc. 1.70 31.39 26.32 31.84 23.81 23.53 248.76 248.76
FFYF FFY Financial Corp. 2.41 37.18 17.23 22.01 16.63 17.05 161.96 161.96
FGHC First Georgia Holding Inc. 3.30 0.00 26.94 22.24 20.21 22.45 267.66 288.69
FIBC Financial Bancorp Inc. 2.00 25.48 14.88 13.87 14.88 15.92 155.28 155.96
FISB First Indiana Corp. 1.75 29.41 24.89 21.49 18.01 20.13 226.61 229.27
FKFS First Keystone Financial 1.03 8.40 18.4 12.43 16.81 16.39 187.86 187.86
FKKY Frankfort First Bancorp Inc. 4.78 NM 27.92 20.42 17.45 119.64 120.33 120.33
FLAG FLAG Financial Corp. 1.69 34.34 27.20 16.53 25.16 20.33 185.83 185.83
FLFC First Liberty Financial Corp. 1.33 33.33 26.19 20.05 17.93 26.83 264.21 290.75
FLGS Flagstar Bancorp Inc. 0.90 3.57 15.81 19.10 15.09 15.81 286.86 297.46
FLKY First Lancaster Bancshares 3.23 45.45 28.18 29.62 24.22 28.18 103.89 103.89
FMBD First Mutual Bancorp Inc. 1.63 103.23 75.48 17.58 81.77 63.31 116.82 152.37
FMCO FMS Financial Corp. 0.71 10.71 17.63 15.01 18.63 17.63 242.33 245.34
FMSB First Mutual Savings Bank 1.10 46.44 17.26 16.77 16.78 16.94 243.94 243.94
FNGB First Northern Capital Corp. 2.64 48.48 21.63 18.05 18.92 20.64 163.17 163.17
FOBC Fed One Bancorp 1.66 44.12 27.69 24.20 27.48 27.48 211.52 220.76
FPRY First Financial Bancorp NA 39.66 NA NA NA NA NA NA
FSBI Fidelity Bancorp Inc. 1.14 20.39 18.80 12.60 19.22 18.39 184.28 184.28
FSFF First SecurityFed Financial - NA NA 31.45 NA NA 108.09 108.47
FSLA First Savings Bank (MHC) 1.17 36.99 33.61 31.32 33.06 35.34 323.34 354.06
FSNJ Bayonne Bancshares Inc. 1.10 NA NA 22.97 29.81 NA 145.81 145.81
FSPG First Home Bancorp Inc. 1.23 23.26 19.30 16.43 19.42 18.97 236.41 239.71
FSPT FirstSpartan Financial Corp. 1.33 NA NA 40.25 26.16 NA 152.44 152.44
FSSB First FS&LA of San Bernardino - 0.00 NM 3.05 NM NM 70.36 73.03
FSTC First Citizens Corp. 0.98 14.42 17.42 25.70 17.80 15.75 254.67 318.58
FTF Texarkana First Financial Corp 2.00 30.08 16.09 27.34 15.91 15.82 180.41 180.41
FTFC First Federal Capital Corp. 1.46 26.37 23.57 19.64 17.19 18.64 277.31 293.07
FTNB Fulton Bancorp Inc. 1.09 25.64 34.92 35.03 27.50 28.21 146.08 146.08
FTSB Fort Thomas Financial Corp. 1.64 36.59 18.60 22.51 18.15 18.60 142.39 142.39
FWWB First SB of Washington Bancorp 1.40 21.21 20.60 23.01 18.93 19.51 159.74 172.47
GAF GA Financial Inc. 2.39 36.52 18.46 19.81 15.72 17.50 133.72 134.98
GDW Golden West Financial 0.52 7.42 15.98 13.91 14.89 15.74 204.1 204.10
GFCO Glenway Financial Corp. 2.00 35.58 19.23 14.98 18.52 19.23 161.16 162.87
GFED Guaranty Federal Bcshs Inc. 2.45 NA NA 33.05 NA NA 109.57 109.57
GLMR Gilmer Financial Svcs, Inc. - 0.00 20.77 6.41 NM 117.71 71.05 71.05
GOSB GSB Financial Corp. - NA NA 32.98 30.36 NA 115.96 115.96
GPT GreenPoint Financial Corp. 1.72 26.88 20.66 24.06 18.97 19.99 218.75 401.17
GSB Golden State Bancorp Inc. - 0.00 21.74 12.45 23.86 26.08 235.41 260.83
GSBC Great Southern Bancorp Inc. 1.68 25.15 17.30 28.08 14.84 16.03 321.34 324.13
GSFC Green Street Financial Corp. 2.40 85.29 27.02 43.95 27.02 27.02 124.75 124.75
GSLA GS Financial Corp. 1.39 NA NA 52.67 50.31 NA 123.47 123.47
GTPS Great American Bancorp 1.88 81.63 43.37 25.02 35.42 43.37 115.05 115.05
GUPB GFSB Bancorp Inc. 1.70 36.70 21.56 16.40 19.58 21.56 131.21 131.21
HALL Hallmark Capital Corp. - 0.00 16.4 10.82 15.89 16.05 141.86 141.86
HARBD Harbor Florida Bancshares Inc. 11.67 NA NA NA NA NA NA NA
HARL Harleysville Savings Bank 1.41 20.40 15.49 14.90 16.21 15.49 218.73 218.73
HARS Harris Financial Inc. (MHC) 0.82 38.44 72.97 41.44 84.38 51.92 510.40 572.03
HAVN Haven Bancorp Inc. 1.09 24.19 22.1 12.29 20.31 22.28 214.98 215.65
HBBI Home Building Bancorp 1.25 26.32 22.02 17.63 25.00 21.05 116.45 116.45
HBEI Home Bancorp of Elgin Inc. 2.30 68.18 41.37 33.78 43.44 39.49 125.09 125.09
HBFW Home Bancorp 0.59 16.39 28.1 23.17 30.36 27.87 190.69 190.69
HBNK Highland Bancorp Inc. - 0.00 18.75 15.82 13.02 14.53 209.50 209.50
HBS Haywood Bancshares Inc. 2.64 37.50 14.97 18.53 21.88 14.97 128.31 132.65
HCBB HCB Bancshares Inc. 1.35 NA NA 19.20 53.12 NA 102.94 106.63
HCBC High Country Bancorp Inc. - NA NA 23.15 NA NA 113.05 113.05
HCFC Home City Financial Corp. 1.93 33.67 18.81 23.45 19.4 19.01 120.39 120.39
HEMT HF Bancorp Inc. - 0.00 46.88 9.99 38.35 NM 126.98 150.94
HFBC HopFed Bancorp Inc. - NA NA NA NA NA NA NA
HFFB Harrodsburg First Fin Bancorp 2.32 75.95 21.84 31.45 21.56 21.84 108.83 108.83
HFFC HF Financial Corp. 1.38 19.70 16.58 15.64 13.86 15.40 163.10 163.10
</TABLE>
Productivity
-------------
Full Time
Equivalent
Employees
Ticker Most Recent Qtr
- ------ ---------------
FFPB 436
FFSL 27
FFSX 169
FFWC 53
FFWD 47
FFYF 177
FGHC 85
FIBC 56
FISB 625
FKFS 74
FKKY 25
FLAG 124
FLFC 534
FLGS 1184
FLKY NA
FMBD 173
FMCO 272
FMSB 125
FNGB 216
FOBC 134
FPRY NA
FSBI NA
FSFF 76
FSLA 214
FSNJ 80
FSPG 117
FSPT 130
FSSB 51
FSTC NA
FTF 35
FTFC 690
FTNB NA
FTSB 20
FWWB NA
GAF 206
GDW 4031
GFCO 69
GFED 79
GLMR 12
GOSB 37
GPT 1831
GSB 2865
GSBC 419
GSFC 31
GSLA 33
GTPS NA
GUPB NA
HALL 77
HARB 336
HARL 54
HARS 483
HAVN 593
HBBI 13
HBEI 123
HBFW 83
HBNK 110
HBS 35
HCBB 70
HCBC 39
HCFC 15
HEMT NA
HFBC 29
HFFB 15
HFFC 252
<PAGE>
Page 28 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 04/02/98
------------------------ ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/ Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HFGI Harrington Financial Group 1.04 29.03 37.10 6.85 NM 37.10 153.33 153.33
HFNC HFNC Financial Corp. 2.44 788.06 24.76 24.77 19.30 19.59 135.87 135.87
HFSA Hardin Bancorp Inc. 2.74 46.00 20.65 13.56 16.96 19.00 119.57 119.57
HFWA Heritage Financial Corp. 0.93 NA NA NA NA NA NA NA
HHFC Harvest Home Financial Corp. 2.93 62.12 22.73 14.36 26.79 22.73 129.09 129.09
HIFS Hingham Instit. for Savings 1.43 29.50 18.25 21.38 17.89 18.25 222.56 222.56
HLFC Home Loan Financial Corp. - NA NA NA NA NA NA NA
HMLK Hemlock Federal Financial Corp 1.47 NA NA 22.33 21.59 NA 129.69 129.69
HMNF HMN Financial Inc. - 0.00 25.88 17.54 23.59 20.74 143.52 154.60
HOMF Home Federal Bancorp 1.29 18.33 20.00 22.34 15.82 17.71 253.89 261.16
HPBC Home Port Bancorp Inc. 3.18 44.69 14.36 22.16 13.36 14.04 210.78 210.78
HRBF Harbor Federal Bancorp Inc. 2.00 44.44 25.26 17.4 24.00 24.24 139.37 139.37
HRZB Horizon Financial Corp. 2.41 36.67 16.59 25.54 16.29 16.44 160.37 160.37
HTHR Hawthorne Financial Corp. - 0.00 11.75 6.49 27.08 14.23 142.44 142.44
HWEN Home Financial Bancorp 1.08 26.32 31.9 19.75 23.13 24.34 116.35 116.35
HZFS Horizon Financial Svcs Corp. 1.11 19.64 24.25 15.62 16.25 19.35 153.59 153.59
IBSF IBS Financial Corp. 2.10 64.74 35.30 28.65 34.04 35.30 161.55 161.55
ICBC Independence Comm. Bank Corp. - NA NA NA NA NA NA NA
IFSB Independence Federal Svgs Bank 1.35 18.03 52.86 8.79 14.45 15.16 122.92 136.73
INBI Industrial Bancorp Inc. 2.61 46.60 22.33 32.24 20.54 22.33 192.79 192.79
INCB Indiana Community Bank SB 1.74 69.23 39.90 20.06 34.58 39.90 165.08 165.08
IPSW Ipswich Savings Bank 0.99 14.20 22.40 16.92 14.93 18.32 325.1 325.1
ITLA ITLA Capital Corp. - 0.00 13.22 16.03 12.35 13.22 160.73 161.23
IWBK InterWest Bancorp Inc. 1.72 25.10 20.30 17.94 17.56 17.63 266.57 271.14
JOAC Joachim Bancorp Inc. 3.04 138.89 45.66 34.69 45.66 45.66 119.99 119.99
JSB JSB Financial Inc. 2.80 38.46 17.93 36.96 9.79 15.71 154.35 154.35
JSBA Jefferson Savings Bancorp 0.94 20.37 29.75 24.07 28.61 27.55 237.62 298.99
JXSB Jacksonville Savings Bk (MHC) 1.24 55.02 60.31 27.40 60.31 48.25 263.09 263.09
JXVL Jacksonville Bancorp Inc. 2.44 36.76 15.07 21.28 16.02 15.07 145.49 145.49
KFBI Klamath First Bancorp 1.50 33.33 24.46 23.31 25.85 24.46 142.9 156.36
KNK Kankakee Bancorp Inc. 1.29 24.00 19.01 14.88 18.63 18.63 135.11 143.32
KSAV KS Bancorp Inc. NA 63.46 NA NA NA NA NA NA
KSBK KSB Bancorp Inc. 0.54 5.64 14.68 15.01 12.85 14.23 198.29 207.63
KYF Kentucky First Bancorp Inc. 3.54 64.10 18.34 21.24 22.07 18.11 124.78 124.78
LARK Landmark Bancshares Inc. 1.58 29.20 20.04 18.25 18.04 18.43 129.55 129.55
LARL Laurel Capital Group Inc. 1.63 25.20 16.73 21.66 18.32 16.73 204.92 204.92
LFBI Little Falls Bancorp Inc. 1.03 20.67 27.08 15.48 24.38 26.00 132.83 143.49
LFCO Life Financial Corp. - 0.00 7.74 31.99 6.89 8.08 240.44 240.44
LFED Leeds Federal Bankshares (MHC) 2.59 78.80 32.77 38.46 33.79 32.77 231.28 231.28
LISB Long Island Bancorp Inc. 0.89 27.78 37.50 26.56 29.44 31.08 289.46 292.10
LOGN Logansport Financial Corp. 2.24 42.11 18.62 26.17 15.41 18.82 136.24 136.24
LONF London Financial Corp. 1.57 609.30 19.06 20.52 15.25 17.73 149.07 149.07
LSBI LSB Financial Corp. 1.27 18.49 19.81 13.97 16.07 17.80 152.62 152.62
LSBX Lawrence Savings Bank - 0.00 10.14 21.74 5.43 10.03 208.10 208.10
LVSB Lakeview Financial Corp. 1.04 8.08 25.26 19.71 9.52 15.48 204.26 248.96
LXMO Lexington B&L Financial Corp. 1.83 42.86 23.39 19.85 22.74 23.39 108.23 115.40
MAFB MAF Bancorp Inc. 0.71 11.34 16.81 17.15 16.74 16.60 225.07 255.50
MARN Marion Capital Holdings 3.09 56.58 18.75 26.47 25.45 18.75 127.35 130.14
MASB MASSBANK Corp. 2.00 31.95 19.58 19.34 17.40 18.10 172.49 175.02
MBB MSB Bancorp Inc. 1.58 150.00 33.18 13.19 NM 88.75 161.95 304.46
MBBC Monterey Bay Bancorp Inc. 0.55 19.64 50.00 20.18 49.04 45.54 161.09 172.76
MBLF MBLA Financial Corp. 1.46 30.08 20.28 15.55 19.01 20.58 122.65 122.65
MBSP Mitchell Bancorp Inc. 2.34 66.67 28.54 44.16 32.93 28.54 110.06 110.06
MCBN Mid-Coast Bancorp Inc. 1.36 26.68 20.90 14.47 17.71 19.62 173.71 173.71
MDBK Medford Bancorp Inc. 1.81 37.66 19.24 17.70 19.07 18.51 197.99 210.41
MECH MECH Financial Inc. - 0.00 12.70 18.54 20.56 12.55 186.79 186.79
MERI Meritrust Federal SB 0.88 21.08 24.10 26.49 25.32 24.10 311.77 311.77
METF Metropolitan Financial Corp. - 0.00 21.59 12.67 15.99 20.27 319.71 347.80
MFBC MFB Corp. 1.28 26.89 22.46 16.32 22.08 22.27 128.58 128.58
MFFC Milton Federal Financial Corp. 3.78 103.45 28.35 16.45 30.53 27.37 130.02 130.02
MFLR Mayflower Co-operative Bank 2.95 40.76 19.24 18.49 15.07 17.28 189.55 192.51
MFSL Maryland Federal Bancorp 1.16 28.79 28.28 21.19 25.49 26.72 244.63 247.13
MIFC Mid-Iowa Financial Corp. 0.63 9.09 15.94 16.11 15.94 14.49 172.06 172.30
MIVI Mississippi View Holding Co. 1.60 16.84 21.28 21.57 20.83 21.05 118.69 118.69
</TABLE>
Productivity
-------------
Full Time
Equivalent
Employees
Tick Most Recent Qtr
- ---- ---------------
HFGI 68
HFNC 125
HFSA 20
HFWA 146
HHFC NA
HIFS 63
HLFC NA
HMLK NA
HMNF 150
HOMF 252
HPBC 50
HRBF 48
HRZB 117
HTHR NA
HWEN 18
HZFS 27
IBSF 132
ICBC NA
IFSB NA
INBI 86
INCB NA
IPSW 64
ITLA 154
IWBK 627
JOAC 14
JSB NA
JSBA 295
JXSB 83
JXVL NA
KFBI 234
KNK 114
KSAV 33
KSBK NA
KYF 20
LARK 49
LARL 50
LFBI 41
LFCO 272
LFED 28
LISB 1336
LOGN 14
LONF 10
LSBI 64
LSBX 100
LVSB NA
LXMO NA
MAFB 855
MARN 44
MASB 178
MBB 221
MBBC 99
MBLF 12
MBSP 6
MCBN 25
MDBK 252
MECH 232
MERI 96
METF 281
MFBC 69
MFFC 52
MFLR 48
MFSL 280
MIFC 37
MIVI 21
<PAGE>
Page 29 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 04/02/98
------------------------ ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/ Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONT Montgomery Financial Corp. 1.73 NA NA 19.94 24.52 NA 107.23 107.23
MRKF Market Financial Corp. 1.62 NA NA 40.54 35.94 NA 114.01 114.01
MSBF MSB Financial Inc. 1.81 29.95 19.79 26.54 16.63 18.27 157.43 157.43
MSBK Mutual Savings Bank FSB - 0.00 NM 8.63 NM NM 169.71 169.71
MWBI Midwest Bancshares Inc. 1.50 18.42 15.84 11.06 14.29 14.04 152.96 152.96
MWBX MetroWest Bank 1.51 32.08 14.98 18.39 15.27 14.98 250.41 250.41
MYST Mystic Financial Inc. - NA NA NA NA NA NA NA
NASB NASB Financial Inc. 1.57 14.87 14.52 19.45 11.38 11.85 229.07 235.94
NBN Northeast Bancorp 1.17 30.46 27.46 14.45 34.86 25.89 191.60 212.49
NBSI North Bancshares Inc. 2.29 76.19 44.87 20.35 54.69 41.67 150.86 150.86
NEIB Northeast Indiana Bancorp 1.58 23.72 15.69 18.68 14.53 15.69 136.42 136.42
NEP Northeast PA Financial Corp. - NA NA NA NA NA NA NA
NHTB New Hampshire Thrift Bncshrs 2.82 37.59 17.56 13.95 14.76 15.98 173.61 200.85
NMSB NewMil Bancorp Inc. 2.30 39.39 21.12 15.21 20.50 21.12 163.21 163.21
NSLB NS&L Bancorp Inc. 2.86 75.76 26.92 20.76 31.25 26.52 105.17 105.93
NSSY NSS Bancorp Inc. 0.85 12.20 64.55 17.05 17.07 19.16 209.54 215.87
NTBK Net.B@nk Inc. - 0.00 NM 182.93 NM NM 500.00 500.00
NTMG Nutmeg Federal S&LA 1.91 25.15 38.89 9.85 29.17 25.61 178.57 178.57
NWEQ Northwest Equity Corp. 2.84 37.04 16.25 17.8 14.27 15.65 142.54 142.54
NWSB Northwest Bancorp Inc. (MHC) 0.94 38.10 40.48 35.38 38.64 40.48 382.88 431.47
OCFC Ocean Financial Corp. 2.16 33.90 20.82 19.26 19.71 20.94 135.02 135.02
OCN Ocwen Financial Corp. - 0.00 54.17 51.31 17.57 18.71 375.18 389.81
OFCP Ottawa Financial Corp. 1.36 27.13 23.05 17.69 19.93 22.01 205.29 252.35
OHSL OHSL Financial Corp. 2.73 54.32 20.67 16.75 21.22 19.91 149.31 149.31
OSFS Ohio State Financial Services - NA NA 26.32 NA NA 97.15 97.15
OTFC Oregon Trail Financial Corp. 1.13 NA NA 29.92 NA NA 115.71 115.71
PBCI Pamrapo Bancorp Inc. 4.00 57.47 16.87 21.13 15.91 16.09 164.03 165.09
PBCT People's Bank (MHC) 1.93 44.60 44.74 29.43 24.01 26.08 339.15 340.91
PBHC Pathfinder Bancorp Inc. (MHC) 0.95 26.68 37.72 30.87 66.02 32.50 257.62 303.96
PBKB People's Bancshares Inc. 1.95 28.57 35.18 10.62 15.39 16.75 268.83 279.51
PCBC Perry County Financial Corp. 2.11 34.48 20.47 23.12 22.84 20.47 120.19 120.19
PDB Piedmont Bancorp Inc. 3.72 71.43 19.20 22.72 20.67 19.20 140.34 140.34
PEDE Great Pee Dee Bancorp - NA NA 48.14 NA NA 112.34 112.34
PEEK Peekskill Financial Corp. 2.06 53.73 26.03 29.60 27.25 26.03 117.27 117.27
PERM Permanent Bancorp Inc. 1.22 28.69 30.00 18.03 27.27 29.51 174.17 176.21
PERT Perpetual Bank (MHC) 2.15 103.85 43.33 33.58 39.63 50.00 320.35 320.35
PFDC Peoples Bancorp 1.91 33.34 18.40 26.50 19.17 18.40 173.58 173.58
PFED Park Bancorp Inc. - 0.00 28.08 24.06 76.04 27.24 110.27 110.27
PFFB PFF Bancorp Inc. - 0.00 27.27 13.63 18.75 25.61 140.47 141.89
PFFC Peoples Financial Corp. 3.03 NM 33.67 28.35 45.83 33.67 150.27 150.27
PFNC Progress Financial Corp. 0.68 10.73 25.72 14.62 20.17 19.72 287.22 342.00
PFSB PennFed Financial Services Inc 0.78 12.39 15.96 11.69 15.41 15.82 155.16 181.10
PFSLD Pocahontas Bancorp Inc. 8.68 NA NA NA NA NA NA NA
PHBK Peoples Heritage Finl Group 1.75 29.34 19.81 20.54 17.72 19.43 293.71 390.93
PHFC Pittsburgh Home Financial Corp 1.30 240.35 18.69 12.16 14.92 16.23 147.76 149.56
PHSB Peoples Home Savings Bk (MHC) 1.16 NA NA 26.14 28.65 NA 198.89 198.89
PKPS Poughkeepsie Financial Corp. 2.13 69.44 51.14 16.20 NM 62.50 195.65 195.65
PLSK Pulaski Savings Bank (MHC) 1.58 NA NA 22.04 43.18 NA 184.65 184.65
PMFI Perpetual Midwest Financial 0.95 29.70 35.39 15.19 34.24 31.19 170.36 170.36
PRBC Prestige Bancorp Inc. 0.99 13.04 22.50 12.93 28.13 22.01 118.56 118.56
PROV Provident Financial Holdings - 0.00 41.82 14.91 23.00 21.90 128.85 128.85
PSBK Progressive Bank Inc. 1.89 30.91 19.71 18.38 19.62 19.26 206.91 228.19
PSFC Peoples-Sidney Financial Corp. 1.56 NA NA 30.25 22.50 NA 113.56 113.56
PSFI PS Financial Inc. 3.40 910.64 17.44 33.31 NM 30.05 126.80 126.80
PTRS Potters Financial Corp. 0.98 14.46 17.23 16.27 26.97 16.94 181.26 181.26
PULB Pulaski Bank, Svgs Bank (MHC) 2.25 115.38 61.25 56.93 55.68 53.85 424.61 424.61
PULS Pulse Bancorp 2.92 40.50 15.47 15.67 16.29 15.29 191.30 191.30
PVFC PVF Capital Corp. - 0.00 14.09 16.36 12.97 13.32 224.65 224.65
PVSA Parkvale Financial Corp. 1.89 23.17 15.72 15.91 15.26 15.72 201.08 202.23
PWBC PennFirst Bancorp Inc. 1.86 31.81 17.94 11.21 17.94 17.94 149.04 167.31
PWBK Pennwood Bancorp Inc. 1.64 38.10 25.58 25.66 26.19 26.19 131.26 131.26
QCBC Quaker City Bancorp Inc. - 0.00 18.45 12.54 16.82 17.87 145.42 145.42
QCFB QCF Bancorp Inc. - 0.00 13.36 24.67 11.95 13.36 140.39 140.39
QCSB Queens County Bancorp Inc. 1.77 38.19 28.64 42.09 29.01 28.28 342.03 342.03
</TABLE>
Productivity
-------------
Full Time
Equivalent
Employees
Ticker Most Recent Qtr
- ------- ---------------
HFGI 31
HFNC 9
HFSA 19
HFWA 247
HHFC 42
HIFS 175
HLFC 54
HMLK 247
HMNF NA
HOMF 39
HPBC 44
HRBF 134
HRZB 120
HTHR 134
HWEN 20
HZFS 156
IBSF NA
ICBC 51
IFSB 36
INBI 831
INCB 237
IPSW 1104
ITLA 252
IWBK 60
JOAC 14
JSB NA
JSBA 95
JXSB 2993
JXVL 75
KFBI NA
KNK NA
KSAV 27
KSBK NA
KYF 25
LARK 128
LARL NA
LFBI 80
LFCO 44
LFED 509
LISB 19
LOGN 200
LONF 203
LSBI 60
LSBX 2560
LVSB 64
LXMO NA
MAFB 261
MARN 43
MASB 100
MBB 41
MBBC NA
MBLF 265
MBSP 17
MCBN 15
MDBK 45
MECH NA
MERI 61
METF NA
MFBC 230
MFFC 128
MFLR 11
MFSL 140
MIFC NA
MIVI 275
<PAGE>
Page 30 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 04/02/98
------------------------ ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/ Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RARB Raritan Bancorp Inc. 2.16 30.74 18.26 16.12 17.79 18.02 213.30 216.29
RCBK Richmond County Financial Corp - NA NA NA NA NA NA NA
REDF RedFed Bancorp Inc. - 0.00 13.80 14.24 13.08 14.10 170.60 171.19
RELI Reliance Bancshares Inc. - 0.00 46.25 53.22 46.25 44.05 106.2 106.20
RELY Reliance Bancorp Inc. 1.76 32.49 21.98 17.56 20.44 20.75 205.2 301.22
RIVR River Valley Bancorp 1.01 NA NA 16.98 17.03 NA 133.45 135.37
ROSE TR Financial Corp. 1.95 28.06 19.93 15.97 16.45 17.79 239.86 239.86
RSLN Roslyn Bancorp Inc. 1.32 NA NA 29.39 25.26 NA 168.40 169.23
RVSB Riverview Bancorp Inc. 0.82 NA NA 39.64 NA NA 174.36 180.66
SBFL SB of the Finger Lakes (MHC) 0.99 83.33 96.43 29.18 72.32 84.38 333.06 333.06
SBOS Boston Bancorp (The) NA 10.89 NA NA NA NA NA NA
SCBS Southern Community Bancshares 1.77 34.88 19.54 27.27 19.32 19.77 137.10 137.10
SCCB S. Carolina Community Bancshrs 2.98 88.57 30.71 27.81 44.79 30.71 134.46 134.46
SFED SFS Bancorp Inc. 1.23 29.03 28.89 18.01 25.00 27.96 146.64 146.64
SFFC StateFed Financial Corp. 1.38 27.78 20.14 25.49 20.14 20.14 144.42 144.42
SFIN Statewide Financial Corp. 1.91 32.31 17.83 15.36 16.91 17.69 159.83 160.06
SFSB SuburbFed Financial Corp. 0.68 15.38 28.13 13.64 22.29 22.72 202.70 203.31
SFSL Security First Corp. 1.42 29.28 21.03 25.13 20.09 21.03 268.50 272.73
SGVB SGV Bancorp Inc. - 0.00 37.5 10.35 50.00 31.03 137.09 139.10
SHEN First Shenango Bancorp Inc. 1.40 25.45 19.2 23.73 20.67 19.20 185.91 185.91
SHSB SHS Bancorp Inc. - NA NA 16.31 NA NA 120.27 120.27
SIB Staten Island Bancorp Inc. - NA NA 35.11 NA NA 135.69 139.45
SISB SIS Bancorp Inc. 1.56 31.52 19.58 16.48 114.24 24.92 226.33 226.33
SKAN Skaneateles Bancorp Inc. 1.44 23.61 17.89 10.94 18.75 17.26 158.54 162.91
SKBO First Carnegie Deposit (MHC) 1.50 NA NA 32.02 83.33 NA 186.22 186.22
SMBC Southern Missouri Bancorp Inc. 2.22 58.14 27.44 22.68 31.25 26.16 136.61 136.61
SOBI Sobieski Bancorp Inc. 1.58 45.45 30.68 17.67 29.78 30.68 114.08 114.08
SOPN First Savings Bancorp Inc. 3.85 67.20 20.78 31.95 20.29 20.78 140.3 140.30
SOSA Somerset Savings Bank - 0.00 14.80 15.53 13.98 14.37 234.00 234.00
SPBC St. Paul Bancorp Inc. 1.55 25.71 18.35 19.42 17.97 18.48 211.74 212.26
SRN Southern Banc Co. 2.12 83.33 39.29 19.31 45.83 39.29 111.19 112.09
SSB Scotland Bancorp Inc. 2.08 965.38 14.81 29.97 26.74 14.81 124.51 124.51
SSFC South Street Financial Corp. 3.48 NM 25.00 23.54 NM 23.96 146.50 146.50
SSM Stone Street Bancorp Inc. 2.23 542.68 25.15 36.22 27.14 25.15 125.99 125.99
STFR St. Francis Capital Corp. 1.26 21.46 19.87 14.63 15.45 19.10 179.94 201.81
STSA Sterling Financial Corp. - 0.00 22.81 10.49 19.7 20.8 191.32 207.01
SVRN Sovereign Bancorp Inc. 0.42 10.59 25.16 14.96 19.92 30.36 301.66 363.59
SWBI Southwest Bancshares Inc. 2.45 51.68 21.90 24.05 21.46 21.90 201.14 201.14
SWCB Sandwich Bancorp Inc. 2.19 51.02 26.78 23.96 22.54 26.12 295.89 306.51
SZB SouthFirst Bancshares Inc. 2.81 67.57 24.02 12.61 19.79 28.89 130.34 133.76
THR Three Rivers Financial Corp. 2.10 35.51 20.79 17.76 20.19 19.63 131.91 132.33
THRD TF Financial Corp. 1.68 32.00 26.89 15.21 22.98 22.80 164.17 196.69
TPNZ Tappan Zee Financial Inc. 1.39 33.33 28.75 23.52 27.95 27.95 138.22 138.22
TRIC Tri-County Bancorp Inc. 2.91 43.33 17.86 17.84 19.10 18.33 116.13 116.13
TSBK Timberland Bancorp Inc. - NA NA NA NA NA NA NA
TSBS Peoples Bancorp Inc. (MHC) 0.81 42.68 70.90 61.10 63.60 52.74 355.67 393.90
TSH Teche Holding Co. 2.27 41.67 19.13 18.51 19.64 18.33 136.73 136.73
TWIN Twin City Bancorp 2.71 48.84 20.77 17.22 16.76 17.15 133.48 133.48
UBMT United Financial Corp. 3.60 88.18 25.23 35.26 40.81 25.23 137.72 137.72
UCBC Union Community Bancorp 2.02 NA NA 34.27 NA NA 105.42 105.42
UFRM United Federal Savings Bank 1.31 40.35 49.66 19.15 41.76 32.24 265.15 265.15
USAB USABancshares Inc. - 0.00 53.85 15.95 21.88 48.28 208.02 211.16
UTBI United Tennessee Bankshares - NA NA NA NA NA NA NA
VABF Virginia Beach Fed. Financial 1.26 25.00 29.88 15.46 21.73 23.91 215.86 215.86
WAMU Washington Mutual Inc. 1.57 56.99 23.49 19.65 19.68 39.78 355.77 382.03
WAYN Wayne Savings Bancshares (MHC) 2.16 74.49 37.34 25.44 35.94 34.64 268.19 268.19
WBST Webster Financial Corp. 1.15 31.97 19.76 13.57 16.45 28.59 249.20 285.74
WCBI Westco Bancorp Inc. 2.31 35.43 18.10 23.01 16.39 16.86 149.59 149.59
WCFB Webster City Federal SB (MHC) 4.00 123.08 30.77 44.36 31.25 30.77 188.68 188.68
WEFC Wells Financial Corp. 2.49 20.69 17.04 18.72 16.59 16.59 127.23 127.23
WEHO Westwood Homestead Fin. Corp. 2.53 NM 27.40 30.18 NM 43.18 134.43 134.43
WES Westcorp 2.37 28.57 NM 11.89 11.10 12.05 127.17 127.45
WFI Winton Financial Corp. 1.55 27.33 22.40 19.61 16.80 18.75 265.21 270.10
WFSL Washington Federal Inc. 3.13 41.00 13.92 25.74 13.79 13.79 199.61 216.51
</TABLE>
Productivity
-------------
Full Time
Equivalent
Employees
Ticker Most Recent Qtr
- ------- ---------------
RARB 90
RCBK NA
REDF 273
RELI NA
RELY 423
RIVR 62
ROSE 435
RSLN 404
RVSB 91
SBFL 69
SBOS NA
SCBS NA
SCCB NA
SFED 60
SFFC NA
SFIN 198
SFSB 169
SFSL 155
SGVB 94
SHEN 101
SHSB 24
SIB 581
SISB 622
SKAN 119
SKBO 19
SMBC 54
SOBI 24
SOPN 42
SOSA 145
SPBC 1079
SRN NA
SSB 13
SSFC 37
SSM 20
STFR 376
STSA 510
SVRN 2170
SWBI 93
SWCB 158
SZB 67
THR NA
THRD 155
TPNZ 14
TRIC 19
TSBK 90
TSBS 151
TSH 165
TWIN 55
UBMT 66
UCBC 12
UFRM 142
USAB 11
UTBI NA
VABF 233
WAMU 19880
WAYN 98
WBST 1286
WCBI 55
WCFB 21
WEFC NA
WEHO 20
WES 2524
WFI NA
WFSL 660
<PAGE>
Page 31 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 04/02/98
------------------------ ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/ Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WHGB WHG Bancshares Corp. 1.71 41.82 33.48 25.70 39.06 34.09 130.75 130.75
WOFC Western Ohio Financial Corp. 3.74 NM 157.35 17.14 NM NM 116.76 124.94
WRNB Warren Bancorp Inc. 2.12 47.54 16.78 25.14 16.55 13.39 232.89 232.89
WSB Washington Savings Bank, FSB 1.25 22.73 25 13.26 22.22 18.18 152.96 152.96
WSBI Warwick Community Bancorp - NA NA NA NA NA NA NA
WSFS WSFS Financial Corp. - 0.00 17.13 17.89 17.54 16.86 312.50 314.31
WSTR WesterFed Financial Corp. 1.84 35.41 20.10 14.08 17.65 19.64 135.29 166.51
WVFC WVS Financial Corp. 3.04 255.92 18.63 23.72 17.63 18.72 222.54 222.54
WYNE Wayne Bancorp Inc. 0.67 19.42 29.13 22.37 32.61 29.13 177.94 177.94
YFCB Yonkers Financial Corp. 1.46 20.18 17.87 17.41 16.49 17.55 128.61 128.61
YFED York Financial Corp. 2.04 39.67 25.00 19.09 20.56 21.07 215.37 215.37
---------------------------------------------------------------------------------------------------------------------
Average 1.49 49.38 25.98 21.45 24.84 24.73 182.83 190.48
Median 1.44 29.46 22.11 19.22 20.23 20.81 161.16 165.08
</TABLE>
Productivity
-------------
Full Time
Equivalent
Ticker Employees
- ------ Most Recent Qtr
---------------
WHGB NA
WOFC 98
WRNB 137
WSB NA
WSBI NA
WSFS 301
WSTR 367
WVFC 59
WYNE 59
YFCB 68
YFED 389
-----------------
381
100
<PAGE>
Page 32 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 04/02/98
------------------------ ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/ Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------------------------------- ----------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ATSB AmTrust Capital Corp. 1.290 35.09 62.00 11.45 29.81 27.19 105.73 106.82
CKFB CKF Bancorp Inc. 2.532 113.95 20.36 27.24 18.99 15.31 115.23 115.23
FFBI First Financial Bancorp Inc. 0.000 0.00 41.39 12.69 52.60 84.17 137.45 137.45
FFDF FFD Financial Corp. 1.333 23.11 40.18 35.19 46.88 18.91 146.29 146.29
FTSB Fort Thomas Financial Corp. 1.639 36.59 18.60 22.51 18.15 18.60 142.39 142.39
HCFC Home City Financial Corp. 1.933 33.67 18.81 23.45 19.40 19.01 120.39 120.39
KYF Kentucky First Bancorp Inc. 3.540 64.10 18.34 21.24 22.07 18.11 124.78 124.78
LOGN Logansport Financial Corp. 2.238 42.11 18.62 26.17 15.41 18.82 136.24 136.24
MSBF MSB Financial Inc. 1.805 29.95 19.79 26.54 16.63 18.27 157.43 157.43
NSLB NS&L Bancorp Inc. 2.857 75.76 26.92 20.76 31.25 26.52 105.17 105.93
PFFC Peoples Financial Corp. 3.030 NM 33.67 28.35 45.83 33.67 150.27 150.27
SFFC StateFed Financial Corp. 1.379 27.78 20.14 25.49 20.14 20.14 144.42 144.42
--------------------------------------------------------------------------------------------------------------------
Average 1.96 43.83 28.24 23.42 28.10 26.56 132.15 132.30
Median 1.87 35.09 20.25 24.47 21.11 18.96 136.85 136.85
Maximum 3.54 113.95 62.00 35.19 52.60 84.17 157.43 157.43
Minimum 0.00 0.00 18.34 11.45 15.41 15.31 105.17 105.93
</TABLE>
Productivity
-------------
Full Time
Equivalent
Employees
Ticker Most Recent Qtr
- ------ ---------------
ATSB NA
CKFB 9
FFBI 36
FFDF 24
FTSB 20
HCFC 15
KYF 20
LOGN 14
MSBF 19
NSLB 20
PFFC 19
SFFC NA
----------------
19.60
19.50
36.00
9.00
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MIVI * Mississippi View Holding Co. 1.60 16.84 21.28 21.57 20.83 21.05 118.69 118.69 21.00
* Pricing data is based upon the last
trade on NASDAQ, the Bank's
most current price is $18.50
Variance to the Comparable Median (0.27) (18.25) 1.03 (2.90) (0.28) 2.09 (18.16) (18.16) 1.50
</TABLE>
<PAGE>
Page 33 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income Core EPS EPS
Ticker Short Name LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank 233,058 209,082 NA NA 87,873 74,987 NA NA
%CCMD Chevy Chase Bank, FSB 47,452 -25,156 NA NA 16,605 (7,804) NA NA
AABC Access Anytime Bancorp Inc. 1,596 1,486 1.28 1.37 30 4 0.03 -
ABBK Abington Bancorp Inc. 4,378 3,874 0.97 1.10 1,103 921 0.28 0.23
ABCL Alliance Bancorp 10,249 11,102 1.39 1.28 2,844 2,659 0.33 0.31
ABCW Anchor BanCorp Wisconsin 19,934 18,371 1.91 2.07 5,657 5,070 0.58 0.52
AFBC Advance Financial Bancorp 914 874 NA NA 216 199 0.21 0.19
AFCB Affiliated Community Bancorp 11,856 11,468 1.72 1.78 3,028 2,758 0.45 0.41
AFED AFSALA Bancorp Inc. 1,231 1,231 0.93 0.93 311 311 0.24 0.24
AHCI Ambanc Holding Co. 2,760 2,256 0.56 0.69 800 625 0.20 0.16
AHM H.F. Ahmanson & Co. 413,782 367,894 3.16 3.59 99,494 97,257 0.89 0.87
ALBC Albion Banc Corp. 351 335 0.44 0.46 95 83 0.14 0.12
ALBK ALBANK Financial Corp. 43,424 43,072 3.14 3.17 15,288 15,145 1.11 1.10
ALLB Alliance Bank (MHC) 2,037 2,037 0.62 0.62 410 410 0.13 0.13
AMFC AMB Financial Corp. 1,023 657 0.71 1.10 253 144 0.28 0.16
ANA Acadiana Bancshares Inc. 2,947 2,859 1.16 1.20 858 831 0.35 0.34
ANDB Andover Bancorp Inc. 13,206 12,932 2.44 2.49 3,468 3,355 0.65 0.63
ANE Alliance Bncp of New England 2,017 1,392 0.85 1.23 563 222 0.33 0.13
ASBI Ameriana Bancorp 3,632 3,182 0.97 1.11 872 640 0.27 0.20
ASBP ASB Financial Corp. 1,030 1,027 0.64 0.64 254 251 0.16 0.16
ASFC Astoria Financial Corp. 68,464 63,885 2.83 3.04 20,931 19,404 0.74 0.68
ATSB AmTrust Capital Corp. 288 125 0.25 0.57 64 (4) 0.13 (0.01)
AVND Avondale Financial Corp. -12,482 -11,208 -3.22 -3.59 2,130 (197) 0.62 (0.06)
BANC BankAtlantic Bancorp Inc. 27,769 14,516 0.51 0.98 8,178 3,170 0.27 0.10
BDJI First Federal Bancorp. 731 725 0.86 0.86 214 214 0.26 0.26
BFD BostonFed Bancorp Inc. 7,055 6,331 1.11 1.24 1,735 1,481 0.31 0.26
BFFC Big Foot Financial Corp. NA NA NA NA 453 304 0.20 0.13
BFSB Bedford Bancshares Inc. 1,618 1,609 1.42 1.42 384 382 0.33 0.33
BKC American Bank of Connecticut 7,940 6,882 2.94 3.39 2,104 1,622 0.89 0.69
BKCT Bancorp Connecticut Inc. 5,896 5,256 0.96 1.08 1,481 1,299 0.27 0.24
BKUNA BankUnited Financial Corp. 7,975 6,712 0.43 0.53 1,975 1,250 0.12 0.07
BNKU Bank United Corp. 79,738 69,990 2.18 2.48 20,430 19,948 0.63 0.62
BPLS Bank Plus Corp. 12,653 14,038 0.73 0.66 1,780 4,860 0.09 0.25
BRKL Brookline Bancorp (MHC) 11,937 11,635 NA NA NA NA NA NA
BTHL Bethel Bancorp 1,435 1,141 0.74 0.96 302 263 0.19 0.16
BVCC Bay View Capital Corp. 14,021 19,137 1.45 1.06 1,191 4,639 0.09 0.35
BWFC Bank West Financial Corp. 1,121 852 0.33 0.45 (60) 204 (0.02) 0.07
BYFC Broadway Financial Corp. 351 370 0.43 0.39 102 29 0.11 0.02
BYS Bay State Bancorp 1,129 1,825 NA NA NA NA NA NA
CAFI Camco Financial Corp. 5,626 4,585 1.39 1.71 1,286 838 0.40 0.26
CAPS Capital Savings Bancorp Inc. 2,367 2,262 1.17 1.23 627 567 0.32 0.29
CASB Cascade Financial Corp. 2,529 2,450 0.74 0.76 773 683 0.21 0.19
CASH First Midwest Financial Inc. 3,679 3,446 1.22 1.31 989 915 0.36 0.33
CATB Catskill Financial Corp. 3,799 3,764 0.85 0.85 958 946 0.22 0.22
CAVB Cavalry Bancorp Inc. 3,202 2,470 NA 0.00 944 650 - NA
CBCI Calumet Bancorp Inc. 7,987 8,028 2.30 2.29 2,475 2,625 0.72 0.76
CBES CBES Bancorp Inc. 1,118 976 1.03 1.18 211 152 0.22 0.16
CBK Citizens First Financial Corp. 1,889 1,275 0.50 0.74 665 173 0.27 0.07
CBSA Coastal Bancorp Inc. 11,563 11,492 2.24 2.25 2,789 2,789 0.54 0.54
CBSB Charter Financial Inc. 5,268 4,190 0.97 1.23 990 923 0.23 0.21
CCFH CCF Holding Co. 137 -224 -0.26 0.16 95 5 0.12 0.01
CEBK Central Co-operative Bank 2,796 2,561 1.31 1.43 663 662 0.34 0.34
CENB Century Bancorp Inc. 1,628 1,633 4.34 4.33 350 350 0.93 0.93
CENF CENFED Financial Corp. 13,790 12,469 2.05 2.27 2,158 2,120 0.35 0.34
CFB Commercial Federal Corp. 68,105 66,785 2.04 2.07 17,760 16,991 0.54 0.52
CFBC Community First Banking Co. 1,944 1,837 NA NA 916 916 NA NA
CFCP Coastal Financial Corp. 6,140 5,153 1.05 1.26 1,627 1,243 0.33 0.25
CFFC Community Financial Corp. 1,875 1,883 0.74 0.74 539 538 0.21 0.21
CFNC Carolina Fincorp Inc. 1,361 1,303 0.73 0.76 330 316 0.19 0.18
CFSB CFSB Bancorp Inc. 10,673 9,945 1.25 1.34 2,769 2,532 0.35 0.32
CFTP Community Federal Bancorp 2,813 2,819 0.64 0.64 660 665 0.15 0.15
CFX CFX Corp. 18,934 25,992 1.07 0.78 3,944 6,833 0.16 0.28
CIBI Community Investors Bancorp 923 923 1.06 1.06 212 212 0.25 0.25
CKFB CKF Bancorp Inc. 1,117 843 0.97 1.29 214 214 0.26 0.26
</TABLE>
<PAGE>
Page 34 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income Core EPS EPS
Ticker Short Name LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLAS Classic Bancshares Inc. 1,089 841 0.70 0.89 281 275 0.23 0.23
CMRN Cameron Financial Corp 2,401 2,380 0.96 0.96 535 523 0.22 0.22
CMSB Commonwealth Bancorp Inc. 16,369 11,209 0.70 1.02 4,018 2,578 0.26 0.17
CMSV Community Savings Bnkshrs(MHC) 5,356 4,958 0.98 1.06 1,073 1,073 0.21 0.21
CNIT CENIT Bancorp Inc. 6,003 5,855 3.52 3.61 1,692 1,598 1.04 0.98
CNSB CNS Bancorp Inc. 864 852 0.51 0.52 227 219 0.14 0.14
CNY Carver Bancorp Inc. -460 745 0.34 -0.21 301 179 0.14 0.08
COFI Charter One Financial 148,409 206,040 3.18 2.29 (12,035) 47,286 (0.19) 0.76
CONE Conestoga Bancorp, Inc. 3,210 2,607 0.58 0.71 742 334 0.16 0.07
COOP Cooperative Bankshares Inc. 2,234 2,201 0.69 0.70 581 556 0.18 0.17
CRSB Crusader Holding Corp. NA NA NA NA 926 867 0.39 0.37
CRZY Crazy Woman Creek Bancorp 719 728 0.79 0.78 190 192 0.21 0.21
CSBF CSB Financial Group Inc. 234 219 0.25 0.27 97 92 0.12 0.11
CTZN CitFed Bancorp Inc. 27,332 27,274 2.03 2.03 7,435 7,373 0.55 0.55
CVAL Chester Valley Bancorp Inc. 3,153 2,990 1.36 1.44 831 781 0.38 0.36
DCBI Delphos Citizens Bancorp Inc. 1,729 1,729 0.95 0.95 400 400 0.22 0.22
DIBK Dime Financial Corp. 16,748 16,621 3.14 3.16 4,429 4,407 0.83 0.83
DIME Dime Community Bancorp Inc. 11,878 11,313 0.89 0.94 2,887 2,801 0.24 0.23
DME Dime Bancorp Inc. 121,714 121,806 1.12 1.12 21,499 26,613 0.18 0.22
DNFC D & N Financial Corp. 14,325 12,851 1.37 1.53 3,730 3,167 0.40 0.34
DSL Downey Financial Corp. 45,234 43,495 1.63 1.69 14,037 13,743 0.53 0.52
EBI Equality Bancorp Inc. 1,154 260 NA NA 364 128 NA NA
EBSI Eagle Bancshares 5,288 6,388 1.09 0.90 1,764 1,761 0.30 0.30
EFBC Empire Federal Bancorp Inc. 1,586 1,586 NA NA 382 382 0.16 0.16
EFBI Enterprise Federal Bancorp 2,195 1,987 1.00 1.12 516 501 0.25 0.24
EGFC Eagle Financial Corp. 7,889 10,305 1.73 1.35 4,898 4,841 0.74 0.73
EGLB Eagle BancGroup Inc. 509 363 0.31 0.43 109 55 0.09 0.05
EMLD Emerald Financial Corp. 6,141 5,832 1.12 1.18 1,592 1,456 0.30 0.27
EQSB Equitable Federal Savings Bank 2,306 2,277 1.78 1.80 568 556 0.44 0.43
ESBK Elmira Savings Bank (The) 875 938 1.30 1.21 129 364 0.18 0.51
ESX Essex Bancorp Inc. 214 45 -1.19 -1.21 (491) (491) (0.85) (0.85)
ETFS East Texas Financial Services 728 675 0.46 0.50 144 130 0.10 0.09
FAB FIRSTFED AMERICA BANCORP INC. 1,718 5,523 NA NA 1,933 1,497 0.24 0.19
FBBC First Bell Bancorp Inc. 7,575 7,413 1.20 1.23 1,818 1,818 0.31 0.31
FBCI Fidelity Bancorp Inc. 1,068 2,990 1.07 0.36 977 963 0.34 0.34
FBCV 1ST Bancorp 1,968 1,300 1.18 1.80 437 358 0.40 0.33
FBER 1st Bergen Bancorp 2,117 2,117 0.79 0.79 553 553 0.21 0.21
FBHC Fort Bend Holding Corp. 2,045 1,441 0.69 0.97 492 292 0.23 0.14
FBNW FirstBank Corp. 1,391 862 NA NA 458 259 0.25 0.14
FBSI First Bancshares Inc. 1,870 1,799 0.83 0.87 493 495 0.23 0.23
FCB Falmouth Bancorp Inc. 910 774 0.56 0.67 348 284 0.25 0.20
FCBF FCB Financial Corp. 4,813 4,934 1.43 1.39 1,718 1,596 0.45 0.42
FCME First Coastal Corp. 1,262 1,022 0.74 0.91 310 296 0.22 0.21
FDEF First Defiance Financial 5,407 5,263 0.60 0.62 945 927 0.11 0.11
FED FirstFed Financial Corp. 23,100 22,676 2.11 2.15 6,613 6,238 0.61 0.58
FESX First Essex Bancorp Inc. 9,713 8,714 1.12 1.25 2,390 2,371 0.30 0.30
FFBA First Colorado Bancorp Inc. 19,914 18,932 1.16 1.22 5,894 5,028 0.36 0.31
FFBH First Federal Bancshares of AR 5,502 5,246 1.15 1.21 1,360 1,360 0.30 0.30
FFBI First Financial Bancorp Inc. 124 251 0.61 0.30 49 (2) 0.12 -
FFBS FFBS BanCorp Inc. 1,824 1,824 1.20 1.20 451 451 0.30 0.30
FFBZ First Federal Bancorp Inc. 1,922 1,822 1.05 1.10 373 357 0.21 0.20
FFCH First Financial Holdings Inc. 14,845 14,519 1.11 1.13 3,872 3,876 0.28 0.28
FFDB FirstFed Bancorp Inc. 1,705 1,705 1.38 1.38 413 413 0.34 0.34
FFDF FFD Financial Corp. 1,607 772 0.56 1.19 164 164 0.12 0.12
FFED Fidelity Federal Bancorp 1,760 1,652 0.61 0.64 408 329 0.13 0.10
FFES First Federal of East Hartford 5,575 6,155 2.23 2.02 1,585 1,621 0.57 0.58
FFFD North Central Bancshares Inc. 3,917 3,755 1.16 1.21 1,096 934 0.34 0.29
FFFL Fidelity Bankshares Inc. (MHC) 6,313 5,362 0.80 0.94 2,010 1,493 0.30 0.22
FFHH FSF Financial Corp. 3,148 3,110 1.10 1.10 746 736 0.26 0.26
FFHS First Franklin Corp. 1,688 1,556 1.27 1.38 489 436 0.40 0.36
FFIC Flushing Financial Corp. 8,531 8,204 1.13 1.18 2,325 2,174 0.32 0.30
FFKY First Federal Financial Corp. 6,156 6,080 1.46 1.48 1,452 1,452 0.35 0.35
FFLC FFLC Bancorp Inc. 3,754 3,551 0.91 0.96 953 953 0.25 0.25
FFOH Fidelity Financial of Ohio 4,876 4,679 0.85 0.89 1,231 1,141 0.23 0.21
</TABLE>
<PAGE>
Page 35 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income Core EPS EPS
Ticker Short Name LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 9,397 7,279 1.42 1.85 2,314 1,356 0.45 0.26
FFSL First Independence Corp. 726 726 0.72 0.72 180 180 0.18 0.18
FFSX First Fed SB of Siouxland(MHC) 3,383 3,266 1.15 1.19 817 790 0.28 0.27
FFWC FFW Corp. 1,787 1,749 1.24 1.26 479 462 0.34 0.33
FFWD Wood Bancorp Inc. 2,358 2,125 0.76 0.85 579 502 0.21 0.18
FFYF FFY Financial Corp. 7,761 7,664 1.93 1.95 1,940 1,906 0.50 0.49
FGHC First Georgia Holding Inc. 1,755 1,473 0.45 0.54 465 465 0.15 0.15
FIBC Financial Bancorp Inc. 2,611 2,783 1.68 1.57 700 700 0.42 0.42
FISB First Indiana Corp. 17,744 14,397 1.10 1.36 4,986 3,673 0.38 0.28
FKFS First Keystone Financial 2,694 2,433 1.06 1.19 672 589 0.29 0.25
FKKY Frankfort First Bancorp Inc. 233 948 0.60 0.14 381 381 0.24 0.24
FLAG FLAG Financial Corp. 2,033 1,510 0.74 0.99 403 111 0.20 0.06
FLFC First Liberty Financial Corp. 9,556 9,900 1.26 1.23 3,624 2,776 0.46 0.35
FLGS Flagstar Bancorp Inc. 21,772 21,772 1.68 1.68 5,916 5,916 0.44 0.44
FLKY First Lancaster Bancshares 508 508 0.55 0.55 146 146 0.16 0.16
FMBD First Mutual Bancorp Inc. 986 820 0.26 0.31 198 130 0.06 0.04
FMCO FMS Financial Corp. 5,491 5,483 2.24 2.24 1,292 1,290 0.53 0.53
FMSB First Mutual Savings Bank 4,519 4,428 1.05 1.07 1,168 1,194 0.27 0.28
FNGB First Northern Capital Corp. 6,036 5,745 0.63 0.66 1,606 1,502 0.18 0.17
FOBC Fed One Bancorp 3,242 3,214 1.35 1.36 800 791 0.34 0.34
FPRY First Financial Bancorp 1,313 985 1.09 1.45 257 141 0.28 0.15
FSBI Fidelity Bancorp Inc. 2,764 2,705 1.35 1.38 668 661 0.33 0.33
FSFF First SecurityFed Financial 1,825 3,508 NA NA (304) 1,391 NA NA
FSLA First Savings Bank (MHC) 9,295 9,753 1.22 1.16 2,535 2,535 0.31 0.31
FSNJ Bayonne Bancshares Inc. 2,698 3,914 NA NA 1,135 1,135 0.13 0.13
FSPG First Home Bancorp Inc. 4,728 4,636 1.69 1.72 1,155 1,156 0.42 0.42
FSPT FirstSpartan Financial Corp. 5,909 5,906 NA NA 1,759 1,759 0.43 0.43
FSSB First FS&LA of San Bernardino -1,202 -1,205 -3.67 -3.67 (32) (32) (0.10) (0.10)
FSTC First Citizens Corp. 6,149 5,571 1.88 2.08 1,361 1,219 0.46 0.41
FTF Texarkana First Financial Corp 3,021 2,963 1.74 1.77 756 712 0.44 0.41
FTFC First Federal Capital Corp. 17,390 13,718 1.40 1.77 4,733 3,332 0.48 0.34
FTNB Fulton Bancorp Inc. 1,286 1,036 0.63 0.78 323 241 0.20 0.15
FTSB Fort Thomas Financial Corp. 1,185 1,185 0.82 0.82 306 306 0.21 0.21
FWWB First SB of Washington Bancorp 12,759 12,046 1.25 1.32 3,205 2,939 0.34 0.31
GAF GA Financial Inc. 8,317 7,859 1.09 1.15 2,276 1,964 0.32 0.28
GDW Golden West Financial 354,138 348,810 6.04 6.13 93,480 92,161 1.62 1.60
GFCO Glenway Financial Corp. 2,402 2,402 1.04 1.04 651 651 0.27 0.27
GFED Guaranty Federal Bcshs Inc. 2,070 2,012 NA NA 595 583 NA NA
GLMR Gilmer Financial Svcs, Inc. 23 130 0.68 0.12 (54) (57) (0.30) (0.32)
GOSB GSB Financial Corp. 756 729 NA NA 295 242 0.14 0.11
GPT GreenPoint Financial Corp. 147,648 142,737 1.80 1.86 36,755 36,267 0.49 0.48
GSB Golden State Bancorp Inc. 104,614 123,100 1.80 1.50 28,911 34,108 0.41 0.49
GSBC Great Southern Bancorp Inc. 13,419 12,339 1.51 1.63 3,620 3,181 0.44 0.39
GSFC Green Street Financial Corp. 2,826 2,826 0.68 0.68 689 689 0.17 0.17
GSLA GS Financial Corp. 1,670 1,639 NA NA 314 274 0.10 0.09
GTPS Great American Bancorp 873 872 0.49 0.49 261 261 0.15 0.15
GUPB GFSB Bancorp Inc. 866 863 1.09 1.09 232 231 0.30 0.30
HALL Hallmark Capital Corp. 2,761 2,697 0.93 0.95 714 707 0.24 0.24
HARBD Harbor Florida Bancshares Inc. 14,322 13,797 NA NA 4,095 3,628 NA NA
HARL Harleysville Savings Bank 3,435 3,442 2.01 2.01 820 820 0.48 0.48
HARS Harris Financial Inc. (MHC) 17,771 12,608 0.37 0.52 2,739 2,129 0.08 0.06
HAVN Haven Bancorp Inc. 11,083 11,184 1.25 1.24 3,027 3,015 0.34 0.34
HBBI Home Building Bancorp 329 316 1.09 1.14 69 64 0.24 0.22
HBEI Home Bancorp of Elgin Inc. 2,843 2,725 0.42 0.44 612 612 0.10 0.10
HBFW Home Bancorp 2,907 2,883 1.21 1.22 665 641 0.28 0.27
HBNK Highland Bancorp Inc. 6,123 4,737 2.00 2.58 1,740 1,667 0.72 0.69
HBS Haywood Bancshares Inc. 1,876 1,876 1.52 1.52 323 323 0.26 0.26
HCBB HCB Bancshares Inc. 579 575 NA NA 171 163 0.07 0.07
HCBC High Country Bancorp Inc. NA NA NA NA 157 157 NA NA
HCFC Home City Financial Corp. 888 900 0.99 0.98 251 250 0.24 0.24
HEMT HF Bancorp Inc. 350 2,190 0.36 0.04 727 695 0.11 0.11
HFBC HopFed Bancorp Inc. 1,575 1,575 NA NA 477 477 NA NA
HFFB Harrodsburg First Fin Bancorp 1,475 1,475 0.79 0.79 360 360 0.20 0.20
HFFC HF Financial Corp. 6,092 5,671 1.84 1.98 1,622 1,573 0.55 0.53
</TABLE>
<PAGE>
Page 36 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income Core EPS EPS
Ticker Short Name LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HFGI Harrington Financial Group 988 1,022 0.31 0.31 (609) (25) (0.19) (0.01)
HFNC HFNC Financial Corp. 10,768 8,329 0.53 0.67 2,792 1,822 0.17 0.11
HFSA Hardin Bancorp Inc. 814 746 0.92 1.00 220 195 0.28 0.25
HFWA Heritage Financial Corp. NA NA NA NA 646 282 NA NA
HHFC Harvest Home Financial Corp. 594 589 0.66 0.66 124 120 0.14 0.14
HIFS Hingham Instit. for Savings 2,659 2,659 2.00 2.00 681 681 0.51 0.51
HLFC Home Loan Financial Corp. 802 802 NA NA 209 209 NA NA
HMLK Hemlock Federal Financial Corp 944 1,594 NA NA 416 416 0.22 0.22
HMNF HMN Financial Inc. 5,579 4,462 1.13 1.41 1,248 915 0.31 0.23
HOMF Home Federal Bancorp 9,397 8,299 1.55 1.75 2,687 2,164 0.49 0.39
HPBC Home Port Bancorp Inc. 3,297 3,226 1.75 1.79 874 831 0.47 0.45
HRBF Harbor Federal Bancorp Inc. 1,627 1,565 0.95 0.99 414 352 0.25 0.21
HRZB Horizon Financial Corp. 8,140 8,019 1.10 1.11 2,074 2,151 0.28 0.29
HTHR Hawthorne Financial Corp. 9,617 11,165 1.66 1.37 1,625 3,162 0.18 0.45
HWEN Home Financial Bancorp 335 247 0.29 0.38 79 46 0.10 0.06
HZFS Horizon Financial Svcs Corp. 709 568 0.67 0.84 214 158 0.25 0.18
IBSF IBS Financial Corp. 5,793 5,793 0.54 0.54 1,540 1,540 0.14 0.14
ICBC Independence Comm. Bank Corp. NA NA NA NA 7,445 7,424 NA NA
IFSB Independence Federal Svgs Bank 1,557 442 0.35 1.22 404 60 0.32 0.05
INBI Industrial Bancorp Inc. 5,113 5,113 1.03 1.03 1,380 1,380 0.28 0.28
INCB Indiana Community Bank SB 488 488 0.52 0.52 140 140 0.15 0.15
IPSW Ipswich Savings Bank 2,212 1,813 0.72 0.88 616 491 0.27 0.22
ITLA ITLA Capital Corp. 12,477 12,477 1.57 1.57 3,369 3,369 0.42 0.42
IWBK InterWest Bancorp Inc. 20,507 17,859 2.18 2.51 5,161 4,042 0.63 0.49
JOAC Joachim Bancorp Inc. 264 264 0.36 0.36 60 60 0.09 0.09
JSB JSB Financial Inc. 37,090 32,523 3.19 3.64 14,979 12,298 1.46 1.20
JSBA Jefferson Savings Bancorp 10,231 9,493 1.00 1.08 2,580 2,074 0.26 0.21
JXSB Jacksonville Savings Bk (MHC) 976 773 0.40 0.50 184 109 0.10 0.06
JXVL Jacksonville Bancorp Inc. 3,371 3,371 1.36 1.36 783 783 0.32 0.32
KFBI Klamath First Bancorp 8,791 8,791 0.93 0.93 2,146 2,146 0.22 0.22
KNK Kankakee Bancorp Inc. 3,012 2,952 1.96 2.00 747 711 0.50 0.48
KSAV KS Bancorp Inc. 1,221 1,221 1.30 1.30 252 252 0.27 0.27
KSBK KSB Bancorp Inc. 1,549 1,501 1.26 1.30 424 404 0.36 0.34
KYF Kentucky First Bancorp Inc. 993 983 0.77 0.78 207 204 0.16 0.16
LARK Landmark Bancshares Inc. 2,458 2,234 1.26 1.37 596 560 0.35 0.33
LARL Laurel Capital Group Inc. 2,925 2,933 1.27 1.27 672 723 0.29 0.31
LFBI Little Falls Bancorp Inc. 1,856 1,775 0.72 0.75 485 485 0.20 0.20
LFCO Life Financial Corp. 12,700 13,263 2.60 2.49 5,005 5,568 0.73 0.81
LFED Leeds Federal Bankshares (MHC) 3,429 3,429 0.66 0.66 819 819 0.16 0.16
LISB Long Island Bancorp Inc. 50,668 41,890 1.79 2.16 13,182 10,466 0.57 0.45
LOGN Logansport Financial Corp. 1,232 1,249 0.96 0.95 360 367 0.29 0.30
LONF London Financial Corp. 411 381 0.80 0.86 121 117 0.25 0.24
LSBI LSB Financial Corp. 1,566 1,408 1.59 1.77 434 385 0.49 0.43
LSBX Lawrence Savings Bank 8,112 8,029 1.80 1.82 3,804 3,757 0.84 0.83
LVSB Lakeview Financial Corp. 7,060 4,446 0.95 1.55 2,548 972 0.63 0.24
LXMO Lexington B&L Financial Corp. 727 725 0.70 0.70 186 187 0.18 0.18
MAFB MAF Bancorp Inc. 37,948 37,405 2.35 2.38 9,256 8,980 0.59 0.57
MARN Marion Capital Holdings 2,812 2,812 1.52 1.52 503 503 0.28 0.28
MASB MASSBANK Corp. 10,167 9,412 2.56 2.77 2,656 2,371 0.72 0.64
MBB MSB Bancorp Inc. 2,281 4,195 1.07 0.40 (991) 906 (0.45) 0.22
MBBC Monterey Bay Bancorp Inc. 1,766 1,613 0.51 0.56 409 376 0.13 0.12
MBLF MBLA Financial Corp. 1,792 1,821 1.35 1.33 474 465 0.36 0.35
MBSP Mitchell Bancorp Inc. 523 523 0.60 0.60 109 109 0.13 0.13
MCBN Mid-Coast Bancorp Inc. 456 427 0.61 0.65 129 116 0.18 0.16
MDBK Medford Bancorp Inc. 11,390 10,982 2.30 2.39 2,757 3,028 0.58 0.64
MECH MECH Financial Inc. 13,076 12,906 2.46 2.49 2,003 1,852 0.38 0.35
MERI Meritrust Federal SB 2,716 2,716 3.32 3.32 652 652 0.79 0.79
METF Metropolitan Financial Corp. 5,803 5,426 0.77 0.82 1,810 1,712 0.26 0.25
MFBC MFB Corp. 2,028 2,011 1.18 1.19 502 486 0.30 0.29
MFFC Milton Federal Financial Corp. 1,275 1,221 0.56 0.58 291 291 0.13 0.13
MFLR Mayflower Co-operative Bank 1,399 1,264 1.41 1.57 403 334 0.45 0.37
MFSL Maryland Federal Bancorp 9,523 9,085 1.37 1.45 2,526 2,350 0.38 0.35
MIFC Mid-Iowa Financial Corp. 1,528 1,384 0.80 0.88 351 351 0.20 0.20
MIVI Mississippi View Holding Co. 744 732 0.94 0.95 177 175 0.24 0.24
</TABLE>
<PAGE>
Page 37 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income Core EPS EPS
Ticker Short Name LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONT Montgomery Financial Corp. 721 721 NA NA 200 200 0.13 0.13
MRKF Market Financial Corp. 575 575 NA NA 147 147 0.12 0.12
MSBF MSB Financial Inc. 1,123 1,038 0.84 0.91 308 263 0.25 0.21
MSBK Mutual Savings Bank FSB -9,155 -3,291 -0.78 -2.17 (9,505) (3,381) (2.25) (0.80)
MWBI Midwest Bancshares Inc. 1,265 1,122 1.01 1.14 311 286 0.28 0.26
MWBX MetroWest Bank 7,555 7,509 0.53 0.53 1,899 1,892 0.13 0.13
MYST Mystic Financial Inc. NA NA NA NA 236 228 NA NA
NASB NASB Financial Inc. 12,085 9,866 4.39 5.38 3,133 2,776 1.40 1.24
NBN Northeast Bancorp 1,704 1,646 0.66 0.70 356 574 0.13 0.22
NBSI North Bancshares Inc. 636 597 0.39 0.42 120 115 0.08 0.08
NEIB Northeast Indiana Bancorp 2,193 2,193 1.37 1.37 591 591 0.37 0.37
NEP Northeast PA Financial Corp. NA NA NA NA 557 547 NA NA
NHTB New Hampshire Thrift Bncshrs 2,771 2,528 1.21 1.33 737 653 0.36 0.32
NMSB NewMil Bancorp Inc. 2,758 2,775 0.66 0.66 705 819 0.17 0.20
NSLB NS&L Bancorp Inc. 426 418 0.65 0.66 94 94 0.14 0.14
NSSY NSS Bancorp Inc. 5,928 2,063 0.73 2.46 1,677 1,422 0.69 0.59
NTBK Net.B@nk Inc. -5,577 -5,577 -1.66 -1.66 (839) (839) (0.14) (0.14)
NTMG Nutmeg Federal S&LA 657 486 0.27 0.41 210 174 0.09 0.07
NWEQ Northwest Equity Corp. 1,020 979 1.30 1.35 285 269 0.37 0.35
NWSB Northwest Bancorp Inc. (MHC) 19,410 19,692 0.42 0.42 4,941 5,016 0.11 0.11
OCFC Ocean Financial Corp. 13,825 13,911 1.78 1.77 3,480 3,566 0.47 0.48
OCN Ocwen Financial Corp. 78,932 27,114 0.48 1.39 22,934 (512) 0.37 (0.01)
OFCP Ottawa Financial Corp. 7,527 7,183 1.28 1.34 2,119 1,906 0.37 0.33
OHSL OHSL Financial Corp. 2,007 1,928 1.56 1.62 465 416 0.38 0.34
OSFS Ohio State Financial Services 340 340 NA NA 80 80 NA NA
OTFC Oregon Trail Financial Corp. NA NA NA NA 914 914 NA NA
PBCI Pamrapo Bancorp Inc. 5,071 4,838 1.66 1.74 1,233 1,072 0.44 0.38
PBCT People's Bank (MHC) 92,400 53,595 0.88 1.51 25,200 13,305 0.41 0.22
PBHC Pathfinder Bancorp Inc. (MHC) 1,854 1,593 0.56 0.65 238 137 0.08 0.05
PBKB People's Bancshares Inc. 5,131 2,448 0.70 1.47 1,328 519 0.40 0.16
PCBC Perry County Financial Corp. 886 886 1.16 1.16 200 200 0.26 0.26
PDB Piedmont Bancorp Inc. 1,491 1,491 0.56 0.56 363 362 0.13 0.13
PEDE Great Pee Dee Bancorp NA NA NA NA 46 176 NA NA
PEEK Peekskill Financial Corp. 1,993 1,993 0.67 0.67 461 461 0.16 0.16
PERM Permanent Bancorp Inc. 2,631 2,609 1.20 1.22 705 671 0.33 0.31
PERT Perpetual Bank (MHC) 1,979 2,277 1.50 1.30 635 628 0.41 0.41
PFDC Peoples Bancorp 4,283 4,283 1.25 1.25 1,025 1,025 0.30 0.30
PFED Park Bancorp Inc. 1,543 1,507 0.65 0.67 143 182 0.06 0.08
PFFB PFF Bancorp Inc. 14,229 13,420 0.77 0.82 4,752 4,070 0.28 0.24
PFFC Peoples Financial Corp. 684 674 0.49 0.49 122 122 0.09 0.09
PFNC Progress Financial Corp. 3,872 2,956 0.69 0.90 979 729 0.22 0.16
PFSB PennFed Financial Services Inc 10,685 10,615 1.12 1.13 2,742 2,672 0.29 0.28
PFSLD Pocahontas Bancorp Inc. 2,371 2,336 NA NA 579 561 NA NA
PHBK Peoples Heritage Finl Group 73,401 71,987 2.54 2.59 19,997 19,952 0.71 0.71
PHFC Pittsburgh Home Financial Corp 2,111 1,825 0.99 1.14 571 487 0.31 0.26
PHSB Peoples Home Savings Bk (MHC) 1,638 1,545 NA NA 468 430 0.18 0.17
PKPS Poughkeepsie Financial Corp. 2,429 2,991 0.22 0.18 (953) (512) (0.08) (0.04)
PLSK Pulaski Savings Bank (MHC) 1,121 1,121 NA NA 221 221 0.11 0.11
PMFI Perpetual Midwest Financial 1,931 1,722 0.89 1.01 438 406 0.23 0.21
PRBC Prestige Bancorp Inc. 784 770 0.90 0.92 154 138 0.18 0.16
PROV Provident Financial Holdings 4,899 2,599 0.55 1.05 1,153 465 0.25 0.10
PSBK Progressive Bank Inc. 8,632 8,442 2.15 2.20 2,122 2,083 0.54 0.53
PSFC Peoples-Sidney Financial Corp. 1,146 1,146 NA NA 338 338 0.20 0.20
PSFI PS Financial Inc. 921 1,585 0.81 0.47 (345) 292 (0.13) 0.11
PTRS Potters Financial Corp. 1,197 1,176 1.19 1.21 184 183 0.19 0.19
PULB Pulaski Bank, Svgs Bank (MHC) 1,915 1,672 0.80 0.91 473 421 0.22 0.20
PULS Pulse Bancorp 5,705 5,640 1.77 1.79 1,362 1,362 0.42 0.42
PVFC PVF Capital Corp. 5,039 4,773 1.73 1.83 1,301 1,232 0.47 0.45
PVSA Parkvale Financial Corp. 10,591 10,591 2.02 2.02 2,732 2,732 0.52 0.52
PWBC PennFirst Bancorp Inc. 5,447 5,442 1.08 1.08 1,415 1,407 0.27 0.27
PWBK Pennwood Bancorp Inc. 458 471 0.86 0.84 112 83 0.21 0.16
QCBC Quaker City Bancorp Inc. 5,917 5,715 1.24 1.28 1,559 1,536 0.34 0.33
QCFB QCF Bancorp Inc. 2,487 2,487 2.04 2.04 654 654 0.57 0.57
QCSB Queens County Bancorp Inc. 23,264 22,920 1.58 1.60 5,395 5,112 0.39 0.37
</TABLE>
<PAGE>
Page 38 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income Core EPS EPS
Ticker Short Name LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RARB Raritan Bancorp Inc. 3,908 3,847 1.52 1.54 989 986 0.39 0.39
RCBK Richmond County Financial Corp NA NA NA NA 2,811 2,760 NA NA
REDF RedFed Bancorp Inc. 10,433 10,683 1.44 1.41 2,865 3,123 0.38 0.41
RELI Reliance Bancshares Inc. 499 485 0.20 0.21 129 126 0.05 0.05
RELY Reliance Bancorp Inc. 18,089 17,080 1.86 1.97 4,887 4,806 0.50 0.49
RIVR River Valley Bancorp 1,076 811 NA NA 315 281 0.29 0.26
ROSE TR Financial Corp. 34,728 31,016 1.75 1.96 9,518 8,368 0.53 0.47
RSLN Roslyn Bancorp Inc. 33,390 41,219 NA NA 9,425 10,601 0.24 0.27
RVSB Riverview Bancorp Inc. 3,313 3,226 NA NA 1,073 1,058 NA NA
SBFL SB of the Finger Lakes (MHC) 847 737 0.21 0.24 260 228 0.07 0.06
SBOS Boston Bancorp (The) 37,152 18,104 3.40 6.98 14,315 5,073 2.69 0.95
SCBS Southern Community Bancshares 848 848 0.87 0.86 216 216 0.22 0.22
SCCB S. Carolina Community Bancshrs 462 462 0.70 0.70 70 70 0.12 0.12
SFED SFS Bancorp Inc. 1,068 1,032 0.90 0.93 279 243 0.26 0.23
SFFC StateFed Financial Corp. 1,096 1,096 0.72 0.72 273 273 0.18 0.18
SFIN Statewide Financial Corp. 5,587 5,542 1.29 1.30 1,430 1,385 0.34 0.33
SFSB SuburbFed Financial Corp. 2,790 2,258 1.68 2.08 713 530 0.53 0.39
SFSL Security First Corp. 9,000 9,029 1.07 1.07 2,356 2,329 0.28 0.28
SGVB SGV Bancorp Inc. 1,344 1,095 0.48 0.58 234 225 0.09 0.09
SHEN First Shenango Bancorp Inc. 4,586 4,576 2.24 2.24 1,064 1,071 0.52 0.52
SHSB SHS Bancorp Inc. 71 553 NA NA 185 185 NA NA
SIB Staten Island Bancorp Inc. 14,549 31,233 NA NA (2,449) 14,066 NA NA
SISB SIS Bancorp Inc. 11,418 14,530 2.10 1.65 593 3,996 0.09 0.61
SKAN Skaneateles Bancorp Inc. 1,662 1,609 1.09 1.13 383 378 0.26 0.26
SKBO First Carnegie Deposit (MHC) 937 830 NA NA 127 92 0.06 0.04
SMBC Southern Missouri Bancorp Inc. 1,378 1,301 0.82 0.86 293 268 0.18 0.16
SOBI Sobieski Bancorp Inc. 497 497 0.66 0.66 127 127 0.17 0.17
SOPN First Savings Bancorp Inc. 5,005 5,005 1.25 1.25 1,298 1,298 0.32 0.32
SOSA Somerset Savings Bank 5,967 5,833 0.34 0.35 1,522 1,514 0.09 0.09
SPBC St. Paul Bancorp Inc. 49,058 49,092 1.41 1.40 12,453 12,294 0.36 0.36
SRN Southern Banc Co. 495 495 0.42 0.42 103 103 0.09 0.09
SSB Scotland Bancorp Inc. 1,113 1,106 0.65 0.65 158 158 0.09 0.09
SSFC South Street Financial Corp. 2,029 1,973 0.46 0.48 (208) (236) (0.05) (0.06)
SSM Stone Street Bancorp Inc. 1,532 1,532 0.82 0.82 362 362 0.19 0.19
STFR St. Francis Capital Corp. 12,359 11,878 2.24 2.33 3,798 2,724 0.72 0.52
STSA Sterling Financial Corp. 9,636 8,858 1.14 1.25 2,543 2,515 0.33 0.33
SVRN Sovereign Bancorp Inc. 77,640 92,116 0.76 0.63 30,065 28,764 0.24 0.23
SWBI Southwest Bancshares Inc. 4,111 4,118 1.49 1.49 1,045 1,165 0.38 0.42
SWCB Sandwich Bancorp Inc. 4,860 4,746 2.39 2.45 1,428 1,376 0.71 0.68
SZB SouthFirst Bancshares Inc. 618 742 0.89 0.74 250 266 0.27 0.29
THR Three Rivers Financial Corp. 827 784 1.01 1.07 203 186 0.26 0.24
THRD TF Financial Corp. 4,874 4,143 1.06 1.25 1,078 929 0.31 0.27
TPNZ Tappan Zee Financial Inc. 1,032 989 0.70 0.72 254 233 0.18 0.17
TRIC Tri-County Bancorp Inc. 901 924 0.77 0.75 218 221 0.18 0.18
TSBK Timberland Bancorp Inc. 3,286 3,063 NA NA 804 752 NA NA
TSBS Peoples Bancorp Inc. (MHC) 7,462 5,562 0.61 0.82 1,564 1,564 0.17 0.17
TSH Teche Holding Co. 3,897 3,717 1.15 1.20 913 910 0.28 0.28
TWIN Twin City Bancorp 1,078 892 0.71 0.86 276 210 0.22 0.17
UBMT United Financial Corp. 1,352 1,352 1.10 1.10 212 212 0.17 0.17
UCBC Union Community Bancorp 1,198 1,198 NA NA 333 333 NA NA
UFRM United Federal Savings Bank 1,803 1,180 0.37 0.57 350 179 0.11 0.06
USAB USABancshares Inc. 231 206 0.26 0.29 128 122 0.16 0.15
UTBI United Tennessee Bankshares 691 691 NA NA 222 222 NA NA
VABF Virginia Beach Fed. Financial 4,103 3,276 0.64 0.80 1,122 890 0.22 0.17
WAMU Washington Mutual Inc. 481,778 799,978 3.15 1.86 237,900 228,459 0.94 0.90
WAYN Wayne Savings Bancshares (MHC) 1,889 1,754 0.77 0.83 461 418 0.20 0.18
WBST Webster Financial Corp. 33,798 48,902 3.53 2.44 14,805 13,868 1.06 0.99
WCBI Westco Bancorp Inc. 4,708 4,388 1.63 1.75 1,204 1,084 0.45 0.41
WCFB Webster City Federal SB (MHC) 1,364 1,364 0.65 0.65 346 346 0.16 0.16
WEFC Wells Financial Corp. 2,209 2,154 1.13 1.16 555 530 0.29 0.28
WEHO Westwood Homestead Fin. Corp. 883 1,389 0.52 0.33 3 344 - NA
WES Westcorp 36,788 -6,707 -0.26 1.40 10,079 (6,859) 0.38 (0.26)
WFI Winton Financial Corp. 3,429 2,863 0.72 0.86 960 799 0.24 0.20
WFSL Washington Federal Inc. 108,033 106,939 2.02 2.04 27,084 26,600 0.51 0.50
WHGB WHG Bancshares Corp. 752 762 0.56 0.55 153 153 0.12 0.12
</TABLE>
<PAGE>
Page 39 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income Core EPS EPS
Ticker Short Name LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WOFC Western Ohio Financial Corp. 183 378 0.17 0.08 (700) (807) (0.30) (0.35)
WRNB Warren Bancorp Inc. 7,285 5,793 1.46 1.83 1,493 1,394 0.37 0.35
WSB Washington Savings Bank, FSB 2,017 1,456 0.32 0.44 431 337 0.09 0.07
WSBI Warwick Community Bancorp NA NA NA NA 694 649 NA NA
WSFS WSFS Financial Corp. 16,389 16,188 1.27 1.29 3,872 3,747 0.31 0.30
WSTR WesterFed Financial Corp. 7,241 7,021 1.30 1.33 2,098 2,022 0.37 0.36
WVFC WVS Financial Corp. 3,728 3,752 2.12 2.11 996 1,030 0.56 0.58
WYNE Wayne Bancorp Inc. 1,954 1,955 1.03 1.03 442 443 0.23 0.23
YFCB Yonkers Financial Corp. 3,093 3,044 1.07 1.09 808 729 0.29 0.26
YFED York Financial Corp. 11,154 9,312 1.02 1.21 2,911 2,175 0.31 0.23
---------------------------------------------------------------------------------------------------------------------------
Average 12,262 12,356 1.14 1.20 3,399 3,261 0.30 0.28
Median 2,707 2,580 1.05 1.12 672 649 0.27 0.24
</TABLE>
<PAGE>
Page 40 of 40
Exhibit 3
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income Core EPS EPS
Ticker Short Name LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Comparable Thrift Data
ATSB AmTrust Capital Corp. 288 125 0.25 0.57 64 (4) 0.13 (0.01)
CKFB CKF Bancorp Inc. 1,117 843 0.97 1.29 214 214 0.26 0.26
FFBI First Financial Bancorp Inc. 124 251 0.61 0.30 49 (2) 0.12 -
FFDF FFD Financial Corp. 1,607 772 0.56 1.19 164 164 0.12 0.12
FTSB Fort Thomas Financial Corp. 1,185 1,185 0.82 0.82 306 306 0.21 0.21
HCFC Home City Financial Corp. 888 900 0.99 0.98 251 250 0.24 0.24
KYF Kentucky First Bancorp Inc. 993 983 0.77 0.78 207 204 0.16 0.16
LOGN Logansport Financial Corp. 1,232 1,249 0.96 0.95 360 367 0.29 0.30
MSBF MSB Financial Inc. 1,123 1,038 0.84 0.91 308 263 0.25 0.21
NSLB NS&L Bancorp Inc. 426 418 0.65 0.66 94 94 0.14 0.14
PFFC Peoples Financial Corp. 684 674 0.49 0.49 122 122 0.09 0.09
SFFC StateFed Financial Corp. 1,096 1,096 0.72 0.72 273 273 0.18 0.18
---------------------------------------------------------------------------------------------------------------------------
Average 897 795 0.72 0.81 201 188 0.18 0.16
Median 1,045 872 0.75 0.80 211 209 0.17 0.17
Maximum 1,607 1,249 0.99 1.29 360 367 0.29 0.30
Minimum 124 125 0.25 0.30 49 (4) 0.09 (0.01)
MIVI* Mississippi View Holding Co. 744 732 0.94 0.95 177 175 0.24 0.24
*Pricing data is based upon the last
trade on NASDAQ, the Bank's
most current price is $18.50
Variance to the Comparable Median (301) (140) 0.20 0.15 (34) (34) 0.07 0.07
</TABLE>
<PAGE>
Exhibit 4
Regional Thrift Deals Since April 2, 1997
<TABLE>
<CAPTION>
Ann'd
Completed/ Deal
Bank/ Bank/ Terminated Value Consider
Buyer ST Thrift Seller ST Thrift Date ($M) Type
----- -- ------ ------ -- ------ ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Blue River Bancshrs IN Bank Shelby County Bncrp IN Thrift NA 10.8 Cash
Southside Bancshares MO Bank Public Srvc Bk, FSB MO Thrift NA 8.5 Mixture
Jackson Nat Life Ins MI NonDep First FS&LA of SB CA Thrift NA 6.1 Cash
Citizens Finl Svcs IN Thrift SuburbFed Financial IL Thrift NA 46.5 Com Stock
First State Bancshrs MO Bank Joachim Bancorp Inc. MO Thrift NA 12.8 Cash
AMCORE Financial IL Bank Midwest Federal Finl WI Thrift 03/27/98 42.1 Com Stock
Waterfield Mortgage IN Thrift Indiana Community Bk IN Thrift NA 22.1 Cash
Mercantile Bancorp MO Bank HomeCorp Inc. IL Thrift 03/02/98 43.8 Com Stock
First FSB- Siouxland IA Thrift GFS Bancorp Inc. IA Thrift 03/31/98 18.3 Cash
North Central Bcshrs IA Thrift Valley Fin'l Corp IA Thrift 01/30/98 14.7 Cash
Camco Fin'l Corp OH Thrift GF Bancorp, Inc OH Thrift 01/08/98 9.4 Com Stock
Enterprise Fedl Bncp OH Thrift North Cincinnati SB OH Thrift 02/25/98 7.3 Mixture
Washington Bancorp IA Thrift Rubio Savings Bank IA Thrift 01/15/98 4.6 Cash
HMN Financial, Inc. MN Thrift Marshalltown Fin'l IA Thrift 12/09/97 26.2 Cash
Oak Hill Financial OH Bank Unity Savings Bank OH Thrift 10/02/97 9.3 Com Stock
Central Illinois Bcp IL Bank First Ozaukee Capt'l WI Thrift 09/10/97 9.6 Cash
Peoples Bancorp OH Bank Gateway Bancorp KY Thrift 12/12/97 20.6 Mixture
Medians
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
Announced Deal
-------------------------------------------------------------------------
Price Price Price Price Price Price
Per To BV Tang. BV 4-Qtr Deposits Assets
Buyer Share ($) (%) (%) EPS (x) (%) (%)
----- --------- --- --- ------- --- ---
<S> <C> <C> <C> <C> <C> <C>
Blue River Bancshrs 58.0 136.3 136.3 19.0 15.3 11.1
Southside Bancshares NA 194.8 194.8 31.6 15.1 12.1
Jackson Nat Life Ins 18.0 128.0 131.3 NA 6.2 5.9
Citizens Finl Svcs 36.0 158.3 158.9 17.7 14.8 10.8
First State Bancshrs 17.3 126.3 126.3 45.4 52.0 36.5
AMCORE Financial 27.6 246.1 255.2 21.2 26.4 20.3
Waterfield Mortgage 21.7 175.0 175.0 NA 27.1 23.6
Mercantile Bancorp 23.8 182.5 182.5 25.9 14.6 13.4
First FSB- Siouxland 17.7 165.6 165.6 20.8 30.7 19.9
North Central Bcshrs 525.0 192.7 192.7 20.5 14.9 13.7
Camco Fin'l Corp 30.3 135.0 135.0 39.9 23.3 19.4
Enterprise Fedl Bncp 18.5 127.0 127.0 NA 14.4 12.1
Washington Bancorp 2300.5 152.4 152.4 18.0 24.5 20.8
HMN Financial, Inc. 17.5 126.2 126.2 NA 24.7 20.6
Oak Hill Financial 100.1 162.1 162.2 21.3 25.1 18.6
Central Illinois Bcp 15.1 115.2 115.2 NA 38.2 28.5
Peoples Bancorp 18.8 118.5 118.5 39.1 41.9 31.0
152.4 152.4 21.3 24.5 19.4
</TABLE>
<PAGE>
Exhibit 4
Announced Regional Thrift Deals Since April 2, 1997
<TABLE>
<CAPTION>
Ann'd
Completed/ Deal
Bank/ Bank/ Terminated Value Consider
Buyer ST Thrift Seller ST Thrift Date ($M) Type
----- -- ------ ------ -- ------ ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Blue River Bancshrs IN Bank Shelby County Bncrp IN Thrift NA 10.8 Cash
Southside Bancshares MO Bank Public Srvc Bk, FSB MO Thrift NA 8.5 Mixture
Citizens Finl Svcs IN Thrift SuburbFed Financial IL Thrift NA 46.5 Com Stock
First State Bancshrs MO Bank Joachim Bancorp Inc. MO Thrift NA 12.8 Cash
Waterfield Mortgage IN Thrift Indiana Community Bk IN Thrift NA 22.1 Cash
Medians
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
Announced Deal
-------------------------------------------------------------------------
Price Price Price Price Price Price
Per To BV Tang. BV 4-Qtr Deposits Assets
Buyer Share ($) (%) (%) EPS (x) (%) (%)
----- --------- --- --- ------- --- ---
<S> <C> <C> <C> <C> <C> <C>
Blue River Bancshrs 58.0 136.3 136.3 19.0 15.3 11.1
Southside Bancshares NA 194.8 194.8 31.6 15.1 12.1
Citizens Finl Svcs 36.0 158.3 158.9 17.7 14.8 10.8
First State Bancshrs 17.3 126.3 126.3 45.4 52.0 36.5
Waterfield Mortgage 21.7 175.0 175.0 NA 27.1 23.6
158.33 158.86 25.28 15.26 12.06
</TABLE>
<PAGE>
Exhibit 4
Completed Regional Thrift Deals Since April 2, 1997
<TABLE>
<CAPTION>
Ann'd
Completed/ Deal
Bank/ Bank/ Terminated Value Consider
Buyer ST Thrift Seller ST Thrift Date ($M) Type
----- -- ------ ------ -- ------ ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AMCORE Financial IL Bank Midwest Federal Finl WI Thrift 03/27/98 47.9 Com Stock
Mercantile Bancorp MO Bank HomeCorp Inc. IL Thrift 03/02/98 51.0 Com Stock
First FSB- Siouxland IA Thrift GFS Bancorp Inc. IA Thrift 03/31/98 18.3 Cash
North Central Bcshrs IA Thrift Valley Fin'l Corp IA Thrift 01/30/98 14.7 Cash
Camco Fin'l Corp OH Thrift GF Bancorp, Inc OH Thrift 01/08/98 11.0 Com Stock
Enterprise Fedl Bncp OH Thrift North Cincinnati SB OH Thrift 02/25/98 9.7 Mixture
Washington Bancorp IA Thrift Rubio Savings Bank IA Thrift 01/15/98 4.7 Cash
HMN Financial, Inc. MN Thrift Marshalltown Fin'l IA Thrift 12/09/97 26.2 Cash
Oak Hill Financial OH Bank Unity Savings Bank OH Thrift 10/02/97 12.6 Com Stock
Central Illinois Bcp IL Bank First Ozaukee Capt'l WI Thrift 09/10/97 9.6 Cash
Peoples Bancorp OH Bank Gateway Bancorp KY Thrift 12/12/97 23.1 Mixture
Medians
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
Announced Deal
-------------------------------------------------------------------------
Price Price Price Price Price Price
Per To BV Tang. BV 4-Qtr Deposits Assets
Buyer Share ($) (%) (%) EPS (x) (%) (%)
----- --------- --- --- ------- --- ---
<S> <C> <C> <C> <C> <C> <C>
AMCORE Financial 31.111 265.91 275.08 18.41 30.05 22.63
Mercantile Bancorp 27.635 209.36 209.36 31.76 16.65 15.37
First FSB- Siouxland 17.650 157.17 157.17 15.48 29.57 19.36
North Central Bcshrs 525.000 169.79 169.79 12.31 14.43 13.20
Camco Fin'l Corp 35.310 158.98 158.98 25.77 27.40 22.24
Enterprise Fedl Bncp NA 167.50 167.50 48.99 19.35 16.01
Washington Bancorp 2,334.000 143.59 143.59 17.48 NA NA
HMN Financial, Inc. 17.510 122.45 122.45 30.72 25.26 20.88
Oak Hill Financial 134.609 168.77 168.95 22.18 26.17 19.33
Central Illinois Bcp 15.100 114.48 114.48 NA 36.13 27.17
Peoples Bancorp 21.900 135.60 135.60 37.12 51.49 36.90
158.98 158.98 23.98 26.79 20.12
</TABLE>
MISSISSIPPI VIEW HOLDING COMPANY
STOCK EMPLOYEE COMPENSATION TRUST
Effective as of April 10, 1998
<PAGE>
TABLE OF CONTENTS
PAGE
----
ARTICLE 1.
Trust, Trustee and Trust Fund................................................ 2
1.1. Trust......................................................2
1.2. Trustee....................................................2
1.3. Trust Fund.................................................2
1.4. Trust Fund Subject to Claims...............................2
1.5. Definitions................................................3
ARTICLE 2.
Contribution and Dividends....................................................5
2.1. Contributions .............................................5
2.2. Dividends..................................................5
ARTICLE 3.
Release and Allocation of Company Stock.......................................6
3.1. Release of Shares..........................................6
3.2. Allocations................................................6
3.3 Prohibition Against Funding Future Benefits
of Company Directors.....................................6
ARTICLE 4.
Trust Expenses and Tax Withholding............................................6
4.1. Trust Expenses.............................................6
4.2. Withholding of Taxes.......................................6
ARTICLE 5.
Administration of Trust Fund..................................................7
5.1. Management and Control of Trust Fund.......................7
5.2. Investment of Funds........................................7
5.3. Trustee's Administrative Powers............................7
5.4. Voting and Tendering of Company Stock......................9
5.5. Indemnification...........................................10
5.6. General Duty to Communicate to Committee..................10
ARTICLE 6.
Accounts and Reports of Trustee..............................................11
6.1. Records and Accounts of Trustee...........................11
6.2. Fiscal Year...............................................11
6.3. Reports of Trustee........................................11
6.4. Final Report..............................................11
<PAGE>
ARTICLE 7.
Succession of Trustee........................................................11
7.1. Resignation of Trustee....................................11
7.2. Removal of Trustee........................................11
7.3. Appointment of Successor Trustee..........................12
7.4. Succession of Trust Fund Assets...........................12
7.5. Continuation of Trust.....................................12
7.6. Changes in Organization of Trustee........................12
7.7. Continuance of Trustee's Powers in Event of
Termination of the Trust..................................12
ARTICLE 8.
Amendment or Termination.....................................................12
8.1. Amendments................................................12
8.2. Termination...............................................13
8.3. Form of Amendment or Termination..........................13
ARTICLE 9.
Miscellaneous................................................................13
9.1. Controlling Law...........................................13
9.2. Committee Action..........................................13
9.3. Notices...................................................13
9.4. Severability..............................................14
9.5. Protection of Persons Dealing with the Trust..............14
9.6. Tax Status of Trust.......................................14
9.7. Participants to Have No Interest in the Company
by Reason of the Trust ...................................14
9.8. Nonassignability..........................................14
9.9. Gender and Plurals........................................14
9.10. Counterparts..............................................15
9.11. Term of Trust.............................................15
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY
STOCK EMPLOYEE COMPENSATION TRUST
THIS TRUST AGREEMENT (the "Agreement") made effective as of April 10,
1998, between Mississippi View Holding Company (the "Company"), a Minnesota
corporation, and Neil Adamek and Gerald Peterson (collectively referred to
herein as the "Trustee").
W I T N E S S E T H :
WHEREAS, the Company desires to establish a trust (the "Trust") in
accordance with the laws of the State of Minnesota and for the purposes stated
in this Agreement; and
WHEREAS, the Trustee desires to act as trustee of the Trust, and to
hold legal title to the assets of the Trust, in trust, for the purposes
hereinafter stated and in accordance with the terms hereof; and
WHEREAS, the Company or its subsidiaries have previously adopted the
Plans (as defined below); and
WHEREAS, the Company desires to provide assurance of the availability
of the shares of its common stock necessary to satisfy certain of its
obligations or those of its subsidiaries under the Plans (as defined below);
WHEREAS, the Company desires that the assets to be held in the Trust
Fund (as defined below) should be principally or exclusively securities of the
Company and, therefore, expressly waives any diversification of investments that
might otherwise be necessary, appropriate, or required pursuant to applicable
provisions of law, if any; and
WHEREAS, the Trustee has been appointed as trustee and has accepted
such appointment as of the date set forth first above.
NOW THEREFORE, the parties hereto hereby establish the Trust and agree
that the Trust will be comprised, held and disposed of as follows:
<PAGE>
ARTICLE 1.
Trust, Trustee and Trust Fund
1.1. Trust. This Agreement and the Trust shall be known as the
Mississippi View Holding Company Stock Employee Compensation Trust ("Trust").
The parties intend that the Trust will be an independent legal entity with title
to and power to convey all of its assets. The parties hereto further intend that
the Trust not be subject to the Employee Retirement Income Security Act of 1974,
as amended. The Trust is not a part of any of the Plans (as herein defined) and
does not provide retirement or other benefits to any Plan Participant (as herein
defined). The assets of the Trust will be held, managed, invested, and disposed
of by the Trustee, in accordance with the terms of the Trust.
1.2. Trustee. The trustee named above, and its successor or
successors, is hereby designated as the trustee hereunder, to receive, hold,
invest, manage, administer and distribute the Trust Fund (as defined
hereinafter) in accordance with this Agreement, the provisions of which shall
govern the power, duties and responsibilities of the Trustee.
1.3. Trust Fund. The assets held at any time and from time to time
under the Trust collectively are herein referred to as the "Trust Fund" and
shall consist of contributions received by the Trustee, proceeds of any loans,
investments and reinvestment thereof, the earnings and income thereon, less
disbursements therefrom. Except as herein otherwise provided, title to the
assets of the Trust Fund shall at all times be vested in the Trustee and
securities that are part of the Trust Fund shall be held in such manner that the
Trustee's name and the fiduciary capacity in which the securities are held are
fully disclosed, subject to the right of the Trustee to hold title in bearer
form or in the name of a nominee, and the interests of others in the Trust Fund
shall be only the right to have such assets received, held, invested,
administered and distributed in accordance with the provisions of the Trust.
1.4. Trust Fund Subject to Claims. Notwithstanding any provision of
this Agreement to the contrary, the Trust Fund shall at all times remain subject
to the claims of the Company's general creditors under federal and state law.
In addition, the Board of Directors and Chief Executive Officer of the
Company shall have the duty to inform the Trustee in writing of the Company's
Insolvency. If a person claiming to be a creditor of the Company alleges in
writing to the Trustee that the Company has become Insolvent, the Trustee shall
determine whether the Company is Insolvent and, pending such determination, the
Trustee shall discontinue allocations pursuant to Article 3.
Unless the Trustee has actual knowledge of the Company's Insolvency,
or has received notice from the Company or a person claiming to be a creditor
alleging that the Company is Insolvent, the Trustee shall have no duty to
inquire whether the Company is Insolvent. The Trustee may in all events rely on
such evidence concerning the Company's solvency as may be
-2-
<PAGE>
furnished to the Trustee and that provides the Trustee with a reasonable basis
for making a determination concerning the Company's Insolvency.
If at any time the Trustee has determined that the Company is
Insolvent, the Trustee shall discontinue allocations pursuant to Article 3 and
shall hold the Trust Fund for the benefit of the Company's general creditors.
Nothing in this Trust Agreement shall in any way diminish any rights of
employees as general creditors of the Company with respect to benefits due under
the Plan(s) or otherwise.
The Trust shall resume allocations pursuant to Article 3 only after
the Trustee has determined that the Company is not Insolvent (or is no longer
Insolvent).
1.5. Definitions. In addition to the terms defined in the preceding
portions of the Trust, certain capitalized terms have the meanings set forth
below;
Association. "Association" means Community Federal Savings and
Loan Association of Little Falls.
Board of Directors. "Board of Directors" means the board of
directors of the Company.
Change of Control. "Change of Control" means: (i) the sale of
all, or a material portion, of the assets of the Company or the
Association; (ii) the merger or recapitalization of the Company or the
Association whereby the Company or the Association is not the
surviving entity; (iii) a change of control of the Company or the
Association, as otherwise defined or determined by the Office of
Thrift Supervision or regulations promulgated by it; or (iv) the
acquisition, directly or indirectly, of the beneficial ownership
(within the meaning of that term as it is used in Section 13(d) of the
Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder) of twenty-five percent (25%) or
more of the outstanding voting securities of the Company or the
Association by any person, trust, entity or group. This limitation
shall not apply to the purchase of shares of up to 25% of any class of
securities of the Company or the Association by a tax-qualified
employee stock benefit plan which is exempt from the approval
requirements, set forth under 12 C.F.R. ss.574.3(c)(1)(vi) as now in
effect or as may hereafter be amended. The term "person" refers to an
individual or a corporation, partnership, trust, association, joint
venture, pool, syndicate, sole proprietorship, unincorporated
organization or any other form of entity not specifically listed
herein. The decision of the Committee as to whether a change in
control has occurred shall be conclusive and binding.
Code. "Code" means the Internal Revenue Code of 1986, as amended.
Committee. "Committee" means a committee of directors and/or
officers selected by the Board of Directors or by an individual or
individuals authorized by the Board of Directors to make such
selection which is charged with administration of the Trust.
-3-
<PAGE>
Company. "Company" means Mississippi View Holding Company, a
Minnesota corporation, or any successor thereto. References to the
Company shall include its subsidiaries where appropriate.
Company Stock. "Company Stock" means shares of common stock, par
value $0.10 per share, issued by the Company and any successor
securities.
Extraordinary Dividend. "Extraordinary Dividend" means any
dividend or other distribution of cash or other property (other than
Company Stock) made with respect to Company Stock, which the Board of
Directors declares generally to be other than an ordinary dividend.
Insolvency. "Insolvency" means (i) the inability of the Company
to pay its debts as they become due, or (2) the Company being subject
to a pending proceeding as a debtor under the provisions of Title 11
of the United States Code (Bankruptcy Code).
Leveraged Shares Account. "Leveraged Shares Account" means an
account containing shares of Company Stock that were acquired with the
Loan, continue to be held as collateral for the Loan, and which have
not been released from such account.
Loan. "Loan" means the loan and extension of credit to the Trust
evidenced by the promissory note dated as of the date of the Closing
(as defined in the Stock Purchase Agreement to be dated May 11, 1998
between the Trust and the Company), with which the Trustee will
purchase Company Stock.
Participant Shares. "Participant Shares" means shares of Company
Stock that are Available Shares and that have been allocated to a Plan
Participant.
Plan Committee Certification. "Plan Committee Certification"
means a certification to be provided to the Trustee by the Committee
promptly after the end of each Trust Year which (i) sets forth the
number of shares of Company Stock transferred to each Plan
Participant, whether or not pursuant to the Trust, during the Relevant
Period (as defined in Section 5.4) under each Plan, and (ii) certifies
that the determination of such number is in accordance with the terms
of each Plan.
Plans. "Plans" means the Mississippi View Holding Company 1995
Stock Option Plan, the Mississippi View Holding Company 1997 Stock
Option Plan, and any other employee benefit plan of the Company or its
subsidiaries designated as such by the Board of Directors.
Plan Participant. "Plan Participant" means a participant in any
of the Plans.
Trustee. "Trustee" means collectively the following individuals:
Neil Adamek and Gerald Peterson, or any successor trustee.
-4-
<PAGE>
Trust Year. "Trust Year" means the period beginning on April 10,
1998 and ending on April 9, 1999, and each 12-month period thereafter
beginning on the 10th day of April and ending on the 9th day of April
in the following calendar year.
Unallocated Shares Account. "Unallocated Shares Account" means a
separate account to be maintained by the Trustee to hold Available
Shares that have not been allocated or distributed to the Plans to
meet the Plans' employee benefit liability.
ARTICLE 2.
Contributions and Dividends
2.1 Contributions. For each Trust Year, the Company shall contribute
to the Trust in cash such amount, which together with dividends, as provided in
Section 2.2, and any other earnings of the Trust, shall enable the Trustee to
make all payments of principal and interest due under the Loan on a timely
basis. Unless otherwise expressly provided herein, the Trustee shall apply all
such contributions, dividends and earnings to the payment of principal and
interest due under the Loan. If, at the end of any Trust Year, no such
contribution has been made in cash, such contribution shall be deemed to have
been in the form of forgiveness of principal and interest on the Loan to the
extent of the Company's failure to make contributions as required by this
Section 2.1. All contributions made under the Trust shall be delivered to the
Trustee. The Trustee shall be accountable for all contributions received by it,
but shall have no duty to require any contributions to be made to it.
2.2 Dividends. Except as otherwise provided herein, dividends paid in
cash on Company Stock held by the Trust, including Company Stock held in the
Suspense Account, shall be applied to pay interest and repay scheduled principal
due under the Loan. In the event that dividends paid on Company Stock held in
the Trust exceed the amount of scheduled principal and interest due in any Trust
Year, such excess shall be applied by the Trustee, to the extent directed by the
Committee, to prepay principal of the Loan and/or invested in additional Company
Stock. Dividends which are not in cash or in Company Stock (including
Extraordinary Dividends, or portions thereof) shall be reduced to cash by the
Trustee and reinvested in Company Stock as soon as practicable. For purposes of
this Agreement, Company Stock purchased with the proceeds of an Extraordinary
Dividend or with the proceeds of a non-cash dividend shall, for purposes of this
Agreement (including without limitation Section 3.1 hereof), be deemed to have
been acquired with the proceeds of the Loan. In the Trustee's discretion,
investments in Company Stock may be made through open-market purchases, private
transactions or (with the Company's consent) purchases from the Company.
-5-
<PAGE>
ARTICLE 3.
Release and Allocation of Company Stock
3.1 Release of Shares. Subject to the other provisions of this Article
3, upon the payment or forgiveness in any Trust Year of any principal on the
Loan (a "Principal Payment"), the following number of shares of Company Stock
acquired with the proceeds of the Loan shall be available for allocation
("Available Shares") as provided in this Article 3: the number of shares so
acquired and held in the Trust immediately before such payment or forgiveness,
multiplied by a fraction the numerator of which is the amount of the Principal
Payment and the denominator of which is the sum of such Principal Payment and
the remaining principal of the Loan outstanding after such Principal Payment.
3.2 Allocations. Available Shares shall be allocated as directed by
the Committee to the Plans at such times as the Company may be required to
provide shares of Company Stock in accordance with the terms of such Plans. The
Committee's discretion shall be limited to the number of Available Shares. In
the event that as of the last day of any Trust Year, any unallocated Available
Shares remain after satisfaction of all current and future benefit obligations
under each of the Plans, all remaining Available Shares shall be contributed by
the Trustee to the Company or its subsidiaries.
3.3 Prohibition Against Funding Future Benefits of Company Directors
Notwithstanding anything herein to the contrary, under no circumstances may any
assets of the Trust be released, allocated, or otherwise directed by the
Committee or the Trustee to fund any future liabilities of the Company or its
subsidiaries related to any future benefit plans which are adopted after the
effective date of the Trust to benefit Directors of the Company.
ARTICLE 4.
Trust Expenses and Tax Withholding
4.1 Trust Expenses. The Trustee shall be entitled to be reimbursed for
its reasonable legal, accounting and appraisal fees, out-of-pocket expenses and
other charges reasonably incurred in connection with the administration,
management, investment and distribution of the Trust Fund. Such reimbursement
shall be made out of the Trust Fund. The Company agrees to make sufficient
contributions to the Trust to pay such amounts owing the Trustee in addition to
those contributions required by Section 2.1 and, in the event the Company fails
to make the contributions necessary to pay amounts owing to the Trustee, the
Trustee shall be entitled to seek payment directly from the Company. Absent
receipt of payment for expenses from the Company, the Trustee may utilize
contributions from the Company otherwise intended to be principal payments for
the purpose of meeting expense obligations of the Trust.
4.2 Withholding of Taxes. The Trustee may withhold, require
withholding, or otherwise satisfy its withholding obligation, on any
distribution which it is directed to make, such amount as it may reasonably
estimate to be necessary to comply with applicable federal, state and local
-6-
<PAGE>
withholding requirements. Upon settlement of such tax liability, the Trustee
shall distribute the balance of such amount. Prior to making any distribution
hereunder, the Trustee may require such release or documents from any taxing
authority, or may require such indemnity, as the Trustee shall reasonably deem
necessary for its protection.
ARTICLE 5.
Administration of Trust Fund
5.1 Management and Control of Trust Fund. Subject to the terms of this
Agreement, the Trustee shall have exclusive authority and responsibility to
manage and control the assets of the Trust Fund.
5.2 Investment of Funds.
Except as otherwise provided in Section 2.2 and in this
Section 5.2, the Trustee shall invest and reinvest the Trust Fund exclusively in
Company Stock, including any accretions thereto resulting from the proceeds of a
tender offer, recapitalization or similar transactions which, if not in Company
Stock, shall be reduced to cash as soon as practicable. The Trustee may invest
any portion of the Trust Fund temporarily pending investment in Company Stock,
distribution or payment of expenses in (i) investments in United States
Government obligations with maturities of less than one year, (ii)
interest-bearing accounts including but not limited to certificates of deposit,
time deposits, savings accounts and money market accounts with maturities of
less than one year in any bank, which accounts are insured by the Federal
Deposit Insurance Corporation or other similar federal agency, including the
Association, (iii) obligations issued or guaranteed by any agency or
instrumentality of the United States of America with maturities of less than one
year or (iv) short-term discount obligations of the Federal National Mortgage
Association.
5.3 Trustee's Administrative Powers.
Except as otherwise provided herein, and subject to the Trustee's
duties hereunder, the Trustee shall have the following powers and rights, in
addition to those provided elsewhere in this Agreement or by law:
(a) to retain any asset of the Trust Fund;
(b) subject to Section 5.4 and Article 3, to sell, transfer,
mortgage, pledge, lease or otherwise dispose of, or grant options with
respect to, any Trust Fund assets at public or private sale;
(c) upon direction from the Company, to borrow from any
lender (including the Company pursuant to the Loan), to acquire
Company Stock as authorized by this Agreement, to enter into lending
agreements upon such terms (including reasonable interest and security
for the loan and rights to renegotiate and prepay such loan) as may
-7-
<PAGE>
be determined by the Committee; provided, however, that any collateral
given by the Trustee for the Loan shall be limited to cash and
property contributed by the Company to the Trust and dividends paid on
Company Stock held in the Trust Fund and shall include Company Stock
acquired with the proceeds of the Loan;
(d) with the consent of the Committee, to settle, submit to
arbitration, compromise, contest, prosecute or abandon claims and
demands in favor of or against the Trust Fund;
(e) to vote or to give any consent with respect to any
securities, including any Company Stock, held by the Trust either in
person or by proxy for any purpose, provided that the Trustee shall
vote, tender or exchange all shares of Company Stock as provided in
Section 5.4;
(f) to exercise any of the powers and rights of an individual
owner with respect to any asset of the Trust Fund and to perform any
and all other acts that in its judgment are necessary or appropriate
for the proper administration of the Trust Fund, even though such
powers, rights and acts are not specifically enumerated in this
Agreement;
(g) to employ such accountants, actuaries, investment
bankers, appraisers, other advisors and agents as may be reasonably
necessary in collecting, managing, administering, investing, valuing,
distributing and protecting the Trust Fund or the assets thereof or
any borrowings of the Trustee made in accordance with Section 5.3(c);
and to pay their reasonable fees and out-of-pocket expenses, which
shall be deemed to be expenses of the Trust and for which the Trustee
shall be reimbursed in accordance with Section 4.1;
(h) to cause any asset of the Trust Fund to be issued, held
or registered in the Trustee's name or in the name of its nominee, or
in such form that title will pass by delivery, provided that the
records of the Trustee shall indicate the true ownership of such
asset;
(i) to utilize another entity as custodian to hold, but not
invest or otherwise manage or control, some or all of the assets of
the Trust Fund; and
(j) to consult with legal counsel (who may also be counsel
for the Company generally) with respect to any of its duties or
obligations hereunder; and to pay the reasonable fees and
out-of-pocket expenses of such counsel, which shall be deemed to be
expenses of the Trust and for which the Trustee shall be reimbursed in
accordance with Section 4.1.
(k) to deliver to the Company from time to time, as directed
by the Committee, any assets held by the Trust (including Company
Stock).
-8-
<PAGE>
(l) to execute and file any such application, statement or
report on behalf of the Trust with any governmental regulatory agency
necessary to consumate the acquisition by the Trust of Company Stock.
Notwithstanding the foregoing, neither the Trust nor the Trustee shall have any
power to, and shall not, engage in any trade or business.
5.4. Voting and Tendering of Company Stock.
(a) Voting of Company Stock. Shares of Company Stock held in
the Leveraged Shares Account or in the Unallocated Shares Account shall be voted
by the Trustee as directed by the Committee. The Trustee shall follow the
directions of each Plan Participant that has been allocated Available Shares, as
to the manner in which shares of Company Stock held by the Trust are to be voted
on each matter brought before an annual or special stockholders' meeting of the
Company or the manner in which any consent is to be executed, in each case as
provided below. Before each such meeting of stockholders, the Trustee shall
cause to be furnished to each Plan Participant that has been allocated Available
Shares a copy of the proxy solicitation material received by the Trustee,
together with a form requesting confidential instructions as to how to vote the
shares of Company Stock held by the Trustee. Upon timely receipt of directions
from the Plan Participants, the Trustee shall on each such matter vote the
number of shares of the Company Stock held by the Trust in the manner directed
by the Plan Participants who have been allocated Available Shares. With respect
to any Participant Shares for which the Trustee does not receive a signed
voting-direction instrument, such shares will be voted by the Trustee in the
same manner as if they were shares of Company Stock held in the Leveraged Shares
Account or in the Unallocated Shares Account. Notwithstanding the foregoing, if
the Trustee determines upon the advice of its legal counsel, that voting the
Company Stock in the manner described above would violate any relevant federal
or state laws or regulations, the Trustee, in its sole discretion, may vote such
shares of Company Stock in an alternative manner so as to comply with such laws
or regulations.
(b) Tender or Exchange of Company Stock. Shares of Company
Stock held in the Leveraged Shares Account or in the Unallocated Shares Account
shall be tendered by the Trustee as directed by the Committee. The Trustee shall
use its best efforts timely to distribute or cause to be distributed to each
Plan Participant any written materials distributed to stockholders of the
Company generally in connection with any tender offer or exchange offer,
together with a form requesting confidential instructions on whether or not to
tender or exchange shares of Company Stock held in the Trust. Upon timely
receipt of instructions from a Plan Participant, the Trustee shall tender such
Participant Shares if such Plan Participant has directed the Trustee to tender.
If the Trustee shall not receive timely instruction from a Plan Participant as
to the manner in which to respond to such a tender or exchange offer, such
shares shall be tendered by the Trustee as directed by the Committee.
Notwithstanding the foregoing, if the Trustee determines upon the advice of its
legal counsel, that tendering the Company Stock in the manner described above
would violate any relevant federal or state laws or regulations, the Trustee, in
its sole discretion, may tender such shares of Company Stock in an alternative
manner so as to comply with such laws or regulations.
-9-
<PAGE>
(c) The Company shall maintain appropriate procedures to
ensure that all instruction by Plan Participants are collected, tabulated, and
transmitted without being divulged or released to any person affiliated with the
Company or its affiliates. All actions taken by Plan Participants shall be held
confidential by the Trustee and shall not be divulged or released to any person.
5.5 Indemnification.
(a) The Company shall and hereby does indemnify and hold
harmless the Trustee from and against any claims, demands, actions,
administrative or other proceedings, causes demands, actions, administrative or
other proceedings, causes of action, liability, loss, cost, damage or expense
(including reasonable attorneys' fees), which may be asserted against it, in any
way arising out of or incurred as a result of its action or failure to act in
connection with the operation and administration of the Trust; provided that
such indemnification shall not apply to the extent that the Trustee has acted
(i) in willful or grossly negligent violation of applicable law or its duties
under this Trust or (ii) in bad faith. The Trustee shall be under no liability
to any person for any loss of any kind which may result (i) by reason of any
action taken by it in accordance with any direction of the Committee, (ii) by
reason of its failure to exercise any power or authority or to take any action
hereunder because of the failure of any such directing participant to give
directions to the Trustee, as provided for in this Agreement, or (iii) by reason
of any act or omission of any of the directing participants with respect to its
duties under this Trust. The Trustee shall be fully protected in acting upon any
instrument, certificate, or paper delivered by the Committee and believed in
good faith by the Trustee to be genuine and to be signed or presented by the
proper person or persons, and the Trustee shall be under no duty to make any
investigation or inquiry as to any statement contained in any such writing, but
may accept the same as conclusive evidence of the truth and accuracy of the
statements therein contained.
(b) The Company may, but shall not be required to, maintain
liability insurance to insure its obligations hereunder. If any payments made by
the Company or the Trust pursuant to this indemnity are covered by insurance,
the Company or the Trust (as applicable) shall be subrogated to the rights of
the indemnified party against the insurance company.
(c) Without limiting the generality of the foregoing, the
Company will, at the request of the Trustee, advance to the Trustee reasonable
amounts of expenses, including reasonable attorneys' fees and expenses, which
the Trustee advised have been incurred in connection with its investigation or
defense of any claim, demand, action, cause of action, administrative or other
proceeding arising out of or in connection with the Trustee's performance of its
duties under this Agreement.
5.6. General Duty to Communicate to Committee. The Trustee shall
promptly notify the Committee of all communications with or from any government
agency or with respect to any legal proceeding with regard to the Trust and with
or from any Plan Participants concerning their entitlement under the Plans or
the Trust.
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<PAGE>
ARTICLE 6.
Accounts and Reports of Trustee
6.1 Records and Accounts of Trustee. The Trustee shall maintain
accurate and detailed records and accounts of all transactions of the Trust,
which shall be available at all reasonable times for inspection or audit by any
person designated by the Company and which shall be retained as required by
applicable law.
6.2 Fiscal Year. The fiscal year of the Trust shall be the twelve
month period beginning on April 10 and ending April 9. The first fiscal year of
the Trust shall begin on April 10, 1998 and end on April 9, 1999.
6.3 Reports of Trustee. The Trustee shall prepare and present to the
Committee a report for the period ending on the last day of each fiscal year,
and for such shorter periods as the Committee may reasonably request, listing
all securities and other property acquired and disposed of and all receipts,
disbursements and other transactions effected by the Trust after the date of the
Trustee's last account, and further listing all cash, securities, and other
property held by the Trust, together with the fair market value thereof, as of
the end of such period. In addition to the foregoing, the report shall contain
such information regarding the Trust Fund's assets and transactions as the
Committee in its discretion may reasonably request.
6.4 Final Report. In the event of the resignation or removal of a
Trustee hereunder, the Committee may request and the Trustee shall then with
reasonable promptness submit, for the period ending on the effective date of
such resignation or removal, a report similar in form and purpose to that
described in Section 6.3.
ARTICLE 7.
Succession of Trustee
7.1 Resignation of Trustee. The Trustee or any successor thereto may
resign as Trustee hereunder at any time upon delivering a written notice of such
resignation, to take effect sixty (60) days after the delivery thereof to the
Committee, unless the Committee accepts shorter notice; provided, however, that
no such resignation shall be effective until a successor Trustee has assumed the
office of Trustee hereunder.
7.2 Removal of Trustee. The Trustee or any successor thereto may be
removed by the Company by delivering to the Trustee so removed an instrument
executed by the Committee informing the Trustee of the Committee's decision.
Such removal shall take effect at the date specified in such instrument, which
shall not be less than sixty (60) days after delivery of the instrument, unless
the Trustee accepts shorter notice; provided, however, that no such removal
shall be effective until a successor Trustee has assumed the office of Trustee
hereunder.
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<PAGE>
7.3 Appointment of Successor Trustee. Whenever the Trustee or any
successor thereto shall resign or be removed or a vacancy in the position shall
otherwise occur, the Company shall use its best efforts to appoint a successor
Trustee as soon as practicable after receipt by the Committee of a notice
described in Section 7.1, or the delivery to the Trustee of a notice described
in Section 7.2, as the case may be, but in no event more than seventy-five (75)
days after receipt or delivery, as the case may be, of such notice. A successor
Trustee's appointment shall not become effective until such successor shall
accept such appointment by delivering its acceptance in writing to the Company.
If a successor is not appointed within such 75 day period, the Trustee, at the
Company's expense, may petition a court of competent jurisdiction for
appointment of a successor.
7.4 Succession to Trust Fund Assets. The title to all property held
hereunder shall vest in any successor Trustee acting pursuant to the provisions
hereof without the execution or filing of any further instrument, but a
resigning or removed Trustee shall execute all instruments and do all acts
necessary to vest title in the successor Trustee. Each successor Trustee shall
have, exercise and enjoy all of the powers, both discretionary and ministerial,
herein conferred upon its predecessors. A successor Trustee shall not be obliged
to examine or review the accounts, records, or acts of, or property delivered
by, any previous Trustee and shall not be responsible for any action or any
failure to act on the part of any previous Trustee.
7.5 Continuation of Trust. In no event shall the legal disability,
resignation or removal of a Trustee terminate the Trust, but the Company shall
forthwith appoint a successor Trustee in accordance with section 7.3 to carry
out the terms of the Trust.
7.6. Changes in Organization of Trustee. In the event that any
corporate Trustee hereunder shall be converted into, shall merge or consolidate
with, or shall sell or transfer substantially all of its assets and business to,
another corporation, state or federal, the corporation resulting from such
conversion, merger or consolidation, or the corporation to which such sale or
transfer shall be made, shall thereunder become and be the Trustee under the
Trust with the same effect as though originally so named.
7.7. Continuance of Trustee's Powers in Event of Termination of the
Trust. In the event of the termination of the Trust, as provided herein, the
Trustee shall dispose of the Trust Fund in accordance with the provisions
hereof. Until the final distribution of the Trust fund, the Trustee shall
continue to have all powers provided hereunder as necessary or expedient for the
orderly liquidation and distribution of the Trust Fund.
Article 8.
Amendment or Termination
8.1. Amendments. Except as otherwise provided herein, the Company may
amend the Trust at any time and from time to time in any manner which it deems
desirable. Notwithstanding the foregoing, the Company shall retain the power
under all circumstances to amend the Trust to correct any errors or clarify any
ambiguities or similar issues of interpretation of this Agreement.
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<PAGE>
8.2. Termination. Subject to the terms of this Section 8.2, the Trust
shall terminate on the date on which the Loan is paid in full (the "Termination
Date"). The Company may terminate the Trust at any time prior to the Termination
Date. The Trust shall also terminate automatically upon the Company giving the
Trustee written notice of a Change of Control. Immediately upon a termination of
the Trust, the Company shall be deemed to have forgiven all amounts then
outstanding under the Loan. As directed by the Committee, the Trustee shall
allocate the Available Shares to the Plans. As soon as practicable after
receiving notice from the Company of a Change of Control or upon any other
termination of the Trust, the Trustee shall sell any unallocated Available
Shares and other non-cash assets (if any) then held in the Trust Fund as
directed by the Committee. The proceeds of such sale shall first be returned to
the Company up to an amount equal to the principal amount, plus any accrued
interest, of the Loan that was forgiven upon such termination. Any funds
remaining in the Trust after such payment to the Company shall be distributed
with reasonable promptness to the Company; provided, however, that all
distributions from the Trust comply with all relevant federal and state laws and
regulations.
8.3 Form of Amendment or Termination. Any amendment or termination of
the Trust shall be evidenced by an instrument in writing signed by an authorized
officer of the Company, certifying that said amendment or termination has been
authorized and directed by the Company or the Board of Directors, as applicable,
and, in the case of any amendment, shall be consented to by signature of the
Trustee, or an authorized officer of the Trustee, if required by Section 8.1
Article 9.
Miscellaneous
9.1. Controlling Law. The laws of the State of Minnesota shall be the
controlling law in all matters relating to the trust, without regard to
conflicts of law, except to the extent that the laws of the United States of
America shall be deemed applicable.
9.2. Committee Action. Any action required or permitted to be taken by
the Committee may be taken on behalf of the Committee by any individual so
authorized. The Company shall furnish to the Trustee the name and specimen
signature of each member of the Committee upon whose statement of a decision or
direction the Trustee is authorized to rely. Until notified of a change in the
identity of such person or persons, the Trustee shall act upon the assumption
that there has been no change.
9.3. Notices. All notices, requests, or other communications required
or permitted to be delivered hereunder shall be in writing, delivered by
registered or certified mail, return receipt requested as follows:
To the Company:
Mississippi View Holding Company
35 East Broadway
Little Falls, Minnesota 56345-3093
Attention: Thomas J. Leiferman, President
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<PAGE>
To the Trustee:
Mississippi View Holding Company
Stock Employee Compensation Trust
35 East Broadway
Little Falls, Minnesota 56345-3093
Attention: Trustee Chairman
Any party hereto may from time to time, by written notice given as
aforesaid, designate any other address to which notices, requests or other
communications addressed to it shall be sent.
9.4. Severability. If any provision of the Trust shall be held
illegal, invalid or unenforceable for any reason, such provision shall not
affect the remaining parts hereof, but the Trust shall be construed and enforced
as if said provision had never been inserted herein.
9.5. Protection of Persons Dealing with the Trust. No person dealing
with the Trustee shall be required or entitled to monitor the application of any
money paid or property delivered to the Trustee, or determine whether or not the
Trustee is acting pursuant to authorities granted to it hereunder or to
authorizations or directions herein required.
9.6. Tax Status of Trust. It is intended that the Company, as grantor
hereunder, be treated as the owner of the entire Trust and the trust assets
under Section 671, et seq. of the Code. Until advised otherwise, the Trustee may
presume that the Trust is so characterized for federal income tax purposes and
shall make all filings of tax returns on that presumption.
9.7. Participants to Have No Interest in the Company by Reason of the
Trust. Neither the creation of the Trust nor anything contained in the Trust
shall be construed as giving any person, including any individual employed by
the Company or any subsidiary of the Company, any equity or interest in the
assets, business, or affairs of the Company except to the extent that any such
individuals are entitled to exercise stockholder rights with respect to Company
Stock pursuant to Section 5.4
9.8. Nonassignability. No right or interest of any person to receive
distributions from the Trust shall be assignable or transferable, in whole or in
part, either directly or by operation of law or otherwise, including, but not by
way of limitation, execution, levy, garnishment, attachment, pledge, or
bankruptcy, but excluding death or mental incompetency, and no right or interest
of any person to receive distributions from the Trust shall be subject to any
obligation or liability of any such person, including claims for alimony or the
support of any spouse or child.
9.9. Gender and Plurals. Whenever the context requires or permits, the
masculine gender shall include the feminine gender and the singular form shall
include the plural form and shall be interchangeable.
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<PAGE>
9.10. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be considered an original.
9.11. Term of Trust. This Trust shall remain in effect until the
earlier of (i) termination by the Company's Board of Directors, (ii) the
distribution of all assets of the Trust, or (iii) 21 years from the Closing
Date. Termination of the Trust shall not effect any Available Shares previously
allocated to the Plans.
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<PAGE>
IN WITNESS WHEREOF, the Company and the Trustee have caused this
Agreement to be signed, and their seals affixed hereto, by their authorized
officers all as of the day, month and year first above written.
The following individuals sign
as Trustee of the Mississippi View Holding
Company Stock Employee Compensation Trust
/s/ Neil Adamek
-------------------------------
Neil Adamek, as Trustee
/s/ Gerald Peterson
-------------------------------
Gerald Peterson, as Trustee
Attest: /s/ Mary Ann Karnowski
----------------------
MISSISSIPPI VIEW HOLDING COMPANY
By: /s/ Thomas J. Leiferman
------------------------------
Thomas J. Leiferman
Its: President and Chief Executive Officer
Attest: /s/ Mary Ann Karnowski
----------------------
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COMMON STOCK PURCHASE AGREEMENT
THIS COMMON STOCK PURCHASE AGREEMENT (this "Agreement"), made
this 10th day of April, 1998, between Mississippi View Holding Company, a
Minnesota corporation (the "Seller") and Messrs. Gerald Peterson and Neil
Adamek, solely in their capacity as trustees (the "Trustees") of the Mississippi
View Holding Company Stock Employee Compensation Trust (the "Trust") (the Trust
is hereinafter sometimes referred to as the "Purchaser") under a trust agreement
between the Seller and the Trustees dated April 10, 1998 (the "Trust
Agreement").
W I T N E S S E T H :
WHEREAS, as contemplated by the Trust Agreement, the
Purchaser is to purchase from the Seller, and the Seller is to sell to the
Purchaser, shares of the Seller's common stock, $0.10 par value (the "Common
Stock"), all as more specifically provided herein;
WHEREAS, Seller intends to initiate a tender offer, in
accordance with Rule 13e- 3 and Rule 13e-4 under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), under which Seller will offer to purchase
up to 222,000 shares of Common Stock (the "Tender Offer"), which is intended to
offset the dilution in earnings per share which would otherwise result from the
sale of Common Stock to the Trustees hereunder. Seller has provided to the
Trustees copies of the proposed forms of the Offer to Purchase and related
documents to be distributed in connection with the Tender Offer (the "Offer
Materials"). Seller will, upon the terms and subject to the conditions of the
Offer, determine a single per Share price (not greater than $21.50 nor less than
$19.50 per Share) that it will pay for Shares properly tendered and not
withdrawn pursuant to the Offer (the "Purchase Price"), taking into account the
number of Shares so tendered and the prices specified by tendering stockholders.
The Offer is subject to various conditions, as set forth in "The Offer --
Certain Conditions of the Offer" in the Offer to Purchase.
WHEREAS, the parties intend to base the purchase price to be
paid by the Trustee hereunder on the purchase price in the Tender Offer. The
parties intend that the transaction hereunder shall be closed immediately after
the expiration of the Tender Offer, and have requested and expect to obtain an
exemption (the "Exemptive Order") from the restrictions of Rule 13e-4(f)(6)
under the Exchange Act to permit such schedule to be followed.
NOW, THEREFORE, in consideration of the mutual covenants and
undertakings contained herein, and subject to and on the terms and conditions
set forth herein, the parties hereto agree as follows:
ARTICLE I
PURCHASE AND SALE OF SHARES
1.1 Purchase and Sale. Subject to the terms and conditions
set forth herein, the Seller will sell to the Purchaser, and the Purchaser will
purchase from the Seller, at the
<PAGE>
Closing (as hereinafter defined), that number of shares of Common Stock which is
equal to the lesser of (i) the quotient of $1,214,750 divided by the Purchase
Price (as defined in the recitals to this Agreement) or (ii) 9.9% of the
outstanding shares of Common Stock at the time of the Closing, with any
fractional shares of Common Stock being rounded to the nearest whole number of
shares. The shares of Common Stock to be purchased by the Purchaser and sold by
the Seller at the Closing are referred to in this Agreement as the "Common
Shares." In consideration for the Common Shares, the Purchaser will deliver to
the Seller the note in the form of Schedule 1.1 to this Agreement in the
principal amount of $1,214,750 (the "Note").
1.2 Closing. The closing of the sale and purchase of the
Common shares hereunder (the "Closing"), will be held at the offices of the
Seller's counsel (a) as soon as practicable following the closing of the
Seller's Tender Offer, or (b) at such earlier time, date and place as may be
designated by the Seller, or (c) at such later time, date and place as may be
mutually agreed upon by the Seller and the Purchaser.
1.3 Delivery and Payment. At the Closing, the Seller will
deliver to the Purchaser a certificate representing the Common Shares, which
certificate shall be registered in the name of the Trustees, or the name of its
nominee, against payment by the Purchaser to the Seller of the aggregate
purchase price therefor. The Seller will pay all stamp and other transfer taxes,
if any, which may be payable in respect of the sale and delivery of the Common
Shares.
ARTICLE II
REPRESENTATIONS AND WARRANTIES OF THE SELLER
The Seller represents and warrants to the Purchaser as
follows:
2.1 Corporate Existence and Authority. The Seller (i) is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Minnesota; (ii) has all requisite corporate power to execute,
deliver and perform this Agreement; and (iii) has taken all necessary corporate
action to authorize the execution, delivery and performance of this Agreement.
2.2 No Conflict. The execution and delivery of this Agreement
does not, and the consummation of the transactions contemplated hereby will not,
violate, conflict with or constitute a default under (i) the Seller's
certificate of incorporation or by-laws, (ii) any agreement, indenture or other
instrument to which the Seller is a party or by which the Seller or its assets
may be bound or (iii) upon receipt of the Exemptive Order, any law, regulation,
order, arbitration, award, judgment or decree applicable to the Seller.
2.3 Validity. This Agreement has been duly executed and
delivered by the Seller and is a valid and binding agreement of the Seller
enforceable against the Seller in accordance with its terms, except as the
enforceability thereof may be limited by any applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or other laws affecting the
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<PAGE>
enforcement of creditors' rights generally, and by general principles of equity.
2.4 The Common Shares. The Common Shares have been duly
authorized and are (or when issued as contemplated hereby will be) validly
issued and constitute fully-paid and non-assessable shares of Common Stock,
$0.10 par value per share, of the Seller. No stockholder of the Seller has any
preemptive or other subscription right to acquire any shares of Common Stock.
The Seller will convey to the Purchaser, on the date of Closing, good and valid
title to the Common Shares free and clear of any liens, claims, security
interests and encumbrances.
2.5 Litigation. There are no actions, suits, proceedings or
arbitrations or investigations pending, or to the Seller's best knowledge,
threatened in any court or before any governmental agency or instrumentality or
arbitration panel or otherwise against or by the Seller which seek to or could
restrain, prohibit, rescind or declare unlawful, or result in substantial
damages in respect of, this Agreement or the performance hereof by the Seller
(including, without limitation, the delivery of the Common Shares).
2.6 Business and Financial Information. Seller has heretofore
delivered to the Purchaser copies of the audited consolidated statements of
financial condition, and statements of earnings and statements of shareholders'
equity of Seller and its subsidiaries as of and for the fiscal years ended
September 30, 1997 and 1996 and the unaudited consolidated statements of
financial condition, and statement of earnings of Seller and its subsidiaries as
of and for the three months ended December 31, 1997 and 1996 (including the
related notes and schedules, the "Seller Financial Statements"). The Seller
Financial Statements fairly present the consolidated results of operations and
changes in financial position for the periods set forth therein and the
consolidated financial position as at the dates thereof of Seller and its
subsidiaries, in accordance with generally accepted accounting principles
consistently applied throughout the periods involved, except as set forth in the
notes thereto and subject, in the case of unaudited financial statements, to the
omission of certain notes not ordinarily accompanying such unaudited financial
statements and to normal year-end audit adjustments which in each case will not
be material to Seller and its subsidiaries taken as a whole. Since March 23,
1995, Seller has filed with the Securities and Exchange Commission all forms,
reports and documents required to be filed by it pursuant to the Exchange Act
(the "Disclosure Documents"), all of which have complied as to form in all
material respects with all applicable requirements of such Acts. None of the
Disclosure Documents, at the time filed, contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. The Seller's Rule
13e-3 Transaction Statement and Issuer Tender Offer Statement on Schedule 13E-4
relating to the Offer, and the Offer to Purchase and the other documents sent to
holders of shares of Common Stock in connection with the Offer, do not contain
and will not contain, at the time filed, any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which
they were or shall be made, not misleading.
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<PAGE>
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
The Purchaser hereby represents and warrants to the Seller as
follows:
3.1 Authority; Validity. The Purchaser has full power and
authority to execute and deliver this Agreement and the Note as Trustee and to
consummate the transactions contemplated hereby. The Note has been duly executed
by the Trustee on behalf of the Trust and, upon the execution and delivery by
the Trustee on behalf of the Trust, the Note will be a valid and binding
agreement of the Purchaser enforceable in accordance with its terms, except as
the enforceability thereof may be limited by any applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other laws
affecting the enforcement of creditors' rights generally, and by general
principles of equity.
ARTICLE IV
RESTRICTIONS ON DISPOSITION OF THE COMMON SHARES
4.1 Restricted Securities. The Purchaser acknowledges that
the Purchaser is acquiring the Common Shares pursuant to a transaction exempt
from registration under the Securities Act of 1933, as amended (the "Securities
Act"). The Purchaser represents, warrants and agrees that all Common Shares
acquired by the Purchaser pursuant to this Agreement are being acquired for
investment without any intention of making a distribution thereof, or of making
any sale or other disposition thereof which would be in violation of the
Securities Act or any applicable state securities law, and that the Purchaser
will not dispose of any of the Common Shares except that the Trustees will, from
time to time, convey a portion of the Common Shares to the participants in the
Plans to satisfy the obligations of the Company thereunder and convey a portion
of the Common Shares to the trustee of the Plans, and except upon termination of
the Trust to the extent that the Trust then holds any Common Shares, all in
compliance with all provisions of applicable federal and state law regulating
the issuance, sale and distribution of securities.
4.2 Legend. Until such time as the Common Shares are
registered pursuant to the provisions of the Securities Act, any certificate or
certificates representing the Common Shares delivered pursuant to Section 1.3,
will bear a legend in substantially the following form:
"The shares represented by this certificate have not been
registered under the Securities Act of 1933, as amended, and
may not be sold, transferred or otherwise disposed of unless
they have first been registered under such Act or unless an
exemption from registration is available."
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<PAGE>
The Seller may place stop transfer orders against the registration or transfer
of any share evidenced by such a certificate or certificates until such time as
the requirements of the foregoing are satisfied.
ARTICLE V
COVENANTS OF SELLER
The Seller agrees that:
5.1 Financial Statements, Reports and Documents. Subsequent
to the Closing, and for as long as the Common Shares are held by the Trust
(unless the Trustees shall otherwise consent in writing), the Seller shall
deliver to the Trustees each of the following:
(a) Annual Statements. As soon as available and in
any event within one hundred twenty (120) days after the
close of each fiscal year of the Seller, copies of the
consolidated statement of financial position of the Seller
and its subsidiaries as of the close of such fiscal year and
consolidated statements of income, cash flow and
shareholders' equity of the Seller and its subsidiaries for
such fiscal year, in each case setting forth in comparative
form the figures for the preceding fiscal year, all in
reasonable detail and accompanied by an opinion thereon of
Bertram Cooper & Co., LLP, or of other independent public
accountants of recognized national standing, to the effect
that such financial statements have been prepared in
accordance with generally accepted accounting principles
consistently applied (except for changes in which such
accountants concur) and that the examination of such
accountants in connection with such financial statements has
been made in accordance with generally accepted auditing
standards and, accordingly, includes such tests of the
accounting records and such other auditing procedures as were
considered necessary in the circumstances;
(b) SEC and Other Reports. Promptly upon their
becoming available, one copy of each financial statement,
report, notice or proxy statement sent by the Seller to
stockholders generally and of each regular or periodic
report, registration statement or prospectus (other than any
registration statement on Form S-8 and its related
prospectus) filed by the Seller with the Securities and
Exchange Commission or any successor agency; and
(c) Other Information. Such other information
concerning the business, properties or financial condition of
the Seller as the Trustee shall reasonably request.
The Seller will comply with all federal, state, local and foreign laws,
regulations or orders, and all the rules of any foreign laws, regulations or
orders, and all the rules of any stock exchange or similar entity which are
applicable to it or to the conduct of this business, and, without
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<PAGE>
limiting the generality of the foregoing, shall make such filings, distributions
and disclosures as are required by the Securities Act, the Exchange Act, or any
of the regulations, rules or orders promulgated thereunder, insofar as the
failure to comply would materially and adversely affect the Company and its
subsidiaries taken as a whole. To the extent required under the Exchange Act,
the Seller will maintain complete and accurate books, records and accounts in
accordance with the requirements of Section 13(b)(2) under the Exchange Act.
ARTICLE VI
CONDITIONS TO CLOSING
6.1 Conditions to Obligations of the Purchaser. The
obligation of the Purchaser to purchase the Common Shares is subject to the
satisfaction of the following conditions on the date of Closing:
(a) The representations and warranties of the Seller
set forth in Article II hereof shall be true and correct; and
if the Closing shall occur on a date other than the date of
this Agreement, the Purchaser shall have been furnished with
a certificate, dated the date of Closing, to such effect,
signed by an authorized officer of the Seller;
(b) All permits, approvals, authorizations and
consents of third parties necessary for the consummation of
the transactions herein shall have been obtained, and no
order of any court or administrative agency shall be in
effect which restrains or prohibits the transactions
contemplated by this Agreement, and no suit, action or other
proceeding by any governmental body or other person shall
have been instituted which questions the validity or legality
of the transactions contemplated by this Agreement; and
(c) The Exemptive Order shall be in full force and
effect and shall be sufficient to permit the sale of the
Common Shares to the Trustees on the date of Closing as
contemplated hereby.
6.2 Conditions to Obligations of the Seller. The obligation
of the Seller to issue, sell and deliver the Common Shares to the Purchaser is
subject to the satisfaction of the following conditions on the date of Closing:
(a) The representations and warranties of the
Purchaser set forth in Article III hereof shall be true and
correct; and if the Closing shall occur on a date other than
the date of this Agreement, the Seller shall have been
furnished with a certificate dated the date of Closing, to
such effect, signed by the Trustees;
(b) No order of any court or administrative agency
shall be in effect which restrains or prohibits the
transactions contemplated by this Agreement, and
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<PAGE>
no suit, action or other proceeding by any governmental body
or other person shall have been instituted which questions
the validity or legality of the transactions contemplated by
this Agreement; and
(c) The Exemptive Order shall be in full force and
effect and shall be sufficient to permit the sale of the
Common Shares to the Trustees on the date of Closing as
contemplated hereby.
ARTICLE VII
MISCELLANEOUS
7.1 Expenses. The Seller shall pay all of its expenses, and
it shall pay the Purchaser's expenses, in connection with the authorization,
preparation, execution and performance of this Agreement, including without
limitation the reasonable fees and expenses of the Trustee, its agents,
representatives, counsel, financial advisors and consultants.
7.2 Survival of Seller's Representations and Warranties. All
representations and warranties made by the Seller to the Purchaser in this
Agreement shall survive the Closing.
7.3 Notices. All notices, requests, or other communications
required or permitted to be delivered hereunder shall be in writing, delivered
by registered or certified mail, return receipt requested, as follows:
(a) To the Seller:
Mississippi View Holding Company
35 East Broadway
Little Falls, Minnesota 56345
Attention: Thomas J. Leiferman
(b) To the Purchaser:
Mississippi View Holding Company
35 East Broadway
Little Falls, Minnesota 56345
Attention: Trustees of Mississippi View
Holding Company
Stock Employee Compensation Trust
Any party hereto may from time to time, by written notice given as aforesaid,
designate any other address to which notices, requests or other communications
addressed to it shall be sent.
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<PAGE>
7.4 Specific Performance. The parties hereto acknowledge that
damages would be an inadequate remedy for any breach of the provisions of this
Agreement and agree that the obligations of the parties hereunder shall be
specifically enforceable, and neither party will take any action to impede the
other from seeking to enforce such rights of specific performance.
7.5 Successors and Assigns; Integration; Assignability. This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto, and their respective legal representatives, successors
and assigns. This Agreement (a) constitutes, together with the Note, the Trust
Agreement, and any other written agreements between the Purchaser and the Seller
executed and delivered on the date hereof, the entire agreement between the
parties hereto and supersedes all other prior agreements and understandings,
both written and oral, among the parties, with respect to the subject matter
hereof; (b) shall not confer upon any persons other than the parties hereto any
rights or remedies hereunder; and (c) shall not be assignable by operation of
law or otherwise, except that the Trustees may assign all their rights hereunder
to any corporation or other institution exercising trust powers in connection
with any such institution assuming the duties of a trustee under the Trust.
7.6 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the state of Minnesota.
7.7 Further Assurances. Subject to the terms and conditions
herein provided, each of the parties hereto agrees to use all reasonable efforts
to take, or cause to be taken, all action and to do, or cause to be done, all
things necessary, proper or advisable to consummate and make effective the
transactions contemplated by this Agreement.
7.8 Amendment and Waiver. No amendment or waiver of any
provision of this Agreement or consent to departure therefrom shall be effective
unless in writing and signed by the Purchaser and the Seller.
7.9 Counterparts. This Agreement may be executed in any
number of counterparts with the same effect as if the signatures thereto were
upon one instrument.
7.10 Certain Limitations. The execution and delivery of this
Agreement and the performance by the Trustees of this Agreement and under the
terms of the Trust have been, or will be, effected by the Trustees in their
capacity as Trustees. Nothing in this Agreement shall be interpreted to
increase, decrease or modify in any manner any liability of the Trustees to the
Seller or to any Trustee, representative or other claimant by right of the
Seller resulting from the Trustees' performance of their duties under the
constituent instruments of the Trust, and no personal liability shall be
asserted or enforceable against said person by reason of any of the covenants,
statements or representations contained in this Agreement.
7.11 Incorporation. The terms and conditions of the Trust
Agreement relating to the nature of the responsibilities of the Trustees and the
indemnification of the Trustees by the Seller are incorporated herein by
reference and made applicable to this Agreement.
-8-
<PAGE>
IN WITNESS WHEREOF, the undersigned have duly executed this
Agreement on the date and year first above written.
By: /s/ Gerald Peterson
-----------------------------
Name:
Title:
as Trustee of the Mississippi View
Holding Company
Stock Employee Compensation Trust
Attest: /s/ Neil Adamek
------------------------
Title:
By: /s/ Neil Adamek
------------------------
Name:
Title:
as Trustee of the Mississippi View
Holding Company
Stock Employee Compensation Trust
Attest: Mary Ann Karnowski
------------------------
Title:
MISSISSIPPI VIEW HOLDING COMPANY
By: /s/ Thomas J. Leiferman
---------------------------
Name:
Title:
Attest: Mary Ann Karnowski
-------------------------
Title:
-9-
MISSISSIPPI VIEW HOLDING COMPANY
Offer to Purchase For Cash Up to 222,000 Shares of its
Common Stock
at a Purchase Price not in excess of
$21.50 nor less than $19.50 Per Share
THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M.,
EASTERN TIME, ON MONDAY, MAY 11, 1998, UNLESS THE OFFER IS EXTENDED.
Mississippi View Holding Company, a Minnesota corporation (the 'Company'),
invites its shareholders to tender shares of its common stock, $0.10 par value
per share (the 'Shares') at prices not in excess of $21.50 nor less than $19.50
per Share in cash, as specified by shareholders tendering their Shares, upon the
terms and subject to the conditions set forth herein and in the related Letter
of Transmittal (which together constitute the 'Offer'). The Company will
determine the single per Share price, not in excess of $21.50 nor less than
$19.50 per Share, net to the seller in cash (the 'Purchase Price'), that it will
pay for Shares validly tendered pursuant to the Offer, taking into account the
number of Shares so tendered and the prices specified by tendering shareholders.
The Company will select the lowest Purchase Price that will allow it to buy
222,000 Shares (or such lesser number of Shares as are validly tendered at
prices not in excess of $21.50 nor less than $19.50 per Share). All Shares
validly tendered at prices at or below the Purchase Price and not withdrawn will
be purchased at the Purchase Price, upon the terms and subject to the conditions
of the Offer, including the proration provisions. All Shares acquired in the
Offer will be acquired at the Purchase Price.
THIS TRANSACTION HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE FAIRNESS OR MERITS OF
SUCH TRANSACTION NOR UPON THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED
IN THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
THE OFFER IS CONDITIONED UPON, AMONG OTHER THINGS, THE COMPANY OBTAINING THE
FUNDS NECESSARY TO CONSUMMATE THE OFFER AND TO PAY ALL RELATED FEES AND
EXPENSES. THE OFFER IS NOT CONDITIONED ON ANY MINIMUM NUMBER OF SHARES BEING
TENDERED. SEE 'THE OFFER--CERTAIN CONDITIONS OF THE OFFER.'
The Shares are traded in the over-the-counter market ('OTC'). On March 31,
1998, the last full trading day in the OTC on which a sale was reported prior to
the commencement of the Offer, the closing per Share sales price was $18.50.
Shareholders are urged to obtain current market quotations for the shares. FOR
INFORMATION REGARDING RECENT TRADING IN THE SHARES, SHAREHOLDERS MAY CALL
MACKENZIE PARTNERS, INC. AT 1-800-322-2885. See 'The Offer--Price Range of
Shares; Dividends.'
Any shareholder wishing to tender all or any part of his or her Shares
should either (a) complete and sign a Letter of Transmittal (or a facsimile
thereof) in accordance with the instructions in the Letter of Transmittal and
either mail or deliver it with any required signature guarantee and any other
required documents to Registrar and Transfer Company (the 'Depositary'), and
either mail or deliver the stock certificates for such Shares to the Depositary
(with all such other documents) or tender such Shares pursuant to the procedure
for book-entry delivery set forth in 'The Offer--Procedures for Tendering
Shares,' or (b) request a broker, dealer, commercial bank, trust company or
other nominee to effect the transaction for such shareholder. Holders of Shares
registered in the name of a broker, dealer, commercial bank, trust company or
other nominee must contact that broker, dealer, commercial bank, trust company
or other nominee if such shareholder desires to tender such Shares. Any
shareholder who desires to tender Shares and whose certificates for such Shares
cannot be delivered to the Depositary or who cannot comply with the procedure
for book-entry delivery or whose other required documents cannot be delivered to
the Depositary, in any case, by the expiration of the Offer must tender such
Shares pursuant to the guaranteed delivery procedure set forth in 'The
Offer--Procedures for Tendering Shares.' SHAREHOLDERS MUST PROPERLY COMPLETE THE
LETTER OF TRANSMITTAL INCLUDING THE SECTION OF THE LETTER OF TRANSMITTAL
RELATING TO THE PRICE AT WHICH THEY ARE TENDERING SHARES IN ORDER TO EFFECT A
VALID TENDER OF THEIR SHARES.
THE BOARD OF DIRECTORS OF THE COMPANY, BASED ON, AMONG OTHER THINGS, THE
UNANIMOUS RECOMMENDATION OF A SPECIAL COMMITTEE OF NON-EMPLOYEE DIRECTORS OF THE
BOARD, HAS UNANIMOUSLY APPROVED THE OFFER, HOWEVER, NEITHER THE COMPANY NOR ITS
BOARD OF DIRECTORS MAKES ANY RECOMMENDATION TO ANY SHAREHOLDER AS TO WHETHER TO
TENDER OR REFRAIN FROM TENDERING SHARES. EACH SHAREHOLDER MUST MAKE THE DECISION
WHETHER TO TENDER SHARES AND, IF SO, HOW MANY SHARES TO TENDER AND AT WHICH
PRICE OR PRICES.
Questions and requests for assistance or for additional copies of this Offer
to Purchase, the Letter of Transmittal or the Notice of Guaranteed Delivery may
be directed to MacKenzie Partners, Inc. (the 'Information Agent'), at its
address and telephone number set forth on the back cover of this Offer to
Purchase.
------------------------
The Date of this Offer to Purchase is April 13, 1998
<PAGE>
SUMMARY
This general summary is solely for the convenience of the Company's
shareholders and is qualified in its entirety by reference to the full text and
more specific details in this Offer to Purchase.
<TABLE>
<S> <C>
Purchase Price.......................................... The Company will select a single Purchase Price
which will be not more than $21.50 nor less than
$19.50 per Share. All Shares purchased by the
Company will be purchased at the Purchase Price
even if tendered at or below the Purchase Price.
Each shareholder desiring to tender Shares must
specify in the Letter of Transmittal the minimum
price (not more than $21.50 nor less than $19.50 per
Share) at which such shareholder is willing to have
his or her Shares purchased by the Company.
Number of Shares to be Purchased........................ 222,000 Shares (or such lesser number of Shares as
are validly tendered).
How to Tender Shares.................................... See "The Offer--Procedures for Tendering Shares."
Call the Information Agent or consult your broker for
additional assistance.
Brokerage Commissions................................... None.
Stock Transfer Tax...................................... None, if payment is made to the registered holder.
Expiration and Proration Dates.......................... Monday, May 11, 1998, at 5:00 p.m., Eastern time,
unless extended by the Company.
Payment Date............................................ As soon as practicable after the termination of the
Offer.
Position of the Company and its
Directors............................................. Neither the Company nor its Board of Directors
makes any recommendation to any shareholder as to
whether to tender or refrain from tendering Shares.
The Company has been advised that none of its
directors or executive officers intends to tender any
Shares pursuant to the Offer.
Withdrawal Rights....................................... Tendered Shares may be withdrawn at any time until
5:00 p.m., Eastern time, on Monday, May 11, 1998,
unless the Offer is extended by the Company, and,
unless previously purchased, after 12:00 Midnight,
Eastern time, on Monday, June 8, 1998. See "The
Offer--Withdrawal Rights."
Odd Lots................................................ There will be no proration of Shares tendered by any
shareholder owning beneficially less than 100 Shares
as of April 8, 1998, who tenders all such Shares at or
below the Purchase Price prior to the Expiration Date
and who checks the "Odd Lots" box in the Letter of
Transmittal. See "The Offer--Number of Shares;
Proration."
</TABLE>
2
<PAGE>
NO PERSON HAS BEEN AUTHORIZED TO MAKE ANY RECOMMENDATION ON BEHALF OF THE
COMPANY AS TO WHETHER SHAREHOLDERS SHOULD TENDER OR REFRAIN FROM TENDERING
SHARES PURSUANT TO THE OFFER. NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATION IN CONNECTION WITH THE OFFER OTHER
THAN THOSE CONTAINED HEREIN OR IN THE RELATED LETTER OF TRANSMITTAL. IF GIVEN OR
MADE, ANY SUCH RECOMMENDATION OR ANY SUCH INFORMATION OR REPRESENTATION MUST NOT
BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE COMPANY.
--------------------------
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
INTRODUCTION..........................................................................................................4
SPECIAL FACTORS.......................................................................................................5
1. Background of the Offer..............................................................................5
2. Purposes of and Reasons for the Offer ...............................................................8
3. Fairness of the Offer ...............................................................................9
4. Opinion of Financial Advisor .......................................................................10
5. Plans for the Company After the Offer ..............................................................16
6. Certain Effects of the Offer........................................................................16
7. Interest of Directors and Executive Officers; Transactions and Arrangements
Concerning Shares................................................................................17
8. Certain Federal Income Tax Consequences.............................................................18
9. Dissenters' Rights..................................................................................20
THE OFFER............................................................................................................20
1. Number of Shares; Proration.........................................................................20
2. Procedures for Tendering Shares.....................................................................22
3. Withdrawal Rights...................................................................................26
4. Price Range of Shares; Dividends....................................................................27
5. Purchase of Shares and Payment of Purchase Price....................................................28
6. Certain Conditions of the Offer.....................................................................28
7. Extension of the Offer; Termination; Amendment......................................................30
8. Source and Amount of Funds..........................................................................30
9. Certain Information Concerning the Company..........................................................31
10. Effects of the Offer on the Market for Shares;
Registration under the Exchange Act...........................................................39
11. Fees and Expenses...................................................................................39
ADDITIONAL INFORMATION...............................................................................................40
MISCELLANEOUS........................................................................................................40
Schedule A................. Certain Information Concerning the Directors and Executive Officers of the Company
Annex I.................... Opinion of FinPro, Inc.
Annex II................... Financial Statements of Mississippi View Holding Company and Subsidiary
</TABLE>
3
<PAGE>
To the Holders of Common Stock of Mississippi View Holding Company:
INTRODUCTION
Mississippi View Holding Company, a Minnesota corporation (the
"Company"), invites its shareholders to tender shares of its common stock, $0.10
par value per share (the "Shares") at prices, net to the seller in cash, not in
excess of $21.50 nor less than $19.50 per Share, as specified by shareholders
tendering their Shares, upon the terms and subject to the conditions set forth
herein and in the related Letter of Transmittal (which together constitute the
"Offer"). The Company will determine the single per Share price, not in excess
of $21.50 nor less than $19.50 per Share (the "Purchase Price"), that it will
pay for Shares validly tendered pursuant to the Offer, taking into account the
number of Shares so tendered and the prices specified by tendering shareholders.
The Company will select the lowest Purchase Price that will allow it to buy
222,000 Shares (or such lesser number of Shares as are validly tendered). All
Shares acquired in the Offer will be acquired at the Purchase Price. All Shares
validly tendered at prices at or below the Purchase Price and not withdrawn will
be purchased at the Purchase Price, net to the seller in cash, upon the terms
and subject to the conditions of the Offer, including the proration provisions.
The Offer is conditioned upon, among other things, the Company
obtaining the funds necessary to consummate the Offer and to pay all related
fees and expenses (the "Financing Condition"). The Offer is not conditioned on
any minimum number of shares being tendered. See "The Offer--Certain Conditions
of the Offer."
Upon the terms and subject to the conditions of the Offer, if at the
expiration of the Offer more than 222,000 Shares are validly tendered at or
below the Purchase Price and not withdrawn, the Company will buy Shares first
from all Odd Lot Holders (as defined in "The Offer--Number of Shares;
Proration") who validly tender all their Shares at or below the Purchase Price
and then on a pro rata basis from all other shareholders who validly tender at
prices at or below the Purchase Price (and did not withdraw them prior to the
expiration of the Offer). See "The Offer--Number of Shares; Proration." All
Shares not purchased pursuant to the Offer, including Shares tendered at prices
greater than the Purchase Price and not withdrawn and Shares not purchased
because of proration, will be returned at the Company's expense to the
shareholders who tendered such Shares.
The Purchase Price will be paid net to the tendering shareholder in
cash for all Shares purchased. Tendering shareholders will not be obligated to
pay brokerage commissions, solicitation fees or, subject to Instruction 7 of the
Letter of Transmittal, stock transfer taxes on the purchase of Shares by the
Company. HOWEVER, ANY TENDERING SHAREHOLDER OR OTHER PAYEE WHO FAILS TO
COMPLETE, SIGN AND RETURN TO THE DEPOSITARY THE SUBSTITUTE FORM W-9 THAT IS
INCLUDED IN THE LETTER OF TRANSMITTAL MAY BE SUBJECT TO REQUIRED BACKUP FEDERAL
INCOME TAX WITHHOLDING. SEE "THE OFFER--PROCEDURES FOR TENDERING SHARES" OF THIS
OFFER TO PURCHASE AND INSTRUCTION 12 OF THE LETTER OF TRANSMITTAL. The Company
will pay all fees and expenses of Registrar and Transfer Company (the
"Depositary") and MacKenzie Partners, Inc. (the "Information Agent") incurred in
connection with the Offer. See "The Offer--Fees and Expenses."
The Company is the sponsor of three employee benefit plans (the "Stock
Plans") which hold Shares: the Community Federal Savings and Loan Association of
Little Falls Employee Stock Ownership Plan ("ESOP"); the Community Federal
Savings and Loan Association of Little Falls Management Stock Bonus Plan
("MSBP"); and the Community Federal Savings and Loan Association of Little Falls
Profit Sharing Plan ("Profit Sharing Plan"). Participants in each plan have the
right to direct the Trustee to tender Shares in their accounts, to specify the
price at which such Shares (if any) are to be tendered and to receive tender
offer materials in connection therewith.
THE BOARD OF DIRECTORS OF THE COMPANY, BASED ON, AMONG OTHER THINGS,
THE UNANIMOUS RECOMMENDATION OF A SPECIAL COMMITTEE OF NON-EMPLOYEE DIRECTORS OF
THE BOARD (THE "SPECIAL COMMITTEE"), HAS UNANIMOUSLY APPROVED THE
4
<PAGE>
OFFER. HOWEVER, NEITHER THE COMPANY NOR ITS BOARD OF DIRECTORS MAKES ANY
RECOMMENDATION TO ANY SHAREHOLDER AS TO WHETHER TO TENDER OR REFRAIN FROM
TENDERING THEIR SHARES. EACH SHAREHOLDER MUST MAKE THE DECISION WHETHER TO
TENDER SHARES AND, IF SO, HOW MANY SHARES AND AT WHICH PRICE OR PRICES.
On April 2, 1998, the Board of Directors of the Company approved the
creation of a stock employee compensation trust (the "Trust") for the purpose of
enabling the Company to pre-fund a portion of its obligations under certain of
its employee benefit plans and to make an ongoing commitment to such employee
benefit plans and the employees participating in them. Pursuant to its terms,
the Trust is restricted from funding any liabilities of the Company related to
future benefit plans which benefit directors of the Company. Pursuant to an
agreement between the Company and the Trust dated April 10, 1998, the Company
will sell to the Trust, in exchange for a note in an aggregate principal amount
of $1,214,750 issued by the Trust to the Company, the number of Shares having a
value of $1,214,750 based on the Purchase Price subject, however, to the Trust
not purchasing more than 9.9% of the outstanding Shares. It is currently
anticipated that the consummation of the sale of Shares to the Trust will occur
on the day immediately following the Expiration Date.
Assuming the maximum 222,000 Shares are purchased pursuant to the
Offer and the sale of Shares to the Trust immediately after the Expiration Date,
officers, directors, the ESOP, the MSBP and the Trust, in the aggregate, will
own approximately 49.5% of the outstanding Shares. Consequently, the officers
and directors will be able to exert greater control over the business affairs
and management of the Company than that which they were able to exert prior to
the Offer. In addition, it will be more difficult to remove directors and change
the management. See "Special Factors--Certain Effects of the Offer."
The Special Committee was formed on April 2, 1998, for the purpose of
reviewing and considering the creation of a stock employee compensation trust
and stock repurchases by the Company. FinPro, Inc. ("FinPro"), financial advisor
to the Special Committee and the Board, has delivered its opinion to the Special
Committee and the Board of Directors to the effect that the Offer is fair, from
a financial point of view, to the shareholders of the Company. A copy of this
opinion is attached hereto as Annex I. Shareholders should read the full text of
FinPro's opinion for a description of the assumptions made, matters considered
and procedures followed in rendering such opinion. See "Special Factors--Opinion
of Financial Advisor." See "Special Factors--Fairness of the Offer" for the
various factors considered by the Special Committee in approving the Offer and
in unanimously recommending that the Board approve the Offer.
As of April 9, 1998, there were 736,864 Shares outstanding held by
approximately 199 holders of record, and 92,860 Shares issuable upon exercise of
stock options under the Company's stock option plans. The 222,000 Shares that
the Company is offering to purchase pursuant to the Offer represent
approximately 30% of the outstanding Shares. The Shares are traded in the
over-the-counter market ("OTC") with quotations available through the OTC
Electronic Bulletin Board. Shareholders are urged to obtain current market
quotations for the Shares. For trading information regarding the Shares,
shareholders may call MacKenzie Partners, Inc. at 1-800-322- 2885. See "The
Offer--Price Range of Shares; Dividends."
SPECIAL FACTORS
1. Background of the Offer
The Company was organized in November 1994 at the direction of
Community Federal Savings and Loan Association of Little Falls (the
"Association") in connection with the Association's conversion from the mutual
to stock form (the "Conversion"). On March 23, 1995, the Association completed
the Conversion and became a wholly owned subsidiary of the Company. The
Conversion generated, through the issuance of common stock of the Company, $7.6
million of new capital to the Company, of which approximately $3.8 million was
contributed to the Association, whose capital ratios prior to the Conversion had
significantly exceeded all minimum federal
5
<PAGE>
regulatory capital requirements. Prior to the Conversion, the Association's
total risk-based capital ratio was 20.08% which exceeded the minimum regulatory
capital requirement of 8% by 12.08%. After the Conversion as of March 31, 1995,
the Association's total risk-based capital ratio was 32.07%, exceeding the
minimum regulatory capital requirement by 24.07%. The additional capital was
raised through the Conversion due to regulations (the "Conversion Regulations")
promulgated by the Office of Thrift Supervision (the "OTS") governing
conversions from the mutual to stock form by savings associations. After the
Conversion, the cash proceeds were invested in U.S.
Government and federal agency securities.
Due to the Offering of stock of the Company in connection with the
Conversion and pursuant to the Conversion Regulations, the Company's common
stock was registered under Section 12(g) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). In addition, the Conversion Regulations have
required the Company to maintain such registration for a period of no less than
three years from the consummation of the Conversion on March 23, 1995.
Since the Conversion, management has attempted to deploy the
additional capital in such a manner so as to maximize earnings. However, due to
limited loan demand within the Association's market area, management has been
unable to substantially increase the Association's loan portfolio. As of
September 30, 1994, the Association's loans receivable, net was $44.2 million
compared with $44.5 million as of December 31, 1997. Consequently, the cash
proceeds from the Conversion have either been invested in mortgage-backed
securities or have remained in U.S. Government and federal agency securities.
Both mortgage-backed securities and U.S. Government securities typically have
lower yields than substantially all loans contained in the Association's loan
portfolio. The inability to invest the Conversion proceeds in higher yielding
assets such as loans has adversely affected the Company's return on average
equity. For the three months ended December 31, 1997, the Company's annualized
return on average equity was 6.37% compared to 7.35% for the Comparable Group.
For more information regarding the Comparable Group, see " --Opinion of
Financial Advisor."
The Company has considered the use of the excess capital to fund
growth of the Association through branch acquisitions and/or acquisitions of
other financial institutions. However, the Company has been unable to identify
potential institutions and transactions which would meet the strategic goals of
the Company or with terms which were acceptable. The Company may still consider
such acquisitions after the Offer.
In light of the above, the Company has taken efforts to reduce capital
through the payment of dividends and the implementation of open market
repurchase programs during the past three years. In fiscal years 1996 and 1997,
the Company paid annual cash dividends of $0.16 per share. In addition, as of
December 31, 1997, the Company had repurchased approximately 27% of the common
stock sold in the Conversion. While such efforts have reduced capital, the
Company still has excess capital which is adversely affecting the return on
average equity. As of December 31, 1997, the Association's total risk-based
capital ratio was 33.09%.
In February 1998, management discussed with the Board of Directors a
proposal to repurchase stock by means of an issuer tender offer. The Board
discussed the matter at such meeting and instructed management to obtain further
information from counsel regarding the structure, timing and costs of such an
offer. At the Board of Director's meeting in March 1998, the Board was advised
of management's review of issuer tender offers and provided a memorandum from
counsel. The Board considered that the Conversion Regulations have restricted
the amount and timing of stock repurchases conducted by the Company during the
past three years and that such restrictions would be lifted on March 23, 1998,
the third anniversary of the consummation of the Conversion. Absent such
restrictions, the Board discussed the possibility of a one-time repurchase of a
large block of stock in order to reduce excess capital and possibly save costs.
Management also discussed with the Board of Directors a proposal to create a
stock employee compensation trust ("SECT") to fund existing stock compensation
plans and future stock compensation plans. The Board instructed management to
consult with counsel regarding the advantages, disadvantages and mechanics of
such a trust. After the meeting, management had further discussions with counsel
regarding issuer tender offers and SECTs.
6
<PAGE>
On April 2, 1998, the Board of Directors of the Company established
the Special Committee. The members appointed to the Special Committee were Peter
Vogel and Wallace R. Mattock. In addition, the Board authorized management to
create a SECT on behalf of the Company. In so authorizing management, the Board
considered the anticipated effects on future compensation expenses and on the
voting power to be held by affiliates resulting from the creation of a SECT.
Based on a review of liquidity, the average rate on earning assets and return on
equity as well as other factors, the Board authorized management to prepare
terms of an issuer tender offer and propose such terms to the Special Committee
for its review and consideration.
The Special Committee met on April 8, 1998 to act on organizational
matters and review and consider the proposed transaction. At that meeting the
Special Committee ratified the selection of FinPro, as financial advisor, and
directed counsel to, and counsel did by letter dated April 10, 1998, instruct
the Board that any proposals from third parties relating to an acquisition of
the Company should be referred to the Special Committee for its consideration
and recommendation. The Special Committee then invited a representative from
FinPro into the meeting, by teleconference, and received an analysis from FinPro
of the estimated trading value of the Shares based on a comparable trading
analysis, acquisition analysis and a discounted cash flow analysis. FinPro then
presented an analysis of multiples to trading value for comparable issuer tender
offers by similar financial institution holding companies. Members of the
Special Committee asked questions of counsel and FinPro regarding the
methodologies used by FinPro, the ramifications of third party offers and the
effect on the value of Shares held by remaining shareholders. The Special
Committee then invited a representative of management into the meeting and
discussed the potential need for financing and the likelihood of obtaining
financing, the possibility of increasing the dividend to the Company from the
Association and the need for regulatory approval and the size of the repurchase
in light of aggregate costs.
On April 9, 1998, the Special Committee met with FinPro, counsel and a
management representative. At such meeting FinPro presented a booklet containing
its analysis of the Company, the Offer and the methodologies it employed. The
Special Committee asked questions regarding FinPro's presentation regarding the
extent to which growth potential was considered, the adjustments made to
FinPro's acquisition analyses and the effect of the Offer on future earnings per
Share. FinPro provided the Special Committee with its recommendation regarding
the pricing of the Offer and the Special Committee questioned FinPro's analyses
regarding the selection of members of the comparable groups, the effect of the
current illiquidity in the Shares and the short-term and long-term Share price
potential after successful completion of such an offer. FinPro stated that it
was prepared to render its opinion that the Offer (based on the range it
recommended) was fair from a financial point of view to the shareholders of the
Company. The Special Committee, by unanimous vote, determined to accept FinPro's
recommended pricing and to recommend that the Board of Directors approve the
Offer as fair and in the best interests of the Company and its shareholders.
The Board of Directors met after the Special Committee meeting on
April 9, 1998, with all directors in attendance. The proposed offer with a price
range of $19.50 to $21.50 was presented. The Board reviewed the opinion of
FinPro, the recommendation of the Special Committee and the terms of the Offer,
including the sale of Shares to the Trust, and determined to approve the Offer
as fair and in the best interests of the Company and its shareholders.
7
<PAGE>
2. Purposes of and Reasons for the Offer
The Company is making the Offer to promote its long-term objectives of
(1) remaining a locally owned financial institution committed to the convenience
and needs of the communities served by the Association, and (2) providing a fair
financial return to its shareholders as well as providing those shareholders who
desire to sell their Shares an opportunity to do so at a fair price. The Company
has recognized that since the Shares were delisted from the Nasdaq SmallCap
Market on March 17, 1998, there is no established market for the Shares and
limiting opportunities for shareholders to sell their Shares. The Company also
believes that its purchase of Shares represents an attractive long-term
investment that will benefit the Company and its remaining shareholders.
The Offer is designed to reposition the Company's balance sheet to
increase return on equity and earnings per share by redeploying a portion of the
Company's equity capital. In addition, the Offer will offset the earnings per
share dilution which would otherwise result from the issuance of Shares to the
Trust, as referred to above. Following completion of the Offer, the Company and
the Association, will continue to have strong capital positions and will
continue to qualify as "well capitalized" institutions under the prompt
corrective action scheme enacted by the Federal Deposit Insurance Corporation
Improvements Act of 1991. On a pro forma basis as of December 31, 1997, giving
effect to the Offer at the maximum Purchase Price of $21.50 per Share and
assuming acceptance of the maximum number of Shares in the Offer, the Company
would have had an equity to assets ratio of 12.07%, and the Association would
have had a total risk-based capital ratio of approximately 20.10% and a leverage
ratio of approximately 10.38%.
The Offer will enable shareholders to sell a portion of their Shares
while retaining a continuing equity interest in the Company if they so desire.
The Offer may provide shareholders who are considering a sale of all or a
portion of their Shares the opportunity to determine the price or prices (not
greater than $21.50 nor less than $19.50 per Share) at which they are willing to
sell their Shares and, if any such Shares are purchased pursuant to the Offer,
to sell those Shares for cash without the usual transaction costs associated
with open-market sales. In addition, Odd Lot Holders whose Shares are purchased
pursuant to the Offer not only will avoid the payment of brokerage commissions
but also would avoid any applicable odd lot discounts in a sale of such holder's
Shares. To the extent the purchase of Shares in the Offer results in a reduction
in the number of shareholders of record, the costs of the Company for services
to shareholders may be reduced. For shareholders who do not tender, there is no
assurance that the price of the stock will not trade below the price currently
being offered by the Company pursuant to the Offer. For shareholders who do
tender, the trading price of stock may increase as a result of the Offer or an
unexpected acquisition at a premium could occur in the future. Finally, the
Offer may affect the Company's ability to qualify for pooling-of-interests
accounting treatment for any acquisition transaction for approximately the next
two years.
THE BOARD OF DIRECTORS, BASED ON, AMONG OTHER THINGS, THE UNANIMOUS
RECOMMENDATION OF THE SPECIAL COMMITTEE, HAS UNANIMOUSLY APPROVED THE OFFER.
HOWEVER, NEITHER THE COMPANY NOR ITS BOARD OF DIRECTORS MAKES ANY RECOMMENDATION
TO ANY SHAREHOLDER AS TO WHETHER TO TENDER OR REFRAIN FROM TENDERING ANY OR ALL
OF SUCH SHAREHOLDER'S SHARES AND HAS NOT AUTHORIZED ANY PERSON TO MAKE ANY SUCH
RECOMMENDATION. SHAREHOLDERS ARE URGED TO EVALUATE CAREFULLY ALL INFORMATION IN
THE OFFER, CONSULT THEIR OWN INVESTMENT AND TAX ADVISORS AND MAKE THEIR OWN
DECISIONS WHETHER TO TENDER SHARES AND, IF SO, HOW MANY SHARES TO TENDER AND THE
PRICE OR PRICES AT WHICH SHARES SHOULD BE TENDERED.
Shares the Company acquires pursuant to the Offer will be held in the
Company's treasury and will be available for the Company to issue without
further shareholder action (except as required by applicable law). Such Shares
could be issued without shareholder approval for such purposes as, among others,
the acquisition of other businesses or the raising of additional capital for use
in the Company's business.
8
<PAGE>
3. Fairness of the Offer
The Company. The Special Committee of the Board, designated by the
Board on April 2, 1998, and the Board upon the recommendation of the Special
Committee, each unanimously approved the Offer as fair and in the best interests
of the Company and its shareholders.
The Special Committee took into account a number of factors, including
the following, in concluding to approve the Offer:
(i) The opinion delivered to the Special Committee by FinPro,
financial advisor to the Special Committee, that the consideration to
be received in the Offer is fair, from a financial point of view, to
the Company's shareholders, and the oral and written presentations of
FinPro supporting this opinion. A copy of FinPro's opinion is attached
to this Offer to Purchase as Annex I and should be read in its
entirety by each shareholder. For a description of the information
presented by FinPro to the Special Committee, see "--Opinion of
Financial Advisor"
(ii) The financial condition and results of operations of the
Company, including the earnings per Share and capital levels of the
Company for fiscal year 1997 and the first three months of fiscal year
1998.
(iii) The capital of the Company and the Association after
the payment of a dividend to the Company by the Association and the
Company's purchase of 222,000 Shares in the Offer would remain
significantly in excess of minimum capital requirements. The following
table sets forth (a) the Association's capital ratios as of December
31, 1997 and as adjusted to give effect to the purchase of 222,000
Shares, and (b) the minimum capital ratios for savings associations
required by the OTS;
As of December 31, 1997
-----------------------
Ratio Historical As Adjusted Minimum
----- ---------- ----------- -------
Tangible capital ratio 16.36% 10.38% 1.50%
Leverage capital ratio 16.36 10.38 3.00
Total risk-based capital ratio 33.09 20.10 8.00
(iv) The percentage by which the per Share price to be paid
in the Offer exceeds recent trading prices and estimated trading
values. See "--Opinion of Financial Advisor."
(v) Various financial ratios of the Company compared to those
of comparable companies, including particularly comparisons of return
on equity and equity-to-assets ratio. See "--Opinion of Financial
Advisor."
(vi) The likelihood that the transaction would be
consummated.
(vii) The fact that the public shareholders would be able to
participate in the Offer by selling a portion of their Shares and have
the opportunity to participate in any future growth of the Company
following consummation of the Offer. The Special Committee also is
aware that certain members of management of the Company will benefit
from any increase in the value of the Company following the Offer by
virtue of the equity interest they will have in the Company following
the Offer. The Special Committee recognizes that because of the equity
interests in the Company which certain members of management of the
Company have or are expected to acquire following the Offer, such
persons have
9
<PAGE>
conflicts of interest in connection with the Offer. See "Interests of
Certain Persons in the Offer." Accordingly, the Special Committee
considered the Company's results of operations and future growth
opportunities in light of these factors.
(viii) The Company's payment of a dividend to the Company to
purchase Shares in the Offer would not require prior approval by the
OTS.
Among the reasons for the Special Committee reaching its decision to
approve the Offer were the following: that recent return on average equity of
the Company had not shown substantial improvement; that the future prospects of
the Company, particularly low growth potential; that the per Share consideration
in the Offer was at a premium over the recent trading price and such premium, on
a percentage basis, appeared generally comparable to, or in excess of, premiums,
in other recent issuer tender offers; that based in part upon the written and
oral presentations of FinPro, including the opinion of FinPro referred to above,
the Special Committee concluded that the consideration in the Offer was fair to
the shareholders of the Company; that based upon the various financial ratios of
the Company compared to those of comparable companies in the FinPro
presentation, the consideration in the Offer was fair to the shareholders of the
Company; that based upon the Offer is a voluntary transaction in which
shareholders of the Company may or may not participate; that the use of all-cash
consideration means that the value of the consideration received by the
shareholders would not be dependent on the future performance of the Company;
and that, given the financial condition and capital levels of the Association,
there is a significant likelihood that the Offer would be consummated. The
Special Committee did not take into consideration the book value of the Company
because it believed that book value did not reflect the fair value of the
Company and because book value was substantially lower than the values resulting
from any of the analyses of FinPro.
In making its determination that the Offer is fair and in the best
interests of the shareholders of the Company, the Board considered, among other
things, the opinion of FinPro, the recommendation of the Special Committee, and
the factors considered by the Special Committee.
In view of the wide variety of factors considered in connection with
its evaluation of the Offer, each of the Special Committee and the Board has
found it impractical to, and therefore has not, quantified or otherwise
attempted to assign relative weights to the specific factors considered in
reaching a decision to approve the Offer.
The Offer does not require the approval of a majority of unaffiliated
security holders. All directors, including the directors who are not employees
of the Company, have approved the Offer. The non-employee directors, who
comprise a majority of the Board of Directors, have not retained an unaffiliated
representative to act solely on behalf of the unaffiliated shareholders for
purposes of negotiating terms of the Offer.
It is expected that if Shares are not accepted for payment by the
Company in the Offer, the Company's current management, under the general
direction of the Company's Board of Directors, will continue to manage the
Company as an ongoing business.
The Trust. The Trust believes that the Offer is fair to shareholders.
This determination is based upon the conclusions as to fairness reached by the
Special Committee, the Board of Directors, and FinPro's fairness analysis and
opinion.
4. Opinion of Financial Advisor
As of April 2, 1998 the Company retained FinPro, a financial
consulting firm, on the basis of its experience, to render a written fairness
opinion to the Board of Directors and shareholders of the Company. FinPro, Inc.
has been in the business of consulting for the banking industry for ten years,
including the appraisal and valuation of banking institutions and their
securities in connection with mergers, acquisitions and other securities
transactions. FinPro has knowledge of and experience with the banking and thrift
market on a national and regional
10
<PAGE>
level. FinPro reviewed the terms of the Offer including governance matters.
Except as described herein, FinPro is not affiliated in any way with the Company
or its respective affiliates.
On April 9, 1998, in connection with its consideration of the Offer,
FinPro issued an Opinion to the Board of Directors of the Company that, in its
opinion as financial consultants, the terms of the share repurchase as provided
in the Offer are fair and equitable, from a financial perspective, to the
Company and its shareholders. This opinion is based upon conditions as they
existed on April 2, 1998. A copy of the opinion is attached as Annex I to this
Offer to Purchase and should be read in its entirety by the Company
shareholders. FinPro's written opinion does not constitute an endorsement of the
Offer or a recommendation to any shareholder to tender their shares.
In rendering its opinion, FinPro reviewed certain publicly available
information concerning the Company, including its audited financial statements
and annual reports. FinPro considered many factors in making its evaluation. In
arriving at its Opinion regarding the fairness of the transaction, FinPro
reviewed: (i) the Offer; (ii) the most recent external auditor's reports to the
Boards of Directors; (iii) the December 31, 1997 Report of Condition and Income;
(iv) the most recent regulatory report, compliance report and Community
Reinvestment Act Report; (v) the most recent annual report (10k); (vi) the
internal loan classification list, OREO list and Delinquency list; (vii) details
on stock price performance; (viii) the budget and long range operating plan; and
(ix) details on the ESOP and MSBP. FinPro conducted an off-site review of the
Company's historical performance and current financial condition.
In addition, FinPro discussed with the management of the Company the
relative operating performance and future prospects for the Company, primarily
with respect to the current level of their earnings and future expected
operating results, giving weight to FinPro's assessment of the future of the
banking industry and the Company's performance within the industry. FinPro
compared the results of operation of the Company with the results of operation
of all Minnesota thrifts and to those of a Comparable Group selected by FinPro
on the basis of similarity with the Company.
11
<PAGE>
<TABLE>
<CAPTION>
At or For the Three Months Ended December 31, 1997
--------------------------------------------------------------
The Company Comparable Group Median National Median
----------- ----------------------- ---------------
<S> <C> <C> <C>
Balance Sheet Data
Gross Loans to Deposits......................... 82.66% 107.56% 96.56%
Total Net Loans to Assets....................... 66.10 73.28 69.92
Deposits to Assets.............................. 79.96 69.59 71.94
Borrowed Funds to Assets........................ 0.00 9.58 12.83
Capital
Equity to Assets................................ 18.18 18.26 10.51
Tangible Equity to Assets....................... 18.18 18.26 10.45
Intangible Assets to Equity..................... 0.00 0.00 0.00
Regulatory Core Capital to Assets............... 16.36 15.12 9.16
Equity + Reserves to Assets..................... 19.44 18.47 11.19
Total Capital to Risk Adjusted Assets........... 33.09 26.83 17.62
Growth
Asset Growth.................................... (7.20) 4.77 8.35
Loan Growth..................................... 1.39 11.99 10.87
Deposit Growth.................................. (2.62) 2.60 5.38
Asset Quality
Non-Performing Loans to Loans................... 0.65% 0.27% 0.62%
Reserves to Non-Performing Loans................ 290.24 64.36 122.13
Non-Performing Assets to Assets................. 0.43 0.23 0.49
Non-Performing Assets to Equity................. 2.38 1.17 4.41
Reserves to Loans............................... 1.90 0.44 0.81
Profitability
Return on Assets................................ 1.08 1.25 0.92
Return on Equity................................ 6.37 7.35 8.22
Income Statement
Net Interest Margin............................. 3.91% 3.59% 3.48%
Interest Income to Average Assets............... 7.48 7.35 7.39
Interest Expense to Average Assets.............. 3.62 3.83 4.14
Net Interest Income to Average Assets........... 3.85 3.49 3.31
Noninterest Income to Average Assets............ 0.25 0.19 0.33
Noninterest Expense to Average Assets........... 2.35 2.36 2.18
Efficiency Ratio................................ 57.68 55.45 58.36
</TABLE>
- ---------------
Source: SNL Securities as of April 2, 1998 with financial data from the most
recent quarter available
12
<PAGE>
Many variables affect the value of banks, not the least of which is
the uncertainty of future events, so that the relative importance of the
valuation variable differs in different situations, with the result that
appraisal theorists argue about which variables are the most appropriate ones on
which to focus. However, most appraisers agree that the primary financial
variables to be considered are earnings, equity, dividends or dividend-paying
capacity, asset quality and cash flow. In addition, in most instances, if not
all, value is further tempered by non-financial factors such as marketability,
voting rights or block size, history of past sales of the banking company's
stock, nature and relationship of the other shareholdings in the bank, and
special ownership or management considerations.
FinPro analyzed the total purchase price on a cash equivalent fair
market value basis using the standard evaluation techniques (as discussed below)
including comparable trading multiples, comparable sales multiples, net present
value, return on investment and the price equity index based on certain
assumptions of projected growth, earnings and dividends and a range of discount
rates from 10% to 12%.
Net Asset Value. Net asset value is the value of the net equity of a
bank, including every kind of property and value. This approach normally assumes
liquidation on the date of appraisal with the recognition of securities gains or
losses, real estate appreciation or depreciation, adjustments to the loan loss
reserve, discount to the loan portfolio and changes in the net value of other
assets. As such, it is not the best approach to use when valuing a going
concern, because it is based on historical costs and varying accounting methods.
Even if the assets and liabilities are adjusted to reflect prevailing prices and
yields (which is often of limited accuracy because readily available data is
often lacking), it still results in a liquidation value for the concern.
Furthermore, since this method does not take into account the values
attributable to the going concern such as the interrelationship among the
company's assets and liabilities, customer relations, market presence, image and
reputation, and staff expertise and depth, little weight is given by FinPro to
the net asset value method of valuation.
Market Value. Market value is generally defined as the price,
established on an "arms-length" basis, at which knowledgeable, unrelated buyers
and sellers would agree. The market value is frequently used to determine the
price of a minority block of stock when both the quantity and the quality of the
"comparable" data are deemed sufficient. However, the relative thinness of the
specific market for the stock of the banking company being appraised may result
in the need to review alternative markets for comparative pricing purposes. The
"hypothetical" market value for a small bank with a thin market for its stock is
normally determined by comparison to the average price to earnings, price to
equity and dividend yield of local or regional publicly-traded bank issues,
adjusting for significant differences in financial performance criteria and for
any lack of marketability or liquidity. The market value in connection with the
evaluation of control of a bank is determined by the previous sales of banks in
the state or region. In valuing a business enterprise, when sufficient
comparable trading data is available, the market value deserves greater weight
than the net asset value and similar emphasis as the investment value as
discussed below.
FinPro maintains substantial files concerning the trading prices and
acquisition prices paid for thrifts and banking institutions nationwide. The
database includes transactions involving national thrift organizations,
Minnesota thrift organizations and thrift organizations in the Midwest region of
the United States over the last five years. Organized by different peer groups,
the data presents averages of financial performance, trading levels and purchase
price levels, thereby facilitating a valid comparative pricing analysis. In
analyzing the transaction value of the Company, FinPro has considered the market
approach and has evaluated price to equity and price to earnings multiples of
all national, Minnesota, the Comparable Group and Regional banking organizations
with assets less than $100 million.
a. Comparable Trading Multiples. FinPro calculated an "Adjusted Book
Value" of $23.06 per share, based on the Company's fully diluted December 31,
1997 equity and the median price to book multiple of 136.85% for Comparable
savings organizations using trading data as of April 2, 1998. FinPro calculated
an "Adjusted Book Value" of $27.16 per share, based on the Company's fully
diluted December 31, 1997 equity and the median price to book multiple of
161.16% for national savings organizations using trading data as of April 2,
1998. FinPro calculated an "Adjusted Book Value" of $22.55 per share, based on
the Company's fully diluted December 31, 1997
13
<PAGE>
equity and the median price to book multiple of 133.81% for Minnesota savings
organizations using trading data as of April 2, 1998. FinPro calculated an
"Adjusted Book Value" of $21.25 per share, based on the Company's fully diluted
December 31, 1997 equity and the median price to book multiple of 126.12% for
institutions less than $100 million in asset size using trading data as of April
2, 1998.
FinPro calculated an "Adjusted Earnings Value" of $18.01 per share,
based on the Company's fully diluted unadjusted last twelve months earnings
ending December 31, 1997 and the median price to earnings multiple of 18.96 for
Comparable savings organizations using trading data as of April 2, 1998. FinPro
calculated an "Adjusted Earnings Value" of $19.77 per share, based on the
Company's fully diluted unadjusted last twelve months earnings ending December
31, 1997 and the median price to earnings multiple of 20.81 for national savings
organizations using trading data as of April 2, 1998. FinPro calculated an
"Adjusted Earnings Value" of $18.65 per share, based on the Company's fully
diluted unadjusted last twelve months earnings ending December 31, 1997 and the
median price to earnings multiple of 19.63 for Minnesota savings organizations
using trading data as of April 2, 1998. FinPro calculated an "Adjusted Earnings
Value" of $21.86 per share, based on the Company's fully diluted unadjusted last
twelve months earnings ending December 31, 1997 and the median price to earnings
multiple of 23.01 for institutions less than $100 million in asset size using
trading data as of April 2, 1998.
The financial performance characteristics of the regional banking
organizations vary, sometimes substantially, from those of the Company. When the
variance is significant for relevant performance factors, adjustments to the
price multiples are appropriate when comparing them to the transaction value.
b. Comparable Sales Multiples. FinPro calculated an "Adjusted Book
Value" of $26.68 per share, based on the Company's fully diluted December 31,
1997 equity and the median price to book multiple of 158.33% for Comparable
savings organizations sold between April 2, 1997 and April 2, 1998. FinPro
calculated an "Adjusted Book Value" of $31.27 per share, based on the Company's
fully diluted December 31, 1997 equity and the median price to book multiple of
185.60% for national savings organizations sold between April 2, 1997 and April
2, 1998. FinPro calculated an "Adjusted Book Value" of $25.55 per share, based
on the Company's fully diluted December 31, 1997 equity and the median price to
book multiple of 151.65% for savings organizations less than $100 million in
asset size sold between April 2, 1997 and April 2, 1998.
FinPro calculated an "Adjusted Earnings Value" of $24.02 per share,
based on the Company's fully adjusted last twelve month ended December 31, 1997
earnings and the median price to last twelve months earnings multiple of 25.28
for Comparable savings organizations sold between April 2, 1997 and April 2,
1998. FinPro calculated an "Adjusted Earnings Value" of $21.26 per share, based
on the Company's fully adjusted last twelve month ended December 31, 1997
earnings and the median price to last twelve months earnings multiple of 22.38
for national savings organizations sold between April 2, 1997 and April 2, 1998.
FinPro calculated an "Adjusted Earnings Value" of $21.25 per share, based on the
Company's fully adjusted last twelve month ended December 31, 1997 earnings and
the median price to last twelve months earnings multiple of 22.37 for savings
organizations less than $100 million in asset size sold between April 2, 1997
and April 2, 1998.
The financial performance characteristics of the regional banking
organizations vary, sometimes substantially, from those of the Company. When the
variance is significant for relevant performance factors, adjustments to the
price multiples are appropriate when comparing them to the transaction value.
Investment Value. The investment value is sometimes referred to as the
income value or earnings value. One investment value method frequently used
estimates the present value of an enterprise's future earnings or cash flow.
Another popular investment value method is to determine the level of current
annual benefits (earnings, cash flow, dividends, etc.), and then capitalize one
or more of the benefit types using an appropriate capitalization rate such as an
earnings or dividend yield. Yet another method of calculating investment value
is a cash flow analysis of the ability of a banking company to service
acquisition debt obligations (at a certain price level) while providing
sufficient earnings for reasonable dividends and capital adequacy requirements.
In connection with the cash flow
14
<PAGE>
analysis, the return on investment that would accrue to a prospective buyer at
the transaction value is calculated. The investment value methods which were
analyzed in connection with this transaction were the net present value
analysis, and the return on investment analysis, which are discussed below.
a. Net Present Value Analysis. The investment of earnings value of any
banking organization's stock is an estimate of present value of the future
benefits, usually earnings, cash flow or dividends, which will accrue to the
stock. An earnings value is calculated using an annual future earnings stream
over a period of time of no less than ten years and the residual value which
assumes the sale of the organization in the tenth year, and an appropriate
capitalization rate (the net present value discount rate). FinPro's computations
were based on an analysis of the banking industry, the economic and competitive
situations in the Company's market area, its current financial condition and
historical levels of growth and earnings. Using a net present value discount
rate of 12%, an acceptable discount rate considering the risk-return
relationship most investors would demand for an investment of this type as of
the valuation date, the "Net Present Value of Future Earnings," equaled $20.00
per share.
b. Return on Investment Analysis. Return on investment (ROI) analysis
assumes the formation of a bank holding company and analyzes the ten year ROI of
an equity investment equal to the Company's book value at December 31, 1997,
assuming a constant return on equity of 5.96%, with a liquidation at book value
in the year 2007, as opposed to a sale at 25.7 times projected earnings for the
year 2007. This ROI analysis provides a benchmark for assessing the validity of
the fair market value of a majority block of stock. The ROI analysis is one
approach to valuing a going concern, and is directly impacted by the earnings
stream, dividend payout levels and levels of debt, if any. Other financial and
non-financial factors indirectly affect the ROI; however, these factors more
directly influence the level of ROI an investor would demand from an investment
in a majority block of stock of a specific bank at a certain point in time. The
ROI, assuming a constant return on equity of 5.96% with liquidation at book
value in 2007, is 5.96%, and sale at 25.7 projected earnings in 2007, is 9.86%.
Price Equity Index Analysis. Furthermore, a price level indicator, the
equity index, may be used to confirm the validity of the transaction value. The
equity index adjusts the price to equity multiple in order to facilitate a truer
price level comparison with comparable banking organizations, regardless of
differing levels of equity capital. The equity index is derived by multiplying
the price to equity multiple by the equity-to-assets ratio. The following table
sets forth the average price equity indexes for all Minnesota public thrifts,
for all Comparable public thrifts, and for the Company for the years 1997, 1996
and 1995.
1997 1996 1995
equity index equity index equity index
------------ ------------ ------------
Mississippi View 0.2008 0.1510 0.1506
Comparables 0.1963 0.1790 0.2080
Minnesota 0.2026 0.1716 0.1506
Purchase Price at $19.50 0.2038
Purchase Price at $21.50 0.2247
Finally, another test of appropriateness for the transaction value of
a majority block of stock is the net present value-to-transaction value ratio.
Theoretically, an earnings stream may be valued through the use of a net present
value analysis. In FinPro's experience with majority block community bank stock
valuations, it has determined that a relationship does exist between the net
present value of an "average" community banking organization and the transaction
value of a majority block of the banking organization's stock. The net present
value-to-transaction value ratio ranges between and 102.56% (at $19.50 per
share) to 93.02% (at $21.50 per share) for the Company, which falls within
FinPro's expected range. There are many other factors to consider, when valuing
a going concern, which do not directly impact the earnings stream and the net
present value but which do exert a degree of influence over the fair market
value of a going concern. These factors include, but are not limited to, the
general condition of the industry, the economic and competitive situations in
the market area and the expertise of the management of the organization being
valued.
15
<PAGE>
When the net asset value, market value and investment value methods
are subjectively weighed, using the appraiser's experience and judgment, it is
FinPro's opinion that the proposed transaction is fair.
FinPro considered this transaction as a trading valuation rather than
a merger or a purchase. Consideration was given to the levels of earnings per
share, equity per share and dividends per share appreciation or dilution
percentages. To justify the fairness of the transaction for the Company
shareholders, it is important to project, based upon realistic projections of
future performance, a positive impact for the Company shareholders. FinPro
projected that the Company shareholders will have a higher level of earnings per
share, equity per share and dividends per share after the transaction. The
primary focus has been on short-term and long-term earnings per share, equity
per share and dividends per share appreciation potential for the Company
shareholders.
The Company did not impose any limitations upon the scope of the
investigation to be performed by FinPro in formulating its Opinion. In rendering
its Opinion, FinPro did not independently verify the asset quality and financial
condition of the Company, but instead relied upon the data provided by or on
behalf of the Company to be true and accurate in all material respects.
For its services as independent financial analyst of the transaction,
including the rendering of its Opinion referred to above, the Company has paid
FinPro aggregate fees of approximately $20,000 including out-of-pocket expenses.
5. Plans for the Company After the Offer
It is expected that following the Offer, the business and operations
of the Company will be continued by the Company substantially as they are
currently being conducted by management. Except for the Offer and as otherwise
described in this Offer to Purchase, the Company does not have any present plans
or proposals which relate to or would result in an extraordinary corporate
transaction, such as a merger, reorganization, liquidation, relocation of any
operations of the Company or sale or transfer of a material amount of assets
involving the Company or any of its subsidiaries, or any changes in the
Company's capitalization or any other change in the Company's corporate
structure or business or the composition of its management. However, the Company
will continue to review its business plan and strategic direction and in such
process may develop strategies for internal growth through expansion of products
and services or growth through acquisitions and/or branching.
Following completion of the Offer, the Company may repurchase
additional Shares in the open market, in privately negotiated transactions or
otherwise. Any such purchases may be on the same terms or on terms which are
more or less favorable to shareholders than the terms of the Offer. Rule 13e-4
under the Exchange Act prohibits the Company and its affiliates from purchasing
any Shares, other than pursuant to the Offer, until at least ten business days
after the Expiration Date. The Company expects to obtain an exemption from the
Commission from compliance with the requirements of Rule 13e-4 to the extent
necessary to permit the sale of Shares to the Trust at or shortly after the
Expiration Date. Any possible future purchases by the Company will depend on
many factors, including the market price of the Shares, the results of the
Offer, the Company's business and financial position and general economic and
market conditions.
6. Certain Effects of the Offer
Impact on Tendering Shareholders. Shareholders who sell Shares to the
Company in response to the Offer will receive the Purchase Price in cash. The
sale of Shares in response to the Offer will have federal income tax
consequences to the selling shareholders and may have tax consequences under
applicable federal, state, local and other tax laws. See "--Certain Federal
Income Tax Consequences."
Impact on Non-Tendering Shareholders. The purchase of Shares as a
result of the Offer will decrease the Company's shareholders' equity per Share
because the Purchase Price will be greater than the Company's
16
<PAGE>
shareholders' equity per Share of $16.85 at December 31, 1997. The Shares
purchased by the Company pursuant to the Offer will be held in the Company's
treasury and will constitute authorized but unissued Shares.
If the Company purchases Shares pursuant to the Offer with funds
received as dividends from the Association, the capital ratios of the
Association will be reduced but will continue to exceed the minimum capital
ratios required by the OTS. See "--Fairness of the Offer." To the extent the
Company utilizes borrowings to purchase Shares pursuant to the Offer, the
consolidated indebtedness of the Company following the Offer will be greater
than that of the Company prior to the Offer. The Company does not anticipate any
change to the current dividend policy, however, there can be no assurance that
dividends will be paid in the future. Any payment of cash dividends in the
future will depend upon the financial condition, capital requirements and
earnings of the Company, regulatory restrictions applicable to financial
institutions, as well as other factors the Board of Directors may deem relevant.
The purchase of Shares by the Company will increase the percentage
ownership of Shares held by non-tendering shareholders. The Offer may reduce the
number of Shares that might otherwise be traded publicly and, depending upon the
number of Shares purchased pursuant to the Offer, could adversely affect the
liquidity and market value of the remaining Shares held by the public. The
Shares were delisted from the Nasdaq SmallCap Market on March 17, 1998. The
Shares are currently traded in the over-the-counter market with quotations
available on the OTC Electronic Bulletin Board. Consummation of the Offer will
further reduce the liquidity of the Shares. There can be no assurance that
shareholders will be able to find willing buyers for their shares after the
Offer.
The Company is required to file periodic reports with the Commission
pursuant to Section 13 of the Exchange Act. Regardless of the results of the
Offer, the Company plans to apply to the Commission to suspend this duty since
the number of its shareholders is currently less than 300 holders of record.
Termination of the Company's reporting duty would substantially reduce the
public information available concerning the Company. The reduction of such
public information may adversely effect option holders' ability to exercise
their options or resell such underlying securities as well as the ability of
affiliates of the Company to resell Shares held by them. Such termination will,
however, decrease the Company's non-interest expenses.
To the extent that officers and directors of the Company do not tender
their Shares, the percentage ownership in the Company represented by their
Shares will increase in proportion to the reduction in the number of Shares
outstanding. See "Schedule A--Directors and Executive Officers." It is currently
expected that after consummation of the Offer the officers, directors, the ESOP,
the MSBP, and the Trust will own, in the aggregate, 49.5% of the outstanding
Shares. Therefore, the Company's officers and directors will be able to exert
greater control over the business affairs and management of the Company than
that which they were able to exert prior to the Offer's consummation. After the
Offer, it will be more difficult to remove directors and change the Company's
management.
7. Interest of Directors and Executive Officers; Transactions
and Arrangements Concerning Shares.
As of April 9, 1998, the Company's directors and executive officers as
a group beneficially owned (including pursuant to options) an aggregate of
209,894 Shares (approximately 28.48% of the outstanding Shares including Shares
issuable upon the exercise of options held by directors and executive officers).
Such ownership includes 92,860 Shares as of April 9, 1998 subject to stock
options which are held by executive officers and directors.
Except as set forth in "Schedule A--Certain Transactions Involving
Shares," neither the Company, nor any subsidiary of the Company nor, to the best
of the Company's knowledge, any of the Company's directors or
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executive officers, nor any affiliates of any of the foregoing, had any
transactions involving the Shares during the 40 business days prior to the date
hereof.
Except for outstanding options to purchase Shares granted from time to
time over recent years to certain employees (including executive officers) and
directors of the Company pursuant to the Company's stock option plans and except
as otherwise described herein, neither the Company nor, to the best of the
Company's knowledge, any of its directors or executive officers, is a party to
any contract, arrangement, understanding or relationship with any other person
relating, directly or indirectly, to the Offer including, but not limited to,
any contract, arrangement, understanding or relationship concerning the transfer
or the voting of any such securities, joint ventures, loan or option
arrangements, puts or calls, guaranties of loans, guaranties against loss or the
giving or withholding of proxies, consents or authorizations.
The officers and directors have advised the Company that they do not
intend to tender any Shares pursuant to the Offer. Assuming the Company
purchases 222,000 Shares pursuant to the Offer and the sale of Shares to the
Trust, the percentage of Shares outstanding held by executive officers,
directors, the ESOP, the MSBP and the Trust would be approximately 49.5% of the
outstanding Shares immediately after the Offer (including Shares issuable upon
exercise of options held by executive officers and directors).
8. Certain Federal Income Tax Consequences
General. The federal income tax discussion set forth below summarizes
the principal federal income tax consequences to domestic shareholders of sales
of stock pursuant to the Offer and is included for general information only. The
discussion does not address all aspects of federal income taxation that may be
relevant to a particular shareholder nor any relevant foreign, state, local or
other tax laws. Certain shareholders (including, but not limited to, insurance
companies, tax-exempt entities, foreign persons, financial institutions, broker
dealers, employee benefit plans, personal holding companies and persons who
acquired their Shares upon the exercise of employee stock options or as
compensation) may be subject to special rules not discussed below. The
discussion is based on laws, regulations, rulings and court decisions currently
in effect as of the date of this Offer to Purchase, all of which are subject to
change. The Company intends that, under the terms of the Offer, sales of Shares
will be completed in 1998 and shareholders will receive payment for purchased
Shares in 1998. In that event, shareholders will report the sale of Shares
pursuant to the Offer in 1998 for tax purposes. In the event that sales are not
completed this year and/or shareholders receive payments for Shares in 1999,
shareholders may be required to report the sale of Shares pursuant to the Offer
in 1999 for tax purposes. The Company has neither requested nor obtained a
written opinion of counsel or a ruling from the Internal Revenue Service (the
"Service") with respect to the tax matters discussed herein. Prior to tendering
any Shares pursuant to the Offer, each shareholder is strongly advised to
consult with their own tax advisor as to the particular tax consequences of the
Offer to such shareholder, including the application of foreign, state, local,
or other tax laws.
In general, a sale of Shares pursuant to the Offer will be a taxable
transaction for federal income tax purposes. Such sale will constitute a
"redemption" within the meaning of Section 317 of the Internal Revenue Code of
1986, as amended (the "Code"). Each tendering shareholder will recognize either
gain or loss from a sale of Shares or dividend income, depending upon the
application of Section 302 of the Code to the shareholder's particular facts and
circumstances. If the redemption qualifies as a sale of Shares under Section
302, the cash received pursuant to the Offer will be treated as a distribution
from the Company in part or full payment in exchange for the Shares surrendered
("Sale Treatment"). Sale Treatment will result in the shareholder's recognizing
gain or loss equal to the difference between (i) the cash received pursuant to
the Offer and (ii) the shareholder's tax basis in the Shares surrendered. If the
redemption does not qualify for Sale Treatment, the shareholder will not be
treated as having sold Shares but will be treated as having received a dividend
taxable as ordinary income, in an amount equal to the cash received pursuant to
the Offer ("Dividend Treatment").
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Sale Treatment. Under Section 302 of the Code, a sale of Shares
pursuant to the Offer will be treated as a sale of such Shares for federal
income tax purposes if such sale of Shares (i) results in a "complete
redemption" of all of the shareholder's stock in the Company, (ii) is a
"substantially disproportionate redemption" with respect to the shareholder, or
(iii) is "not essentially equivalent to a dividend" with respect to the
shareholder. In determining whether any of these three tests under Section 302
is satisfied, shareholders must take into account not only Shares that they
actually own, but also any Shares that they are deemed to own pursuant to the
constructive ownership rules of Section 318 of the Code. Pursuant to these
constructive ownership rules, shareholders will be treated as owning a certain
amount of (i) Shares held by certain family members, including the shareholder's
spouse, children, grandchildren, and parents, (ii) Shares owned by certain
trusts of which the shareholder is a beneficiary, (iii) Shares owned by an
estate of which the shareholder is a beneficiary, (iv) Shares owned by any
partnership or "S corporation" in which the shareholder is a partner or
shareholder, (v) Shares owned by any non-S corporation of which the shareholder
owns at least 50% in value of the stock and (vi) Shares that the shareholder can
acquire by exercise of an option or similar right.
A shareholder's sale of Shares pursuant to the Offer will generally
result in a "complete redemption" of all the shareholder's stock in the Company
if, pursuant to the Offer, the Company purchases all of the Shares actually
owned by the shareholder and subsequently the shareholder does not
constructively own any Shares. If the shareholder's sale of Shares pursuant to
the Offer would satisfy the complete redemption requirement but for the
shareholder's constructive ownership of Shares held by certain family members,
such shareholder may, under certain circumstances, be entitled to waive such
constructive ownership, provided the shareholder complies with the provisions of
Section 302(c) of the Code. If the shareholder actually owns no Shares after
selling his or her Shares pursuant to the Offer, constructively owns only Shares
owned by certain family members, and the shareholder qualifies to and does waive
constructive ownership of Shares owned by certain family members, that
redemption of Shares would generally qualify as a "complete redemption."
A shareholder's sale of Shares pursuant to the Offer will generally be
a "substantially disproportionate redemption" with respect to the shareholder if
the percentage of Shares actually and constructively owned by the shareholder
compared to all the outstanding Shares of the Company immediately following the
sale of Shares pursuant to the Offer (treating as not outstanding all Shares
sold by all the shareholders pursuant to the Offer) is less than 80% of the
percentage of Shares actually and constructively owned by the shareholder
compared to all the outstanding Shares of the Company immediately before the
sale of Shares pursuant to the Offer (treating as outstanding all Shares sold by
the shareholders pursuant to the Offer). If the Trust Shares were treated as
outstanding immediately after the redemption, then the sale of Shares pursuant
to the Offer would be "substantially disproportionate" with respect to a
stockholder only if such stockholder's actual and constructive ownership of the
voting stock of the Company after the sale of Shares pursuant to the Offer
(treating the Trust Shares as outstanding) were also less than 80% of the
stockholder's actual and constructive percentage ownership of the voting stock
of the Company immediately before the purchase of Shares pursuant to the Offer
and the issuance of the Trust Shares. This test will be applied to each
shareholder individually, regardless of the effect of the redemption on the
other shareholders.
A shareholder's sale of Shares pursuant to the Offer will generally
"not be essentially equivalent to a dividend" if, as a result of the sale of
Shares pursuant to the Offer, the shareholder experiences a "meaningful
reduction" in his proportionate interest in the Company, including the
shareholder's voting rights, participation in earnings, and liquidation rights
and taking into account the constructive ownership rules. The Service has
indicated in a published ruling that even a small reduction in the proportionate
interest of a small minority shareholder who does not exercise any control over
company affairs may constitute a "meaningful reduction" in the shareholder's
interest in the company. The fact that the redemption fails to qualify as a sale
pursuant to the other two tests is not taken into account in determining whether
the redemption is "not essentially equivalent to a dividend."
Shareholders should be aware that their ability to satisfy any of the
foregoing tests may be affected by proration pursuant to the Offer. Therefore, a
shareholder can be given no assurance, even if he tenders all of his
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Shares, that the Company will purchase a sufficient number of such Shares to
permit him to satisfy any of the foregoing tests. Shareholders should also be
aware that it is possible that, depending on the facts and circumstances, an
acquisition or disposition of Shares in the market or to other parties as part
of an integrated plan may be taken into account in determining whether any of
the foregoing tests is satisfied. Shareholders are strongly advised to consult
with their own tax advisors with regard to whether acquisitions from sales to
third parties, including market sales, may be so integrated. Subsequent open
market purchases by the Company may also be taken into account in determining
whether any of the foregoing tests is satisfied. It is also possible that the
issuance of the Trust Shares will be taken into account.
If any of the above three tests is satisfied by a tendering
shareholder, such shareholder will recognize gain or loss equal to the
difference between the amount of cash received by the shareholder pursuant to
the Offer and the shareholder's tax basis in the Shares sold. Such gain or loss
must be determined separately for each block of Shares sold (i.e., Shares
acquired at the same time in a single transaction), and will be capital gain or
loss, assuming the Shares were held by the shareholder as a capital asset.
Capital gain or loss will qualify as long-term capital gain or loss if, at the
time the Company accepts the Shares for payment, the Shares were held by the
shareholder for more than eighteen (18) months.
Dividend Treatment. If none of the three foregoing tests are
satisfied, the tendering shareholder generally will be treated as having
received a dividend, taxable as ordinary income, in an amount equal to the total
cash received by the shareholder pursuant to the Offer, provided the Company has
sufficient accumulated or current earnings and profits. The Company expects that
its current and accumulated earnings and profits will be sufficient to cover the
amount of all distributions pursuant to the Offer, if any, that are treated as
dividends. To the extent that the purchase of Shares from any shareholder
pursuant to the Offer is treated as a dividend, such shareholder's tax basis in
any Shares which the shareholder actually or constructively retains after
consummation of the Offer will be increased by the shareholder's tax basis in
the Shares surrendered pursuant to the Offer.
Treatment of Dividend Income for Corporate Shareholders. In the case
of a corporate shareholder, if the cash received for Shares pursuant to the
Offer is treated as a dividend, the dividend income may be eligible for the
dividends-received deduction under Section 243 of the Code. The
dividends-received deduction is subject to certain limitations and may not be
available if the corporate shareholder does not satisfy certain holding period
requirements with respect to the Shares or if the Shares are treated as
"debt-financed portfolio stock." The Company believes that the Offer will not
result in a pro rata distribution to all shareholders. Consequently, dividends
received by corporate shareholders pursuant to the Offer will probably be
treated as "extraordinary dividends" as defined by Section 1059 of the Code.
Corporate shareholders should consult their tax advisors as to the availability
of the dividends-received deduction and the application of Section 1059 of the
Code.
SEE "THE OFFER--PROCEDURES FOR TENDERING SHARES" WITH RESPECT TO THE
APPLICATION OF BACKUP FEDERAL INCOME TAX WITHHOLDING.
9. Dissenters' Rights
No dissenters' rights are available to shareholders in connection with
the Offer under applicable Minnesota law.
THE OFFER
1. Number of Shares; Proration.
Upon the terms and subject to the conditions of the Offer, the Company
will purchase up to 222,000 Shares or such lesser number of Shares as are
validly tendered (and not withdrawn in accordance with "--Withdrawal Rights")
prior to the Expiration Date (as defined below) at prices not in excess of
$21.50 nor less than $19.50 net
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per Share in cash. The term "Expiration Date" means 5:00 p.m., Eastern time, on
Monday, May 11, 1998, unless and until the Company, in its sole discretion,
shall have extended the period of time during which the Offer will remain open,
in which event the term "Expiration Date" shall refer to the latest time and
date at which the Offer, as so extended by the Company, shall expire. In the
event of an oversubscription of the Offer, Shares tendered at or below the
Purchase Price prior to the Expiration Date will be subject to proration except
for Odd Lots as explained below. The proration period also expires on the
Expiration Date.
The Company will, upon the terms and subject to the conditions of the
Offer, determine the Purchase Price (not greater than $21.50 nor less than
$19.50 per Share) that it will pay for Shares validly tendered pursuant to the
Offer taking into account the number of Shares so tendered and the prices
specified by tendering shareholders. The Company will select a single per Share
Purchase Price that will allow it to buy 222,000 Shares (or such lesser number
as are validly tendered at prices not greater than $21.50 nor less than $19.50
per Share) pursuant to the Offer. The Company reserves the right, in its sole
discretion, to purchase more than 222,000 Shares pursuant to the Offer.
If (i) the Company increases or decreases the price to be paid for
Shares, increases the number of Shares being sought and any such increase in the
number of Shares being sought exceeds 2% of the outstanding Shares, decreases
the number of Shares being sought, or incurs dealer manager soliciting fees and
(ii) the Offer is scheduled to expire less than ten business days from and
including the date that notice of such increase or decrease is first published,
sent or given in the manner specified in "--Extension of the Offer;Termination;
Amendment," the Offer will be extended for at least ten business days from and
including the date of such notice. For purposes of the Offer, a "business day"
means any day other than Saturday, Sunday or federal holiday and consists of the
time period from 12:01 a.m. through 12:00 midnight, Eastern time.
This Offer is conditioned upon, among other things, the Company
obtaining the funds necessary to consummate the Offer and to pay all related
fees and expenses. The Offer is not conditioned on any minimum number of shares
being tendered. See "--Certain Conditions of the Offer."
In accordance with Instruction 5 of the Letter of Transmittal,
shareholders desiring to tender Shares must specify the price, not in excess of
$21.50 nor less than $19.50 per Share, at which they are willing to sell their
Shares to the Company. Shares validly tendered pursuant to the Offer at or below
the Purchase Price and not withdrawn will be purchased at the Purchase Price,
subject to the terms and conditions of the Offer, including the proration
provisions. All Shares tendered and not purchased pursuant to the Offer,
including Shares tendered at prices in excess of the Purchase Price and Shares
not purchased because of proration will be returned to the tendering
shareholders at the Company's expense as promptly as practicable following the
Expiration Date.
Priority of Purchases. Upon the terms and subject to the conditions of
the Offer, if more than 222,000 Shares (or such greater number of Shares as the
Company may elect to purchase) have been validly tendered at prices at or below
the Purchase Price and not withdrawn prior to the Expiration Date, the Company
will purchase validly tendered Shares on the basis set forth below:
(a) first, all Shares tendered and not withdrawn prior to the
Expiration Date by any Odd Lot Holder (as defined below) who:
(1) tenders all Shares beneficially owned by such Odd Lot
Holder at a price at or below the Purchase Price (tenders of less than
all Shares owned by such shareholder will not qualify for this
preference); and
(2) completes the box captioned "Odd Lots" on the Letter of
Transmittal and, if applicable, on the Notice of Guaranteed Delivery;
and
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(b) second, after purchase of all of the foregoing Shares, all other
Shares validly tendered at prices at or below the Purchase Price and
not withdrawn prior to the Expiration Date, on a pro rata basis (with
appropriate adjustments to avoid purchases of fractional Shares) as
described below.
Odd Lots. For purposes of the Offer, the term "Odd Lots" shall mean
all Shares validly tendered prior to the Expiration Date at prices at or below
the Purchase Price and not withdrawn by any person (an "Odd Lot Holder") who
owned, beneficially or of record, as of the close of business on April 8, 1998
and as of the Expiration Date, an aggregate of fewer than 100 Shares and so
certified in the appropriate place on the Letter of Transmittal and, if
applicable, on the Notice of Guaranteed Delivery. In order to qualify for this
preference, an Odd Lot Holder must tender all such Shares in accordance with the
procedures described in "--Procedures for Tendering Shares." As set forth above,
Odd Lots will be accepted for payment before proration, if any, of the purchase
of other tendered Shares. This preference is not available to partial tenders or
to beneficial or record holders of an aggregate of 100 or more Shares, even if
such holders have separate accounts or certificates representing fewer than 100
Shares. By accepting the Offer, an Odd Lot Holder would not only avoid the
payment of brokerage commissions but also would avoid any applicable odd lot
discounts in a sale of such holder's Shares. Any shareholder wishing to tender
all of such shareholder's Shares pursuant to this Section should complete the
box captioned "Odd Lots" on the Letter of Transmittal and, if applicable, on the
Notice of Guaranteed Delivery.
The Company also reserves the right, but will not be obligated, to
purchase all Shares validly tendered by any shareholder who tendered all Shares
owned, beneficially or of record, at or below the Purchase Price and who, as a
result of proration, would then own, beneficially, an aggregate of fewer than
100 Shares. If the Company exercises this right, it will increase the number of
Shares that it is offering to purchase by the number of Shares purchased through
the exercise of the right.
Proration. In the event that proration of tendered Shares is required,
the Company will determine the proration factor as soon as practicable following
the Expiration Date. Proration for each shareholder tendering Shares, other than
Odd Lot Holders, shall be based on the ratio of the number of Shares tendered by
such shareholder to the total number of Shares tendered by all shareholders,
other than Odd Lot Holders, at or below the Purchase Price. Because of the
difficulty in determining the number of Shares validly tendered (including
Shares tendered by guaranteed delivery procedures, as described in Section 3)
and not withdrawn, and because of the odd lot procedure, the Company does not
expect that it will be able to announce the final proration factor or to
commence payment for any Shares purchased pursuant to the Offer until
approximately seven over-the-counter ("OTC") trading days after the Expiration
Date. The preliminary results of any proration will be announced by press
release as promptly as practicable after the Expiration Date. Shareholders may
obtain such preliminary information from the Information Agent and may be able
to obtain such information from their brokers.
This Offer to Purchase and the related Letter of Transmittal will be
mailed to record holders of Shares and will be furnished to brokers, banks and
similar persons whose names, or the names of whose nominees, appear on the
Company's shareholder list or, if applicable, who are listed as participants in
a clearing agency's security position listing for subsequent transmittal to
beneficial owners of Shares.
2. Procedures for Tendering Shares.
Valid Tender of Shares. For Shares to be validly tendered pursuant to
the Offer, (a) the certificates for such Shares (or confirmation of receipt of
such Shares pursuant to the procedures for book-entry delivery set forth below),
together with a properly completed and duly executed Letter of Transmittal (or
manually signed facsimile thereof) including any required signature guarantees
and any other documents required by the Letter of Transmittal, must be received
prior to 5:00 p.m., Eastern time, on the Expiration Date by the Depositary at
one of its addresses set forth on the back cover of this Offer to Purchase or
(b) the tendering shareholder must comply with the guaranteed delivery procedure
set forth below.
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IN ACCORDANCE WITH INSTRUCTION 5 OF THE LETTER OF TRANSMITTAL,
SHAREHOLDERS DESIRING TO TENDER SHARES PURSUANT TO THE OFFER MUST PROPERLY
INDICATE IN THE SECTION CAPTIONED "PRICE (IN DOLLARS) PER SHARE AT WHICH SHARES
ARE BEING TENDERED" ON THE LETTER OF TRANSMITTAL THE PRICE (IN MULTIPLES OF
$.125) AT WHICH THEIR SHARES ARE BEING TENDERED. SHAREHOLDERS WHO DESIRE TO
TENDER SHARES AT MORE THAN ONE PRICE MUST COMPLETE A SEPARATE LETTER OF
TRANSMITTAL FOR EACH PRICE AT WHICH SHARES ARE TENDERED, PROVIDED THAT THE SAME
SHARES CANNOT BE TENDERED (UNLESS VALIDLY WITHDRAWN PREVIOUSLY IN ACCORDANCE
WITH THE TERMS OF THE OFFER) AT MORE THAN ONE PRICE. IN ORDER TO VALIDLY TENDER
SHARES, ONE AND ONLY ONE PRICE BOX MUST BE CHECKED IN THE APPROPRIATE SECTION ON
EACH LETTER OF TRANSMITTAL.
In addition, Odd Lot Holders who tender all such Shares must complete
the box captioned "Odd Lots" on the Letter of Transmittal and, if applicable, on
the Notice of Guaranteed Delivery, in order to qualify for the preferential
treatment available to Odd Lot Holders as set forth in "--Number of Shares;
Proration."
Signature Guarantees and Method of Delivery. No signature guarantee is
required on the Letter of Transmittal (i) if the Letter of Transmittal is signed
by the registered holder of the Shares (which term, for purposes of this Section
3, shall include any participant in The Depository Trust Company or The
Philadelphia Depository Trust Company (collectively, the "Book-Entry Transfer
Facilities") whose name appears on a security position listing as the owner of
the Shares) tendered therewith and such holder has not completed either the box
entitled "Special Delivery Instructions" or the box entitled "Special Payment
Instructions" on the Letter of Transmittal; or (ii) if Shares are tendered for
the account of a member firm of a registered national securities exchange, a
member of the National Association of Securities Dealers, Inc. or a commercial
bank or trust company having an office, branch or agency in the United States.
In all other cases, all signatures on the Letter of Transmittal must be
guaranteed by an eligible guarantor institution (bank, stockbroker, savings and
loan association or credit union with membership in an approved signature
guarantee medallion program) pursuant to Rule 17Ad-15 promulgated under the
Exchange Act (an "Eligible Institution"). See Instruction 1 of the Letter of
Transmittal. If a certificate for Shares is registered in the name of a person
other than the person executing a Letter of Transmittal, or if payment is to be
made, or Shares not purchased or tendered are to be issued, to a person other
than the registered holder, the certificate must be endorsed or accompanied by
an appropriate stock power, in either case, signed exactly as the name of the
registered holder appears on the certificate, with the signature on the
certificate or stock power guaranteed by an Eligible Institution.
In all cases, payment for Shares tendered and accepted for payment
pursuant to the Offer will be made only after timely receipt by the Depositary
of certificates for such Shares (or a timely confirmation of a book-entry
transfer of such Shares into the Depositary's account at one of the Book-Entry
Transfer Facilities as described above), a properly completed and duly executed
Letter of Transmittal (or manually signed facsimile thereof) and any other
documents required by the Letter of Transmittal. The method of delivery of all
documents, including certificates for Shares, the Letter of Transmittal and any
other required documents, is at the election and risk of the tendering
shareholder. If delivery is by mail, registered mail with return receipt
requested, properly insured, is recommended.
Book-Entry Delivery. The Depositary will establish an account with
respect to the Shares for purposes of the Offer at each Book-Entry Transfer
Facility within two business days after the date of this Offer to Purchase, and
any financial institution that is a participant in a Book-Entry Transfer
Facility's system may make book-entry delivery of the Shares by causing such
facility to transfer Shares into the Depositary's account in accordance with the
Book-Entry Transfer Facility's procedures for transfer. Although delivery of
Shares may be effected through a book-entry transfer into the Depositary's
account at a Book-Entry Transfer Facility, either (i) a properly completed and
duly executed Letter of Transmittal (or a manually signed facsimile thereof)
with any required signature guarantees and any other required documents must, in
any case, be transmitted to and received by the Depositary at one of its
addresses set forth on the back cover of this Offer to Purchase prior to the
Expiration Date, or (ii) the
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guaranteed delivery procedure described below must be followed. Delivery of the
Letter of Transmittal and any other required documents to a book-entry transfer
facility does not constitute delivery to the Depositary.
Backup Federal Income Tax Withholding. To prevent backup federal
income tax withholding on payments made to shareholders for Shares purchased
pursuant to the Offer, each shareholder who does not otherwise establish an
exemption from such withholding must provide the Depositary with the
shareholder's correct taxpayer identification number and provide certain other
information by completing the substitute Form W-9 included in the Letter of
Transmittal. Foreign shareholders may be required to submit Form W-8, certifying
non-United States status, to avoid backup withholding. See Instructions 12 and
13 of the Letter of Transmittal. For a discussion of certain federal income tax
consequences to tendering shareholders, see "Certain Federal Income Tax
Consequences."
Withholding For Foreign Shareholders. The Depositary will withhold
federal income taxes equal to 30% of the gross payments payable to a foreign
shareholder or his agent unless the Depositary determines that an exemption from
or a reduced rate of withholding is available pursuant to a tax treaty or an
exemption from withholding is applicable because such gross proceeds are
effectively connected with the conduct of a trade or business in the United
States. In order to obtain an exemption from or a reduced rate of withholding
pursuant to a tax treaty, a foreign shareholder must deliver to the Depositary a
properly completed Form 1001 (or any related successor form). For this purpose,
a foreign shareholder is a shareholder that is not (i) a citizen or resident of
the United States, (ii) a corporation, partnership or other entity created or
organized in or under the laws of the United States, any State or any political
subdivision thereof or (iii) an estate or trust the income of which is subject
to United States federal income taxation regardless of the source of such
income. In order to obtain an exemption from withholding on the grounds that the
gross proceeds paid pursuant to the Offer are effectively connected with the
conduct of a trade or business within the United States, a foreign shareholder
must deliver to the Depositary a properly completed Form 4224 (or any related
successor form). The Depositary will determine a shareholder's status as a
foreign shareholder and eligibility for a reduced rate of, or an exemption from,
withholding by reference to any outstanding certificates or statements
concerning eligibility for a reduced rate of, or exemption from, withholding
(e.g., Form 1001 or Form 4224) unless facts and circumstances indicate that such
reliance is not warranted. A foreign shareholder who has not previously
submitted the appropriate certificates or statements with respect to a reduced
rate of, or exemption from, withholding for which such shareholder may be
eligible should consider doing so in order to avoid excess withholding. A
foreign shareholder may be eligible to obtain a refund of tax withheld if such
shareholder meets one of the three tests for sale treatment described in
"Certain Federal Income Tax Consequences" or is otherwise able to establish that
no tax or a reduced amount of tax is due. Backup withholding generally will not
apply to amounts subject to the 30% or treaty-reduced rate of withholding.
Guaranteed Delivery. If a shareholder desires to tender Shares
pursuant to the Offer and such shareholder's Share certificates are not
immediately available (or the procedures for book-entry delivery cannot be
completed on a timely basis) or if time will not permit all required documents
to reach the Depositary prior to the Expiration Date, such Shares may
nevertheless be tendered, provided that all of the following conditions are
satisfied:
(a) such tender is made by or through an Eligible Institution;
(b) the Depositary receives by hand, mail, telegram or facsimile
transmission, on or prior to the Expiration Date, a properly completed and duly
executed Notice of Guaranteed Delivery substantially in the form the Company has
provided with this Offer to Purchase (specifying the price at which the Shares
are being tendered), including (where required) a signature guarantee by an
Eligible Institution; and
(c) the certificates for all tendered Shares, in proper form for
transfer (or confirmation of book-entry delivery of such Shares into the
Depositary's account at one of the Book-Entry Transfer Facilities), together
with a properly completed and duly executed Letter of Transmittal (or a manually
signed facsimile thereof) and any required signature guarantees or other
documents required by the Letter of Transmittal, are received by the Depositary
within three OTC trading days after the date of receipt by the Depositary of
such Notice of Guaranteed Delivery.
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If any tendered Shares are not purchased, or if less than all Shares
evidenced by a shareholder's certificates are tendered, certificates for
unpurchased Shares will be returned as promptly as practicable after the
expiration or termination of the Offer or, in the case of Shares tendered by
book-entry delivery at a Book-Entry Transfer Facility, such Shares will be
credited to the appropriate account maintained by the tendering shareholder at
the appropriate Book-Entry Transfer Facility, in each case without expense to
such shareholder.
Employee Stock Ownership Plan. As of April 9, 1998, the ESOP owned
80,639 Shares of which 24,192 Shares were allocated to the accounts of the
participants. Shares allocated to participants' accounts will, subject to the
limitations of the Employee Retirement Income Security Act of 1974, as amended,
and applicable regulations thereunder ("ERISA"), be tendered by the Trustee of
the plan according to the instructions of participants to the Trustee. Decisions
as to whether to tender Shares not allocated to participants' accounts will be
made by the Trustee subject to the terms of the plan and ERISA. The Trustee will
make available to the participants whose accounts hold allocated Shares all
documents furnished to the shareholders in connection with the Offer generally
and will provide additional information in a separate letter with respect to the
operations of the Offer to the participants of the ESOP. Each participant will
also receive a form upon which the participant may instruct the Trustee
regarding the Offer. Each participant may direct that all, some or none of the
Shares allocated to the participant's account be tendered. Participants will
also be afforded withdrawal rights. See "--Withdrawal Rights."
Under ERISA the Company will be prohibited from purchasing any Shares
from the ESOP (including Shares allocated to the accounts of participants) if
the Purchase Price is less than the prevailing market price of the Shares on the
date the Shares are accepted for payment pursuant to the Offer.
Company Stock Bonus Plan. As of April 9, 1998, the MSBP owned 28,629
Shares of which 17,534 Shares were allocated to the accounts of the
participants. Shares allocated to participants will, subject to the limitations
of ERISA, be tendered by the Trustee of the plan according to the instructions
of participants to the Trustee. Decisions as to whether to tender Shares not
allocated to participants' accounts will be made by the Trustee subject to the
terms of the plan and ERISA. The Trustee will make available to the participants
whose accounts hold allocated Shares all documents furnished to the shareholders
in connection with the Offer generally and will provide additional information
in a separate letter with respect to the operations of the Offer to the
participants of the MSBP. Each participant will also receive a form upon which
the participant may instruct the Trustee regarding the Offer. Each participant
may direct that all, some or none of the Shares allocated to the participant be
tendered. Participants will also be afforded withdrawal rights. See
"--Withdrawal Rights."
Company Stock Option Plans. The Company is not offering, as part of
the Offer, to purchase any of the options outstanding under the Company's stock
option plans and tenders of such options will not be accepted. In no event are
any options to be delivered to the Depositary in connection with a tender of
Shares hereunder. An exercise of an option cannot be revoked even if Shares
received upon the exercise thereof and tendered in the Offer are not purchased
in the Offer for any reason.
401(k) Profit Sharing Plan. Participants in the Profit Sharing Plan
who wish to have the plan's trustees tender Shares attributable to their
participant-directed investment accounts should so indicate by completing,
executing and returning to the Depositary the election form included in the
notice sent to such participants. Participants in the plan may not use the
Letter of Transmittal to direct the tender of the Shares attributed to their
accounts, but must use the separate election form sent to them. Participants in
the plan are urged to read the separate election form and related materials
carefully.
Determination of Validity; Rejection of Shares; Waiver of Defects; No
Obligation to Give Notice of Defects. All questions as to the number of Shares
to be accepted, the price to be paid therefor and the validity, form,
eligibility (including time of receipt) and acceptance of any tender of Shares
will be determined by the Company, in its sole discretion, and its determination
shall be final and binding on all parties. The Company reserves the absolute
right to reject any or all tenders of any Shares that it determines are not in
appropriate form or the acceptance for payment of or payment for which may be
unlawful. The Company also reserves the absolute right to waive any of the
conditions of the Offer or any defect or irregularity in any tender with respect
to any particular
25
<PAGE>
Shares. No tender of Shares will be deemed to have been validly made until all
defects or irregularities have been cured by the tendering shareholder or waived
by the Company. None of the Company, the Depositary, the Information Agent or
any other person shall be obligated to give notice of any defects or
irregularities in tenders, nor shall any of them incur any liability for failure
to give any such notice.
Tendering Shareholder's Representation and Warranty; Company's
Acceptance Constitutes an Agreement. A tender of Shares pursuant to any of the
procedures described above will constitute the tendering shareholder's
acceptance of the terms and conditions of the Offer, as well as the tendering
shareholder's representation and warranty to the Company that (a) such
shareholder has a net long position in the Shares being tendered within the
meaning of Rule 14e-4 promulgated by the Commission under the Exchange Act and
(b) the tender of such Shares complies with Rule 14e-4. It is a violation of
Rule 14e-4 for a person, directly or indirectly, to tender Shares for such
person's own account unless, at the time of tender and at the end of the
proration period, the person so tendering (i) has a net long position equal to
or greater than the amount of (x) Shares tendered or (y) other securities
convertible into or exchangeable or exercisable for the Shares tendered and will
acquire such Shares for tender by conversion, exchange or exercise and (ii) will
cause such Shares to be delivered in accordance with the terms of the Offer.
Rule 14e-4 provides a similar restriction applicable to the tender or guarantee
of a tender on behalf of another person. The Company's acceptance for payment of
Shares tendered pursuant to the Offer will constitute a binding agreement
between the tendering shareholder and the Company upon the terms and subject to
the conditions of the Offer.
3. Withdrawal Rights.
Except as otherwise provided in this Section 4, the tender of Shares
pursuant to the Offer is irrevocable. Shares tendered pursuant to the Offer may
be withdrawn at any time prior to the Expiration Date and, unless theretofore
accepted for payment by the Company pursuant to the Offer, may also be withdrawn
at any time after 12:00 midnight, Eastern time, on Monday, June 8, 1998.
For a withdrawal to be effective, a notice of withdrawal must be in
written, telegraphic or facsimile transmission form and must be received in a
timely manner by the Depositary at one of its addresses set forth on the back
cover of this Offer to Purchase. Any such notice of withdrawal must specify the
name of the tendering shareholder, the name of the registered holder, if
different, the number of Shares tendered and the number of Shares to be
withdrawn. If the certificates for Shares to be withdrawn have been delivered or
otherwise identified to the Depositary, then, prior to the release of such
certificates, the tendering shareholder must also submit the serial numbers
shown on the particular certificates evidencing the Shares to be withdrawn and
the signature on the notice of withdrawal must be guaranteed by an Eligible
Institution (except in the case of Shares tendered by an Eligible Institution).
If Shares have been tendered pursuant to the procedure for book-entry delivery
set forth in "-- Procedures for Tendering Shares," the notice of withdrawal also
must specify the name and the number of the account at the applicable Book-Entry
Transfer Facility to be credited with the withdrawn Shares and otherwise comply
with the procedures of such facility. None of the Company, the Depositary, the
Information Agent or any other person shall be obligated to give notice of any
defects or irregularities in any notice of withdrawal nor shall any of them
incur liability for failure to give any such notice. All questions as to the
form and validity (including time of receipt) of notices of withdrawal will be
determined by the Company, in its sole discretion, which determination shall be
final and binding on all parties.
Withdrawals may not be rescinded and any Shares withdrawn will
thereafter be deemed not validly tendered for purposes of the Offer. However,
withdrawn Shares may be retendered prior to the Expiration Date by again
following one of the procedures described in "--Procedures for Tendering
Shares."
If the Company extends the Offer, is delayed in its purchase of Shares
or is unable to purchase Shares pursuant to the Offer for any reason, then,
without prejudice to the Company's rights under the Offer, the Depositary may,
subject to applicable law, retain tendered Shares on behalf of the Company, and
such Shares may not be withdrawn except to the extent tendering shareholders are
entitled to withdrawal rights as described in this Section 4.
26
<PAGE>
4. Price Range of Shares; Dividends.
Until March 17, 1998, the Shares were listed and quoted on the on the
Nasdaq SmallCap Market. The Shares currently trade in the over-the-counter
market with quotations available through the OTC Electronic Bulletin Board. The
following table sets forth, for the periods indicated, the high and low closing
per Share sales price as published by the Nasdaq statistical report, (except for
information subsequent to March 17, 1998) and the cash dividends paid per Share
in each such fiscal quarter.
Dividends
Paid
Fiscal Year High Low Per Share
- ----------- ---- --- ---------
1996:
1st Quarter............................. $12.00 $11.00 $ --
2nd Quarter............................. 12.25 11.25 0.08
3rd Quarter............................. 12.00 11.00 --
4th Quarter............................. 12.75 10.75 0.08
1997:
1st Quarter............................. 12.75 11.75 --
2nd Quarter............................. 15.50 12.25 0.08
3rd Quarter............................. 15.63 14.00 --
4th Quarter............................. 17.50 14.50 0.08
1998:
1st Quarter............................. 19.75 16.38 --
2nd Quarter............................. 20.00 17.00 0.08
3rd Quarter (through April 9, 1998)..... 18.50 18.50 --
On March 31, 1998, the last full trading day on which a sale was
reported prior to the commencement of the Offer, the closing per Share sales
price was $18.50. Shareholders are urged to obtain current market quotations for
the Shares. For trading information regarding the Shares, shareholders may call
MacKenzie Partners, Inc. at 1-800-322-2885.
27
<PAGE>
5. Purchase of Shares and Payment of Purchase Price.
Upon the terms and subject to the conditions of the Offer, the Company
will determine the Purchase Price it will pay for the Shares validly tendered
and not withdrawn prior to the Expiration Date, taking into account the number
of Shares so tendered and the prices specified by tendering shareholders, and
will accept for payment and pay for (and thereby purchase) Shares validly
tendered at prices at or below the Purchase Price as promptly as practicable
following the Expiration Date. For purposes of the Offer, the Company will be
deemed to have accepted (and therefor purchased) Shares which are tendered at or
below the Purchase Price and not withdrawn (subject to the proration provisions
of the Offer) when, as and if it gives oral or written notice to the Depositary
of its acceptance of such Shares for payment pursuant to the Offer.
Upon the terms and subject to the conditions of the Offer, promptly
following the Expiration Date the Company will accept for payment and pay a
single per Share Purchase Price for 222,000 Shares (subject to increase or
decrease as provided in "--Extension of the Offer; Termination; Amendment") or
such lesser number of Shares as are validly tendered at prices not in excess of
$21.50 nor less than $19.50 per Share and not withdrawn as permitted in
"--Withdrawal Rights."
The Company will pay for Shares purchased pursuant to the Offer by
depositing the aggregate Purchase Price therefor with the Depositary, which will
act as agent for tendering shareholders for the purpose of receiving payment
from the Company and transmitting payment to the tendering shareholders.
In the event of proration, the Company will determine the proration
factor and pay for those tendered Shares accepted for payment as soon as
practicable after the Expiration Date; however, the Company does not expect to
be able to announce the final results of any proration and commence payment for
Shares purchased until approximately seven OTC trading days after the Expiration
Date. Certificates for all Shares tendered and not purchased, including all
Shares tendered at prices in excess of the Purchase Price and Shares not
purchased due to proration, will be returned (or, in the case of Shares tendered
by book-entry delivery, such Shares will be credited to the account maintained
with the Book-Entry Transfer Facility by the participant therein who so
delivered such Shares) to the tendering shareholder as promptly as practicable
after the Expiration Date without expense to the tendering shareholders. Under
no circumstances will interest on the Purchase Price be paid by the Company by
reason of any delay in making payment.
The Company will pay all stock transfer taxes, if any, payable on the
transfer to it of Shares purchased pursuant to the Offer. If, however, payment
of the Purchase Price is to be made to, or (in the circumstances permitted by
the Offer) if unpurchased Shares are to be registered in the name of, any person
other than the registered holder, or if tendered certificates are registered in
the name of any person other than the person signing the Letter of Transmittal,
the amount of all stock transfer taxes, if any (whether imposed on the
registered holder or such other person), payable on account of the transfer to
such person will be deducted from the Purchase Price unless evidence
satisfactory to the Company of the payment of the stock transfer taxes, or
exemption therefrom, is submitted. See Instruction 7 of the Letter of
Transmittal.
ANY TENDERING SHAREHOLDER OR OTHER PAYEE WHO FAILS TO COMPLETE FULLY,
SIGN AND RETURN TO THE DEPOSITARY THE SUBSTITUTE FORM W-9 INCLUDED IN THE LETTER
OF TRANSMITTAL MAY BE SUBJECT TO REQUIRED BACKUP FEDERAL INCOME TAX WITHHOLDING.
SEE "-- PROCEDURES FOR TENDERING SHARES" AND INSTRUCTION 12 OF THE LETTER OF
TRANSMITTAL. ALSO SEE "-- PROCEDURES FOR TENDERING SHARES" REGARDING FEDERAL
INCOME TAX CONSEQUENCES FOR FOREIGN SHAREHOLDERS.
6. Certain Conditions of the Offer.
Notwithstanding any other provision of the Offer, the Company shall
not be required to accept for payment, purchase or pay for any Shares tendered,
and may terminate or amend the Offer or may postpone the acceptance
28
<PAGE>
for payment of, or the purchase of and the payment for Shares tendered, subject
to Rule 13e-4(f) under the Exchange Act (see "-- Extension of the Offer;
Termination; Amendment"), if (i) the Financing Condition has not been satisfied
or (ii) at any time on or after April 13, 1998 and prior to the time of payment
for any such Shares any of the following events shall have occurred (or shall
have been determined by the Company to have occurred) which, in the Company's
reasonable judgment in any such case and regardless of the circumstances giving
rise thereto (including any action or omission to act by the Company), makes it
inadvisable to proceed with the Offer or with such acceptance for payment or
payment:
(a) there shall have been threatened, instituted or pending any action
or proceeding by any government or governmental, regulatory or administrative
agency or authority or tribunal or any other person, domestic or foreign, or
before any court or governmental, regulatory or administrative authority or
agency or tribunal, domestic or foreign, which: (1) challenges the making of the
Offer, the acquisition of Shares pursuant to the Offer or otherwise relates in
any manner to the Offer or (2) in the Company's reasonable judgment, could
materially affect the business, condition (financial or other), income,
operations or prospects of the Company and its subsidiaries, taken as a whole,
or otherwise materially impair in any way the contemplated future conduct of the
business of the Company or any of its subsidiaries or materially impair the
Offer's contemplated benefits to the Company; or
(b) there shall have been any claim, action or proceeding threatened,
pending or taken, or any consent, license, authorization, permit or approval
withheld, or any law, statute, rule, regulation, judgment, order or injunction
threatened, proposed, sought, promulgated, enacted, entered, enforced or deemed
to be applicable to the Offer or the Company, by or before any court or any
government or governmental, regulatory or administrative agency or authority
(federal, state, local or foreign) or tribunal, domestic or foreign, which, in
the reasonable judgment of the Company, could or might directly or indirectly
(i) make the acceptance for payment of, or payment for, some or all of the
Shares illegal or otherwise restrict or prohibit the consummation of the Offer,
(ii) delay or restrict the ability of the Company, or render the Company unable,
to accept for payment or pay for some or all of the Shares, (iii) materially
affect the business, condition (financial or other), income, operations or
prospects of the Company and its subsidiaries, taken as a whole, or otherwise
materially impair in any way the contemplated future conduct of the business of
the Company or any of its subsidiaries, or (iv) materially impair the
contemplated benefits of the Offer to the Company; or
(c) there shall have occurred any of the following events: (i) the
commencement of any state of war, international crisis or national emergency;
(ii) the declaration of any banking moratorium or suspension of payments by
banks in the United States or any limitation on the extension of credit by
lending institutions in the United States; (iii) any general suspension of
trading or limitation of prices for securities on any securities exchange or in
the over-the-counter market in the United States; (iv) any significant adverse
change in the market price of the Shares or any change in the general political,
market, economic or financial conditions in the United States or abroad that
could have a material adverse effect upon the trading of the Shares; (v) in the
case of any of the foregoing existing at the time of the commencement of the
Offer, in the reasonable judgment of the Company, a material acceleration or
worsening effect thereof; or (vi) any decline in either the Dow Jones Industrial
Average or the Standard and Poor's Index of 500 Industrial Companies by an
amount in excess of 10% measured from the close of business on April 9, 1998; or
(d) a tender or exchange offer with respect to some or all of the
Shares (other than the Offer), or a merger or acquisition proposal for the
Company, shall have been proposed, announced or made by another person or shall
have been publicly disclosed, or the Company shall have learned that any person
or "group" (within the meaning of Section 13(d)(3) of the Exchange Act), shall
have acquired or proposed to acquire beneficial ownership of more than five
percent of the outstanding Shares, or any new group shall have been formed that
beneficially owns more than five percent of the outstanding Shares; or
(e) there shall have occurred any event which, in the reasonable
judgment of the Company, has resulted in an actual or threatened material
adverse change in the business, financial condition, assets, income, operations,
prospects or stock ownership of the Company or which may adversely affect the
value of the Shares;
29
<PAGE>
and, in the reasonable judgment of the Company, such event makes it inadvisable
to proceed with the Offer or with acceptance for payment of or payment for any
Shares.
The foregoing conditions are for the sole benefit of the Company and
may be asserted by the Company regardless of the circumstances (including any
action or inaction by the Company) giving rise to any such condition, and may be
waived by the Company, in whole or in part, at any time and from time to time in
its sole discretion. The Company's failure at any time to exercise any of the
foregoing rights shall not be deemed a waiver of any such right and each such
right shall be deemed an ongoing right which may be asserted at any time and
from time to time. Any determination by the Company concerning the events
described above will be final and binding on all parties.
7. Extension of the Offer; Termination; Amendment.
The Company expressly reserves the right, in its sole discretion, at
any time and from time to time, and regardless of whether or not any of the
events set forth in "-- Certain Conditions of the Offer" shall have occurred or
been determined by the Company to have occurred, (a) to extend the period of
time during which the Offer is open by giving oral or written notice of such
extension to the Depositary and making a public announcement thereof no later
than 9:00 a.m., Eastern time, on the next business day after the previously
scheduled Expiration Date, and (b) to amend the Offer in any respect (including,
without limitation, by increasing or decreasing the range of prices it may pay
for Shares or the number of Shares being sought in the Offer) by giving oral or
written notice of such amendment to the Depositary and, as promptly as
practicable thereafter, making a public announcement thereof. If (i) the Company
increases or decreases the price to be paid for Shares, increases or decreases
the number of Shares being sought in the Offer or incurs dealer manager
soliciting fees and, in the event of an increase in the number of Shares being
sought, such increase exceeds two percent of the outstanding Shares and (ii) the
Offer is scheduled to expire at any time earlier than the expiration of a period
ending on the tenth business day from, and including, the date that such notice
of an increase or decrease is first published, sent or given in the manner
specified in this Section 7, the Offer will, at least, be extended until the
expiration of such period of ten business days. The Company also expressly
reserves the right, in its sole and absolute discretion, to terminate the Offer
and not to accept for payment or pay for Shares upon the occurrence of any of
the conditions specified in "--Certain Conditions of the Offer" by giving oral
or written notice of such termination to the Depositary and, as promptly as
practicable thereafter, making a public announcement thereof. Without limiting
the manner in which the Company may choose to make a public announcement, except
as required by applicable law (including Rule 13e- 4(e)(2) under the Exchange
Act), the Company shall have no obligation to publish, advertise or otherwise
communicate any such public announcement other than by making a release to the
Dow Jones News Service. The rights reserved by the Company in this paragraph are
in addition to the Company's rights under "--Certain Conditions of the Offer."
Payment for Shares accepted for payment pursuant to the Offer may be delayed in
the event of proration due to the difficulty of determining the number of
validly tendered Shares. See "--Number of Shares; Proration" and "--Purchase of
Shares and Payment of Purchase Price."
8. Source and Amount of Funds.
Assuming that the Company purchases 222,000 Shares pursuant to the
Offer at a price of $21.50 per Share, the cost to the Company (including all
fees and expenses relating to the Offer), is estimated to be approximately
$4,858,000. The Company plans to obtain substantially all the funds needed for
the Offer from a dividend from the Association of $4,650,000. The Association
filed a Notice of Capital Distribution (the "Notice") with the OTS, regarding
the dividend, on April 7, 1998. Pursuant to OTS regulations, the OTS could
object to the dividend within 30 days of the filing of the Notice. The Company
intends to obtain the remaining funds necessary to consummate the Offer through
short-term borrowings.
The terms of any short-term borrowings will depend upon market
conditions and other factors prevailing at the time or times of borrowing. The
Company expects that, under current circumstances and market conditions, such
short-term borrowings (i) would have a maturity of between approximately six and
nine months, (ii) would involve an effective interest cost to the Company of
approximately 10.25% per annum, and (iii) would be repaid from dividends from
the Association paid out of earnings or from the proceeds of other borrowings by
the Company.
30
<PAGE>
9. Certain Information Concerning The Company
General. The Company is the holding company for the Association which
was originally chartered in 1934. The Association is primarily engaged in the
business of attracting deposits from the general public and using those
deposits, together with other funds, to originate loans secured by first
mortgages on owner-occupied, one-to four-family residences in its market area,
and to purchase investment securities. The Association's loan portfolio
predominantly consists of both adjustable-rate and fixed-rate mortgage loans
secured by single family residences, and to a much lesser extent, the
Association also originates commercial mortgage, construction and consumer
loans.
The business of the Association is conducted through its only office
in Little Falls, Morrison County, Minnesota.
The Association is subject to examination by the OTS and the Federal
Deposit Insurance Corporation. The Company, as a federal savings and loan
holding company, is subject to examination by the OTS.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
Set forth below is certain selected consolidated financial information
with respect to the Company, excerpted or derived from the audited financial
statements for the years ended September 30, 1997 and 1996 and from the
unaudited financial statements for the three months ended December 31, 1997 and
1996 included in Annex II to this Offer to Purchase. The selected information
below is qualified in its entirety by reference to such consolidated financial
statements and the financial information and related notes contained therein.
Mississippi View Holding Company
Summary Historical Financial Information
<TABLE>
<CAPTION>
At December 31, At September 30,
---------------------------------------------------------------------------------------
1997 1996 1997 1996(1)
---------------------------------------------------------------------------------------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Selected Financial Condition
and Other Data
Total assets......................... $68,619 $70,329 $68,546 $70,011
Loans receivable, net................ 44,493 43,857 44,475 43,070
Mortgage-backed securities........... 4,318 4,543 5,064 4,857
Investment securities................ 14,538 17,139 15,956 17,323
Cash and cash equivalents............ 3,471 2,898 1,105 2,584
Deposits............................. 54,867 56,342 55,184 56,531
Total shareholders' equity........... 12,476 13,035 12,068 12,440
</TABLE>
31
<PAGE>
<TABLE>
<CAPTION>
Three Months Ended December 31, Year Ended September 30,
-------------------------------------------------------------------------------------
1997 1996 1997 1996(1)
-------------------------------------------------------------------------------------
(Dollars in thousands, except per share amounts)
<S> <C> <C> <C> <C>
Interest income...................... $1,272 $1,293 $5,165 $5,173
Interest expense..................... 626 634 2,502 2,531
Net interest income.................. 646 659 2,663 2,642
Provision for credit losses.......... -- -- -- 4
Noninterest income................... 42 38 202 351
Noninterest expense.................. 402 439 1,667 2,056
Income tax expense................... 109 84 458 374
Net income .......................... 177 173 740 559
Net income per share................. 0.27 0.22 0.96 0.66
Dividends per share.................. -- -- 0.16 0.16
Book value per share................. 16.85 15.25 16.30 14.17
</TABLE>
<TABLE>
<CAPTION>
At or For Three Months Ended At or For Year Ended
December 31, September 30,
----------------------------------------------------------------------------------------------
1997(1) 1996(1) 1997 1996(2)
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Selected financial ratios:
Return on average assets............. 1.07% 1.00% 1.08% 0.80%
Return on average equity............. 6.36 5.64 6.18 4.23
Dividend payout ratio................
Shareholders' equity/total assets.... 18.18 18.53 17.61 17.77
Allowance for loan losses/loans
receivable, net...................... 1.94 2.00 1.93 2.03
Ratios of Earnings to Fixed
Charges(3):
Excluding interest on deposits..... -- -- -- --
Including interest on deposits..... 0.46x 0.41x 0.48x 0.37x
</TABLE>
(footnotes on following page)
32
<PAGE>
- ------------------
(1) The ratios for the three month periods are annualized.
(2) The Federal Deposit Insurance Corporation has imposed a special
assessment on the Savings Association Insurance Fund members based on
deposits as of March 31, 1995. The Association paid an assessment of
$362,000 on September 30, 1996, which was required to be accrued and
expended for the quarter ended September 30, 1996.
(3) The consolidated ratio of earnings to fixed charges has been computed
by dividing income before income taxes, cumulative effect of changes
in accounting principles and fixed charges by fixed charges. Fixed
charges represent all interest expense (ratios are presented both
excluding and including interest on deposits). There were no
amortization of notes and debentures expense nor any portion of net
rental expense which was deemed to be equivalent to interest on debt.
Interest expense (other than on deposits) includes interest on notes,
federal funds purchased and securities sold under agreements to
repurchase, and other funds borrowed.
33
<PAGE>
SELECTED PRO FORMA FINANCIAL INFORMATION
The following unaudited pro forma financial information of the Company
for the three months ended December 31, 1997 and the fiscal year ended September
30, 1997 show the effects of (i) the purchase of 222,000 Shares pursuant to the
Offer and (ii) the sale of Shares to the Trust equal to the Purchase Price in
exchange for a Note in an aggregate principal amount of $1,214,750. The balance
sheet data give effect to the purchase of Shares pursuant to the Offer as if it
had occurred as of the date of the balance sheet. The pro forma financial
information should be read in conjunction with the audited financial statements
and related notes thereto for the year ended September 30, 1997 and the
unaudited financial statements for the three months ended December 31, 1997
contained in Annex II to this Offer to Purchase. The pro forma financial
information does not purport to be indicative of the results that would actually
have been attained had the purchases of the Shares and the issuance of Shares to
the Trust been completed at the dates indicated or that may be attained in the
future.
Mississippi View Holding Company
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three Months Ended December 31, 1997
(Dollars in thousands, except per share data)
Shares Purchased at
----------------------------
$19.50 $21.50
per Share per Share
--------- ---------
Interest income.................................. $ 1,216 $1,212
Interest expense (3)............................. 626 631
--- ---
Net interest income......................... 590 581
Provision for credit losses...................... -- --
---- ----
Net interest income after provision
for credit losses......................... 590 581
Noninterest income............................... 42 42
Noninterest expenses............................. 402 402
----- -----
Income before income taxes....................... 230 221
Income tax expense (3)........................... 87 83
----- -----
Net income.................................. $ 143 $ 138
====== ======
Basic earnings per share.................... $ 0.29 $ 0.28
====== ======
Diluted earnings per share.................. $ 0.26 $ 0.25
====== ======
Weighted average shares outstanding (2).......... 489,441 489,441
Ratio of earnings to fixed charges
Excluding interest on deposits............... -- 41.4x
Including interest on deposits................... 0.37x 0.35x
See Notes to Unaudited Proforma Financial Information on page 38
34
<PAGE>
Mississippi View Holding Company
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
Year Ended September 30, 1997
(Dollars in thousands, except per share data)
Shares Purchased at
--------------------------
$19.50 $21.50
per Share per Share
--------- ---------
Interest income..................................... $ 4,900 $ 4,884
Interest expense (3)................................ 2,502 2,523
------- -------
Net interest income............................ 2,398 2,361
Provision for credit losses......................... -- --
------ ------
Net interest income after provision
for credit losses........................... 2,398 2,361
Noninterest income.................................. 202 202
Noninterest expenses................................ 1,668 1,668
------- --------
Income before income taxes.......................... 933 895
Income tax expense (3).............................. 352 337
------ ------
Net income..................................... $ 581 $ 558
====== =======
Basic earnings per share....................... $ 0.96 $ 0.92
====== =======
Diluted earnings per share..................... $ 0.92 $ 0.88
====== =======
Weighted average shares outstanding (2)............. 604,372 604,372
Ratio of earnings to fixed charges
Excluding interest on deposits................... -- 42.0x
Including interest on deposits................... 0.37x 0.35x
See Notes to Unaudited Proforma Financial Information on page 38
35
<PAGE>
Mississippi View Holding Company
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
December 31, 1997
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Shares Purchased at
-------------------------------
$19.50 $21.50
per Share per Share
--------- ---------
<S> <C> <C>
ASSETS
Cash and cash equivalents (3)................................... $ 580 $ 655
Certificates of Deposit in other financial institutions......... 4,755 4,755
Mortgage backed securities held to maturity .................... 1,924 1,924
Securities available for sale (3)............................... 7,553 7,232
Mortgage backed securities available for sale................... 2,394 2,394
Loans receivable, net........................................... 44,493 44,493
Other assets.................................................... 2,450 2,450
------- -------
Total assets............................................... $64,149 $63,904
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits...................................................... $54,867 $54,867
Borrowings (3)................................................ -- 208
Other liabilities............................................. 1,253 1,250
------- -------
Total liabilities.......................................... 56,120 56,325
Shareholders' equity
Common stock.................................................. 101 101
Paid in capital............................................... 7,566 7,566
Retained earnings (7)......................................... 7,881 7,875
Unrealized loss on securities available for sale.............. 1,287 1,287
Treasury stock (1)(2)(4)...................................... (6,917) (7,248)
Unearned ESOP/MSBP............................................ (787) (787)
Unearned stock compensation (8)............................... (1,102) (1,215)
-------- --------
Total shareholders' equity................................. 8,029 7,579
-------- -------
Total liabilities and equity............................... $ 64,149 $ 63,904
======= =======
Shareholders' equity/total assets............................ 12.52% 11.86%
Book value per common share.................................. $13.97 $13.19
</TABLE>
See Notes to Unaudited Proforma Financial Information on page 38
36
<PAGE>
Mississippi View Holding Company
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
September 30, 1997
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Shares Purchased at
----------------------------------
$19.50 $21.50
per Share per Share
--------- ---------
<S> <C> <C>
ASSETS
Cash and cash equivalents (3)..................................... $ 505 $ 552
Certificate of Deposit in other financial institutions............ 4,755 4,755
Mortgage backed securities held to maturity ...................... 2,650 2,650
Securities available for sale (3)................................. 6,471 6,150
Mortgage backed securities available for sale..................... 2,413 2,413
Loans receivable, net............................................. 44,610 44,610
Other assets...................................................... 2,463 2,463
------- -------
Total assets................................................. $ 63,867 $ 63,594
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits........................................................ $ 55,184 $ 55,184
Borrowings (3).................................................. -- 208
Other liabilities............................................... 1,189 1,174
------- -------
Total liabilities............................................ 56,373 56,566
Shareholders' equity
Common stock.................................................... 101 101
Paid in capital................................................. 7,540 7,540
Retained earnings (7)........................................... 7,578 7,556
Unrealized loss on securities available for sale................ 1,111 1,111
Treasury stock (1)(2)(4)........................................ (6,917) (7,248)
Unearned ESOP/MSBP.............................................. (816) (816)
Unearned stock compensation (8)................................. (1,102) (1,215)
------- -------
Total Shareholders' equity................................... 7,495 7,028
------- -------
Total liabilities and equity................................. $ 63,867 $ 63,594
======= =======
Shareholders' equity/total assets................................ 11.74% 11.05%
Book value per common share...................................... $ 13.04 $ 12.23
</TABLE>
See Notes to Unaudited Proforma Financial Information on page 38
37
<PAGE>
Mississippi View Holding Company
NOTES TO UNAUDITED PRO FORMA FINANCIAL INFORMATION
(1) The proforma financial information reflects the repurchase of 222,000
Shares of stock at $19.50 and $21.50 per Share, as appropriate.
(2) The balance sheet data give effect to the purchase of Shares as of the
balance sheet date. The income statement data give effect to the
purchase of Shares as of the beginning of each period presented.
(3) The funds used to purchase Shares were considered to have been
obtained from cash and cash equivalents and securities available for
sale. In addition, borrowings will be obtained if Shares are purchased
at $21.50 per Share. The pro forma data assumes a rate of interest of
4.47% for cash and cash equivalents, 6.13% for securities available
for sale, a borrowing at a rate of 10.25% and a tax rate of 40%. The
income statement data reflects the decrease in investment income as if
cash was used to purchase the common stock at the beginning of the
period.
(4) Effect has been given to costs to be incurred in connection with the
Offer, which are estimated to be $85,000. Such costs will be
capitalized as part of the costs of the stock purchased.
(5) Reflects the sale of Shares having a value of $1,101,750 and
$1,214,750, based on a Purchase Price of $19.50 and $21.50 per Share,
respectively, to the Trust. The obligation of the Trust to the Company
is reflected in shareholders' equity as unearned compensation in the
accompanying pro forma financial information.
(6) Net income after tax effect on earnings as a result of pro forma
effect of repurchase.
(7) After tax effect of reduced earnings due to the loss of interest
income resulting from the sale of cash and cash equivalents and
securities available for sale.
(8) Assumes purchase of 56,500 shares by the Trust.
38
<PAGE>
10. Effects of the Offer on the Market for Shares; Registration under
the Exchange Act.
The Shares are not currently "margin securities" under the rules of
the Federal Reserve Board. The Company believes that, following the purchase of
Shares pursuant to the Offer, the Shares will continue to not be "margin
securities" for purposes of the Federal Reserve Board's margin regulations.
The Savings and Loan Holding Company Act and the Change in Bank
Control Act each set forth thresholds with respect to the ownership of voting
shares of a savings and loan holding company of 5% to 10%, respectively, over
which the owner of such voting shares may be determined to control such savings
and loan holding company. If, as a result of the Offer, the ownership interest
of any shareholder in the Company is increased over these thresholds, such
shareholder may be required to reduce its ownership interest in the Company or
file a notice with regulators. Each shareholder whose ownership interest may be
so increased is urged to consult the shareholder's own legal counsel with
respect to the consequences to the shareholder of the Offer.
The Company is required to file periodic reports with the Commission
pursuant to Section 13 of the Exchange Act. Regardless of the results of the
Offer the Company plans to apply to the Commission to suspend this duty since
the number of its shareholders is currently less than 300 holders of record.
Termination of the Company's reporting duty would substantially reduce the
public information available concerning the Company. Such termination will,
however, decrease the Company's non-interest expenses.
11. Fees and Expenses.
The Company has retained MacKenzie Partners, Inc. to act as
Information Agent and Registrar and Transfer Company to act as Depositary in
connection with the Offer. The Information Agent may contact holders of Shares
by mail, telephone, telegraph and personal interviews and may request brokers,
dealers and other nominee shareholders to forward materials relating to the
Offer to beneficial owners. The Information Agent and the Depositary will each
receive reasonable and customary compensation for their respective services and
will be reimbursed by the Company for certain reasonable out-of-pocket expenses,
including attorneys' fees.
No fees or commissions will be payable to brokers, dealers or other
persons (other than fees to the Information Agent and the Depositary as
described above) for soliciting tenders of Shares pursuant to the Offer. The
Company will, however, upon request, reimburse brokers, dealers and commercial
banks for customary mailing and handling expenses incurred by such persons in
forwarding the Offer to Purchase and related materials to the beneficial owners
of Shares held by any such person as a nominee or in a fiduciary capacity. No
broker, dealer, commercial bank or trust company has been authorized to act as
the agent of the Company, the Information Agent or the Depositary for purposes
of the Offer. The Company will pay or cause to be paid all stock transfer taxes,
if any, on its purchase of Shares except as otherwise provided in Instruction 7
in the Letter of Transmittal.
The estimated costs and fees to be paid by the Company in connection
with the Offer are as follows:
Financial advisor fees................ $20,000
Accounting fees....................... 600
Legal fees............................ 30,000
Commission filing fees................ 955
Printing and mailing expenses......... 18,000
Depositary fees....................... 7,500
Information agent fees................ 5,000
Miscellaneous......................... 2,945
------
Total................................. $85,000
=======
39
<PAGE>
ADDITIONAL INFORMATION
The Company is currently subject to the informational filing
requirements of the Exchange Act and, in accordance therewith, is obligated to
file reports and other information with the Commission relating to its business,
financial condition and other matters. Information, as of particular dates,
concerning the Company's directors and officers, their remuneration, options
granted to them, the principal holders of the Company's securities and any
material interest of such persons in transactions with the Company is required
to be disclosed in proxy statements distributed to the Company's shareholders
and filed with the Commission. Such reports, proxy statements and other
information are available for inspection at the public reference facilities of
the Commission at Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C.
20549; and for inspection and copying at the regional offices of the Commission,
located at Suite 1400, Citicorp Center, 14th Floor, 500 West Madison Street,
Chicago, Illinois 60661; and 7 World Trade Center, Suite 1300, New York, New
York 10048. Copies of such material may also be obtained by mail, upon payment
of the Commission's customary charges, from the Commission's principal office at
Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C. 20549. The Commission
also maintains a Web site on the World Wide Web at http:\www.sec.gov that
contains reports, proxy and information statements and other information
regarding registrants that file electronically with the Commission.
MISCELLANEOUS
The Company is not aware of any jurisdiction where the making of the
Offer is not in compliance with applicable law. If the Company becomes aware of
any jurisdiction where the making of the Offer is not in compliance with any
valid applicable law, the Company will make a good faith effort to comply with
such law. If, after such good faith effort, the Company cannot comply with such
law, the Offer will not be made to (nor will tenders be accepted from or on
behalf of) the holders of Shares residing in such jurisdiction.
Pursuant to Rule 13e-3 and Rule 13e-4 under the Exchange Act, the
Company has filed with the Commission a Rule 13e-3 Transaction Statement and an
Issuer Tender Offer Statement on Schedule 13E-4 which contain additional
information with respect to the Offer. Such Schedule 13E-3 and Schedule 13E-4,
including the exhibits and any amendments thereto, may be examined, and copies
may be obtained, at the same places and in the same manner as is set forth in
"Additional Information" with respect to information concerning the Company.
Mississippi View Holding Company
April 13, 1998
40
<PAGE>
Schedule A
1. Directors and Executive Officers
The following table sets forth certain information about the Company's
directors and executive officers as of March 31, 1998.
<TABLE>
<CAPTION>
Number of Shares Percent of Percent of Shares
Name and Address(1) Principal Occupation Beneficially Owned Shares After Offer
------------------- -------------------- ------------------ ---------- -----------
<S> <C> <C> <C> <C>
DIRECTORS
Neil Adamek Farmer 27,169(2)(4)(5)(9) 3.69% 4.76%
Thomas J. Leiferman Bank & Company President 68,526(2)(8) 9.30 11.99
Wallace R. Mattock Retired (past Bank President) 17,869(2)(3)(4)(5) 2.43 3.13
Gerald Peterson Businessman 40,944(2)(4)(5)(6) 5.56 7.17
Peter Vogel Attorney 9,719(2)(4)(5)(7) 1.32 1.70
NON-DIRECTOR EXECUTIVE OFFICERS
Larry D. Hartwig Treasurer & Controller of 34,672(10) 4.71 6.07
Bank & Company
Mary Ann Karnowski Secretary of Bank & 22,103(11) 3.00 3.87
Company
</TABLE>
- --------------
(1) The address of the individuals listed above is 35 East Broadway,
Little Falls, Minnesota. Each of the individuals listed above is a
citizen of the United States of America.
(2) Excludes 80,639 Shares of Common Stock (56,447 currently unallocated)
held under the ESOP Committee for which such specified individual (or
certain individuals in the named group) serves as a member of the ESOP
Committee or as an ESOP Trustee. Excludes 28,629 unvested and unawared
Shares of Common Stock held by the MSBP for which such specified
individuals (or certain individual in the named group) serves as
member of the MSBP Committee or as an MSBP Trustee. Such individuals
disclaim beneficial ownership with respect to such Shares held in a
fiduciary capacity.
(3) Includes 75 Shares jointly owed by Mr. Mattock with his son, which Mr.
Mattock may be deemed to beneficially own.
(4) Includes 2,015 and 4,389 options each to purchase Shares of Common
Stock pursuant to 1995 and 1997 stock option plans, respectively,
exercisable within 60 days of March 31, 1998.
(5) Includes 1,209 Shares each of restricted Common Stock granted, but not
vested, pursuant to the MSBP.
(6) Includes 6,250 Shares owned by the spouse of Mr. Peterson, and 25
Shares held in trust by Mr. Peterson under the Uniform Gifts to Minors
Act for the benefit of Mr. Peterson's minor grandchild, which Mr.
Peterson may be deemed to beneficially own.
(7) Includes 50 Shares held in trust by Mr. Vogel under the Uniform Gifts
to Minors Act for the benefit of Mr. Vogel's minor children, which
Shares Mr. Vogel may be deemed to beneficially own.
(8) Includes (i) 1,050 Shares held in trust by Mr. Leiferman under the
Uniform Gifts to Minors Act for the benefit of Mr. Leiferman's minor
children; (ii) 4,881 Shares held in an individual retirement account
for the benefit of Mr. Leiferman; (iii) 6,508 Shares held in the ESOP
and allocated for the benefit of Mr. Leiferman; and (iv) 7,407 Shares
held in a 401(k) Trust for the benefit of Mr. Leiferman, which Mr.
Leiferman may be deemed to beneficially own. Includes 10,079 and
21,943 options to purchase Shares of Common Stock pursuant to the 1995
and 1997 stock option plans, respectively, exercisable within 60 days
of March 31, 1998 and 6,047 Shares of restricted Common Stock granted,
but not vested, pursuant to the MSBP.
(9) Includes 402 Shares owned by Mr. Adamek's spouse, which Shares Mr.
Adamek may be deemed to beneficially own.
(10) Includes (i) 600 Shares held in trust by Mr. Hartwig under the Uniform
Gifts to Minors Act for the benefit of Mr. Hartwig's minor children;
(ii) 4,323 Shares held in an individual retirement account for the
benefit of Mr. Hartwig; (iii) 2,780 Shares held in the ESOP and
allocated for the benefit of Mr. Hartwig; and (iv) 5,920 Shares held
in a 401(k) Trust for the benefit of Mr. Hartwig, which Mr. Hartwig
may be deemed to beneficially own. Includes 5,039 and 10,971 options
to purchase Shares of Common Stock pursuant to the 1995 and 1997 stock
option plans, respectively, exercisable within 60 days of March 31,
1998 and 3,023 Shares of restricted Common Stock granted, but not
vested, pursuant to the MSBP.
(11) Includes (i) 25 Shares jointly owned by Ms. Karnowski with her son,
(ii) 1,000 Shares held in an individual retirement account for the
benefit of Ms. Karnowski; (iii) 2,080 Shares held in the ESOP and
allocated for the benefit of Ms.
A-1
<PAGE>
Karnowski; (iv) 2,159 Shares held in a 401(k) Trust for the benefit of
Ms. Karnowski, which Ms. Karnowski may be deemed to beneficially own.
Includes 4,031 and 8,777 options to purchase Shares of Common Stock
pursuant to the 1995 and 1997 stock option plans, respectively,
exercisable within 60 days of March 31, 1998, and 2,419 Shares of
restricted Common Stock granted, but not vested, pursuant to the MSBP.
2. Principal Shareholders
The following table lists the name and address of each person who, to
the best knowledge of the Company, owned beneficially (as determined in
accordance with the rules and regulations of the Commission) more than 5% of the
Common Stock as of March 31, 1998.
<TABLE>
<CAPTION>
Name and Address Number of Shares Beneficially Owned Percent of Class
---------------- ----------------------------------- ----------------
<S> <C> <C>
John Hancock Advisers, Inc. 85,000(1) 11.54%
101 Huntington Avenue
Boston, Massachusetts 021199
Wellington Management Company 89,200(1)(2) 12.11%
75 State Street
Boston, Massachusetts 02109
Community Federal Savings and Loan 80,639(3) 10.94%
Association of Little Falls Employee
Stock Ownership Plan ("ESOP")
35 East Broadway
Little Falls, Minnesota 56345
</TABLE>
- --------------
(1) Based on a Schedule 13G filed in February 1998.
(2) Includes 89,200 shares of Common Stock beneficially owned by Bay Pond
Partners, L.P. which maintains the same business address as Wellington
Management Company.
(3) The ESOP purchased such shares for the executive benefit of plan
participants with funds borrowed from the Company and are held in
trust.
In addition to Shares held by the directors and officers of the
Company, the MSBP holds 28,629 Shares, or approximately 3.89% of the Common
Stock outstanding.
3. Certain Transactions Involving Shares
During the 40 business days prior to April 13, 1998, the Company and
its executive officers and directors effected transactions in the Shares as
follows:
<TABLE>
<CAPTION>
Person Who Number Average Price
Effected of Per
Date Transaction Shares Share Nature of Transaction
---- ----------- ------ ----- ---------------------
<S> <C> <C> <C> <C>
March 19, 1998 Company 3,379 $17.75 Open market stock repurchase
</TABLE>
A-2
<PAGE>
4. Previous Stock Repurchases
Since October 1, 1995, the Company has purchased 271,128 Shares of
Common Stock at a range of prices of $11.25 to $17.75. The average purchase
price for each quarterly period since October 1, 1995 is disclosed below.
Fiscal Year Average Purchase Price
----------- ----------------------
1996:
1st Quarter.................................... N/A
2nd Quarter.................................... $12.04
3rd Quarter.................................... 11.56
4th Quarter.................................... 11.76
1997:
1st Quarter.................................... 11.96
2nd Quarter.................................... 12.38
3rd Quarter.................................... N/A
4th Quarter.................................... 17.18
1998:
1st Quarter.................................... N/A
2nd Quarter.................................... 17.75
A-3
<PAGE>
Annex I
[FINPRO LETTERHEAD]
April 9, 1998
Board of Directors
Mississippi View Holding Company
35 East Broadway
Little Falls, Minnesota 56345
Members of the Board:
You have requested our opinion, as an independent financial analyst to the
common shareholders of Mississippi View Holding Company and its wholly owned
subsidiary Community Federal Savings and Loan Association of Little Falls,
Little Falls, Minnesota (the "Bank"), as to the fairness, from a financial point
of view to the common shareholders of the Bank, of the terms of the proposed
Tender Offer.
As part of its banking analysis business, FinPro, Inc. is continually engaged in
the valuation of bank, bank holding company and thrift securities in connection
with mutual-to-stock conversions, stock repurchases and mergers and acquisitions
nationwide.
In rendering its opinion, FinPro reviewed certain publicly available information
concerning the Company, including it's audited financial statements and annual
reports. FinPro considered many factors in making its evaluation. In arriving at
its Opinion regarding the fairness of the transaction, FinPro reviewed: (i) the
Tender Offer; (ii) the most recent external auditor's reports to the Boards of
Directors; (iii) the December 31, 1997 Report of Condition and Income; (iv) the
most recent regulatory report, compliance report and Community Reinvestment Act
Report; (v) the most recent annual report (10k); (vi) the internal loan
classification list, OREO list and Delinquency list; (vii) details on stock
price performance; (viii) the budget and long range operating plan; and (ix)
details on the ESOP and RRP plans. FinPro conducted an off-site review of the
Company's historical performance and current financial condition.
We have also had discussions with the management of the Bank regarding its
financial results and have analyzed the most current financial data available on
the Bank. We also considered such other information, financial studies, analyses
and investigations, and economic and market criteria which we deemed relevant.
We also considered: (a) a transaction summary of the financial terms of the
Modified Dutch Auction, including the aggregate consideration relative to fully
diluted book value, fully diluted earnings, fully diluted assets, and deposit
liabilities of the Bank; (b) the financial terms, financial condition, operating
performance, and market areas of other recently completed mergers and
acquisitions of comparable financial institution entities, including evaluating
Midwest transactions both generally and specifically, along with trading and
financial multiples of comparable institutions; and (c) discounted cash flow
analyses for the Bank, incorporating the current business plan and future
prospects. We also considered the reduced marketability characteristics of the
Bank's Common Stock and the earnings in the future. The results of these
analyses and the other factors considered were evaluated as a whole, with the
aggregate results indicating a range of financial parameters utilized to assess
the consideration as described in the Tender Offer.
I-1
<PAGE>
We have not independently verified any of the information reviewed by us and
have relied on its being complete and accurate in all material respects. In
addition, we have not made an independent evaluation of the assets of the Bank.
In reaching our opinion we took into consideration the financial benefits of the
proposed transaction to all the Bank's shareholders. Based on all factors that
we deem relevant and assuming the accuracy and completeness of the information
and data provided to us by the Bank, it is our opinion as of April 9, 1998, that
the proposed transaction is fair and equitable to all of the Bank's shareholders
from a financial point of view.
Respectfully submitted,
FinPro, Inc.
Liberty Corner, New Jersey
By /s/Donald J. Musso
----------------------------
Donald J. Musso
President
I-2
<PAGE>
Annex II
INDEX TO FINANCIAL STATEMENTS
Mississippi View Holding Company
First Quarter 1998 Financial Statements
Consolidated Statements of Financial Condition (Unaudited)
as of December 31, 1997 and December 31, 1996............................II-2
Consolidated Statements of Income (Unaudited)
for the Three Months Ended December 31, 1997 and 1996....................II-3
Consolidated Statements of Cash Flows
(Unaudited) for the Three Months Ended
December 31, 1997 and 1996...............................................II-4
Notes to Consolidated Financial
Statements (Unaudited)...................................................II-6
Annual Financial Statements
Independent Auditor's Report..............................................II-8
Consolidated Statements of Financial Condition
as of September 30, 1997 and 1996........................................II-9
Consolidated Statements of Income for the
Years Ended September 30, 1997, 1996,
and 1995................................................................II-10
Consolidated Statements of Shareholder's
Equity for the Years Ended September 30,
1997, 1996 and 1995.....................................................II-11
Consolidated Statements of Cash Flows
for the Years Ended September 30, 1997,
1996 and 1995...........................................................II-12
Notes to Consolidated Financial Statements...............................II-14
II-1
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
DECEMBER 31,
1997 SEPTEMBER 30,
(UNAUDITED) 1997
------------ -------------
<S> <C> <C>
ASSETS
Cash and cash equivalents:
Cash and due from banks.......................................................... $ 407,159 $ 214,934
Interest bearing deposits with banks............................................. 3,063,423 889,660
Securities available for sale, at fair value....................................... 11,526,081 12,963,344
Securities held to maturity, at amortized cost..................................... 6,679,180 7,405,466
FHLB stock, at cost................................................................ 650,700 650,700
Loans held for sale................................................................ -- 135,550
Loans receivable, net of allowance for loan losses of $861,953 in 1998 and
$861,170 in 1997................................................................. 44,493,413 44,474,809
Accrued interest receivable........................................................ 426,913 437,548
Premises and equipment............................................................. 785,805 806,900
Other assets....................................................................... 586,117 567,539
------------ -------------
Total assets................................................................ 68,618,791 68,546,450
------------ -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Demand deposits.................................................................. $ 4,329,750 4,408,558
Savings deposits................................................................. 14,325,889 14,525,018
Time deposits.................................................................... 36,211,228 36,250,011
Total deposits.............................................................. 54,866,867 55,183,587
Advances from borrowers for taxes and insurance.................................. 52,239 107,038
Accrued income taxes............................................................. 67,245 66,352
Deferred tax liability........................................................... 650,869 525,353
Other liabilities................................................................ 505,446 596,216
------------ -------------
Total liabilities........................................................... 56,142,666 56,478,546
------------ -------------
Shareholders' equity:
Serial preferred stock, no par value; 5,000,000 shares authorized, no shares
issued........................................................................ -- --
Common stock, $.10 par value, 10,000,000 shares authorized; 1,007,992 shares
issued; 656,629 and 653,151 shares outstanding................................ 100,799 100,799
Paid in capital.................................................................. 7,565,816 7,540,218
Treasury stock (267,749 and 267,749 shares), at cost............................. (3,605,111) (3,605,111)
Retained earnings, substantially restricted...................................... 7,914,162 7,737,458
Unearned ESOP shares (56,447 and 58,463 shares), at cost......................... (483,330) (498,012)
Unearned MSBP shares (27,167 and 28,629 shares), at cost......................... (303,206) (317,954)
Unrealized appreciation on available-for-sale securities, net of tax............. 1,286,995 1,110,506
Total shareholders' equity.................................................. 12,476,125 12,067,904
------------ -------------
Total liabilities and shareholders' equity.................................. $ 68,618,791 $ 68,546,450
------------ -------------
------------ -------------
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
II-2
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
DECEMBER 31,
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
Interest income:
Loans receivable................................................................. $ 973,457 $ 942,489
Securities available for sale.................................................... 171,696 173,997
Securities held to maturity...................................................... 126,754 176,451
----------- -----------
Total interest income....................................................... 1,271,907 1,292,937
----------- -----------
Interest Expense:
Demand deposits.................................................................. 9,451 9,973
Savings deposits................................................................. 102,312 94,223
Time deposits.................................................................... 514,287 530,099
----------- -----------
Total interest expense...................................................... 626,050 634,295
----------- -----------
Net interest income.............................................................. 645,857 658,642
----------- -----------
Provision for loan losses........................................................ -- --
Net interest income after provision for loan loss........................... 645,857 658,642
----------- -----------
Noninterest Income:
Other fees and service charges................................................... 17,458 13,989
Gain on sale of loans............................................................ 2,535 2,246
Other............................................................................ 22,196 21,282
----------- -----------
Total noninterest income.................................................... 42,189 37,517
----------- -----------
Noninterest expense:
Compensation and employee benefits............................................... 257,785 225,574
Occupancy........................................................................ 22,771 21,933
Deposit insurance premium........................................................ 14,677 38,185
Data processing.................................................................. 18,541 21,402
Advertising...................................................................... 6,828 8,086
Real estate owned expense, net................................................... 335 346
Other............................................................................ 81,213 123,294
----------- -----------
Total noninterest expense................................................... 402,150 438,820
----------- -----------
Income before income taxes......................................................... 285,896 257, 339
Income tax expense................................................................. 109,192 84, 074
Net income......................................................................... $ 176,704 $ 173,265
Basic earnings per share........................................................... $ 0.27 $ 0.22
Diluted earnings per share......................................................... $ 0.24 $ 0.22
Dividends declared during the period............................................... $ -- $ --
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
II-3
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
DECEMBER 31,
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Interest received on loans and investments....................................... $ 1,273,811 $ 1,256,833
Interest paid.................................................................... (626,012) (634,127)
Other fees, commissions, and income received..................................... 58,664 61,506
Cash paid to suppliers, employees and others..................................... (438,359) (781,205)
Contributions to charities....................................................... (1,727) (3,749)
Income taxes paid................................................................ (94,037) --
Loans originated for sale........................................................ (232,783) (170,400)
Proceeds from sale of loans...................................................... 370,868 231,391
Net cash provided by operating activities................................... 310,425 (39,751)
----------- -----------
Cash flows from investing activities:
Purchases of available-for-sale securities....................................... (882,527) --
Proceeds from maturities of available-for-sale securities........................ 2,610,643 632,860
Purchases of held-to-maturity securities......................................... (889,000) (988,000)
Proceeds from maturities of held-to-maturity securities.......................... 1,615,033 1,951,990
Loan originations and principal payments on loans, net........................... (21,535) (677,459)
Purchases of property and equipment.............................................. (3,621) (12,266)
Net cash provided by (used in) investing activities......................... 2,428,993 907,125
----------- -----------
Cash flows from financing activities:
Net increase (decrease) in non-interest bearing demand and savings deposit
accounts...................................................................... (278,075) 247,000
Net (decrease) increase in time deposits......................................... (38,682) (436,058)
Net (decrease) increase in mortgage escrow funds................................. (54,800) (88,154)
Acquisition of treasury stock.................................................... -- (275,000)
Net increase in unearned MSBP shares............................................. (1,873) (912)
Net cash used by financing activities....................................... (373,430) (553,124)
----------- -----------
Net (decrease) increase in cash and cash equivalents............................... 2,365,988 314,250
Cash and cash equivalents at beginning of year..................................... 1,104,594 2,583,654
----------- -----------
Cash and cash equivalents at end of year........................................... $ 3,470,582 $ 2,897,904
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
II-4
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS--(CONTINUED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
DECEMBER 31,
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net Income....................................................................... $ 176,704 $ 173,265
Adjustments:
Provision for losses on loans and real estate................................. -- --
Depreciation.................................................................. 24,716 20,951
Non-cash dividends............................................................ (1,385) (1,319)
ESOP fair value adjustment.................................................... 11,515 4,451
Amortization of ESOP compensation............................................. 14,681 14,359
Amortization of MSBP compensation............................................. 16,622 16,622
Tax benefit of MSBP vesting activities........................................ 14,083 3,052
Net amortization and accretion of premiums and discounts on securities........ 4,934 993
Net loan fees deferred and amortized.......................................... 2,932 10,334
Net mortgage loan servicing fees deferred..................................... 430 363
(Increase) decrease in:
Loans held for sale......................................................... 135,550 58,745
Accrued interest receivable................................................. 10,634 (26,552)
Prepaid income tax.......................................................... -- (71,640)
Deferred tax asset.......................................................... -- 163,903
Other assets................................................................ (19,008) 31,873
Increase (decrease) in:
Accrued interest payable.................................................... 38 168
Accrued income taxes........................................................ 8,749 (8,272)
Other liabilities........................................................... (90,770) (431,047)
----------- -----------
Net cash provided by operating activities..................................... $ 310,425 $ (39,751)
----------- -----------
----------- -----------
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Noncash dividends................................................................ $ 1,385 $ 1,319
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
II-5
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 1997
(UNAUDITED)
NOTE 1: PRINCIPLES OF CONSOLIDATION
The unaudited consolidated financial statements as of and for the three
month period ended December 31, 1997, include the accounts of Mississippi View
Holding Company (the 'Company') and its wholly owned subsidiary Community
Federal Savings & Loan Association of Little Falls (the 'Association'). All
significant intercompany accounts and transactions have been eliminated in
consolidation.
NOTE 2: BASIS OF PRESENTATION
General: The accompanying unaudited interim consolidated financial
statements have been prepared in accordance with generally accepted accounting
principles for interim financial information and instructions per Form 10-QSB.
Accordingly, they do not include all information and disclosures required by
generally accepted accounting principles for complete financial statements. The
accompanying consolidated financial statements do not purport to contain all the
necessary financial disclosures required by generally accepted accounting
principles that might otherwise be necessary in the circumstances and should be
read with the fiscal 1997 consolidated financial statements and notes of
Mississippi View Holding Company and Subsidiary included in their annual audit
report for the year ended September 30, 1997.
In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for fair presentations have been
included. The results of operations for the three month period ended December
31, 1997, are not necessarily indicative of the results that may be expected for
the entire fiscal year or any other period.
Reclassification: Certain items previously reported have been reclassified
to conform with the current period's reporting format.
NOTE 3. RECENT ACCOUNTING PRONOUNCEMENTS
SFAS No. 130, 'Reporting Comprehensive Income'--issued June 1997,
establishes standards for reporting and displaying comprehensive income and its
components in general-purpose financial statements. Comprehensive income
includes net income and several other items that current accounting standards
require to be recognized outside of net income. This statement requires entities
to display comprehensive income and its components in the financial statements
with presentation of the accumulated balances of other comprehensive income
reported in stockholder's equity separately from retained earnings and
additional paid-in capital. SFAS No. 130 is effective for fiscal years beginning
after December 15, 1997. Reclassification of financial statements for earlier
periods that are presented for comparative purposes is required.
SFAS No. 131, 'Disclosures about Segments of Enterprise and Related
Information'--issued June 1997, requires public business enterprises to report
information about their operating segments in a complete set of financial
statements to shareholders. This statement also requires entities to report
enterprise-wide information about their products and services, their activities
in different geographic areas, and their reliance on major customers. Certain
segment information is also to be reported in interim financial statements. The
basis for determining an enterprise's operating segments is the manner in which
management operates the business. Specifically, financial information is
required to be reported on the basis that is used internally by the enterprise's
chief operating decision maker in making decisions related to resource
allocation and segment performance. SFAS No. 131 is effective for financial
statements for years beginning after December 31, 1997.
Management believes adoption of the above-described Statements will not
have a material effect on financial position and the results of operations, nor
will adoption require additional capital resources.
II-6
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
DECEMBER 31, 1997
(UNAUDITED)
EARNINGS PER SHARE
In 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards (SFAS) No. 128, Earnings per Share. Statement 128
replaced the previously reported primary and fully diluted earnings per share
with basic and diluted earnings per share. Unlike primary earnings per share,
basic earnings per share excludes any dilutive effects of options, warrants, and
convertible securities. Diluted earnings per share is very similar to the
previously reported fully diluted earnings per share. All earnings per share
amounts for all periods have been presented, and where necessary restated, to
conform to the Statement 128 requirements.
The following tables set forth the computation of basic and diluted
earnings per share:
<TABLE>
<CAPTION>
FOR THE
THREE MONTHS ENDED
DECEMBER 31,
--------------------
1997 1996
-------- --------
<S> <C> <C>
Numerator:
Net income--Numerator for basic earnings per share and diluted earnings per
share--income available to common shareholders............................. $176,704 $173,265
Denominator:
Denominator for basic earnings per shares--weighted-average shares............ 654,941 771,742
Effect of dilutive securities: stock options and employee stock-based
compensation............................................................. 68,243 8,760
Denominator for diluted earnings per share--adjusted weighted-average shares
and assumed conversions.................................................... 723,184 780,502
Basic earnings per share........................................................ $ 0.27 $ 0.22
Diluted earnings per share...................................................... $ 0.24 $ 0.22
</TABLE>
II-7
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders
Mississippi View Holding Company and Subsidiary
Little Falls, Minnesota 56345
We have audited the accompanying consolidated statements of financial condition
of Mississippi View Holding Company and Subsidiary (the Company) as of September
30, 1997 and 1996, and the related consolidated statements of income, changes in
shareholders' equity, and cash flows for the two years then ended. These
financial statements are the responsibility of management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Mississippi View
Holding Company and Subsidiary as of September 30, 1997 and 1996, and the
consolidated results of their operations and their cash flows for the two years
then ended, in conformity with generally accepted accounting principles.
BERTRAM COOPER & CO., LLP
Waseca, Minnesota
October 29, 1997
II-8
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
SEPTEMBER 30,
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
ASSETS
Cash and cash equivalents:
Cash and due from banks.......................................................... $ 214,934 $ 317,777
Interest bearing deposits with banks............................................. 889,660 2,265,877
Securities available-for-sale, at fair value....................................... 12,963,344 12,235,145
Securities held-to-maturity, at amortized cost (fair value of $7,470,314 for 1997
and $9,320,741 for 1996)......................................................... 7,405,466 9,294,092
FHLB stock, at cost................................................................ 650,700 650,700
Loans held for sale................................................................ 135,550 178,663
Loans receivable, net of allowance for loan losses of $861,170 in 1997 and
$877,094 in 1996................................................................. 44,474,809 43,070,281
Accrued interest receivable........................................................ 437,548 450,327
Premises and equipment............................................................. 806,900 788,846
Deferred tax asset (net of valuation allowance).................................... -- 163,903
Other assets....................................................................... 567,539 595,208
----------- -----------
Total assets.................................................................. $68,546,450 $70,010,819
----------- -----------
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Demand deposits.................................................................. $ 4,408,558 $ 4,471,137
Savings deposits................................................................. 14,525,018 14,087,832
Time deposits.................................................................... 36,250,011 37,972,225
----------- -----------
Total deposits................................................................ 55,183,587 56,531,194
----------- -----------
Advances from borrowers for taxes and insurance.................................... 107,038 138,530
Accrued income taxes............................................................... 66,352 --
Deferred tax liability............................................................. 525,353 --
Other liabilities.................................................................. 596,216 900,850
----------- -----------
Total liabilities............................................................. 56,478,546 57,570,574
----------- -----------
Shareholders' equity:
Serial preferred stock, no par value, 5,000,000 shares authorized, no shares
issued........................................................................... -- --
Common stock, $.10 par value, 10,000,000 shares authorized; 1,007,992 shares
issued, 653,151 and 776,713 outstanding.......................................... 100,799 100,799
Paid in capital.................................................................... 7,540,218 7,510,397
Treasury stock (267,749 and 130,278 shares), at cost............................... (3,605,111) (1,536,689)
Retained earnings, substantially restricted........................................ 7,737,458 7,116,646
Unearned ESOP shares (58,463 and 66,527 shares) at cost............................ (498,012) (566,736)
Unearned MSBP shares (28,629 and 34,474 shares) at cost............................ (317,954) (387,412)
Net unrealized gain on available-for-sale securities, net of tax of $740,337 in
1997 and $135,494 in 1996........................................................ 1,110,506 203,240
----------- -----------
Total shareholders' equity.................................................... 12,067,904 12,440,245
----------- -----------
Total liabilities and shareholders' equity.................................... $68,546,450 $70,010,819
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements
II-9
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
SEPTEMBER 30,
------------------------
1997 1996
---------- ----------
<S> <C> <C>
Interest income:
Loans receivable.................................................................... $3,817,212 $3,703,652
Securities available-for-sale....................................................... 740,781 528,912
Securities held-to-maturity......................................................... 606,933 940,865
---------- ----------
Total interest income............................................................ 5,164,926 5,173,429
---------- ----------
Interest expense:
Demand deposits..................................................................... 36,963 37,345
Savings deposits.................................................................... 394,811 330,357
Time deposits....................................................................... 2,070,092 2,163,841
---------- ----------
Total interest expense........................................................... 2,501,866 2,531,543
---------- ----------
Net interest income................................................................. 2,663,060 2,641,886
Provision for loan losses........................................................... -- 3,725
---------- ----------
Net interest income after provision for loan losses.............................. 2,663,060 2,638,161
---------- ----------
Noninterest income:
Other fees and service charges...................................................... 79,022 70,603
Gain on sale of loans............................................................... 17,372 74,142
Net gain on sale of foreclosed real estate.......................................... 12,848 17,394
Contingency recovery................................................................ -- 81,023
Other............................................................................... 92,818 107,516
---------- ----------
Total noninterest income......................................................... 202,060 350,678
---------- ----------
Noninterest expenses:
Compensation and employee benefits.................................................. 963,690 919,565
Occupancy........................................................................... 94,829 87,856
Deposit insurance assessment........................................................ -- 362,557
Deposit insurance premiums.......................................................... 76,073 150,091
Data processing..................................................................... 83,254 75,996
Advertising......................................................................... 27,201 30,787
Foreclosed real estate expense, net................................................. 1,415 5,053
Other............................................................................... 421,081 424,066
---------- ----------
Total noninterest expense........................................................ 1,667,543 2,055,971
---------- ----------
Income before income taxes............................................................ 1,197,577 932,868
Income tax expense.................................................................... 457,862 374,100
---------- ----------
Net income............................................................................ $ 739,715 $ 558,768
---------- ----------
---------- ----------
Earnings per share of common stock.................................................... $ 0.96 $ 0.66
---------- ----------
---------- ----------
Weighted averages common shares outstanding........................................... 746,484 851,025
---------- ----------
---------- ----------
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements
II-10
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
RETAINED UNALLOCATED
ADDITIONAL EARNINGS COMMON
COMMON PAID-IN TREASURY SUBSTANTIALLY STOCK HELD
STOCK CAPITAL STOCK RESTRICTED BY ESOP
-------- ---------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C>
Balance, September 30, 1995............................. $100,799 $7,494,971 $ -- $ 6,697,907 $(644,441)
Treasury stock acquired............................... -- -- (1,536,689) -- --
Net earnings for the year ended September 30, 1996.... -- -- -- 558,768 --
Dividend paid $0.16/share............................. -- -- -- (140,029) --
Fair value adjustment of ESOP shares net of taxes of
$10,284............................................. -- 15,426 -- -- --
Allocated ESOP shares................................. -- -- -- -- 77,705
MSBP shares acquired, net of earned shares in the
amount of $71,217................................... -- -- -- -- --
Net change in unrealized gain on available-for-sale
securities, net of taxes of $46,318................. -- -- -- -- --
-------- ---------- ----------- ------------- -----------
Balance, September 30, 1996............................. $100,799 $7,510,397 $(1,536,689) $ 7,116,646 $(566,736)
-------- ---------- ----------- ------------- -----------
Treasury stock acquired............................... -- -- (2,068,422) -- --
Net earnings for the year ended September 30, 1997.... -- -- -- 739,715 --
Dividend paid $0.16/share............................. -- -- -- (118,903) --
Fair value adjustment of ESOP shares net of taxes of
$17,846............................................. -- 26,769 -- -- --
Allocated ESOP shares................................. -- -- -- -- 68,724
MSBP shares earned.................................... -- -- -- -- --
Effect of tax adjustment for vested MSBP shares....... -- 3,052 -- -- --
Net change in unrealized gain on available-for-sale
securities, net of taxes of $740,337................ -- -- -- -- --
-------- ---------- ----------- ------------- -----------
Balance, September 30, 1997............................. $100,799 $7,540,218 $(3,605,111) $ 7,737,458 $(498,012)
-------- ---------- ----------- ------------- -----------
-------- ---------- ----------- ------------- -----------
<CAPTION>
UNREALIZED
UNALLOCATED GAIN ON
COMMON SECURITIES
STOCK HELD AVAILABLE
FOR MSBP FOR SALE TOTAL
----------- ---------- -----------
<S> <C> <C> <C>
Balance, September 30, 1995............................. $ -- $ 133,763 $13,782,999
Treasury stock acquired............................... -- -- (1,536,689)
Net earnings for the year ended September 30, 1996.... -- -- 558,768
Dividend paid $0.16/share............................. -- -- (140,029)
Fair value adjustment of ESOP shares net of taxes of
$10,284............................................. -- -- 15,426
Allocated ESOP shares................................. -- -- 77,705
MSBP shares acquired, net of earned shares in the
amount of $71,217................................... (387,412) -- (387,412)
Net change in unrealized gain on available-for-sale
securities, net of taxes of $46,318................. -- 69,477 69,477
----------- ---------- -----------
Balance, September 30, 1996............................. $(387,412) $ 203,240 $12,440,245
----------- ---------- -----------
Treasury stock acquired............................... -- -- (2,068,422)
Net earnings for the year ended September 30, 1997.... -- -- 739,715
Dividend paid $0.16/share............................. -- -- (118,903)
Fair value adjustment of ESOP shares net of taxes of
$17,846............................................. -- -- 26,769
Allocated ESOP shares................................. -- -- 68,724
MSBP shares earned.................................... 69,458 -- 69,458
Effect of tax adjustment for vested MSBP shares....... -- -- 3,052
Net change in unrealized gain on available-for-sale
securities, net of taxes of $740,337................ -- 907,266 907,266
----------- ---------- -----------
Balance, September 30, 1997............................. $(317,954) $1,110,506 $12,067,904
----------- ---------- -----------
----------- ---------- -----------
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements
II-11
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
SEPTEMBER 30,
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Interest received on loans and investments........................................ $ 5,146,533 $ 5,212,957
Interest paid..................................................................... (2,499,878) (2,532,101)
Other fees, commissions, and income received...................................... 285,085 299,433
Cash paid to suppliers, employees and others...................................... (1,704,523) (1,350,252)
Contributions to charities........................................................ (29,482) (7,869)
Income taxes paid................................................................. (298,000) (643,219)
Loans originated for sale......................................................... (1,744,089) (2,455,977)
Proceeds from sale of loans....................................................... 1,742,622 4,487,415
----------- -----------
Net cash provided by operating activities...................................... 898,268 3,010,387
----------- -----------
Cash flows from investing activities:
Purchases of available-for-sale securities........................................ (5,311,916) (6,547,147)
Proceeds from maturities of available-for-sale securities......................... 6,074,554 1,356,285
Purchases of held-to-maturity securities.......................................... (4,755,000) (4,694,532)
Proceeds from maturities of held-to-maturity securities........................... 6,641,854 9,295,315
Loan originations and principal payments on loans, net............................ (1,375,500) (2,123,430)
Purchases of property and equipment............................................... (109,049) (10,936)
Proceeds from sale of foreclosed real estate...................................... 12,848 17,394
----------- -----------
Net cash provided by (used in) investing activities............................ 1,177,791 (2,707,051)
----------- -----------
Cash flows from financing activities:
Net increase in non-interest bearing demand and savings deposit accounts.......... 375,500 398,025
Net (decrease) increase in time deposits.......................................... (1,722,125) 1,213,396
Net (decrease) in mortgage escrow funds........................................... (31,492) (49,168)
Dividend on unallocated ESOP shares............................................... 10,322 11,612
Acquisition of treasury stock..................................................... (2,068,422) (1,536,689)
Acquistion of unearned MSBP shares................................................ -- (453,899)
Dividends paid.................................................................... (118,902) (140,029)
----------- -----------
Net cash used by financing activities............................................... (3,555,119) (556,752)
----------- -----------
Net (decrease) in cash and cash equivalents......................................... (1,479,060) (253,416)
Cash and cash equivalents at beginning of year...................................... 2,583,654 2,837,070
----------- -----------
Cash and cash equivalents at end of year............................................ $ 1,104,594 $ 2,583,654
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements
II-12
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS--(CONTINUED)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
SEPTEMBER 30,
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
RECONCILIATION OF NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Net income..................................................................... $ 739,715 $ 558,768
Adjustments:
Provision for losses on loans and real estate................................ -- 3,725
Depreciation................................................................. 90,995 83,771
Federal Home Loan Bank stock dividends....................................... -- (12,800)
Reinvested dividends......................................................... (5,421) (5,071)
ESOP fair value adjustment................................................... 26,768 15,426
Amortization of ESOP compensation............................................ 58,403 66,092
Amortization of MSBP compensation............................................ 66,487 66,487
Tax benefit of MSBP vesting activities....................................... 3,052 --
Net amortization and accretion of premiums and discounts on
securities................................................................ 28,466 38,211
Net (gains) on sales of foreclosed real estate............................... (12,848) (17,393)
Net loan fees deferred and amortized......................................... 32,924 14,291
Net mortgage loan servicing fees deferred.................................... 2,112 (11,611)
Net increase in unearned MSBP shares......................................... 2,971 --
Contingency recovery......................................................... -- (81,023)
(Increase) decrease in:
Loans held for sale....................................................... (18,839) 2,014,650
Accrued interest receivable............................................... 12,780 78,598
Prepaid income tax........................................................ 23,892 (23,892)
Deferred tax asset........................................................ 163,903 (119,721)
Other assets.............................................................. 1,664 (6,639)
Increase (decrease) in:
Accrued interest payable.................................................. (983) (558)
Accrued income tax........................................................ (13,139) (115,222)
Other liabilities......................................................... (304,634) 464,298
----------- -----------
Net cash provided by operating activities................................. $ 898,268 $ 3,010,387
----------- -----------
----------- -----------
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Federal Home Loan Bank stock dividends......................................... $ -- $ 12,800
Refinancings of sales of foreclosed real estate................................ -- 37,200
Transfers from loans to real estate acquired through foreclosure............... -- 4,989
Reinvested dividends........................................................... 5,421 5,071
Transfer of debt securities to available-for-sale from securities
held-to-maturity............................................................. -- 2,449,446
Transfers of loans held for investment to loans held for sale.................. -- 2,135,339
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements
II-13
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 AND 1996
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following summarizes the significant accounting policies Mississippi
View Holding Company (the Company) follows in presenting its financial
statements.
Principles of Consolidation--The consolidated financial statements include
the accounts of the Company and its wholly owned subsidiary Community Federal
Savings and Loan Association (the Association). All significant intercompany
transactions and balances are eliminated in consolidation. Certain amounts in
the financial statements for the prior year have been reclassified to conform to
current financial statement presentation.
Nature of Business--The Company is a unitary thrift holding company whose
subsidiary provides financial services. The Association's business is that of a
financial intermediary and consists primarily of attracting deposits from the
general public and using such deposits, together with borrowings and other
funds, to make mortgage loans secured by residential real estate and other
consumer loans. At September 30, 1997, the Association operated one retail
banking office in Minnesota. The Association is subject to significant
competition from other financial institutions, and is also subject to regulation
by certain federal regulatory agencies and undergoes periodic examinations by
those regulatory agencies.
Use of Estimates--In preparing the consolidated financial statements,
management is required to make estimates and assumptions that affect the
reported amounts of assets and liabilities as of the date of the balance sheets,
and income and expenses for the period. Actual results could differ from those
estimates. Material estimates that are particularly susceptible to significant
change relate to the determination of the allowance for losses on loans and the
valuation of real estate acquired in connection with foreclosures or in
satisfaction of loans. In connection with the determination of the allowance for
losses on loans and foreclosed real estate, management obtains independent
appraisals for significant properties.
A substantial portion of the Association's loans are collateralized by real
estate in local markets (see Note 13). In addition, foreclosed real estate is
located in the same market area. Accordingly, the ultimate collectibility of a
substantial portion of the Association's loan portfolio and the recovery of a
substantial portion of the carrying amount of foreclosed real estate are
susceptible to changes in local market conditions.
While management uses available information to recognize losses on loans
and foreclosed real estate, future additions to the allowances may be necessary
based on changes in local economic conditions. In addition, regulatory agencies,
as an integral part of their examination process, periodically review the
Association's allowance for losses on loans and foreclosed real estate. These
agencies may require the Association to recognize additions to the allowance
based on their judgments about information available to them at the time of
their examination.
Cash Equivalents--Cash equivalents of $300,000 and $1,000,000 at September
30, 1997 and 1996, respectively, consist of certificates of deposit, and funds
due from banks. For purposes of the statements of cash flows, the Association
considers all highly liquid debt instruments with original maturities of three
months or less to be cash equivalents.
Investment Securities--The Company classifies its investments, including
debt securities, marketable equity securities, mortgage-backed securities, and
mortgage related securities in one of three catagories: held-to-maturity,
trading and available-for-sale. Debt securities that the Company has the
positive intent and ability to hold to maturity are classified as
held-to-maturity and reported at amortized cost. The Company does not engage in
securities trading, therefore, the balance of its debt securities and all equity
securities are classified as available-for-sale. The Company classifies debt
securities as available-for-sale when it determines that such securities may be
sold at a future date or if there are foreseeable circumstances under which the
Company would sell such securities.
II-14
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
SEPTEMBER 30, 1997 AND 1996
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
Securities designated as available-for-sale are recorded at fair value.
Changes in the fair value of securities available-for-sale are included in
shareholders' equity as unrealized holding gains or losses net of the related
tax effect. Unrealized losses on available-for-sale securities or
held-to-maturity securities reflecting a decline in value judged to be other
than temporary are charged to income. Realized gains or losses on
available-for-sale securities are computed on a specific identification basis.
Premiums and discounts on debt and mortgage-backed securities are amortized
to expense or accreted to income over the estimated life of the respective
security using a method that approximates the level yield method.
The Association, as a member of the Federal Home Loan Bank System, is
required to maintain an investment in capital stock of the Federal Home Loan
Bank of Des Moines. Because no ready market exists for this stock, and it has no
quoted market value, the Association's investment in this stock is carried at
cost.
Loans Held for Sale--Mortgage loans originated and intended for sale in the
secondary market are carried at the lower of cost or estimated market value in
the aggregate. Net unrealized losses are recognized through a valuation
allowance by charges to income.
Loans Receivable--Loans receivable that management has the intent and
ability to hold for the forseeable future or until maturity or pay-off are
reported at their outstanding principal balance adjusted for any charge-offs,
the allowance for loan losses, and any deferred fees or costs on originated
loans and unamortized premiums or discounts on purchased loans. Discounts and
premiums on purchased residential real estate loans are amortized to income
using the interest method over the remaining period to contractual maturity,
adjusted for anticipated prepayments. Discounts and premiums on purchased
consumer loans are recognized over the expected lives of the loans using the
level yield method.
The allowance for loan losses is increased by charges to income and
decreased by charge-offs (net of recoveries). Management's periodic evaluation
of the adequacy of the allowance is based on the Association's past loan loss
experience, known and inherent risks in the portfolio, adverse situations that
may affect the borrower's ability to repay, estimated value of any underlying
collateral, and current economic conditions. Loans are considered impaired if
full principal and interest payments are not anticipated to be made in
accordance with the contractual terms. Impaired loans are carried at the present
value of expected future cash flows discounted at the loan's effective interest
rate or at the fair value of the collateral if the loan is collateral dependent.
A portion of the allowance for loan losses is allocated to impaired loans if the
value of such loans is deemed to be less than the unpaid balance. If these
allocations cause the allowance for loan losses to require an increase, such an
increase is reported as a component of the provision for loan losses.
Uncollectible interest on loans contractually past due for three months is
charged off or an allowance is established based on management's periodic
evaluation. The allowance is established by a charge to interest income equal to
all interest previously accrued and income is subsequently recognized only to
the extent cash payments are received until, in management's judgment, the
borrower's ability to make periodic interest and principal payments returns to
normal, in which case the loan is returned to accrual status.
Loan origination fees and certain direct origination costs are capitalized
with the net fee or cost recognized as an adjustment to interest income using
the interest method.
Mortgage Servicing Rights--The Association adopted Statement of Financial
Accounting Standards (SFAS) No. 125, 'Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities' for transactions entered
into after December 31, 1996. SFAS No. 125 established accounting and reporting
standards for transfers and servicing of financial assets and extinguishments of
liabilities based on the consistent application of the financial-components
approach. This approach requires the recognition of financial assets and
servicing assets that are controlled by the reporting entity, and the
derecognition of financial assets and liabilities
II-15
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
SEPTEMBER 30, 1997 AND 1996
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
when control is extinguished. Liabilities and derivatives incurred or obtained
by transferors in conjunction with the transfer of financial assets are measured
at fair value, if practicable. Servicing assets and other retained interests in
transferred assets are measured by allocating the carrying amount between the
assets sold and the interest retained, based on their relative fair value. The
adoption of SFAS No. 125 did not have a material effect on the Association's
operations for the year ended September 30, 1997.
Foreclosed Real Estate--Real estate properties acquired through, or in lieu
of, loan foreclosure are initially recorded at the lower of the related unpaid
loan balance or fair value of the property, less estimated costs to sell, at the
date of foreclosure. Costs relating to development and improvement of property
are capitalized, whereas costs relating to the holding of property are expensed.
Valuations are periodically performed by management and an allowance for losses
is established by a charge to operations if the carrying value of a property
exceeds its estimated fair value less estimated costs to sell.
Premises and Equipment--Land is carried at cost. Building, furniture and
equipment are carried at cost less accumulated depreciation. Depreciation is
computed by the straight-line method over the estimated useful lives of the
assets, which range from five to forty years.
Income Taxes--Deferred income taxes are recognized for the tax consequences
of temporary differences by applying enacted statutory tax rates applicable to
future years to differences between the financial statement carrying amounts and
the tax basis of existing assets and liabilities. The effect on deferred taxes
of a change in tax rates is recognized in income in the period that includes the
enactment date. The measurement of deferred tax assets is reduced, if necessary,
by the amount of any tax benefits that, based on available evidence, are not
expected to be realized. The effect of a change in the beginning-of-the-year
balance of a valuation allowance that results from a change in judgment about
the realizability of deferred tax assets is included in income.
The Company files consolidated income tax returns with the Association and
they have entered into a tax sharing agreement which provides that the
Association will pay to the Company, or receive a refund from the Company, as if
the Associations portion of income tax liability or benefit was separately
determined based on the Association's taxable income or loss.
Earnings Per Share--Earnings per share of common stock has been determined
by dividing net income by the weighted average number of shares of common stock
and common stock equivalents outstanding during the year. Stock options are
regarded as common stock equivalents computed using the treasury stock method.
Shares acquired by the employee stock ownership plan are not considered in the
weighted average shares outstanding until shares are committed to be released to
an employee's individual account or have been earned. The difference between
primary and fully diluted earnings per share is not material.
Treasury Stock--Treasury stock is recorded at cost. In the event of a
subsequent reissue, the treasury stock account will be reduced by the cost of
such stock on the average cost basis with any excess proceeds credited to
addional paid-in capital. Treasury stock is available for general corporate
purposes.
Stock-Based Compensation--SFAS No. 123, 'Accounting for Stock-Based
Compensation,' establishes a new fair value-based accounting method for
stock-based compensation plans. As permitted by SFAS No. 123, management has
elected to continue measuring compensation costs based on the intrinsic value
method as prescribed by APB Opinion No. 25, 'Accounting for Stock Issued to
Employees.' See Footnote No. 10 for proforma disclosure of net income and
earnings per share as if the fair value method had been adopted.
Fair Values of Financial Instruments--SFAS No. 107, 'Disclosures about Fair
Value of Financial Instruments,' requires disclosure of fair value information
about financial instruments, whether or not recognized in the statement of
financial condition. In cases where quoted market prices are not available, fair
values are based on estimates using present value or other valuation techniques.
Those techniques are
II-16
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
SEPTEMBER 30, 1997 AND 1996
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
significantly affected by the assumptions used, including the discount rate and
estimates of future cash flows. In that regard, the derived fair value estimated
cannot be substantiated by comparison to to independent markets and, in many
cases, could not be realized in immediate settlement of the instruments. SFAS
No. 107 excludes certain financial instruments and all nonfinancial assets and
liabilities from its disclosure requirements. Accordingly, the aggregate fair
value amounts presented do not represent the underlying value of the Company.
The following methods and assumptions were used by the Company in
estimating its fair value disclosures, as presented in Note 12:
Cash and cash equivalents: The carrying amounts of cash and cash
equivalents approximates fair value.
Debt and equity securities: Fair values for debt and equity securities
are based on quoted market prices, where available. If quoted market prices
are not available, fair values are based on quoted market prices of
comparable instruments.
FHLB stock: The carrying amount of FHLB stock approximates fair value.
Loans: For variable-rate loans that reprice frequently with no
significant change in credit risk, fair values are based on carrying
amounts. The fair values for other loans (for example, fixed rate
commercial real estate, rental property mortgage loans, and commercial and
industrial loans) are estimated using discounted cash flow analyses, based
on interest rates currently being offered for loans with similar terms to
borrowers of similar credit quality giving consideration to estimated
prepayment and credit loss factors. Loan fair value estimates include
judgments regarding future expected loss experience and risk
characteristics. Fair values for impaired loans are estimated using
discounted cash flow analysis or underlying collateral values, where
applicable.
Accrued interest receivable: The carrying amount of accrued interest
receivable approximates fair value.
Deposits: The fair values disclosed for demand deposits are, by
definition, equal to the amount payable on demand at the reporting date
(that is, their carrying amounts). Fair values for time deposits are
estimated using a discounted cash flow calculation that applies interest
rates currently offered on certificates to a schedule of aggregated
expected monthly maturities on time deposits. The carrying amount of
accrued interest payable approximates fair value.
Advance payments by borrowers for taxes and insurance (escrow
accounts): The carrying amount of escrow accounts approximate fair value.
Loan commitments: Commitments to extend credit were evaluated and fair
value was estimated using the fees currently charged to enter into similar
agreements, taking into account the remaining terms of the agreements and
the present creditworthiness of the counterparties. For fixed-rate loan
commitments, fair value also considers the difference between current
levels of interest rates and the committed rates. The carrying value and
fair value of commitments to extend credit are not considered material for
disclosure.
II-17
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
SEPTEMBER 30, 1997 AND 1996
NOTE 2. DEBT AND EQUITY SECURITIES
The amortized costs and fair values of debt and equity securities are
summarized as follows:
<TABLE>
<CAPTION>
GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED FAIR
COST GAINS LOSSES VALUE
----------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
SEPTEMBER 30, 1997:
Securities available-for-sale:
Debt securities:
U.S. Government and agency obligations.... $ 8,566,851 $ 36,481 $(12,322) $ 8,591,010
Mortgage-backed securities................ 2,401,673 11,657 (19) 2,413,311
----------- ---------- ---------- -----------
Subtotal............................. 10,968,524 48,138 (12,341) 11,004,321
----------- ---------- ---------- -----------
Equity securities:
Mutual fund.................................. 92,325 596 -- 92,921
Stock in FHLMC............................... 51,653 1,814,449 -- 1,866,102
----------- ---------- ---------- -----------
Subtotal............................. 143,978 1,815,045 -- 1,959,023
----------- ---------- ---------- -----------
Total........................................ $11,112,502 $1,863,183 $(12,341) $12,963,344
----------- ---------- ---------- -----------
----------- ---------- ---------- -----------
Securities held-to-maturity:
Certificates of deposit...................... $ 4,755,000 $ -- $ -- $ 4,755,000
Mortgage-backed securities................... 2,650,466 87,715 (22,867) 2,715,314
----------- ---------- ---------- -----------
Total........................................ $ 7,405,466 $ 87,715 $(22,867) $ 7,470,314
----------- ---------- ---------- -----------
----------- ---------- ---------- -----------
SEPTEMBER 30, 1996:
Securities available-for-sale:
Debt securities:
U.S. Government and agency obligations.... $10,361,165 $ 21,133 $(47,513) $10,334,785
Mortgage-backed securities................ 1,396,690 -- (19,107) 1,377,583
----------- ---------- ---------- -----------
Subtotal............................. 11,757,855 21,133 (66,620) 11,712,368
----------- ---------- ---------- -----------
Equity securities:
Mutual fund............................... 86,903 -- (33) 86,870
Stock in FHLMC............................ 51,653 384,254 -- 435,907
----------- ---------- ---------- -----------
Subtotal............................. 138,556 384,254 (33) 522,777
----------- ---------- ---------- -----------
Total..................................... $11,896,411 $ 405,387 $(66,653) $12,235,145
----------- ---------- ---------- -----------
----------- ---------- ---------- -----------
Securities held-to-maturity:
U.S. Government and agency obligations....... $ 1,749,672 $ 172 $ (2,031) $ 1,747,813
Certificates of deposit...................... 4,065,000 -- -- 4,065,000
Mortgage-backed securities................ 3,479,420 75,648 (47,140) 3,507,928
----------- ---------- ---------- -----------
Total........................................ $ 9,294,092 $ 75,820 $(49,171) $ 9,320,741
----------- ---------- ---------- -----------
----------- ---------- ---------- -----------
</TABLE>
There were no sales of securities during the two years ended September 30,
1997 and 1996.
The amortized cost and estimated market value of debt securities at
September 30, 1997, by contractual maturity, are shown below. Mortgage-backed
securities have been aggregated and disclosed separately, rather
II-18
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
SEPTEMBER 30, 1997 AND 1996
NOTE 2. DEBT AND EQUITY SECURITIES--(CONTINUED)
than allocated over several maturity groupings, since they lack a single
maturity date and because borrowers retain the right to prepay the obligation.
<TABLE>
<CAPTION>
HELD-TO-MATURITY AVAILABLE-FOR-SALE
------------------------ --------------------------
ESTIMATED ESTIMATED
AMORTIZED FAIR AMORTIZED FAIR
COST VALUE COST VALUE
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Due in one year or less................................ $ -- $ -- $ 5,200,006 $ 5,214,434
Due from one to five years............................. -- -- 2,510,207 2,528,845
Due from five to ten years............................. -- -- 501,291 501,961
Due after ten years.................................... -- -- 355,347 345,770
---------- ---------- ----------- -----------
Subtotal............................................. -- -- 8,566,851 8,591,010
Mortgage-backed securities............................. 2,650,466 2,715,314 2,401,673 2,413,311
---------- ---------- ----------- -----------
Total................................................ $2,650,466 $2,715,314 $10,968,524 $11,004,321
---------- ---------- ----------- -----------
---------- ---------- ----------- -----------
</TABLE>
NOTE 3. LOANS RECEIVABLE
Loans receivable at September 30, 1997 and 1996 consist of the following:
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Secured by 1-4 family residences............................... $39,863,763 $37,623,209
Secured by other real estate................................... 2,831,392 3,964,195
Construction................................................... 953,265 626,900
Consumer and other............................................. 2,053,921 1,916,165
Loans secured by deposits...................................... 212,790 281,115
----------- -----------
Total loans receivable....................................... 45,915,131 44,411,584
Less:
Undisbursed portion of mortgage loans........................ (309,781) (227,762)
Allowance for loan losses.................................... (861,170) (877,094)
Deferred loan fees........................................... (269,371) (236,447)
----------- -----------
Loans receivable, net..................................... $44,474,809 $43,070,281
----------- -----------
----------- -----------
</TABLE>
A summary of the activity in the allowance for loan losses is as follows:
<TABLE>
<CAPTION>
YEARS ENDED
SEPTEMBER 30,
--------------------
1997 1996
-------- --------
<S> <C> <C>
Balance, beginning of period.......................................... $877,094 $962,086
Provision for losses.................................................. -- 3,725
Charge offs........................................................... (17,017) (92,213)
Recoveries............................................................ 1,093 3,496
-------- --------
Balance, end of period................................................ $861,170 $877,094
-------- --------
-------- --------
</TABLE>
In the ordinary course of business, the Association has granted loans to
certain executive officers, directors and their related interests. Related party
loans are made on substantially the same terms as those prevailing at the time
for comparable transactions with unrelated persons and do not involve more than
the normal risk of collectibility. The aggregate dollar amount of these loans
was approximately $124,000 and $140,000 at September 30, 1997 and 1996,
respectively.
II-19
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 4. FORECLOSED REAL ESTATE
Foreclosed real estate acquired in settlement of loans consists of the
following:
<TABLE>
<CAPTION>
SEPTEMBER 30,
--------------------
1997 1996
-------- --------
<S> <C> <C>
Real estate acquired by foreclosure............................................. $ 15,700 $ 15,700
Less allowance for losses....................................................... 15,700 15,700
-------- --------
Foreclosed real estate, net................................................... $ -- $ --
-------- --------
-------- --------
</TABLE>
Activity in the allowance for losses on foreclosed real estate is as
follows:
<TABLE>
<CAPTION>
YEARS ENDED
SEPTEMBER 30,
--------------------
1997 1996
-------- --------
<S> <C> <C>
Beginning balance............................................................... $ 15,700 $ 25,187
Provision charged to income..................................................... -- --
Charge-offs..................................................................... -- (9,487)
Recoveries...................................................................... -- --
-------- --------
Ending balance.................................................................. $ 15,700 $ 15,700
-------- --------
-------- --------
</TABLE>
NOTE 5. LOAN SERVICING
Mortgage loans serviced for others are not included in the accompanying
consolidated statements of financial condition. The unpaid principal balance of
loans serviced for others was $2,351,000 and $2,823,000 at September 30, 1997
and 1996, respectively.
Custodial escrow balances maintained in connection with the foregoing loan
servicing, and included in demand deposits were approximately $4,700 and $13,300
at September 30, 1997 and 1996, respectively.
Capitalized mortgage servicing rights included in other assets are
summarized as follows:
<TABLE>
<CAPTION>
YEARS ENDED
SEPTEMBER 30,
--------------------
1997 1996
-------- --------
<S> <C> <C>
Beginning balance, net of accumulated amortization.............................. $ 11,600 $ --
Amounts capitalized............................................................. -- 12,700
Amortization.................................................................... 2,100 1,100
Valuation adjustments........................................................... -- --
-------- --------
Balance, end of period.......................................................... $ 9,500 $ 11,600
-------- --------
-------- --------
</TABLE>
NOTE 6. ACCRUED INTEREST RECEIVABLE
Accrued interest receivable at September 30, 1997 and 1996 is summarized as
follows:
<TABLE>
<CAPTION>
1997 1996
-------- --------
<S> <C> <C>
Investment securities........................................................... $152,279 $164,382
Mortgage-backed securities...................................................... 38,569 41,500
Loans receivable................................................................ 246,700 244,445
-------- --------
Total......................................................................... $437,548 $450,327
-------- --------
-------- --------
</TABLE>
II-20
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 7. PREMISES AND EQUIPMENT
Premises and equipment at September 30, 1997 and 1996 consists of the
following:
<TABLE>
<CAPTION>
1997 1996
---------- ----------
<S> <C> <C>
Land........................................................................ $ 98,840 $ 98,840
Office building............................................................. 797,008 790,702
Furniture and equipment..................................................... 541,618 463,914
---------- ----------
Total..................................................................... 1,437,466 1,353,456
Less accumulated depreciation............................................... (630,566) (564,610)
---------- ----------
Premises and equipment, net............................................... $ 806,900 $ 788,846
---------- ----------
---------- ----------
</TABLE>
NOTE 8. DEPOSITS
The aggregate amount of certificates of deposit with a minimum denomination
of $100,000 was approximately $2,489,000 and $2,434,000 at September 30, 1997
and 1996, respectively. Deposited amounts in excess of $100,000 per account are
not insured by the Savings Association Insurance Fund.
At September 30, 1997, the scheduled maturities of time deposits, for the
fiscal years ended, are as follows:
<TABLE>
<S> <C>
1998................................................................. $27,624,960
1999................................................................. 8,424,248
2000................................................................. 99,744
2001................................................................. 101,059
Thereafter........................................................... --
-----------
Total.............................................................. $36,250,011
-----------
-----------
</TABLE>
Deposits by related parties were approximately $1,014,000 and $803,000 at
September 30, 1997 and 1996, respectively.
The Association provides collateral to various local governmental units as
required by State statute on savings and certificate accounts with balances
greater than $100,000. The collateral pledged against these deposits consisted
of mortgage-backed securities totaling $961,363 and $1,101,623 as of September
30, 1997 and 1996, respectively.
NOTE 9. INCOME TAXES
Income tax expense (benefit) applicable to operations include current and
deferred taxes as follows:
<TABLE>
<CAPTION>
YEARS ENDED
SEPTEMBER 30,
----------------------
1997 1996
-------- --------
<S> <C> <C>
CURRENT
Federal.................................................................... $279,700 $367,539
State...................................................................... 93,750 126,283
-------- --------
Subtotal................................................................ 373,450 493,822
-------- --------
DEFERRED
Federal.................................................................... 63,310 (89,790)
State...................................................................... 21,102 (29,932)
-------- --------
Subtotal................................................................ 84,412 (119,722)
-------- --------
Total income tax provision................................................... $457,862 $374,100
-------- --------
-------- --------
</TABLE>
II-21
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 9. INCOME TAXES--(CONTINUED)
The State of Minnesota follows the Internal Revenue Code for the
determination of taxable income in connection with temporary differences. The
State portion of deferred tax assets and liabilities is approximately 25%.
Temporary differences between financial statement carrying amounts and the tax
basis of assets and liabilities that create deferred tax assets and liabilities
are as follows:
<TABLE>
<CAPTION>
SEPTEMBER 30,
-----------------------
1997 1996
---------- ---------
<S> <C> <C>
Deferred tax assets:
General loan loss allowance................................................ $ 278,044 $ 350,838
Deferred loan fees......................................................... 107,748 94,579
Deferred compensation...................................................... 140,875 129,278
Accrual adjustments........................................................ 16,847 --
SAIF assessment............................................................ -- 145,023
---------- ---------
543,514 719,718
Less valuation allowance..................................................... (68,679) (162,000)
---------- ---------
Subtotal................................................................... 474,835 557,718
---------- ---------
Deferred tax liabilities:
Excess tax reserves........................................................ 115,768 115,768
Unrealized gains on available-for-sale securities.......................... 740,337 135,494
FHLB stock dividends....................................................... 99,680 99,680
Mortgage servicing assets.................................................. 3,800 4,644
Depreciation and basis adjustment.......................................... 40,604 38,229
---------- ---------
Subtotal................................................................... 1,000,189 393,815
---------- ---------
---------- ---------
Net deferred tax (liability) asset........................................... $ (525,354) $ 163,903
---------- ---------
---------- ---------
</TABLE>
The Association has paid sufficient income taxes in prior carryback years
which would enable it to recover the balance of the net deferred tax assets,
therefore, no additional valuation allowance was required at September 30, 1997
and 1996.
Actual income tax expense varied from 'expected' tax expense (computed by
applying the United States federal corporate income tax rate of 34 percent to
earnings before taxes) as follows:
<TABLE>
<CAPTION>
YEARS ENDED
SEPTEMBER 30,
----------------------
1997 1996
-------- --------
<S> <C> <C>
Computed 'expected' tax expense:............................................. $407,000 $317,200
Increase (reduction) in income tax resulting from:
State income taxes, net of federal tax benefit............................. 76,000 63,600
Other (net)................................................................ (25,138) (6,700)
-------- --------
Total income tax expense..................................................... $457,862 $374,100
-------- --------
-------- --------
</TABLE>
Savings and loan associations were allowed a bad debt deduction, in
determining income tax for tax purposes, based on specified experience formulas
or a percentage of taxable income before such deduction. On August 21, 1996
legislation was signed into law which repealed the percentage of taxable income
method for the tax bad debt deduction. The repeal is effective for the
Association's taxable year beginning October 1, 1996. In addition, the
legislation requires the Association to include in taxable income its tax bad
debt reserves in excess of its base year reserves (pre-1988 reserves) over a
six, seven, or eight year period depending upon the attainment of certain loan
origination levels. Since the percentage of taxable income method for the tax
bad debt deduction and the corresponding increase in the tax bad debt reserve in
excess of base year have been recorded as temporary differences, this change in
the tax law will not effect the Company's statement of operations.
II-22
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 9. INCOME TAXES--(CONTINUED)
Retained earnings at September 30, 1996, includes approximately $1,459,000
of pre-1988 reserves, for which no deferred income tax liability, approximately
$584,000, has been recognized. This amount represents an allocation of income to
bad debt deductions for tax purposes only. Reduction of amounts so allocated for
purposes other than tax bad debt losses or adjustments from carryback of net
operating losses would create income for tax purposes only, which would be
subject to the then current corporate income tax rate.
NOTE 10. EMPLOYEE BENEFIT PLANS
Salary Continuation Plan
The Association has adopted a directors' consultation and retirement plan.
Benefits related to services are expensed under the plan vesting schedule. The
Association adopted an insured executive supplemental retirement plan and the
estimated benefits will be accrued over the expected remaining years of
employment. The compensation expense related to these plans amounted to $31,663
and $29,892 for the years ended September 30, 1997 and 1996, respectively.
Salary Reduction Plan
The Association maintains a salary reduction plan (401(k) Plan) which
covers qualifying all full time employees. Company contributions are determined
anually by the Board of Directors. The Company's expense related to this plan
was $-0- and $1,042 for the years ended September 30, 1997 and 1996,
respectively.
Employee Stock Ownership Plan
The Association established an Employee Stock Ownership Plan (ESOP)
covering all employees over the age of 21, with at least one year of service who
work at least 1,000 hours during the plan year. The ESOP borrowed funds from the
Company to purchase a total of 80,639 shares of the Company's common stock. The
loan is collateralized by the common stock. Contributions by the Association are
used to repay the loan with shares being released from the Company's lien
proportional to the loan repayment. Annually, on December 31, the released
shares are allocated to the participants in the same proportion as their wages
bear to the total compensation of all of the participants.
The Company presents these financial statements in accordance with the
AICPA Statement of Position (SOP) No. 93-6, 'Employers' Accounting for Employee
Stock Ownership Plans.' The price of the shares issued and unreleased are
charged to unearned compensation, a contra-equity account, and shares released
are reported as compensation expense equal to the current market value price of
the released shares. Dividends paid on allocated shares are charged to retained
earnings and those on unallocated shares are charged to expense.
The following table presents the components of the ESOP shares:
<TABLE>
<CAPTION>
SEPTEMBER 30,
--------------------
1997 1996
-------- --------
<S> <C> <C>
Allocated shares................................................................ 16,128 8,064
Commited to be released shares.................................................. 6,048 6,048
Unreleased shares............................................................... 58,463 66,527
-------- --------
Total ESOP shares............................................................... 80,639 80,639
-------- --------
-------- --------
Fair value of unreleased shares................................................. $993,871 $848,219
-------- --------
-------- --------
Compensation expense recorded................................................... $105,127 $ 94,003
-------- --------
-------- --------
</TABLE>
II-23
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 10. EMPLOYEE BENEFIT PLANS--(CONTINUED)
Management Stock Bonus Plan (MSBP)
The Company has adopted a MSBP for directors and management to enable the
Association to attract and retain experienced and capable personnel in key
positions of responsibility. A total of 29,224 shares were awarded in the form
of restricted stock payable over a five year vesting period and 11,095 shares
were reserved for future awards. The Company acquired the MSBP shares in fiscal
1996 in an open market purchase at a cost of $458,629, which was initially
recorded as unearned compensation in a contra shareholders' equity account. The
Company recognizes compensation expense pro rata over the vesting period which
amounted to $66,663 and $66,487 for fiscal 1997 and 1996, respectively.
Stock Option Plan
In September, 1995 the Company adopted a stock option plan, the 1995 Stock
Option Plan (the SOP). During 1995, options exercisable for 73,072 shares of the
Company's common stock were granted to certain officers and directors at an
exercise price of $11.375 per share. The options vest over a five year period
and may be exercised within 10 years of the grant date. In January 1997, a
second option plan, the 1997 Stock Option and Incentive Plan was adopted. In
1997, options exercisable for 63,636 shares of the Company's common stock were
granted to certain officers and directors at an exercise price of $13.00 per
share. The options vest over a two year period and may be exercised within 10
years of the grant date. All options granted in the 1997 Stock Option Plan have
dividend equivalent rights associated with such options.
The Company uses the intrinsic value method as described in APB Opinion No.
25 and related interpretations to account for its stock incentive plans.
Accordingly, no compensation cost has been recognized for the fixed option plan.
There are no charges or credits to expense with respect to the granting or
exercise of options since the options were issued at fair value on the
respective grant dates. Had compensation cost for the Company's stock-based
plans been determined in accordance with the fair value method recommended by
SFAS No. 123, the Company's net income and earnings per share would have been
reduced to the proforma amounts indicated below:
<TABLE>
<CAPTION>
1997 1996
-------- --------
<S> <C> <C>
Net income:
As reported................................................................... $739,715 $558,768
Pro forma..................................................................... 614,602 519,471
Earnings per common share and common share equivalent:
As reported................................................................... $ 0.96 $ 0.66
Pro forma..................................................................... 0.82 0.61
</TABLE>
The above disclosed pro forma effects of applying SFAS No. 123, to
compensation costs, may not be representative of the effects on reported pro
forma net income for future years.
The fair value for each option grant is estimated on the date of the grant
using the Black Scholes Model. The model incorporates the following assumptions:
<TABLE>
<CAPTION>
1997 1996
------ ------
<S> <C> <C>
Risk-free interest rate............................................................ 5.60% 6.08%
Expected life...................................................................... 10 Yrs. 10 Yrs.
Expected volatility................................................................ 19.00% 20.00%
Expected dividends................................................................. 2.00% None
</TABLE>
II-24
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 10. EMPLOYEE BENEFIT PLANS--(CONTINUED)
The fair value of the granted 1995 options granted in 1995 was $4.48 per
option. The fair value of the options granted in 1997 was $3.51 per options. A
summary of stock option activity under the SOP's are detailed below:
<TABLE>
<CAPTION>
WEIGHTED
OPTIONS AVERAGE
AVAILABLE OPTIONS EXERCISE
FOR GRANT OUTSTANDING PRICE
--------- ----------- --------
<S> <C> <C> <C>
September 30, 1994.................................................. None None --
Plan adopted........................................................ 100,799 -- $11.375
Granted September 27, 1995.......................................... (73,072) 73,072 11.375
--------- ----------- --------
September 30, 1995.................................................. 27,727 73,072 11.375
Exercised........................................................... -- -- --
Forfeited........................................................... -- -- --
--------- ----------- --------
September 30, 1996.................................................. 27,727 73,072 11.375
Plan adopted........................................................ 87,771 -- 13.000
Granted January 22, 1997............................................ (63,636) 63,636 13.000
Exercised........................................................... -- -- --
Forfeited........................................................... -- -- --
--------- ----------- --------
September 30, 1997.................................................. 51,862 136,708 $12.131
--------- ----------- --------
--------- ----------- --------
</TABLE>
The following table summarizes information about stock options outstanding
at September 30, 1997:
<TABLE>
<CAPTION>
OPTIONS OUTSTANDING
- ------------------------------------------
WEIGHTED AVG. OPTIONS
REMAINING EXERCISABLE
NUMBER EXERCISE CONTRACTUAL ------------------
OUTSTANDING PRICE LIFE IN YEARS NUMBER PRICE
- ----------- -------- ------------- ------ -------
<S> <C> <C> <C> <C>
73,072 $ 11.375 8.0 Yrs. 29,224 $11.375
63,636 $ 13.000 9.1 Yrs. 31,813 $13.000
- ----------- ------
136,708 61,037
- ----------- ------
- ----------- ------
</TABLE>
NOTE 11. COMMITMENTS
Loans serviced for FNMA, in the amount of $480,474 at September 30, 1997,
were sold subject to recourse provisions which require the Association to buy
back any loan which is delinquent more than ninety days. The Association also
sold loans and related servicing subject to recourse provisions which expire in
March 1998 in the amount of $910,350 at September 30, 1997. The Association has
not incurred any losses on loans sold with recourse provisions.
NOTE 12. FINANCIAL INSTRUMENTS
The Association is a party to financial instruments with off-balance sheet
risk in the normal course of business to meet the financing needs of its
customers. These financial instruments are commitments to extend credit and
involve, to varying degrees, elements of credit risk in excess of the amount
recognized on the balance sheet.
The Association's exposure to credit loss in the event of nonperformance by
the other party to the financial instrument for commitments to extend credit is
represented by the contractual amount of those instruments. The Association uses
the same credit policies in making commitments as it does for on-balance sheet
instruments.
II-25
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 12. FINANCIAL INSTRUMENTS--(CONTINUED)
Commitments to extend credit are agreements to lend to a customer as long
as there is no violation of any condition established in the contract.
Commitments generally have fixed expiration dates or other termination clauses
and may require payment of a fee. Commitments to extend credit which represent
credit risk totaled $660,750 for loans ($481,650 at fixed rates and $179,100 at
adjustable rates) and $1,292,196 unused lines of credit at September 30, 1997.
Commitments to sell loans amounted to $237,300 at September 30, 1997.
The estimated fair values of the Company's financial instruments are as
follows:
<TABLE>
<CAPTION>
SEPTEMBER 30, 1997 SEPTEMBER 30, 1996
-------------------------- --------------------------
CARRYING FAIR CARRYING FAIR
AMOUNT VALUE AMOUNT VALUE
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Financial assets:
Cash and cash equivalents............... $ 1,104,594 $ 1,104,594 $ 2,583,654 $ 2,583,654
Investment securities................... 20,368,810 20,433,657 21,529,237 21,555,886
FHLB stock.............................. 650,700 650,700 650,700 650,700
Loans receivable........................ 44,610,359 46,246,918 43,248,944 44,201,216
Accrued interest receivable............. 437,548 437,548 450,327 450,327
Financial liabilities:
Deposits................................ 55,183,587 55,209,196 56,531,194 56,538,374
Advance payments by borrowers
(escrows)............................ 107,038 107,038 138,530 138,530
</TABLE>
NOTE 13. SIGNIFICANT GEOGRAPHIC CONCENTRATION OF CREDIT RISK
A significant portion of the Association's loans receivable are to
borrowers located in Little Falls, Minnesota, and the surrounding counties. This
geographic concentration amounted to approximately 95% of the total loans
receivable balance for the years ended September 30, 1997 and 1996.
NOTE 14. STOCKHOLDERS EQUITY AND REGULATORY MATTERS
On March 23, 1995, the Association converted from a mutual association to a
stock association pursuant to a Plan of Conversion, (the Conversion) via the
issuance of common stock. In conjunction with the Conversion, the Company sold
1,007,992 shares of common stock which, after giving effect to offering expenses
of $471,714, resulted in net proceeds of $7.6 million which included an order
for 20,159 shares of stock in the amount of $161,272 from the Employee Stock
Ownership Plan (ESOP). Pursuant to the Conversion, the Association transferred
all of its outstanding shares to its newly organized holding company. On March
24, 1995 the Association's ESOP purchased an additional 60,480 shares in the
open market, in the amount of $529,200. The ESOP's purchases were funded through
a loan from the Company.
Upon the Conversion, the preexisting liquidation rights of the mutual stock
association members were unchanged. Such rights will be accounted for by the
Company for the benefit of such depositors in proportion to their liquidation
interests as of either the Eligibility Record Date or the Supplemental
Eligibility Record Date as defined in the Conversion.
Subsequent to the Conversion, neither the Company nor the Association may
declare or pay cash dividends on any of their shares of common stock if the
effect would be to reduce shareholders' equity below applicable regulatory
capital requirements or if such declaration of payment would otherwise violate
regulatory requirements.
II-26
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 14. STOCKHOLDERS EQUITY AND REGULATORY MATTERS--(CONTINUED)
The Association is subject to various regulatory capital requirements
administered by the Office of Thrift Supervision (OTS). Failure to meet minimum
capital requirements can initiate certain mandatory--and possible additional
discretionary--actions by regulators that, if undertaken, could have a direct
material effect on the Association's financial statements. Under capital
adequacy guidelines and the regulatory framework for prompt corrective action,
the Association must meet specific capital guidelines that involve quantitative
measures of the Association's assets, liabilities and certain off-balance sheet
items as calculated under regulatory accounting practices. The Association's
capital amounts and classification are also subject to qualitative judgements by
the regulators about components, risk weightings and other factors.
Quantitative measures established by regulation to ensure capital adequacy
require the Association to maintain minimum amounts and ratios (set forth in the
following table) of total and Tier 1 capital (as defined in the regulation), to
risk-weighted assests (as defined), and of tangible and Tier 1 capital (as
defined) to adjusted total assets (as defined). Management believes, as of
September 30, 1997, that the Association meets all of capital adequacy
requirements to which it is subject.
As of September 30, 1997 and 1996, the most recent notification from the
OTS categorized the Association as 'well capitalized' under the regulatory
framework for prompt corrective action. To be categorized as well capitalized
the Association must maintain minimum total risk-based, Tier 1 risk-based, Tier
1 leverage ratios as set forth in the table. There are no conditions or events
since that notification that management believes have changed the Association's
category.
The Association's actual regulatory capital amounts, with reconcilation to
the Company's capital investment in the Association determined in accordance
with generally accepted accounting principles (GAAP), and ratios as of September
30, 1997 and 1996, are also presented in the following tables (in thousands):
<TABLE>
<CAPTION>
TO BE WELL
CAPITALIZED UNDER
FOR CAPITAL PROMPT CORRECTIVE
ACTUAL ADEQUACY PURPOSES ACTION PROVISION
------------------ ----------------- -----------------
AMOUNT PERCENT AMOUNT PERCENT AMOUNT PERCENT
------- ------- ------ ------- ------ -------
<S> <C> <C> <C> <C> <C> <C>
GAAP capital, September 30, 1997............. $11,998
Less: Unrealized gains on securities
available-for-sale......................... (1,111)
Excess mortgage servicing rights............. (1)
-------
Tangible capital and ratio to adjusted total
assets..................................... $10,886 16.3% $1,000 1.50%
------- ------- ------ -------
Tier 1 (Core) capital and ratio to adjusted
total assets............................... $10,886 16.3% $2,000 3.0% $3,335 5.0%
------- ------- ------ ------- ------ -------
Tier 1 capital and ratio to risk-weighted
assets..................................... $10,886 31.9% $1,365 4.0% $2,047 6.0%
------- ------- ------ ------- ------ -------
Tier 2 capital, allowance for loan losses.... 432
-------
Total risk-based capital and ratio to risk-
weighted assets, September 30, 1997........ $11,318 33.2% $2,730 8.0% $3,412 10.0%
------- ------- ------ ------- ------ -------
------- ------- ------ ------- ------ -------
</TABLE>
II-27
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 14. STOCKHOLDERS EQUITY AND REGULATORY MATTERS--(CONTINUED)
<TABLE>
<CAPTION>
TO BE WELL
CAPITALIZED UNDER
FOR CAPITAL PROMPT CORRECTIVE
ACTUAL ADEQUACY PURPOSES ACTION PROVISION
------------------ ----------------- -----------------
AMOUNT PERCENT AMOUNT PERCENT AMOUNT PERCENT
------- ------- ------ ------- ------ -------
<S> <C> <C> <C> <C> <C> <C>
GAAP capital, September 30, 1996............. $10,643
Less: Unrealized gains on securities
available-for-sale......................... (238)
Excess mortgage servicing rights............. (1)
-------
Tangible capital and ratio to adjusted total
assets..................................... $10,404 14.9% $1,046 1.50%
------- ------- ------ -------
Tier 1 (Core) capital and ratio to adjusted
total assets............................... $10,404 14.9% $2,092 3.0% $3,487 5.0%
------- ------- ------ ------- ------ -------
Tier 1 capital and ratio to risk-weighted
assets..................................... $10,404 30.5% $1,366 4.0% $2,049 6.0%
------- ------- ------ ------- ------ -------
Tier 2 capital, allowance for loan losses.... 430
-------
Total risk-based capital and ratio to risk-
weighted assets, September 30, 1996........ $10,834 31.7% $2,733 8.0% $3,416 10.0%
------- ------- ------ ------- ------ -------
------- ------- ------ ------- ------ -------
</TABLE>
NOTE 15. EFFECTS OF NEW FINANCIAL ACCOUNTING STANDARDS
SFAS No. 128, 'Earnings Per Share'--issued February 1997, establishes
standards for computing and presenting earnings per share (EPS). It simplifies
prior standards by replacing primary earnings per share with basic earnings per
share and by altering the calculation of diluted EPS, which replaces fully
diluted EPS. SFAS No. 128 is effective for financial statements issued after
December 15, 1997, including interim periods.
SFAS No. 130, 'Reporting Comprehensive Income'--issued June 1997,
establishes standards for reporting and displaying comprehensive income and its
components in general-purpose financial statements. Comprehensive income
includes net income and several other items that current accounting standards
require to be recognized outside of net income. This statement requires entities
to display comprehensive income and its components in the financial statements
with presentation of the accumulated balances of other comprehensive income
reported in stockholders' equity separately from retained earnings and
additional paid-in capital. SFAS No. 130 is effective for fiscal years beginning
after December 15, 1997. Reclassification of financial statements for earlier
periods that are presented for comparative purposes is required.
SFAS No. 131, 'Disclosures about Segments of Enterprise and Related
Information'--issued June 1997, requires public business enterprises to report
information about their operating segments in a complete set of financial
statements to shareholders. This statement also requires entities to report
enterprise-wide information about their products and services, their activities
in different geographic areas, and their reliance on major customers. Certain
segment information is also to be reported in interim financial statements. The
basis for determining an enterprise's operating segments is the manner in which
management operates the business. Specifically, financial information is
required to be reported on the basis that it is used internally by the
enterprise's chief operating decision maker in making decisions related to
resource allocation and segment performance. SFAS No. 131 is effective for
financial statements for years beginning after December 31, 1997.
Management believes adoption of the above-described Statements will not
have a material effect on financial position and the results of operations, nor
will adoption require additional capital resources.
II-28
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 16. PARENT ONLY CONDENSED FINANCIAL INFORMATION
This information should be read in conjunction with the other Notes to
Consolidated Financial Statements. On March 23, 1995 the Company issued $7.6
million of common stock and contributed one-half of the net proceeds to the
Association as equity capital. Shareholders' equity differs from the
consolidated statements primarily by the amount of consolidating ESOP
adjustments.
STATEMENT OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
SEPTEMBER 30,
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
ASSETS
Cash and cash equivalents.......................................................... $ 24,203 $ 61,525
Investment in Association subsidiary............................................... 11,998,136 10,642,889
Loan to Association subsidiary..................................................... 65,000 1,725,000
Loan to Association ESOP........................................................... 542,056 609,813
Tax benefit due from subsidiary.................................................... 40,781 33,235
Total.................................................................... 12,670,176 13,072,462
LIABILITIES AND SHAREHOLDERS EQUITY
Other liabilities.................................................................. $ 111,961 $ 70,210
Shareholders' equity............................................................... 12,558,215 13,002,252
Total.................................................................... $12,670,176 $13,072,462
</TABLE>
STATEMENT OF INCOME
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
SEPTEMBER 30,
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
Interest from:
Association's subsidiary loan.................................................... $ 80,148 $ 151,949
Association's ESOP loan.......................................................... 47,137 54,101
Dividends from Association subsidiary............................................ 450,000 200,000
----------- -----------
Total income............................................................. 577,285 406,050
Expenses:
Non-interest expenses............................................................ 272,672 234,402
Income tax (benefit)............................................................. (58,435) (11,679)
----------- -----------
Total expenses........................................................... 214,237 222,723
----------- -----------
Income before equity in undistributed net income of Association subsidiary......... 363,048 183,327
Equity in undistributed net income of Association subsidiary....................... 828,442 577,217
----------- -----------
Net income......................................................................... $ 1,191,490 $ 760,544
----------- -----------
----------- -----------
</TABLE>
II-29
<PAGE>
MISSISSIPPI VIEW HOLDING COMPANY AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 16. PARENT ONLY CONDENSED FINANCIAL INFORMATION--(CONTINUED)
STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
SEPTEMBER 30,
--------------------------
1997 1996
----------- -----------
<S> <C> <C>
Net income.......................................................................... $ 1,191,490 $ 760,544
Adjustments:
Equity in undistributed net income of subsidiary.................................. (828,442) (577,217)
ESOP fair value adjustment, net of taxes.......................................... 26,768 15,426
Increase in income tax benefit due from subsidiary................................ (3,499) (33,235)
Increase in deferred income taxes................................................. (4,047) --
(Decrease) in accrued income taxes................................................ -- (160)
Increase in other liabilities..................................................... 41,750 70,210
----------- -----------
Net cash provided by operations..................................................... 424,020 235,568
----------- -----------
Cash flows from investing activities:
Subsidiary loan proceeds.......................................................... 1,660,000 1,375,000
Purchase of treasury stock........................................................ (2,068,422) (1,536,689)
----------- -----------
Net cash used in investing activities............................................. (408,422) (161,689)
----------- -----------
Cash flows from financing activities:
Payment of cash dividend.......................................................... (120,677) (141,804)
Principal received on ESOP loan................................................... 67,757 80,660
----------- -----------
Net cash used in financing activities............................................... (52,920) (61,144)
----------- -----------
(Decrease) increase in cash and cash equivalents.................................... (37,322) 12,735
Cash and cash equivalents
Beginning of year................................................................. 61,525 48,790
----------- -----------
End of year....................................................................... $ 24,203 $ 61,525
----------- -----------
----------- -----------
</TABLE>
II-30
<PAGE>
Manually signed photocopies of the Letter of Transmittal will be accepted
from Eligible Institutions. The Letter of Transmittal and certificates for
Shares and any other required documents should be sent or delivered by each
shareholder or his or her broker, dealer, commercial bank, trust company or
nominee to the Depositary at one of its addresses set forth below.
THE DEPOSITARY FOR THE OFFER IS:
REGISTRAR AND TRANSFER COMPANY
By Mail/Overnight Delivery: By Hand Only:
10 Commerce Drive c/o The Depository Trust Co.
Cranford, New Jersey 07016 Transfer Agent Drop
55 Water Street, 1st Floor
New York, New York 10041-0099
By Facsimile Transmission:
(Eligible Institutions Only)
(908) 497-2313
Any questions or requests for assistance or additional copies of this Offer
to Purchase, the Letter of Transmittal or the Notice of Guaranteed Delivery may
be directed to the Information Agent at the telephone numbers and location
listed below. Shareholders may also contact their local broker, dealer,
commercial bank or trust company for assistance concerning the Offer.
THE INFORMATION AGENT FOR THE OFFER IS:
MACKENZIE PARTNERS, INC. LOGO
156 Fifth Avenue
New York, New York 10010
(212) 929-5500 (Call Collect)
Call Toll Free
(800) 322-2885
LETTER OF TRANSMITTAL
TO ACCOMPANY SHARES OF COMMON STOCK
OF
MISSISSIPPI VIEW HOLDING COMPANY
TENDERED PURSUANT TO THE OFFER TO PURCHASE
DATED APRIL 13, 1998
THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M.,
EASTERN TIME, ON MONDAY, MAY 11, 1998, UNLESS THE OFFER IS EXTENDED.
TO: REGISTRAR AND TRANSFER COMPANY, DEPOSITARY
<TABLE>
<S> <C> <C>
By Mail/Overnight Delivery: Facsimile Transmission: By Hand Only:
10 Commerce Drive (908) 497-2313 c/o The Depository Trust Co.
Cranford, New Jersey 07016 (for Eligible Institutions Only) Transfer Agent Drop
55 Water Street, 1st Floor
New York, New York 10041-0099
</TABLE>
<TABLE>
<S> <C> <C> <C>
DESCRIPTION OF SHARES TENDERED
(SEE INSTRUCTIONS 3 AND 4)
NAME(S) AND ADDRESS(ES) OF REGISTERED HOLDER(S) CERTIFICATE(S) TENDERED
(PLEASE FILL IN EXACTLY AS NAME(S) APPEAR(S) ON CERTIFICATE(S)) (ATTACH SIGNED LIST IF NECESSARY)
NUMBER OF SHARES NUMBER OF
CERTIFICATE REPRESENTED BY SHARES
NUMBER(S)* CERTIFICATE(S)* TENDERED**
TOTAL SHARES TENDERED
* Need not be completed if Shares are delivered by book-entry transfer.
** If you desire to tender fewer than all Shares evidenced by any certificates
listed above, please indicate in this column the number of Shares you wish to
tender. Otherwise, all Shares evidenced by such certificates will be deemed
to have been tendered.
See Instruction 4.
</TABLE>
DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN THOSE SHOWN ABOVE OR
TRANSMISSION OF INSTRUCTIONS VIA A FACSIMILE NUMBER OTHER THAN ONE OF THOSE
LISTED ABOVE DOES NOT CONSTITUTE A VALID DELIVERY.
This Letter of Transmittal is to be used only (a) if certificates for
Shares (as defined below) are to be forwarded with it (or such certificates will
be delivered pursuant to a Notice of Guaranteed Delivery previously sent to the
Depositary) or (b) if a tender of Shares is to be made by book-entry transfer to
the account maintained by the Depositary at The Depository Trust Company ('DTC')
or Philadelphia Depository Trust Company ('PDTC') (collectively, the 'Book-Entry
Transfer Facilities') pursuant to 'The Offer--Procedures for Tendering Shares'
of the Offer to Purchase.
Stockholders whose certificates are not immediately available or who cannot
deliver their certificates for Shares and all other required documents to the
Depositary before the Expiration Date (as defined in the Offer to Purchase) or
whose Shares cannot be delivered on a timely basis pursuant to the procedure for
book-entry transfer must tender their Shares according to the guaranteed
delivery procedure set forth in 'The Offer--Procedures for Tendering Shares' of
the Offer to Purchase. See Instruction 2. Delivery of the Letter of Transmittal
and any other required documents to one of the Book-Entry Transfer Facilities
does not constitute delivery to the Depositary.
<PAGE>
/ / CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER
MADE TO AN ACCOUNT MAINTAINED BY THE DEPOSITARY WITH ONE OF THE BOOK-ENTRY
TRANSFER FACILITIES, AND COMPLETE THE FOLLOWING:
Name of Tendering Institution:_____________________________________________
Check Box of Applicable Book-Entry Transfer Facility:
/ / DTC / / PDTC
Account Number:____________________________________________________________
Transaction Code Number:___________________________________________________
/ / CHECK HERE IF CERTIFICATES FOR TENDERED SHARES ARE BEING DELIVERED PURSUANT
TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE DEPOSITARY, AND
COMPLETE THE FOLLOWING:
Name(s) of Registered Holder(s):___________________________________________
Date of Execution of Notice of Guaranteed Delivery:________________________
Name of Institution Which Guaranteed Delivery:_____________________________
Check Box of Applicable Book-Entry Transfer Facility and Give Account
Number if Delivered by Book-Entry Transfer:
/ / DTC / / PDTC
Account Number:_________________________________________________________________
ODD LOTS
(SEE INSTRUCTION 9)
To be completed ONLY if Shares are being tendered by or on behalf of a
person owning beneficially, as of the close of business on April 8, 1998, an
aggregate of fewer than 100 Shares.
The undersigned either (check one box):
/ / was the beneficial owner as of the close of business on April 8,
1998, and will continue to be the beneficial owner as of the
Expiration Date, of an aggregate of fewer than 100 Shares, all of
which are being tendered; or
/ / is a broker, dealer, commercial bank, trust company or other nominee
which:
(a) is tendering, for the beneficial owners thereof, Shares with
respect to which it is the record holder; and
(b) believes, based upon representations made to it by such beneficial
owners, that each such person was the beneficial owner as of the
close of business on April 8, 1998 and each such person will
continue to be the beneficial owner as of the Expiration Date, of
an aggregate of fewer than 100 Shares and is tendering all of such
Shares.
<PAGE>
Ladies and Gentlemen:
The undersigned hereby tenders to Mississippi View Holding Company, a
Minnesota corporation (the 'Company'), the above described shares of the
Company's common stock, par value $0.10 per share (the 'Shares') at the price
per Share indicated in this Letter of Transmittal, net to the seller in cash,
upon the terms and subject to the conditions set forth in the Company's Offer to
Purchase dated April 13, 1998, receipt of which is hereby acknowledged, and in
this Letter of Transmittal (which together constitute the 'Offer').
Subject to, and effective on acceptance for payment of the Shares tendered
hereby in accordance with, the terms of the Offer (including, if the Offer is
extended or amended, the terms or conditions of any such extension or
amendment), the undersigned hereby sells, assigns and transfers to or upon the
order of the Company all right, title and interest in and to all Shares tendered
hereby or orders the registration of such Shares tendered by book-entry transfer
that are purchased pursuant to the Offer to or upon the order of the Company and
hereby irrevocably constitutes and appoints the Depositary as attorney-in-fact
of the undersigned with respect to such Shares, with full power of substitution
(such power of attorney being an irrevocable power coupled with interest), to:
(a) deliver certificates for such Shares, or transfer ownership of such
Shares on the account books maintained by a Book-Entry Transfer Facility,
together in either such case with all accompanying evidences of transfer and
authenticity, to or upon the order of the Company, upon receipt by the
Depositary, as the undersigned's agent, of the Purchase Price (as defined below)
with respect to such Shares;
(b) present certificates for such Shares for cancellation and transfer on
the Company's books; and
(c) receive all benefits and otherwise exercise all rights of beneficial
ownership of such Shares, subject to the next paragraph, all in accordance with
the terms of the Offer.
The undersigned hereby represents and warrants that:
(a) the undersigned understands that tenders of Shares pursuant to any one
of the procedures described in 'The Offer-- Procedures for Tendering Shares' of
the Offer to Purchase and in the Instructions hereto will constitute the
undersigned's acceptance of the terms and conditions of the Offer, including the
undersigned's representation and warranty that (i) the undersigned has a 'net
long position' in Shares or 'equivalent securities' at least equal to the Shares
tendered within the meaning of Rule 14e-4 promulgated under the Securities
Exchange Act of 1934, as amended, and (ii) such tender of Shares complies with
Rule 14e-4.
(b) when and to the extent the Company accepts the Shares for purchase, the
Company will acquire good, marketable and unencumbered title to them, free and
clear of all security interests, liens, charges, encumbrances, conditional sales
agreements or other obligations relating to their sale or transfer, and not
subject to any adverse claim;
(c) on request, the undersigned will execute and deliver any additional
documents the Depositary or the Company deems necessary or desirable to complete
the assignment, transfer and purchase of the Shares tendered hereby; and
(d) the undersigned has read and agrees to all of the terms of the Offer.
The names and addresses of the registered holders should be printed, if
they are not already printed above, exactly as they appear on the certificates
representing Shares tendered hereby. The certificate numbers, the number of
Shares represented by such certificates, the number of Shares that the
undersigned wishes to tender and the purchase price at which such Shares are
being tendered should be indicated in the appropriate boxes on this Letter of
Transmittal.
The undersigned understands that the Company will, upon the terms and
subject to the conditions of the Offer, determine a single per Share price (not
greater than $21.50 nor less than $19.50 per Share) that it will pay for Shares
validly tendered and not withdrawn pursuant to the Offer (the 'Purchase Price'),
taking into account the number of Shares so tendered and the prices specified by
tendering stockholders. The undersigned understands that the Company will select
the lowest Purchase Price which will allow it to buy 222,000 Shares (or such
lesser number of Shares as are validly tendered and not withdrawn at prices not
greater than $21.50 nor less than $19.50 per Share) pursuant to the Offer, or
such greater number of Shares as the Company may elect to purchase. The
undersigned understands that all Shares validly tendered and not withdrawn at
prices at or below the Purchase Price will be purchased at the Purchase Price,
net to the seller in cash, upon the terms and subject to the conditions of the
Offer, including the proration provisions, and that the Company will return all
other Shares, including Shares tendered at prices greater than the Purchase
Price and Shares not purchased because of proration.
<PAGE>
The undersigned recognizes that under certain circumstances set forth in
the Offer to Purchase, the Company may terminate or amend the Offer or may
postpone the acceptance for payment of, or the payment for, Shares tendered or
may not be required to purchase any of the Shares tendered hereby or may accept
for payment fewer than all of the Shares tendered hereby. In either event, the
undersigned understands that certificate(s) for any Shares not tendered or not
purchased will be returned to the undersigned at the address indicated above,
unless otherwise indicated under the 'Special Payment Instructions' or 'Special
Delivery Instructions' below. The undersigned recognizes that the Company has no
obligation, pursuant to the Special Payment Instructions, to transfer any
certificate for Shares from the name of their registered holder, or to order the
registration or transfer of such Shares tendered by book-entry transfer, if the
Company purchases none of the Shares represented by such certificate or tendered
by such book-entry transfer.
The undersigned understands that acceptance of Shares by the Company for
payment will constitute a binding agreement between the undersigned and the
Company upon the terms and subject to the conditions of the Offer.
The check for the Purchase Price for such of the tendered Shares as are
purchased will be issued to the order of the undersigned and mailed to the
address indicated above unless otherwise indicated under 'Special Payment
Instructions' or 'Special Delivery Instructions' below.
All authority conferred or agreed to be conferred in this Letter of
Transmittal shall survive the death or incapacity of the undersigned, and any
obligations of the undersigned under this Letter of Transmittal shall be binding
upon the heirs, personal representatives, successors and assigns of the
undersigned. Except as stated in the Offer to Purchase, this tender is
irrevocable.
NOTE: SIGNATURES MUST BE PROVIDED BELOW
PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY
PRICE (IN DOLLARS) PER SHARE AT
WHICH SHARES ARE BEING TENDERED
IF SHARES ARE BEING TENDERED AT MORE
THAN ONE PRICE, USE A SEPARATE
LETTER OF TRANSMITTAL FOR EACH PRICE SPECIFIED.
(SEE INSTRUCTION 5)
CHECK ONLY ONE BOX.
IF MORE THAN ONE BOX IS CHECKED, OR IF
NOBOX IS CHECKED (EXCEPT AS OTHERWISE PROVIDED HEREIN), THERE
IS NO VALID TENDER OF SHARES.
<TABLE>
<S> <C> <C> <C>
/ / $19.500 / / $20.125 / / $20.625 / / $21.125
/ / 19.625 / / 20.250 / / 20.750 / / 21.250
/ / 19.750 / / 20.375 / / 20.875 / / 21.375
/ / 19.875 / / 20.500 / / 21.000 / / 21.500
/ / 20.000
</TABLE>
<PAGE>
SPECIAL PAYMENT INSTRUCTIONS
(SEE INSTRUCTIONS 1, 4, 6, 7 AND 8)
To be completed ONLY if certificates for Shares not tendered or not
purchased and/or any check for the Purchase Price of Shares purchased are to be
issued in the name of and sent to someone other than the undersigned.
Issue / / Check / / Certificates to:
Name ..........................................................................
(PLEASE PRINT)
Address .......................................................................
........................................................................
(INCLUDE ZIP CODE)
...............................................................................
(TAX IDENTIFICATION OR SOCIAL SECURITY NUMBER)
SPECIAL DELIVERY INSTRUCTIONS (SEE INSTRUCTIONS 1, 4, 6 AND 8)
To be completed ONLY if certificates for Shares not tendered or not
purchased issued in the name of the undersigned and/or any check for the
Purchase Price of Shares purchased issued in the name of undersigned are to be
sent to someone other than the undersigned or to the undersigned at an address
other than that shown above.
Deliver / / Check / / Certificates to:
Name ..........................................................................
(PLEASE PRINT)
Address .......................................................................
...............................................................................
(INCLUDE ZIP CODE)
<PAGE>
STOCKHOLDER(S) SIGN HERE
(SEE INSTRUCTIONS 1 AND 6)
(PLEASE COMPLETE SUBSTITUTE FORM W-9 ON BACK PAGE)
Must be signed by the registered holder(s) exactly as name(s) appear(s) on
certificate(s) or on a security position listing or by person(s) authorized to
become registered holder(s) by certificate(s) and documents transmitted with
this Letter of Transmittal. If signature is by attorney-in-fact, executor,
administrator, trustee, guardian, officer of a corporation or another acting in
a fiduciary or representative capacity, please set forth the full title. See
Instruction 6.
...............................................................................
(Signature(s))
Dated .................................................................. , 1998
Name(s) .......................................................................
........................................................................
(Please Print)
Capacity (full title): ........................................................
...............................................................
Address: ......................................................................
......................................................................
......................................................................
Area Code and Telephone Number: ...............................................
Tax Identification or Social Security Number(s) ...............................
Dated: ................................................................. , 1998
GUARANTEE OF SIGNATURE(S) (See Instructions 1 and 6)
Authorized Signature ..........................................................
Name: .........................................................................
(Please Print)
Title: ........................................................................
Name of Firm: .................................................................
Address: ......................................................................
...............................................................................
...............................................................................
(Including Zip Code)
Area Code and Telephone Number: ...............................................
Dated: ................................................................. , 1998
Tax Identification or Social Security Number(s) ................................
<PAGE>
INSTRUCTIONS
FORMING PART OF THE TERMS OF THE OFFER
1. Guarantee of Signatures. No signature guarantee is required if either:
(a) this Letter of Transmittal is signed by the registered holder of the
Shares (which term, for purposes of this document, shall include any participant
in a Book-Entry Transfer Facility whose name appears on a security position
listing as the owner of Shares) exactly as the name of the registered holder
appears on the certificate tendered with this Letter of Transmittal unless such
holder has completed either the box entitled 'Special Payment Instructions' or
the box entitled 'Special Delivery Instructions'; or
(b) such Shares are tendered for the account of a member firm of a
registered national securities exchange, a member of the National Association of
Securities Dealers, Inc. or a commercial bank or trust company having an office,
branch or agency in the United States. See Instruction 6.
In all other cases the signature(s) must be guaranteed by an eligible
guarantor institution (bank, stockbroker, savings and loan association or credit
union with membership in an approved signature guarantee medallion program),
pursuant to Rule 17Ad-15 promulgated under the Exchange Act (an 'Eligible
Institution'). See Instruction 6.
2. Delivery of Letter of Transmittal and Certificates; Guaranteed Delivery
Procedures. This Letter of Transmittal is to be used only if certificates are
delivered with it to the Depositary (or such certificates will be delivered
pursuant to a Notice of Guaranteed Delivery previously sent to the Depositary)
or if tenders are to be made pursuant to the procedure for tender by book-entry
transfer set forth in 'The Offer-Procedures for Tendering Shares' of the Offer
to Purchase. Certificates for all physically tendered Shares, or confirmation of
a book-entry transfer into the Depositary's account at a Book-Entry Transfer
Facility of Shares tendered electronically, together in each case with a
properly completed and duly executed Letter of Transmittal or duly executed
facsimile of it, and any other documents required by this Letter of Transmittal,
should be mailed or delivered to the Depositary at the appropriate address set
forth herein and must be delivered to the Depositary on or before the Expiration
Date (as defined in the Offer to Purchase).
Stockholders whose certificates are not immediately available or who cannot
deliver Shares and all other required documents to the Depositary before the
Expiration Date, or whose Shares cannot be delivered on a timely basis pursuant
to the procedure for book-entry transfer, may tender their Shares by or through
any Eligible Institution by properly completing (including the price at which
the Shares are being tendered) and duly executing and delivering a Notice of
Guaranteed Delivery (or a facsimile of it) and by otherwise complying with the
guaranteed delivery procedure set forth in 'The Offer-Procedures for Tendering
Shares' of the Offer to Purchase. Pursuant to such procedure, the certificates
for all physically tendered Shares or book-entry confirmation, as the case may
be, as well as a properly completed Letter of Transmittal and all other
documents required by this Letter of Transmittal, must be received by the
Depositary within three over-the-counter trading days after receipt by the
Depositary of such Notice of Guaranteed Delivery, all as provided in 'The Offer-
Procedures for Tendering Shares' of the Offer to Purchase.
The Notice of Guaranteed Delivery may be delivered by hand or transmitted
by telegram, facsimile transmission or mail to the Depositary and must include a
guarantee by an Eligible Institution in the form set forth in such Notice. For
Shares to be validly tendered pursuant to the guaranteed delivery procedure, the
Depositary must receive the Notice of Guaranteed Delivery before the Expiration
Date.
THE METHOD OF DELIVERY OF ALL DOCUMENTS, INCLUDING CERTIFICATES FOR SHARES,
IS AT THE ELECTION AND RISK OF THE TENDERING STOCKHOLDER. IF DELIVERY IS BY
MAIL, REGISTERED MAIL WITH RETURN RECEIPT REQUESTED, PROPERLY INSURED, IS
RECOMMENDED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ASSURE DELIVERY.
The Company will not accept any alternative, conditional or contingent
tenders, nor will it purchase any fractional Shares. All tendering stockholders,
by execution of this Letter of Transmittal (or a facsimile of it), waive any
right to receive any notice of the acceptance of their tender.
<PAGE>
3. Inadequate Space. If the space provided in the box captioned
'Description of Shares Tendered' is inadequate, the certificate numbers and/or
the number of Shares should be listed on a separate signed schedule and attached
to this Letter of Transmittal.
4. Partial Tenders and Unpurchased Shares. (Not applicable to stockholders
who tender by book-entry transfer.) If fewer than all of the Shares evidenced by
any certificate are to be tendered, fill in the number of Shares which are to be
tendered in the column entitled 'Number of Shares Tendered.' In such case, if
any tendered Shares are purchased, a new certificate for the remainder of the
Shares evidenced by the old certificate(s) will be issued and sent to the
registered holder(s), unless otherwise specified in the 'Special Payment
Instructions' or 'Special Delivery Instructions' box on this Letter of
Transmittal, as soon as practicable after the Expiration Date. All Shares
represented by the certificate(s) listed and delivered to the Depositary are
deemed to have been tendered unless otherwise indicated.
5. Indication of Price at Which Shares Are Being Tendered. For Shares to be
validly tendered, the stockholder must check the box indicating the price per
Share at which he or she is tendering Shares under 'Price (In Dollars) Per Share
at Which Shares Are Being Tendered' on this Letter of Transmittal. Only one box
may be checked. If more than one box is checked, or if no box is checked (except
as otherwise provided herein), there is no valid tender of Shares. A stockholder
wishing to tender portions of his Share holdings at different prices must
complete a separate Letter of Transmittal for each price at which he or she
wishes to tender each such portion of his or her Shares. The same Shares cannot
be tendered (unless previously validly withdrawn as provided in 'The
Offer--Withdrawal Rights' of the Offer to Purchase) at more than one price.
6. Signatures on Letter of Transmittal, Stock Powers, and Endorsements.
(a) If this Letter of Transmittal is signed by the registered holder(s) of
the Shares tendered hereby, the signature(s) must correspond exactly with the
name(s) as written on the face of the certificate without any change whatsoever.
(b) If the Shares are registered in the names of two or more joint holders,
each such holder must sign this Letter of Transmittal.
(c) If any tendered Shares are registered in different names on several
certificates, it will be necessary to complete, sign and submit as many separate
Letters of Transmittal (or facsimiles of it) as there are different
registrations of certificates.
(d) When this Letter of Transmittal is signed by the registered holder(s)
of the Shares listed and transmitted hereby, no endorsements of certificate(s)
representing such Shares or separate stock powers are required unless payment is
to be made, or the certificate(s) for Shares not tendered or not purchased are
to be issued, to a person other than the registered holder(s). If this Letter of
Transmittal is signed by a person other than the registered holder(s) of the
certificate(s) listed, or if payment is to be made or certificate(s) for shares
not tendered or not purchased are to be issued to a person other than the
registered holder(s), the certificate(s) must be endorsed or accompanied by
appropriate stock powers, in either case signed exactly as the name(s) of the
registered holder(s) appear(s) on the certificate(s), and any signature(s) on
such certificate(s) or stock power(s) must be guaranteed by an Eligible
Institution. See Instruction 1.
(e) If this Letter of Transmittal or any certificates or stock powers are
signed by trustees, executors, administrators, guardians, attorneys-in-fact,
officers of corporations or others acting in a fiduciary or representative
capacity for the registered holder(s) of the certificates listed, such persons
should so indicate when signing and must submit proper evidence satisfactory to
the Company of their authority so to act.
7. Stock Transfer Taxes. Except as provided in this Instruction, no stock
transfer tax stamps or funds to cover such stamps need accompany this Letter of
Transmittal. The Company will pay or cause to be paid any stock transfer taxes
payable on the transfer to it of Shares purchased pursuant to the Offer. If,
however:
(a) payment of the Purchase Price is to be made to any person other
than the registered holder(s);
(b) Shares not tendered or not accepted for purchase are to be
registered in the name of any person other than the registered holder(s);
or
(c) tendered certificates are registered in the name of any person
other than the person(s) signing this Letter of Transmittal;
<PAGE>
then the Depositary will deduct from the Purchase Price the amount of any stock
transfer taxes (whether imposed on the registered holder, such other person or
otherwise) payable on account of the transfer to such person unless satisfactory
evidence of the payment of such taxes, or an exemption from them, is submitted.
8. Special Payment and Delivery Instructions. If certificate(s) for Shares
not tendered or not purchased and/or check(s) are to be issued in the name of a
person other than the signer of the Letter of Transmittal or if such
certificate(s) and/or check(s) are to be sent to someone other than the signer
of the Letter of Transmittal or to the signer at a different address, the boxes
captioned 'Special Payment Instructions' and/or 'Special Delivery Instructions'
on this Letter of Transmittal should be completed and signatures must be
guaranteed as described in Instructions 1 and 6.
9. Odd Lots. As described in 'The Offer--Number of Shares; Proration' of
the Offer to Purchase, if the Company is to purchase less than all Shares
validly tendered and not withdrawn before the Expiration Date, the Shares
purchased first will consist of all Shares validly tendered and not withdrawn by
any stockholder who owned beneficially as of the close of business on April 8,
1998 and who continues to own as of the Expiration Date, an aggregate of fewer
than 100 Shares and who tenders all of his Shares at or below the Purchase Price
(an 'Odd Lot Holder'). This preference will not be available unless the box
captioned 'Odd Lots' is completed.
10. Irregularities. The Company will determine, in its sole discretion, all
questions as to the validity, form, eligibility (including time of receipt) and
acceptance for payment of any tender of Shares, and its determination shall be
final and binding on all parties. The Company reserves the absolute right to
reject any or all tenders determined by it not to be in proper form or the
acceptance of which or payment for which may, in the opinion of the Company's
counsel, be unlawful. The Company also reserves the absolute right to waive any
of the conditions of the Offer or any defects or irregularities in the tender of
any particular Shares, and the Company's interpretation of the terms of the
Offer (including these instructions) will be final and binding on all parties.
No tender of Shares will be deemed to be validly made until all defects and
irregularities have been cured or waived. Unless waived, any defects or
irregularities in connection with tenders must be cured within such time as the
Company shall determine. None of the Company, the Depositary nor any other
person is or will be obligated to give notice of any defects or irregularities
in tenders, nor shall any of them incur any liability for failure to give any
such notice.
11. Questions and Requests for Assistance and Additional Copies. Questions
and requests for assistance may be directed to, or additional copies of the
Offer to Purchase, the Notice of Guaranteed Delivery, and this Letter of
Transmittal may be obtained from the Information Agent at its address and
telephone number set forth at the end of this Letter of Transmittal.
12. Substitute Form W-9 and Form W-8. Stockholders other than corporations
and certain foreign individuals may be subject to backup federal income tax
withholding. Each such tendering stockholder or other payee who does not
otherwise establish to the satisfaction of the Depositary an exemption from
backup federal income tax withholding is required to provide the Depositary with
a correct taxpayer identification number ('TIN') on Substitute Form W-9 which is
provided as a part of this Letter of Transmittal, and to indicate that the
stockholder or other payee is not subject to backup withholding by checking the
box in Part 2 of the form. For an individual, his TIN will generally be his
social security number. Failure to provide the information on the form or to
check the box in Part 2 of the form may subject the tendering stockholder or
other payee to 31% backup federal income tax withholding on the payments made to
the stockholder or other payee with respect to Shares purchased pursuant to the
Offer and to a $50 penalty imposed by the Internal Revenue Service. Backup
withholding is not an additional tax. Rather, the tax liability of persons
subject to backup withholding will be reduced by the amount of tax withheld. If
withholding results in an overpayment of taxes, a refund may be obtained. The
box in Part 3 of the form may be checked if the tendering stockholder or other
payee has not been issued a TIN and has applied for a TIN or intends to apply
for a TIN in the near future. If the box in Part 3 is checked and the Depositary
is not provided with a TIN within sixty (60) days, the Depositary will withhold
31% on all such payments thereafter until a TIN is provided to the Depositary.
Stockholders who are foreign individuals should submit Form W-8 to certify that
they are exempt from backup withholding, unless Instruction 13 applies. Form W-8
may be obtained from the Depositary. For additional information concerning
Substitute Form W-9, see the enclosed 'Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9.'
<PAGE>
13. Withholding on Foreign Stockholders. The Depositary will withhold
federal income taxes equal to 30% of the gross payments payable to a foreign
stockholder or his agent unless the Depositary determines that a reduced rate of
withholding or an exemption from withholding is applicable. (Exemption from
backup withholding does not exempt a foreign stockholder from the 30%
withholding.) For this purpose, a foreign stockholder is any stockholder that is
not (i) a citizen or resident of the United States, (ii) a corporation,
partnership or other entity created or organized in or under the laws of the
United States or any political subdivision thereof or (iii) an estate or trust
the income of which is subject to United States federal income taxation
regardless of the source of such income. The Depositary will determine a
stockholder's status as a foreign stockholder and eligibility for a reduced rate
of, or an exemption from, withholding by reference to the stockholder's address
and to any outstanding certificates or statements concerning eligibility for a
reduced rate of, or exemption from, withholding on the grounds that the gross
proceeds paid pursuant to the Offer are effectively connected with the conduct
of a trade or business within the United States, a foreign stockholder must
deliver to the Depositary a properly executed Form 4224. Such form can be
obtained from the Depositary. A foreign stockholder who has not previously
submitted the appropriate certificates or statements with respect to a reduced
rate of, or exemption from, withholding for which such stockholder may be
eligible should consider doing so in order to avoid excess withholding. A
foreign stockholder may be eligible to obtain a refund of tax withheld if such
stockholder meets one of the three tests for capital gain or loss treatment
described in 'Special Factors--Certain Federal Income Tax Consequences' of the
Offer to Purchase or is otherwise able to establish that no tax or reduced
amount of tax was due. Foreign stockholders are advised to consult their tax
advisors regarding the application of federal income tax withholding, including
eligibility for a withholding tax reduction or exemption and the refund
procedures.
14. ESOP, Profit Sharing Plan and MSBP. Participants in the Community
Federal Savings and Loan Association of Little Falls Employee Stock Ownership
Plan, the Community Federal Savings and Loan Association of Little Falls Profit
Sharing Plan and the Community Federal Savings and Loan Association of Little
Falls Management Stock Bonus Plan may not use this Letter of Transmittal to
direct the tender of Shares attributed to a participant's account, but must use
the separate instruction form sent to them.
IMPORTANT: THIS LETTER OF TRANSMITTAL OR A MANUALLY SIGNED FACSIMILE OF IT
(TOGETHER WITH CERTIFICATE(S) FOR SHARES OR CONFIRMATION OF BOOK-ENTRY TRANSFER
AND ALL OTHER REQUIRED DOCUMENTS) OR, IF APPLICABLE, THE NOTICE OF GUARANTEED
DELIVERY MUST BE RECEIVED BY THE DEPOSITARY BEFORE THE EXPIRATION DATE.
IMPORTANT TAX INFORMATION
Under the United States federal income tax law, a stockholder whose
tendered Shares are accepted for payment generally is required by law to provide
the Depositary with such stockholder's correct TIN on Substitute Form W-9 below.
If the Depositary is not provided with the correct TIN, the Internal Revenue
Service may subject the stockholder or other payee to a $50 penalty. In
addition, payments that are made to such stockholder or other payee with respect
to Shares purchased pursuant to the Offer may be subject to backup withholding.
Certain stockholders (including, among others, all corporations and certain
foreign individuals) are not subject to these backup withholding and reporting
requirements. In order for a foreign individual to qualify as an exempt
recipient, the stockholder must submit a Form W-8, signed under penalties of
perjury, attesting to the individual's exempt status. A Form W-8 can be obtained
from the Depositary. See the enclosed 'Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9' for more instructions.
If backup withholding applies, the Depositary is required to withhold 31%
of any such payments made to the stockholder or other payee. Backup withholding
is not an additional tax. Rather, the tax liability of persons subject to backup
withholding will be reduced by the amount of tax withheld. If withholding
results in an overpayment of taxes, a refund may be obtained.
PURPOSE OF SUBSTITUTE FORM W-9
To prevent backup withholding on payment made to a stockholder or other
payee with respect to Shares purchased pursuant to the Offer, the stockholder is
required to notify the Depositary of the stockholder's correct TIN by completing
the form below, certifying that the TIN provided on Substitute Form W-9 is
correct (or that such stockholder is awaiting a TIN) and that:
(a) the stockholder has not been notified by the Internal Revenue
Service that the stockholder is subject to backup withholding as a result
of failure to report all interest or dividends; or
(b) the Internal Revenue Service has notified the stockholder that the
stockholder is no longer subject to backup withholding.
<PAGE>
WHAT NUMBER TO GIVE THE DEPOSITARY
The stockholder is required to give the Depositary the TIN (e.g., social
security number or employer identification number) of the registered holder of
the Shares. If the Shares are in more than one name or are not in the name of
the actual owner, consult the enclosed 'Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9' for additional guidance on which
number to report.
<TABLE>
<S> <C> <C>
PAYER'S NAME:
SUBSTITUTE Part 1--PLEASE PROVIDE YOUR TIN IN THE BOX AT RIGHT Social Security Number
FORM W-9 AND CERTIFY BY SIGNING AND DATING BELOW.
OR Employer Identification
Number
DEPARTMENT OF THE TREASURY Part 2--Check the box if you are NOT subject to
INTERNAL REVENUE SERVICE backup withholding under the provisions of Section
3406(a)(1)(C) of the Internal Revenue Code because
(1) you are exempt from backup withholding, or (2)
you have not been notified by the Internal Revenue
Service that you are subject to backup withholding
as a result of failure to report all interest or
dividends, or (3) the Internal Revenue Service has
notified you that you are no longer subject to
backup withholding. / /
PAYER'S REQUEST FOR TAXPAYER CERTIFICATION--UNDER THE PENALTIES OF PERJURY, I Part 3--
IDENTIFICATION NUMBER (TIN) CERTIFY THAT THE INFORMATION PROVIDED ON THIS FORM Awaiting TIN / /
IS TRUE, CORRECT, AND COMPLETE.
SIGNATURE DATE
</TABLE>
NOTE: FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN A BACKUP
WITHHOLDING OF 31% OF ANY PAYMENTS MADE TO YOU PURSUANT TO THE OFFER. PLEASE
REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION
NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS.
YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU
CHECK THE BOX IN PART 3 OF SUBSTITUTE FORM W-9
<TABLE>
<S> <C> <C>
CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER
I certify under penalties of perjury that a taxpayer identification number
has not been issued to me, and either (a) I have mailed or delivered an
application to receive a taxpayer identification number to the appropriate
Internal Revenue Service Center or Social Security Administration Office, or (b)
I intend to mail or deliver an application in the near future. I understand that
if I do not provide a taxpayer identification number within sixty (60) days, 31%
of all reportable payments made to me thereafter will be withheld until I
provide a number.
- ---------------------------- -----------------------------
Signature Date
</TABLE>
<PAGE>
FACSIMILE COPIES OF THE LETTER OF TRANSMITTAL WILL BE ACCEPTED FROM
ELIGIBLE INSTITUTIONS. THE LETTER OF TRANSMITTAL AND CERTIFICATES FOR SHARES AND
ANY OTHER REQUIRED DOCUMENTS SHOULD BE SENT OR DELIVERED BY EACH TENDERING
STOCKHOLDER OR HIS BROKER, DEALER, COMMERCIAL BANK, TRUST COMPANY OR OTHER
NOMINEE TO THE DEPOSITARY AT ONE OF ITS ADDRESSES SET FORTH BELOW.
THE DEPOSITARY
REGISTRAR AND TRANSFER COMPANY
<TABLE>
<S> <C> <C>
By Mail/Overnight Delivery: Facsimile Transmission: By Hand Only:
10 Commerce Drive (908) 497-2313 c/o The Depository Trust Co.
Cranford, New Jersey 07016 (for Eligible Institutions Only) Transfer Agent Drop
55 Water Street, 1st Floor
New York, New York 10041-0099
</TABLE>
ANY QUESTIONS OR REQUESTS FOR ASSISTANCE OR FOR ADDITIONAL COPIES OF THE
OFFER TO PURCHASE, THE LETTER OF TRANSMITTAL OR THE NOTICE OF GUARANTEED
DELIVERY MAY BE DIRECTED TO THE INFORMATION AGENT AT ITS TELEPHONE NUMBERS AND
ADDRESS SET FORTH BELOW. A TENDERING STOCKHOLDER MAY ALSO CONTACT HIS BROKER,
DEALER, COMMERCIAL BANK OR TRUST COMPANY FOR ASSISTANCE CONCERNING THE OFFER. IN
ORDER TO CONFIRM THE DELIVERY OF HIS SHARES, A TENDERING STOCKHOLER SHOULD
CONTACT THE DEPOSITARY.
THE INFORMATION AGENT:
MACKENZIE PARTNERS, INC. LOGO
156 Fifth Avenue
New York, New York 10010
(212) 929-5500 (Call Collect)
Call Toll Free: (800) 322-2885
April 13, 1998
NOTICE OF GUARANTEED DELIVERY
of
Shares of Common Stock
of
MISSISSIPPI VIEW HOLDING COMPANY
This form or a facsimile of it must be used to accept the Offer, as
defined below, if:
(a) certificates for common stock, par value $0.10 per share (the
"Shares"), of Mississippi View Holding Company, a Minnesota corporation, are not
immediately available or certificates for Shares and all other required
documents cannot be delivered to the Depositary before the Expiration Date (as
defined in "The Offer -- Number of Shares; Proration" in the Offer to Purchase,
as defined below); or
(b) Shares cannot be delivered on a timely basis pursuant to the
procedure for book-entry transfer.
This form or a facsimile of it, signed and properly completed, may be
delivered by hand, mail, telegram or facsimile transmission to the Depositary.
See "The Offer -- Procedures for Tendering Shares" in the Offer to Purchase.
To: Registrar and Transfer Company
<TABLE>
<S> <C> <C>
By Mail/Overnight Delivery: Facsimile Transmission: By Hand Only:
10 Commerce Drive (908) 497-2313 c/o The Depository Trust Co.
Cranford, New Jersey 07016 (for Eligible Institutions Only) Transfer Agent Drop
55 Water Street, 1st Floor
New York, New York 10041-0099
</TABLE>
DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN THOSE
SHOWN ABOVE OR TRANSMISSION OF INSTRUCTIONS VIA A
FACSIMILE NUMBER OTHER THAN THAT LISTED ABOVE
DOES NOT CONSTITUTE A VALID DELIVERY
<PAGE>
Ladies and Gentlemen:
The undersigned hereby tenders to Mississippi View Holding Company, at the price
per Share indicated below, net to the seller in cash, upon the terms and
conditions set forth in the Offer to Purchase, dated April 13, 1998 (the "Offer
to Purchase") and the related Letter of Transmittal (which together constitute
the "Offer"), receipt of which is hereby acknowledged, Shares pursuant to the
guaranteed delivery procedure set forth in "The Offer - - Procedures for
Tendering Shares" in the Offer to Purchase.
|============================================================================ |
| ODD LOTS |
| |
| To be completed ONLY if Shares are being tendered by or on behalf of a |
| person owning beneficially as of the close of business on April 8, 1998 and|
| who will continue to own beneficially as of the Expiration Date, an |
| aggregate of fewer than 100 Shares. |
| |
| The undersigned either (check one): |
| |
| |_| was the beneficial owner as of the close of business on April 8, 1998 |
| and will continue to be the beneficial owner as of the Expiration Date,|
| of an aggregate of fewer than 100 Shares, all of which are being |
| tendered; or |
| |
| |_| is a broker, dealer, commercial bank, trust company or other nominee |
| which: |
| |
| (a) is tendering, for beneficial owners, Shares with respect to |
| which it is the registered holder; and |
| |
| (b) believes, based upon representations made to it by such |
| beneficial owners, that each such person was the beneficial |
| owner as of the close of business on April 8, 1998 and each |
| such person would continue to be the beneficial owner as of |
| the Expiration Date, of an aggregate of fewer than 100 |
| Shares and is tendering all of such Shares. |
|============================================================================= |
|---------------------------------------------------------------------------- |
| PRICE (IN DOLLARS) PER SHARE AT |
| WHICH SHARES ARE BEING TENDERED |
| |
| IF SHARES ARE BEING TENDERED AT MORE |
| THAN ONE PRICE, USE A SEPARATE |
| LETTER OF TRANSMITTAL FOR EACH PRICE SPECIFIED. |
| |
| |
| CHECK ONLY ONE BOX. |
| IF MORE THAN ONE BOX IS CHECKED, OR IF |
| NOBOX IS CHECKED (EXCEPT AS OTHERWISE PROVIDED HEREIN), THERE |
| IS NO VALID TENDER OF SHARES. |
|-----------------------------------------------------------------------------|
| |_| $ 19.500 |_| $ 20.250 |_| $21.000 |
| |_| 19.625 |_| 20.375 |_| 21.125 |
| |_| 19.750 |_| 20.500 |_| 21.250 |
| |_| 19.875 |_| 20.625 |_| 21.375 |
| |_| 20.000 |_| 20.750 |_| 21.500 |
| |_| 20.125 |_| 20.875 |
| |
| |
|---------------------------------------------------------------------------- |
<PAGE>
|------------------------------------------------------------------------------|
|Certificate Nos. (if available): |
| |
| --------------------------------------------------------------------------- |
| |
| --------------------------------------------------------------------------- |
| |
|Name(s): |
| |
| --------------------------------------------------------------------------- |
| |
| --------------------------------------------------------------------------- |
| Please type or print |
| |
|Address(es): |
| ----------------------------------------------------------------- |
| |
| ---------------------------------------------------------------------------- |
| |
| ---------------------------------------------------------------------------- |
| Zip Code |
| |
|Area Code and |
|Telephone Number: |
| -------------------------------------------------------------|
|------------------------------------------------------------------------------|
|----------------------------------------------------------------------------|
| SIGN HERE |
| |
| |
| |
| |
| |
|Dated: , 1998 |
| |
|If Shares will be tendered by book-entry transfer, check box of applicable |
|Book-Entry Facility: |
| |
||_| The Depository Trust Company |
| |
||_| Philadelphia Depository Trust Company |
| |
|Account Number: |
| |
| |
| |
| |
|----------------------------------------------------------------------------|
3
<PAGE>
GUARANTEE
The undersigned is (1) a member firm of a registered securities
exchange; (2) a member of the National Association of Securities Dealers, Inc.;
or (3) a commercial bank or trust company having an office, branch or agency in
the United States, and represents that:
(a) the above-named person(s) has a "net long position" in Shares or
"equivalent securities" at least equal to the Shares tendered within the meaning
of Rule 14e-4 promulgated under the Securities Exchange Act of 1934, as amended;
and
(b) such tender of Shares complies with such Rule 14e-4;
and guarantees that the Depositary will receive certificates for the Shares
tendered hereby in proper form for transfer, or Shares will be tendered pursuant
to the procedure for book-entry transfer at The Depository Trust Company or
Philadelphia Depository Trust Company, in any case, together with a properly
completed and duly executed Letter of Transmittal and any other documents
required by the Letter of Transmittal (or a manually signed facsimile of them),
all within three over-the-counter trading days after the day the Depositary
receives this Notice.
|==============================================================================|
|Name of Firm: Address: |
| ------------------------------- -----------------------|
| |
|-------------------------------------------- -------------------------------|
| Authorized Signature |
| -------------------------------|
| |
| -------------------------------|
|Name: Zip Code |
| --------------------------------------- |
| Please Print |
| Area Code and |
| Telephone Number: |
| --------------|
|Title: Dated: , 1998 |
| -------------------------------------- ------------------ |
| |
| |
|==============================================================================|
4
MISSISSIPPI VIEW HOLDING COMPANY
Offer to Purchase for Cash
Up to 222,000 Shares of its Common Stock
at a Purchase Price Not Greater
than $21.50 Nor Less than $19.50 Per Share
To Our Clients:
Enclosed for your consideration are the Offer to Purchase, dated April
13, 1998 and the related Letter of Transmittal (which together constitute the
"Offer") in connection with the Offer by Mississippi View Holding Company, a
Minnesota corporation (the "Company"), to purchase up to 222,000 shares of its
common stock, par value $0.10 per share (the "Shares"), at prices net to the
seller in cash, not greater than $21.50 nor less than $19.50 per Share,
specified by tendering stockholders, on the terms and subject to the conditions
of the Offer.
The Company will, upon the terms and subject to the conditions of the
Offer, determine a single per Share price (not greater than $21.50 nor less than
$19.50 per Share) that it will pay for Shares validly tendered and not withdrawn
pursuant to the Offer (the "Purchase Price"), taking into account the number of
Shares so tendered and the prices specified by tendering stockholders. The
Company will select the lowest Purchase Price which will allow it to purchase
222,000 Shares (or such lesser number of Shares as are validly tendered and not
withdrawn at prices not greater than $21.50 nor less than $19.50 per Share)
pursuant to the Offer, or such greater number as the Company may elect to
purchase. All Shares validly tendered and not withdrawn at prices at or below
the Purchase Price will be purchased at the Purchase Price, net to the seller in
cash, upon the terms and subject to the conditions of the Offer, including the
proration terms thereof. The Company will return all other Shares, including
Shares tendered at prices greater than the Purchase Price and Shares not
purchased because of proration. See "The Offer -- Number of Shares; Proration"
in the Offer to Purchase.
If, prior to the Expiration Date (as defined in the Offer to Purchase),
more than 222,000 Shares are validly tendered and not withdrawn at or below the
Purchase Price, the Company will, upon the terms and subject to the conditions
of the Offer, accept Shares for purchase first from Odd Lot Holders (as defined
in the Offer to Purchase) who validly tender and do not withdraw their Shares at
or below the Purchase Price and then on a pro rata basis from all other
stockholders whose Shares are validly tendered and not withdrawn at or below the
Purchase Price. See "The Offer -- Number of Shares; Proration" in the Offer to
Purchase.
We are the holder of record of Shares held for your account. As such,
we are the only ones who can tender your Shares, and then only pursuant to your
instructions. We are sending you the Letter of Transmittal for your information
only; you cannot use it to tender Shares we hold for your account. Please
instruct us as to whether you wish us to tender any or all of the Shares we hold
for your account on the terms and subject to the conditions of the Offer.
We call your attention to the following:
1. You may tender Shares at prices, net to you in cash, not greater
than $21.50 nor less than $19.50 per Share, as indicated in the attached
instruction form.
2. The Offer is conditioned upon, among other things, the Company
obtaining the funds necessary to consummate the Offer and to pay all related
fees and expenses. The Offer is not conditioned upon any minimum number of
Shares being tendered.
3. The Offer, proration period and withdrawal rights will expire at
5:00 p.m., Eastern time, on Monday, May 11, 1998, unless the Company extends the
Offer.
4. The Offer is for 222,000 Shares constituting approximately 30% of
the Shares outstanding as of April 9, 1998.
<PAGE>
5. Assuming 222,000 Shares are purchased pursuant to the Offer and the
sale of Shares to the newly-formed Trust (as defined in the Offer to Purchase)
immediately after the Expiration Date, executive officers, directors, the Stock
Plans (as defined in the Offer to Purchase) and the Trust, in the aggregate,
will own approximately 49.5% of the outstanding Shares. The Board of Directors
of the Company, based on, among other things, the unanimous recommendation of a
Special Committee of non-employee directors of the Board, has unanimously
approved the Offer. However, neither the Company nor its Board of Directors
makes any recommendation to any stockholder as to whether to tender or refrain
from tendering their Shares. Each stockholder must make the decision whether to
tender Shares, and if so, how many Shares and at which price or prices.
6. Tendering stockholders will not be obligated to pay any brokerage
commissions, solicitation fees or, subject to Instruction 7 of the Letter of
Transmittal, stock transfer taxes on the Company's purchase of Shares pursuant
to the Offer.
7. If you owned beneficially as of the close of business on April 8,
1998 and will continue to own beneficially as of the Expiration Date an
aggregate of fewer than 100 Shares and you instruct us to tender on your behalf
all such Shares at or below the Purchase Price before the Expiration Date and
check the box captioned "Odd Lots" in the attached instruction form, the
Company, upon the terms and subject to the conditions of the Offer, will accept
all such Shares for purchase before proration, if any, of the purchase of other
Shares tendered and not withdrawn at or below the Purchase Price.
8. If you wish to tender portions of your Share holdings at different
prices, you must complete separate instructions for each price at which you wish
to tender each such portion of your Shares. We must submit separate Letters of
Transmittal on your behalf for each price you will accept. The same Shares
cannot be tendered at different prices unless such tendered Shares are validly
withdrawn and retendered.
If you wish to have us tender any or all of your Shares, please so
instruct us by completing, executing and returning to us the attached
instruction form. An envelope to return your instructions to us is enclosed. If
you authorize us to tender your Shares, we will tender all such Shares unless
you specify otherwise on the attached instruction form.
Your Instruction Form should be forwarded to us in ample time to permit
us to submit a tender on your behalf on or before the expiration of the Offer.
The Offer, proration period and withdrawal rights expire at 5:00 p.m., Eastern
time, on Monday, May 11, 1998, unless the Company extends the Offer.
As described in "The Offer -- Number of Shares; Proration" in the Offer
to Purchase, if before the Expiration Date a greater number of Shares are
validly tendered and not withdrawn at or below the Purchase Price than the
Company will accept for purchase, the Company will accept Shares for purchase at
the Purchase Price in the following order of priority:
(a) first, all Shares validly tendered and not withdrawn at or below
the Purchase Price before the Expiration Date by any Odd Lot Holder
who:
(1) tenders all Shares beneficially owned by such Odd Lot
Holder at or below the Purchase Price (partial tenders will not qualify
for this preference); and
(2) completes the box captioned "Odd Lots" on the Letter of
Transmittal and, if applicable, on the Notice of Guaranteed Delivery;
and
(b) then, after purchase of all of the foregoing Shares, all other
Shares validly tendered and not withdrawn at or below the Purchase
Price before the Expiration Date on a pro rata basis (with adjustments
to avoid purchases of fractional Shares), as provided in the Offer to
Purchase.
The Company is not making the Offer to, nor will it accept tenders from
or on behalf of, owners of Shares in any jurisdiction in which the Offer or its
acceptance would violate the securities, blue sky or other laws of such
jurisdiction.
2
<PAGE>
Instruction Form
With Respect to the
MISSISSIPPI VIEW HOLDING COMPANY
Offer to Purchase for Cash
Up to 222,000 Shares of Its Common Stock
at a Purchase Price Per Share Not Greater
than $21.50 Nor Less than $19.50 Per Share
The undersigned acknowledge(s) receipt of your letter and the enclosed
Offer to Purchase, dated April 13, 1998 and related Letter of Transmittal (which
together constitute the "Offer"), in connection with the Offer by Mississippi
View Holding Company, a Minnesota corporation (the "Company"), to purchase up to
222,000 shares of its common stock, par value $0.10 per share (the "Shares"), at
prices, net to the Seller in cash, not greater than $21.50 nor less than $19.50
per Share, specified by tendering stockholders, upon the terms and subject to
the conditions of the Offer.
The undersigned acknowledges that the Company will, upon the terms and
subject to the conditions of the Offer, determine a single per Share price (not
greater than $21.50 nor less than $19.50 per Share) that it will pay for Shares
validly tendered and not withdrawn pursuant to the Offer (the "Purchase Price"),
taking into account the number of Shares so tendered and the prices specified by
tendering stockholders. The Company will select the lowest Purchase Price which
will allow it to purchase 222,000 Shares (or such lesser number of Shares as are
validly tendered and not withdrawn at prices not greater than $21.50 nor less
than $19.50 per Share) pursuant to the Offer, or such greater number as the
Company may elect to purchase. All Shares validly tendered and not withdrawn at
prices at or below the Purchase Price will be purchased at the Purchase Price,
net to the seller in cash, upon the terms and subject to the conditions of the
Offer, including the proration terms thereof. The Company will return all other
Shares. See "The Offer -- Number of Shares; Proration" in the Offer to Purchase.
The undersigned hereby instruct(s) you to tender to the Company the
number of Shares indicated below or, if no number is indicated, all Shares you
hold for the account of the undersigned, at the price per Share indicated below,
pursuant to the terms and subject to the conditions of the Offer. The Company
will return Shares tendered at prices greater than the Purchase Price and Shares
not purchased because of proration.
Aggregate number of Shares to be tendered by you for
the account of the undersigned: *
Shares
--------------------
* Unless otherwise indicated, all of the Shares held for the account of the
undersigned will be tendered.
|------------------------------------------------------------------------------|
| ODD LOTS |
| |
| |_| By checking this box, the undersigned represents that the undersigned |
| owned beneficially as of the close of business on April 8, 1998 and |
| will continue to own beneficially as of the Expiration Date an |
| aggregate of fewer than 100 Shares and is instructing the holder to |
| tender all such Shares. |
| |
- --------------------------------------------------------------------------------
3
<PAGE>
|------------------------------------------------------------------------|
| PRICE (IN DOLLARS) PER SHARE AT |
| WHICH SHARES ARE BEING TENDERED |
| |
| IF SHARES ARE BEING TENDERED AT MORE |
| THAN ONE PRICE, USE A SEPARATE |
| LETTER OF TRANSMITTAL FOR EACH PRICE SPECIFIED. |
| |
| |
| CHECK ONLY ONE BOX. |
| IF MORE THAN ONE BOX IS CHECKED, OR IF |
| NO BOX IS CHECKED (EXCEPT AS OTHERWISE PROVIDED |
| HEREIN), THERE IS NO VALID TENDER OF SHARES. |
| ---------------------------------------------------------------------- |
| |_| $ 19.500 |_| $ 20.500 |_| $21.500 |
| |_| 19.625 |_| 20.625 |
| |_| 19.750 |_| 20.750 |
| |_| 19.875 |_| 20.875 |
| |_| 20.000 |_| 21.000 |
| |_| 20.125 |_| 21.125 |
| |_| 20.250 |_| 21.250 |
| |_| 20.375 |_| 21.375 |
| ---------------------------------------------------------------------- |
|============================================================================|
| SIGNATURE BOX |
| |
| |
| Signature(s)______________________________________________________________ |
| |
| Dated ______________________________________________________________, 1998 |
| |
| Name(s) and Address(es)____________________________________________________|
|
| ------------------------------------------------------------------------ |
| |
| ------------------------------------------------------------------------- |
| |
|------------------------------------------------------------------------- |
| (Please Print) |
|Area Code and Telephone Number____________________________________________ |
| |
|Taxpayer Identification or |
|Social Security Number_____________________________________________________ |
|============================================================================|
4
MISSISSIPPI VIEW HOLDING COMPANY
Offer to Purchase For Cash
Up to 222,000 Shares of its Common Stock
at a Purchase Price
Not Greater Than $21.50 Nor Less than $19.50 Per Share
THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS
EXPIRE AT 5:00 P.M., EASTERN TIME,
ON MONDAY, MAY 11, 1998, UNLESS
THE OFFER IS EXTENDED.
April 13, 1998
To: Brokers, Dealers, Commercial Banks,
Trust Companies and Other Nominees
Mississippi View Holding Company, a Minnesota corporation (the
"Company"), has appointed us to act as Information Agent in connection with its
offer to purchase up to 222,000 shares of its Common Stock, par value $0.10 per
share (the "Shares"), at prices, net to the seller in cash, not greater than
$21.50 nor less than $19.50 per Share, specified by tendering stockholders, upon
the terms and subject to the conditions set forth in its Offer to Purchase,
dated April 13, 1998, and the related Letter of Transmittal (which together
constitute the "Offer").
The Company will, upon the terms and subject to the conditions of the
Offer, determine a single per Share price (not greater than $21.50 nor less than
$19.50 per Share) that it will pay for Shares validly tendered and not withdrawn
pursuant to the Offer (the "Purchase Price"), taking into account the number of
Shares so tendered and the prices specified by tendering stockholders. The
Company will select the lowest Purchase Price which will allow it to purchase
222,000 Shares (or such lesser number of Shares as are validly tendered and not
withdrawn at prices not greater than $21.50 nor less than $19.50 per Share)
pursuant to the Offer, or such greater number as the Company may elect to
purchase. All Shares validly tendered and not withdrawn at prices at or below
the Purchase Price will be purchased at the Purchase Price, net to the seller in
cash, upon the terms and subject to the conditions of the Offer, including the
proration terms thereof. See "The Offer -- Number of Shares; Proration" in the
Offer to Purchase.
If, prior to the Expiration Date (as defined in the Offer to Purchase),
more than 222,000 Shares are validly tendered and not withdrawn at or below the
Purchase Price, the Company will, upon the terms and subject to the conditions
of the Offer, buy Shares first from all Odd Lot Holders (as defined in the Offer
to Purchase) who validly tender and do not withdraw all their Shares at or below
the Purchase Price and then on a pro rata basis from all other stockholders
whose Shares are validly tendered and not withdrawn at or below the Purchase
Price.
The Offer is conditioned upon, among other things, the Company
obtaining the funds necessary to consummate the Offer and pay all related fees
and expenses. The Offer is not conditioned upon any minimum number of Shares
being tendered. See "The Offer -- Certain Conditions of the Offer" in the Offer
to Purchase.
<PAGE>
For your information and for forwarding to your clients for whom you
hold Shares registered in your name or in the name of your nominee, we are
enclosing the following documents:
1. Offer to Purchase, dated April 13, 1998;
2. Letter to Clients that may be sent to your clients for
whose accounts you hold Shares registered in your name or in the name
of your nominee, with space provided for obtaining such clients'
instructions with regard to the Offer;
3. Letter dated April 13, 1998 from Thomas J. Leiferman,
President and Chief Executive Officer of the Company, to stockholders
of the Company;
4. Letter of Transmittal for your use and for the information
of your clients (together with accompanying Substitute Form W-9 and
guidelines); and
5. Notice of Guaranteed Delivery to be used to accept the
Offer if the Share certificates and all other required documents cannot
be delivered to the Depositary by the Expiration Date or if the
procedure for book-entry transfer cannot be completed on a timely
basis.
WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS POSSIBLE. THE OFFER,
PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., EASTERN TIME,
ON MONDAY, MAY 11, 1998, UNLESS THE OFFER IS EXTENDED.
No fees or commissions will be payable to brokers, dealers or any
person for soliciting tenders of Shares pursuant to the Offer other than fees
paid to the Information Agent or the Depositary as described in the Offer to
Purchase. The Company will, however, upon request, reimburse you for customary
mailing and handling expenses incurred by you in forwarding any of the enclosed
materials to the beneficial owners of Shares held by you as a nominee or in a
fiduciary capacity. The Company will pay or cause to be paid any stock transfer
taxes applicable to its purchase of Shares, except as otherwise provided in
Instruction 7 of the Letter of Transmittal.
In order to take advantage of the Offer, a duly executed and properly
completed Letter of Transmittal and any other required documents should be sent
to the Depositary with either certificate(s) representing the tendered Shares or
confirmation of their book-entry transfer all in accordance with the
instructions set forth in the Letter of Transmittal and the Offer to Purchase.
As described in "The Offer -- Procedures for Tendering Shares" in the
Offer to Purchase, tenders may be made without the concurrent deposit of stock
certificates or concurrent compliance with the procedure for book-entry
transfer, if such tenders are made by or through a broker or dealer which is a
member firm of a registered national securities exchange, or a member of the
National Association of Securities Dealers, Inc. or a commercial bank or trust
company having an office, branch or agency in the United States. Certificates
for Shares so tendered (or a confirmation of a book-entry transfer of such
Shares into the Depositary's account at one of the Book-Entry Transfer
Facilities described in the Offer to Purchase), together with a properly
completed and duly executed Letter of Transmittal and any other documents
required by the Letter of Transmittal, must be received by the Depositary within
three over-the-counter trading days after timely receipt by the Depositary of a
properly completed and duly executed Notice of Guaranteed Delivery.
2
<PAGE>
Any inquiries you may have with respect to the Offer should be
addressed to the Information Agent at its address and telephone number set forth
on the back cover page of the Offer to Purchase.
Additional copies of the enclosed material may be obtained from the
undersigned, telephone: (800) 322-2885.
Very truly yours,
MacKenzie Partners, Inc.
Enclosures
|==============================================================================|
| NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU OR|
| ANY OTHER PERSON AS AN AGENT OF THE COMPANY OR ANY OF ITS AFFILIATES, THE |
| INFORMATION AGENT OR THE DEPOSITARY, OR AUTHORIZE YOU OR ANY OTHER PERSON TO |
| USE ANY DOCUMENT OR MAKE ANY STATEMENT ON BEHALF OF ANY OF THEM IN CONNECTION|
| WITH THE OFFER OTHER THAN THE DOCUMENTS ENCLOSED HEREWITH AND THE STATEMENTS |
| CONTAINED THEREIN. |
|==============================================================================|
3
[LETTERHEAD OF MISSISSIPPI VIEW HOLDING COMPANY]
April 13, 1998
To Our Stockholders:
Mississippi View Holding Company (the "Company") is offering to
purchase 222,000 shares (approximately 30% of its currently outstanding shares)
of its common stock from its stockholders at a cash price not greater than
$21.50 nor less than $19.50 per share. The Company is conducting the Offer
through a procedure commonly referred to as a "Modified Dutch Auction." This
procedure allows you to select the price within that price range at which you
are willing to sell your shares to the Company. Based upon the number of shares
tendered and the prices specified by the tendering stockholders, the Company
will determine a single per share purchase price within that price range which
will allow it to buy 222,000 shares (or such lesser number of shares as are
validly tendered and not withdrawn at prices not greater than $21.50 nor less
than $19.50 per share) (the "Purchase Price"). Subject to possible proration in
the event more than 222,000 shares are tendered at or below the Purchase Price,
all of the shares that are validly tendered at prices at or below that Purchase
Price (and are not withdrawn) will be purchased at that same Purchase Price, net
to the selling stockholder in cash. Since the Company is purchasing stock
directly from its stockholders, there are no brokerage commissions. All other
shares which have been tendered and not purchased will be returned to the
stockholder.
For those stockholders who own an aggregate of fewer than 100 shares,
the Offer may represent an opportunity to sell all of their shares without
having to pay brokerage commissions.
The Offer, proration period and withdrawal rights expire at 5:00 p.m.,
Eastern time, on Monday, May 11, 1998, unless the Offer is extended.
Neither the Company nor its Board of Directors makes any recommendation
to any stockholder as to whether to tender or refrain from tendering shares. You
must make your own decision whether to tender shares and, if so, how many shares
to tender and at which price or prices.
This Offer is explained in detail in the enclosed Offer to Purchase and
Letter of Transmittal. If you want to tender your shares, the instructions on
how to tender shares are also explained in detail in the enclosed materials. I
encourage you to read these materials carefully before making any decision with
respect to the Offer.
Very truly yours,
/s/ Thomas J. Leiferman
Thomas J. Leiferman
President
[Community Federal Savings and Loan Association of Little Falls Letterhead]
IMMEDIATE ATTENTION REQUIRED
April 13, 1998
RE: DIRECTION CONCERNING TENDER OF SHARES
DEAR ESOP PARTICIPANT:
Enclosed are materials that require your immediate attention. They describe
matters directly affecting your participant account in the Community Federal
Savings and Loan Association of Little Falls Employee Stock Ownership Plan (the
"ESOP"). Read all the materials carefully. You will need to complete the
enclosed Direction Form and return it in the postage paid envelope provided. THE
DEADLINE FOR RECEIPT OF YOUR COMPLETED DIRECTION FORM IS 5:00 P.M., EASTERN
TIME, FRIDAY, MAY 8, 1998 (UNLESS EXTENDED). YOU SHOULD COMPLETE THE FORM AND
RETURN IT EVEN IF YOU DECIDE NOT TO PARTICIPATE IN THE TRANSACTION DESCRIBED IN
THE MATERIALS.
The remainder of this letter summarizes the transaction and your rights and
alternatives under the ESOP, but you also should review the more detailed
explanation provided in the other materials.
BACKGROUND
Mississippi View Holding Company (the "Company"), the parent corporation of
Community Federal Savings and Loan Association of Little Falls, has made a
tender offer (the "Offer') to purchase up to 222,000 shares of its common stock.
The objectives of the purchase, and financial and other information relating to
the Offer, are described in detail in the enclosed Offer to Purchase, which is
being provided to all shareholders of the Company.
As a participant in the ESOP, you are directly affected, because the
Company's Offer to Purchase extends to the approximately 80,639 shares of the
Company's stock currently held by the ESOP. Only the Trustee of the ESOP can
tender the shares of common stock held by the ESOP. However, as an ESOP
participant, you may direct the Trustee whether or not to
<PAGE>
tender the shares that are allocated to your ESOP Account. If you elect to have
the Trustee tender these shares, you also are entitled to specify the price or
prices at which they should be tendered.
To assure the confidentiality of your decision, the Company has retained
MacKenzie Partners, Inc. to tabulate the directions of ESOP participants. You
will note from the enclosed envelope that your Direction Form is to be returned
to MacKenzie Partners, Inc. The Trustee will decide whether to tender or hold
shares of the ESOP that currently have not been allocated to participants' ESOP
Accounts. The Trustee will also decide the disposition of shares that are
allocated to Accounts of participants who fail to return a timely or properly
completed Direction Form. The Trustee will determine whether the implementation
of any participant directions or adherence to any ESOP provisions would be
contrary to its fiduciary duties in accordance with the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"). As the fiduciary to the ESOP,
the Trustee will make the final determination as to whether participants'
directions will be followed taking into account the ESOP's purpose and the
interest of all participants. Although it is not anticipated that any
participant direction will violate ERISA, such that the direction would have to
be reversed or disregarded, the United States Department of Labor requires that
the Trustee, as the fiduciary for ESOP participants, retain this discretion.
HOW THE OFFER WORKS
The details of the Offer are described in the enclosed materials, which you
should review carefully. However, in broad outline, the Offer will work as
follows with respect to ESOP participants.
- The Company has offered to purchase up to 222,000 shares of its
common stock at a price between $19.50 and $21.50 per share.
- If you want any of the shares that are allocated to your ESOP
Account sold, you need to direct that they be offered (or
"tendered") for sale.
- You also need to specify the price at which you want the shares
tendered. That price must be between the two limits above.
- After the deadline for the tender of shares by all shareholders,
including the ESOP, Registrar and Transfer Company will tabulate
all tenders, and the Company will determine the price, between the
two limits, that it will pay for shares validly tendered pursuant
to the Offer (the "Purchase Price").
- All shares validly tendered at prices at or below the Purchase
Price and not withdrawn will be purchased at the Purchase Price,
upon the terms and subject to the conditions of the Offer,
including the proration provisions.
2
<PAGE>
- If you tender any shares at a price in excess of the Purchase Price
as finally determined, those shares will not be purchased by the
Company, and they will remain allocated to your ESOP Account.
This form of transaction is commonly called a "Dutch Auction" and requires
some strategy on your part. For example, if you determine that it is advisable
that your ESOP plan assets be sold at this time, you may want to tender your
shares at a price at or near the lower limit. If you are not sure whether or not
you want to participate, but would be willing to sell at a price above the lower
limit, then you may want to specify a higher price, not to exceed the upper
limit. If you do not want to sell shares allocated to your ESOP Account at this
time under any circumstances, an option is provided for you to direct that
shares allocated to your ESOP Account be held.
The Trustee may override any direction that it determines is contrary to
its fiduciary duties under ERISA, as previously described. In particular, the
Company will be prohibited from purchasing shares from the ESOP if the Purchase
Price, as finally determined, is less than the fair market price of the shares
on the date the shares are accepted for purchase. Finally, the Company will
prorate the number of shares purchased from shareholders if there is an excess
of shares tendered over the exact number desired at the Purchase Price as
ultimately determined.
PROCEDURE FOR DIRECTING TRUSTEE
A Direction Form for making your direction is enclosed. You must complete
this form and return it in the included envelope in time to be received no later
than 5:00 p.m., Eastern time, on Friday, May 8, 1998 (unless the Offer is
extended or amended). If your form is not received by this deadline, or if it is
not fully and properly completed, the shares in your ESOP Account will be
tendered or held as decided by the Trustee.
To properly complete your Direction Form, you must do the following:
(1) On the face of the form, check Box 1 or 2. CHECK ONLY ONE BOX.
Make your decision which box to check as follows:
- CHECK BOX 1 if you do not want the shares presently allocated to
your ESOP Account tendered for sale at any price and simply want
the Trustee to continue holding such shares allocated to your
Account.
- CHECK BOX 2 in all other cases and complete lines A to E of the
table immediately below Box 2. (You should not complete the table
if you checked Box 1). Use lines A, B and C to specify the number
of shares that you want to tender at each price indicated.
Typically, you would elect to have all of your shares tendered at a
single
3
<PAGE>
price; however, the form gives you the option of splitting your
shares among several prices. You must state the number of shares to
be sold at each indicated price by filling in the number of shares
in the box immediately below the price.
After you have specified your tender price or prices, you should
total the number of shares in each row A, B and C and insert the
total of each line in the box provided at the end of that line.
Specify the number of shares, if any, that you do not want
tendered, but wish the Trustee to hold, in the single box on line
D.
Finally, total the shares in the end boxes of rows A to D and
insert the total in the box on line E. The total in this box must
equal the number of shares allocated to your ESOP Account as shown
on the address label on the reverse side of the Direction Form.
(2) Turn the Direction Form over, and date and sign it in the
spaces provided.
(3) Return the Direction Form in the included postage prepaid
envelope no later than 5:00 p.m., Eastern time, on Friday, May 8,
1998 (unless this deadline is extended). Be sure to return the
form even if you decide not to have the Trustee tender any
shares.
Your direction will be deemed irrevocable unless withdrawn by 5:00 p.m.,
Eastern time, on Friday, May 8, 1998 (unless the Offer is extended or amended).
To be effective, a notice of withdrawal of your direction must be in writing and
must be received by MacKenzie Partners, Inc. at the following address:
MacKenzie Partners, Inc.
156 Fifth Avenue
New York, New York 10010
Facsimile Transmission (212) 929-0308
4
<PAGE>
Your notice of withdrawal must include your name, address, Social Security
number, and the number of shares allocated to your ESOP Account. Upon receipt of
your notice of withdrawal by MacKenzie Partners, Inc., your previous direction
will be deemed canceled. You may direct the re-tendering of any shares in your
Account by repeating the previous instructions for directing the tendering set
forth in this letter.
INVESTMENT OF TENDER PROCEEDS
For any ESOP shares that are tendered and purchased by the Company, the
Company will pay cash to the ESOP. The Trustee then will determine whether to
reinvest in shares of the Company's stock or in alternative investments, being
guided by the ESOP's terms and the trust agreement, and subject to the
limitations of ERISA. At present, it is anticipated that the cash proceeds for
any stock purchased in the Offer will be allocated to your ESOP Account and
invested in certificates of deposit at Community Federal Savings and Loan
Association of Little Falls. Please be advised that to the extent that common
stock is tendered and converted to cash, you will no longer be eligible to
receive cash dividends paid on such ESOP shares sold and you will not
participate in any appreciation or depreciation in the future market value of
the common stock sold. Future allocations of common stock may be made to your
participant Account in accordance with the terms of the ESOP.
Individual participants in the ESOP will not receive any portion of the
tender proceeds at this time. All such proceeds and the assets will remain in
the ESOP and may be withdrawn only in accordance with the ESOP's terms. No gain
or loss will be recognized by the ESOP or participants in the ESOP for federal
income tax purposes in connection with the tender or sale of shares held in the
ESOP.
NO RECOMMENDATION
THE COMPANY'S BOARD OF DIRECTORS HAS UNANIMOUSLY APPROVED THE MAKING OF THE
OFFER. HOWEVER, NEITHER THE COMPANY, ITS BOARD OF DIRECTORS, THE TRUSTEE, THE
ESOP COMMITTEE, OR ANY OTHER PARTY MAKES ANY RECOMMENDATION TO PARTICIPANTS AS
TO WHETHER TO TENDER SHARES, THE PRICE AT WHICH TO TENDER, OR WHETHER TO REFRAIN
FROM TENDERING SHARES. EACH PARTICIPANT MUST MAKE HIS OR HER OWN DECISION
WHETHER TO TENDER ALL, A PORTION OR NO SHARES AND AT WHAT PRICE, IF ANY.
5
<PAGE>
CONFIDENTIALITY
AS MENTIONED ABOVE, MACKENZIE PARTNERS, INC. HAS BEEN RETAINED TO HELP
ASSURE THE CONFIDENTIALITY OF YOUR DECISION AS AN ESOP PARTICIPANT. YOUR
DECISION WILL NOT BE DISCLOSED TO ANY DIRECTORS, OFFICERS, OR EMPLOYEES OF
MISSISSIPPI VIEW HOLDING COMPANY OR COMMUNITY FEDERAL SAVINGS AND LOAN
ASSOCIATION OF LITTLE FALLS, EXCEPT FOR THE PURPOSE OF ALLOCATING PROCEEDS TO
YOUR ESOP ACCOUNT IN THE EVENT THAT ALL OR A PORTION OF YOUR SHARES ARE SOLD.
FURTHER INFORMATION
Although MacKenzie Partners, Inc. also has no recommendation and cannot
advise you what to do, its representatives are prepared to answer any question
that you may have on the procedures involved in the Dutch Auction and your
direction. MacKenzie Partners, Inc. can also help you complete your Direction
Form.
For this purpose, you may contact MacKenzie Partners, Inc. at the following
toll-free number:
MacKenzie Partners, Inc.
(800) 322-2885
Please consider this letter and the enclosed materials carefully and then
return your Direction Form promptly.
Sincerely,
Trustees for the Community Federal
Savings and Loan Association of
Little Falls Employee Stock
Ownership Plan
6
<PAGE>
COMMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF LITTLE FALLS
EMPLOYEE STOCK OWNERSHIP PLAN
DIRECTION FORM
BEFORE COMPLETING THIS FORM, PLEASE READ CAREFULLY
THE ACCOMPANYING OFFER TO PURCHASE
See the Address Label on Reverse Side of This Form for the
Number of Shares Allocated to Your Plan Account
In accordance with the Mississippi View Holding Company (the "Company")
Offer to Purchase dated April 13, 1998, a copy of which I have received and
read, I hereby direct the Plan's Trustee as follows (check only one box):
|_| 1. To refrain from tendering and to hold all shares allocated to my
Account.
|_| 2. To tender shares allocated to my Account at the price or prices
indicated below, except for any shares to be held as indicated on
line D below:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Price $19.500 $19.625 $19.750 $19.875 $20.000 $20.125 $20.250 $20.375 Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A Number
Of
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Price $20.500 $20.625 $20.750 $20.875 $21.000 $21.125 $21.250 $21.375 Total
- -----------------------------------------------------------------------------------------------------------------------------------
B Number
Of
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Price $21.500 Total
- -----------------------------------------------------------------------------------------------------------------------------------
C Number
Of
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
Total
- -----------------------------------------------------------------------------------------------------------------------------------
D Shares
To Be
Held
- -----------------------------------------------------------------------------------------------------------------------------------
Total
- -----------------------------------------------------------------------------------------------------------------------------------
E Total
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Total the number of shares in each of rows A, B and C and insert that total
in the box at the end of each row. Show shares to be held in the box at the end
of row D. Total the numbers in the end boxes of rows A to D and insert that
total number in the end box of row E. The total in the box of row E must equal
the number of shares allocated to your Account as shown on the address label on
the reverse side of this form.
INSTRUCTIONS
Carefully complete the face portion of this Direction Form. Then insert
today's date and sign your name in the spaces provided below. Enclose the form
in the included postage prepaid envelope and mail it promptly. Your Direction
Form must be received no later than 5:00 p.m., Eastern time, on Friday, May 8,
1998. Direction Forms that are not fully or properly completed, dated and
signed, or that are received after the deadline, will not be processed, and the
shares allocated to your Account will be held or tendered, and if tendered, at a
price, as determined by the Trustee. Note that the Trustee also has the right to
disregard any direction that it determines cannot be implemented without
violation of applicable law.
Neither the Company, its Board of Directors, the Trustee, the Committee,
nor any other party makes any recommendation to participants as to whether to
tender shares, the price at which to tender, or to refrain from tendering
shares. Each participant must make his or her own decision on these matters.
Date: __________, 1998 _________________________________
Your Signature
[Community Federal Savings and Loan Association of Little Falls Letterhead]
IMMEDIATE ATTENTION REQUIRED
April 13, 1998
RE: DIRECTION CONCERNING TENDER OF SHARES
DEAR PROFIT SHARING PLAN PARTICIPANT:
Enclosed are materials that require your immediate attention. They describe
matters directly affecting your participant account in the Community Federal
Savings and Loan Association of Little Falls Profit Sharing Plan (the "Plan").
Read all the materials carefully. You will need to complete the enclosed
Direction Form and return it in the postage paid envelope provided. THE DEADLINE
FOR RECEIPT OF YOUR COMPLETED DIRECTION FORM IS 5:00 P.M., EASTERN TIME, FRIDAY,
MAY 8, 1998 (UNLESS EXTENDED). YOU SHOULD COMPLETE THE FORM AND RETURN IT EVEN
IF YOU DECIDE NOT TO PARTICIPATE IN THE TRANSACTION DESCRIBED IN THE MATERIALS.
The remainder of this letter summarizes the transaction and your rights and
alternatives under the Plan, but you also should review the more detailed
explanation provided in the other materials.
BACKGROUND
Mississippi View Holding Company (the "Company"), the parent corporation of
Community Federal Savings and Loan Association of Little Falls, has made a
tender offer (the "Offer") to purchase up to 222,000 shares of its common stock.
The objectives of the purchase, and financial and other information relating to
the offer, are described in detail in the enclosed Offer to Purchase, which is
being provided to all shareholders of the Company.
As a participant in the Plan, you are directly affected, because the
Company's Offer to Purchase extends to the shares of the Company's stock held by
the Plan. Only the Trustee of the Plan can tender the shares of common stock
held by the Plan. However, as a Plan participant, you may direct the Trustee
whether or not to tender the shares that are allocated to
<PAGE>
your Plan Account. If you elect to have the Trustee tender these shares, you
also are entitled to specify the price or prices at which they should be
tendered.
To assure the confidentiality of your decision, the Company has retained
MacKenzie Partners, Inc. to tabulate the directions of Plan participants. You
will note from the enclosed envelope that your Direction Form is to be returned
to MacKenzie Partners, Inc. The Trustee will decide the disposition of shares
that are allocated to Accounts of participants who fail to return a timely or
properly completed Direction Form. The Trustee will determine whether the
implementation of any participant directions or adherence to any Plan provisions
would be contrary to its fiduciary duties in accordance with the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"). As the fiduciary
to the Plan, the Trustee will make the final determination as to whether
participants' directions will be followed taking into account the Plan's purpose
and the interest of all participants. Although it is not anticipated that any
participant direction will violate ERISA, such that the direction would have to
be reversed or disregarded, the United States Department of Labor requires that
the Trustee, as the fiduciary for Plan participants, retain this discretion.
HOW THE OFFER WORKS
The details of the Offer are described in the enclosed materials, which you
should review carefully. However, in broad outline, the Offer will work as
follows with respect to Plan participants.
- The Company has offered to purchase up to 222,000 shares of its
common stock at a price between $19.50 and $21.50 per share.
- If you want any of the shares that are allocated to your Plan
Account sold, you need to direct that they be offered (or
"tendered") for sale.
- You also need to specify the price at which you want the shares
tendered. That price must be between the two limits above.
- After the deadline for the tender of shares by all shareholders,
including the Plan, Registrar and Transfer Company will tabulate
all tenders, and the Company will determine the price, between the
two limits, that it will pay for shares validly tendered pursuant
to the Offer (the "Purchase Price").
- All shares validly tendered at prices at or below the Purchase
Price and not withdrawn will be purchased at the Purchase Price,
upon the terms and subject to the conditions of the Offer,
including the proration provisions.
- If you tender any shares at a price in excess of the Purchase Price
as finally determined, those shares will not be purchased by the
Company, and they will remain allocated to your Plan Account.
2
<PAGE>
This form of transaction is commonly called a "Dutch Auction" and requires
some strategy on your part. For example, if you determine that it is advisable
that your Plan assets be sold at this time, you may want to tender your shares
at a price at or near the lower limit. If you are not sure whether or not you
want to participate, but would be willing to sell at a price above the lower
limit, then you may want to specify a higher price, not to exceed the upper
limit. If you do not want to sell shares allocated to your Plan Account at this
time under any circumstances, an option is provided for you to direct that
shares allocated to your Plan Account be held.
The Trustee may override any direction that it determines is contrary to
its fiduciary duties under ERISA, as previously described. In particular, the
Company will be prohibited from purchasing shares from the Plan if the Purchase
Price, as finally determined, is less than the fair market price of the shares
on the date the shares are accepted for purchase. Finally, the Company will
prorate the number of shares purchased from shareholders if there is an excess
of shares tendered over the exact number desired at the Purchase Price as
ultimately determined.
PROCEDURE FOR DIRECTING TRUSTEE
A Direction Form for making your direction is enclosed. You must complete
this form and return it in the included envelope in time to be received no later
than 5:00 p.m., Eastern time, on Friday, May 8, 1998 (unless the Offer is
extended or amended). If your form is not received by this deadline, or if it is
not fully and properly completed, the shares in your Plan Account will be
tendered or held as decided by the Trustee.
To properly complete your Direction Form, you must do the following:
(1) On the face of the form, check Box 1 or 2. CHECK ONLY ONE BOX.
Make your decision which box to check as follows:
- CHECK BOX 1 if you do not want the shares presently allocated to
your Plan Account tendered for sale at any price and simply want
the Trustee to continue holding such shares allocated to your
Account.
- CHECK BOX 2 in all other cases and complete lines A to E of the
table immediately below Box 2. (You should not complete the table
if you checked Box 1). Use lines A, B and C to specify the number
of shares that you want to tender at each price indicated.
Typically, you would elect to have all of your shares tendered at a
single price; however, the form gives you the option of splitting
your shares among several prices. You must state the number of
shares to be sold at each indicated price by filling in the number
of shares in the box immediately below the price.
3
<PAGE>
After you have specified your tender price or prices, you should
total the number of shares in each row A, B and C and insert the
total of each line in the box provided at the end of that line.
Specify the number of shares, if any, that you do not want
tendered, but wish the Trustee to hold, in the single box on line
D.
Finally, total the shares in the end boxes of rows A to D and
insert the total in the box on line E. The total in this box must
equal the number of shares allocated to your Plan Account as shown
on the address label on the reverse side of the Direction Form.
(2) Turn the Direction Form over, and date and sign it in the spaces
provided.
(3) Return the Direction Form in the included postage prepaid
envelope no later than 5:00 p.m., Eastern time, on Friday, May 8,
1998 (unless this deadline is extended). Be sure to return the
form even if you decide not to have the Trustee tender any shares.
Your direction will be deemed irrevocable unless withdrawn by 5:00 p.m.,
Eastern time, on Friday, May 8, 1998 (unless the Offer is extended or amended).
To be effective, a notice of withdrawal of your direction must be in writing and
must be received by MacKenzie Partners, Inc. at the following address:
MacKenzie Partners, Inc.
156 Fifth Avenue
New York, New York 10010
Facsimile Transmission (212) 929-0308
Your notice of withdrawal must include your name, address, Social Security
number, and the number of shares allocated to your Plan Account. Upon receipt of
your notice of withdrawal by MacKenzie Partners, Inc., your previous direction
will be deemed canceled. You may direct the re-tendering of any shares in your
Account by repeating the previous instructions for directing the tendering set
forth in this letter.
4
<PAGE>
INVESTMENT OF TENDER PROCEEDS
For any Plan shares that are tendered and purchased by the Company, the
Company will pay cash to the Plan. The Trustee then will determine whether to
reinvest in shares of the Company's stock or in alternative investments, being
guided by the Plan's terms and the trust agreement, and subject to the
limitations of ERISA. At present, it is anticipated that the cash proceeds for
any stock purchased in the Offer will be allocated to your Plan Account and
invested in certificates of deposit at Community Federal Savings and Loan
Association of Little Falls. Please be advised that to the extent that common
stock is tendered and converted to cash, you will no longer be eligible to
receive cash dividends paid on such Plan shares sold and you will not
participate in any appreciation or depreciation in the future market value of
the common stock sold. Future allocations of common stock may be made to your
participant Account in accordance with the terms of the Plan.
Individual participants in the Plan will not receive any portion of the
tender proceeds at this time. All such proceeds and the assets will remain in
the Plan and may be withdrawn only in accordance with the Plan's terms. No gain
or loss will be recognized by the Plan or participants in the Plan for federal
income tax purposes in connection with the tender or sale of shares held in the
Plan.
NO RECOMMENDATION
THE COMPANY'S BOARD OF DIRECTORS HAS UNANIMOUSLY APPROVED THE MAKING OF THE
OFFER. HOWEVER, NEITHER THE COMPANY, ITS BOARD OF DIRECTORS, THE TRUSTEE, OR ANY
OTHER PARTY MAKES ANY RECOMMENDATION TO PARTICIPANTS AS TO WHETHER TO TENDER
SHARES, THE PRICE AT WHICH TO TENDER, OR WHETHER TO REFRAIN FROM TENDERING
SHARES. EACH PARTICIPANT MUST MAKE HIS OR HER OWN DECISION WHETHER TO TENDER
ALL, A PORTION OR NO SHARES AND AT WHAT PRICE, IF ANY.
CONFIDENTIALITY
AS MENTIONED ABOVE, MACKENZIE PARTNERS, INC. HAS BEEN RETAINED TO HELP
ASSURE THE CONFIDENTIALITY OF YOUR DECISION AS A PLAN PARTICIPANT. YOUR DECISION
WILL NOT BE DISCLOSED TO ANY DIRECTORS, OFFICERS, OR EMPLOYEES OF MISSISSIPPI
VIEW HOLDING COMPANY OR COMMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF LITTLE
FALLS, EXCEPT FOR THE PURPOSE OF ALLOCATING PROCEEDS TO YOUR PLAN ACCOUNT IN THE
EVENT THAT ALL OR A PORTION OF YOUR SHARES ARE SOLD.
5
<PAGE>
FURTHER INFORMATION
Although MacKenzie Partners, Inc. also has no recommendation and cannot
advise you what to do, its representatives are prepared to answer any question
that you may have on the procedures involved in the Dutch Auction and your
direction. MacKenzie Partners, Inc. can also help you complete your Direction
Form.
For this purpose, you may contact MacKenzie Partners, Inc. at the following
toll-free number:
MacKenzie Partners, Inc.
(800) 322-2885
Please consider this letter and the enclosed materials carefully and then
return your Direction Form promptly.
Sincerely,
Trustees for the Community Federal
Savings and Loan Association of
Little Falls Profit Sharing Plan
6
<PAGE>
COMMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF LITTLE FALLS
PROFIT SHARING PLAN
DIRECTION FORM
BEFORE COMPLETING THIS FORM, PLEASE READ CAREFULLY
THE ACCOMPANYING OFFER TO PURCHASE
See the Address Label on Reverse Side of This Form for the
Number of Shares Allocated to Your Plan Account
In accordance with the Mississippi View Holding Company (the "Company")
Offer to Purchase dated April 13, 1998, a copy of which I have received and
read, I hereby direct the Plan's Trustee as follows (check only one box):
|_| 1. To refrain from tendering and to hold all shares allocated to my
Account.
|_| 2. To tender shares allocated to my Account at the price or prices
indicated below, except for any shares to be held as indicated on
line D below:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Price $19.500 $19.625 $19.750 $19.875 $20.000 $20.125 $20.250 $20.375 Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A Number
Of
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Price $20.500 $20.625 $20.750 $20.875 $21.000 $21.125 $21.250 $21.375 Total
- -----------------------------------------------------------------------------------------------------------------------------------
B Number
Of
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Price $21.500 Total
- -----------------------------------------------------------------------------------------------------------------------------------
Number
Of
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
Total
- -----------------------------------------------------------------------------------------------------------------------------------
D Shares
To Be
Held
- -----------------------------------------------------------------------------------------------------------------------------------
Total
- -----------------------------------------------------------------------------------------------------------------------------------
E Total
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Total the number of shares in each of rows A, B and C and insert that total
in the box at the end of each row. Show shares to be held in the box at the end
of row D. Total the numbers in the end boxes of rows A to D and insert that
total number in the end box of row E. The total in the box of row E must equal
the number of shares allocated to your Account as shown on the address label on
the reverse side of this form.
INSTRUCTIONS
Carefully complete the face portion of this Direction Form. Then insert
today's date and sign your name in the spaces provided below. Enclose the form
in the included postage prepaid envelope and mail it promptly. Your Direction
Form must be received no later than 5:00 p.m., Eastern time, on Friday, May 8,
1998. Direction Forms that are not fully or properly completed, dated and
signed, or that are received after the deadline, will not be processed, and the
shares allocated to your Account will be held or tendered, and if tendered, at a
price, as determined by the Trustee. Note that the Trustee also has the right to
disregard any direction that it determines cannot be implemented without
violation of applicable law.
Neither the Company, its Board of Directors, the Trustee, nor any other
party makes any recommendation to participants as to whether to tender shares,
the price at which to tender, or to refrain from tendering shares. Each
participant must make his or her own decision on these matters.
Date: __________, 1998 ____________________
Your Signature
[Community Federal Savings and Loan Association of Little Falls Letterhead]
IMMEDIATE ATTENTION REQUIRED
April 13, 1998
RE: DIRECTION CONCERNING TENDER OF SHARES
DEAR MANAGEMENT STOCK BONUS PLAN PARTICIPANT:
Enclosed are materials that require your immediate attention. They describe
matters directly affecting your participant account in the Community Federal
Savings and Loan Association of Little Falls Management Stock Bonus Plan (the
"Plan"). Read all the materials carefully. You will need to complete the
enclosed Direction Form and return it in the postage paid envelope provided. THE
DEADLINE FOR RECEIPT OF YOUR COMPLETED DIRECTION FORM IS 5:00 P.M., EASTERN
TIME, FRIDAY, MAY 8, 1998 (UNLESS EXTENDED). YOU SHOULD COMPLETE THE FORM AND
RETURN IT EVEN IF YOU DECIDE NOT TO PARTICIPATE IN THE TRANSACTION DESCRIBED IN
THE MATERIALS.
The remainder of this letter summarizes the transaction and your
rights and alternatives under the Plan, but you also should review the more
detailed explanation provided in the other materials.
BACKGROUND
Mississippi View Holding Company (the "Company"), the parent corporation of
Community Federal Savings and Loan Association of Little Falls has made a tender
offer (the "Offer") to purchase up to 222,000 shares of its common stock. The
objectives of the purchase, and financial and other information relating to the
offer, are described in detail in the enclosed Offer to Purchase, which is being
provided to all shareholders of the Company.
As a participant in the Plan, you are directly affected, because the
Company's Offer to Purchase extends to the approximately 28,629 shares of the
Company's stock currently held by
<PAGE>
the Plan. Only the Trustee of the Plan can tender the shares of common stock
held by the Plan. However, as a Plan participant, you may direct the Trustee
whether or not to tender the shares that are allocated to your Plan Account. If
you elect to have the Trustee tender these shares, you also are entitled to
specify the price or prices at which they should be tendered. Please note
however, whether or not you elect to tender Shares, upon vesting of awards under
the Plan, you will receive common stock, not cash.
To assure the confidentiality of your decision, the Company has retained
MacKenzie Partners, Inc. to tabulate the directions of Plan participants. You
will note from the enclosed envelope that your Direction Form is to be returned
to MacKenzie Partners, Inc. The Trustee will decide whether to tender or hold
shares of the Plan that currently have not been allocated to participants' Plan
Accounts. The Trustee will also decide the disposition of shares that are
allocated to Accounts of participants who fail to return a timely or properly
completed Direction Form. The Trustee will determine whether the implementation
of any participant directions or adherence to any Plan provisions would be
contrary to its fiduciary duties in accordance with the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"). As the fiduciary to the Plan,
the Trustee will make the final determination as to whether participants'
directions will be followed taking into account the Plan's purpose and the
interest of all participants. Although it is not anticipated that any
participant direction will violate ERISA, such that the direction would have to
be reversed or disregarded, the United States Department of Labor requires that
the Trustee, as the fiduciary for Plan participants, retain this discretion.
HOW THE OFFER WORKS
The details of the Offer are described in the enclosed materials, which you
should review carefully. However, in broad outline, the Offer will work as
follows with respect to Plan participants.
- The Company has offered to purchase up to 222,000 shares of its
common stock at a price between $19.50 and $21.50 per share.
- If you want any of the shares that are allocated to your Plan
Account sold, you need to direct that they be offered (or
"tendered") for sale.
- You also need to specify the price at which you want the shares
tendered. That price must be between the two limits above.
- After the deadline for the tender of shares by all shareholders,
including the Plan, Registrar and Transfer Company will tabulate
all tenders, and the Company will determine the price, between the
two limits, that it will pay for shares validly tendered pursuant
to the Offer (the "Purchase Price").
2
<PAGE>
- If you tender any shares at a price in excess of the Purchase Price
as finally determined, those shares will not be purchased by the
Company, and they will remain allocated to your Plan Account.
The Trustee may override any direction that it determines is contrary to
its fiduciary duties under ERISA, as previously described. In particular, the
Company will be prohibited from purchasing shares from the Plan if the Purchase
Price, as finally determined, is less than the fair market price of the shares
on the date the shares are accepted for purchase. Finally, the Company will
prorate the number of shares purchased from shareholders if there is an excess
of shares tendered over the exact number desired at the Purchase Price as
ultimately determined.
PROCEDURE FOR DIRECTING TRUSTEE
A Direction Form for making your direction is enclosed. You must complete
this form and return it in the included envelope in time to be received no later
than 5:00 p.m., Eastern time, on Friday, May 8, 1998 (unless the Offer is
extended or amended). If your form is not received by this deadline, or if it is
not fully and properly completed, the shares in your Plan Account will be
tendered or held as decided by the Trustee.
To properly complete your Direction Form, you must do the following:
(1) On the face of the form, check Box 1 or 2. CHECK ONLY ONE BOX.
Make your decision which box to check as follows:
- CHECK BOX 1 if you do not want the shares presently allocated to
your Plan Account tendered for sale at any price and simply want
the Trustee to continue holding such shares allocated to your
Account.
- CHECK BOX 2 in all other cases and complete lines A to E of the
table immediately below Box 2. (You should not complete the table
if you checked Box 1). Use lines A, B and C to specify the number
of shares that you want to tender at each price indicated.
Typically, you would elect to have all of your shares tendered at a
single price; however, the form gives you the option of splitting
your shares among several prices. You must state the number of
shares to be sold at each indicated price by filling in the number
of shares in the box immediately below the price.
3
<PAGE>
After you have specified your tender price or prices, you should
total the number of shares in each row A, B and C and insert the
total of each line in the box provided at the end of that line.
Specify the number of shares, if any, that you do not want
tendered, but wish the Trustee to hold, in the single box on line
D.
Finally, total the shares in the end boxes of rows A to D and
insert the total in the box on line E. The total in this box must
equal the number of shares allocated to your Plan Account as shown
on the address label on the reverse side of the Direction Form.
(2) Turn the Direction Form over, and date and sign it in the spaces
provided.
(3) Return the Direction Form in the included postage prepaid envelope
no later than 5:00 p.m., Eastern time, on Friday, May 8, 1998
(unless this deadline is extended). Be sure to return the form
even if you decide not to have the Trustee tender any shares.
Your direction will be deemed irrevocable unless withdrawn by 5:00 p.m.,
Eastern time, on Friday, May 8, 1998 (unless the Offer is extended or amended).
To be effective, a notice of withdrawal of your direction must be in writing and
must be received by MacKenzie Partners, Inc. at the following address:
MacKenzie Partners, Inc.
156 Fifth Avenue
New York, New York 10010
Facsimile Transmission (212) 929-0308
Your notice of withdrawal must include your name, address, Social Security
number, and the number of shares allocated to your Plan Account. Upon receipt of
your notice of withdrawal by MacKenzie Partners, Inc., your previous direction
will be deemed canceled. You may direct the re-tendering of any shares in your
Account by repeating the previous instructions for directing the tendering set
forth in this letter.
INVESTMENT OF TENDER PROCEEDS
For any Plan shares that are tendered and purchased by the Company, the
Company will pay cash to the Plan. The Trustee then will determine whether to
reinvest in shares of the Company's stock or in alternative investments, being
guided by the Plan's terms and the trust agreement, and subject to the
limitations of ERISA. It is currently anticipated that the Trustee
4
<PAGE>
will use any cash proceeds to repurchase shares of Company common stock. Please
be advised that directing the Trustee to tender shares will not affect the
number of shares previously allocated to you or the vesting schedule of such
shares. Any cash proceeds received from the tender of shares by the Plan will be
retained by the trust, and not allocated to the accounts of participants.
NO RECOMMENDATION
THE COMPANY'S BOARD OF DIRECTORS HAS UNANIMOUSLY APPROVED THE MAKING OF THE
OFFER. HOWEVER, NEITHER THE COMPANY, ITS BOARD OF DIRECTORS, THE TRUSTEE, OR ANY
OTHER PARTY MAKES ANY RECOMMENDATION TO PARTICIPANTS AS TO WHETHER TO TENDER
SHARES, THE PRICE AT WHICH TO TENDER, OR WHETHER TO REFRAIN FROM TENDERING
SHARES. EACH PARTICIPANT MUST MAKE HIS OR HER OWN DECISION WHETHER TO TENDER
ALL, A PORTION OR NO SHARES AND AT WHAT PRICE, IF ANY.
CONFIDENTIALITY
AS MENTIONED ABOVE, MACKENZIE PARTNERS, INC. HAS BEEN RETAINED TO HELP
ASSURE THE CONFIDENTIALITY OF YOUR DECISION AS A PLAN PARTICIPANT. YOUR DECISION
WILL NOT BE DISCLOSED TO ANY DIRECTORS, OFFICERS, OR EMPLOYEES OF MISSISSIPPI
VIEW HOLDING COMPANY OR COMMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF LITTLE
FALLS.
5
<PAGE>
FURTHER INFORMATION
Although MacKenzie Partners, Inc. also has no recommendation and cannot
advise you what to do, its representatives are prepared to answer any question
that you may have on the procedures involved in the Dutch Auction and your
direction. MacKenzie Partners, Inc. can also help you complete your Direction
Form.
For this purpose, you may contact MacKenzie Partners, Inc. at the following
toll-free number:
MacKenzie Partners, Inc.
(800) 322-2885
Please consider this letter and the enclosed materials carefully and then
return your Direction Form promptly.
Sincerely,
Trustees for the Community Federal
Savings and
Loan Association of Little Falls
Management Stock Bonus Plan
6
<PAGE>
COMMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF LITTLE FALLS
MANAGEMENT STOCK BONUS PLAN
DIRECTION FORM
BEFORE COMPLETING THIS FORM, PLEASE READ CAREFULLY
THE ACCOMPANYING OFFER TO PURCHASE
See the Address Label on Reverse Side of This Form for the
Number of Shares Allocated to Your Plan Account
In accordance with the Mississippi View Holding Company (the "Company")
Offer to Purchase dated April 13, 1998, a copy of which I have received and
read, I hereby direct the Plan's Trustee as follows (check only one box):
|_| 1. To refrain from tendering and to hold all shares allocated to my
Account.
|_| 2. To tender shares allocated to my Account at the price or prices
indicated below, except for any shares to be held as indicated on
line D below:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Price $19.500 $19.625 $19.750 $19.875 $20.000 $20.125 $20.250 $20.375 Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A Number
Of
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Price $20.500 $20.625 $20.750 $20.875 $21.000 $21.125 $21.250 $21.375 Total
- -----------------------------------------------------------------------------------------------------------------------------------
B Number
Of
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Price $21.500 Total
- -----------------------------------------------------------------------------------------------------------------------------------
C Number
Of
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
Total
- -----------------------------------------------------------------------------------------------------------------------------------
D Shares
To Be
Held
- -----------------------------------------------------------------------------------------------------------------------------------
Total
- -----------------------------------------------------------------------------------------------------------------------------------
E Total
Shares
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Total the number of shares in each of rows A, B and C and insert that total
in the box at the end of each row. Show shares to be held in the box at the end
of row D. Total the numbers in the end boxes of rows A to D and insert that
total number in the end box of row E. The total in the box of row E must equal
the number of shares allocated to your Account as shown on the address label on
the reverse side of this form.
INSTRUCTIONS
Carefully complete the face portion of this Direction Form. Then insert
today's date and sign your name in the spaces provided below. Enclose the form
in the included postage prepaid envelope and mail it promptly. Your Direction
Form must be received no later than 5:00 p.m., Eastern time, on Friday, May 8,
1998. Direction Forms that are not fully or properly completed, dated and
signed, or that are received after the deadline, will not be processed, and the
shares allocated to your Account will be held or tendered, and if tendered, at a
price, as determined by the Trustee. Note that the Trustee also has the right to
disregard any direction that it determines cannot be implemented without
violation of applicable law.
Neither the Company, its Board of Directors, the Trustee, nor any other
party makes any recommendation to participants as to whether to tender shares,
the price at which to tender, or to refrain from tendering shares. Each
participant must make his or her own decision on these matters.
Date: __________, 1998 ____________________________
Your Signature
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
SCHEDULE 13E-4
ISSUER TENDER OFFER STATEMENT
(PURSUANT TO SECTION 13(e)(1) OF THE SECURITIES EXCHANGE ACT OF 1934)
MISSISSIPPI VIEW HOLDING COMPANY
--------------------------------
(Name of Issuer)
MISSISSIPPI VIEW HOLDING COMPANY
--------------------------------
(Name of Person Filing Statement)
Common Stock, Par Value $0.10 per Share
---------------------------------------
(Title of Class of Securities)
605785 10 4
-----------------------------------
(CUSIP Number of Class of Securities)
Thomas J. Leiferman
President and Chief Executive Officer
Mississippi View Holding Company
35 East Broadway
Little Falls, Minnesota 56345-3093
(320) 632-5461
With Copies to:
Lloyd H. Spencer, Esq.
Malizia, Spidi, Sloane & Fisch, P.C.
One Franklin Square
1301 K Street, N.W.
Suite 700 East
Washington, DC 20005
(202) 434-4660
----------------------------------
(Name, Address and Telephone Number
of Persons Authorized to Receive Notices and Communications
on Behalf of Persons Filing Statement)
April 13, 1998
--------------------------------------------------------------------
(Date Tender Offer First Published, Sent or Given to Security Holders)
CALCULATION OF FILING FEE
===============================================================================
Transaction Valuation* Amount of
- --------------------- ---------
$4,773,000 $954.60
===============================================================================
* For purposes of calculating fee only. Based on the Offer for 222,000 shares
at the maximum tender offer price per share of $21.50.
[ ] Check box if any part of the fee is offset as provided by Rule
0-11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
Amount Previously Paid: N/A Filing Party: N/A
Form or Registration No.: N/A Date Filed: N/A
===============================================================================
<PAGE>
This Issuer Tender Offer Statement (the "Statement") relates to the tender
offer by Mississippi View Holding Company, a Minnesota corporation (the
"Company"), to purchase up to 222,000 shares of common stock, par value $0.10
per share (the "Shares"), at prices not greater than $21.50 nor less than $19.50
per Share upon the terms and subject to the conditions set forth in the Offer to
Purchase, dated April 13, 1998 (the "Offer to Purchase") and the related Letter
of Transmittal (which are herein collectively referred to as the "Offer"). The
Offer is being made to all holders of Shares, including officers, directors and
affiliates of the Company.
Item 1. Security and Issuer.
(a) The name of the issuer is Mississippi View Holding Company, a Minnesota
corporation. The address of its principal executive office is 35 East Broadway,
Little Falls, Minnesota 56345-3093.
(b) The classes of securities to which this Statement relates are the
Shares. The information set forth in "Introduction" in the Offer to Purchase is
incorporated herein by reference.
(c) The information set forth in "Introduction" and "The Offer--Price
Range of Shares; Dividends" in the Offer to Purchase is incorporated herein by
reference.
(d) This statement is being filed by the Issuer.
Item 2. Source and Amount of Funds or Other Consideration.
(a)-(b) The information set forth in "The Offer--Source and Amount of
Funds" in the Offer to Purchase is incorporated herein by reference.
Item 3. Purpose of the Tender Offer and Plans or Proposals of the Issuer.
(a)-(j) The information set forth in "Introduction", "Special
Factors--Background of the Offer" and "--Purposes of and Reasons for the Offer,"
and" The Offer--Number of Shares; Proration", and "--Effects of the Offer on the
Market for Shares; Registration under the Exchange Act" in the Offer to Purchase
is incorporated herein by reference.
Item 4. Interest in Securities of the Issuer.
The information set forth in "Special Factors--Interest of Directors and
Executive Officers; Transactions and Arrangements Concerning Shares" in the
Offer to Purchase is incorporated herein by reference.
Item 5. Contracts, Arrangements, Understandings or Relationships With Respect
to the Issuer's Securities.
The information set forth in "Introduction", "The Offer--Number of
Shares; Proration", "--Effects of the Offer on Market for Shares;
Registration under the Exchange Act" "Special Factors--"Background of the
Offer", "--Purposes of and Reasons for the Offer," and "--Interest of Directors
and Executive Officers; Transactions and Arrangements Concerning Shares" in the
Offer to Purchase is incorporated herein by reference.
2
<PAGE>
Item 6. Persons Retained, Employed or to be Compensated.
The information set forth in "The Offer--Fees and Expenses" in the Offer
to Purchase is incorporated herein by reference.
Item 7. Financial Information.
The information set forth in "Certain Information Concerning the Company--
Selected Consolidated Financial Information" and "--Unaudited Pro Forma
Financial Information" and Annex II in the Offer to Purchase is incorporated
herein by reference.
Item 8. Additional Information.
(a) Not applicable.
(b) The information set forth in "Miscellaneous" in the Offer to Purchase
is incorporated herein by reference.
(c) The information set forth in "The Offer--Effects of the Offer on the
Market for Shares; Registration Under the Exchange Act" in the Offer to Purchase
is incorporated herein by reference.
(d) Not applicable.
(e) The information set forth in the Offer to Purchase and the related
Letter of Transmittal, copies of which are attached hereto as Exhibits (a)(1)
and (a)(2), respectively, is incorporated herein by reference in their entirety.
Item 9. Material to be Filed as Exhibits.
(a)(1) Form of Offer to Purchase dated April 13, 1998.
(a)(2) Form of Letter of Transmittal.
(a)(3) Form of Letter to Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees dated April 13, 1998.
(a)(4) Form of Letter to Clients from Brokers, Dealers, Commercial Banks,
Trust Companies and Other Nominees dated April 13, 1998.
(a)(5) Form of Notice of Guaranteed Delivery.
(a)(6) Form of Letter to Stockholders from the Chief Executive Officer of
the Company dated April 13, 1998.
(a)(7) Form of press release issued by the Company dated April 13, 1998.
(a)(8) Form of Letter to Participants in the Community Federal Savings and
Loan Association of Little Falls Employee Stock Ownership Plan dated April 13,
1998.
3
<PAGE>
(a)(9) Form of Letter to Participants in the Community Federal Savings and
Loan Association of Little Falls Profit Sharing Plan dated April 13, 1998.
(a)(10) Form of Letter to Participants in the Community Federal Savings and
Loan Association of Little Falls Management Stock Bonus Plan dated April 13,
1998.
(b) Not applicable.
(c)(1) Mississippi View Holding Company Stock Employee Compensation Trust
Agreement
(c)(2) Common Stock Purchase Agreement
(d) Not applicable.
(e) Not applicable.
(f) Not applicable.
4
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 10, 1998.
MISSISSIPPI VIEW HOLDING COMPANY
By: /s/ Thomas J. Leiferman
-----------------------
Name: Thomas J. Leiferman
Title: President and Chief
Executive Officer
contact: Thomas J. Leiferman, President and CEO
Phone: (320) 632-5461
For immediate release April 13, 1998
Mississippi View Holding Company Announces
Share Repurchase Of Up To 222,000 Shares
Little Falls, Minnesota, April 13, 1998 -- Mississippi View Holding
Company (formally traded on Nasdaq SmallCap Market under the symbol "MIVI"), the
holding company of Community Federal Savings and Loan Association of Little
Falls (the "Association") commenced a "Modified Dutch Auction" self-tender offer
on April 13, 1998 for up to 222,000 common shares, or approximately 30 percent,
of its 736,864 common shares currently outstanding.
The offer will allow common shareholders to specify prices at which
they are willing to tender their shares at a price not greater than $21.50 and
not less than $19.50 per share. After receiving tenders, the Company will select
a single per share price which will allow it to buy up to 222,000 shares. All
shares purchased will be purchased at the company-selected price for cash, even
if tendered at a lower price. If more than the maximum number of shares sought
is tendered at or below the company-selected price, tendering shareholders
owning fewer than 100 shares will have their shares purchased without pro-
ration. Other shares will be purchased pro rata. The offer is conditioned upon,
among other things, the Company obtaining the funds necessary to consummate the
offer and to pay all related fees and expenses. The offer is not conditioned on
a minimum number of shares being tendered.
In connection with the offer, the Company has established the
Mississippi View Holding Company Stock Employee Compensation Trust (the "Trust")
and has agreed to sell approximately $1.2 million of common shares (based on the
company-selected price in the offer) to the Trust. The Trust will use such
shares to fund contributions to Company employee benefit plans the benefits of
which are paid in stock of the Company. Assuming the purchase of 222,000 shares
pursuant to the offer and the sale of shares to the Trust, executive officers,
directors, Company compensation plans and the Trust will own approximately 49.5%
of the Company's outstanding shares after completion of the offer.
<PAGE>
The tender offer, proration period and withdrawal rights will expire at
5:00 p.m. on Monday, May 11, 1998, unless extended. On March 31, 1998, the last
full trading day in the over-the-counter market on which a sale was reported
prior to the commencement of the offer, the closing per share sales price of the
Company's common stock was $18.50.
MacKenzie Partners, Inc., New York, New York will act as the
information agent for the offer.
Shareholders will, in general, be able to tender their shares free of
all brokerage commissions and stock transfer taxes, if any, which will be paid
by the Company. Each shareholder is urged to consult his tax advisor as to the
particular tax consequences of the tender offer to such shareholder. The full
details of the offer, including complete instructions on the tender process
procedure along with the transmittal forms and other data is being mailed to
shareholders commencing April 13, 1998.
NEITHER THE COMPANY NOR ITS BOARD OF DIRECTORS MAKES ANY RECOMMENDATION
TO ANY SHAREHOLDER AS TO WHETHER TO TENDER OR REFRAIN FROM TENDERING ANY OR ALL
OF SUCH SHAREHOLDER'S SHARES IN THE OFFER AND HAS NOT AUTHORIZED ANY PERSON TO
MAKE ANY SUCH RECOMMENDATION.
This announcement is neither an offer to purchase nor a solicitation of
an offer to sell shares of Mississippi View Holding Company common stock. The
offer is made solely by the Offer to Purchase, dated April 13, 1998, and the
related Letter of Transmittal.
# # # # # # # # # # # # # # # # #
2
