-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HASTGDCOYn6sRBwY/wAMFylOaQRNk7M7W/bJ8lrHYy/qHsq6pbqZ9Ig7c3oF7jG/ xza+YwWEelFjz4BwW+oa9w== 0000950133-97-000890.txt : 19970321 0000950133-97-000890.hdr.sgml : 19970321 ACCESSION NUMBER: 0000950133-97-000890 CONFORMED SUBMISSION TYPE: SB-2/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19970320 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HCB BANCSHARES INC CENTRAL INDEX KEY: 0001029740 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] STATE OF INCORPORATION: OK FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SB-2/A SEC ACT: 1933 Act SEC FILE NUMBER: 333-19093 FILM NUMBER: 97559865 BUSINESS ADDRESS: STREET 1: HEARTLAND COMMUNITY BANK STREET 2: 237 JACKSON STREET CITY: CAMDEN STATE: AK ZIP: 71701 BUSINESS PHONE: 5018366841 MAIL ADDRESS: STREET 1: HEARTLAND COMMUNITY BANK STREET 2: 237 JACKSON STREET CITY: CAMDEN STATE: AK ZIP: 71701 SB-2/A 1 AMENDMENT #3 TO FORM SB-2 1 As filed with the Securities and Exchange Commission on March 20, 1997 Registration No. 333-19093 - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------------- PRE-EFFECTIVE AMENDMENT NO. 3 TO FORM SB-2 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ------------------------------ HCB BANCSHARES, INC. (Name of small business issuer in its charter) OKLAHOMA 6035 62-1670792 ------------------ --------------- ----------- (State or other jurisdiction of (Primary standard industrial (I.R.S. employer incorporation or organization) classification code number) identification number)
237 JACKSON STREET, CAMDEN, ARKANSAS 71701-0878 (501) 836 6841 ------------------------------------------------------------------------------ (Address and telephone number of principal executive offices and principal place of business) MRS. VIDA H. LAMPKIN PRESIDENT AND CHIEF EXECUTIVE OFFICER HCB BANCSHARES, INC. 237 JACKSON STREET CAMDEN, ARKANSAS 71701-0878 (501) 836-6841 - ------------------------------------------------------------------------------- (Name, address, and telephone number of agent for service) PLEASE SEND COPIES OF ALL COMMUNICATIONS TO: Gary R. Bronstein, Esquire K. Scott Fife, Esquire Housley Kantarian & Bronstein, P.C. 1220 19th Street, N.W., Suite 700 Washington, D.C. 20036 APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: As soon as practicable after this registration statement becomes effective. If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. [ ] If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. [ ] If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box. [ ] The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine. 2 ITEM 27. EXHIBITS: (a) The exhibits schedules filed as a part of this registration statement are as follows: * 1.1 Engagement Letter with Trident Securities, Inc. * 1.2 Form of Agency Agreement with Trident Securities, Inc. * 2 Plan of Conversion (Exhibit A to Proxy Statement filed as Exhibit 99.2) * 3.1 Articles of Incorporation of HCB Bancshares, Inc. * 3.2 Bylaws of HCB Bancshares, Inc. * 4 Form of Stock Certificate of HCB Bancshares, Inc. * 5 Opinion of Housley Kantarian & Bronstein, P.C. regarding legality of securities being registered * 8.1 Federal Tax Opinion of Housley Kantarian & Bronstein, P.C. * 8.2 State Tax Opinion of Gaunt & Co. * 8.3 Opinion of Ferguson & Co., LLP as to the value of subscription rights for tax purposes * 10.1 Form of HCB Bancshares, Inc. 1997 Stock Option and Incentive Plan * 10.2 Form of HCB Bancshares, Inc. Management Recognition Plan and Trust Agreement * 10.3(a) Employment Agreements by and between Heartland Community Bank and Vida H. Lampkin and Cameron D. McKeel * 10.3(b) Employment Agreements by and between HCB Bancshares, Inc. and Vida H. Lampkin and Cameron D. McKeel * 10.4(a) Change-in-Control Protective Agreement between Heartland Community Bank and William C. Lyon * 10.4(b) Change-in-Control Protective Agreement between HCB Bancshares, Inc. and William C. Lyon * 10.5 Heartland Community Bank Directors' Retirement Plan and the First Amendment Thereto * 23.1 Consents of Housley Kantarian & Bronstein, P.C. (in opinions filed as Exhibits 5 and 8.1) * 23.2 Consent of Gaunt & Co. 23.3 Consent of Ferguson & Co., LLP * 24 Power of Attorney (reference is made to the signature page) * 27 Financial Data Schedule * 99.1 Form of Stock Order Form * 99.2 Form of Proxy Statement for Special Meeting of Members of Heartland Community Bank; Form of Proxy * 99.3 Form of Miscellaneous Solicitation and Marketing Materials * 99.4 Conversion Valuation Report (as of December 20, 1996) 99.5 Conversion Valuation Report Update (as of March 14, 1997)
- ----------- * Previously filed. (b) FINANCIAL STATEMENT SCHEDULES. No financial statement schedules are filed because the required information is not applicable or is included in the consolidated financial statements or related notes. 3 SIGNATURES In accordance with the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form SB-2 and authorized this amended registration statement to be signed on its behalf by the undersigned, in the City of Camden, State of Arkansas, as of the date set forth below. HCB BANCSHARES, INC. Date: March 19, 1997 By:/s/ Vida H. Lampkin -------------------------------- Vida H. Lampkin Chairman of the Board, President and Chief Executive Officer (Duly Authorized Representative) In accordance with the requirements of the Securities Act of 1933, this amended registration statement has been signed by the following persons in the capacities stated as of the date set forth above. /s/ Vida H. Lampkin /s/ Cameron D. McKeel - -------------------------------------------------- -------------------------------------------------------- Vida H. Lampkin Cameron D. McKeel Chairman of the Board, President Director and Vice President and Chief Executive Officer (Principal Executive, Financial and Accounting Officer) /s/ Roy Wayne Moseley* /s/ Bruce D. Murry* - -------------------------------------------------- ----------------------------------------------------------- Roy Wayne Moseley Bruce D. Murry Director Director /s/ Carl E. Parker, Jr.* /s/ Lula Sue Silliman* - -------------------------------------------------- ----------------------------------------------------------- Carl E. Parker, Jr. Lula Sue Silliman Director Director /s/ Clifford Steelman* - --------------------------------------------------- Clifford Steelman Director * /s/ Vida H. Lampkin --------------------------------------------- Vida H. Lampkin Attorney-in-Fact
EX-23.3 2 CONSENT OF FERGUSON & CO. 1 EXHIBIT 23.3 [FERGUSON & CO., LLP LETTERHEAD] March 20, 1997 Board of Directors Heartland Community Bank 237 Jackson Street Southwest Camden, Arkansas 71701 Dear Directors: We hereby consent to the use of our firm's name in the Form AC Application for Conversion of Heartland Community Bank, Camden, Arkansas and any amendments thereto, and in the Form SB-2 Registration Statement of HCB Bancshares, Inc., and any amendments thereto. We also hereby consent to the inclusion of, summary of, and references to our Appraisal Report and our opinion concerning subscription rights in such filings including the Prospectus of HCB Bancshares, Inc. Sincerely, /s/ Charles M. Hebert -------------------------------------------- Charles M. Hebert Principal EX-99.5 3 CONVERSION VALUATION REPORT UPDATE(AS OF 3/14/97) 1 CONVERSION VALUATION REPORT UPDATE ------==================------ Valued as of March 14, 1997 HEARTLAND COMMUNITY BANK CAMDEN, ARKANSAS Prepared by: Ferguson & Co., LLP Suite 550 122 West John Carpenter Freeway Irving, TX 75039 972-869-1177 2 [FERGUSON & COMPANY LETTERHEAD] March 18, 1997 Board of Directors Heartland Community Bank 237 Jackson Street SW Camden, Arkansas Dear Directors: We have completed and are providing, as of March 14, 1997, an updated independent appraisal of the estimated pro forma market value Heartland Community Bank ("Heartland" or the "Bank") in connection with the conversion of Heartland from the mutual to stock form of organization ("Conversion"). Our original appraisal report, dated December 20, 1996, is incorporated herein by reference. In preparing this appraisal update, we reviewed our original appraisal and update and Heartland's Application for Approval of Conversion, including the Proxy Statement as filed with the OTS. We considered, among other items, recent developments in stock market conditions, and the Bank's most recent financial statements. In addition, where appropriate, we considered information based on other available published sources that we believe is reliable; however, we cannot guarantee the accuracy or completeness of such information. Our appraisal update is based on the Bank's representation that the information in the application for conversion and additional evidence furnished us by the Bank are accurate and complete. We did not independently verify the financial statements and other information furnished by the Bank, nor did we independently value its assets and liabilities. The appraisal update considers the Bank as a going concern and should not be considered as an indication of its liquidation value. Our valuation is not intended, and must not be construed, as a recommendation of any kind as to the advisability of purchasing shares of common stock in the Conversion. Moreover, because such valuation is necessarily based upon estimates and projections of a number of matters, all of which are subject to change from time to time, no assurance can be given that persons who purchase shares of common stock in the Conversion will thereafter be able to sell such shares at prices related to our estimate of the Bank's pro forma market value. Ferguson & Company ("F&C") is not a seller of securities within the meaning of any federal or state securities laws and any report prepared by F&C shall not be used as an offer or solicitation with respect to the purchase or sale of any securities. 3 Board of Directors March 18, 1997 Page 2 RECENT FINANCIAL PERFORMANCE The most recent financial information included in the offering circular is as of December 31, 1996. Our original appraisal as of December 20, 1996, was based on September 30, 1996, financial data. The offering circular has December 31, 1996, unaudited financial statements and no recent financial developments in it. The pro forma calculations included in this update are based on the December 31, 1996, information, the most recent financial information available that is being disclosed to stock subscribers. During the six month period ended December 31, 1996, and subsequent to the audited report of June 30, 1996, the Bank's management initiated a review of all existing loan files, including those of the subsidiary savings bank. That review resulted in the determination that the loan loss reserve had a substantial shortfall. After further review, it was determined that the shortfall should be divided into two categories. The first category was for conditions that existed at the time of the acquisition of the subsidiary savings bank, which was May 3, 1996, and the second category was attributed to events that occurred or materialized subsequent to June 30, 1996. The net result was that the June 30, 1996 financial statements have been restated. Changes to the June data included an increase in amortization of goodwill (expense) of $4,998, an increase in cost in excess of fair value (goodwill) $344,498, and changes in accrued and deferred income tax ($1,803). The December 31, 1996, financial statements include an increase in the provision for loan losses of $143,324, an increase in amortization of goodwill (expense) of $17,225, and a net change in accrued and deferred income tax ($32,320). The Bank's unaudited net loss as of December 31, 1996, was ($539,836), including provisions for income tax benefits of $391,850. Adjusting for excess loan provisions ($160,000). additional professional expenses related to the name change and other ($150,000), the SAIF assessment ($882,000) and the loss on sale of securities ($679,094) and related taxes thereon, estimated earnings on an appraisal basis for the last twelve months were approximately $452,980 (see Exhibit V). The Bank's unaudited equity at December 31, 1996, is $13,779,505, representing a $448,931 decrease from June 30, 1996. At December 31, 1996, the Bank had unrealized securities losses of $195,408, versus unrealized losses of $286,313 at June 30, 1996. RECENT THRIFT EQUITY MARKET CONDITIONS Since our original appraisal as of December 20, 1996, the overall thrift equity market has been robust. Figure I, "SNL Index" shows the movement of the SNL Thrift index from December 20, 1996, to March 14, 1997, the date of this update. The Figure shows that the index increased by 16.43% during that period. Since the date of the last appraisal December 20, 1996, the index has moved in an upward trend. It does reflect some downward adjustments, with the most recent movement being the 1.58% decrease between February 27, 1997 and March 14, 1997. Basically, the SNL Index has tracked other equity markets, responding to good economic information, no interest rate increases to date, and a proliferation of funds flowing into an overpriced market. 4 Board of Directors March 18, 1997 Page 3 INTEREST RATES Interest rates (See Figure II -"Rate Environment") have been confined to a relatively flat band of ranges for the last six months. Long term and intermediate term rates actually trended downward until the end of November 1996, and then started a gradual upward movement, with some slight drops along the way. For example, the long bond was 6.41% at November 29, 1996. It started a gradual rise that ended January 1997 at 6.89%. It then fell to 6.65% at February 14, 1997 and is now (March 14, 1997) at 6.85%. Intermediate issues have displayed a similar track and the short term issues have traveled in a much narrower band. At this time it is hard to determine if the recent rise in the longer rates is in anticipation of a rate increase or a result of an influx of foreign and retirement fund dollars into the market, but the current yield curve is steeper than it has been since September 1996. Notwithstanding the reason for the recent rise in rate, an increase in the rate structure would have a negative effect on interest sensitive equities like bank and thrift stocks. As an industry, thrift earnings are good, but price earning ratios are also at high levels, indicating even greater expectations of the earnings potential of thrifts. A rate increase could dim those expectations. RECENT CONVERSIONS Exhibit VI provides information on thrift conversions completed since August 31, 1996. The average per share value of the group of 20 thrifts has increased by 48.2% since completion of the conversion. However, individual fluctuations have ranged from a low of 32.0%% to a high of 83.8%. The average recent conversion sold at a price to pro forma book value ratio of 71.6%, with a median of 72.1%. The average price earning ("P/E") ratio was 18.2 and the median was 16.8%. The relatively high price to earnings ratios reflect the attitude of the investors, which shows a willingness to purchase stocks at a high P/E ratio, if there is an accompanying discount to the price to book value of the stock. At the midpoint, Heartland stock would sell at a P/E ratio of 23.92 and a price to pro forma book value of 65.30%. However, the recent changes in the financial statements of the Bank resulted in a larger good will account and now makes the price to tangible book value 68.65% at the midpoint. At the supermax, where this issue is likely to close, the P/E ratio is 26.45, the price to book value is 72.85% and the price to tangible pro forma book value is 75.89%. These numbers reflect significantly high P/E ratios, and relatively low discounts to book value. GENERAL During the current update period, the group of comparative institutions, which is included in Exhibit VII, increased 16.90% in average per share value and 14.91% in median per share value. Two of the 12 institutions included in the comparative group have been eliminated, one became a merger candidate--C. B. Bancorp ("CBCO"), and--ASB Financial ("ASBP") had a large return of capital dividend which distorted the group averages. Two others were adjusted for stock splits. 5 Board of Directors March 18, 1997 Page 4 During 1993, it was not unusual for conversion stocks to increase in price by more than 30% immediately. Price increases recorded in 1995 and the first part of 1996 were not nearly as dramatic. However, Exhibit VI provides results of conversions completed since August 31, 1996. Exhibit IV shows that, for recent conversions, price increases have averaged 25.5% for one day, 28.3% for one week, 33.1% for one month, and 48.2% since conversion. Approximately half of the price change during the first month is taking place on the first day, and the after conversion market contributes the remainder. The price increases are reflective of the process of supply and demand. There are more investment and speculation dollars chasing fewer conversions. There has also been an increase in the number of smaller, knowledgeable speculators. SUMMARY OF ADJUSTMENTS TO COMPARATIVE GROUP There were no changes in the Bank as compared to its comparative group that would cause us to change any of the adjustments as stated in our original appraisal dated December 20, 1997. VALUATION APPROACH Exhibit VIII indicates the pro forma market valuation of Heartland Bank versus the comparative group, the State of Arkansas, the Southeast Region, and all publicly held thrifts. Pro forma pricing ratios for Heartland are based on the financial information shown in Exhibit X. Pro forma earnings on the net proceeds are based on the one year treasury bill rate for the week ended December 31, 1996, and pro forma assets and book value information are taken from the December 31, 1996, financial data included in the offering circular. At the midpoint of the range, Heartland is valued at 65.30% of pro forma book value, representing a discount of 49.87% from the mean and 45.45% from the median of the comparative group. The price is 23.92 times pro forma earnings, representing a premium of 77.19% over the mean and 84.00% over the median of the comparative group. As compared to all publicly held thrifts, at the midpoint, Heartland's price earnings ratio of 23.92 represents a premium of 46.75% over the mean and 50.44% over the median. Heartland's value of 65.30% of pro forma book value is well below the mean of 139.52% and median of 132.31% of all publicly held thrifts, and represents a discount of 53.20% from the mean and a discount of 50.65% from the median. 6 Board of Directors March 18, 1997 Page 5 At the maximum of the range, Heartland is priced at 69.13% of pro forma book value, representing a discount of 46.93% from the average of the comparative group and a discount of 42.25% from the median. At the maximum, the P/E ratio is 25.62, representing a premium of 89.78% over the average and 97.08% over the median of the comparative group. At the maximum of the range, Heartland is priced at 69.13% of pro forma book value, representing a discount of 50.45% from the average price to book value of all publicly traded thrifts and a discount of 47.47% from the median. The changes in the financial statements of Heartland have had a serious effect on some of the areas of comparison. The increase in the goodwill accounts has increased the price to tangible book ratios at all levels. At the midpoint, the price to pro forma book value is 65.30%, but adjusting for intangibles, the price to tangible book value is 68.65%. At the maximum, price to book is 69.13% and price to tangible book is 72.39%. At the supermax, price to book value is 72.85% and price to tangible book value is 75.89%. In addition to affecting the price to book/tangible book values, the increase in goodwill will also decrease future earnings potential due to the amortization (expense) of that goodwill. The discovery, after the fact, of the shortfall in the reserves for loan losses brings to question the possibility of other similar discoveries that may or may not affect the value and future earning capacity of the institution. Our opinion is based upon circumstances as of the date hereof, including current conditions in the United States securities markets. Events occurring after the date hereof, including, but not limited to, changes affecting the United States securities markets and subsequent results of operations of Heartland Bank could materially affect the assumptions used in preparing this opinion. 7 Board of Directors March 18, 1997 Page 6 Recognizing the 16.43% increase in the SNL Thrift Index since the December 20, 1996, appraisal, and being aware of the 16.90% increase in the value of the comparative group since the appraisal, and noting the after conversion market performance for recent conversions, it is our opinion that the pro forma market value of Heartland's conversion stock as of March 14, 1997, remains unchanged at $20,000,00. The allowable range of valuation provides sufficient latitude to allow the original valuation to stand. Therefore, it is our conclusion that as of March 14, 1997 the estimated pro forma market value of Heartland Bank was $20,000,000, or 2,000,000 shares at $10.00 per share. The valuation range remains the same, and is $17,000,000 at the minimum (1,700,000 shares at $10.00 per share) to $23,000,000 at the maximum (2,300,000 shares at $10.00 per share), based on a range of 15% below and above the midpoint valuation. The supermaximum is $26,450,000 (2,645,000 shares at $10.00 per share). Respectfully, /s/ CHARLES M. HEBERT Charles M. Hebert Principal 8 EXHIBITS 9 FERGUSON & COMPANY TABLE OF EXHIBITS
TITLE PAGE - --------------------------------------------- ---------- Figure I SNL Index & Graph 1 Figure II Rate Enviornment & Graph 2 Exhibit I Publicly Traded Thrifts 3 Exhibit II Select Publicly Traded Thrifts 27 Exhibit III Southeast Thrifts 42 Exhibit IV Arkansas Thrifts 45 Exhibit V Appraisal Earnings 48 Exhibit VI Recent Conversions 49 Exhibit VII Comparable Rate Changes 52 Exhibit VIII Pro Forma Comparison 54 Exhibit IX Comparison Pricing Ratios 56 Exhibit X Pro FormaEffects of Conversion Proceeds 57
10 FERGUSON & COMPANY
SNL Index --------- Date Index - ---------------------------- 1/31/94 258.47 2/28/94 249.53 [GRAPH] 3/31/94 241.57 4/29/94 248.31 5/31/94 263.34 6/30/94 269.58 7/29/94 276.69 8/31/94 287.18 9/30/94 279.69 10/31/94 236.12 11/30/94 245.84 12/30/94 244.73 1/31/95 256.10 2/28/95 277.00 3/31/95 278.40 4/28/95 295.44 5/31/95 307.60 6/23/95 313.95 7/31/95 328.20 8/31/95 355.50 9/29/95 362.29 10/31/95 354.05 11/30/95 370.17 12/29/95 376.51 PERCENT CHANGE SINCE 1/31/95 370.69 ------------------------------------------------------------------------------ 2/29/96 373.64 SNL Prev. 3/29/96 382.13 Date Index Date 12/31/94 12/20/96 4/30/96 377.24 ------------------------------------------------------------------------------ 5/31/96 382.99 12/31/94 244.70 6/28/96 387.18 3/31/95 278.40 13.77% 13.77% 7/30/96 388.38 6/30/95 313.50 12.61% 28.12% 8/30/96 408.34 9/30/95 362.30 15.57% 48.06% 9/13/96 416.01 10/31/95 354.10 -2.26% 44.71% 9/20/96 419.50 11/30/95 370.20 4.55% 51.29% 9/30/96 429.28 12/31/95 376.50 1.70% 53.86% 10/30/96 456.70 1/12/96 372.40 -1.09% 52.19% 11/15/96 468.06 1/31/96 370.70 -0.46% 51.49% 11/29/96 485.83 2/29/96 373.60 0.78% 52.68% 12/13/96 473.64 3/29/96 382.10 2.28% 56.15% 12/20/96 481.56 4/30/96 377.20 -1.28% 54.15% 12/31/96 486.63 5/31/96 382.99 1.53% 56.51% 1/10/97 484.33 6/28/96 387.18 1.09% 58.23% 1/31/97 520.08 7/30/96 371.62 -4.02% 51.87% 2/14/97 547.17 8/30/96 408.34 9.88% 66.87% 2/27/97 569.67 9/20/96 419.50 2.73% 71.43% 3/14/97 560.67 9/30/96 429.28 2.33% 75.43% 10/30/96 456.70 6.39% 86.64% 11/29/96 485.83 6.38% 98.54% 12/13/96 473.64 -2.51% 93.56% VALUATION AS OF DEC. 20, 1996 12/20/96 481.56 1.67% 96.80% - -------------------------------------------------------------------------------------------------------------------- 12/31/96 486.63 1.05% 98.87% 1.05 1/10/97 484.33 -0.47% 97.93% 0.58 1/31/97 520.08 7.38% 112.54% 8.00 2/14/97 547.17 5.21% 123.61% 13.62 2/27/97 569.67 4.11% 132.80% 18.30 ------------ UPDATE AS OF MAR. 14, 1997 3/14/97 560.67 -1.58% 129.13% 16.43 - --------------------------------------------------------------------------------------------------------------------
FIGURE I - SNL INDEX SOURCE: SNL SECURITIES, INC., AND F&C CALCULATIONS. 1 11 FERGUSON & COMPANY
-------------------------------------------------------- 1 Year 5 Year 10 Year 30 Year Fed Fds (*) T-bill Treas. Treas. Treas. -------------------------------------------------------- 9/6/96 5.39 5.94 6.73 6.95 7.17 9/13/96 5.16 5.90 6.69 6.93 7.16 9/27/96 5.34 5.75 6.53 6.77 6.96 10/17/96 5.25 5.56 6.28 6.55 6.86 10/25/96 5.22 5.52 6.25 6.53 6.81 11/18/96 5.21 5.39 5.96 6.19 6.46 11/29/96 5.30 5.41 5.90 6.12 6.41 12/13/96 5.22 5.45 6.03 6.27 6.53 12/20/96 5.38 5.51 6.15 6.40 6.63 12/31/96 5.18 5.48 6.12 6.34 6.58 1/17/97 5.19 5.60 6.33 6.56 6.81 1/31/97 5.18 5.60 6.36 6.62 6.89 2/14/97 5.05 5.48 6.14 6.37 6.65 2/27/97 5.16 5.52 6.25 6.45 6.71 3/14/97 5.19 5.69 6.41 6.58 6.85
(*) Seven-day average for week ending two days earlier than date shown. RATES SEPTEMBER 6, 1996 TO MARCH 14, 1997 [CHART]
-------------------------------------------------------- 1 Year 5 Year 10 Year 30 Year Fed Fds T-bill Treas. Treas. Treas. -------------------------------------------------------- 3/14/97 5.19 5.69 6.41 6.58 6.85 --------------------------------------------------------
CURRENT YIELD CURVE [CHART] FIGURE II - RATE ENVIRONMENT SOURCE: U.S. Financial Data, Feb. 27, 1997, FEDERAL RESERVE BANK OF ST. LOUIS, MO. 2 12 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) AABC Access Anytime Bancorp, Inc. Clovis NM SW SAIF NASDAQ 08/08/86 5.250 AADV Advantage Bancorp, Inc. Kenosha WI MW SAIF NASDAQ 03/23/92 38.000 ABBK Abington Bancorp, Inc. Abington MA NE BIF NASDAQ 06/10/86 20.875 ABCL Alliance Bancorp, Inc. Hinsdale IL MW SAIF NASDAQ 07/07/92 29.875 ABCW Anchor BanCorp Wisconsin Madison WI MW SAIF NASDAQ 07/16/92 45.500 AFBC Advance Financial Bancorp Wellsburg WV SE SAIF NASDAQ 01/02/97 14.250 AFCB Affiliated Community Bancorp Waltham MA NE SAIF NASDAQ 10/19/95 27.000 AFED AFSALA Bancorp, Inc. Amsterdam NY MA SAIF NASDAQ 10/01/96 14.125 AFFFZ America First Financial Fund San Francisco CA WE SAIF NASDAQ NA 32.547 AHCI Ambanc Holding Co., Inc. Amsterdam NY MA BIF NASDAQ 12/27/95 14.375 AHM Ahmanson & Company (H.F.) Irwindale CA WE SAIF NYSE 10/25/72 40.250 ALBC Albion Banc Corp. Albion NY MA SAIF NASDAQ 07/26/93 18.500 ALBK ALBANK Financial Corporation Albany NY MA SAIF NASDAQ 04/01/92 34.875 AMFB American Federal Bank, FSB Greenville SC SE SAIF NASDAQ 01/19/89 29.625 AMFC AMB Financial Corp. Munster IN MW SAIF NASDAQ 04/01/96 13.688 ANA Acadiana Bancshares, Inc. Lafayette LA SW SAIF AMSE 07/16/96 18.000 ANBK American National Bancorp Baltimore MD MA SAIF NASDAQ 10/31/95 13.875 ANDB Andover Bancorp, Inc. Andover MA NE BIF NASDAQ 05/08/86 27.250 ASBI Ameriana Bancorp New Castle IN MW SAIF NASDAQ 03/02/87 15.750 ASBP ASB Financial Corp. Portsmouth OH MW SAIF NASDAQ 05/11/95 11.750 ASFC Astoria Financial Corporation Lake Success NY MA SAIF NASDAQ 11/18/93 39.750 ATSB AmTrust Capital Corp. Peru IN MW SAIF NASDAQ 03/28/95 12.250 AVND Avondale Financial Corp. Chicago IL MW SAIF NASDAQ 04/07/95 17.750 BANC BankAtlantic Bancorp, Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83 13.625 BDJI First Federal Bancorporation Bemidji MN MW SAIF NASDAQ 04/04/95 18.750 BFD BostonFed Bancorp, Inc. Burlington MA NE SAIF AMSE 10/24/95 16.750 BFFC Big Foot Financial Corp. Long Grove IL MW SAIF NASDAQ 12/20/96 14.125 BFSB Bedford Bancshares, Inc. Bedford VA SE SAIF NASDAQ 08/22/94 19.375 BFSI BFS Bankorp, Inc. New York NY MA SAIF NASDAQ 05/12/88 51.000 BKC American Bank of Connecticut Waterbury CT NE BIF AMSE 12/01/81 32.000 BKCO Bankers Corp. Perth Amboy NJ MA BIF NASDAQ 03/16/90 25.000 BKCT Bancorp Connecticut, Inc. Southington CT NE BIF NASDAQ 07/03/86 23.750 BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85 10.875 BNKU Bank United Corp. Houston TX SW SAIF NASDAQ NA 30.250 BPLS Bank Plus Corp. Los Angeles CA WE SAIF NASDAQ NA 13.250 BSBC Branford Savings Bank Branford CT NE BIF NASDAQ 11/04/86 4.000 BVFS Bay View Capital Corp. San Mateo CA WE SAIF NASDAQ 05/09/86 52.500 BWFC Bank West Financial Corp. Grand Rapids MI MW SAIF NASDAQ 03/30/95 11.500 BYFC Broadway Financial Corp. Los Angeles CA WE SAIF NASDAQ 01/09/96 11.250 CAFI Camco Financial Corp. Cambridge OH MW SAIF NASDAQ NA 17.500 CAPS Capital Savings Bancorp, Inc. Jefferson City MO MW SAIF NASDAQ 12/29/93 13.500 CARV Carver Bancorp, Inc. New York NY MA SAIF NASDAQ 10/25/94 10.125 CASB Cascade Financial Corp. Everett WA WE SAIF NASDAQ 09/16/92 17.500 CASH First Midwest Financial, Inc. Storm Lake IA MW SAIF NASDAQ 09/20/93 16.750 CATB Catskill Financial Corp. Catskill NY MA BIF NASDAQ 04/18/96 16.250 CBCI Calumet Bancorp, Inc. Dolton IL MW SAIF NASDAQ 02/20/92 35.500 CBCO CB Bancorp, Inc. Michigan City IN MW SAIF NASDAQ 12/28/92 33.250 CBES CBES Bancorp, Inc. Excelsior Springs MO MW SAIF NASDAQ 09/30/96 16.625 CBK Citizens First Financial Corp. Normal IL MW SAIF AMSE 05/01/96 15.625 CBNH Community Bankshares, Inc. Concord NH NE BIF NASDAQ 05/08/86 24.875 CBSA Coastal Bancorp, Inc. Houston TX SW SAIF NASDAQ NA 27.500 CBSB Charter Financial, Inc. Sparta IL MW SAIF NASDAQ 12/29/95 16.250 CCFH CCF Holding Company Jonesboro GA SE SAIF NASDAQ 07/12/95 16.375 CEBK Central Co-operative Bank Somerville MA NE BIF NASDAQ 10/24/86 18.250 CENB Century Bancorp, Inc. Thomasville NC SE SAIF NASDAQ 12/23/96 66.000 CENF CENFED Financial Corp. Pasadena CA WE SAIF NASDAQ 10/25/91 32.375 CFB Commercial Federal Corporation Omaha NE MW SAIF NYSE 12/31/84 36.750
SOURCE: SNL & F&C CALCULATIONS 3 13 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90 23.500 CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88 23.500 CFHC California Financial Holding Stockton CA WE SAIF NASDAQ 04/01/83 28.875 CFNC Carolina Fincorp, Inc. Rockingham NC SE SAIF NASDAQ 11/25/96 14.625 CFSB CFSB Bancorp, Inc. Lansing MI MW SAIF NASDAQ 06/22/90 21.250 CFTP Community Federal Bancorp Tupelo MS SE SAIF NASDAQ 03/26/96 19.625 CFX CFX Corporation Keene NH NE BIF AMSE 02/12/87 17.125 CIBI Community Investors Bancorp Bucyrus OH MW SAIF NASDAQ 02/07/95 17.250 CKFB CKF Bancorp, Inc. Danville KY MW SAIF NASDAQ 01/04/95 18.875 CLAS Classic Bancshares, Inc. Ashland KY MW SAIF NASDAQ 12/29/95 13.500 CMRN Cameron Financial Corp Cameron MO MW SAIF NASDAQ 04/03/95 16.375 CMSB Commonwealth Bancorp, Inc. Valley Forge PA MA SAIF NASDAQ 06/17/96 15.375 CMSV Community Savings, MHC North Palm Beach FL SE SAIF NASDAQ 10/24/94 19.500 CNBA Chester Bancorp, Inc. Chester IL MW SAIF NASDAQ 10/08/96 15.000 CNIT CENIT Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 08/06/92 45.000 CNSB CNS Bancorp, Inc. Jefferson City MO MW SAIF NASDAQ 06/12/96 17.500 COFD Collective Bancorp, Inc. Egg Harbor City NJ MA SAIF NASDAQ 02/07/84 40.875 COFI Charter One Financial Cleveland OH MW SAIF NASDAQ 01/22/88 45.625 COOP Cooperative Bankshares, Inc. Wilmington NC SE SAIF NASDAQ 08/21/91 21.500 CRZY Crazy Woman Creek Bancorp Buffalo WY WE SAIF NASDAQ 03/29/96 14.000 CSA Coast Savings Financial Los Angeles CA WE SAIF NYSE 12/23/85 45.125 CSBF CSB Financial Group, Inc. Centralia IL MW SAIF NASDAQ 10/09/95 11.000 CTBK Center Banks Incorporated Skaneateles NY MA BIF NASDAQ 06/02/86 20.000 CTZN CitFed Bancorp, Inc. Dayton OH MW SAIF NASDAQ 01/23/92 35.250 CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87 21.500 CZF CitiSave Financial Corp Baton Rouge LA SW SAIF AMSE 07/14/95 14.000 DCBI Delphos Citizens Bancorp, Inc. Delphos OH MW SAIF NASDAQ 11/21/96 13.750 DFIN Damen Financial Corp. Schaumburg IL MW SAIF NASDAQ 10/02/95 14.500 DIBK Dime Financial Corp. Wallingford CT NE BIF NASDAQ 07/09/86 20.250 DIME Dime Community Bancorp, Inc. Brooklyn NY MA BIF NASDAQ 06/26/96 18.250 DME Dime Bancorp, Inc. New York NY MA BIF NYSE 08/19/86 17.250 DNFC D & N Financial Corp. Hancock MI MW SAIF NASDAQ 02/13/85 18.125 DSL Downey Financial Corp. Newport Beach CA WE SAIF NYSE 01/01/71 22.625 EBCP Eastern Bancorp Dover NH NE SAIF NASDAQ 11/17/83 24.938 EBSI Eagle Bancshares Tucker GA SE SAIF NASDAQ 04/01/86 17.250 EFBC Empire Federal Bancorp, Inc. Livingston MT WE SAIF NASDAQ 01/27/97 13.500 EFBI Enterprise Federal Bancorp West Chester OH MW SAIF NASDAQ 10/17/94 16.500 EGFC Eagle Financial Corp. Bristol CT NE SAIF NASDAQ 02/03/87 29.250 EGLB Eagle BancGroup, Inc. Bloomington IL MW SAIF NASDAQ 07/01/96 16.000 EIRE Emerald Isle Bancorp, Inc. Quincy MA NE BIF NASDAQ 09/08/86 19.625 EMLD Emerald Financial Corp. Strongsville OH MW SAIF NASDAQ NA 24.500 EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 34.500 ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85 19.500 ESX Essex Bancorp, Inc. Norfolk VA SE SAIF AMSE NA 1.875 ETFS East Texas Financial Services Tyler TX SW SAIF NASDAQ 01/10/95 18.250 FAB FirstFed America Bancorp, Inc. Fall River MA NE SAIF AMSE 01/15/97 14.875 FBBC First Bell Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95 16.375 FBCI Fidelity Bancorp, Inc. Chicago IL MW SAIF NASDAQ 12/15/93 19.500 FBCV 1ST Bancorp Vincennes IN MW SAIF NASDAQ 04/07/87 31.000 FBER 1st Bergen Bancorp Wood-Ridge NJ MA SAIF NASDAQ 04/01/96 14.625 FBHC Fort Bend Holding Corp. Rosenberg TX SW SAIF NASDAQ 06/30/93 23.500 FBSI First Bancshares, Inc. Mountain Grove MO MW SAIF NASDAQ 12/22/93 20.000 FCB Falmouth Co-Operative Bank Falmouth MA NE BIF AMSE 03/28/96 15.125 FCBF FCB Financial Corp. Neenah WI MW SAIF NASDAQ 09/24/93 22.500 FCIT First Citizens Financial Corp. Gaithersburg MD MA SAIF NASDAQ 12/17/86 27.250 FCME First Coastal Corporation Westbrook ME NE BIF NASDAQ NA 9.750 FDEF First Defiance Financial Defiance OH MW SAIF NASDAQ 10/02/95 13.250
SOURCE: SNL & F&C CALCULATIONS 4 14 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) FED FirstFed Financial Corp. Santa Monica CA WE SAIF NYSE 12/16/83 25.750 FESX First Essex Bancorp, Inc. Andover MA NE BIF NASDAQ 08/04/87 16.000 FFBA First Colorado Bancorp, Inc. Lakewood CO SW SAIF NASDAQ 01/02/96 18.188 FFBH First Federal Bancshares of AR Harrison AR SE SAIF NASDAQ 05/03/96 19.500 FFBI First Financial Bancorp, Inc. Belvidere IL MW SAIF NASDAQ 10/04/93 15.500 FFBS FFBS BanCorp, Inc. Columbus MS SE SAIF NASDAQ 07/01/93 22.000 FFBZ First Federal Bancorp, Inc. Zanesville OH MW SAIF NASDAQ 07/13/92 17.500 FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83 28.250 FFDF FFD Financial Corp. Dover OH MW SAIF NASDAQ 04/03/96 14.000 FFDP FirstFed Bancshares Des Plaines IL MW SAIF NASDAQ 07/01/92 17.500 FFEC First Fed Bncshrs Eau Claire Eau Claire WI MW SAIF NASDAQ 10/12/94 18.688 FFED Fidelity Federal Bancorp Evansville IN MW SAIF NASDAQ 08/31/87 10.000 FFES First Federal of East Hartford East Hartford CT NE SAIF NASDAQ 06/23/87 28.500 FFFC FFVA Financial Corp. Lynchburg VA SE SAIF NASDAQ 10/12/94 23.000 FFFD North Central Bancshares, Inc. Fort Dodge IA MW SAIF NASDAQ 03/21/96 15.625 FFFG F.F.O. Financial Group, Inc. St. Cloud FL SE SAIF NASDAQ 10/13/88 4.250 FFFL Fidelity Bankshares Inc., MHC West Palm Beach FL SE SAIF NASDAQ 01/07/94 19.500 FFHC First Financial Corp. Stevens Point WI MW SAIF NASDAQ 12/24/80 26.750 FFHH FSF Financial Corp. Hutchinson MN MW SAIF NASDAQ 10/07/94 17.250 FFHS First Franklin Corporation Cincinnati OH MW SAIF NASDAQ 01/26/88 18.000 FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95 19.125 FFKY First Federal Financial Corp. Elizabethtown KY MW SAIF NASDAQ 07/15/87 20.875 FFLC FFLC Bancorp, Inc. Leesburg FL SE SAIF NASDAQ 01/04/94 26.000 FFOH Fidelity Financial of Ohio Cincinnati OH MW SAIF NASDAQ 03/04/96 13.375 FFPB First Palm Beach Bancorp, Inc. West Palm Beach FL SE SAIF NASDAQ 09/29/93 29.000 FFSL First Independence Corp. Independence KS MW SAIF NASDAQ 10/08/93 11.750 FFSW FirstFederal Financial Svcs Wooster OH MW SAIF NASDAQ 03/31/87 37.500 FFSX First Fed SB of Siouxland, MHC Sioux City IA MW SAIF NASDAQ 07/13/92 30.750 FFWC FFW Corp. Wabash IN MW SAIF NASDAQ 04/05/93 26.000 FFWD Wood Bancorp, Inc. Bowling Green OH MW SAIF NASDAQ 08/31/93 16.750 FFWM First Financial-W. Maryland Cumberland MD MA SAIF NASDAQ 02/11/92 32.250 FFYF FFY Financial Corp. Youngstown OH MW SAIF NASDAQ 06/28/93 25.250 FGHC First Georgia Holding, Inc. Brunswick GA SE SAIF NASDAQ 02/11/87 7.625 FIBC Financial Bancorp, Inc. Long Island City NY MA SAIF NASDAQ 08/17/94 17.875 FISB First Indiana Corporation Indianapolis IN MW SAIF NASDAQ 08/02/83 26.250 FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95 21.875 FKKY Frankfort First Bancorp, Inc. Frankfort KY MW SAIF NASDAQ 07/10/95 10.875 FLAG FLAG Financial Corp. LaGrange GA SE SAIF NASDAQ 12/11/86 12.375 FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83 22.500 FLKY First Lancaster Bancshares Lancaster KY MW SAIF NASDAQ 07/01/96 15.000 FMBD First Mutual Bancorp, Inc. Decatur IL MW SAIF NASDAQ 07/05/95 15.875 FMCO FMS Financial Corporation Burlington NJ MA SAIF NASDAQ 12/14/88 19.750 FMSB First Mutual Savings Bank Bellevue WA WE BIF NASDAQ 12/17/85 20.250 FNGB First Northern Capital Corp. Green Bay WI MW SAIF NASDAQ 12/29/83 18.500 FOBC Fed One Bancorp Wheeling WV SE SAIF NASDAQ 01/19/95 19.000 FRC First Republic Bancorp San Francisco CA WE BIF NYSE NA 24.000 FSBI Fidelity Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88 23.875 FSFC First Southeast Financial Corp Anderson SC SE SAIF NASDAQ 10/08/93 10.625 FSLA First Savings Bank, MHC Edison NJ MA SAIF NASDAQ 07/10/92 21.500 FSNJ First Savings Bk of NJ, MHC Bayonne NJ MA SAIF NASDAQ 01/09/95 24.125 FSPG First Home Bancorp, Inc. Pennsville NJ MA SAIF NASDAQ 04/20/87 17.875 FSSB First FS&LA of San Bernardino San Bernardino CA WE SAIF NASDAQ 02/02/93 9.750 FSTC First Citizens Corporation Newnan GA SE SAIF NASDAQ 03/01/86 25.000 FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 16.750 FTFC First Federal Capital Corp. La Crosse WI MW SAIF NASDAQ 11/02/89 28.250 FTNB Fulton Bancorp, Inc. Fulton MO MW SAIF NASDAQ 10/18/96 18.375 FTSB Fort Thomas Financial Corp. Fort Thomas KY MW SAIF NASDAQ 06/28/95 11.750
SOURCE: SNL & F&C CALCULATIONS 5 15 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) FWWB First SB of Washington Bancorp Walla Walla WA WE SAIF NASDAQ 11/01/95 19.750 GAF GA Financial, Inc. Pittsburgh PA MA SAIF AMSE 03/26/96 15.500 GBCI Glacier Bancorp, Inc. Kalispell MT WE SAIF NASDAQ 03/30/84 24.000 GDVS Greater Delaware Valley SB,MHC Broomall PA MA SAIF NASDAQ 03/03/95 13.250 GDW Golden West Financial Oakland CA WE SAIF NYSE 05/29/59 69.250 GFCO Glenway Financial Corp. Cincinnati OH MW SAIF NASDAQ 11/30/90 23.000 GFED Guaranty Federal SB, MHC Springfield MO MW SAIF NASDAQ 04/10/95 12.000 GFSB GFS Bancorp, Inc. Grinnell IA MW SAIF NASDAQ 01/06/94 21.500 GLBK Glendale Co-Operative Bank Everett MA NE BIF NASDAQ 01/10/94 26.000 GLN Glendale Federal Bank, FSB Glendale CA WE SAIF NYSE 10/01/83 25.750 GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94 56.750 GRTR Greater New York Savings Bank New York NY MA BIF NASDAQ 06/17/87 16.250 GSBC Great Southern Bancorp, Inc. Springfield MO MW SAIF NASDAQ 12/14/89 17.250 GSFC Green Street Financial Corp. Fayetteville NC SE SAIF NASDAQ 04/04/96 18.000 GSLC Guaranty Financial Corp. Charlottesville VA SE SAIF NASDAQ NA 9.625 GTFN Great Financial Corporation Louisville KY MW SAIF NASDAQ 03/31/94 31.000 GTPS Great American Bancorp Champaign IL MW SAIF NASDAQ 06/30/95 15.750 GUPB GFSB Bancorp, Inc. Gallup NM SW SAIF NASDAQ 06/30/95 16.250 GWBC Gateway Bancorp, Inc. Catlettsburg KY MW SAIF NASDAQ 01/18/95 14.250 GWF Great Western Financial Chatsworth CA WE SAIF NYSE NA 45.625 HALL Hallmark Capital Corp. West Allis WI MW SAIF NASDAQ 01/03/94 18.750 HARB Harbor Federal Savings Bk, MHC Fort Pierce FL SE SAIF NASDAQ 01/06/94 37.000 HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87 20.750 HARS Harris Savings Bank, MHC Harrisburg PA MA SAIF NASDAQ 01/25/94 20.375 HAVN Haven Bancorp, Inc. Woodhaven NY MA SAIF NASDAQ 09/23/93 35.250 HBBI Home Building Bancorp Washington IN MW SAIF NASDAQ 02/08/95 21.000 HBEI Home Bancorp of Elgin, Inc. Elgin IL MW SAIF NASDAQ 09/27/96 15.125 HBFW Home Bancorp Fort Wayne IN MW SAIF NASDAQ 03/30/95 20.500 HBNK Highland Federal Bank FSB Burbank CA WE SAIF NASDAQ NA 24.000 HBS Haywood Bancshares, Inc. Waynesville NC SE BIF AMSE 12/18/87 17.125 HCFC Home City Financial Corp. Springfield OH MW SAIF NASDAQ 12/30/96 13.625 HEMT HF Bancorp, Inc. Hemet CA WE SAIF NASDAQ 06/30/95 13.250 HFFB Harrodsburg First Fin Bancorp Harrodsburg KY MW SAIF NASDAQ 10/04/95 16.125 HFFC HF Financial Corp. Sioux Falls SD MW SAIF NASDAQ 04/08/92 19.500 HFGI Harrington Financial Group Richmond IN MW SAIF NASDAQ NA 10.500 HFNC HFNC Financial Corp. Charlotte NC SE SAIF NASDAQ 12/29/95 22.000 HFSA Hardin Bancorp, Inc. Hardin MO MW SAIF NASDAQ 09/29/95 15.250 HHFC Harvest Home Financial Corp. Cheviot OH MW SAIF NASDAQ 10/10/94 12.250 HIFS Hingham Instit. for Savings Hingham MA NE BIF NASDAQ 12/20/88 19.000 HMCI HomeCorp, Inc. Rockford IL MW SAIF NASDAQ 06/22/90 20.500 HMNF HMN Financial, Inc. Spring Valley MN MW SAIF NASDAQ 06/30/94 22.000 HOMF Home Federal Bancorp Seymour IN MW SAIF NASDAQ 01/23/88 27.250 HPBC Home Port Bancorp, Inc. Nantucket MA NE BIF NASDAQ 08/25/88 17.750 HRBF Harbor Federal Bancorp, Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 17.063 HRZB Horizon Financial Corp. Bellingham WA WE BIF NASDAQ 08/01/86 15.000 HTHR Hawthorne Financial Corp. El Segundo CA WE SAIF NASDAQ NA 10.625 HVFD Haverfield Corporation Cleveland OH MW SAIF NASDAQ 03/19/85 22.750 HWEN Home Financial Bancorp Spencer IN MW SAIF NASDAQ 07/02/96 15.500 HZFS Horizon Financial Svcs Corp. Oskaloosa IA MW SAIF NASDAQ 06/30/94 17.250 IBSF IBS Financial Corp. Cherry Hill NJ MA SAIF NASDAQ 10/13/94 17.500 IFSB Independence Federal Savings Washington DC MA SAIF NASDAQ 06/06/85 8.625 IFSL Indiana Federal Corporation Valparaiso IN MW SAIF NASDAQ 02/04/87 26.500 INBI Industrial Bancorp Bellevue OH MW SAIF NASDAQ 08/01/95 12.875 INCB Indiana Community Bank, SB Lebanon IN MW SAIF NASDAQ 12/15/94 18.750 IPSW Ipswich Savings Bank Ipswich MA NE BIF NASDAQ 05/26/93 15.750 ISBF ISB Financial Corporation New Iberia LA SW SAIF NASDAQ 04/07/95 25.625 ITLA ITLA Capital Corp. La Jolla CA WE BIF NASDAQ 10/24/95 16.375
SOURCE: SNL & F&C CALCULATIONS 6 16 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) IWBK InterWest Bancorp, Inc. Oak Harbor WA WE SAIF NASDAQ NA 33.500 JOAC Joachim Bancorp, Inc. De Soto MO MW SAIF NASDAQ 12/28/95 14.000 JSBA Jefferson Savings Bancorp Ballwin MO MW SAIF NASDAQ 04/08/93 29.250 JSBF JSB Financial, Inc. Lynbrook NY MA BIF NASDAQ 06/27/90 41.000 JXSB Jacksonville Savings Bank, MHC Jacksonville IL MW SAIF NASDAQ 04/21/95 16.500 JXVL Jacksonville Bancorp, Inc. Jacksonville TX SW SAIF NASDAQ 04/01/96 14.938 KFBI Klamath First Bancorp Klamath Falls OR WE SAIF NASDAQ 10/05/95 18.125 KNK Kankakee Bancorp, Inc. Kankakee IL MW SAIF AMSE 01/06/93 26.875 KSAV KS Bancorp, Inc. Kenly NC SE SAIF NASDAQ 12/30/93 21.500 KSBK KSB Bancorp, Inc. Kingfield ME NE BIF NASDAQ 06/24/93 28.000 KYF Kentucky First Bancorp, Inc. Cynthiana KY MW SAIF AMSE 08/29/95 11.750 LARK Landmark Bancshares, Inc. Dodge City KS MW SAIF NASDAQ 03/28/94 19.750 LARL Laurel Capital Group, Inc. Allison Park PA MA SAIF NASDAQ 02/20/87 21.000 LFBI Little Falls Bancorp, Inc. Little Falls NJ MA SAIF NASDAQ 01/05/96 13.625 LFED Leeds Federal Savings Bk, MHC Baltimore MD MA SAIF NASDAQ 05/02/94 18.563 LIFB Life Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 10/11/94 19.875 LISB Long Island Bancorp, Inc. Melville NY MA SAIF NASDAQ 04/18/94 35.000 LOGN Logansport Financial Corp. Logansport IN MW SAIF NASDAQ 06/14/95 14.813 LONF London Financial Corporation London OH MW SAIF NASDAQ 04/01/96 15.500 LSBI LSB Financial Corp. Lafayette IN MW BIF NASDAQ 02/03/95 20.000 LSBX Lawrence Savings Bank North Andover MA NE BIF NASDAQ 05/02/86 9.750 LVSB Lakeview Financial West Paterson NJ MA SAIF NASDAQ 12/22/93 33.500 LXMO Lexington B&L Financial Corp. Lexington MO MW SAIF NASDAQ 06/06/96 14.813 MAFB MAF Bancorp, Inc. Clarendon Hills IL MW SAIF NASDAQ 01/12/90 39.500 MARN Marion Capital Holdings Marion IN MW SAIF NASDAQ 03/18/93 21.250 MASB MASSBANK Corp. Reading MA NE BIF NASDAQ 05/28/86 41.750 MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE 09/03/92 18.375 MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE NA 18.375 MBBC Monterey Bay Bancorp, Inc. Watsonville CA WE SAIF NASDAQ 02/15/95 17.500 MBLF MBLA Financial Corp. Macon MO MW SAIF NASDAQ 06/24/93 20.750 MBSP Mitchell Bancorp, Inc. Spruce Pine NC SE SAIF NASDAQ 07/12/96 15.750 MCBN Mid-Coast Bancorp, Inc. Waldoboro ME NE SAIF NASDAQ 11/02/89 19.000 MCBS Mid Continent Bancshares Inc. El Dorado KS MW SAIF NASDAQ 06/27/94 26.125 MDBK Medford Savings Bank Medford MA NE BIF NASDAQ 03/18/86 27.750 MECH Mechanics Savings Bank Hartford CT NE BIF NASDAQ 06/26/96 18.000 MERI Meritrust Federal SB Thibodaux LA SW SAIF NASDAQ NA 35.500 METF Metropolitan Financial Corp. Mayfield Heights OH MW SAIF NASDAQ NA 10.750 MFBC MFB Corp. Mishawaka IN MW SAIF NASDAQ 03/25/94 18.875 MFCX Marshalltown Financial Corp. Marshalltown IA MW SAIF NASDAQ 03/31/94 14.750 MFFC Milton Federal Financial Corp. West Milton OH MW SAIF NASDAQ 10/07/94 13.750 MFLR Mayflower Co-operative Bank Middleboro MA NE BIF NASDAQ 12/23/87 19.750 MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 36.875 MGNL Magna Bancorp, Inc. Hattiesburg MS SE SAIF NASDAQ 03/13/91 19.000 MIDC MidConn Bank Kensington CT NE BIF NASDAQ 09/11/86 24.500 MIFC Mid-Iowa Financial Corp. Newton IA MW SAIF NASDAQ 10/14/92 8.250 MIVI Mississippi View Holding Co. Little Falls MN MW SAIF NASDAQ 03/24/95 15.125 MLBC ML Bancorp, Inc. Villanova PA MA SAIF NASDAQ 08/11/94 17.375 MSBF MSB Financial, Inc. Marshall MI MW SAIF NASDAQ 02/06/95 21.000 MSBK Mutual Savings Bank, FSB Bay City MI MW SAIF NASDAQ 07/17/92 7.750 MWBI Midwest Bancshares, Inc. Burlington IA MW SAIF NASDAQ 11/12/92 29.500 MWBX MetroWest Bank Framingham MA NE BIF NASDAQ 10/10/86 5.156 MWFD Midwest Federal Financial Baraboo WI MW SAIF NASDAQ 07/08/92 17.875 NASB North American Savings Bank Grandview MO MW SAIF NASDAQ 09/27/85 38.000 NBSI North Bancshares, Inc. Chicago IL MW SAIF NASDAQ 12/21/93 19.125 NEBC Northeast Bancorp Portland ME NE BIF NASDAQ 08/19/87 13.625 NEIB Northeast Indiana Bancorp Huntington IN MW SAIF NASDAQ 06/28/95 15.000 NHTB New Hampshire Thrift Bncshrs New London NH NE SAIF NASDAQ 05/22/86 12.000
SOURCE: SNL & F&C CALCULATIONS 7 17 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) NMSB NewMil Bancorp, Inc. New Milford CT NE BIF NASDAQ 02/01/86 9.250 NSLB NS&L Bancorp, Inc. Neosho MO MW SAIF NASDAQ 06/08/95 16.000 NSSB Norwich Financial Corp. Norwich CT NE BIF NASDAQ 11/14/86 21.000 NSSY Norwalk Savings Society Norwalk CT NE BIF NASDAQ 06/16/94 25.375 NTMG Nutmeg Federal S&LA Danbury CT NE SAIF NASDAQ NA 7.375 NWEQ Northwest Equity Corp. Amery WI MW SAIF NASDAQ 10/11/94 14.000 NWSB Northwest Savings Bank, MHC Warren PA MA SAIF NASDAQ 11/07/94 15.500 NYB New York Bancorp Inc. Douglaston NY MA SAIF NYSE 01/28/88 31.125 OCFC Ocean Financial Corp. Toms River NJ MA SAIF NASDAQ 07/03/96 30.875 OCWN Ocwen Financial Corporation West Palm Beach FL SE SAIF NASDAQ NA 33.250 OFCP Ottawa Financial Corp. Holland MI MW SAIF NASDAQ 08/19/94 20.375 OHSL OHSL Financial Corp. Cincinnati OH MW SAIF NASDAQ 02/10/93 22.000 OSBF OSB Financial Corp. Oshkosh WI MW SAIF NASDAQ 07/01/92 32.000 PALM Palfed, Inc. Aiken SC SE SAIF NASDAQ 12/15/85 16.250 PAMM PacificAmerica Money Center Woodland Hills CA WE BIF NASDAQ NA 29.000 PBCI Pamrapo Bancorp, Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89 20.750 PBCT People's Bank, MHC Bridgeport CT NE BIF NASDAQ 07/06/88 35.250 PBIX Patriot Bank Corp. Pottstown PA MA SAIF NASDAQ 12/04/95 16.750 PBKB People's Bancshares, Inc. South Easton MA NE BIF NASDAQ 10/23/86 12.250 PBNB People's Savings Financial Cp. New Britain CT NE BIF NASDAQ 08/20/86 31.000 PCBC Perry County Financial Corp. Perryville MO MW SAIF NASDAQ 02/13/95 19.000 PCCI Pacific Crest Capital Agoura Hills CA WE BIF NASDAQ NA 13.750 PDB Piedmont Bancorp, Inc. Hillsborough NC SE SAIF AMSE 12/08/95 10.750 PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95 14.875 PERM Permanent Bancorp, Inc. Evansville IN MW SAIF NASDAQ 04/04/94 22.250 PERT Perpetual Bank, MHC Anderson SC SE SAIF NASDAQ 10/26/93 26.000 PETE Primary Bank Peterborough NH NE BIF NASDAQ 10/14/93 17.250 PFDC Peoples Bancorp Auburn IN MW SAIF NASDAQ 07/07/87 22.500 PFED Park Bancorp, Inc. Chicago IL MW SAIF NASDAQ 08/12/96 15.750 PFFB PFF Bancorp, Inc. Pomona CA WE SAIF NASDAQ 03/29/96 15.750 PFFC Peoples Financial Corp. Massillon OH MW SAIF NASDAQ 09/13/96 15.500 PFNC Progress Financial Corporation Blue Bell PA MA SAIF NASDAQ 07/18/83 8.938 PFSB PennFed Financial Services,Inc West Orange NJ MA SAIF NASDAQ 07/15/94 25.250 PFSL Pocahontas FS&LA, MHC Pocahontas AR SE SAIF NASDAQ 04/05/94 20.000 PHBK Peoples Heritage Finl Group Portland ME NE BIF NASDAQ 12/04/86 31.500 PHFC Pittsburgh Home Financial Corp Pittsburgh PA MA SAIF NASDAQ 04/01/96 14.625 PKPS Poughkeepsie Savings Bank, FSB Poughkeepsie NY MA SAIF NASDAQ 11/19/85 6.250 PLE Pinnacle Bancshares, Inc. Jasper AL SE SAIF AMSE 12/17/86 21.500 PMFI Perpetual Midwest Financial Cedar Rapids IA MW SAIF NASDAQ 03/31/94 20.000 POBS Portsmouth Bank Shares Portsmouth NH NE BIF NASDAQ 02/09/88 15.250 PRBC Prestige Bancorp, Inc. Pleasant Hills PA MA SAIF NASDAQ 06/27/96 15.750 PROV Provident Financial Holdings Riverside CA WE SAIF NASDAQ 06/28/96 16.375 PSAB Prime Bancorp, Inc. Philadelphia PA MA SAIF NASDAQ 11/21/88 21.250 PSBK Progressive Bank, Inc. Fishkill NY MA BIF NASDAQ 08/01/84 24.250 PSFI PS Financial, Inc. Chicago IL MW SAIF NASDAQ 11/27/96 13.875 PTRS Potters Financial Corp. East Liverpool OH MW SAIF NASDAQ 12/31/93 20.000 PULB Pulaski Bank, Savings Bk, MHC St. Louis MO MW SAIF NASDAQ 05/11/94 17.000 PULS Pulse Bancorp South River NJ MA SAIF NASDAQ 09/18/86 18.125 PVFC PVF Capital Corp. Bedford Heights OH MW SAIF NASDAQ 12/30/92 16.750 PVSA Parkvale Financial Corporation Monroeville PA MA SAIF NASDAQ 07/16/87 28.500 PWBC PennFirst Bancorp, Inc. Ellwood City PA MA SAIF NASDAQ 06/13/90 13.500 PWBK Pennwood Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 07/15/96 14.000 QCBC Quaker City Bancorp, Inc. Whittier CA WE SAIF NASDAQ 12/30/93 19.250 QCFB QCF Bancorp, Inc. Virginia MN MW SAIF NASDAQ 04/03/95 19.000 QCSB Queens County Bancorp, Inc. Flushing NY MA BIF NASDAQ 11/23/93 57.750 RARB Raritan Bancorp, Inc. Raritan NJ MA BIF NASDAQ 03/01/87 24.750 RCSB RCSB Financial, Inc. Rochester NY MA BIF NASDAQ 04/29/86 33.750
SOURCE: SNL & F&C CALCULATIONS 8 18 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) REDF RedFed Bancorp Inc. Redlands CA WE SAIF NASDAQ 04/08/94 14.375 RELI Reliance Bancshares, Inc. Milwaukee WI MW SAIF NASDAQ 04/19/96 7.375 RELY Reliance Bancorp, Inc. Garden City NY MA SAIF NASDAQ 03/31/94 24.500 RFED Roosevelt Financial Group Chesterfield MO MW SAIF NASDAQ 01/23/87 22.438 RIVR River Valley Bancorp Madison IN MW SAIF NASDAQ 12/20/96 14.250 ROSE TR Financial Corp. Garden City NY MA BIF NASDAQ 06/29/93 35.250 RSLN Roslyn Bancorp, Inc. Roslyn NY MA BIF NASDAQ 01/13/97 18.000 RVSB Riverview Savings Bank, MHC Camas WA WE SAIF NASDAQ 10/26/93 17.750 SBCN Suburban Bancorporation, Inc. Cincinnati OH MW SAIF NASDAQ 09/30/93 19.375 SBFL SB of the Finger Lakes, MHC Geneva NY MA SAIF NASDAQ 11/11/94 15.125 SCBS Southern Community Bancshares Cullman AL SE SAIF NASDAQ 12/23/96 13.375 SCCB S. Carolina Community Bancshrs Winnsboro SC SE SAIF NASDAQ 07/07/94 20.000 SECP Security Capital Corporation Milwaukee WI MW SAIF NASDAQ 01/03/94 84.750 SFB Standard Federal Bancorp Troy MI MW SAIF NYSE 01/21/87 57.750 SFED SFS Bancorp, Inc. Schenectady NY MA SAIF NASDAQ 06/30/95 17.250 SFFC StateFed Financial Corporation Des Moines IA MW SAIF NASDAQ 01/05/94 18.625 SFIN Statewide Financial Corp. Jersey City NJ MA SAIF NASDAQ 10/02/95 16.375 SFNB Security First Network Bank Pineville KY MW SAIF NASDAQ NA 9.375 SFSB SuburbFed Financial Corp. Flossmoor IL MW SAIF NASDAQ 03/04/92 22.500 SFSL Security First Corp. Mayfield Heights OH MW SAIF NASDAQ 01/22/88 18.500 SGVB SGV Bancorp, Inc. West Covina CA WE SAIF NASDAQ 06/29/95 13.438 SHEN First Shenango Bancorp, Inc. New Castle PA MA SAIF NASDAQ 04/06/93 24.500 SISB SIS Bancorp, Inc. Springfield MA NE BIF NASDAQ 02/08/95 26.500 SJSB SJS Bancorp St. Joseph MI MW SAIF NASDAQ 02/16/95 25.500 SMBC Southern Missouri Bancorp, Inc Poplar Bluff MO MW SAIF NASDAQ 04/13/94 16.125 SMFC Sho-Me Financial Corp. Mt. Vernon MO MW SAIF NASDAQ 07/01/94 28.500 SOBI Sobieski Bancorp, Inc. South Bend IN MW SAIF NASDAQ 03/31/95 14.500 SOPN First Savings Bancorp, Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94 20.000 SOSA Somerset Savings Bank Somerville MA NE BIF NASDAQ 07/09/86 2.625 SPBC St. Paul Bancorp, Inc. Chicago IL MW SAIF NASDAQ 05/18/87 28.125 SRN Southern Banc Company, Inc Gadsden AL SE SAIF AMSE 10/05/95 14.625 SSB Scotland Bancorp, Inc Laurinburg NC SE SAIF AMSE 04/01/96 16.000 SSFC South Street Financial Corp. Albemarle NC SE SAIF NASDAQ 10/03/96 16.625 SSM Stone Street Bancorp, Inc. Mocksville NC SE SAIF AMSE 04/01/96 25.500 STFR St. Francis Capital Corp. Milwaukee WI MW SAIF NASDAQ 06/21/93 30.750 STND Standard Financial, Inc. Chicago IL MW SAIF NASDAQ 08/01/94 21.125 STSA Sterling Financial Corp. Spokane WA WE SAIF NASDAQ NA 16.875 SVRN Sovereign Bancorp, Inc. Wyomissing PA MA SAIF NASDAQ 08/12/86 13.188 SWBI Southwest Bancshares Hometown IL MW SAIF NASDAQ 06/24/92 18.750 SWCB Sandwich Co-operative Bank Sandwich MA NE BIF NASDAQ 07/25/86 31.000 SZB SouthFirst Bancshares, Inc. Sylacauga AL SE SAIF AMSE 02/14/95 14.500 TBK Tolland Bank Tolland CT NE BIF AMSE 12/19/86 15.375 TCB TCF Financial Corp. Minneapolis MN MW SAIF NYSE 06/17/86 44.625 THBC Troy Hill Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/27/94 20.250 THR Three Rivers Financial Corp. Three Rivers MI MW SAIF AMSE 08/24/95 14.875 THRD TF Financial Corporation Newtown PA MA SAIF NASDAQ 07/13/94 18.875 TPNZ Tappan Zee Financial, Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 14.500 TRIC Tri-County Bancorp, Inc. Torrington WY WE SAIF NASDAQ 09/30/93 18.500 TSBS Trenton SB, MHC Lawrenceville NJ MA BIF NASDAQ 08/03/95 18.500 TSH Teche Holding Co. Franklin LA SW SAIF AMSE 04/19/95 15.875 TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95 19.000 UBMT United Financial Corp. Great Falls MT WE SAIF NASDAQ 09/23/86 19.750 UFRM United Federal Savings Bank Rocky Mount NC SE SAIF NASDAQ 07/01/80 8.625 VABF Virginia Beach Fed. Financial Virginia Beach VA SE SAIF NASDAQ 11/01/80 10.625 VFFC Virginia First Financial Corp. Petersburg VA SE SAIF NASDAQ 01/01/78 14.625 WAMU Washington Mutual Inc. Seattle WA WE BIF NASDAQ 03/11/83 50.375 WAYN Wayne Savings & Loan Co. MHC Wooster OH MW SAIF NASDAQ 06/25/93 27.250
SOURCE: SNL & F&C CALCULATIONS 9 19 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) WBST Webster Financial Corporation Waterbury CT NE SAIF NASDAQ 12/12/86 38.875 WCBI Westco Bancorp Westchester IL MW SAIF NASDAQ 06/26/92 22.000 WCFB Webster City Federal SB, MHC Webster City IA MW SAIF NASDAQ 08/15/94 14.500 WEFC Wells Financial Corp. Wells MN MW SAIF NASDAQ 04/11/95 14.750 WEHO Westwood Homestead Fin. Corp. Cincinnati OH MW SAIF NASDAQ 09/30/96 13.625 WES Westcorp Irvine CA WE SAIF NYSE 05/01/86 16.750 WFCO Winton Financial Corp. Cincinnati OH MW SAIF NASDAQ 08/04/88 12.516 WFSG Wilshire Financial Services Portland OR WE SAIF NASDAQ NA 16.750 WFSL Washington Federal, Inc. Seattle WA WE SAIF NASDAQ 11/17/82 24.875 WHGB WHG Bancshares Corp. Lutherville MD MA SAIF NASDAQ 04/01/96 14.438 WOFC Western Ohio Financial Corp. Springfield OH MW SAIF NASDAQ 07/29/94 21.500 WRNB Warren Bancorp, Inc. Peabody MA NE BIF NASDAQ 07/09/86 15.750 WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 5.250 WSFS WSFS Financial Corporation Wilmington DE MA BIF NASDAQ 11/26/86 11.750 WSTR WesterFed Financial Corp. Missoula MT WE SAIF NASDAQ 01/10/94 20.750 WVFC WVS Financial Corporation Pittsburgh PA MA SAIF NASDAQ 11/29/93 25.250 WWFC Westwood Financial Corporation Westwood NJ MA SAIF NASDAQ 06/07/96 18.250 WYNE Wayne Bancorp, Inc. Wayne NJ MA SAIF NASDAQ 06/27/96 16.875 YFCB Yonkers Financial Corporation Yonkers NY MA SAIF NASDAQ 04/18/96 15.250 YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84 18.125 Maximum 84.750 Minimum 1.875 Average 20.874 Median 18.500
SOURCE: SNL & F&C CALCULATIONS 10 20 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM AABC 3.84 NM 77.0 77.0 3.5 - 108,912 4.6 4.6 (0.36) (0.57) AADV 124.46 16.7 138.0 149.0 12.1 1.05 1,031,221 8.7 8.2 2.28 0.32 ABBK 39.52 13.8 117.8 131.9 8.1 1.92 486,958 6.9 6.2 1.51 0.74 ABCL 159.35 18.7 142.2 146.2 12.1 - 667,964 8.5 8.3 1.60 0.47 ABCW 210.25 14.4 182.4 187.0 11.3 1.10 1,869,211 6.2 6.0 3.17 0.72 AFBC 15.45 NA NA NA NA - 100,209 15.7 15.7 NA NA AFCB 139.03 14.2 134.7 135.5 13.5 2.22 1,032,213 9.8 9.8 1.90 0.88 AFED 20.55 NA 91.0 91.2 13.7 - 149,846 14.0 13.9 NA NA AFFFZ 195.63 6.0 116.2 118.1 8.9 4.92 2,209,051 8.0 7.9 5.47 1.37 AHCI 63.14 NA 99.7 99.7 14.1 - 496,505 14.2 14.2 NA 0.27 AHM 4,111.66 18.1 210.8 250.5 8.2 2.19 49,902,044 4.9 4.3 2.23 0.29 ALBC 4.63 42.1 80.2 80.2 7.7 1.68 59,860 9.6 9.6 0.44 (0.10) ALBK 450.26 15.2 141.1 163.4 12.8 1.72 3,506,136 9.1 8.0 2.30 0.77 AMFB 325.15 18.8 281.1 302.0 24.7 1.62 1,318,400 8.8 8.2 1.58 1.07 AMFC 14.62 NA 95.1 95.1 18.4 1.75 83,542 19.4 19.4 NA 0.49 ANA 49.16 NA 105.7 105.7 18.6 2.00 265,079 17.6 17.6 NA NA ANBK 50.00 18.0 107.9 107.9 10.2 0.87 492,506 9.0 9.0 0.77 0.22 ANDB 139.90 11.0 146.0 146.0 11.6 2.20 1,204,813 8.0 8.0 2.48 1.09 ASBI 51.84 15.0 118.0 118.1 13.1 3.81 396,755 11.1 11.1 1.05 0.62 ASBP 20.23 19.9 108.4 108.4 18.1 3.40 111,824 15.7 15.7 0.59 0.60 ASFC 853.55 16.8 145.0 174.7 11.7 1.11 7,272,763 8.1 6.8 2.36 0.53 ATSB 6.51 47.1 88.3 89.2 9.0 1.63 72,219 10.2 10.1 0.26 0.30 AVND 62.57 NM 103.1 103.1 10.5 - 595,571 10.2 10.2 0.02 0.71 BANC 317.94 17.7 179.5 193.3 11.6 0.85 2,170,480 6.4 6.0 0.77 0.85 BDJI 13.14 18.8 105.3 105.3 12.0 - 109,729 11.4 11.4 1.00 0.32 BFD 104.86 24.3 113.6 NA 12.8 1.19 820,567 10.5 NA 0.69 0.40 BFFC 35.49 NA NA NA NA - 193,103 7.1 7.1 NA NA BFSB 22.16 12.7 113.4 113.4 17.1 2.48 129,601 14.3 14.3 1.53 1.06 BFSI 84.57 8.1 162.0 162.0 13.0 - 650,514 8.0 8.0 6.29 1.47 BKC 73.38 13.9 155.6 162.9 13.1 4.50 558,437 8.5 8.1 2.30 1.26 BKCO 309.45 12.3 160.5 163.3 12.6 2.56 2,459,784 7.8 7.7 2.04 1.13 BKCT 61.05 14.2 142.8 142.8 14.6 3.45 419,398 10.2 10.2 1.67 1.26 BKUNA 92.70 24.2 143.3 178.9 6.5 - 1,329,044 7.4 6.6 0.45 0.40 BNKU 955.77 NA 175.4 180.5 8.6 1.85 11,059,646 4.9 4.8 NA 1.13 BPLS 241.75 NM 150.2 150.6 7.3 - 3,330,290 4.9 4.8 (0.32) (0.47) BSBC 20.72 14.8 159.4 159.4 14.3 2.00 183,511 9.0 9.0 0.27 1.05 BVFS 350.42 17.9 175.2 184.6 10.6 1.22 3,300,262 6.1 5.8 2.93 0.34 BWFC 20.92 23.0 92.2 92.2 14.6 2.44 143,186 15.9 15.9 0.50 0.77 BYFC 10.04 NA 79.7 79.7 8.6 1.78 117,253 11.5 11.5 NA (0.16) CAFI 53.60 12.1 119.1 129.7 11.4 2.74 469,449 9.6 8.9 1.45 0.79 CAPS 25.54 12.9 128.1 128.1 10.8 1.78 235,687 8.5 8.5 1.05 0.63 CARV 23.43 24.7 67.1 70.2 6.3 - 372,147 9.4 9.0 0.41 (0.03) CASB 35.93 21.9 169.3 169.3 10.3 - 348,050 6.1 6.1 0.80 0.51 CASH 48.52 12.1 111.1 125.5 13.1 2.15 369,885 11.8 10.6 1.38 0.75 CATB 84.22 NA 109.7 109.7 30.6 1.72 275,625 27.9 27.9 NA 1.38 CBCI 83.04 14.0 103.2 103.2 16.5 - 510,217 16.0 16.0 2.54 1.08 CBCO 38.65 17.3 193.2 193.2 17.1 - 226,553 8.8 8.8 1.92 1.02 CBES 17.04 NA 98.4 98.4 18.6 2.41 91,672 18.9 18.9 NA NA CBK 44.02 NA 109.2 109.2 16.8 - 261,637 15.4 15.4 NA 0.25 CBNH 60.92 15.3 149.3 149.3 11.1 2.57 550,596 7.4 7.4 1.63 0.94 CBSA 136.59 12.6 147.1 176.3 4.8 1.46 2,875,907 3.3 2.8 2.19 0.25 CBSB 69.12 16.6 119.5 129.0 18.2 1.48 380,051 15.2 14.3 0.98 0.98 CCFH 15.00 27.3 114.2 114.2 16.9 3.05 88,509 14.8 14.8 0.60 0.47 CEBK 35.86 16.7 107.7 121.4 11.1 1.75 324,297 10.3 9.2 1.09 0.59 CENB 26.88 NA 91.0 91.0 27.4 - 98,115 30.1 30.1 NA NA CENF 166.88 10.0 146.4 146.6 7.6 1.11 2,184,858 5.2 5.2 3.23 0.55 CFB 789.77 13.5 200.1 227.6 11.5 0.76 6,868,213 5.8 5.1 2.73 0.66
SOURCE: SNL & F&C CALCULATIONS 11 21 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM CFCP 81.12 20.1 280.4 280.4 17.9 1.87 453,955 6.4 6.4 1.17 0.88 CFFC 29.90 13.9 130.3 130.3 17.9 2.38 166,664 13.8 13.8 1.69 1.04 CFHC 136.89 14.0 152.3 153.0 10.2 1.52 1,337,379 6.7 6.7 2.07 0.53 CFNC 27.08 NA 104.0 104.0 25.3 - 107,170 24.3 24.3 NA NA CFSB 100.00 14.2 160.1 160.1 12.1 2.26 829,800 7.5 7.5 1.50 0.69 CFTP 84.04 NA 122.0 122.0 40.8 1.53 206,023 33.4 33.4 NA 1.27 CFX 222.30 15.6 167.2 179.7 14.4 5.14 1,547,092 8.6 8.1 1.10 0.86 CIBI 10.92 12.4 100.1 100.1 11.4 2.32 95,787 11.4 11.4 1.39 0.64 CKFB 17.50 23.0 110.9 110.9 29.2 2.33 60,038 25.2 25.2 0.82 1.30 CLAS 17.85 25.5 93.2 110.9 13.9 2.07 128,361 14.9 12.8 0.53 0.43 CMRN 46.66 16.9 98.4 98.4 24.3 1.71 191,879 24.7 24.7 0.97 1.15 CMSB 276.04 NA 119.0 152.7 13.0 1.56 2,119,961 10.9 8.7 NA 0.51 CMSV 95.74 16.0 125.8 125.8 14.6 4.10 655,209 11.6 11.6 1.22 0.64 CNBA 32.73 NA NA NA NA 1.60 154,771 7.8 7.8 NA NA CNIT 73.51 18.6 152.3 167.2 10.7 2.22 685,962 7.0 6.5 2.42 0.40 CNSB 28.93 NA 119.9 119.9 29.3 1.14 98,898 24.4 24.4 NA NA COFD 833.49 14.3 221.5 246.7 15.0 2.45 5,543,924 6.8 6.1 2.86 0.91 COFI 2,118.95 13.4 228.1 246.1 15.2 2.02 13,904,563 6.7 6.2 3.41 0.94 COOP 32.07 NM 126.0 126.0 9.4 - 341,300 7.5 7.5 0.04 (0.98) CRZY 14.81 NA 94.7 94.7 28.2 2.86 52,593 29.8 29.8 NA 0.83 CSA 838.64 22.0 197.6 200.6 9.6 - 8,704,952 4.9 4.8 2.05 0.13 CSBF 10.36 31.4 86.7 92.1 21.8 - 47,527 25.2 24.0 0.35 0.51 CTBK 18.96 13.4 116.8 119.5 7.8 2.00 242,182 6.7 6.6 1.49 0.65 CTZN 302.60 15.3 163.7 184.7 10.4 0.91 2,918,160 6.3 5.7 2.30 0.51 CVAL 35.13 14.2 136.8 136.8 12.1 2.05 290,173 8.9 8.9 1.51 0.61 CZF 13.47 15.9 111.0 111.0 17.8 2.86 75,635 16.0 16.0 0.88 0.78 DCBI 28.03 NA 93.7 93.7 26.3 - 106,608 28.1 28.1 NA NA DFIN 54.67 22.7 101.5 101.5 23.2 1.66 235,264 22.9 22.9 0.64 0.72 DIBK 103.87 8.2 165.9 172.5 13.8 1.78 751,303 8.3 8.0 2.46 1.82 DIME 265.49 NA 119.8 136.9 21.6 - 1,232,033 18.0 16.1 NA 0.98 DME 1,806.83 13.7 176.7 178.4 9.6 - 18,870,108 5.4 5.4 1.26 0.52 DNFC 151.31 12.8 177.7 179.8 10.3 - 1,473,054 5.9 5.8 1.42 0.67 DSL 576.01 17.7 147.1 149.4 11.1 1.41 5,198,157 7.5 7.4 1.28 0.42 EBCP 91.55 20.6 141.4 149.2 10.6 2.57 866,018 7.5 7.1 1.21 0.40 EBSI 78.53 15.0 135.4 135.4 11.8 3.48 666,166 8.7 8.7 1.15 0.59 EFBC 34.99 NA NA NA NA - 86,810 18.3 18.3 NA 0.72 EFBI 33.43 19.0 107.1 107.2 13.6 - 246,397 12.7 12.7 0.87 0.68 EGFC 132.92 15.9 126.3 168.5 9.1 3.15 1,458,050 7.2 5.5 1.84 0.97 EGLB 20.84 NA 94.1 94.1 12.1 - 172,666 12.8 12.8 NA (0.31) EIRE 43.39 17.1 155.4 155.4 10.6 1.43 409,639 6.8 6.8 1.15 0.63 EMLD 62.00 13.9 143.7 146.4 10.9 1.96 567,490 7.6 7.5 1.76 0.68 EQSB 20.70 11.4 144.5 144.5 7.2 - 286,637 5.0 5.0 3.03 0.41 ESBK 13.78 22.9 97.8 102.2 6.2 3.28 222,839 6.3 6.1 0.85 0.28 ESX 1.97 NM NM NM 1.2 - 171,498 8.7 8.5 (4.78) (2.57) ETFS 19.70 26.5 93.4 93.4 17.4 1.10 113,435 18.6 18.6 0.69 0.35 FAB 129.60 NA NA NA NA - 971,497 4.9 4.9 NA NA FBBC 127.04 14.0 147.0 147.0 19.4 2.44 656,183 13.2 13.2 1.17 1.30 FBCI 54.34 17.4 110.4 110.7 11.2 1.64 484,106 10.2 10.1 1.12 0.50 FBCV 21.62 NM 101.1 101.1 8.3 1.29 260,211 8.2 8.2 (0.22) 0.17 FBER 44.10 NA 106.9 106.9 17.9 0.82 247,072 16.7 16.7 NA 0.30 FBHC 19.28 16.2 107.7 116.3 6.9 1.19 278,532 6.4 6.0 1.45 0.23 FBSI 23.90 15.3 103.2 103.4 15.2 1.00 157,014 14.8 14.7 1.31 0.83 FCB 22.00 NA 99.4 99.4 24.9 1.32 88,519 25.0 25.0 NA 0.77 FCBF 55.34 19.1 117.7 117.7 20.6 3.20 268,528 17.5 17.5 1.18 0.91 FCIT 80.06 19.6 192.3 192.3 11.7 - 687,196 6.1 6.1 1.39 0.49 FCME 13.24 3.1 161.4 161.4 9.7 - 136,429 6.0 6.0 3.20 1.49 FDEF 124.86 23.3 107.6 107.6 23.1 2.42 543,411 21.5 21.5 0.57 0.78
SOURCE: SNL & F&C CALCULATIONS 12 22 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM FED 271.14 15.2 139.3 141.3 6.5 - 4,143,852 4.7 4.6 1.69 0.20 FESX 118.74 12.5 142.9 166.5 11.1 3.00 1,067,175 7.8 6.8 1.28 1.08 FFBA 330.73 NA 152.7 154.7 21.8 1.98 1,514,086 14.3 14.2 NA 0.88 FFBH 100.50 NA 120.6 120.6 19.7 1.03 509,605 16.4 16.4 NA NA FFBI 6.59 21.0 89.9 89.9 7.0 - 94,533 7.8 7.8 0.74 (0.17) FFBS 34.44 18.8 131.9 131.9 27.1 2.27 127,125 19.4 19.4 1.17 1.13 FFBZ 27.51 15.9 209.1 209.3 14.6 1.37 189,065 7.6 7.6 1.10 0.77 FFCH 178.13 14.7 184.9 184.9 11.3 2.55 1,582,274 6.1 6.1 1.92 0.52 FFDF 20.37 NA 95.2 95.2 23.6 1.43 86,159 24.8 24.8 NA 0.76 FFDP 53.47 33.0 107.2 112.5 9.9 2.29 541,169 9.2 8.8 0.53 0.26 FFEC 128.11 21.0 128.3 133.1 17.7 1.50 724,074 13.8 13.4 0.89 0.66 FFED 24.89 35.7 197.6 197.6 9.6 4.00 260,171 4.8 4.8 0.28 0.17 FFES 74.85 12.3 124.4 124.4 7.8 2.11 958,550 6.3 6.3 2.32 0.43 FFFC 107.93 17.6 135.0 138.0 20.2 1.74 533,826 14.0 13.7 1.31 1.05 FFFD 53.59 NA 108.8 NA 26.4 1.60 203,093 24.2 NA NA 1.64 FFFG 35.83 19.3 190.6 190.6 11.5 - 311,028 6.1 6.1 0.22 0.21 FFFL 131.52 25.3 160.9 162.4 15.0 4.10 875,998 9.3 9.3 0.77 0.43 FFHC 984.47 14.7 239.9 247.7 17.3 2.24 5,700,431 7.2 7.0 1.82 0.91 FFHH 55.72 21.6 109.1 109.1 15.4 2.90 362,373 12.4 12.4 0.80 0.58 FFHS 20.82 17.3 105.5 106.3 9.4 1.78 222,302 8.9 8.8 1.04 0.13 FFIC 157.79 24.5 118.4 118.4 20.4 0.84 775,343 17.2 17.2 0.78 0.91 FFKY 87.30 17.3 174.7 186.4 23.8 2.49 367,067 13.6 12.9 1.21 1.23 FFLC 63.38 20.5 118.2 118.2 18.3 1.85 346,442 15.5 15.5 1.27 0.65 FFOH 74.82 NA 112.1 128.1 15.0 1.50 499,918 13.3 11.9 NA 0.53 FFPB 144.57 111.5 137.7 141.4 9.7 2.07 1,502,978 7.1 6.9 0.26 0.02 FFSL 12.43 14.9 103.7 103.7 11.4 2.13 108,914 11.0 11.0 0.79 0.58 FFSW 136.02 22.7 240.7 289.6 12.6 1.28 1,080,383 7.9 7.0 1.65 0.95 FFSX 57.91 17.7 154.8 156.3 12.7 2.34 457,311 8.2 8.1 1.74 0.41 FFWC 18.25 11.4 113.2 113.2 11.5 2.31 158,200 10.2 10.2 2.28 0.87 FFWD 25.00 14.4 122.4 122.4 15.7 2.39 159,693 12.8 12.8 1.16 0.92 FFWM 69.91 16.2 165.9 165.9 19.4 1.49 360,849 11.7 11.7 1.99 0.96 FFYF 109.05 17.0 130.8 130.8 18.7 2.77 582,331 14.3 14.3 1.49 0.84 FGHC 23.27 18.6 193.5 216.0 15.5 0.70 150,551 8.0 7.2 0.41 0.56 FIBC 31.24 14.2 121.3 121.9 12.1 2.24 259,104 9.9 9.9 1.26 0.50 FISB 217.96 14.7 157.2 159.3 14.6 2.29 1,496,421 9.3 9.2 1.79 0.90 FKFS 26.86 12.0 121.3 121.3 9.1 0.91 310,695 7.5 7.5 1.82 0.48 FKKY 37.41 27.9 110.6 110.6 28.8 3.31 129,911 26.0 26.0 0.39 0.66 FLAG 25.21 123.8 125.1 125.1 11.0 2.75 228,914 8.8 8.8 0.10 (0.07) FLFC 160.44 16.8 196.2 223.2 13.2 1.78 1,212,681 7.4 6.6 1.34 0.80 FLKY 14.38 NA 105.0 105.0 39.0 - 36,858 37.1 37.1 NA 0.98 FMBD 59.83 34.5 96.2 96.2 18.0 2.02 331,776 18.8 18.8 0.46 0.38 FMCO 47.26 10.5 139.7 143.1 8.7 1.01 541,710 6.2 6.1 1.89 0.58 FMSB 49.68 13.8 181.3 NA 11.9 0.99 416,832 6.6 NA 1.47 1.01 FNGB 81.17 17.0 115.6 115.6 13.2 3.46 615,503 11.4 11.4 1.09 0.56 FOBC 46.72 14.6 112.6 118.4 13.7 3.05 341,897 11.7 11.2 1.30 0.69 FRC 184.22 18.9 145.8 146.0 8.5 - 2,156,599 5.9 5.9 1.27 0.61 FSBI 33.01 13.4 142.5 142.5 10.3 1.51 320,336 7.2 7.2 1.78 0.50 FSFC 46.62 15.0 138.2 138.2 14.3 1.88 326,013 10.4 10.4 0.71 (0.01) FSLA 154.48 18.5 166.4 188.6 15.7 1.86 987,115 9.4 8.4 1.16 0.49 FSNJ 73.92 53.6 149.1 149.1 12.8 2.07 578,574 8.6 8.6 0.45 (0.33) FSPG 48.41 10.3 148.3 151.2 9.7 2.24 498,399 6.6 6.4 1.73 0.90 FSSB 3.20 NM 68.0 71.2 3.2 - 100,334 4.7 4.5 (3.88) (1.07) FSTC 40.44 9.9 164.7 209.4 15.4 1.76 257,288 9.4 7.5 2.52 2.04 FTF 30.71 10.6 116.9 116.9 18.8 2.69 163,571 16.1 16.1 1.58 1.39 FTFC 173.09 17.1 187.1 198.4 11.9 2.27 1,469,422 6.3 6.0 1.65 0.71 FTNB 31.59 NA 128.0 128.0 31.8 1.09 99,462 24.8 24.8 NA NA FTSB 18.49 24.5 117.9 117.9 20.3 2.13 91,109 17.2 17.2 0.48 0.51
SOURCE: SNL & F&C CALCULATIONS 13 23 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM FWWB 208.74 20.4 130.7 142.3 21.4 1.01 977,075 15.1 14.1 0.97 1.05 GAF 131.05 NA 98.7 98.7 20.7 2.07 634,048 19.3 19.3 NA 1.00 GBCI 81.03 13.2 208.0 208.2 19.7 2.67 412,042 9.5 9.4 1.82 1.36 GDVS 43.36 88.3 156.1 156.1 18.4 2.72 236,259 11.8 11.8 0.15 (0.09) GDW 3,970.96 9.2 168.9 168.9 10.5 0.64 37,730,598 6.2 6.2 7.57 1.03 GFCO 27.31 14.7 101.8 103.6 9.8 2.96 278,721 9.6 9.5 1.57 0.31 GFED 37.50 30.8 140.7 140.7 19.6 3.00 190,919 14.0 14.0 0.39 0.76 GFSB 10.69 11.3 106.9 106.9 12.3 1.86 87,625 11.5 11.5 1.91 0.96 GLBK 6.43 27.1 107.2 107.2 17.4 - 36,947 16.2 16.2 0.96 0.77 GLN 1,282.58 24.5 171.2 183.5 8.5 - 15,128,192 6.4 6.0 1.05 0.29 GPT 2,694.55 20.2 163.2 284.9 20.2 1.76 13,325,585 11.0 6.6 2.81 0.95 GRTR 219.93 24.6 143.7 143.7 8.7 1.23 2,541,888 8.3 8.3 0.66 0.72 GSBC 141.05 14.5 234.4 234.4 21.1 2.32 669,483 9.0 9.0 1.19 1.42 GSFC 77.37 NA 123.8 123.8 43.9 2.22 176,179 35.5 35.5 NA 1.31 GSLC 8.89 18.2 133.9 133.9 7.7 1.04 116,177 5.7 5.7 0.53 0.46 GTFN 437.62 23.3 156.0 162.6 15.1 1.55 2,897,162 9.7 9.3 1.33 0.73 GTPS 30.71 41.5 87.3 87.3 24.8 2.54 123,866 25.6 25.6 0.38 0.37 GUPB 14.65 20.1 100.7 100.7 17.9 2.46 81,775 17.8 17.8 0.81 0.76 GWBC 15.33 21.0 90.0 90.0 23.1 2.81 66,439 25.6 25.6 0.68 0.76 GWF 6,276.84 24.0 258.8 293.2 14.7 2.19 42,874,572 6.1 5.4 1.90 0.27 HALL 27.06 12.8 96.4 96.4 6.8 - 396,808 7.1 7.1 1.47 0.43 HARB 182.74 15.3 208.5 217.1 17.2 3.78 1,060,339 8.3 8.0 2.42 0.91 HARL 33.79 12.4 165.7 165.7 10.4 1.93 324,230 6.3 6.3 1.67 0.62 HARS 228.53 29.1 149.6 174.3 12.9 2.85 1,768,112 8.6 7.5 0.70 0.07 HAVN 152.47 11.7 153.4 154.1 9.6 1.70 1,583,545 6.3 6.3 3.02 0.62 HBBI 6.54 NM 110.1 110.1 14.7 1.43 44,564 12.5 12.5 (0.06) (0.36) HBEI 106.01 NA 106.1 106.1 29.8 - 356,335 28.0 28.0 NA 0.20 HBFW 54.38 20.1 119.5 119.5 16.7 0.98 325,168 14.0 14.0 1.02 0.52 HBNK 55.10 23.3 158.1 158.1 11.3 - 489,701 7.1 7.1 1.03 0.15 HBS 20.56 15.3 102.4 106.6 15.7 3.27 130,859 15.3 14.8 1.12 0.70 HCFC 11.94 NA 85.4 85.4 17.5 - 68,140 20.5 20.5 NA NA HEMT 83.23 44.2 102.5 NA 8.2 - 1,012,799 8.0 NA 0.30 (0.05) HFFB 32.74 22.7 105.3 105.3 30.6 2.48 107,051 26.8 26.8 0.71 0.99 HFFC 56.75 13.8 115.0 115.3 10.3 1.85 552,735 9.3 9.2 1.41 0.61 HFGI 34.20 14.6 143.6 143.6 6.5 - 527,369 4.5 4.5 0.72 0.32 HFNC 378.24 31.0 150.5 150.5 42.0 90.91 901,613 27.9 27.9 0.71 1.21 HFSA 13.18 20.1 101.7 101.7 15.0 2.62 97,015 14.8 14.8 0.76 0.49 HHFC 11.45 26.6 110.2 110.2 13.7 3.27 83,659 12.4 12.4 0.46 0.21 HIFS 24.65 12.1 128.3 128.3 12.2 1.90 201,586 9.5 9.5 1.57 1.10 HMCI 23.14 22.8 110.9 110.9 6.9 - 335,824 6.2 6.2 0.90 0.11 HMNF 97.55 19.3 118.8 118.8 17.6 - 554,732 14.8 14.8 1.14 0.78 HOMF 91.33 13.0 169.4 175.4 14.0 1.47 650,433 8.3 8.0 2.09 1.01 HPBC 32.69 10.8 162.7 162.7 17.2 4.51 189,931 10.6 10.6 1.65 1.72 HRBF 29.94 23.4 106.1 106.1 13.7 2.34 218,777 12.9 12.9 0.73 0.33 HRZB 96.36 13.0 123.3 123.3 19.1 2.67 504,553 15.5 15.5 1.15 1.56 HTHR 27.62 18.6 86.7 86.7 3.3 - 827,784 5.3 5.3 0.57 0.89 HVFD 43.37 14.9 153.0 153.1 12.5 2.46 346,856 8.2 8.2 1.53 0.44 HWEN 7.84 NA 99.8 99.8 20.1 1.29 39,030 20.1 20.1 NA 0.57 HZFS 7.34 31.4 90.7 90.7 9.9 1.86 74,043 10.9 10.9 0.55 0.14 IBSF 172.04 25.0 132.3 132.3 23.1 1.83 752,798 17.5 17.5 0.70 0.58 IFSB 11.04 22.1 66.2 76.5 4.5 2.55 247,888 6.7 5.9 0.39 0.13 IFSL 126.37 17.7 179.5 192.5 15.5 2.72 809,123 8.7 8.1 1.50 0.69 INBI 70.87 15.9 114.1 114.1 21.7 3.11 326,613 19.0 19.0 0.81 0.75 INCB 17.29 39.9 152.8 152.8 19.4 1.92 89,215 12.7 12.7 0.47 0.15 IPSW 18.71 14.9 190.0 190.0 11.8 1.27 158,942 6.2 6.2 1.06 1.22 ISBF 180.69 24.0 148.1 175.5 19.4 1.33 929,264 12.3 10.6 1.07 0.74 ITLA 128.12 12.0 143.4 143.4 15.8 - 810,443 11.0 11.0 1.36 1.44
SOURCE: SNL & F&C CALCULATIONS 14 24 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM IWBK 268.03 15.1 230.9 236.6 15.7 1.67 1,703,244 6.8 6.7 2.22 0.81 JOAC 10.65 35.9 99.5 99.5 30.3 3.57 35,110 30.5 30.5 0.39 0.49 JSBA 122.32 17.0 135.5 164.4 10.8 1.37 1,128,339 7.2 6.0 1.72 0.23 JSBF 401.10 17.0 119.6 119.6 26.5 3.42 1,516,016 22.1 22.1 2.41 1.74 JXSB 20.99 31.1 126.8 127.1 14.6 2.42 143,710 11.5 11.5 0.53 0.19 JXVL 38.50 NA 113.5 113.5 18.1 3.35 218,277 15.9 15.9 NA 0.78 KFBI 181.29 22.9 118.9 118.9 26.9 1.55 673,094 22.7 22.7 0.79 0.91 KNK 38.03 17.0 104.2 111.5 10.8 1.79 350,643 10.4 9.8 1.58 0.50 KSAV 14.26 13.5 103.9 104.0 14.1 2.79 100,840 13.6 13.6 1.59 0.88 KSBK 11.51 8.3 123.4 132.5 8.6 0.71 134,079 7.0 6.5 3.36 0.93 KYF 15.72 16.3 108.3 108.3 18.6 4.26 87,874 17.2 17.2 0.72 0.87 LARK 36.26 18.0 110.8 110.8 16.3 2.03 221,978 14.7 14.7 1.10 0.80 LARL 31.82 11.9 146.8 146.8 15.7 2.10 202,474 10.7 10.7 1.77 1.11 LFBI 39.37 NA 94.3 102.4 14.0 0.73 280,601 14.9 13.9 NA 0.15 LFED 64.13 21.3 142.6 142.6 23.0 3.66 278,311 16.2 16.2 0.87 0.77 LIFB 195.71 16.8 129.7 133.9 13.8 2.21 1,419,762 10.6 10.3 1.18 0.68 LISB 856.04 21.9 162.9 164.5 14.9 1.71 5,759,340 9.1 9.1 1.60 0.63 LOGN 18.61 17.0 120.6 120.6 24.0 2.70 77,668 19.9 19.9 0.87 1.20 LONF 8.20 NA 102.6 102.6 22.0 1.55 37,313 21.4 21.4 NA 0.75 LSBI 18.36 24.7 101.7 101.7 10.3 - 177,840 9.4 9.4 0.81 0.50 LSBX 41.44 8.2 142.8 142.8 12.3 - 337,856 8.6 8.6 1.19 1.61 LVSB 81.02 20.7 169.5 211.5 17.2 0.75 471,799 10.1 8.3 1.62 1.43 LXMO 18.74 NA 98.6 98.6 30.4 - 61,650 30.8 30.8 NA NA MAFB 414.36 13.0 165.3 191.6 12.8 0.91 3,230,341 7.8 6.8 3.03 0.68 MARN 39.18 16.4 98.0 98.0 22.3 3.77 175,806 22.7 22.7 1.30 1.15 MASB 112.17 13.0 121.6 121.6 12.6 2.59 888,237 10.4 10.4 3.22 1.08 MBB 52.07 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17 MBB 52.07 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17 MBBC 56.76 33.7 115.2 126.2 13.3 0.57 425,762 10.8 9.9 0.52 0.26 MBLF 27.78 16.7 97.7 97.7 13.3 1.93 208,898 13.6 13.6 1.24 0.66 MBSP 15.43 NA 103.6 103.6 45.1 5.08 34,203 43.6 43.6 NA NA MCBN 4.37 12.7 87.9 87.9 7.6 2.74 57,838 8.6 8.6 1.50 0.40 MCBS 52.69 13.0 134.9 134.9 14.8 1.53 355,525 10.6 10.6 2.01 1.05 MDBK 125.84 12.9 136.0 147.5 12.1 2.60 1,039,098 8.9 8.3 2.15 1.05 MECH 95.22 NA 127.2 127.2 12.8 - 746,686 10.0 10.0 NA 0.16 MERI 27.48 14.0 156.8 156.8 12.1 1.97 226,591 7.7 7.7 2.54 0.55 METF 37.90 NA 131.6 149.3 4.7 - 719,968 3.6 3.1 NA NA MFBC 33.48 21.2 97.1 97.1 15.0 1.70 223,945 15.4 15.4 0.89 0.52 MFCX 20.82 35.1 106.3 106.3 16.5 - 125,923 15.6 15.6 0.42 0.19 MFFC 30.32 23.3 111.9 111.9 17.3 4.36 175,707 15.4 15.4 0.59 0.61 MFLR 17.57 17.8 151.3 154.2 14.6 3.04 120,448 9.6 9.5 1.11 0.94 MFSL 115.46 13.3 125.1 126.9 10.2 2.17 1,129,756 8.2 8.1 2.78 0.53 MGNL 261.08 12.3 200.4 208.8 19.5 3.16 1,341,985 9.7 9.4 1.55 1.37 MIDC 47.43 17.3 135.1 159.3 13.2 3.18 363,176 9.8 8.4 1.42 0.53 MIFC 13.83 NA 125.2 125.4 11.7 0.97 117,066 9.3 9.3 NA 0.84 MIVI 12.93 18.2 99.2 99.2 18.4 1.06 70,329 18.5 18.5 0.83 0.68 MLBC 202.65 17.2 132.9 136.3 10.8 2.19 1,875,091 7.5 7.4 1.01 0.71 MSBF 13.50 13.4 107.1 107.1 20.5 2.38 66,541 19.1 19.1 1.57 1.29 MSBK 33.12 NM 81.8 81.8 5.0 - 664,675 6.1 6.1 (0.10) (0.02) MWBI 10.31 11.1 107.4 107.4 7.6 2.03 136,425 7.0 7.0 2.67 0.46 MWBX 71.61 10.7 182.8 182.8 13.7 2.33 522,570 7.5 7.5 0.48 1.33 MWFD 28.96 16.7 175.4 183.5 14.7 1.68 194,707 8.4 8.1 1.07 1.04 NASB 85.75 10.3 162.3 168.1 11.6 2.11 738,692 7.2 6.9 3.68 1.15 NBSI 20.23 28.5 113.8 113.8 17.2 2.51 117,473 15.1 15.1 0.67 0.42 NEBC 16.78 24.3 100.2 117.1 7.0 2.35 238,459 7.9 6.9 0.56 0.46 NEIB 26.44 16.7 105.0 105.0 18.3 2.13 160,032 17.4 17.4 0.90 1.02 NHTB 20.46 19.4 106.6 106.6 7.7 4.17 264,385 7.3 7.3 0.62 0.24
SOURCE: SNL & F&C CALCULATIONS 15 25 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM NMSB 37.39 16.8 114.2 114.2 12.0 2.60 311,863 10.5 10.5 0.55 0.82 NSLB 11.78 30.8 99.0 99.0 20.8 3.13 58,394 21.0 21.0 0.52 0.51 NSSB 113.39 19.1 148.2 158.4 16.6 2.29 683,299 11.2 10.6 1.10 0.95 NSSY 60.84 20.0 137.7 143.5 9.5 0.79 637,156 7.2 6.9 1.27 0.81 NTMG 5.24 22.4 104.2 104.2 5.6 - 93,924 5.8 5.8 0.33 0.32 NWEQ 13.01 15.1 101.3 101.3 13.5 3.14 96,518 12.3 12.3 0.93 0.76 NWSB 362.33 18.2 189.7 199.0 19.0 2.07 1,911,978 10.0 9.6 0.85 0.72 NYB 515.73 14.5 324.2 324.2 16.5 1.93 3,122,017 5.1 5.1 2.14 1.22 OCFC 279.70 NA 110.7 110.7 21.5 - 1,303,865 19.4 19.4 NA (0.15) OCWN 889.24 21.7 436.9 436.9 35.8 - 2,483,685 8.2 8.2 1.53 2.49 OFCP 105.54 21.2 140.0 177.2 12.8 1.77 827,275 9.1 7.3 0.96 0.40 OHSL 26.53 15.9 106.9 106.9 12.4 4.00 217,627 11.6 11.6 1.38 0.57 OSBF 35.62 19.6 112.0 112.0 14.6 2.00 255,105 12.5 12.5 1.63 0.52 PALM 85.01 28.5 164.0 164.0 12.8 0.74 665,257 7.8 7.8 0.57 0.02 PAMM 52.38 NA 287.7 317.6 46.1 - 113,543 16.0 14.7 NA NA PBCI 65.49 15.4 122.4 123.4 18.1 4.82 362,910 14.7 14.6 1.35 0.81 PBCT 1,432.89 23.0 231.3 231.6 18.7 2.50 7,645,200 8.1 8.1 1.53 1.13 PBIX 74.66 NA 129.4 129.4 15.3 1.97 489,558 10.5 10.5 NA 0.40 PBKB 43.65 17.3 140.5 146.9 8.8 2.94 496,133 6.3 6.0 0.71 0.74 PBNB 59.08 15.9 127.9 136.8 12.3 2.97 482,394 9.6 9.0 1.95 0.93 PCBC 15.72 15.7 103.7 103.7 19.6 2.11 80,408 18.9 18.9 1.21 0.71 PCCI 40.28 16.4 164.7 164.7 13.3 - 304,085 8.1 8.1 0.84 1.06 PDB 29.57 23.9 150.6 150.6 23.6 3.72 125,086 15.7 15.7 0.45 (0.21) PEEK 49.00 19.8 102.7 102.7 26.8 2.42 187,534 26.1 26.1 0.75 1.13 PERM 46.34 23.2 115.6 116.8 11.2 1.35 412,967 9.7 9.6 0.96 0.24 PERT 39.12 19.1 132.1 132.1 17.5 4.62 223,000 13.3 13.3 1.36 0.76 PETE 35.98 11.4 127.9 128.2 8.4 - 427,407 6.6 6.6 1.52 0.85 PFDC 51.88 12.4 120.8 120.8 18.5 2.67 280,339 15.3 15.3 1.82 1.12 PFED 42.55 NA 102.4 102.4 24.1 - 176,732 23.5 23.5 NA NA PFFB 296.82 NA 111.4 112.7 12.4 - 2,524,612 11.1 11.0 NA 0.05 PFFC 23.11 NA 95.9 95.9 25.9 1.94 89,242 27.0 27.0 NA 0.29 PFNC 33.47 21.8 167.7 193.5 8.7 0.90 383,981 5.2 4.5 0.41 0.35 PFSB 121.72 13.4 122.0 150.1 10.0 1.11 1,213,679 7.6 6.2 1.89 0.55 PFSL 32.56 14.2 139.7 139.7 8.7 4.50 373,084 6.3 6.3 1.41 0.55 PHBK 888.98 14.0 203.5 243.4 16.5 2.29 5,398,398 8.1 6.9 2.25 1.21 PHFC 30.32 NA 106.7 107.9 13.9 1.64 218,693 13.0 12.9 NA 0.52 PKPS 78.70 22.3 109.8 109.8 9.2 1.60 858,690 8.4 8.4 0.28 0.17 PLE 19.13 12.6 125.2 129.4 9.8 3.72 195,502 7.8 7.6 1.71 0.51 PMFI 38.15 38.5 113.6 113.6 9.8 1.50 388,529 8.6 8.6 0.52 0.09 POBS 88.84 18.6 134.5 134.5 32.7 3.86 271,604 24.3 24.3 0.82 2.25 PRBC 15.17 NA 98.3 98.3 13.2 0.76 114,640 13.5 13.5 NA 0.15 PROV 83.93 NA 97.4 97.4 14.2 - 591,193 14.6 14.6 NA 0.27 PSAB 112.44 16.5 159.4 NA 12.1 3.20 926,071 7.6 NA 1.29 0.46 PSBK 92.75 10.2 127.8 145.3 10.6 2.80 875,180 8.3 7.4 2.39 1.09 PSFI 30.28 NA NA NA NA - 53,520 21.9 21.9 NA 2.01 PTRS 10.12 22.7 98.3 98.3 8.1 1.40 125,497 8.2 8.2 0.88 0.03 PULB 35.60 24.6 155.8 155.8 20.2 5.88 176,436 13.0 13.0 0.69 0.57 PULS 55.48 12.0 139.5 139.5 10.9 3.86 509,690 7.8 7.8 1.51 0.72 PVFC 38.92 7.2 163.6 163.6 11.2 - 347,577 6.9 6.9 2.33 0.99 PVSA 115.31 12.3 162.3 163.8 12.2 1.83 945,302 7.5 7.5 2.32 0.77 PWBC 52.67 13.1 102.2 111.9 7.5 2.67 698,735 7.4 6.8 1.03 0.41 PWBK 8.54 NA 91.1 91.1 18.3 2.00 46,707 20.1 20.1 NA 0.53 QCBC 73.00 19.1 107.7 107.9 9.6 - 764,466 8.9 8.9 1.01 0.27 QCFB 27.10 12.6 103.6 103.6 18.3 - 148,321 17.6 17.6 1.51 1.24 QCSB 440.64 20.9 208.4 208.4 32.4 1.73 1,358,656 15.6 15.6 2.77 1.63 RARB 37.46 12.0 132.6 135.2 10.0 2.83 375,393 7.5 7.4 2.07 0.85 RCSB 517.43 14.8 159.8 164.1 12.9 1.78 4,014,317 8.1 7.9 2.28 1.00
SOURCE: SNL & F&C CALCULATIONS 16 26 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM REDF 101.89 NM 145.8 145.8 11.8 - 866,269 8.1 8.1 (0.97) (0.77) RELI 18.65 NA 83.5 NA 41.8 - 44,605 50.1 NA NA NA RELY 216.21 15.4 139.1 199.5 11.5 2.29 1,878,184 8.3 5.9 1.59 0.52 RFED 991.38 13.0 221.1 235.2 12.7 3.03 7,796,412 6.4 6.1 1.73 0.12 RIVR 16.96 NA NA NA NA - 86,604 7.6 7.4 NA 0.30 ROSE 309.74 12.3 140.9 140.9 9.5 2.50 3,259,627 6.3 6.3 2.87 1.00 RSLN 762.68 NA NA NA NA - 3,617,953 6.9 6.8 NA 0.79 RVSB 38.98 16.0 159.8 177.3 17.4 1.24 224,473 10.9 9.9 1.11 0.97 SBCN 28.58 23.3 107.4 107.4 13.1 3.10 218,734 11.8 11.8 0.83 0.19 SBFL 27.00 126.0 134.8 134.8 13.7 2.65 197,437 10.1 10.1 0.12 (0.06) SCBS 15.21 NA 95.3 95.3 21.1 - 72,151 22.1 22.1 NA NA SCCB 14.11 27.4 118.7 118.7 30.7 3.00 45,919 25.9 25.9 0.73 0.90 SECP 779.93 18.1 145.7 145.7 21.3 1.42 3,657,959 15.5 15.5 4.69 0.99 SFB 1,849.89 14.6 193.1 232.4 11.8 1.39 15,650,791 6.1 5.1 3.96 0.67 SFED 22.05 17.3 104.2 104.2 13.3 1.39 166,030 12.8 12.8 1.00 0.45 SFFC 14.70 14.7 99.2 99.2 17.6 2.15 82,809 17.8 17.8 1.27 1.01 SFIN 81.79 NA 125.1 125.4 12.4 2.44 662,067 9.9 9.9 NA 0.44 SFNB 76.03 NM 156.8 158.6 68.8 - 110,432 45.8 45.5 (1.28) (18.24) SFSB 28.23 15.7 107.6 108.1 7.0 1.42 404,092 6.5 6.5 1.43 0.28 SFSL 92.02 12.9 159.6 162.6 14.7 2.38 624,296 9.2 9.1 1.43 0.94 SGVB 31.34 31.3 108.9 108.9 9.2 - 369,823 8.4 8.4 0.43 0.07 SHEN 50.47 14.1 117.2 117.2 12.4 1.96 405,785 10.6 10.6 1.74 0.82 SISB 151.68 8.4 144.9 144.9 11.3 1.81 1,348,612 7.6 7.6 3.16 1.52 SJSB 23.40 33.6 145.2 145.2 15.5 1.73 151,369 10.6 10.6 0.76 0.16 SMBC 26.41 15.8 102.3 102.3 16.5 3.10 159,653 16.2 16.2 1.02 0.74 SMFC 41.44 17.2 138.0 138.0 13.9 - 298,037 10.1 10.1 1.66 0.79 SOBI 12.79 30.2 85.0 85.0 16.2 1.93 78,978 17.7 17.7 0.48 0.21 SOPN 73.78 18.4 110.9 110.9 27.8 4.00 265,888 25.0 25.0 1.09 1.34 SOSA 43.71 15.4 146.7 146.7 8.5 - 517,342 5.8 5.8 0.17 0.55 SPBC 640.57 17.5 165.1 165.5 14.7 1.71 4,357,170 8.9 8.9 1.61 0.62 SRN 17.99 25.7 101.6 102.8 17.1 2.39 105,245 16.8 16.7 0.57 0.21 SSB 29.44 NA 117.3 117.3 43.3 1.88 68,067 36.9 36.9 NA 1.31 SSFC 74.75 NA 122.9 122.9 32.7 2.41 228,523 26.6 26.6 NA NA SSM 46.54 NA 124.5 124.5 44.0 1.77 105,807 35.3 35.3 NA 1.43 STFR 164.70 17.3 129.6 136.4 11.7 1.56 1,409,316 8.9 8.5 1.78 0.72 STND 341.66 20.7 127.4 127.6 14.2 1.89 2,405,221 11.2 11.1 1.02 0.53 STSA 93.47 23.1 147.9 175.1 6.1 - 1,536,344 5.8 5.2 0.73 0.16 SVRN 786.55 13.9 198.6 281.2 8.3 0.61 9,433,154 5.0 3.9 0.95 0.58 SWBI 49.45 14.5 124.1 124.1 12.9 4.05 382,375 10.4 10.4 1.29 0.72 SWCB 58.95 14.5 152.6 160.7 12.7 3.87 464,555 8.3 7.9 2.14 0.94 SZB 11.91 NM 91.7 91.7 12.8 3.45 93,110 14.0 14.0 0.05 (0.06) TBK 18.03 11.7 115.6 119.7 7.8 1.30 232,282 6.7 6.5 1.31 0.65 TCB 1,551.04 16.0 282.3 293.4 21.9 1.68 7,090,862 7.8 7.5 2.79 1.24 THBC 21.63 19.1 117.1 117.1 21.1 1.98 102,628 18.0 18.0 1.06 1.03 THR 12.66 17.3 98.9 99.3 14.2 2.42 89,271 14.3 14.3 0.86 0.53 THRD 80.81 17.0 103.1 118.1 12.5 2.12 647,853 11.2 9.9 1.11 0.61 TPNZ 22.32 19.1 105.0 105.0 19.1 1.38 116,726 18.2 18.2 0.76 0.71 TRIC 11.26 15.4 85.7 85.7 13.1 3.24 85,888 15.3 15.3 1.20 0.71 TSBS 167.19 24.7 161.7 177.0 27.8 1.89 601,017 17.2 15.9 0.75 1.56 TSH 54.56 15.0 105.7 105.7 14.0 3.15 388,910 13.3 13.3 1.06 0.69 TWIN 16.22 17.8 121.2 121.2 15.4 3.37 105,263 12.7 12.7 1.07 0.62 UBMT 24.16 15.4 99.3 99.3 22.4 4.76 107,945 22.5 22.5 1.28 1.20 UFRM 26.44 21.0 133.9 133.9 10.0 2.32 263,582 7.5 7.5 0.41 0.27 VABF 52.81 28.0 129.4 129.4 8.7 1.88 606,138 6.7 6.7 0.38 0.09 VFFC 84.67 15.9 133.1 138.2 10.5 0.68 808,545 7.9 7.6 0.92 1.42 WAMU 5,951.42 21.6 261.0 277.2 13.4 1.99 44,551,925 5.4 5.1 2.33 0.27 WAYN 40.84 25.2 179.0 179.0 16.3 3.38 250,057 9.1 9.1 1.08 0.28
SOURCE: SNL & F&C CALCULATIONS 17 27 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM WBST 308.14 13.5 156.8 202.5 7.9 1.85 3,917,600 5.3 4.2 2.89 0.67 WCBI 56.48 14.6 118.1 118.1 18.2 2.73 310,992 15.4 15.4 1.51 1.06 WCFB 30.45 NA 140.8 140.8 32.2 5.52 94,492 22.9 22.9 NA 0.87 WEFC 30.65 15.4 108.7 108.7 15.2 - 201,326 14.0 14.0 0.96 0.61 WEHO 38.74 NA 96.9 96.9 32.3 2.06 119,951 33.3 33.3 NA 0.34 WES 435.44 50.8 137.0 137.4 13.1 2.39 3,335,045 9.5 9.5 0.33 0.97 WFCO 24.86 11.6 116.3 119.2 8.5 3.36 292,264 7.3 7.2 1.08 0.67 WFSG 117.25 NA NA NA NA - 341,454 2.1 NA NA 0.24 WFSL 1,180.32 12.3 177.8 198.5 20.1 3.51 5,869,259 11.3 10.3 2.02 1.64 WHGB 23.39 NA 103.9 103.9 24.4 1.39 95,862 23.5 23.5 NA 0.49 WOFC 47.09 35.8 88.3 94.1 13.5 4.65 347,704 15.3 14.5 0.60 0.52 WRNB 57.67 10.0 167.4 167.4 16.1 2.79 358,954 9.6 9.6 1.58 1.87 WSB 22.16 10.9 105.4 105.4 8.7 1.91 255,049 8.2 8.2 0.48 0.48 WSFS 151.72 10.0 200.2 202.2 11.2 - 1,357,635 5.6 5.5 1.17 1.28 WSTR 91.24 18.7 114.8 114.8 16.2 1.93 563,617 14.1 14.1 1.11 0.61 WVFC 43.86 13.0 124.9 124.9 15.9 3.17 275,920 12.7 12.7 1.95 1.06 WWFC 11.80 NA 121.2 137.5 11.2 1.10 105,095 9.3 8.3 NA NA WYNE 37.65 NA 102.0 102.0 15.4 1.19 244,081 15.1 15.1 NA 0.31 YFCB 48.38 NA 111.0 111.0 18.5 1.31 262,118 16.6 16.6 NA 0.74 YFED 123.11 16.0 130.2 130.2 10.6 3.31 1,160,035 8.2 8.2 1.13 0.55 Maximum 6,276.84 126.0 436.9 436.9 68.8 90.91 49,902,044 50.1 45.5 7.57 2.49 Minimum 1.97 3.1 66.2 70.2 1.2 - 34,203 2.1 2.8 (4.78) (18.24) Average 184.11 19.5 134.1 140.1 15.5 2.01 1,416,625 12.4 12.1 1.30 0.62 Median 48.38 16.9 124.5 128.1 13.7 1.86 348,050 10.0 9.6 1.17 0.66
SOURCE: SNL & F&C CALCULATIONS 18 28 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ AABC (12.00) N 03/14/97 1.58 NM (0.38) (2.70) (56.76) AADV 3.42 N 03/14/97 0.55 15.3 0.62 0.96 10.95 ABBK 11.00 N 03/14/97 0.31 12.7 0.41 0.76 11.32 ABCL 5.72 N 03/14/97 0.26 20.8 0.36 0.66 7.72 ABCW 11.06 N 03/14/97 0.80 12.5 0.91 0.99 16.05 AFBC NA N 03/14/97 0.25 NA NA 0.84 7.49 AFCB 8.70 N 03/14/97 0.49 12.7 0.53 1.06 10.84 AFED NA N 03/14/97 0.42 NA NA 0.72 5.21 AFFFZ 19.46 N 03/14/97 0.44 2.3 3.51 4.72 63.21 AHCI 1.79 N 03/14/97 3.60 30.0 0.12 0.48 3.15 AHM 4.53 N 03/14/97 2.07 15.3 0.66 0.73 16.58 ALBC (1.00) N 03/14/97 0.37 154.2 0.03 (1.14) (11.45) ALBK 8.20 N 03/14/97 0.66 13.6 0.64 1.03 11.30 AMFB 13.10 Y 03/14/97 0.48 18.1 0.41 1.45 16.24 AMFC NA N 03/14/97 0.43 21.4 0.16 (0.06) (0.30) ANA NA N 03/14/97 0.56 NA NA (0.53) (3.31) ANBK 2.16 N 03/14/97 NA 15.8 0.22 0.64 6.81 ANDB 14.08 N 03/14/97 1.21 11.6 0.59 1.07 13.44 ASBI 5.40 N 03/14/97 0.41 16.4 0.24 0.90 8.20 ASBP 2.72 N 03/14/97 1.60 19.6 0.15 1.11 5.83 ASFC 6.38 N 03/14/97 0.53 15.8 0.63 0.75 9.37 ATSB 3.00 N 03/14/97 2.59 38.3 0.08 0.33 3.30 AVND 6.88 N 03/14/97 0.93 NM (0.43) 1.88 18.47 BANC 10.90 N 03/14/97 0.72 15.5 0.22 0.21 3.06 BDJI 2.45 N 03/14/97 0.22 16.2 0.29 0.71 6.25 BFD 3.32 N 03/14/97 NA 23.3 0.18 0.60 5.53 BFFC NA N 03/14/97 - NA NA (1.08) NA BFSB 7.02 N 03/14/97 0.03 14.7 0.33 1.10 7.73 BFSI 18.45 Y 03/14/97 1.17 9.0 1.41 1.21 15.18 BKC 14.40 N 03/14/97 2.20 16.7 0.48 1.26 14.59 BKCO 13.04 Y 03/14/97 1.06 11.4 0.55 1.15 14.79 BKCT 11.73 N 03/14/97 1.03 13.5 0.44 1.24 11.84 BKUNA 2.35 N 03/14/97 0.66 20.9 0.13 0.62 7.38 BNKU 19.34 N 03/14/97 1.11 25.2 0.30 0.64 12.80 BPLS (10.04) N 03/14/97 3.18 47.3 0.07 0.19 4.05 BSBC 11.77 N 03/14/97 1.92 14.3 0.07 1.15 12.63 BVFS 5.39 N 03/14/97 0.73 15.4 0.85 0.58 9.79 BWFC 4.12 N 03/14/97 0.05 24.0 0.12 1.04 6.25 BYFC NA N 03/14/97 2.24 NM 0.01 (1.32) (11.88) CAFI 9.19 N 03/14/97 0.35 13.7 0.32 1.05 10.82 CAPS 6.65 N 03/14/97 0.12 12.1 0.28 0.92 10.88 CARV (0.28) N 03/14/97 0.41 36.2 0.07 0.16 1.75 CASB 8.16 N 03/14/97 0.57 23.0 0.19 0.53 8.76 CASH 6.38 N 03/14/97 0.75 12.7 0.33 1.01 8.78 CATB NA N 03/14/97 0.47 20.3 0.20 1.53 5.28 CBCI 6.56 N 03/14/97 1.57 13.5 0.66 1.35 8.39 CBCO 10.70 Y 03/14/97 2.40 18.5 0.45 1.16 12.14 CBES NA N 03/14/97 0.68 14.3 0.29 1.28 7.02 CBK 2.19 N 03/14/97 0.52 30.1 0.13 0.63 4.11 CBNH 12.84 N 03/14/97 0.44 14.1 0.44 0.95 12.77 CBSA 7.48 N 03/14/97 0.56 12.3 0.56 0.45 13.95 CBSB 5.72 N 03/14/97 0.54 14.5 0.28 1.21 8.12 CCFH 2.39 N 03/14/97 0.43 40.9 0.10 0.42 2.58 CEBK 5.92 N 03/14/97 1.67 10.4 0.44 0.99 9.82 CENB NA N 03/14/97 0.46 NA NA 1.14 5.02 CENF 10.88 N 03/14/97 1.46 16.9 0.48 0.50 9.77 CFB 11.05 N 03/14/97 1.02 12.9 0.71 0.90 15.97
SOURCE: SNL & F&C CALCULATIONS 19 29 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ CFCP 14.38 N 03/14/97 0.19 19.0 0.31 1.12 18.06 CFFC 7.50 N 03/14/97 0.35 12.8 0.46 1.41 10.23 CFHC 7.89 Y 03/14/97 1.10 15.4 0.47 0.74 11.26 CFNC NA N 03/14/97 0.15 NA NA 1.07 6.28 CFSB 8.54 N 03/14/97 0.24 13.0 0.41 1.06 13.94 CFTP 4.26 N 03/14/97 0.32 23.4 0.21 1.72 5.15 CFX 9.58 N 03/14/97 0.68 13.8 0.31 1.18 13.67 CIBI 4.99 N 03/14/97 0.69 12.0 0.36 0.91 7.81 CKFB 4.87 N 03/14/97 0.52 21.5 0.22 1.31 5.19 CLAS 2.05 N 03/14/97 0.80 16.1 0.21 0.78 5.44 CMRN 4.39 N 03/14/97 0.13 17.1 0.24 1.35 5.46 CMSB 4.97 N 03/14/97 0.43 16.0 0.24 0.80 7.36 CMSV 5.37 N 03/14/97 0.63 22.2 0.22 0.71 6.11 CNBA NA N 03/14/97 0.17 NA NA (0.64) NA CNIT 5.61 N 03/14/97 0.77 14.2 0.79 (0.07) (0.96) CNSB NA N 03/14/97 0.33 43.8 0.10 (0.70) (2.85) COFD 13.07 Y 03/14/97 0.47 13.8 0.74 1.10 16.15 COFI 13.89 N 03/14/97 0.26 13.4 0.85 1.24 18.54 COOP (12.66) N 03/14/97 0.24 16.3 0.33 0.64 8.24 CRZY 2.86 N 03/14/97 0.17 21.9 0.16 1.23 4.12 CSA 2.56 N 03/14/97 1.43 22.6 0.50 0.45 9.20 CSBF 1.78 N 03/14/97 0.78 30.6 0.09 0.89 3.49 CTBK 9.54 N 03/14/97 1.61 11.6 0.43 0.72 10.85 CTZN 7.68 N 03/14/97 0.52 13.6 0.65 0.83 12.72 CVAL 6.72 N 03/14/97 0.64 13.8 0.39 0.92 10.36 CZF 4.30 N 03/14/97 0.22 20.6 0.17 (0.45) (2.73) DCBI NA N 03/14/97 - NA NA 0.79 3.98 DFIN 3.09 N 03/14/97 0.15 33.0 0.11 0.67 2.94 DIBK 22.19 N 03/14/97 0.50 8.3 0.61 1.90 22.36 DIME NA N 03/14/97 0.80 13.0 0.35 1.61 9.19 DME 10.36 N 03/14/97 2.20 13.5 0.32 0.63 12.05 DNFC 11.58 N 03/14/97 0.55 11.9 0.38 0.90 16.05 DSL 5.34 N 03/14/97 1.19 17.1 0.33 0.69 9.03 EBCP 5.28 Y 03/14/97 1.49 17.8 0.35 0.66 8.79 EBSI 6.63 N 03/14/97 0.88 15.4 0.28 0.75 8.43 EFBC NA N 03/14/97 - NA NA NA NA EFBI 4.71 N 03/14/97 0.01 15.9 0.26 1.15 8.59 EGFC 13.49 N 03/14/97 1.20 12.0 0.61 0.83 11.37 EGLB (2.85) N 03/14/97 1.78 44.4 0.09 0.35 2.82 EIRE 9.38 N 03/14/97 0.26 12.6 0.39 0.83 12.16 EMLD 8.38 N 03/14/97 0.11 12.5 0.49 1.11 14.29 EQSB 8.08 N 03/14/97 0.73 10.7 0.81 0.73 14.81 ESBK 4.43 N 03/14/97 0.84 18.1 0.27 0.36 5.64 ESX (143.45) N 03/14/97 3.41 NM (0.60) (1.18) (614.26) ETFS 1.83 N 03/14/97 0.44 26.8 0.17 0.64 3.48 FAB NA N 03/14/97 NA NA NA 0.33 NA FBBC 6.75 N 03/14/97 0.10 15.2 0.27 1.24 7.57 FBCI 4.37 N 03/14/97 0.65 16.3 0.30 0.69 6.77 FBCV 2.04 N 03/14/97 0.82 NM 0.03 0.58 7.07 FBER 1.91 N 03/14/97 0.83 22.9 0.16 0.75 5.85 FBHC 3.47 N 03/14/97 1.18 17.3 0.34 0.60 9.41 FBSI 5.19 N 03/14/97 0.04 13.9 0.36 1.37 9.21 FCB 3.29 N 03/14/97 0.02 29.1 0.13 0.85 3.45 FCBF 5.09 Y 03/14/97 0.11 20.8 0.27 1.11 6.40 FCIT 7.95 Y 03/14/97 2.14 15.8 0.43 0.85 14.30 FCME 45.72 N 03/14/97 2.24 9.8 0.25 0.89 18.95 FDEF 3.26 N 03/14/97 0.41 27.6 0.12 0.87 3.93
SOURCE: SNL & F&C CALCULATIONS 20 30 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ FED 4.22 N 03/14/97 1.78 10.4 0.62 0.64 14.05 FESX 14.37 N 03/14/97 0.62 11.1 0.36 1.23 16.33 FFBA 5.72 N 03/14/97 0.19 18.2 0.25 1.14 7.90 FFBH NA N 03/14/97 0.15 17.4 0.28 (0.21) (1.25) FFBI (2.04) N 03/14/97 0.14 16.9 0.23 (0.59) (7.34) FFBS 5.72 N 03/14/97 0.32 17.7 0.31 1.50 7.70 FFBZ 10.08 N 03/14/97 0.66 18.2 0.24 0.90 11.97 FFCH 8.24 N 03/14/97 1.10 13.6 0.52 0.86 14.13 FFDF NA N 03/14/97 0.06 20.6 0.17 1.07 4.30 FFDP 2.94 N 03/14/97 0.02 25.7 0.17 0.42 4.78 FFEC 4.72 Y 03/14/97 0.06 29.2 0.16 0.74 5.41 FFED 3.18 N 03/14/97 0.17 13.9 0.18 0.81 15.80 FFES 6.91 N 03/14/97 0.42 14.8 0.48 0.49 7.81 FFFC 6.68 N 03/14/97 0.36 16.4 0.35 1.34 9.33 FFFD 7.92 N 03/14/97 NA 14.5 0.27 1.94 7.37 FFFG 3.28 Y 03/14/97 2.94 21.3 0.05 (0.63) (9.56) FFFL 4.36 N 03/14/97 0.36 27.1 0.18 0.74 7.89 FFHC 12.48 N 03/14/97 0.28 13.7 0.49 1.37 18.81 FFHH 4.02 N 03/14/97 0.04 18.0 0.24 0.81 6.24 FFHS 1.35 N 03/14/97 0.39 15.5 0.29 0.09 0.98 FFIC 4.89 N 03/14/97 NA 20.8 0.23 0.90 5.16 FFKY 8.76 N 03/14/97 0.10 15.8 0.33 1.53 11.17 FFLC 3.94 N 03/14/97 0.30 20.3 0.32 0.94 5.92 FFOH 3.16 N 03/14/97 0.23 14.5 0.23 0.48 3.52 FFPB 0.27 N 03/14/97 1.07 19.1 0.38 0.61 8.77 FFSL 4.84 N 03/14/97 0.34 19.6 0.15 0.62 5.61 FFSW 14.27 N 03/14/97 0.39 49.3 0.19 1.16 18.01 FFSX 4.90 N 03/14/97 0.15 18.3 0.42 0.69 8.50 FFWC 8.36 N 03/14/97 0.11 11.0 0.59 1.09 10.79 FFWD 6.68 N 03/14/97 0.02 13.5 0.31 1.24 9.55 FFWM 7.84 Y 03/14/97 0.93 14.7 0.55 1.34 11.49 FFYF 4.74 N 03/14/97 0.86 17.5 0.36 1.27 7.38 FGHC 6.79 N 03/14/97 1.21 21.2 0.09 0.81 10.10 FIBC 4.78 N 03/14/97 3.62 13.1 0.34 0.90 9.20 FISB 10.23 N 03/14/97 1.78 16.8 0.39 1.17 12.62 FKFS 5.93 N 03/14/97 2.42 10.9 0.50 0.84 10.86 FKKY 2.20 N 03/14/97 - 34.0 0.08 0.80 3.05 FLAG (0.75) N 03/14/97 3.67 NM (0.46) (2.81) (30.67) FLFC 11.32 N 03/14/97 0.83 18.2 0.31 1.00 15.15 FLKY NA N 03/14/97 0.36 23.4 0.16 1.52 4.18 FMBD 1.71 N 03/14/97 0.06 36.1 0.11 0.55 2.84 FMCO 9.05 N 03/14/97 1.20 9.0 0.55 1.06 16.36 FMSB 15.33 N 03/14/97 NA 12.7 0.40 0.99 15.05 FNGB 4.61 N 03/14/97 0.15 16.0 0.29 0.91 8.04 FOBC 5.70 N 03/14/97 0.17 14.0 0.34 0.99 8.51 FRC 10.86 N 03/14/97 1.32 17.7 0.34 0.65 11.43 FSBI 6.98 N 03/14/97 0.42 13.6 0.44 0.80 11.48 FSFC (0.08) N 03/14/97 0.10 14.8 0.18 0.97 9.57 FSLA 5.15 N 03/14/97 0.72 17.3 0.31 0.95 10.22 FSNJ (4.33) N 03/14/97 0.81 46.4 0.13 0.44 5.45 FSPG 13.77 N 03/14/97 0.83 10.9 0.41 0.93 14.20 FSSB (19.94) N 03/14/97 3.02 NM (0.19) (0.24) (5.17) FSTC 19.36 N 03/14/97 NA 11.2 0.56 1.80 19.58 FTF 7.41 N 03/14/97 0.08 11.6 0.36 1.50 9.39 FTFC 10.18 N 03/14/97 0.12 12.6 0.56 (0.02) (0.25) FTNB NA N 03/14/97 NA NA NA 1.16 NA FTSB 2.32 N 03/14/97 1.68 16.3 0.18 1.16 6.58
SOURCE: SNL & F&C CALCULATIONS 21 31 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ FWWB 5.71 N 03/14/97 0.22 17.0 0.29 1.30 8.48 GAF 5.21 N 03/14/97 0.14 22.8 0.17 0.94 4.45 GBCI 14.25 N 03/14/97 0.09 13.3 0.45 0.82 8.66 GDVS (0.74) N 03/14/97 2.52 18.4 0.18 1.01 8.59 GDW 16.75 N 03/14/97 1.43 13.3 1.30 0.81 13.13 GFCO 3.28 N 03/14/97 0.21 14.7 0.39 0.72 7.63 GFED 5.29 N 03/14/97 0.33 20.0 0.15 0.98 6.80 GFSB 8.10 N 03/14/97 1.65 11.0 0.49 1.14 9.93 GLBK 4.84 Y 03/14/97 - 24.1 0.27 0.74 4.59 GLN 3.66 N 03/14/97 1.69 21.5 0.30 0.61 9.92 GPT 8.97 N 03/14/97 2.89 18.2 0.78 1.02 9.46 GRTR 7.55 N 03/14/97 7.84 22.6 0.18 0.80 8.38 GSBC 14.24 N 03/14/97 1.75 13.1 0.33 1.76 19.00 GSFC NA N 03/14/97 0.10 28.1 0.16 1.45 4.11 GSLC 7.77 N 03/14/97 1.94 80.2 0.03 0.63 11.16 GTFN 7.00 N 03/14/97 0.41 20.4 0.38 0.96 9.92 GTPS 1.31 N 03/14/97 0.05 35.8 0.11 (0.47) (1.75) GUPB 3.68 N 03/14/97 0.15 23.9 0.17 0.72 3.99 GWBC 2.99 N 03/14/97 0.12 19.8 0.18 1.10 4.34 GWF 3.83 Y 03/14/97 1.27 43.9 0.26 0.05 0.28 HALL 5.81 N 03/14/97 0.02 11.7 0.40 0.58 8.28 HARB 10.74 N 03/14/97 0.57 15.2 0.61 1.17 14.41 HARL 9.33 N 03/14/97 0.04 10.8 0.48 1.00 16.02 HARS 0.68 N 03/14/97 0.77 18.9 0.27 0.58 6.72 HAVN 9.83 N 03/14/97 0.94 11.8 0.75 0.89 14.05 HBBI (2.60) N 03/14/97 1.14 21.9 0.24 0.63 4.92 HBEI 1.11 N 03/14/97 0.42 34.4 0.11 0.82 2.94 HBFW 3.36 N 03/14/97 - 19.7 0.26 0.80 5.66 HBNK 1.92 N 03/14/97 2.51 12.0 0.50 0.96 13.46 HBS 4.57 N 03/14/97 2.33 12.2 0.35 (0.04) (0.26) HCFC NA N 03/14/97 0.34 NA NA 1.22 7.96 HEMT (0.54) N 03/14/97 NA 66.3 0.05 0.28 3.49 HFFB 3.52 N 03/14/97 - 21.2 0.19 1.34 4.92 HFFC 6.67 N 03/14/97 0.54 12.5 0.39 0.92 9.99 HFGI 7.42 N 03/14/97 0.23 11.4 0.23 0.44 10.32 HFNC 3.87 N 03/14/97 0.92 34.4 0.16 1.23 4.30 HFSA 2.82 N 03/14/97 0.18 15.9 0.24 0.93 5.92 HHFC 1.36 N 03/14/97 0.26 17.0 0.18 0.77 6.24 HIFS 11.06 N 03/14/97 0.59 10.3 0.46 1.22 12.57 HMCI 1.72 N 03/14/97 3.51 28.5 0.18 0.41 6.76 HMNF 4.82 N 03/14/97 0.06 18.3 0.30 0.93 6.09 HOMF 12.18 N 03/14/97 0.54 12.2 0.56 1.35 16.41 HPBC 15.84 N 03/14/97 0.04 10.1 0.44 1.74 16.28 HRBF 2.35 N 03/14/97 0.36 21.3 0.20 0.61 4.71 HRZB 9.70 N 03/14/97 - 11.7 0.32 1.63 10.36 HTHR 16.58 N 03/14/97 10.58 NM (0.11) (1.09) (32.90) HVFD 5.21 N 03/14/97 0.78 13.2 0.43 0.96 11.56 HWEN NA N 03/14/97 0.62 18.5 0.21 0.91 4.51 HZFS 1.27 N 03/14/97 1.35 14.9 0.29 0.83 7.70 IBSF 2.94 N 03/14/97 0.09 27.3 0.16 0.83 4.53 IFSB 1.98 N 03/14/97 2.37 13.5 0.16 (0.55) (8.17) IFSL 7.20 Y 03/14/97 1.05 16.2 0.41 0.10 1.11 INBI 3.62 N 03/14/97 0.16 15.3 0.21 1.68 8.86 INCB 1.13 N 03/14/97 NA 31.3 0.15 0.62 4.95 IPSW 20.14 N 03/14/97 2.02 13.6 0.29 1.24 20.61 ISBF 4.49 N 03/14/97 0.37 22.1 0.29 0.91 6.50 ITLA 12.86 N 03/14/97 1.56 11.7 0.35 1.46 12.84
SOURCE: SNL & F&C CALCULATIONS 22 32 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ IWBK 11.92 N 03/14/97 0.68 16.1 0.52 1.15 17.45 JOAC 1.66 N 03/14/97 0.74 31.8 0.11 0.85 2.84 JSBA 3.21 N 03/14/97 1.02 14.3 0.51 (1.01) (13.85) JSBF 7.91 N 03/14/97 NA 17.7 0.58 1.92 8.79 JXSB 1.57 N 03/14/97 0.37 21.7 0.19 (0.73) (6.08) JXVL 5.14 N 03/14/97 1.02 14.4 0.26 1.20 7.44 KFBI 3.55 N 03/14/97 0.03 23.9 0.19 1.11 4.90 KNK 4.95 N 03/14/97 0.60 12.9 0.52 0.91 8.90 KSAV 5.94 N 03/14/97 0.27 14.1 0.38 1.11 7.96 KSBK 13.70 N 03/14/97 1.37 7.1 0.99 0.85 12.28 KYF 3.88 N 03/14/97 - 16.3 0.18 1.05 5.33 LARK 4.91 N 03/14/97 0.23 17.0 0.29 1.19 7.99 LARL 10.45 N 03/14/97 0.60 11.4 0.46 1.54 14.51 LFBI NA N 03/14/97 1.18 31.0 0.11 (0.69) (4.52) LFED 4.75 N 03/14/97 - 22.1 0.21 1.05 6.55 LIFB 5.52 N 03/14/97 0.44 14.6 0.34 0.90 8.56 LISB 6.22 N 03/14/97 1.08 19.9 0.44 0.87 9.10 LOGN 5.09 N 03/14/97 0.52 16.8 0.22 1.40 7.02 LONF 3.77 N 03/14/97 0.80 19.4 0.20 1.03 4.78 LSBI 4.77 N 03/14/97 1.37 13.5 0.37 0.79 8.31 LSBX 20.74 N 03/14/97 0.56 6.0 0.41 2.11 25.30 LVSB 13.98 N 03/14/97 1.14 23.9 0.35 2.09 20.52 LXMO NA N 03/14/97 0.92 20.6 0.18 1.33 4.34 MAFB 9.57 N 03/14/97 0.40 11.9 0.83 1.14 14.80 MARN 4.90 N 03/14/97 1.04 16.1 0.33 1.51 6.66 MASB 10.65 N 03/14/97 0.24 12.6 0.83 1.08 10.45 MBB 0.83 N 03/14/97 0.78 17.0 0.27 (0.41) (8.02) MBB 0.83 N 03/14/97 0.78 17.0 0.27 (0.41) (8.02) MBBC 1.83 N 03/14/97 0.41 29.2 0.15 0.55 4.43 MBLF 4.86 N 03/14/97 0.26 14.0 0.37 0.93 7.43 MBSP NA N 03/14/97 2.28 26.3 0.15 1.62 3.72 MCBN 4.50 N 03/14/97 0.34 9.7 0.49 0.85 9.79 MCBS 8.88 N 03/14/97 0.14 11.7 0.56 1.25 11.77 MDBK 11.72 N 03/14/97 0.36 12.6 0.55 1.05 11.70 MECH 2.34 N 03/14/97 1.77 8.0 0.56 1.58 15.80 MERI 7.36 N 03/14/97 0.29 12.3 0.72 1.01 13.56 METF NA N 03/14/97 0.83 11.7 0.23 (0.64) (17.60) MFBC 2.93 N 03/14/97 - 18.2 0.26 0.86 5.30 MFCX 1.24 N 03/14/97 - 30.7 0.12 0.70 4.52 MFFC 3.24 N 03/14/97 0.17 24.6 0.14 0.88 5.28 MFLR 9.67 N 03/14/97 0.97 19.0 0.26 1.01 10.37 MFSL 6.48 N 03/14/97 0.42 7.6 1.22 0.17 2.16 MGNL 13.90 N 03/14/97 2.47 12.8 0.37 1.72 17.46 MIDC 5.54 Y 03/14/97 NA 17.5 0.35 0.76 7.80 MIFC 9.07 N 03/14/97 0.08 9.8 0.21 1.28 13.88 MIVI 3.63 N 03/14/97 0.26 18.0 0.21 0.98 5.32 MLBC 9.21 N 03/14/97 0.84 20.7 0.21 0.63 8.43 MSBF 6.07 N 03/14/97 0.47 12.8 0.41 1.54 7.93 MSBK (0.28) N 03/14/97 0.14 96.9 0.02 0.17 2.84 MWBI 6.61 N 03/14/97 0.68 10.9 0.68 0.82 11.63 MWBX 17.97 N 03/14/97 1.00 9.9 0.13 1.45 17.82 MWFD 11.26 N 03/14/97 0.24 17.2 0.26 0.21 2.45 NASB 16.09 N 03/14/97 NA 10.2 0.93 1.17 16.29 NBSI 2.59 N 03/14/97 - 26.6 0.18 0.81 5.42 NEBC 5.49 N 03/14/97 1.34 12.2 0.28 0.90 11.97 NEIB 4.97 N 03/14/97 0.20 13.4 0.28 0.57 3.16 NHTB 3.15 N 03/14/97 0.59 NM 0.01 0.04 0.54
SOURCE: SNL & F&C CALCULATIONS 23 33 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ NMSB 7.49 N 03/14/97 1.55 16.5 0.14 0.84 7.84 NSLB 2.29 N 03/14/97 - 28.6 0.14 0.85 4.04 NSSB 8.91 N 03/14/97 1.09 15.9 0.33 1.13 10.26 NSSY 10.27 N 03/14/97 1.99 11.8 0.54 0.82 11.66 NTMG 4.83 N 03/14/97 1.35 26.3 0.07 (0.67) (12.87) NWEQ 5.88 N 03/14/97 1.52 12.5 0.28 1.04 8.47 NWSB 6.95 N 03/14/97 0.91 20.4 0.19 1.02 10.32 NYB 21.81 N 03/14/97 1.29 13.2 0.59 1.39 26.29 OCFC (1.03) N 03/14/97 0.71 20.3 0.38 1.04 5.23 OCWN 31.08 N 03/14/97 4.37 10.0 0.83 4.35 52.80 OFCP 3.11 N 03/14/97 0.18 18.2 0.28 (0.56) (5.68) OHSL 4.60 N 03/14/97 0.01 18.3 0.30 (0.37) (3.14) OSBF 4.14 Y 03/14/97 0.22 16.7 0.48 0.89 7.15 PALM 0.21 N 03/14/97 2.68 67.7 0.06 (0.68) (8.67) PAMM NA N 03/14/97 NA 18.6 0.39 2.91 17.80 PBCI 5.25 N 03/14/97 2.23 15.3 0.34 1.20 8.08 PBCT 13.87 N 03/14/97 1.33 21.5 0.41 1.13 13.56 PBIX 3.05 N 03/14/97 0.15 16.8 0.25 (0.08) (0.70) PBKB 13.03 N 03/14/97 0.95 18.0 0.17 0.74 12.44 PBNB 8.92 N 03/14/97 0.55 17.6 0.44 0.76 7.70 PCBC 3.69 N 03/14/97 - 18.3 0.26 1.43 7.65 PCCI 13.14 N 03/14/97 1.83 13.2 0.26 1.11 12.99 PDB (0.77) N 03/14/97 0.62 NM (0.16) (4.50) (22.16) PEEK 3.78 N 03/14/97 0.60 23.2 0.16 1.21 4.33 PERM 2.37 N 03/14/97 1.08 17.9 0.31 0.69 7.17 PERT 6.85 N 03/14/97 0.26 17.1 0.38 1.08 7.69 PETE 13.39 N 03/14/97 1.04 9.2 0.47 0.96 14.77 PFDC 7.26 N 03/14/97 0.34 13.7 0.41 1.34 8.82 PFED NA N 03/14/97 0.15 NA NA 0.03 0.16 PFFB 0.46 N 03/14/97 1.92 28.1 0.14 0.35 3.08 PFFC NA N 03/14/97 0.01 22.8 0.17 1.09 4.08 PFNC 6.58 N 03/14/97 0.91 14.0 0.16 0.75 14.51 PFSB 6.39 N 03/14/97 0.78 12.4 0.51 0.82 10.51 PFSL 9.15 N 03/14/97 0.26 14.3 0.35 0.62 10.14 PHBK 14.41 N 03/14/97 0.86 12.5 0.63 1.33 16.97 PHFC NA N 03/14/97 1.71 16.6 0.22 0.86 6.03 PKPS 2.02 N 03/14/97 4.14 17.4 0.09 0.57 6.91 PLE 6.55 N 03/14/97 1.56 11.9 0.45 0.92 11.83 PMFI 0.94 N 03/14/97 0.41 NM (0.02) 0.08 0.96 POBS 9.19 Y 03/14/97 0.25 19.1 0.20 2.41 9.89 PRBC 1.23 N 03/14/97 0.34 23.2 0.17 0.54 3.84 PROV NA N 03/14/97 1.93 NM 0.01 0.53 3.64 PSAB 5.75 N 03/14/97 NA 44.3 0.12 (0.39) (4.82) PSBK 13.13 N 03/14/97 0.85 12.1 0.50 0.87 10.57 PSFI NA N 03/14/97 1.45 NA NA NA NA PTRS 0.27 N 03/14/97 2.20 25.0 0.20 (1.06) (12.06) PULB 4.46 N 03/14/97 NA 22.4 0.19 1.08 8.49 PULS 7.60 N 03/14/97 0.61 10.5 0.43 1.06 14.02 PVFC 14.87 N 03/14/97 0.53 8.9 0.47 1.36 20.42 PVSA 10.67 N 03/14/97 0.30 11.5 0.62 1.12 15.44 PWBC 5.47 N 03/14/97 0.59 13.0 0.26 0.58 7.92 PWBK NA N 03/14/97 0.95 15.2 0.23 1.09 5.44 QCBC 2.87 N 03/14/97 1.51 15.0 0.32 0.67 7.48 QCFB 6.18 N 03/14/97 NA 10.8 0.44 0.39 2.11 QCSB 10.10 N 03/14/97 0.55 28.9 0.50 1.15 7.51 RARB 11.71 N 03/14/97 0.38 10.9 0.57 1.05 13.49 RCSB 12.39 N 03/14/97 0.64 14.3 0.59 0.96 11.98
SOURCE: SNL & F&C CALCULATIONS 24 34 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ REDF (12.78) N 03/14/97 3.94 NM (0.13) (1.97) (27.66) RELI NA N 03/14/97 - 18.4 0.10 2.19 3.92 RELY 6.00 N 03/14/97 0.86 14.2 0.43 0.83 10.12 RFED 1.55 Y 03/14/97 0.86 13.4 0.42 (1.47) (28.98) RIVR NA N 03/14/97 0.01 NA NA NA NA ROSE 16.03 N 03/14/97 0.47 10.9 0.81 0.98 15.49 RSLN NA N 03/14/97 NA NA NA 0.56 NA RVSB 8.87 N 03/14/97 0.28 15.9 0.28 1.10 10.18 SBCN 1.50 Y 03/14/97 0.26 18.6 0.26 0.70 5.88 SBFL (0.51) N 03/14/97 1.15 54.0 0.07 (0.67) (6.57) SCBS NA N 03/14/97 NA NA NA 0.94 5.91 SCCB 3.21 N 03/14/97 1.83 25.0 0.20 1.20 4.42 SECP 6.02 N 03/14/97 0.11 14.2 1.49 1.57 9.93 SFB 10.70 Y 03/14/97 0.36 13.9 1.04 0.96 16.18 SFED 3.22 N 03/14/97 0.61 12.0 0.36 (0.30) (2.31) SFFC 5.29 N 03/14/97 0.79 13.7 0.34 1.24 6.96 SFIN 4.01 N 03/14/97 0.84 9.5 0.43 (0.29) (3.07) SFNB NA N 03/14/97 NA NM (0.56) (17.80) (37.52) SFSB 4.04 N 03/14/97 0.25 14.8 0.38 0.66 10.05 SFSL 9.99 N 03/14/97 0.25 12.5 0.37 1.33 14.39 SGVB 0.76 N 03/14/97 0.70 24.0 0.14 0.46 5.32 SHEN 6.43 N 03/14/97 0.43 11.6 0.53 1.17 10.16 SISB 20.91 N 03/14/97 0.53 15.8 0.42 0.77 10.37 SJSB 1.41 Y 03/14/97 NA 26.6 0.24 0.59 5.56 SMBC 4.56 N 03/14/97 0.61 14.9 0.27 1.06 6.65 SMFC 7.14 N 03/14/97 0.09 14.3 0.50 1.17 11.52 SOBI 1.18 N 03/14/97 0.24 33.0 0.11 0.66 3.78 SOPN 5.18 N 03/14/97 0.08 16.7 0.30 1.77 7.02 SOSA 9.88 N 03/14/97 6.62 13.1 0.05 0.63 11.05 SPBC 6.85 N 03/14/97 0.15 15.6 0.45 1.01 11.40 SRN 1.11 N 03/14/97 - 40.6 0.09 0.41 2.33 SSB 3.86 N 03/14/97 0.05 22.2 0.18 1.77 4.84 SSFC NA N 03/14/97 0.40 NA NA 1.13 6.18 SSM 4.47 N 03/14/97 - 24.5 0.26 1.77 5.00 STFR 7.31 N 03/14/97 0.32 16.7 0.46 0.89 10.09 STND 4.45 N 03/14/97 0.18 20.3 0.26 0.70 25.30 STSA 0.91 N 03/14/97 0.42 14.6 0.29 0.57 11.09 SVRN 12.66 N 03/14/97 0.54 14.3 0.23 0.80 18.81 SWBI 6.30 N 03/14/97 0.24 14.2 0.33 0.96 9.31 SWCB 11.47 N 03/14/97 1.00 12.5 0.62 1.08 13.48 SZB (0.43) N 03/14/97 0.53 33.0 0.11 0.55 3.97 TBK 9.84 N 03/14/97 2.42 8.5 0.45 0.74 11.07 TCB 16.13 N 03/14/97 0.69 15.5 0.72 1.64 20.49 THBC 5.10 Y 03/14/97 NA 16.9 0.30 1.22 6.75 THR 3.59 N 03/14/97 1.23 14.9 0.25 0.91 6.35 THRD 4.74 N 03/14/97 0.32 17.5 0.27 0.73 6.59 TPNZ 3.82 N 03/14/97 0.93 20.1 0.18 0.87 4.83 TRIC 4.87 N 03/14/97 0.05 12.9 0.36 1.09 8.20 TSBS 8.34 N 03/14/97 0.50 27.2 0.17 1.38 7.59 TSH 4.42 N 03/14/97 0.08 14.7 0.27 0.92 6.80 TWIN 4.69 N 03/14/97 0.26 52.8 0.09 0.38 3.02 UBMT 5.24 N 03/14/97 0.62 15.4 0.32 0.14 0.60 UFRM 3.38 N 03/14/97 1.01 NM (0.02) (1.32) (16.96) VABF 1.39 N 03/14/97 1.11 22.1 0.12 0.50 7.53 VFFC 17.69 N 03/14/97 1.98 15.2 0.24 1.10 13.85 WAMU 4.16 N 03/14/97 0.99 NM - (0.80) (16.80) WAYN 2.97 N 03/14/97 0.69 26.2 0.26 0.65 7.04
SOURCE: SNL & F&C CALCULATIONS 25 35 FERGUSON & COMPANY EXHIBIT I - PUBLICLY TRADED THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ WBST 12.23 N 03/14/97 0.80 13.1 0.74 0.78 15.00 WCBI 6.83 N 03/14/97 0.50 14.1 0.39 1.49 9.66 WCFB 3.88 N 03/14/97 0.45 NA NA - 0.02 WEFC 4.21 N 03/14/97 NA 16.0 0.23 0.96 6.88 WEHO 1.71 N 03/14/97 - 21.3 0.16 1.39 4.15 WES 10.33 N 03/14/97 NA NM (0.01) 0.96 9.86 WFCO 8.96 N 03/14/97 0.39 10.4 0.30 1.04 14.35 WFSG NA N 03/14/97 NA NA NA NA NA WFSL 13.93 N 03/14/97 0.81 11.7 0.53 1.76 15.54 WHGB 2.29 N 03/14/97 0.40 36.1 0.10 0.64 2.71 WOFC 2.63 N 03/14/97 0.73 31.6 0.17 (0.20) (1.23) WRNB 20.56 N 03/14/97 1.76 8.0 0.49 2.20 23.34 WSB 5.82 N 03/14/97 NA 13.1 0.10 (1.00) (11.86) WSFS 21.19 N 03/14/97 2.23 10.9 0.27 1.18 19.07 WSTR 4.47 N 03/14/97 0.10 18.5 0.28 0.95 6.83 WVFC 7.78 N 03/14/97 0.33 12.1 0.52 1.31 10.44 WWFC NA N 03/14/97 - 13.8 0.33 0.84 8.88 WYNE 2.33 N 03/14/97 0.90 13.6 0.31 1.05 6.97 YFCB NA N 03/14/97 1.21 17.3 0.22 1.02 5.84 YFED 6.57 N 03/14/97 1.58 14.2 0.32 0.98 12.37 Maximum 45.72 10.58 154.2 3.51 4.72 63.21 Minimum (143.45) - 2.3 (0.60) (17.80) (614.26) Average 6.11 0.84 18.9 0.33 0.75 5.84 Median 5.40 0.55 16.0 0.29 0.90 7.87
SOURCE: SNL & F&C CALCULATIONS 26 36 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) AADV Advantage Bancorp, Inc. Kenosha WI MW SAIF NASDAQ 03/23/92 38.000 ABBK Abington Bancorp, Inc. Abington MA NE BIF NASDAQ 06/10/86 20.875 ABCL Alliance Bancorp, Inc. Hinsdale IL MW SAIF NASDAQ 07/07/92 29.875 ABCW Anchor BanCorp Wisconsin Madison WI MW SAIF NASDAQ 07/16/92 45.500 AFCB Affiliated Community Bancorp Waltham MA NE SAIF NASDAQ 10/19/95 27.000 AFFFZ America First Financial Fund San Francisco CA WE SAIF NASDAQ NA 32.547 AHM Ahmanson & Company (H.F.) Irwindale CA WE SAIF NYSE 10/25/72 40.250 ALBK ALBANK Financial Corporation Albany NY MA SAIF NASDAQ 04/01/92 34.875 ANBK American National Bancorp Baltimore MD MA SAIF NASDAQ 10/31/95 13.875 ANDB Andover Bancorp, Inc. Andover MA NE BIF NASDAQ 05/08/86 27.250 ASBI Ameriana Bancorp New Castle IN MW SAIF NASDAQ 03/02/87 15.750 ASBP ASB Financial Corp. Portsmouth OH MW SAIF NASDAQ 05/11/95 11.750 ASFC Astoria Financial Corporation Lake Success NY MA SAIF NASDAQ 11/18/93 39.750 BANC BankAtlantic Bancorp, Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83 13.625 BDJI First Federal Bancorporation Bemidji MN MW SAIF NASDAQ 04/04/95 18.750 BFD BostonFed Bancorp, Inc. Burlington MA NE SAIF AMSE 10/24/95 16.750 BFSB Bedford Bancshares, Inc. Bedford VA SE SAIF NASDAQ 08/22/94 19.375 BKC American Bank of Connecticut Waterbury CT NE BIF AMSE 12/01/81 32.000 BKCT Bancorp Connecticut, Inc. Southington CT NE BIF NASDAQ 07/03/86 23.750 BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85 10.875 BSBC Branford Savings Bank Branford CT NE BIF NASDAQ 11/04/86 4.000 BVFS Bay View Capital Corp. San Mateo CA WE SAIF NASDAQ 05/09/86 52.500 BWFC Bank West Financial Corp. Grand Rapids MI MW SAIF NASDAQ 03/30/95 11.500 CAFI Camco Financial Corp. Cambridge OH MW SAIF NASDAQ NA 17.500 CAPS Capital Savings Bancorp, Inc. Jefferson City MO MW SAIF NASDAQ 12/29/93 13.500 CARV Carver Bancorp, Inc. New York NY MA SAIF NASDAQ 10/25/94 10.125 CASB Cascade Financial Corp. Everett WA WE SAIF NASDAQ 09/16/92 17.500 CASH First Midwest Financial, Inc. Storm Lake IA MW SAIF NASDAQ 09/20/93 16.750 CBCI Calumet Bancorp, Inc. Dolton IL MW SAIF NASDAQ 02/20/92 35.500 CBNH Community Bankshares, Inc. Concord NH NE BIF NASDAQ 05/08/86 24.875 CBSA Coastal Bancorp, Inc. Houston TX SW SAIF NASDAQ NA 27.500 CBSB Charter Financial, Inc. Sparta IL MW SAIF NASDAQ 12/29/95 16.250 CEBK Central Co-operative Bank Somerville MA NE BIF NASDAQ 10/24/86 18.250 CENF CENFED Financial Corp. Pasadena CA WE SAIF NASDAQ 10/25/91 32.375 CFB Commercial Federal Corporation Omaha NE MW SAIF NYSE 12/31/84 36.750 CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90 23.500 CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88 23.500 CFSB CFSB Bancorp, Inc. Lansing MI MW SAIF NASDAQ 06/22/90 21.250 CFX CFX Corporation Keene NH NE BIF AMSE 02/12/87 17.125 CIBI Community Investors Bancorp Bucyrus OH MW SAIF NASDAQ 02/07/95 17.250 CKFB CKF Bancorp, Inc. Danville KY MW SAIF NASDAQ 01/04/95 18.875 CMRN Cameron Financial Corp Cameron MO MW SAIF NASDAQ 04/03/95 16.375 CMSV Community Savings, MHC North Palm Beach FL SE SAIF NASDAQ 10/24/94 19.500 CNIT CENIT Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 08/06/92 45.000 COFI Charter One Financial Cleveland OH MW SAIF NASDAQ 01/22/88 45.625 CSA Coast Savings Financial Los Angeles CA WE SAIF NYSE 12/23/85 45.125 CTBK Center Banks Incorporated Skaneateles NY MA BIF NASDAQ 06/02/86 20.000 CTZN CitFed Bancorp, Inc. Dayton OH MW SAIF NASDAQ 01/23/92 35.250 CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87 21.500 CZF CitiSave Financial Corp Baton Rouge LA SW SAIF AMSE 07/14/95 14.000 DFIN Damen Financial Corp. Schaumburg IL MW SAIF NASDAQ 10/02/95 14.500 DIBK Dime Financial Corp. Wallingford CT NE BIF NASDAQ 07/09/86 20.250 DME Dime Bancorp, Inc. New York NY MA BIF NYSE 08/19/86 17.250 DNFC D & N Financial Corp. Hancock MI MW SAIF NASDAQ 02/13/85 18.125 DSL Downey Financial Corp. Newport Beach CA WE SAIF NYSE 01/01/71 22.625 EBSI Eagle Bancshares Tucker GA SE SAIF NASDAQ 04/01/86 17.250 EFBI Enterprise Federal Bancorp West Chester OH MW SAIF NASDAQ 10/17/94 16.500
SOURCE: SNL & F&C CALCULATIONS 27 37 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) EGFC Eagle Financial Corp. Bristol CT NE SAIF NASDAQ 02/03/87 29.250 EIRE Emerald Isle Bancorp, Inc. Quincy MA NE BIF NASDAQ 09/08/86 19.625 EMLD Emerald Financial Corp. Strongsville OH MW SAIF NASDAQ NA 24.500 EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 34.500 ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85 19.500 FBBC First Bell Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95 16.375 FBCI Fidelity Bancorp, Inc. Chicago IL MW SAIF NASDAQ 12/15/93 19.500 FBHC Fort Bend Holding Corp. Rosenberg TX SW SAIF NASDAQ 06/30/93 23.500 FBSI First Bancshares, Inc. Mountain Grove MO MW SAIF NASDAQ 12/22/93 20.000 FCME First Coastal Corporation Westbrook ME NE BIF NASDAQ NA 9.750 FDEF First Defiance Financial Defiance OH MW SAIF NASDAQ 10/02/95 13.250 FED FirstFed Financial Corp. Santa Monica CA WE SAIF NYSE 12/16/83 25.750 FESX First Essex Bancorp, Inc. Andover MA NE BIF NASDAQ 08/04/87 16.000 FFBI First Financial Bancorp, Inc. Belvidere IL MW SAIF NASDAQ 10/04/93 15.500 FFBS FFBS BanCorp, Inc. Columbus MS SE SAIF NASDAQ 07/01/93 22.000 FFBZ First Federal Bancorp, Inc. Zanesville OH MW SAIF NASDAQ 07/13/92 17.500 FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83 28.250 FFES First Federal of East Hartford East Hartford CT NE SAIF NASDAQ 06/23/87 28.500 FFFC FFVA Financial Corp. Lynchburg VA SE SAIF NASDAQ 10/12/94 23.000 FFHC First Financial Corp. Stevens Point WI MW SAIF NASDAQ 12/24/80 26.750 FFHH FSF Financial Corp. Hutchinson MN MW SAIF NASDAQ 10/07/94 17.250 FFHS First Franklin Corporation Cincinnati OH MW SAIF NASDAQ 01/26/88 18.000 FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95 19.125 FFKY First Federal Financial Corp. Elizabethtown KY MW SAIF NASDAQ 07/15/87 20.875 FFLC FFLC Bancorp, Inc. Leesburg FL SE SAIF NASDAQ 01/04/94 26.000 FFSL First Independence Corp. Independence KS MW SAIF NASDAQ 10/08/93 11.750 FFSW FirstFederal Financial Svcs Wooster OH MW SAIF NASDAQ 03/31/87 37.500 FFSX First Fed SB of Siouxland, MHC Sioux City IA MW SAIF NASDAQ 07/13/92 30.750 FFWC FFW Corp. Wabash IN MW SAIF NASDAQ 04/05/93 26.000 FFWD Wood Bancorp, Inc. Bowling Green OH MW SAIF NASDAQ 08/31/93 16.750 FFYF FFY Financial Corp. Youngstown OH MW SAIF NASDAQ 06/28/93 25.250 FGHC First Georgia Holding, Inc. Brunswick GA SE SAIF NASDAQ 02/11/87 7.625 FIBC Financial Bancorp, Inc. Long Island City NY MA SAIF NASDAQ 08/17/94 17.875 FISB First Indiana Corporation Indianapolis IN MW SAIF NASDAQ 08/02/83 26.250 FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95 21.875 FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83 22.500 FMCO FMS Financial Corporation Burlington NJ MA SAIF NASDAQ 12/14/88 19.750 FMSB First Mutual Savings Bank Bellevue WA WE BIF NASDAQ 12/17/85 20.250 FNGB First Northern Capital Corp. Green Bay WI MW SAIF NASDAQ 12/29/83 18.500 FOBC Fed One Bancorp Wheeling WV SE SAIF NASDAQ 01/19/95 19.000 FRC First Republic Bancorp San Francisco CA WE BIF NYSE NA 24.000 FSBI Fidelity Bancorp, Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88 23.875 FSFC First Southeast Financial Corp Anderson SC SE SAIF NASDAQ 10/08/93 10.625 FSLA First Savings Bank, MHC Edison NJ MA SAIF NASDAQ 07/10/92 21.500 FSPG First Home Bancorp, Inc. Pennsville NJ MA SAIF NASDAQ 04/20/87 17.875 FSTC First Citizens Corporation Newnan GA SE SAIF NASDAQ 03/01/86 25.000 FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 16.750 FTFC First Federal Capital Corp. La Crosse WI MW SAIF NASDAQ 11/02/89 28.250 FTSB Fort Thomas Financial Corp. Fort Thomas KY MW SAIF NASDAQ 06/28/95 11.750 FWWB First SB of Washington Bancorp Walla Walla WA WE SAIF NASDAQ 11/01/95 19.750 GBCI Glacier Bancorp, Inc. Kalispell MT WE SAIF NASDAQ 03/30/84 24.000 GDW Golden West Financial Oakland CA WE SAIF NYSE 05/29/59 69.250 GFCO Glenway Financial Corp. Cincinnati OH MW SAIF NASDAQ 11/30/90 23.000 GFSB GFS Bancorp, Inc. Grinnell IA MW SAIF NASDAQ 01/06/94 21.500 GLN Glendale Federal Bank, FSB Glendale CA WE SAIF NYSE 10/01/83 25.750 GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94 56.750 GRTR Greater New York Savings Bank New York NY MA BIF NASDAQ 06/17/87 16.250
SOURCE: SNL & F&C CALCULATIONS 28 38 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) GSBC Great Southern Bancorp, Inc. Springfield MO MW SAIF NASDAQ 12/14/89 17.250 GSLC Guaranty Financial Corp. Charlottesville VA SE SAIF NASDAQ NA 9.625 GTFN Great Financial Corporation Louisville KY MW SAIF NASDAQ 03/31/94 31.000 GUPB GFSB Bancorp, Inc. Gallup NM SW SAIF NASDAQ 06/30/95 16.250 GWBC Gateway Bancorp, Inc. Catlettsburg KY MW SAIF NASDAQ 01/18/95 14.250 HALL Hallmark Capital Corp. West Allis WI MW SAIF NASDAQ 01/03/94 18.750 HARB Harbor Federal Savings Bk, MHC Fort Pierce FL SE SAIF NASDAQ 01/06/94 37.000 HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87 20.750 HAVN Haven Bancorp, Inc. Woodhaven NY MA SAIF NASDAQ 09/23/93 35.250 HBFW Home Bancorp Fort Wayne IN MW SAIF NASDAQ 03/30/95 20.500 HBNK Highland Federal Bank FSB Burbank CA WE SAIF NASDAQ NA 24.000 HBS Haywood Bancshares, Inc. Waynesville NC SE BIF AMSE 12/18/87 17.125 HFFB Harrodsburg First Fin Bancorp Harrodsburg KY MW SAIF NASDAQ 10/04/95 16.125 HFFC HF Financial Corp. Sioux Falls SD MW SAIF NASDAQ 04/08/92 19.500 HFGI Harrington Financial Group Richmond IN MW SAIF NASDAQ NA 10.500 HFSA Hardin Bancorp, Inc. Hardin MO MW SAIF NASDAQ 09/29/95 15.250 HIFS Hingham Instit. for Savings Hingham MA NE BIF NASDAQ 12/20/88 19.000 HMCI HomeCorp, Inc. Rockford IL MW SAIF NASDAQ 06/22/90 20.500 HMNF HMN Financial, Inc. Spring Valley MN MW SAIF NASDAQ 06/30/94 22.000 HOMF Home Federal Bancorp Seymour IN MW SAIF NASDAQ 01/23/88 27.250 HPBC Home Port Bancorp, Inc. Nantucket MA NE BIF NASDAQ 08/25/88 17.750 HRBF Harbor Federal Bancorp, Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 17.063 HRZB Horizon Financial Corp. Bellingham WA WE BIF NASDAQ 08/01/86 15.000 HTHR Hawthorne Financial Corp. El Segundo CA WE SAIF NASDAQ NA 10.625 HVFD Haverfield Corporation Cleveland OH MW SAIF NASDAQ 03/19/85 22.750 IFSB Independence Federal Savings Washington DC MA SAIF NASDAQ 06/06/85 8.625 INBI Industrial Bancorp Bellevue OH MW SAIF NASDAQ 08/01/95 12.875 IPSW Ipswich Savings Bank Ipswich MA NE BIF NASDAQ 05/26/93 15.750 ISBF ISB Financial Corporation New Iberia LA SW SAIF NASDAQ 04/07/95 25.625 ITLA ITLA Capital Corp. La Jolla CA WE BIF NASDAQ 10/24/95 16.375 IWBK InterWest Bancorp, Inc. Oak Harbor WA WE SAIF NASDAQ NA 33.500 JSBA Jefferson Savings Bancorp Ballwin MO MW SAIF NASDAQ 04/08/93 29.250 JSBF JSB Financial, Inc. Lynbrook NY MA BIF NASDAQ 06/27/90 41.000 KFBI Klamath First Bancorp Klamath Falls OR WE SAIF NASDAQ 10/05/95 18.125 KNK Kankakee Bancorp, Inc. Kankakee IL MW SAIF AMSE 01/06/93 26.875 KSAV KS Bancorp, Inc. Kenly NC SE SAIF NASDAQ 12/30/93 21.500 KSBK KSB Bancorp, Inc. Kingfield ME NE BIF NASDAQ 06/24/93 28.000 KYF Kentucky First Bancorp, Inc. Cynthiana KY MW SAIF AMSE 08/29/95 11.750 LARK Landmark Bancshares, Inc. Dodge City KS MW SAIF NASDAQ 03/28/94 19.750 LARL Laurel Capital Group, Inc. Allison Park PA MA SAIF NASDAQ 02/20/87 21.000 LFED Leeds Federal Savings Bk, MHC Baltimore MD MA SAIF NASDAQ 05/02/94 18.563 LIFB Life Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 10/11/94 19.875 LISB Long Island Bancorp, Inc. Melville NY MA SAIF NASDAQ 04/18/94 35.000 LOGN Logansport Financial Corp. Logansport IN MW SAIF NASDAQ 06/14/95 14.813 LSBI LSB Financial Corp. Lafayette IN MW BIF NASDAQ 02/03/95 20.000 LSBX Lawrence Savings Bank North Andover MA NE BIF NASDAQ 05/02/86 9.750 LVSB Lakeview Financial West Paterson NJ MA SAIF NASDAQ 12/22/93 33.500 MAFB MAF Bancorp, Inc. Clarendon Hills IL MW SAIF NASDAQ 01/12/90 39.500 MARN Marion Capital Holdings Marion IN MW SAIF NASDAQ 03/18/93 21.250 MASB MASSBANK Corp. Reading MA NE BIF NASDAQ 05/28/86 41.750 MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE 09/03/92 18.375 MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE NA 18.375 MBLF MBLA Financial Corp. Macon MO MW SAIF NASDAQ 06/24/93 20.750 MCBN Mid-Coast Bancorp, Inc. Waldoboro ME NE SAIF NASDAQ 11/02/89 19.000 MCBS Mid Continent Bancshares Inc. El Dorado KS MW SAIF NASDAQ 06/27/94 26.125 MDBK Medford Savings Bank Medford MA NE BIF NASDAQ 03/18/86 27.750 MERI Meritrust Federal SB Thibodaux LA SW SAIF NASDAQ NA 35.500
SOURCE: SNL & F&C CALCULATIONS 29 39 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) MFBC MFB Corp. Mishawaka IN MW SAIF NASDAQ 03/25/94 18.875 MFFC Milton Federal Financial Corp. West Milton OH MW SAIF NASDAQ 10/07/94 13.750 MFLR Mayflower Co-operative Bank Middleboro MA NE BIF NASDAQ 12/23/87 19.750 MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 36.875 MGNL Magna Bancorp, Inc. Hattiesburg MS SE SAIF NASDAQ 03/13/91 19.000 MIVI Mississippi View Holding Co. Little Falls MN MW SAIF NASDAQ 03/24/95 15.125 MLBC ML Bancorp, Inc. Villanova PA MA SAIF NASDAQ 08/11/94 17.375 MSBF MSB Financial, Inc. Marshall MI MW SAIF NASDAQ 02/06/95 21.000 MWBI Midwest Bancshares, Inc. Burlington IA MW SAIF NASDAQ 11/12/92 29.500 MWBX MetroWest Bank Framingham MA NE BIF NASDAQ 10/10/86 5.156 MWFD Midwest Federal Financial Baraboo WI MW SAIF NASDAQ 07/08/92 17.875 NASB North American Savings Bank Grandview MO MW SAIF NASDAQ 09/27/85 38.000 NEBC Northeast Bancorp Portland ME NE BIF NASDAQ 08/19/87 13.625 NEIB Northeast Indiana Bancorp Huntington IN MW SAIF NASDAQ 06/28/95 15.000 NHTB New Hampshire Thrift Bncshrs New London NH NE SAIF NASDAQ 05/22/86 12.000 NMSB NewMil Bancorp, Inc. New Milford CT NE BIF NASDAQ 02/01/86 9.250 NSSB Norwich Financial Corp. Norwich CT NE BIF NASDAQ 11/14/86 21.000 NSSY Norwalk Savings Society Norwalk CT NE BIF NASDAQ 06/16/94 25.375 NTMG Nutmeg Federal S&LA Danbury CT NE SAIF NASDAQ NA 7.375 NWEQ Northwest Equity Corp. Amery WI MW SAIF NASDAQ 10/11/94 14.000 NWSB Northwest Savings Bank, MHC Warren PA MA SAIF NASDAQ 11/07/94 15.500 NYB New York Bancorp Inc. Douglaston NY MA SAIF NYSE 01/28/88 31.125 OCWN Ocwen Financial Corporation West Palm Beach FL SE SAIF NASDAQ NA 33.250 OFCP Ottawa Financial Corp. Holland MI MW SAIF NASDAQ 08/19/94 20.375 OHSL OHSL Financial Corp. Cincinnati OH MW SAIF NASDAQ 02/10/93 22.000 PBCI Pamrapo Bancorp, Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89 20.750 PBCT People's Bank, MHC Bridgeport CT NE BIF NASDAQ 07/06/88 35.250 PBKB People's Bancshares, Inc. South Easton MA NE BIF NASDAQ 10/23/86 12.250 PBNB People's Savings Financial Cp. New Britain CT NE BIF NASDAQ 08/20/86 31.000 PCBC Perry County Financial Corp. Perryville MO MW SAIF NASDAQ 02/13/95 19.000 PCCI Pacific Crest Capital Agoura Hills CA WE BIF NASDAQ NA 13.750 PDB Piedmont Bancorp, Inc. Hillsborough NC SE SAIF AMSE 12/08/95 10.750 PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95 14.875 PERM Permanent Bancorp, Inc. Evansville IN MW SAIF NASDAQ 04/04/94 22.250 PERT Perpetual Bank, MHC Anderson SC SE SAIF NASDAQ 10/26/93 26.000 PETE Primary Bank Peterborough NH NE BIF NASDAQ 10/14/93 17.250 PFDC Peoples Bancorp Auburn IN MW SAIF NASDAQ 07/07/87 22.500 PFNC Progress Financial Corporation Blue Bell PA MA SAIF NASDAQ 07/18/83 8.938 PFSB PennFed Financial Services,Inc West Orange NJ MA SAIF NASDAQ 07/15/94 25.250 PFSL Pocahontas FS&LA, MHC Pocahontas AR SE SAIF NASDAQ 04/05/94 20.000 PHBK Peoples Heritage Finl Group Portland ME NE BIF NASDAQ 12/04/86 31.500 PKPS Poughkeepsie Savings Bank, FSB Poughkeepsie NY MA SAIF NASDAQ 11/19/85 6.250 PLE Pinnacle Bancshares, Inc. Jasper AL SE SAIF AMSE 12/17/86 21.500 PSAB Prime Bancorp, Inc. Philadelphia PA MA SAIF NASDAQ 11/21/88 21.250 PSBK Progressive Bank, Inc. Fishkill NY MA BIF NASDAQ 08/01/84 24.250 PTRS Potters Financial Corp. East Liverpool OH MW SAIF NASDAQ 12/31/93 20.000 PULB Pulaski Bank, Savings Bk, MHC St. Louis MO MW SAIF NASDAQ 05/11/94 17.000 PULS Pulse Bancorp South River NJ MA SAIF NASDAQ 09/18/86 18.125 PVFC PVF Capital Corp. Bedford Heights OH MW SAIF NASDAQ 12/30/92 16.750 PVSA Parkvale Financial Corporation Monroeville PA MA SAIF NASDAQ 07/16/87 28.500 PWBC PennFirst Bancorp, Inc. Ellwood City PA MA SAIF NASDAQ 06/13/90 13.500 QCBC Quaker City Bancorp, Inc. Whittier CA WE SAIF NASDAQ 12/30/93 19.250 QCFB QCF Bancorp, Inc. Virginia MN MW SAIF NASDAQ 04/03/95 19.000 QCSB Queens County Bancorp, Inc. Flushing NY MA BIF NASDAQ 11/23/93 57.750 RARB Raritan Bancorp, Inc. Raritan NJ MA BIF NASDAQ 03/01/87 24.750 RCSB RCSB Financial, Inc. Rochester NY MA BIF NASDAQ 04/29/86 33.750 RELY Reliance Bancorp, Inc. Garden City NY MA SAIF NASDAQ 03/31/94 24.500
SOURCE: SNL & F&C CALCULATIONS 30 40 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ROSE TR Financial Corp. Garden City NY MA BIF NASDAQ 06/29/93 35.250 RVSB Riverview Savings Bank, MHC Camas WA WE SAIF NASDAQ 10/26/93 17.750 SECP Security Capital Corporation Milwaukee WI MW SAIF NASDAQ 01/03/94 84.750 SFED SFS Bancorp, Inc. Schenectady NY MA SAIF NASDAQ 06/30/95 17.250 SFFC StateFed Financial Corporation Des Moines IA MW SAIF NASDAQ 01/05/94 18.625 SFSB SuburbFed Financial Corp. Flossmoor IL MW SAIF NASDAQ 03/04/92 22.500 SFSL Security First Corp. Mayfield Heights OH MW SAIF NASDAQ 01/22/88 18.500 SHEN First Shenango Bancorp, Inc. New Castle PA MA SAIF NASDAQ 04/06/93 24.500 SISB SIS Bancorp, Inc. Springfield MA NE BIF NASDAQ 02/08/95 26.500 SMBC Southern Missouri Bancorp, Inc Poplar Bluff MO MW SAIF NASDAQ 04/13/94 16.125 SMFC Sho-Me Financial Corp. Mt. Vernon MO MW SAIF NASDAQ 07/01/94 28.500 SOPN First Savings Bancorp, Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94 20.000 SOSA Somerset Savings Bank Somerville MA NE BIF NASDAQ 07/09/86 2.625 SPBC St. Paul Bancorp, Inc. Chicago IL MW SAIF NASDAQ 05/18/87 28.125 STFR St. Francis Capital Corp. Milwaukee WI MW SAIF NASDAQ 06/21/93 30.750 STND Standard Financial, Inc. Chicago IL MW SAIF NASDAQ 08/01/94 21.125 STSA Sterling Financial Corp. Spokane WA WE SAIF NASDAQ NA 16.875 SVRN Sovereign Bancorp, Inc. Wyomissing PA MA SAIF NASDAQ 08/12/86 13.188 SWBI Southwest Bancshares Hometown IL MW SAIF NASDAQ 06/24/92 18.750 SWCB Sandwich Co-operative Bank Sandwich MA NE BIF NASDAQ 07/25/86 31.000 TBK Tolland Bank Tolland CT NE BIF AMSE 12/19/86 15.375 TCB TCF Financial Corp. Minneapolis MN MW SAIF NYSE 06/17/86 44.625 THR Three Rivers Financial Corp. Three Rivers MI MW SAIF AMSE 08/24/95 14.875 THRD TF Financial Corporation Newtown PA MA SAIF NASDAQ 07/13/94 18.875 TPNZ Tappan Zee Financial, Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 14.500 TRIC Tri-County Bancorp, Inc. Torrington WY WE SAIF NASDAQ 09/30/93 18.500 TSBS Trenton SB, MHC Lawrenceville NJ MA BIF NASDAQ 08/03/95 18.500 TSH Teche Holding Co. Franklin LA SW SAIF AMSE 04/19/95 15.875 TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95 19.000 UBMT United Financial Corp. Great Falls MT WE SAIF NASDAQ 09/23/86 19.750 UFRM United Federal Savings Bank Rocky Mount NC SE SAIF NASDAQ 07/01/80 8.625 VFFC Virginia First Financial Corp. Petersburg VA SE SAIF NASDAQ 01/01/78 14.625 WAMU Washington Mutual Inc. Seattle WA WE BIF NASDAQ 03/11/83 50.375 WBST Webster Financial Corporation Waterbury CT NE SAIF NASDAQ 12/12/86 38.875 WCBI Westco Bancorp Westchester IL MW SAIF NASDAQ 06/26/92 22.000 WEFC Wells Financial Corp. Wells MN MW SAIF NASDAQ 04/11/95 14.750 WFCO Winton Financial Corp. Cincinnati OH MW SAIF NASDAQ 08/04/88 12.516 WFSL Washington Federal, Inc. Seattle WA WE SAIF NASDAQ 11/17/82 24.875 WRNB Warren Bancorp, Inc. Peabody MA NE BIF NASDAQ 07/09/86 15.750 WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 5.250 WSFS WSFS Financial Corporation Wilmington DE MA BIF NASDAQ 11/26/86 11.750 WSTR WesterFed Financial Corp. Missoula MT WE SAIF NASDAQ 01/10/94 20.750 WVFC WVS Financial Corporation Pittsburgh PA MA SAIF NASDAQ 11/29/93 25.250 YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84 18.125 Maximum 84.750 Minimum 2.625 Average 22.280 Median 19.813
SOURCE: SNL & F&C CALCULATIONS 31 41 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM AADV 124.46 16.7 138.0 149.0 12.1 1.05 1,031,221 8.7 8.2 2.28 0.32 ABBK 39.52 13.8 117.8 131.9 8.1 1.92 486,958 6.9 6.2 1.51 0.74 ABCL 159.35 18.7 142.2 146.2 12.1 - 667,964 8.5 8.3 1.60 0.47 ABCW 210.25 14.4 182.4 187.0 11.3 1.10 1,869,211 6.2 6.0 3.17 0.72 AFCB 139.03 14.2 134.7 135.5 13.5 2.22 1,032,213 9.8 9.8 1.90 0.88 AFFFZ 195.63 6.0 116.2 118.1 8.9 4.92 2,209,051 8.0 7.9 5.47 1.37 AHM 4,111.66 18.1 210.8 250.5 8.2 2.19 49,902,044 4.9 4.3 2.23 0.29 ALBK 450.26 15.2 141.1 163.3 12.8 1.72 3,506,136 9.1 8.0 2.30 0.77 ANBK 50.00 18.0 107.9 107.9 10.2 0.87 492,506 9.0 9.0 0.77 0.22 ANDB 139.90 11.0 146.0 146.0 11.6 2.20 1,204,813 8.0 8.0 2.48 1.09 ASBI 51.84 15.0 118.0 118.1 13.1 3.81 396,755 11.1 11.1 1.05 0.62 ASBP 20.23 19.9 108.4 108.4 18.1 3.40 111,824 15.7 15.7 0.59 0.60 ASFC 853.55 16.8 145.0 174.7 11.7 1.11 7,272,763 8.1 6.8 2.36 0.53 BANC 317.94 17.7 179.5 193.3 11.6 0.85 2,170,480 6.4 6.0 0.77 0.85 BDJI 13.14 18.8 105.3 105.3 12.0 - 109,729 11.4 11.4 1.00 0.32 BFD 104.86 24.3 113.6 NA 12.8 1.19 820,567 10.5 NA 0.69 0.40 BFSB 22.16 12.7 113.4 113.4 17.1 2.48 129,601 14.3 14.3 1.53 1.06 BKC 73.38 13.9 155.6 162.9 13.1 4.50 558,437 8.5 8.1 2.30 1.26 BKCT 61.05 14.2 142.8 142.8 14.6 3.45 419,398 10.2 10.2 1.67 1.26 BKUNA 92.70 24.2 143.3 178.9 6.5 - 1,329,044 7.4 6.6 0.45 0.40 BSBC 20.72 14.8 159.4 159.4 14.3 2.00 183,511 9.0 9.0 0.27 1.05 BVFS 350.42 17.9 175.2 184.6 10.6 1.22 3,300,262 6.1 5.8 2.93 0.34 BWFC 20.92 23.0 92.2 92.2 14.6 2.44 143,186 15.9 15.9 0.50 0.77 CAFI 53.60 12.1 119.0 129.7 11.4 2.74 469,449 9.6 8.9 1.45 0.79 CAPS 25.54 12.9 128.1 128.1 10.8 1.78 235,687 8.5 8.5 1.05 0.63 CARV 23.43 24.7 67.1 70.2 6.3 - 372,147 9.4 9.0 0.41 (0.03) CASB 35.93 21.9 169.3 169.3 10.3 - 348,050 6.1 6.1 0.80 0.51 CASH 48.52 12.1 111.1 125.5 13.1 2.15 369,885 11.8 10.6 1.38 0.75 CBCI 83.04 14.0 103.2 103.2 16.5 - 510,217 16.0 16.0 2.54 1.08 CBNH 60.92 15.3 149.3 149.3 11.1 2.57 550,596 7.4 7.4 1.63 0.94 CBSA 136.59 12.6 147.1 176.3 4.8 1.46 2,875,907 3.3 2.8 2.19 0.25 CBSB 69.12 16.6 119.5 129.0 18.2 1.48 380,051 15.2 14.3 0.98 0.98 CEBK 35.86 16.7 107.7 121.4 11.1 1.75 324,297 10.3 9.2 1.09 0.59 CENF 166.88 10.0 146.4 146.6 7.6 1.11 2,184,858 5.2 5.2 3.23 0.55 CFB 789.77 13.5 200.1 227.6 11.5 0.76 6,868,213 5.8 5.1 2.73 0.66 CFCP 81.12 20.1 280.4 280.4 17.9 1.87 453,955 6.4 6.4 1.17 0.88 CFFC 29.90 13.9 130.3 130.3 17.9 2.38 166,664 13.8 13.8 1.69 1.04 CFSB 100.00 14.2 160.1 160.1 12.1 2.26 829,800 7.5 7.5 1.50 0.69 CFX 222.30 15.6 167.2 179.7 14.4 5.14 1,547,092 8.6 8.1 1.10 0.86 CIBI 10.92 12.4 100.1 100.1 11.4 2.32 95,787 11.4 11.4 1.39 0.64 CKFB 17.50 23.0 110.9 110.9 29.2 2.33 60,038 25.2 25.2 0.82 1.30 CMRN 46.66 16.9 98.4 98.4 24.3 1.71 191,879 24.7 24.7 0.97 1.15 CMSV 95.74 16.0 125.8 125.8 14.6 4.10 655,209 11.6 11.6 1.22 0.64 CNIT 73.51 18.6 152.3 167.2 10.7 2.22 685,962 7.0 6.5 2.42 0.40 COFI 2,118.95 13.4 228.1 246.1 15.2 2.02 13,904,563 6.7 6.2 3.41 0.94 CSA 838.64 22.0 197.6 200.6 9.6 - 8,704,952 4.9 4.8 2.05 0.13 CTBK 18.96 13.4 116.8 119.5 7.8 2.00 242,182 6.7 6.6 1.49 0.65 CTZN 302.60 15.3 163.7 184.7 10.4 0.91 2,918,160 6.3 5.7 2.30 0.51 CVAL 35.13 14.2 136.8 136.8 12.1 2.05 290,173 8.9 8.9 1.51 0.61 CZF 13.47 15.9 111.0 111.0 17.8 2.86 75,635 16.0 16.0 0.88 0.78 DFIN 54.67 22.7 101.5 101.5 23.2 1.66 235,264 22.9 22.9 0.64 0.72 DIBK 103.87 8.2 165.8 172.5 13.8 1.78 751,303 8.3 8.0 2.46 1.82 DME 1,806.83 13.7 176.7 178.4 9.6 - 18,870,108 5.4 5.4 1.26 0.52 DNFC 151.31 12.8 177.7 179.8 10.3 - 1,473,054 5.9 5.8 1.42 0.67 DSL 576.01 17.7 147.1 149.4 11.1 1.41 5,198,157 7.5 7.4 1.28 0.42 EBSI 78.53 15.0 135.4 135.4 11.8 3.48 666,166 8.7 8.7 1.15 0.59 EFBI 33.43 19.0 107.1 107.2 13.6 - 246,397 12.7 12.7 0.87 0.68
SOURCE: SNL & F&C CALCULATIONS 32 42 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM EGFC 132.92 15.9 126.3 168.5 9.1 3.15 1,458,050 7.2 5.5 1.84 0.97 EIRE 43.39 17.1 155.4 155.4 10.6 1.43 409,639 6.8 6.8 1.15 0.63 EMLD 62.00 13.9 143.7 146.4 10.9 1.96 567,490 7.6 7.5 1.76 0.68 EQSB 20.70 11.4 144.5 144.5 7.2 - 286,637 5.0 5.0 3.03 0.41 ESBK 13.78 22.9 97.8 102.2 6.2 3.28 222,839 6.3 6.1 0.85 0.28 FBBC 127.04 14.0 147.0 147.0 19.4 2.44 656,183 13.2 13.2 1.17 1.30 FBCI 54.34 17.4 110.4 110.7 11.2 1.64 484,106 10.2 10.1 1.12 0.50 FBHC 19.28 16.2 107.7 116.3 6.9 1.19 278,532 6.4 6.0 1.45 0.23 FBSI 23.90 15.3 103.2 103.4 15.2 1.00 157,014 14.8 14.7 1.31 0.83 FCME 13.24 3.1 161.4 161.4 9.7 - 136,429 6.0 6.0 3.20 1.49 FDEF 124.86 23.3 107.6 107.6 23.1 2.42 543,411 21.5 21.5 0.57 0.78 FED 271.14 15.2 139.3 141.3 6.5 - 4,143,852 4.7 4.6 1.69 0.20 FESX 118.74 12.5 142.9 166.5 11.1 3.00 1,067,175 7.8 6.8 1.28 1.08 FFBI 6.59 21.0 89.9 89.9 7.0 - 94,533 7.8 7.8 0.74 (0.17) FFBS 34.44 18.8 131.9 131.9 27.1 2.27 127,125 19.4 19.4 1.17 1.13 FFBZ 27.51 15.9 209.1 209.3 14.6 1.37 189,065 7.6 7.6 1.10 0.77 FFCH 178.13 14.7 184.9 184.9 11.3 2.55 1,582,274 6.1 6.1 1.92 0.52 FFES 74.85 12.3 124.4 124.4 7.8 2.11 958,550 6.3 6.3 2.32 0.43 FFFC 107.93 17.6 135.0 138.0 20.2 1.74 533,826 14.0 13.7 1.31 1.05 FFHC 984.47 14.7 239.9 247.7 17.3 2.24 5,700,431 7.2 7.0 1.82 0.91 FFHH 55.72 21.6 109.1 109.1 15.4 2.90 362,373 12.4 12.4 0.80 0.58 FFHS 20.82 17.3 105.5 106.3 9.4 1.78 222,302 8.9 8.8 1.04 0.13 FFIC 157.79 24.5 118.4 118.4 20.4 0.84 775,343 17.2 17.2 0.78 0.91 FFKY 87.30 17.3 174.7 186.4 23.8 2.49 367,067 13.6 12.9 1.21 1.23 FFLC 63.38 20.5 118.2 118.2 18.3 1.85 346,442 15.5 15.5 1.27 0.65 FFSL 12.43 14.9 103.7 103.7 11.4 2.13 108,914 11.0 11.0 0.79 0.58 FFSW 136.02 22.7 240.7 289.6 12.6 1.28 1,080,383 7.9 7.0 1.65 0.95 FFSX 57.91 17.7 154.8 156.3 12.7 2.34 457,311 8.2 8.1 1.74 0.41 FFWC 18.25 11.4 113.2 113.2 11.5 2.31 158,200 10.2 10.2 2.28 0.87 FFWD 25.00 14.4 122.4 122.4 15.7 2.39 159,693 12.8 12.8 1.16 0.92 FFYF 109.05 17.0 130.8 130.8 18.7 2.77 582,331 14.3 14.3 1.49 0.84 FGHC 23.27 18.6 193.5 216.0 15.5 0.70 150,551 8.0 7.2 0.41 0.56 FIBC 31.24 14.2 121.3 121.9 12.1 2.24 259,104 9.9 9.9 1.26 0.50 FISB 217.96 14.7 157.2 159.3 14.6 2.29 1,496,421 9.3 9.2 1.79 0.90 FKFS 26.86 12.0 121.3 121.3 9.1 0.91 310,695 7.5 7.5 1.82 0.48 FLFC 160.44 16.8 196.2 223.2 13.2 1.78 1,212,681 7.4 6.6 1.34 0.80 FMCO 47.26 10.5 139.7 143.1 8.7 1.01 541,710 6.2 6.1 1.89 0.58 FMSB 49.68 13.8 181.3 NA 11.9 0.99 416,832 6.6 NA 1.47 1.01 FNGB 81.17 17.0 115.5 115.5 13.2 3.46 615,503 11.4 11.4 1.09 0.56 FOBC 46.72 14.6 112.6 118.4 13.7 3.05 341,897 11.7 11.2 1.30 0.69 FRC 184.22 18.9 145.8 146.0 8.5 - 2,156,599 5.9 5.9 1.27 0.61 FSBI 33.01 13.4 142.5 142.5 10.3 1.51 320,336 7.2 7.2 1.78 0.50 FSFC 46.62 15.0 138.2 138.2 14.3 1.88 326,013 10.4 10.4 0.71 (0.01) FSLA 154.48 18.5 166.4 188.6 15.7 1.86 987,115 9.4 8.4 1.16 0.49 FSPG 48.41 10.3 148.3 151.2 9.7 2.24 498,399 6.6 6.4 1.73 0.90 FSTC 40.44 9.9 164.7 209.4 15.4 1.76 257,288 9.4 7.5 2.52 2.04 FTF 30.71 10.6 116.9 116.9 18.8 2.69 163,571 16.1 16.1 1.58 1.39 FTFC 173.09 17.1 187.1 198.4 11.9 2.27 1,469,422 6.3 6.0 1.65 0.71 FTSB 18.49 24.5 117.8 117.8 20.3 2.13 91,109 17.2 17.2 0.48 0.51 FWWB 208.74 20.4 130.7 142.3 21.4 1.01 977,075 15.1 14.1 0.97 1.05 GBCI 81.03 13.2 208.0 208.2 19.7 2.67 412,042 9.5 9.4 1.82 1.36 GDW 3,970.96 9.2 168.9 168.9 10.5 0.64 37,730,598 6.2 6.2 7.57 1.03 GFCO 27.31 14.7 101.8 103.6 9.8 2.96 278,721 9.6 9.5 1.57 0.31 GFSB 10.69 11.3 106.9 106.9 12.3 1.86 87,625 11.5 11.5 1.91 0.96 GLN 1,282.58 24.5 171.2 183.5 8.5 - 15,128,192 6.4 6.0 1.05 0.29 GPT 2,694.55 20.2 163.2 284.9 20.2 1.76 13,325,585 11.0 6.6 2.81 0.95 GRTR 219.93 24.6 143.7 143.7 8.7 1.23 2,541,888 8.3 8.3 0.66 0.72
SOURCE: SNL & F&C CALCULATIONS 33 43 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM GSBC 141.05 14.5 234.4 234.4 21.1 2.32 669,483 9.0 9.0 1.19 1.42 GSLC 8.89 18.2 133.9 133.9 7.7 1.04 116,177 5.7 5.7 0.53 0.46 GTFN 437.62 23.3 156.0 162.6 15.1 1.55 2,897,162 9.7 9.3 1.33 0.73 GUPB 14.65 20.1 100.7 100.7 17.9 2.46 81,775 17.8 17.8 0.81 0.76 GWBC 15.33 21.0 90.0 90.0 23.1 2.81 66,439 25.6 25.6 0.68 0.76 HALL 27.06 12.8 96.4 96.4 6.8 - 396,808 7.1 7.1 1.47 0.43 HARB 182.74 15.3 208.4 217.1 17.2 3.78 1,060,339 8.3 8.0 2.42 0.91 HARL 33.79 12.4 165.7 165.7 10.4 1.93 324,230 6.3 6.3 1.67 0.62 HAVN 152.47 11.7 153.4 154.1 9.6 1.70 1,583,545 6.3 6.3 3.02 0.62 HBFW 54.38 20.1 119.5 119.5 16.7 0.98 325,168 14.0 14.0 1.02 0.52 HBNK 55.10 23.3 158.1 158.1 11.3 - 489,701 7.1 7.1 1.03 0.15 HBS 20.56 15.3 102.4 106.6 15.7 3.27 130,859 15.3 14.8 1.12 0.70 HFFB 32.74 22.7 105.3 105.3 30.6 2.48 107,051 26.8 26.8 0.71 0.99 HFFC 56.75 13.8 115.0 115.3 10.3 1.85 552,735 9.3 9.2 1.41 0.61 HFGI 34.20 14.6 143.6 143.6 6.5 - 527,369 4.5 4.5 0.72 0.32 HFSA 13.18 20.1 101.7 101.7 15.0 2.62 97,015 14.8 14.8 0.76 0.49 HIFS 24.65 12.1 128.3 128.3 12.2 1.90 201,586 9.5 9.5 1.57 1.10 HMCI 23.14 22.8 110.9 110.9 6.9 - 335,824 6.2 6.2 0.90 0.11 HMNF 97.55 19.3 118.8 118.8 17.6 - 554,732 14.8 14.8 1.14 0.78 HOMF 91.33 13.0 169.4 175.3 14.0 1.47 650,433 8.3 8.0 2.09 1.01 HPBC 32.69 10.8 162.7 162.7 17.2 4.51 189,931 10.6 10.6 1.65 1.72 HRBF 29.94 23.4 106.1 106.1 13.7 2.34 218,777 12.9 12.9 0.73 0.33 HRZB 96.36 13.0 123.3 123.3 19.1 2.67 504,553 15.5 15.5 1.15 1.56 HTHR 27.62 18.6 86.7 86.7 3.3 - 827,784 5.3 5.3 0.57 0.89 HVFD 43.37 14.9 153.0 153.1 12.5 2.46 346,856 8.2 8.2 1.53 0.44 IFSB 11.04 22.1 66.2 76.5 4.5 2.55 247,888 6.7 5.9 0.39 0.13 INBI 70.87 15.9 114.1 114.1 21.7 3.11 326,613 19.0 19.0 0.81 0.75 IPSW 18.71 14.9 190.0 190.0 11.8 1.27 158,942 6.2 6.2 1.06 1.22 ISBF 180.69 24.0 148.1 175.5 19.4 1.33 929,264 12.3 10.6 1.07 0.74 ITLA 128.12 12.0 143.4 143.4 15.8 - 810,443 11.0 11.0 1.36 1.44 IWBK 268.03 15.1 230.9 236.6 15.7 1.67 1,703,244 6.8 6.7 2.22 0.81 JSBA 122.32 17.0 135.5 164.4 10.8 1.37 1,128,339 7.2 6.0 1.72 0.23 JSBF 401.10 17.0 119.6 119.6 26.5 3.42 1,516,016 22.1 22.1 2.41 1.74 KFBI 181.29 22.9 118.8 118.8 26.9 1.55 673,094 22.7 22.7 0.79 0.91 KNK 38.03 17.0 104.2 111.5 10.8 1.79 350,643 10.4 9.8 1.58 0.50 KSAV 14.26 13.5 103.9 104.0 14.1 2.79 100,840 13.6 13.6 1.59 0.88 KSBK 11.51 8.3 123.3 132.5 8.6 0.71 134,079 7.0 6.5 3.36 0.93 KYF 15.72 16.3 108.3 108.3 18.6 4.26 87,874 17.2 17.2 0.72 0.87 LARK 36.26 18.0 110.8 110.8 16.3 2.03 221,978 14.7 14.7 1.10 0.80 LARL 31.82 11.9 146.8 146.8 15.7 2.10 202,474 10.7 10.7 1.77 1.11 LFED 64.13 21.3 142.6 142.6 23.0 3.66 278,311 16.2 16.2 0.87 0.77 LIFB 195.71 16.8 129.7 133.9 13.8 2.21 1,419,762 10.6 10.3 1.18 0.68 LISB 856.04 21.9 162.9 164.5 14.9 1.71 5,759,340 9.1 9.1 1.60 0.63 LOGN 18.61 17.0 120.6 120.6 24.0 2.70 77,668 19.9 19.9 0.87 1.20 LSBI 18.36 24.7 101.7 101.7 10.3 - 177,840 9.4 9.4 0.81 0.50 LSBX 41.44 8.2 142.8 142.8 12.3 - 337,856 8.6 8.6 1.19 1.61 LVSB 81.02 20.7 169.4 211.5 17.2 0.75 471,799 10.1 8.3 1.62 1.43 MAFB 414.36 13.0 165.3 191.6 12.8 0.91 3,230,341 7.8 6.8 3.03 0.68 MARN 39.18 16.4 98.0 98.0 22.3 3.77 175,806 22.7 22.7 1.30 1.15 MASB 112.17 13.0 121.6 121.6 12.6 2.59 888,237 10.4 10.4 3.22 1.08 MBB 52.07 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17 MBB 52.07 17.8 93.8 238.6 6.1 3.27 848,255 8.0 4.2 1.03 0.17 MBLF 27.78 16.7 97.7 97.7 13.3 1.93 208,898 13.6 13.6 1.24 0.66 MCBN 4.37 12.7 87.9 87.9 7.6 2.74 57,838 8.6 8.6 1.50 0.40 MCBS 52.69 13.0 134.9 134.9 14.8 1.53 355,525 10.6 10.6 2.01 1.05 MDBK 125.84 12.9 136.0 147.4 12.1 2.60 1,039,098 8.9 8.3 2.15 1.05 MERI 27.48 14.0 156.8 156.8 12.1 1.97 226,591 7.7 7.7 2.54 0.55
SOURCE: SNL & F&C CALCULATIONS 34 44 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM MFBC 33.48 21.2 97.1 97.1 15.0 1.70 223,945 15.4 15.4 0.89 0.52 MFFC 30.32 23.3 111.9 111.9 17.3 4.36 175,707 15.4 15.4 0.59 0.61 MFLR 17.57 17.8 151.3 154.2 14.6 3.04 120,448 9.6 9.5 1.11 0.94 MFSL 115.46 13.3 125.1 126.9 10.2 2.17 1,129,756 8.2 8.1 2.78 0.53 MGNL 261.08 12.3 200.4 208.8 19.5 3.16 1,341,985 9.7 9.4 1.55 1.37 MIVI 12.93 18.2 99.2 99.2 18.4 1.06 70,329 18.5 18.5 0.83 0.68 MLBC 202.65 17.2 132.9 136.3 10.8 2.19 1,875,091 7.5 7.4 1.01 0.71 MSBF 13.50 13.4 107.1 107.1 20.5 2.38 66,541 19.1 19.1 1.57 1.29 MWBI 10.31 11.1 107.3 107.3 7.6 2.03 136,425 7.0 7.0 2.67 0.46 MWBX 71.61 10.7 182.8 182.8 13.7 2.33 522,570 7.5 7.5 0.48 1.33 MWFD 28.96 16.7 175.4 183.5 14.7 1.68 194,707 8.4 8.1 1.07 1.04 NASB 85.75 10.3 162.3 168.1 11.6 2.11 738,692 7.2 6.9 3.68 1.15 NEBC 16.78 24.3 100.2 117.0 7.0 2.35 238,459 7.9 6.9 0.56 0.46 NEIB 26.44 16.7 105.0 105.0 18.3 2.13 160,032 17.4 17.4 0.90 1.02 NHTB 20.46 19.4 106.6 106.6 7.7 4.17 264,385 7.3 7.3 0.62 0.24 NMSB 37.39 16.8 114.2 114.2 12.0 2.60 311,863 10.5 10.5 0.55 0.82 NSSB 113.39 19.1 148.2 158.4 16.6 2.29 683,299 11.2 10.6 1.10 0.95 NSSY 60.84 20.0 137.7 143.5 9.5 0.79 637,156 7.2 6.9 1.27 0.81 NTMG 5.24 22.4 104.2 104.2 5.6 - 93,924 5.8 5.8 0.33 0.32 NWEQ 13.01 15.1 101.3 101.3 13.5 3.14 96,518 12.3 12.3 0.93 0.76 NWSB 362.33 18.2 189.7 199.0 19.0 2.07 1,911,978 10.0 9.6 0.85 0.72 NYB 515.73 14.5 324.2 324.2 16.5 1.93 3,122,017 5.1 5.1 2.14 1.22 OCWN 889.24 21.7 436.9 436.9 35.8 - 2,483,685 8.2 8.2 1.53 2.49 OFCP 105.54 21.2 140.0 177.2 12.8 1.77 827,275 9.1 7.3 0.96 0.40 OHSL 26.53 15.9 106.9 106.9 12.4 4.00 217,627 11.6 11.6 1.38 0.57 PBCI 65.49 15.4 122.4 123.4 18.1 4.82 362,910 14.7 14.6 1.35 0.81 PBCT 1,432.89 23.0 231.3 231.6 18.7 2.50 7,645,200 8.1 8.1 1.53 1.13 PBKB 43.65 17.3 140.5 146.9 8.8 2.94 496,133 6.3 6.0 0.71 0.74 PBNB 59.08 15.9 127.9 136.8 12.3 2.97 482,394 9.6 9.0 1.95 0.93 PCBC 15.72 15.7 103.7 103.7 19.6 2.11 80,408 18.9 18.9 1.21 0.71 PCCI 40.28 16.4 164.7 164.7 13.3 - 304,085 8.1 8.1 0.84 1.06 PDB 29.57 23.9 150.6 150.6 23.6 3.72 125,086 15.7 15.7 0.45 (0.21) PEEK 49.00 19.8 102.7 102.7 26.8 2.42 187,534 26.1 26.1 0.75 1.13 PERM 46.34 23.2 115.6 116.8 11.2 1.35 412,967 9.7 9.6 0.96 0.24 PERT 39.12 19.1 132.1 132.1 17.5 4.62 223,000 13.3 13.3 1.36 0.76 PETE 35.98 11.4 127.9 128.2 8.4 - 427,407 6.6 6.6 1.52 0.85 PFDC 51.88 12.4 120.8 120.8 18.5 2.67 280,339 15.3 15.3 1.82 1.12 PFNC 33.47 21.8 167.7 193.5 8.7 0.90 383,981 5.2 4.5 0.41 0.35 PFSB 121.72 13.4 122.0 150.1 10.0 1.11 1,213,679 7.6 6.2 1.89 0.55 PFSL 32.56 14.2 139.7 139.7 8.7 4.50 373,084 6.3 6.3 1.41 0.55 PHBK 888.98 14.0 203.5 243.4 16.5 2.29 5,398,398 8.1 6.9 2.25 1.21 PKPS 78.70 22.3 109.8 109.8 9.2 1.60 858,690 8.4 8.4 0.28 0.17 PLE 19.13 12.6 125.2 129.4 9.8 3.72 195,502 7.8 7.6 1.71 0.51 PSAB 112.44 16.5 159.4 NA 12.1 3.20 926,071 7.6 NA 1.29 0.46 PSBK 92.75 10.2 127.8 145.3 10.6 2.80 875,180 8.3 7.4 2.39 1.09 PTRS 10.12 22.7 98.3 98.3 8.1 1.40 125,497 8.2 8.2 0.88 0.03 PULB 35.60 24.6 155.8 155.8 20.2 5.88 176,436 13.0 13.0 0.69 0.57 PULS 55.48 12.0 139.5 139.5 10.9 3.86 509,690 7.8 7.8 1.51 0.72 PVFC 38.92 7.2 163.6 163.6 11.2 - 347,577 6.9 6.9 2.33 0.99 PVSA 115.31 12.3 162.3 163.8 12.2 1.83 945,302 7.5 7.5 2.32 0.77 PWBC 52.67 13.1 102.2 111.9 7.5 2.67 698,735 7.4 6.8 1.03 0.41 QCBC 73.00 19.1 107.7 107.9 9.6 - 764,466 8.9 8.9 1.01 0.27 QCFB 27.10 12.6 103.6 103.6 18.3 - 148,321 17.6 17.6 1.51 1.24 QCSB 440.64 20.9 208.4 208.4 32.4 1.73 1,358,656 15.6 15.6 2.77 1.63 RARB 37.46 12.0 132.6 135.2 10.0 2.83 375,393 7.5 7.4 2.07 0.85 RCSB 517.43 14.8 159.8 164.1 12.9 1.78 4,014,317 8.1 7.9 2.28 1.00 RELY 216.21 15.4 139.1 199.5 11.5 2.29 1,878,184 8.3 5.9 1.59 0.52
SOURCE: SNL & F&C CALCULATIONS 35 45 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/ T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM ROSE 309.74 12.3 140.9 140.9 9.5 2.50 3,259,627 6.3 6.3 2.87 1.00 RVSB 38.98 16.0 159.8 177.3 17.4 1.24 224,473 10.9 9.9 1.11 0.97 SECP 779.93 18.1 145.7 145.7 21.3 1.42 3,657,959 15.5 15.5 4.69 0.99 SFED 22.05 17.3 104.2 104.2 13.3 1.39 166,030 12.8 12.8 1.00 0.45 SFFC 14.70 14.7 99.2 99.2 17.6 2.15 82,809 17.8 17.8 1.27 1.01 SFSB 28.23 15.7 107.5 108.1 7.0 1.42 404,092 6.5 6.5 1.43 0.28 SFSL 92.02 12.9 159.6 162.6 14.7 2.38 624,296 9.2 9.1 1.43 0.94 SHEN 50.47 14.1 117.2 117.2 12.4 1.96 405,785 10.6 10.6 1.74 0.82 SISB 151.68 8.4 144.9 144.9 11.3 1.81 1,348,612 7.6 7.6 3.16 1.52 SMBC 26.41 15.8 102.3 102.3 16.5 3.10 159,653 16.2 16.2 1.02 0.74 SMFC 41.44 17.2 137.9 137.9 13.9 - 298,037 10.1 10.1 1.66 0.79 SOPN 73.78 18.4 110.9 110.9 27.8 4.00 265,888 25.0 25.0 1.09 1.34 SOSA 43.71 15.4 146.7 146.7 8.5 - 517,342 5.8 5.8 0.17 0.55 SPBC 640.57 17.5 165.1 165.5 14.7 1.71 4,357,170 8.9 8.9 1.61 0.62 STFR 164.70 17.3 129.6 136.4 11.7 1.56 1,409,316 8.9 8.5 1.78 0.72 STND 341.66 20.7 127.4 127.6 14.2 1.89 2,405,221 11.2 11.1 1.02 0.53 STSA 93.47 23.1 147.9 175.1 6.1 - 1,536,344 5.8 5.2 0.73 0.16 SVRN 786.55 13.9 198.6 281.2 8.3 0.61 9,433,154 5.0 3.9 0.95 0.58 SWBI 49.45 14.5 124.1 124.1 12.9 4.05 382,375 10.4 10.4 1.29 0.72 SWCB 58.95 14.5 152.6 160.7 12.7 3.87 464,555 8.3 7.9 2.14 0.94 TBK 18.03 11.7 115.6 119.7 7.8 1.30 232,282 6.7 6.5 1.31 0.65 TCB 1,551.04 16.0 282.3 293.4 21.9 1.68 7,090,862 7.8 7.5 2.79 1.24 THR 12.66 17.3 98.9 99.3 14.2 2.42 89,271 14.3 14.3 0.86 0.53 THRD 80.81 17.0 103.1 118.1 12.5 2.12 647,853 11.2 9.9 1.11 0.61 TPNZ 22.32 19.1 105.0 105.0 19.1 1.38 116,726 18.2 18.2 0.76 0.71 TRIC 11.26 15.4 85.7 85.7 13.1 3.24 85,888 15.3 15.3 1.20 0.71 TSBS 167.19 24.7 161.7 177.0 27.8 1.89 601,017 17.2 15.9 0.75 1.56 TSH 54.56 15.0 105.7 105.7 14.0 3.15 388,910 13.3 13.3 1.06 0.69 TWIN 16.22 17.8 121.2 121.2 15.4 3.37 105,263 12.7 12.7 1.07 0.62 UBMT 24.16 15.4 99.3 99.3 22.4 4.76 107,945 22.5 22.5 1.28 1.20 UFRM 26.44 21.0 133.9 133.9 10.0 2.32 263,582 7.5 7.5 0.41 0.27 VFFC 84.67 15.9 133.1 138.2 10.5 0.68 808,545 7.9 7.6 0.92 1.42 WAMU 5,951.42 21.6 261.0 277.2 13.4 1.99 44,551,925 5.4 5.1 2.33 0.27 WBST 308.14 13.5 156.8 202.5 7.9 1.85 3,917,600 5.3 4.2 2.89 0.67 WCBI 56.48 14.6 118.1 118.1 18.2 2.73 310,992 15.4 15.4 1.51 1.06 WEFC 30.65 15.4 108.7 108.7 15.2 - 201,326 14.0 14.0 0.96 0.61 WFCO 24.86 11.6 116.3 119.2 8.5 3.36 292,264 7.3 7.2 1.08 0.67 WFSL 1,180.32 12.3 177.8 198.5 20.1 3.51 5,869,259 11.3 10.3 2.02 1.64 WRNB 57.67 10.0 167.4 167.4 16.1 2.79 358,954 9.6 9.6 1.58 1.87 WSB 22.16 10.9 105.4 105.4 8.7 1.91 255,049 8.2 8.2 0.48 0.48 WSFS 151.72 10.0 200.2 202.2 11.2 - 1,357,635 5.6 5.5 1.17 1.28 WSTR 91.24 18.7 114.8 114.8 16.2 1.93 563,617 14.1 14.1 1.11 0.61 WVFC 43.86 13.0 124.9 124.9 15.9 3.17 275,920 12.7 12.7 1.95 1.06 YFED 123.11 16.0 130.2 130.2 10.6 3.31 1,160,035 8.2 8.2 1.13 0.55 Maximum 5,951.42 24.7 436.9 436.9 35.8 5.88 49,902,044 26.8 26.8 7.57 2.49 Minimum 4.37 3.1 66.2 0.0 3.3 - 57,838 3.3 2.8 0.17 (0.21) Average 207.43 16.3 139.5 145.0 13.8 1.97 1,650,581 10.5 10.2 1.48 0.77 Median 54.47 15.9 132.3 136.4 12.8 1.98 423,403 9.0 8.6 1.29 0.72
SOURCE: SNL & F&C CALCULATIONS 36 46 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ AADV 3.42 N 03/14/97 0.55 15.3 0.62 0.96 10.95 ABBK 11.00 N 03/14/97 0.31 12.7 0.41 0.76 11.32 ABCL 5.72 N 03/14/97 0.26 20.8 0.36 0.66 7.72 ABCW 11.06 N 03/14/97 0.80 12.5 0.91 0.99 16.05 AFCB 8.70 N 03/14/97 0.49 12.7 0.53 1.06 10.84 AFFFZ 19.46 N 03/14/97 0.44 2.3 3.51 4.72 63.21 AHM 4.53 N 03/14/97 2.07 15.3 0.66 0.73 16.58 ALBK 8.20 N 03/14/97 0.66 13.6 0.64 1.03 11.30 ANBK 2.16 N 03/14/97 NA 15.8 0.22 0.64 6.81 ANDB 14.08 N 03/14/97 1.21 11.6 0.59 1.07 13.44 ASBI 5.40 N 03/14/97 0.41 16.4 0.24 0.90 8.20 ASBP 2.72 N 03/14/97 1.60 19.6 0.15 1.11 5.83 ASFC 6.38 N 03/14/97 0.53 15.8 0.63 0.75 9.37 BANC 10.90 N 03/14/97 0.72 15.5 0.22 0.21 3.06 BDJI 2.45 N 03/14/97 0.22 16.2 0.29 0.71 6.25 BFD 3.32 N 03/14/97 NA 23.3 0.18 0.60 5.53 BFSB 7.02 N 03/14/97 0.03 14.7 0.33 1.10 7.73 BKC 14.40 N 03/14/97 2.20 16.7 0.48 1.26 14.59 BKCT 11.73 N 03/14/97 1.03 13.5 0.44 1.24 11.84 BKUNA 2.35 N 03/14/97 0.66 20.9 0.13 0.62 7.38 BSBC 11.77 N 03/14/97 1.92 14.3 0.07 1.15 12.63 BVFS 5.39 N 03/14/97 0.73 15.4 0.85 0.58 9.79 BWFC 4.12 N 03/14/97 0.05 24.0 0.12 1.04 6.25 CAFI 9.19 N 03/14/97 0.35 13.7 0.32 1.05 10.82 CAPS 6.65 N 03/14/97 0.12 12.1 0.28 0.92 10.88 CARV (0.28) N 03/14/97 0.41 36.2 0.07 0.16 1.75 CASB 8.16 N 03/14/97 0.57 23.0 0.19 0.53 8.76 CASH 6.38 N 03/14/97 0.75 12.7 0.33 1.01 8.78 CBCI 6.56 N 03/14/97 1.57 13.5 0.66 1.35 8.39 CBNH 12.84 N 03/14/97 0.44 14.1 0.44 0.95 12.77 CBSA 7.48 N 03/14/97 0.56 12.3 0.56 0.45 13.95 CBSB 5.72 N 03/14/97 0.54 14.5 0.28 1.21 8.12 CEBK 5.92 N 03/14/97 1.67 10.4 0.44 0.99 9.82 CENF 10.88 N 03/14/97 1.46 16.9 0.48 0.50 9.77 CFB 11.05 N 03/14/97 1.02 12.9 0.71 0.90 15.97 CFCP 14.38 N 03/14/97 0.19 19.0 0.31 1.12 18.06 CFFC 7.50 N 03/14/97 0.35 12.8 0.46 1.41 10.23 CFSB 8.54 N 03/14/97 0.24 13.0 0.41 1.06 13.94 CFX 9.58 N 03/14/97 0.68 13.8 0.31 1.18 13.67 CIBI 4.99 N 03/14/97 0.69 12.0 0.36 0.91 7.81 CKFB 4.87 N 03/14/97 0.52 21.5 0.22 1.31 5.19 CMRN 4.39 N 03/14/97 0.13 17.1 0.24 1.35 5.46 CMSV 5.37 N 03/14/97 0.63 22.2 0.22 0.71 6.11 CNIT 5.61 N 03/14/97 0.77 14.2 0.79 (0.07) (0.96) COFI 13.89 N 03/14/97 0.26 13.4 0.85 1.24 18.54 CSA 2.56 N 03/14/97 1.43 22.6 0.50 0.45 9.20 CTBK 9.54 N 03/14/97 1.61 11.6 0.43 0.72 10.85 CTZN 7.68 N 03/14/97 0.52 13.6 0.65 0.83 12.72 CVAL 6.72 N 03/14/97 0.64 13.8 0.39 0.92 10.36 CZF 4.30 N 03/14/97 0.22 20.6 0.17 (0.45) (2.73) DFIN 3.09 N 03/14/97 0.15 33.0 0.11 0.67 2.94 DIBK 22.19 N 03/14/97 0.50 8.3 0.61 1.90 22.36 DME 10.36 N 03/14/97 2.20 13.5 0.32 0.63 12.05 DNFC 11.58 N 03/14/97 0.55 11.9 0.38 0.90 16.05 DSL 5.34 N 03/14/97 1.19 17.1 0.33 0.69 9.03 EBSI 6.63 N 03/14/97 0.88 15.4 0.28 0.75 8.43 EFBI 4.71 N 03/14/97 0.01 15.9 0.26 1.15 8.59
SOURCE: SNL & F&C CALCULATIONS 37 47 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ EGFC 13.49 N 03/14/97 1.20 12.0 0.61 0.83 11.37 EIRE 9.38 N 03/14/97 0.26 12.6 0.39 0.83 12.16 EMLD 8.38 N 03/14/97 0.11 12.5 0.49 1.11 14.29 EQSB 8.08 N 03/14/97 0.73 10.7 0.81 0.73 14.81 ESBK 4.43 N 03/14/97 0.84 18.1 0.27 0.36 5.64 FBBC 6.75 N 03/14/97 0.10 15.2 0.27 1.24 7.57 FBCI 4.37 N 03/14/97 0.65 16.3 0.30 0.69 6.77 FBHC 3.47 N 03/14/97 1.18 17.3 0.34 0.60 9.41 FBSI 5.19 N 03/14/97 0.04 13.9 0.36 1.37 9.21 FCME 45.72 N 03/14/97 2.24 9.8 0.25 0.89 18.95 FDEF 3.26 N 03/14/97 0.41 27.6 0.12 0.87 3.93 FED 4.22 N 03/14/97 1.78 10.4 0.62 0.64 14.05 FESX 14.37 N 03/14/97 0.62 11.1 0.36 1.23 16.33 FFBI (2.04) N 03/14/97 0.14 16.9 0.23 (0.59) (7.34) FFBS 5.72 N 03/14/97 0.32 17.7 0.31 1.50 7.70 FFBZ 10.08 N 03/14/97 0.66 18.2 0.24 0.90 11.97 FFCH 8.24 N 03/14/97 1.10 13.6 0.52 0.86 14.13 FFES 6.91 N 03/14/97 0.42 14.8 0.48 0.49 7.81 FFFC 6.68 N 03/14/97 0.36 16.4 0.35 1.34 9.33 FFHC 12.48 N 03/14/97 0.28 13.7 0.49 1.37 18.81 FFHH 4.02 N 03/14/97 0.04 18.0 0.24 0.81 6.24 FFHS 1.35 N 03/14/97 0.39 15.5 0.29 0.09 0.98 FFIC 4.89 N 03/14/97 NA 20.8 0.23 0.90 5.16 FFKY 8.76 N 03/14/97 0.10 15.8 0.33 1.53 11.17 FFLC 3.94 N 03/14/97 0.30 20.3 0.32 0.94 5.92 FFSL 4.84 N 03/14/97 0.34 19.6 0.15 0.62 5.61 FFSW 14.27 N 03/14/97 0.39 49.3 0.19 1.16 18.01 FFSX 4.90 N 03/14/97 0.15 18.3 0.42 0.69 8.50 FFWC 8.36 N 03/14/97 0.11 11.0 0.59 1.09 10.79 FFWD 6.68 N 03/14/97 0.02 13.5 0.31 1.24 9.55 FFYF 4.74 N 03/14/97 0.86 17.5 0.36 1.27 7.38 FGHC 6.79 N 03/14/97 1.21 21.2 0.09 0.81 10.10 FIBC 4.78 N 03/14/97 3.62 13.1 0.34 0.90 9.20 FISB 10.23 N 03/14/97 1.78 16.8 0.39 1.17 12.62 FKFS 5.93 N 03/14/97 2.42 10.9 0.50 0.84 10.86 FLFC 11.32 N 03/14/97 0.83 18.2 0.31 1.00 15.15 FMCO 9.05 N 03/14/97 1.20 9.0 0.55 1.06 16.36 FMSB 15.33 N 03/14/97 NA 12.7 0.40 0.99 15.05 FNGB 4.61 N 03/14/97 0.15 16.0 0.29 0.91 8.04 FOBC 5.70 N 03/14/97 0.17 14.0 0.34 0.99 8.51 FRC 10.86 N 03/14/97 1.32 17.7 0.34 0.65 11.43 FSBI 6.98 N 03/14/97 0.42 13.6 0.44 0.80 11.48 FSFC (0.08) N 03/14/97 0.10 14.8 0.18 0.97 9.57 FSLA 5.15 N 03/14/97 0.72 17.3 0.31 0.95 10.22 FSPG 13.77 N 03/14/97 0.83 10.9 0.41 0.93 14.20 FSTC 19.36 N 03/14/97 NA 11.2 0.56 1.80 19.58 FTF 7.41 N 03/14/97 0.08 11.6 0.36 1.50 9.39 FTFC 10.18 N 03/14/97 0.12 12.6 0.56 (0.02) (0.25) FTSB 2.32 N 03/14/97 1.68 16.3 0.18 1.16 6.58 FWWB 5.71 N 03/14/97 0.22 17.0 0.29 1.30 8.48 GBCI 14.25 N 03/14/97 0.09 13.3 0.45 0.82 8.66 GDW 16.75 N 03/14/97 1.43 13.3 1.30 0.81 13.13 GFCO 3.28 N 03/14/97 0.21 14.7 0.39 0.72 7.63 GFSB 8.10 N 03/14/97 1.65 11.0 0.49 1.14 9.93 GLN 3.66 N 03/14/97 1.69 21.5 0.30 0.61 9.92 GPT 8.97 N 03/14/97 2.89 18.2 0.78 1.02 9.46 GRTR 7.55 N 03/14/97 7.84 22.6 0.18 0.80 8.38
SOURCE: SNL & F&C CALCULATIONS 38 48 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ GSBC 14.24 N 03/14/97 1.75 13.1 0.33 1.76 19.00 GSLC 7.77 N 03/14/97 1.94 80.2 0.03 0.63 11.16 GTFN 7.00 N 03/14/97 0.41 20.4 0.38 0.96 9.92 GUPB 3.68 N 03/14/97 0.15 23.9 0.17 0.72 3.99 GWBC 2.99 N 03/14/97 0.12 19.8 0.18 1.10 4.34 HALL 5.81 N 03/14/97 0.02 11.7 0.40 0.58 8.28 HARB 10.74 N 03/14/97 0.57 15.2 0.61 1.17 14.41 HARL 9.33 N 03/14/97 0.04 10.8 0.48 1.00 16.02 HAVN 9.83 N 03/14/97 0.94 11.8 0.75 0.89 14.05 HBFW 3.36 N 03/14/97 - 19.7 0.26 0.80 5.66 HBNK 1.92 N 03/14/97 2.51 12.0 0.50 0.96 13.46 HBS 4.57 N 03/14/97 2.33 12.2 0.35 (0.04) (0.26) HFFB 3.52 N 03/14/97 - 21.2 0.19 1.34 4.92 HFFC 6.67 N 03/14/97 0.54 12.5 0.39 0.92 9.99 HFGI 7.42 N 03/14/97 0.23 11.4 0.23 0.44 10.32 HFSA 2.82 N 03/14/97 0.18 15.9 0.24 0.93 5.92 HIFS 11.06 N 03/14/97 0.59 10.3 0.46 1.22 12.57 HMCI 1.72 N 03/14/97 3.51 28.5 0.18 0.41 6.76 HMNF 4.82 N 03/14/97 0.06 18.3 0.30 0.93 6.09 HOMF 12.18 N 03/14/97 0.54 12.2 0.56 1.35 16.41 HPBC 15.84 N 03/14/97 0.04 10.1 0.44 1.74 16.28 HRBF 2.35 N 03/14/97 0.36 21.3 0.20 0.61 4.71 HRZB 9.70 N 03/14/97 - 11.7 0.32 1.63 10.36 HTHR 16.58 N 03/14/97 10.58 NM (0.11) (1.09) (32.90) HVFD 5.21 N 03/14/97 0.78 13.2 0.43 0.96 11.56 IFSB 1.98 N 03/14/97 2.37 13.5 0.16 (0.55) (8.17) INBI 3.62 N 03/14/97 0.16 15.3 0.21 1.68 8.86 IPSW 20.14 N 03/14/97 2.02 13.6 0.29 1.24 20.61 ISBF 4.49 N 03/14/97 0.37 22.1 0.29 0.91 6.50 ITLA 12.86 N 03/14/97 1.56 11.7 0.35 1.46 12.84 IWBK 11.92 N 03/14/97 0.68 16.1 0.52 1.15 17.45 JSBA 3.21 N 03/14/97 1.02 14.3 0.51 (1.01) (13.85) JSBF 7.91 N 03/14/97 NA 17.7 0.58 1.92 8.79 KFBI 3.55 N 03/14/97 0.03 23.9 0.19 1.11 4.90 KNK 4.95 N 03/14/97 0.60 12.9 0.52 0.91 8.90 KSAV 5.94 N 03/14/97 0.27 14.1 0.38 1.11 7.96 KSBK 13.70 N 03/14/97 1.37 7.1 0.99 0.85 12.28 KYF 3.88 N 03/14/97 - 16.3 0.18 1.05 5.33 LARK 4.91 N 03/14/97 0.23 17.0 0.29 1.19 7.99 LARL 10.45 N 03/14/97 0.60 11.4 0.46 1.54 14.51 LFED 4.75 N 03/14/97 - 22.1 0.21 1.05 6.55 LIFB 5.52 N 03/14/97 0.44 14.6 0.34 0.90 8.56 LISB 6.22 N 03/14/97 1.08 19.9 0.44 0.87 9.10 LOGN 5.09 N 03/14/97 0.52 16.8 0.22 1.40 7.02 LSBI 4.77 N 03/14/97 1.37 13.5 0.37 0.79 8.31 LSBX 20.74 N 03/14/97 0.56 6.0 0.41 2.11 25.30 LVSB 13.98 N 03/14/97 1.14 23.9 0.35 2.09 20.52 MAFB 9.57 N 03/14/97 0.40 11.9 0.83 1.14 14.80 MARN 4.90 N 03/14/97 1.04 16.1 0.33 1.51 6.66 MASB 10.65 N 03/14/97 0.24 12.6 0.83 1.08 10.45 MBB 0.83 N 03/14/97 0.78 17.0 0.27 (0.41) (8.02) MBB 0.83 N 03/14/97 0.78 17.0 0.27 (0.41) (8.02) MBLF 4.86 N 03/14/97 0.26 14.0 0.37 0.93 7.43 MCBN 4.50 N 03/14/97 0.34 9.7 0.49 0.85 9.79 MCBS 8.88 N 03/14/97 0.14 11.7 0.56 1.25 11.77 MDBK 11.72 N 03/14/97 0.36 12.6 0.55 1.05 11.70 MERI 7.36 N 03/14/97 0.29 12.3 0.72 1.01 13.56
SOURCE: SNL & F&C CALCULATIONS 39 49 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ MFBC 2.93 N 03/14/97 - 18.2 0.26 0.86 5.30 MFFC 3.24 N 03/14/97 0.17 24.6 0.14 0.88 5.28 MFLR 9.67 N 03/14/97 0.97 19.0 0.26 1.01 10.37 MFSL 6.48 N 03/14/97 0.42 7.6 1.22 0.17 2.16 MGNL 13.90 N 03/14/97 2.47 12.8 0.37 1.72 17.46 MIVI 3.63 N 03/14/97 0.26 18.0 0.21 0.98 5.32 MLBC 9.21 N 03/14/97 0.84 20.7 0.21 0.63 8.43 MSBF 6.07 N 03/14/97 0.47 12.8 0.41 1.54 7.93 MWBI 6.61 N 03/14/97 0.68 10.9 0.68 0.82 11.63 MWBX 17.97 N 03/14/97 1.00 9.9 0.13 1.45 17.82 MWFD 11.26 N 03/14/97 0.24 17.2 0.26 0.21 2.45 NASB 16.09 N 03/14/97 NA 10.2 0.93 1.17 16.29 NEBC 5.49 N 03/14/97 1.34 12.2 0.28 0.90 11.97 NEIB 4.97 N 03/14/97 0.20 13.4 0.28 0.57 3.16 NHTB 3.15 N 03/14/97 0.59 NM 0.01 0.04 0.54 NMSB 7.49 N 03/14/97 1.55 16.5 0.14 0.84 7.84 NSSB 8.91 N 03/14/97 1.09 15.9 0.33 1.13 10.26 NSSY 10.27 N 03/14/97 1.99 11.8 0.54 0.82 11.66 NTMG 4.83 N 03/14/97 1.35 26.3 0.07 (0.67) (12.87) NWEQ 5.88 N 03/14/97 1.52 12.5 0.28 1.04 8.47 NWSB 6.95 N 03/14/97 0.91 20.4 0.19 1.02 10.32 NYB 21.81 N 03/14/97 1.29 13.2 0.59 1.39 26.29 OCWN 31.08 N 03/14/97 4.37 10.0 0.83 4.35 52.80 OFCP 3.11 N 03/14/97 0.18 18.2 0.28 (0.56) (5.68) OHSL 4.60 N 03/14/97 0.01 18.3 0.30 (0.37) (3.14) PBCI 5.25 N 03/14/97 2.23 15.3 0.34 1.20 8.08 PBCT 13.87 N 03/14/97 1.33 21.5 0.41 1.13 13.56 PBKB 13.03 N 03/14/97 0.95 18.0 0.17 0.74 12.44 PBNB 8.92 N 03/14/97 0.55 17.6 0.44 0.76 7.70 PCBC 3.69 N 03/14/97 - 18.3 0.26 1.43 7.65 PCCI 13.14 N 03/14/97 1.83 13.2 0.26 1.11 12.99 PDB (0.77) N 03/14/97 0.62 NM (0.16) (4.50) (22.16) PEEK 3.78 N 03/14/97 0.60 23.2 0.16 1.21 4.33 PERM 2.37 N 03/14/97 1.08 17.9 0.31 0.69 7.17 PERT 6.85 N 03/14/97 0.26 17.1 0.38 1.08 7.69 PETE 13.39 N 03/14/97 1.04 9.2 0.47 0.96 14.77 PFDC 7.26 N 03/14/97 0.34 13.7 0.41 1.34 8.82 PFNC 6.58 N 03/14/97 0.91 14.0 0.16 0.75 14.51 PFSB 6.39 N 03/14/97 0.78 12.4 0.51 0.82 10.51 PFSL 9.15 N 03/14/97 0.26 14.3 0.35 0.62 10.14 PHBK 14.41 N 03/14/97 0.86 12.5 0.63 1.33 16.97 PKPS 2.02 N 03/14/97 4.14 17.4 0.09 0.57 6.91 PLE 6.55 N 03/14/97 1.56 11.9 0.45 0.92 11.83 PSAB 5.75 N 03/14/97 NA 44.3 0.12 (0.39) (4.82) PSBK 13.13 N 03/14/97 0.85 12.1 0.50 0.87 10.57 PTRS 0.27 N 03/14/97 2.20 25.0 0.20 (1.06) (12.06) PULB 4.46 N 03/14/97 NA 22.4 0.19 1.08 8.49 PULS 7.60 N 03/14/97 0.61 10.5 0.43 1.06 14.02 PVFC 14.87 N 03/14/97 0.53 8.9 0.47 1.36 20.42 PVSA 10.67 N 03/14/97 0.30 11.5 0.62 1.12 15.44 PWBC 5.47 N 03/14/97 0.59 13.0 0.26 0.58 7.92 QCBC 2.87 N 03/14/97 1.51 15.0 0.32 0.67 7.48 QCFB 6.18 N 03/14/97 NA 10.8 0.44 0.39 2.11 QCSB 10.10 N 03/14/97 0.55 28.9 0.50 1.15 7.51 RARB 11.71 N 03/14/97 0.38 10.9 0.57 1.05 13.49 RCSB 12.39 N 03/14/97 0.64 14.3 0.59 0.96 11.98 RELY 6.00 N 03/14/97 0.86 14.2 0.43 0.83 10.12
SOURCE: SNL & F&C CALCULATIONS 40 50 FERGUSON & COMPANY EXHIBIT II - SELECTED PUBLICLY HELD THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ ROSE 16.03 N 03/14/97 0.47 10.9 0.81 0.98 15.49 RVSB 8.87 N 03/14/97 0.28 15.9 0.28 1.10 10.18 SECP 6.02 N 03/14/97 0.11 14.2 1.49 1.57 9.93 SFED 3.22 N 03/14/97 0.61 12.0 0.36 (0.30) (2.31) SFFC 5.29 N 03/14/97 0.79 13.7 0.34 1.24 6.96 SFSB 4.04 N 03/14/97 0.25 14.8 0.38 0.66 10.05 SFSL 9.99 N 03/14/97 0.25 12.5 0.37 1.33 14.39 SHEN 6.43 N 03/14/97 0.43 11.6 0.53 1.17 10.16 SISB 20.91 N 03/14/97 0.53 15.8 0.42 0.77 10.37 SMBC 4.56 N 03/14/97 0.61 14.9 0.27 1.06 6.65 SMFC 7.14 N 03/14/97 0.09 14.3 0.50 1.17 11.52 SOPN 5.18 N 03/14/97 0.08 16.7 0.30 1.77 7.02 SOSA 9.88 N 03/14/97 6.62 13.1 0.05 0.63 11.05 SPBC 6.85 N 03/14/97 0.15 15.6 0.45 1.01 11.40 STFR 7.31 N 03/14/97 0.32 16.7 0.46 0.89 10.09 STND 4.45 N 03/14/97 0.18 20.3 0.26 0.70 25.30 STSA 0.91 N 03/14/97 0.42 14.6 0.29 0.57 11.09 SVRN 12.66 N 03/14/97 0.54 14.3 0.23 0.80 18.81 SWBI 6.30 N 03/14/97 0.24 14.2 0.33 0.96 9.31 SWCB 11.47 N 03/14/97 1.00 12.5 0.62 1.08 13.48 TBK 9.84 N 03/14/97 2.42 8.5 0.45 0.74 11.07 TCB 16.13 N 03/14/97 0.69 15.5 0.72 1.64 20.49 THR 3.59 N 03/14/97 1.23 14.9 0.25 0.91 6.35 THRD 4.74 N 03/14/97 0.32 17.5 0.27 0.73 6.59 TPNZ 3.82 N 03/14/97 0.93 20.1 0.18 0.87 4.83 TRIC 4.87 N 03/14/97 0.05 12.9 0.36 1.09 8.20 TSBS 8.34 N 03/14/97 0.50 27.2 0.17 1.38 7.59 TSH 4.42 N 03/14/97 0.08 14.7 0.27 0.92 6.80 TWIN 4.69 N 03/14/97 0.26 52.8 0.09 0.38 3.02 UBMT 5.24 N 03/14/97 0.62 15.4 0.32 0.14 0.60 UFRM 3.38 N 03/14/97 1.01 NM (0.02) (1.32) (16.96) VFFC 17.69 N 03/14/97 1.98 15.2 0.24 1.10 13.85 WAMU 4.16 N 03/14/97 0.99 NM - (0.80) (16.80) WBST 12.23 N 03/14/97 0.80 13.1 0.74 0.78 15.00 WCBI 6.83 N 03/14/97 0.50 14.1 0.39 1.49 9.66 WEFC 4.21 N 03/14/97 NA 16.0 0.23 0.96 6.88 WFCO 8.96 N 03/14/97 0.39 10.4 0.30 1.04 14.35 WFSL 13.93 N 03/14/97 0.81 11.7 0.53 1.76 15.54 WRNB 20.56 N 03/14/97 1.76 8.0 0.49 2.20 23.34 WSB 5.82 N 03/14/97 NA 13.1 0.10 (1.00) (11.86) WSFS 21.19 N 03/14/97 2.23 10.9 0.27 1.18 19.07 WSTR 4.47 N 03/14/97 0.10 18.5 0.28 0.95 6.83 WVFC 7.78 N 03/14/97 0.33 12.1 0.52 1.31 10.44 YFED 6.57 N 03/14/97 1.58 14.2 0.32 0.98 12.37 Maximum 45.72 10.58 80.2 3.51 4.72 63.21 Minimum (2.04) - 2.3 (0.16) (4.50) (32.90) Average 7.93 0.86 15.9 0.39 0.89 9.39 Median 6.64 0.57 14.3 0.34 0.95 9.72
SOURCE: SNL & F&C CALCULATIONS 41 51 FERGUSON & COMPANY EXHIBIT III - SOUTHEAST SELECT - PUBLICLY HELD THRIFTS
Deposit Current Insurance Stock Agency Price Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) BANC BankAtlantic Bancorp, Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83 13.625 BFSB Bedford Bancshares, Inc. Bedford VA SE SAIF NASDAQ 08/22/94 19.375 BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85 10.875 CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90 23.500 CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88 23.500 CMSV Community Savings, MHC North Palm Beach FL SE SAIF NASDAQ 10/24/94 19.500 CNIT CENIT Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 08/06/92 45.000 EBSI Eagle Bancshares Tucker GA SE SAIF NASDAQ 04/01/86 17.250 FFBS FFBS BanCorp, Inc. Columbus MS SE SAIF NASDAQ 07/01/93 22.000 FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83 28.250 FFFC FFVA Financial Corp. Lynchburg VA SE SAIF NASDAQ 10/12/94 23.000 FFLC FFLC Bancorp, Inc. Leesburg FL SE SAIF NASDAQ 01/04/94 26.000 FGHC First Georgia Holding, Inc. Brunswick GA SE SAIF NASDAQ 02/11/87 7.625 FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83 22.500 FOBC Fed One Bancorp Wheeling WV SE SAIF NASDAQ 01/19/95 19.000 FSFC First Southeast Financial Corp Anderson SC SE SAIF NASDAQ 10/08/93 10.625 FSTC First Citizens Corporation Newnan GA SE SAIF NASDAQ 03/01/86 25.000 FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 16.750 GSLC Guaranty Financial Corp. Charlottesville VA SE SAIF NASDAQ NA 9.625 HARB Harbor Federal Savings Bk, MHC Fort Pierce FL SE SAIF NASDAQ 01/06/94 37.000 HBS Haywood Bancshares, Inc. Waynesville NC SE BIF AMSE 12/18/87 17.125 KSAV KS Bancorp, Inc. Kenly NC SE SAIF NASDAQ 12/30/93 21.500 LIFB Life Bancorp, Inc. Norfolk VA SE SAIF NASDAQ 10/11/94 19.875 MGNL Magna Bancorp, Inc. Hattiesburg MS SE SAIF NASDAQ 03/13/91 19.000 OCWN Ocwen Financial Corporation West Palm Beach FL SE SAIF NASDAQ NA 33.250 PDB Piedmont Bancorp, Inc. Hillsborough NC SE SAIF AMSE 12/08/95 10.750 PERT Perpetual Bank, MHC Anderson SC SE SAIF NASDAQ 10/26/93 26.000 PFSL Pocahontas FS&LA, MHC Pocahontas AR SE SAIF NASDAQ 04/05/94 20.000 PLE Pinnacle Bancshares, Inc. Jasper AL SE SAIF AMSE 12/17/86 21.500 SOPN First Savings Bancorp, Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94 20.000 TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95 19.000 UFRM United Federal Savings Bank Rocky Mount NC SE SAIF NASDAQ 07/01/80 8.625 VFFC Virginia First Financial Corp. Petersburg VA SE SAIF NASDAQ 01/01/78 14.625 Maximum 45.000 Minimum 7.625 Average 20.341 Median 19.875
SOURCE: SNL & F&C CALCULATIONS 42 52 FERGUSON & COMPANY EXHIBIT III - SOUTHEAST SELECT - PUBLICLY HELD THRIFTS
Tangible ROAA Current Price/ Current Current Current Total Equity/ Equity/ Core Before Market LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra Value Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) Ticker ($M) (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM BANC 317.94 17.7 179.5 193.3 11.6 0.85 2,170,480 6.4 6.0 0.77 0.85 BFSB 22.16 12.7 113.4 113.4 17.1 2.48 129,601 14.3 14.3 1.53 1.06 BKUNA 92.70 24.2 143.3 178.9 6.5 - 1,329,044 7.4 6.6 0.45 0.40 CFCP 81.12 20.1 280.4 280.4 17.9 1.87 453,955 6.4 6.4 1.17 0.88 CFFC 29.90 13.9 130.3 130.3 17.9 2.38 166,664 13.8 13.8 1.69 1.04 CMSV 95.74 16.0 125.8 125.8 14.6 4.10 655,209 11.6 11.6 1.22 0.64 CNIT 73.51 18.6 152.3 167.2 10.7 2.22 685,962 7.0 6.5 2.42 0.40 EBSI 78.53 15.0 135.4 135.4 11.8 3.48 666,166 8.7 8.7 1.15 0.59 FFBS 34.44 18.8 131.9 131.9 27.1 2.27 127,125 19.4 19.4 1.17 1.13 FFCH 178.13 14.7 184.9 184.9 11.3 2.55 1,582,274 6.1 6.1 1.92 0.52 FFFC 107.93 17.6 135.0 138.0 20.2 1.74 533,826 14.0 13.7 1.31 1.05 FFLC 63.38 20.5 118.2 118.2 18.3 1.85 346,442 15.5 15.5 1.27 0.65 FGHC 23.27 18.6 193.5 216.0 15.5 0.70 150,551 8.0 7.2 0.41 0.56 FLFC 160.44 16.8 196.2 223.2 13.2 1.78 1,212,681 7.4 6.6 1.34 0.80 FOBC 46.72 14.6 112.6 118.4 13.7 3.05 341,897 11.7 11.2 1.30 0.69 FSFC 46.62 15.0 138.2 138.2 14.3 1.88 326,013 10.4 10.4 0.71 (0.01) FSTC 40.44 9.9 164.7 209.4 15.4 1.76 257,288 9.4 7.5 2.52 2.04 FTF 30.71 10.6 116.9 116.9 18.8 2.69 163,571 16.1 16.1 1.58 1.39 GSLC 8.89 18.2 133.9 133.9 7.7 1.04 116,177 5.7 5.7 0.53 0.46 HARB 182.74 15.3 208.5 217.1 17.2 3.78 1,060,339 8.3 8.0 2.42 0.91 HBS 20.56 15.3 102.4 106.6 15.7 3.27 130,859 15.3 14.8 1.12 0.70 KSAV 14.26 13.5 103.9 104.0 14.1 2.79 100,840 13.6 13.6 1.59 0.88 LIFB 195.71 16.8 129.7 133.9 13.8 2.21 1,419,762 10.6 10.3 1.18 0.68 MGNL 261.08 12.3 200.4 208.8 19.5 3.16 1,341,985 9.7 9.4 1.55 1.37 OCWN 889.24 21.7 436.9 436.9 35.8 - 2,483,685 8.2 8.2 1.53 2.49 PDB 29.57 23.9 150.6 150.6 23.6 3.72 125,086 15.7 15.7 0.45 (0.21) PERT 39.12 19.1 132.1 132.1 17.5 4.62 223,000 13.3 13.3 1.36 0.76 PFSL 32.56 14.2 139.7 139.7 8.7 4.50 373,084 6.3 6.3 1.41 0.55 PLE 19.13 12.6 125.2 129.4 9.8 3.72 195,502 7.8 7.6 1.71 0.51 SOPN 73.78 18.4 110.9 110.9 27.8 4.00 265,888 25.0 25.0 1.09 1.34 TWIN 16.22 17.8 121.2 121.2 15.4 3.37 105,263 12.7 12.7 1.07 0.62 UFRM 26.44 21.0 133.9 133.9 10.0 2.32 263,582 7.5 7.5 0.41 0.27 VFFC 84.67 15.9 133.1 138.2 10.5 0.68 808,545 7.9 7.6 0.92 1.42 Maximum 889.24 24.2 436.9 436.9 35.8 4.62 2,483,685 25.0 25.0 2.52 2.49 Minimum 8.89 9.9 102.4 104.0 6.5 - 100,840 5.7 5.7 0.41 (0.21) Average 103.57 16.7 155.0 161.1 15.8 2.45 615,526 10.9 10.7 1.28 0.83 Median 46.72 16.8 133.9 135.4 15.4 2.38 341,897 9.7 9.4 1.27 0.70
SOURCE: SNL & F&C CALCULATIONS 43 53 FERGUSON & COMPANY EXHIBIT III - SOUTHEAST SELECT - PUBLICLY HELD THRIFTS
ROACE ROAA ROACE Before NPAs/ Price/ Core Before Before Extra Merger Current Assets Core EPS Extra Extra (%) Target? Pricing (%) EPS ($) (%) (%) Ticker LTM (Y/N) Date MRQ (x) MRQ MRQ MRQ BANC 10.90 N 03/14/97 0.72 15.5 0.22 0.21 3.06 BFSB 7.02 N 03/14/97 0.03 14.7 0.33 1.10 7.73 BKUNA 2.35 N 03/14/97 0.66 20.9 0.13 0.62 7.38 CFCP 14.38 N 03/14/97 0.19 19.0 0.31 1.12 18.06 CFFC 7.50 N 03/14/97 0.35 12.8 0.46 1.41 10.23 CMSV 5.37 N 03/14/97 0.63 22.2 0.22 0.71 6.11 CNIT 5.61 N 03/14/97 0.77 14.2 0.79 (0.07) (0.96) EBSI 6.63 N 03/14/97 0.88 15.4 0.28 0.75 8.43 FFBS 5.72 N 03/14/97 0.32 17.7 0.31 1.50 7.70 FFCH 8.24 N 03/14/97 1.10 13.6 0.52 0.86 14.13 FFFC 6.68 N 03/14/97 0.36 16.4 0.35 1.34 9.33 FFLC 3.94 N 03/14/97 0.30 20.3 0.32 0.94 5.92 FGHC 6.79 N 03/14/97 1.21 21.2 0.09 0.81 10.10 FLFC 11.32 N 03/14/97 0.83 18.2 0.31 1.00 15.15 FOBC 5.70 N 03/14/97 0.17 14.0 0.34 0.99 8.51 FSFC (0.08) N 03/14/97 0.10 14.8 0.18 0.97 9.57 FSTC 19.36 N 03/14/97 NA 11.2 0.56 1.80 19.58 FTF 7.41 N 03/14/97 0.08 11.6 0.36 1.50 9.39 GSLC 7.77 N 03/14/97 1.94 80.2 0.03 0.63 11.16 HARB 10.74 N 03/14/97 0.57 15.2 0.61 1.17 14.41 HBS 4.57 N 03/14/97 2.33 12.2 0.35 (0.04) (0.26) KSAV 5.94 N 03/14/97 0.27 14.1 0.38 1.11 7.96 LIFB 5.52 N 03/14/97 0.44 14.6 0.34 0.90 8.56 MGNL 13.90 N 03/14/97 2.47 12.8 0.37 1.72 17.46 OCWN 31.08 N 03/14/97 4.37 10.0 0.83 4.35 52.80 PDB (0.77) N 03/14/97 0.62 NM (0.16) (4.50) (22.16) PERT 6.85 N 03/14/97 0.26 17.1 0.38 1.08 7.69 PFSL 9.15 N 03/14/97 0.26 14.3 0.35 0.62 10.14 PLE 6.55 N 03/14/97 1.56 11.9 0.45 0.92 11.83 SOPN 5.18 N 03/14/97 0.08 16.7 0.30 1.77 7.02 TWIN 4.69 N 03/14/97 0.26 52.8 0.09 0.38 3.02 UFRM 3.38 N 03/14/97 1.01 NM (0.02) (1.32) (16.96) VFFC 17.69 N 03/14/97 1.98 15.2 0.24 1.10 13.85 Maximum 31.08 4.37 80.2 0.83 4.35 52.80 Minimum (0.77) 0.03 10.0 (0.16) (4.50) (22.16) Average 8.09 0.85 18.7 0.32 0.83 8.97 Median 6.68 0.60 15.2 0.33 0.97 8.56
SOURCE: SNL & F&C CALCULATIONS 44 54 FERGUSON & COMPANY EXHIBIT IV - ARKANSAS PUBLICLY TRADED THRIFTS
Deposit Current Current Insurance Stock Market Agency Price Value Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M) FFBH First Federal Bancshares of AR Harrison AR SE SAIF NASDAQ 05/03/96 19.500 100.50 FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 16.750 30.71 PFSL Pocahontas FS&LA, MHC Pocahontas AR SE SAIF NASDAQ 04/05/94 20.000 32.56 Maximum 20.000 100.50 Minimum 16.750 30.71 Average 18.750 54.59 Median 19.500 32.56
SOURCE: SNL & F&C CALCULATIONS 45 55 FERGUSON & COMPANY EXHIBIT IV - ARKANSAS PUBLICLY TRADED THRIFTS
Tangible ROAA ROACE Price/ Current Current Current Total Equity/ Equity/ Core Before Before LTM Price/ Price/T Price/ Dividend Assets Assets T Assets EPS Extra Extra Core EPS Book V Book V Assets Yield ($000) (%) (%) ($) (%) (%) Ticker (x) (%) (%) (%) (%) MRQ MRQ MRQ LTM LTM LTM FFBH NA 120.6 120.6 19.7 1.03 509,605 16.4 16.4 NA NA NA FTF 10.6 116.9 116.9 18.8 2.69 163,571 16.1 16.1 1.58 1.39 7.41 PFSL 14.2 139.7 139.7 8.7 4.50 373,084 6.3 6.3 1.41 0.55 9.15 Maximum 14.2 139.7 139.7 19.7 4.50 509,605 16.4 16.4 1.58 1.39 9.15 Minimum 10.6 116.9 116.9 8.7 1.03 163,571 6.3 6.3 1.41 0.55 7.41 Average 12.4 125.7 125.7 15.7 2.74 348,753 12.9 12.9 1.50 0.97 8.28 Median 12.4 120.6 120.6 18.8 2.69 373,084 16.1 16.1 1.50 0.97 8.28
SOURCE: SNL & F&C CALCULATIONS 46 56 FERGUSON & COMPANY EXHIBIT IV - ARKANSAS PUBLICLY TRADED THRIFTS
ROAA ROACE NPAs/ Price/ Core Before Before Merger Current Assets Core EPS Extra Extra Target? Pricing (%) EPS ($) (%) (%) Ticker (Y/N) Date MRQ (x) MRQ MRQ MRQ FFBH N 03/14/97 0.15 17.4 0.28 (0.21) (1.25) FTF N 03/14/97 0.08 11.6 0.36 1.50 9.39 PFSL N 03/14/97 0.26 14.3 0.35 0.62 10.14 Maximum 0.26 17.4 0.36 1.50 10.14 Minimum 0.08 11.6 0.28 (0.21) (1.25) Average 0.16 14.4 0.33 0.64 6.09 Median 0.15 14.3 0.35 0.62 9.39
SOURCE: SNL & F&C CALCULATIONS 47 57 FERGUSON & COMPANY EXHIBIT V - APPRAISAL EARNINGS APPRAISAL EARNINGS - HEARTLAND COMMUNITY BANK, CAMDEN, ARK. 31-DEC-96 Net Income June 30, 1996 224,989 ----------- Less: Net Income December 31, 1995 -410,962 ----------- Plus: Net Income December 31, 1996 -539,836 ----------- Net Income, Year ended Dec 31. 1996 -725,809 ----------- Add: Excess Loan Provision 160,000(1) Additional professional expenses related to name change etc. 150,000 SAIF Assessment 882,000 Loss on Sale of Securities 679,094 ----------- Total Adjustments 1,871,094 ----------- Tax effect at 37% combine 0.37 -692,305 ----------- 1,178,789 ----------- Appraisal Income LTM 452,980 ===========
(1) Excess provisions over the 15 BP provision made by comparable group. SOURCE AUDITED AND UNAUDITED FINANCIAL STATEMENTS. 48 58 FERGUSON & COMPANY EXHIBIT VI - RECENT CONVERSIONS (COMPLETED SINCE AUGUST 31, 1996)
Conversion Gross Assets Proceeds Ticker Short Name State IPO Date ($000) ($000) EFBC Empire Federal Bancorp, Inc. MT 01/27/97 86,810 25,921 FAB FirstFed America Bancorp, Inc. MA 01/15/97 723,778 87,126 RSLN Roslyn Bancorp, Inc. NY 01/13/97 1,596,744 423,714 AFBC Advance Financial Bancorp WV 01/02/97 91,852 10,845 HCFC Home City Financial Corp. OH 12/30/96 55,728 9,522 CENB Century Bancorp, Inc. NC 12/23/96 81,304 20,367 SCBS Southern Community Bancshares AL 12/23/96 64,381 11,374 BFFC Big Foot Financial Corp. IL 12/20/96 194,624 25,128 RIVR River Valley Bancorp IN 12/20/96 86,604 11,903 PSFI PS Financial, Inc. IL 11/27/96 53,520 21,821 CFNC Carolina Fincorp, Inc. NC 11/25/96 94,110 18,515 DCBI Delphos Citizens Bancorp, Inc. OH 11/21/96 88,022 20,387 FTNB Fulton Bancorp, Inc. MO 10/18/96 85,496 17,193 CNBA Chester Bancorp, Inc. IL 10/08/96 134,781 21,821 SSFC South Street Financial Corp. NC 10/03/96 166,978 44,965 AFED AFSALA Bancorp, Inc. NY 10/01/96 133,046 14,548 CBES CBES Bancorp, Inc. MO 09/30/96 86,168 10,250 WEHO Westwood Homestead Fin. Corp. OH 09/30/96 96,638 28,434 HBEI Home Bancorp of Elgin, Inc. IL 09/27/96 304,520 70,093 PFFC Peoples Financial Corp. OH 09/13/96 78,078 14,910 Maximum 1,596,744 423,714 Minimum 53,520 9,522 Average 215,159 45,442 Median 89,937 20,377
SOURCE: SNL & F&C CALCULATIONS 49 59 FERGUSON & COMPANY EXHIBIT VI - RECENT CONVERSIONS (COMPLETED SINCE AUGUST 31, 1996)
CONVERSION PRICING RATIOS ----------------------------------------- Price/ Price/ Price/ Current Current Current Offering Pro-Forma Pro-Forma Adjusted Stock Price/ Price/ T Price Book Value Earnings Assets Price Book V Book V Ticker ($) (%) (x) (%) ($) (%) (%) EFBC 10.000 68.1 21.5 23.0 13.500 NA NA FAB 10.000 72.0 13.6 10.7 14.875 NA NA RSLN 10.000 72.0 9.3 21.0 18.000 NA NA AFBC 10.000 71.1 16.8 10.6 14.250 NA NA HCFC 10.000 71.2 13.7 14.6 13.625 85.4 85.4 CENB 50.000 72.1 18.9 20.0 66.000 91.0 91.0 SCBS 10.000 74.4 14.5 15.0 13.375 95.3 95.3 BFFC 10.000 72.7 33.1 11.4 14.125 NA NA RIVR 10.000 73.0 15.2 12.1 14.250 NA NA PSFI 10.000 71.9 17.2 29.0 13.875 NA NA CFNC 10.000 77.0 17.2 16.4 14.625 104.0 104.0 DCBI 10.000 72.2 14.6 18.8 13.750 93.7 93.7 FTNB 10.000 72.5 14.6 16.7 18.375 128.0 128.0 CNBA 10.000 72.1 18.8 13.9 15.000 NA NA SSFC 10.000 76.3 26.1 21.2 16.625 122.9 122.9 AFED 10.000 71.7 13.7 9.9 14.125 91.0 91.2 CBES 10.000 61.1 13.2 10.6 16.625 98.4 98.4 WEHO 10.000 73.8 NA 22.7 13.625 96.9 96.9 HBEI 10.000 72.6 24.9 18.7 15.125 106.1 106.1 PFFC 10.000 64.3 28.6 16.0 15.500 95.9 95.9 Maximum 50.000 77.0 33.1 29.0 66.000 128.0 128.0 Minimum 10.000 61.1 9.3 9.9 13.375 85.4 85.4 Average 12.000 71.6 18.2 16.6 17.463 100.7 100.7 Median 10.000 72.1 16.8 16.2 14.438 96.4 96.4
SOURCE: SNL & F&C CALCULATIONS 50 60 FERGUSON & COMPANY EXHIBIT VI - RECENT CONVERSIONS (COMPLETED SINCE AUGUST 31, 1996)
POST CONVERSION PRICE INCREASE (DECREASE) Price One Price One Price One ------------------------------------------------- Day After Week After Month After One One One To Conversion Conversion Conversion Day Week Month Date Ticker ($) ($) ($) (%) (%) (%) (%) EFBC 13.250 13.500 13.750 32.5 35.0 37.5 35.0 FAB 13.625 14.125 14.875 36.3 41.3 48.8 48.8 RSLN 15.000 15.938 16.000 50.0 59.4 60.0 80.0 AFBC 12.875 12.938 14.000 28.8 29.4 40.0 42.5 HCFC NA 12.500 13.500 NA 25.0 35.0 36.3 CENB 62.625 66.000 65.125 25.3 32.0 30.3 32.0 SCBS 13.000 13.750 13.500 30.0 37.5 35.0 33.8 BFFC 12.313 12.500 13.875 23.1 25.0 38.8 41.3 RIVR 13.688 13.875 15.000 36.9 38.8 50.0 42.5 PSFI 11.641 11.688 12.500 16.4 16.9 25.0 38.8 CFNC 13.000 13.000 13.625 30.0 30.0 36.3 46.3 DCBI 12.125 12.125 12.063 21.3 21.3 20.6 37.5 FTNB 12.500 12.875 14.750 25.0 28.8 47.5 83.8 CNBA 12.938 12.625 12.625 29.4 26.3 26.3 50.0 SSFC NA 12.500 12.375 NA 25.0 23.8 66.3 AFED 11.375 11.313 11.563 13.8 13.1 15.6 41.3 CBES 12.625 13.438 13.250 26.3 34.4 32.5 66.3 WEHO 10.750 10.625 10.500 7.5 6.3 5.0 36.3 HBEI 11.813 12.500 12.625 18.1 25.0 26.3 51.3 PFFC 10.875 11.500 12.750 8.8 15.0 27.5 55.0 Maximum 62.625 66.000 65.125 50.0 59.4 60.0 83.8 Minimum 10.750 10.625 10.500 7.5 6.3 5.0 32.0 Average 15.334 15.466 15.913 25.5 28.3 33.1 48.2 Median 12.750 12.750 13.500 25.8 27.5 33.8 42.5
SOURCE: SNL & F&C CALCULATIONS 51 61 FERGUSON & COMPANY EXHIBIT VII - COMPARABLE PRICE CHANGES
Total Dec. 20, 1996 Current Number Assets Stock Stock of ($000) Price Price Ticker Short Name City State Offices Mst RctQ IPO Date ($) ($) CBCI Calumet Bancorp, Inc. Dolton IL 5 510,217 02/20/92 32.630 35.500 EQSB Equitable Federal Savings Bank Wheaton MD 4 286,637 09/10/93 26.880 34.500 FGHC First Georgia Holding, Inc. Brunswick GA 9 150,551 02/11/87 5.753 (1) 7.625 FKFS First Keystone Financial Media PA 5 310,695 01/26/95 19.380 21.875 FSPG First Home Bancorp, Inc. Pennsville NJ 10 498,399 04/20/87 14.625 (2) 17.875 LARL Laurel Capital Group, Inc. Allison Park PA 6 202,474 02/20/87 15.880 21.000 SFED SFS Bancorp, Inc. Schenectady NY 3 166,030 06/30/95 14.750 17.250 SHEN First Shenango Bancorp, Inc. New Castle PA 4 405,785 04/06/93 22.750 24.500 WCBI Westco Bancorp Westchester IL 1 310,992 06/26/92 21.500 22.000 WSB Washington Savings Bank, FSB Waldorf MD 4 255,049 NA 5.000 5.250 Maximum 10 510,217 32.63 35.500 Minimum 1 150,551 5.00 5.250 Average 5 309,683 17.91 20.738 Median 5 298,666 17.63 21.438
(1) Adjusted for a 3 for 2 stock split. (2) Adjusted for a 4 for 3 stock split. SOURCE: SNL SECURITIES INC., AND F&C CALCULATIONS. 52 62 FERGUSON & COMPANY Exhibit VII - Comparable Price Changes
% Increase Dec. 20, 1996 Current % Increase Stock Market Market Market Price Value Value Value Ticker (%) ($M) ($M) (%) CBCI 8.80 77.55 83.04 7.08 EQSB 28.35 16.13 20.70 28.33 FGHC 32.54 17.45 23.27 33.35 FKFS 12.87 25.04 26.86 7.27 FSPG 22.22 39.59 48.41 22.28 LARL 32.24 24.06 31.82 32.25 SFED 16.95 18.86 22.05 16.91 SHEN 7.69 51.37 50.47 (1.75) WCBI 2.33 55.92 56.48 1.00 WSB 5.00 21.10 22.16 5.02 ---------- ------------ Maximum 32.54 77.55 83.04 33.35 Minimum 2.33 16.13 20.70 (1.75) Average 16.90 34.71 38.53 15.18 Median 14.91 24.55 29.34 12.09 ---------- ------------
(1) Adjusted for a 3 for 2 stock split. (2) Adjusted for a 4 for 3 stock split. SOURCE: SNL SECURITIES INC., AND F&C CALCULATIONS. 53 63 FERGUSON & CO., LLP SECTION III EXHIBIT VIII - PRO FORMA COMPARISON CONVERTING INSTITUTION TO THE COMPARATIVE GROUP
Heartland Community Bank, Camden, Arkansas As of March 14, 1997 Ticker Name Price Mk Value PE P/Book P/TBook P/Assets Div Yld Assets Eq/A ($) ($Mil) (X) (%) (%) (%) (%) - (%) Heartland Com. Bank Before Conversion N/A N/A N/A N/A N/A N/A N/A 172,972 7.81 SuperMax 10.000 26.45 27.32 72.85 75.98 13.29 3.00 199,013 18.24 Maximum 10.000 23.00 25.62 69.13 72.39 11.74 3.00 195,976 16.98 Midpoint 10.000 20.00 23.92 65.30 68.65 10.34 3.00 193,337 15.84 Minimum 10.000 17.00 21.94 60.74 64.16 8.91 3.00 190,696 14.68 Comparative Group Averages 20.738 38.53 13.50 130.25 132.79 12.63 1.39 309,683 10.08 Medians 21.438 29.34 13.00 119.71 119.71 12.86 1.65 298,666 9.43 Arkansas Public Thrifts Averages 18.750 54.590 12.390 125.71 125.71 15.75 2.74 348,753 12.89 Medians 19.500 32.560 12.390 120.59 120.59 18.79 2.69 373,084 16.07 Southeast Region Thrifts Averages 20.341 103.57 16.70 154.99 161.12 15.85 2.45 615,526 10.94 Medians 19.875 46.72 16.79 133.93 135.40 15.41 2.38 341,897 9.71 All Public Thrifts Averages 22.280 207.43 16.30 139.52 146.58 13.80 1.97 1,650,581 10.47 Medians 19.813 54.47 15.90 132.31 136.42 12.77 1.98 423,403 8.96 Comparative Group CBCI Calumet Bancorp-IL 35.500 83.04 13.98 103.20 103.20 16.54 - 510,217 16.03 EQSB EquitableFSB-MD 34.500 20.70 11.39 144.47 144.47 7.22 - 286,637 5.00 FGHC FrstGeorgiaHldg-GA 7.625 23.27 18.60 193.53 216.01 15.46 0.70 150,551 8.01 FKFS FrstKeystoneFin-PA 21.875 26.86 12.02 121.33 121.33 9.10 0.91 310,695 7.50 FSPG FrstHomeBancorp-NJ 17.875 48.41 10.33 148.34 151.23 9.71 2.24 498,399 6.55 LARL LaurelCapitalGp-PA 21.000 31.82 11.86 146.75 146.75 15.72 2.10 202,474 10.71 SFED SFSBancorp-NY 17.250 22.05 17.25 104.17 104.17 13.28 1.39 166,030 12.75 SHEN FstShenangoBcp-PA 24.500 50.47 14.08 117.22 117.22 12.44 1.96 405,785 10.61 WCBI WestcoBancorp-IL 22.000 56.48 14.57 118.09 118.09 18.16 2.73 310,992 15.38 WSB WashingtonSvBk-MD 5.250 22.16 10.94 105.42 105.42 8.69 1.91 255,049 8.24
Note: Stock prices are closing prices or last trade. Pro forma calculations for Heartland are based on sales at $10 per share with a midpoint of $20,000,000. Sources: Heartlands' audited and unaudited financial statements, SNL Securities, and F&C calculations. SOURCE: SNL SECURITIES, INC. AND F&C CALCULATIONS. 54 64 FERGUSON & CO., LLP SECTION III EXHIBIT VIII - PRO FORMA COMPARISON CONVERTING INSTITUTION TO THE COMPARATIVE GROUP
Heartland Community Bank, Camden, Arkansas As of March 14, 1997 Ticker Name TEq/A EPS ROAA ROAE (%) ($) (%) (%) Heartland Com. Bank Before Conversion 6.96 N/A 0.29 3.29 SuperMax 17.49 0.37 0.53 2.65 Maximum 16.21 0.39 0.50 2.68 Midpoint 15.07 0.42 0.48 2.71 Minimum 13.89 0.46 0.45 2.74 Comparative Group Averages 9.99 1.60 0.74 7.39 Medians 9.43 1.74 0.69 6.68 Arkansas Public Thrifts Averages 12.89 1.50 0.97 8.28 Medians 16.07 1.50 0.97 8.28 Southeast Region Thrifts Averages 10.70 1.28 0.83 8.09 Medians 9.36 1.27 0.70 6.68 All Public Thrifts Averages 10.21 1.48 0.77 7.93 Medians 8.60 1.29 0.72 6.64 Comparative Group CBCI Calumet Bancorp-IL 16.03 2.54 1.08 6.56 EQSB EquitableFSB-MD 5.00 3.03 0.41 8.08 FGHC FrstGeorgiaHldg-GA 7.24 0.41 0.56 6.79 FKFS FrstKeystoneFin-PA 7.50 1.82 0.48 5.93 FSPG FrstHomeBancorp-NJ 6.43 1.73 0.90 13.77 LARL LaurelCapitalGp-PA 10.71 1.77 1.11 10.45 SFED SFSBancorp-NY 12.75 1.00 0.45 3.22 SHEN FstShenangoBcp-PA 10.61 1.74 0.82 6.43 WCBI WestcoBancorp-IL 15.38 1.51 1.06 6.83 WSB WashingtonSvBk-MD 8.24 0.48 0.48 5.82
SOURCE: SNL SECURITIES, INC. AND F&C CALCULATIONS. 55 65 FERGUSON & CO., LLP SECTION IV EXHIBIT IX COMPARISON AND PRICING RATIOS
Group Percent Premium Heartland Compared to (Discount) Versus Com. -------------------------- --------------------------- Bank Average Median Average Median --------- ----------- ----------- ----------- ------------ COMPARISON OF PE RATIO AT MIDPOINT TO: - --------------------------- Comparative group 23.92 13.50 13.00 77.19 84.00 Arkansas Thrifts 23.92 12.39 12.39 93.06 93.06 Southeast Region thrifts 23.92 16.71 16.79 43.15 42.47 All public thrifts 23.92 16.30 15.90 46.75 50.44 COMPARISON OF PE RATIO AT MAXIMUM TO: - --------------------------- Comparative group 25.62 13.50 13.00 89.78 97.08 Arkansas Thrifts 25.62 12.39 12.39 106.78 106.78 Southeast Region thrifts 25.62 16.71 16.79 53.32 52.59 All public thrifts 25.62 16.30 15.90 57.18 61.13 COMPARISON OF PE RATIO AT SUPERMAXIMUM TO: - --------------------------- Comparative group 27.32 13.50 13.00 102.37 110.15 Arkansas Thrifts 27.32 12.39 12.39 120.50 120.50 Southeast Region thrifts 27.32 16.71 16.79 63.49 62.72 All public thrifts 27.32 16.30 15.90 67.61 71.82 COMPARISON OF PB RATIO AT MIDPOINT TO: - --------------------------- Comparative group 65.30 130.25 119.71 (49.87) (45.45) Arkansas Thrifts 65.30 125.71 120.59 (48.06) (45.85) Southeast Region thrifts 65.30 154.99 133.93 (57.87) (51.24) All public thrifts 65.30 139.52 132.31 (53.20) (50.65) COMPARISON OF PB RATIO AT MAXIMUM TO: - --------------------------- Comparative group 69.13 130.25 119.71 (46.93) (42.25) Arkansas Thrifts 69.13 125.71 120.59 (45.01) (42.67) Southeast Region thrifts 69.13 154.99 133.93 (55.40) (48.38) All public thrifts 69.13 139.52 132.31 (50.45) (47.75) COMPARISON OF PB RATIO AT SUPERMAXIMUM TO: - --------------------------- Comparative group 72.58 130.25 119.71 (44.28) (39.37) Arkansas Thrifts 72.58 125.71 120.59 (42.26) (39.81) Southeast Region thrifts 72.58 154.99 133.93 (53.17) (45.81) All public thrifts 72.58 139.52 132.31 (47.98) (45.14)
SOURCE: SNL & F&C CALCULATIONS 56 66 FERGUSON & COMPANY EXHIBIT X PRO FORMA ASSUMPTIONS 1. Net proceeds from the conversion were invested at the beginning of the period at 5.51%, which was the approximate rate on the one-year treasury bill on December 31, 1996. This rate was selected because it is considered more representative of the rate the Bank is likely to earn. 2. Heartland Community Bank's ESOP will acquire 8% of the conversion stock with loan proceeds obtained from the Holding Company; therefore, there will be no interest expense. We assumed that the ESOP expense is 10% annually of the initial ESOP expense. 3. Heartland Community Bank's RP will acquire 4% of the stock through open market purchases at $10 per share and the expense is recognized ratably over five years as the shares vest. 4. All pro forma income and expense items are adjusted for income taxes at a combined state and federal rate of 37%. 5. In calculating the pro forma adjustments to net worth, the ESOP and RP are deducted in accordance with generally accepted accounting principles. 6. Earnings per share calculations have ignored AICPA OP 93-6. Calculating earnings per share under SOP 93-6 and assuming 10% of the ESOP shares are committed to be released and allocated to individual accounts at the beginning of the period would yield earnings per share of $0.49, $0.45, $0.42 and $0.39, and a price to earnings ratio of 21.94, 23.92, 25.62 and 27.32, at the minimum, midpoint, maximum and super maximum, respectively. 57 67 EXHIBIT X PRO FORMA EFFECT OF CONVERSION PROCEEDS AT THE MINIMUM OF THE CONVERSION VALUATION RANGE 31-DEC-96 HEARTLAND BANK, CAMDEN, ARKANSAS - ------------------------------------------------------------------------- 1. Conversion Proceeds Pro Forma Market Value (Minimum) $ 17,000,000 Less: Estimated Expenses (750,000) --------------- Net Conversion Proceeds $ 16,250,000 2. Estimated Additional Income From Conversion Proceeds Net Conversion Proceeds $ 16,250,000 Less: ESOP Contributions (1,360,000) MRP Contributions (680,000) --------------- Net Conversion Proceeds after ESOP & MRP $ 14,210,000 Estimated Incremental Rate of Return(1) 3.47% --------------- Estimated Additional Income $ 493,272 Less: ESOP Expense (85,680) MRP Expense (85,680) --------------- $ 321,912 ===============
3. Pro Forma Calculations Before Conversion After Period Conversion Results Conversion ----------------------------------------------------------------------- a. Pro Forma Earnings Twelve Months Ended 31-Dec-96 $ 452,980 $ 321,912 $ 774,892 b. Pro Forma Net Worth 31-Dec-96 $ 13,779,505 $ 14,210,000 $ 27,989,505 c. Pro Forma Net Assets 31-Dec-96 $ 176,486,743 $ 14,210,000 $ 190,696,743
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%. 58 68 EXHIBIT X PRO FORMA EFFECT OF CONVERSION PROCEEDS AT THE MIDPOINT OF THE CONVERSION VALUATION RANGE 31-DEC-96 HEARTLAND BANK, CAMDEN, ARKANSAS - ----------------------------------------------------------------------------- 1. Conversion Proceeds Pro Forma Market Valuation (Midpoint) $ 20,000,000 Less: Estimated Expenses (750,000) -------------- Net Conversion Proceeds $ 19,250,000 2. Estimated Additional Income From Conversion Proceeds Net Conversion Proceeds $ 19,250,000 Less: ESOP Contributions (1,600,000) MRP Contributions (800,000) -------------- Net Conversion Proceeds after ESOP & MRP $ 16,850,000 Estimated Incremental Rate of Return(1) 3.47% -------------- Estimated Additional Income $ 584,914 Less: ESOP Expense (100,800) MRP Expense (100,800) -------------- $ 383,314 ============== 3. Pro Forma Calculations
Before Conversion After Period Conversion Results Conversion ------------------------------------------------------------------- a. Pro Forma Earnings Twelve Months Ended 31-Dec-96 $ 452,980 $ 383,314 $ 836,294 b. Pro Forma Net Worth 31-Dec-96 $ 13,779,505 $ 16,850,000 $ 30,629,505 c. Pro Forma Net Assets 31-Dec-96 $176,486,743 $ 16,850,000 $193,336,743
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%. 59 69 EXHIBIT X PRO FORMA EFFECT OF CONVERSION PROCEEDS AT THE MAXIMUM OF THE CONVERSION VALUATION RANGE 31-DEC-96 HEARTLAND BANK, CAMDEN, ARKANSAS - ---------------------------------------------------------------------------- 1. Conversion Proceeds Pro Forma Market Valuation (Maximum) $ 23,000,000 Less: Estimated Expenses (750,000) --------------- Net Conversion Proceeds $ 22,250,000 2. Estimated Additional Income From Conversion Proceeds Net Conversion Proceeds $ 22,250,000 Less: ESOP Contributions (1,840,000) MRP Contributions (920,000) --------------- Net Conversion Proceeds after ESOP & MRP $ 19,490,000 Estimated Incremental Rate of Return(1) 3.47% --------------- Estimated Additional Income $ 676,556 Less: ESOP Expense (115,920) MRP Expense (115,920) --------------- $ 444,716 ===============
3. Pro Forma Calculations Before Conversion After Period Conversion Results Conversion --------------------------------------------------------------------------- a. Pro Forma Earnings Twelve Months Ended 31-Dec-96 $ 452,980 $ 444,716 $ 897,696 b. Pro Forma Net Worth 31-Dec-96 $ 13,779,505 $ 19,490,000 $ 33,269,505 c. Pro Forma Net Assets 31-Dec-96 $ 176,486,743 $ 19,490,000 $ 195,976,743
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%. 60 70 EXHIBIT X PRO FORMA EFFECT OF CONVERSION PROCEEDS AT THE SUPERMAX OF THE CONVERSION VALUATION RANGE 31-DEC-96 HEARTLAND BANK, CAMDEN, ARKANSAS - ----------------------------------------------------------------------------- 1. Conversion Proceeds Pro Forma Market Valuation (Final) $ 26,450,000 Less: Estimated Expenses $ (750,000) ---------------- Net Conversion Proceeds $ 25,700,000 2. Estimated Additional Income From Conversion Proceeds Net Conversion Proceeds $ 25,700,000 Less: ESOP Contributions $ (2,116,000) MRP Contributions $ (1,058,000) ---------------- Net Conversion Proceeds after ESOP & MRP $ 22,526,000 Estimated Incremental Rate of Return(1) 3.47% ---------------- Estimated Additional Income $ 781,945 Less: ESOP Expense $ (133,308) MRP Expense $ (133,308) ---------------- $ 515,329 ================
3. Pro Forma Calculations Before Conversion After Period Conversion Results Conversion ---------------------------------------------------------- a. Pro Forma Earnings Twelve Months Ended 31-Dec-96 $ 452,980 $ 515,329 $ 968,309 b. Pro Forma Net Worth 31-Dec-96 $ 13,779,505 $ 22,526,000 $ 36,305,505 c. Pro Forma Net Assets 31-Dec-96 $ 176,486,743 $ 22,526,000 $ 199,012,743
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%. 61 71 EXHIBIT X PRO FORMA ANALYSIS SHEET
Name of Association: Heartland Bank, Camden, Arkansas Date of Letter to Assn.: 18-Mar-97 Date of Market Prices: 14-Mar-97 Southeast Publicly All Publicly Comparatives Held Thrifts Held Thrifts ------------- ------------ ------------ Symbols Value Mean Median Mean Median Mean Median --------------------- ---- ------ ---- ------ ---- ------ Price-Earnings Ratio P/E - -------------------- Last Twelve Months N/A At Minimum of Range 21.94 At Midpoint of Range 23.92 13.50 13.00 16.70 16.79 16.30 15.90 At Maximum of Range 25.62 At SuperMax of Range 27.32 Price-Book Ratio P/B P/TB - -------------------- Last Twelve Months N/A At Minimum of Range 60.74% 64.16% At Midpoint of Range 65.30% 68.65% 130.25 119.71 154.99 133.93 139.52 132.31 At Maximum of Range 69.13% 72.39% At SuperMax of Range 72.85% 75.98% Price-Asset Ratio P/A - -------------------- Last Twelve Months N/A At Minimum of Range 8.91% At Midpoint of Range 10.34% 12.63 12.86 15.85 15.41 13.80 12.77 At Maximum of Range 11.74% At SuperMax of Range 13.29% Twelve Mo. Earnings Base Y $ 452,980 Period Ended 31-Dec-96 Book Value B $ 13,779,505 As of 35430 Total Assets A $ 176,486,743 As of 35430 Return on Money (1) R 3.47% Conversion Expense X $ 750,000 Underwriting Commission C 0.00% Percentage Underwritten S 0.00% Estimate Dividend Amount per share DA 0.30 Yield DY 3.00% ESOP Contributions P $ 1,600,000 MRP Contributions I $ 800,000 ESOP Annual Expense E $ 100,800 MRP Annual Contributions M $ 100,800 Cost of ESOP Borrowings F 0.00%
(1) Investment rate of 5.51%, subject to an effective tax rate of 37%. 62 72 EXHIBIT X PRO FORMA ANALYSIS SHEET Calculation of Estimated Value (V) at Midpoint Value 1. V= P/A(A-X-P-I) $ 20,000,000 -------------------------------- 1-P/A(1-(CxS)) 2. V= P/B(B-X-P-I) $ 20,000,000 -------------------------------- 1-P/B(1-(CxX)) 3. V= P/E(Y-R(X+P+I)-(E+M+ST)) $ 20,000,000 -------------------------------- 1-P/E(R(1-(CxX))
Value Estimated Value Per Share Total Shares Date -------------------------- ------------------ ------------------- --------------- $20,000,000 $10.00 2,000,000 14-Mar-97
Range of Value $20 million x 1.15 = $23 million or 2,300,000 shares at $10.00 per share. $20 million x .085 = $17 million or 1,700,000 shares at $10.00 per share. 63 -----END PRIVACY-ENHANCED MESSAGE-----