ex99-2.htm

RP® Financial, LC.

MARKET AREA

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II. MARKET AREA

Introduction

Headquartered in Topeka, Kansas, Capitol Federal Financial serves eastern and central Kansas, as well as western Missouri markets that are part of the metropolitan area of Greater Kansas City. The Company has a network of 45 branches, ten of which are in-store branches, located in nine counties throughout the state of Kansas and two counties in Missouri.

The Company primarily serves the metropolitan areas of Topeka, Wichita, Lawrence, Manhattan, Emporia and Salina, Kansas and the Greater Kansas City area, which includes Clay and Platte Counties in Missouri (where the Company recently opened a branch in each county). The Company is one of the largest originators of 1-4 family loans in the state of Kansas and ranks first in deposit market share in the state of Kansas, with over 85% of the Company’s deposit market share within the Greater Kansas City and Wichita metro areas.

The northeastern portion of the state, extending from the Eastern border to Junction City and from the Nebraska border to south of Johnson County, is home to more than 1.5 million people on the Kansas side of Kansas City, Lawrence, and Topeka (where the Company is headquartered) metropolitan areas. In the Greater Kansas City area, the cities in Johnson County have some of the fastest growing populations and highest median incomes in the state and the entire country. Overland Park, where the Company currently has seven branches, has the largest population and the largest land area in the county. It is home to Johnson County Community College, the state’s largest community college, and the corporate campus of Sprint Nextel, the largest private employer in the metro area. The cities of Olathe, Shawnee, and Gardner have some of the state’s fastest growing populations.

Several institutions of higher education are located in Northeast Kansas including Baker University (the oldest university in the state) in Baldwin City, Ottawa University in Ottawa and Overland Park, and KU Medical Center in Kansas City. Less than an hour’s

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drive to the west, Lawrence is home to the University of Kansas, the largest public university in the state. The Company has four branches in Lawrence, which is in Douglas County, Kansas.

To the west, nearly a quarter million people reside in the Topeka metropolitan area. Topeka is the state capital and home to Washburn University. Further westward along Interstate 70 and the Kansas River is Fort Riley, well-known as the home to the US Army’s 1st Infantry Division, also known as the “Big Red One.” A short distance away, the city of Manhattan is home to Kansas State University, the second largest public university in the state and the nation’s oldest land-grant university. The Company has two branches in Manhattan, Riley County, Kansas.

The Company’s primary market area is a mix of suburban, urban and rural markets. The Greater Kansas City area is one of the fastest growing major job markets in the Midwest, with relatively low business and lifestyle costs serving to attract businesses to the market area. In addition, the Wichita metro area provides financial, medical, and business services to more than half a million people, distinguishing the area as the economic center of south-central Kansas. With operations in the most densely populated markets in Kansas and the Greater Kansas City metropolitan area, the Company’s competitive environment includes thrifts, commercial banks and other financial services companies, some of which have a regional or national presence. The regional economy is highly diversified. Notably, manufacturing employment accounts for nearly double the national percentage in the Wichita metro area, in large part due to the high concentration of aircraft manufacturing firms in the area. Nevertheless, the local economy has felt the impact of the national recession, as evidenced by rising unemployment and declining real estate values throughout the markets served by the Company.

Future growth opportunities for Capitol Federal Financial depend on the future growth and stability of the local and regional economy, demographic growth trends, and the nature and intensity of the competitive environment. These factors have been briefly examined to help determine the growth potential that exists for the Company, the relative economic health of the Company’s market area, and the resultant impact on value.

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MARKET AREA

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National Economic Factors

The future success of the Company’s operations is partially dependent upon national economic factors and trends. In assessing economic trends over past few quarters, signs that the U.S. economy was pulling out of the recession became more evident at the start of the third quarter of 2009. However, overall economic conditions remained weak. The July 2009 employment report showed the fewest job losses in a year and the unemployment rate dipped to 9.4%, its first decline in nine months. Retail sales were down slightly in July, raising concerns over the durability of the recovery. However, sales of existing homes jumped 7.2% in July, the fastest pace in nearly two years. July new home sales were up sharply as well, which supported a 4.9% increase in July durable-goods orders. August economic data generally indicated that the recession was nearing an end, as manufacturing output grew for the first time since January 2008 and the “cash for clunkers” program fueled a rebound in August retail sales. August employment data showed fewer than expected job losses, while the unemployment rate rose to a 26 year high of 9.7%. The index of leading indicators rose for the fifth straight month in August, providing another sign of recovery. Second quarter GDP declined at a 0.7% annualized rate, which was better than the 1% decline previously estimated. Other economic data suggested an uneven recovery, as existing home sales slid in August and consumer confidence fell in September. Manufacturing and service sector activity both grew in September, while the U.S. unemployment rate rose to 9.8% in September as employers cut more jobs than expected. As job losses continued to mount, vacancy rates for commercial office space continued to increase during the third quarter. Retail sales fell in September from August as the “cash for clunkers’ program ended, however, excluding autos, retail sales increased slightly in September. New home sales fell in September, while orders for durable goods increased in September. Third quarter GDP increased at a 3.5% annual rate (subsequently revised to 2.2%), marking an apparent end to the recession. Notably, a large portion of GDP growth in the third quarter was generated through federal stimulus programs, bringing into question the sustainability of the recovery without government support.

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October 2009 showed further signs of an economic recovery, even as the labor market continued to struggle. U.S. manufacturing activity expanded for the third month in a row in October, while a net loss of 190,000 jobs in October pushed the October unemployment rate up to 10.2%. Retail sales and the index of leading economic indicators both rose in October, while housing data was mixed raising doubts about the strength of the sector’s recovery. New home starts tumbled in October, while sales of existing home showed a strong increase in October. Signs of a slow and uneven economic recovery continued to be reflected in the November data. Manufacturing activity continued to grow in November, while the service sector contracted in November after growing in October. Employment data for November reflected the fewest number of job losses since December 2007, which reduced the unemployment rate to 10.0%. The Federal Reserve’s “beige book” released in early-December showed the economy improving moderately, with consumer spending up but commercial real estate weakening. Additional evidence that strength was returning to the economy included a healthy rise in November durable goods orders and manufacturing activity in December expanding at its fastest pace in more than three years. Sales of existing homes were up solidly in November, although construction spending in November was down slightly. Manufacturing activity expanded in December at its fastest pace in more than three years, while the service sector recorded only modest growth in December. Job losses were significantly higher than expected in December, dashing hopes of a near term turnaround in employment. Employers cut 85,000 jobs in December, while the December unemployment rate held steady at 10.0%. The index of leading economic indicators rose 1.1% from November to December for its ninth straight month of gains, while housing data for December was less favorable with both new and existing home sales declining in December. The decline in home sales in December was in part related to a surge in home sales during the fall, as first-time home buyers raced to take advantage of a tax credit before it expired. Fourth quarter GDP increased at an annual rate of 5.7% (subsequently revised to 5.6%), although much of the growth was tied to companies replenishing low inventories that typically only provides a temporary bump in growth.

Manufacturing activity rose for a sixth straight month in January 2010, with the rate of expansion at its highest point since August 2004. Comparatively, service sector activity

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remained stable in January. Payrolls unexpectedly fell in January with the loss of 20,000 jobs, but the January unemployment rate surprisingly dropped to a five month low of 9.7%. Retail sales were up in January, although consumer confidence fell in February. Sales of existing homes fell in January and orders for durable goods showed weakness in January, underscoring the uneven progress of the U.S. recovery. The manufacturing and service sectors both showed expansion in February, while the February unemployment rate remained unchanged at 9.7%. The February unemployment report showed a loss of 36,000 jobs, which was fewer than expected. New and existing home sales were lower in February compared to January, but retail sales continued to show an increase for February. U.S. manufacturing and nonmanufacturing activity continued to grow in March, while the March unemployment rate held steady at 9.7%. Employers added 162,000 jobs in March, but almost one-third of the jobs came from the government’s hiring for the census. A surge in March retail sales and home construction increasing for a third straight month in March provided evidence that the economic recovery was gaining traction. Other signs of the economy gaining momentum included an increase in March existing home sales and a healthy rise in the March index of leading economic indicators. The initial estimate for first quarter GDP growth showed the economy expanded at an annualized rate of 3.2%.

Positive trends in the economic recovery continued in the second quarter of 2010, as manufacturing activity and retail sales were up in April. The April employment report showed employers added 290,000 jobs, which was more than expected. At the same time, the April unemployment rate increased to 9.9%. Single-family housing starts surged in April, as builders stepped up production ahead of the April 30 deadline for sales qualifying for a federal tax rate. Likewise, sales of existing and new homes showed healthy increases in April, which was also believed in a large part related to home buyers seeking to take advantage of the federal tax credit that was due to expire at the end April. Orders for durable goods rose 2.9% in April, while consumer spending remained flat in April.

In terms of interest rate trends during the past few quarters, interest rates eased lower at the start of the third quarter of 2009 as investors shunned risk ahead of second

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quarter earnings reports. Some economic data showing an improving economy and growing belief that the recession was nearing an end pushed long-term Treasury yields up slightly heading into late-July. The upward trend in interest rates continued into the first week of August, as interest rates edged higher following the better-than-expected employment report for July. Long-term Treasury yields eased lower going into the second half of August, as the Federal Reserve concluded its mid-August meeting leaving its key short-term rate near zero and indicated it would stay there for the foreseeable future. Weaker than expected retail sales for July and a decline in July wholesale prices further contributed to the pull back in interest rates. Long-term Treasury yields reversed course after mid-August on the stronger than expected report for July existing home sales. Interest rates stabilized in late-August and remained relatively stable through most of September, as inflation worries remained low amid high unemployment and slack in the economy. News that consumer confidence fell in September pushed Treasury yields lower at the end of the third quarter.

Mixed economic data and no apparent threat of inflationary pressures supported a stable interest rate environment at the beginning of the fourth quarter of 2009, providing for the continuation of a relatively steep yield curve. Interest rates remained stable through the balance of October, reflecting uncertainty over the sustainability of the economic recovery with consumer confidence declining for the second month in a row. The Federal Reserve concluded its early-November meeting by keeping its target interest rate near zero, which along with the weaker than expected employment report for October sustained a stable interest rate environment into mid-November. Long-term Treasury yields eased lower heading into the second half of November, following comments by the Federal Reserve Chairman that unemployment and troubles in commercial real estate would weigh on the recovery. Long-term Treasury yields dipped in late-November following news of the credit crisis in Dubai. A better than expected jobs report for November moved interest rates higher in early-December. Following the Federal Reserve’s mid-December meeting and decision to hold its target interest rate steady, the spread between short-term and long-term Treasury yields widened further in the final weeks of 2009 as long-term Treasury yields edged higher amid signs that the U.S. economy was improving.

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MARKET AREA

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Interest rates stabilized at the start of 2010 and then edged lower in heading into the second half of January, reflecting uncertainty on the strength of the recovery. The Federal Reserve’s two day meeting in late-January concluded with no change in its key rate target, but offered a slightly rosier economic outlook in its statement. A rise in January consumer confidence, along with the Federal Reserve’s more upbeat assessment of the economy, provided for a slight upward trend in long-term Treasury yields in late-January. Worries that Greece’s debt woes were spreading across Europe and job losses reflected in the January employment report pushed Treasury yields lower in late-January and into early-February. Some positive economic data regarding home prices and industrial output pushed interest rates higher heading in mid-February. Treasury yields rose in mid-February on the Federal Reserve’s decision to raise the discount rate, spurring thoughts of tighter credit for borrowers in general. Weak economic data and indications from the Federal Reserve that short-term interest rates would remain near zero for at least several months pushed long-term Treasury yields lower at the close of February. Comparatively, long-term Treasury yields eased higher during the first half of March, based on better-than-expected reports for February employment data and retail sales. Interest rates stabilized in mid-March following the Federal Reserve’s mid-March meeting, as the Federal Reserve held its target rate steady and signaled that it would be at least several months before they raise short-term interest rates. Weak demand for an auction of five year Treasury notes and debt worries translated into long-term Treasury yields edging higher at the close of the first quarter.

Signs of the economic recovery gaining traction pushed Treasury yields higher at the start of the second quarter of 2010, with the 10-year Treasury note yield increasing to 4.0% in early-April. Treasury yields eased lower in mid-April and then were relatively stable for the balance of April, as the consumer price index for March indicated that inflation remained muted and the Federal Reserve concluded its late-April meeting with keeping its target interest rate near zero. Investors fled to the safety of U.S. Treasury debt in early-May amid worries about possible ripple effects form Greece’s credit crisis, with the yield on the 10-year Treasury note moving below 3.5% during the first week of May. April’s producer price index reflecting a low level of inflation at the wholesale level and concerns about the U.S. economy on news that mortgage delinquencies hit a record in the

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first quarter furthered the decline in long-term Treasury yields in mid-May. The downward trend in long-term Treasury yields continued into late-May, as investors moved to the safety of Treasury bonds amid worries about the health of the global economy and growing tensions between North and South Korea. As of May 28, 2010, the bond equivalent yields for U.S. Treasury bonds with terms of one and ten years equaled 0.34% and 3.31%, respectively, versus comparable year ago yields of 0.48% and 3.67%. Exhibit II-1 provides historical interest rate trends.

Based on the consensus outlook of 46 economists surveyed by The Wall Street Journal in late-April and early-May of 2010, the economy is expected to expand around 3.2% for 2010 and 2011. GDP growth is not expected to make a significant dent in the unemployment rate, as the surveyed economists on average expected the unemployment rate to only fall to 9.4% by the end of 2010. On average, the respondents said the Federal Reserve would raise its benchmark lending rate to 0.5% at the end of 2010, versus a current rate of between zero and 0.25%.

Market Area Demographics

Demographic and economic growth trends, measured by changes in population, number of households, age distribution and median household income, provide key insight into the health of the market area served by Capitol Federal Financial (see Table 2.1).

The Greater Kansas City and Wichita metropolitan areas are relatively densely populated markets, ranking among the largest populations in Kansas. Specifically, Johnson County has the largest population out of the 11 market area counties served by the Company and is the largest county in the state, reporting a population of approximately 544,000 residents in 2009. Lyon County, where the Company has one branch in Emporia, reported the smallest population of counties served by the Company in Kansas with 36,000 residents.

The primary market area counties served by Capitol Federal Financial showed varied demographic growth trends during the 2000 to 2009 period. Population and household growth rates for the majority of the primary market area counties have been and are projected to remain below the comparable U.S. measures, while approximating or

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Table 2.1

Capitol Federal Financial

Summary Demographic Data


	Year						Growth Rate
	2000		2009		2014			2000-2009		2009-2014
Population (000)
United States		281,422		309,731		324,062		1.1	%	0.9	%
Kansas		2,688		2,829		2,900		0.6	%	0.5	%
Butler County		59		65		68		1.0	%	0.8	%
Douglas County		100		114		122		1.5	%	1.4	%
Johnson County		451		544		593		2.1	%	1.7	%
Lyon County		36		36		36		0.1	%	0.0	%
Riley County		63		67		69		0.7	%	0.6	%
Saline County		54		55		55		0.3	%	0.2	%
Sedgwick County		453		484		501		0.7	%	0.7	%
Shawnee County		170		176		179		0.4	%	0.3	%
Wyandotte County		158		155		155		-0.2	%	0.0	%
Missouri		5,595		5,985		6,179		0.8	%	0.6	%
Clay County		184		216		235		1.8	%	1.7	%
Platte County		74		86		94		1.8	%	1.6	%

Households (000)
United States		105,480		116,523		122,109		1.1	%	0.9	%
Kansas		1,038		1,101		1,131		0.7	%	0.5	%
Butler County		22		24		25		1.2	%	0.9	%
Douglas County		38		45		48		1.7	%	1.5	%
Johnson County		175		211		231		2.1	%	1.8	%
Lyon County		14		14		14		0.1	%	0.0	%
Riley County		22		24		26		1.1	%	0.9	%
Saline County		21		22		22		0.4	%	0.2	%
Sedgwick County		176		190		197		0.8	%	0.7	%
Shawnee County		69		73		74		0.6	%	0.4	%
Wyandotte County		60		58		58		-0.2	%	-0.1	%
Missouri		2,195		2,370		2,456		0.9	%	0.7	%
Clay County		73		85		93		1.8	%	1.7	%
Platte County		29		35		38		2.0	%	1.7	%

Median Household Income ($)
United States	$	42,164	$	54,719	$	56,938		2.9	%	0.8	%
Kansas		40,634		52,748		54,940		2.9	%	0.8	%
Butler County		45,480		56,989		60,080		2.5	%	1.1	%
Douglas County		37,702		48,186		51,529		2.8	%	1.4	%
Johnson County		61,484		81,139		86,041		3.1	%	1.2	%
Lyon County		32,955		43,000		46,328		3.0	%	1.5	%
Riley County		32,169		41,710		43,785		2.9	%	1.0	%
Saline County		37,358		48,742		51,814		3.0	%	1.2	%
Sedgwick County		42,711		55,184		58,487		2.9	%	1.2	%
Shawnee County		41,005		52,794		55,320		2.8	%	0.9	%
Wyandotte County		33,884		44,522		47,992		3.1	%	1.5	%
Missouri		38,005		49,522		52,035		3.0	%	1.0	%
Clay County		48,400		63,420		67,197		3.0	%	1.2	%
Platte County		55,814		71,791		75,283		2.8	%	1.0	%

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Table 2.1

Capitol Federal Financial

Summary Demographic Data


	Year									Growth Rate
	2000			2009			2014			2000-2009			2009-2014

Per Capita Income ($)
United States	$	21,587		$	27,277		$	28,494			2.6	%		0.9	%
Kansas		20,506			26,028			26,929			2.7	%		0.7	%
Butler County		20,150			24,243			24,672			2.1	%		0.4	%
Douglas County		19,952			25,354			26,026			2.7	%		0.5	%
Johnson County		30,919			39,862			41,168			2.9	%		0.6	%
Lyon County		15,724			20,309			20,760			2.9	%		0.4	%
Riley County		16,349			21,701			22,419			3.2	%		0.7	%
Saline County		19,073			23,751			24,188			2.5	%		0.4	%
Sedgwick County		20,907			25,764			26,180			2.3	%		0.3	%
Shawnee County		20,904			26,282			26,814			2.6	%		0.4	%
Wyandotte County		16,005			20,089			20,386			2.6	%		0.3	%
Missouri		19,936			25,286			26,373			2.7	%		0.8	%
Clay County		23,144			30,056			31,318			2.9	%		0.8	%
Platte County		26,356			34,313			35,817			3.0	%		0.9	%

2009 HH Income Dist. (%)	Less Than $25,000			$25,000 to 50,000			$50,000 to 100,000				$100,000+
United States		20.9	%		24.5	%		35.3	%		19.3	%
Kansas		20.3	%		26.8	%		37.6	%		28.3	%
Butler County		18.0	%		25.7	%		42.9	%		13.5	%
Douglas County		24.4	%		27.4	%		35.5	%		12.8	%
Johnson County		7.9	%		17.0	%		37.8	%		37.4	%
Lyon County		26.9	%		30.5	%		34.5	%		8.1	%
Riley County		30.9	%		27.5	%		31.4	%		10.3	%
Saline County		20.6	%		30.8	%		39.4	%		9.3	%
Shawnee County		19.6	%		27.4	%		40.4	%		12.7	%
Wyandotte County		26.1	%		30.0	%		34.6	%		9.3	%
Sedgwick County		18.4	%		26.4	%		41.3	%		13.9	%
Missouri		22.8	%		27.7	%		35.3	%		14.3	%
Clay County		11.4	%		24.3	%		42.8	%		21.5	%
Platte County		10.7	%		20.4	%		41.1	%		27.3	%

Source: SNL Financial.

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falling slightly below their comparable state growth rates. Comparatively, Douglas and Johnson Counties in Kansas and Clay and Platte Counties in Missouri showed population and household growth rates exceeding the comparable U.S. measures. Among the primary market area counties, population and household growth rates were the strongest in Johnson County (where the Company maintains 19 branches). Population and household growth rates for Clay and Platte Counties in Missouri were slightly below the comparable growth rates for Johnson County, but reported much higher growth rates than the statewide growth rates for Missouri. Annual population growth rates for the market area counties covering the 2000 to 2009 period, ranged from 2.1% in Johnson County to a decline in population of 0.2% in Wyandotte County. Both Johnson and Wyandotte Counties are part of the Greater Kansas City area. In comparison, the states of Kansas and Missouri reported 2000 to 2009 annual growth rates of 0.6% and 0.8%, respectively, which fell slightly below the nationwide growth rate of 1.1%. Population and household growth rates for the primary market area counties are projected to slow slightly over the next five years, which is consistent with the statewide and national forecasts.

Income measures show Johnson, Sedgwick, and Butler Counties are relatively affluent markets, as those counties reported income measures above the national and statewide income measures. Clay and Platte Counties in Missouri also reported income measures above the national and statewide measures. The primary market area counties generally experienced income growth rates that were in line with the state and national growth rates for the 2000 through 2009 period. Consistent with the projected income growth rates for Kansas, Missouri, and the U.S., income growth rates for the primary market area counties are projected to decrease over the next five years. The affluence of the Johnson County market is further evidenced by a comparison of household income distribution measures, as Johnson County maintains the lowest percentage of households with incomes of less than $25,000 and the highest percentage of households with incomes over $100,000 relative to the other market area counties as well as the U.S., Kansas, and Missouri.

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Local Economy

The markets served by the Company have relatively diverse economies and because the Company’s market area is large and primarily in Kansas, we have looked at employment by sector for the state of Kansas. Employment data, shown in Table 2.2, shows that employment in services constitutes the primary source of employment in the state of Kansas. Government jobs were the second largest source of employment, followed by wholesale/retail trade and manufacturing, with those four sectors of employment making up for three-fourths of employment in the state of Kansas.

Table 2.2

Kansas Employment Sectors

(Percent of Labor Force)(1)

Source: Regional Economic Information System Bureau of Economic Analysis.

In the Greater Kansas City area, transportation and distribution, manufacturing, animal health and financial services constitute major sources of employment. As shown in Table 2.3, AMC Entertainment, Sprint, and H&R Block are major employers headquartered in the Greater Kansas City area. Kansas City’s combination of big-city business amenities and small-market ease of living have made the metropolitan area a magnet for investment. Recent announcements by companies to either locate significant new operations or expand existing operations in the Greater Kansas City area include

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Bayer Corporation, Federal Express and T-Mobile. The Greater Kansas City area is also home to data center and contact center operations.

Table 2.3

Capitol Federal Financial

Major Corporate Headquarters in Greater Kansas City


AMC Entertainment	●	Hallmark Cards

American Century	●	Hill’s Pet Nutrition

Black & Veatch	●	JE Dunn

Burns & McDonnell	●	Newport Television

Cerner Corporation	●	Collective Brands

Commerce Bancshares	●	Perceptive Software

DeBruce Grain	●	Seaboard Corporation

DST Systems	●	Sprint

Garmin	●	UMB Financial

Great Plains Energy	●	Westar Energy

H&R Block	●	YRC Worldwide

Source: The Kansas City Area Development Council

As previously noted, the Wichita metropolitan area has a high concentration of manufacturing employment with the aerospace industry providing the foundation for a large portion of manufacturing employment in Wichita. While manufacturing jobs tied to the aerospace industry represent a major component of the Wichita economy, the overall economy has also come to reflect diversity as there are approximately 15,000 business establishments in the Wichita metro area, 97% of which are small-to medium-sized firms with less than 100 employees . The major employers in the Wichita area are provided in Table 2.4.

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Table 2.4

Capitol Federal Financial

Major Employers in the Wichita Metropolitan Area


Company	Product/Service	Employment

Spirit AeroSystems	Aircraft Parts	10,300
Cessna Aircraft	Aircraft	5,994
USD 259 – Wichita	Public Primary Education	5,543
Hawker Beechcraft	Aircraft	5,300
Via Christi Health	Health Care	5,134
State of Kansas	State Government	3,919
City of Wichita	Municipal Government	3,000
Sedgwick County	County Government	2,929
United States Government	Federal Government	2,881
Boeing Defense, Space & Security	Aircraft Modification	2,500
Bombardier Learjet	Aircraft	2,239
Koch Industries	Manufacturing, Energy	2,100
Wesley Medical Center	Health Care	1,792
Wichita State University	Public Higher Education	1,601
AGCO Corporation	Agricultural Equipment	1,400
Catholic Diocese of Wichita	Primary Education	1,399
Johnsons Controls – York Wichita	Residential HVAC Equipment	1,100
USD 260 – Derby	Public Primary Education	1,058
Robert J. Dole VA Med. Cr & Hospital	Health Care	1,000
Wichita Clinic PA	Health Care	992
Cox Communications	Broadband Communications	873
Cargill Meat Solutions	Meat Products	844
The Coleman Company	Recreational Products	814
USD 261 – Haysville	Public Primary Education	762

Source: Wichita Metro Chamber of Commerce.

The Company’s lending markets have been adversely affected by the recession, although not as severely as some bubble markets in the southeast and west regions of the U.S. where rapidly escalating home prices fueled speculative overbuilding that ultimately led to significant inventories of unsold homes and a severe drop in home prices. Home prices in the Greater Kansas City market reached a peak in the second quarter of 2007 and are projected to trough in the third quarter of 2011 before returning to the previous peak in 2013, which is much sooner than the rebounds forecasted for bubble states such as California, Florida, and Nevada. Home prices in the Greater Kansas City area are projected to fall 6.6% from peak to trough, a much less precipitous fall than in the

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aforementioned bubble markets. The Wichita housing market is also showing some improvement, as home sales are up 23% from last year and average home prices are expected to increase by 2.1% in 2010.

Unemployment Trends

Comparative unemployment rates for the primary market area counties, as well as for the U.S. and the states of Kansas and Missouri, are shown in Table 2.5. Unemployment rates for the primary market area counties provide further evidence of the relatively stable nature of the Company’s market area economy. The March 2010 unemployment rates ranged from 4.6% in Riley County, Kansas to 10.6% in Wyandotte County, Kansas. March 2010 unemployment rates for ten out of the eleven market area counties were below the comparable U.S. unemployment rate of 10.2%. Except for Butler, Sedgwick and Wyandotte Counties, all of the March 2010 unemployment rates for the market area counties in Kansas were below the statewide unemployment rate of 6.9%. Likewise, the March 2010 unemployment rates for Clay and Platte Counties were below the Missouri unemployment rate of 10.2%. However, evidence of the recession impacting the regional economy is reflected in the higher unemployment rates shown for the majority of the market area counties as of March 2010 compared to a year ago, consistent with the state and national trends. At the same time, three of the market area counties showed lower unemployment rates for March 2010 compared to March 2009.

Table 2.5

Capitol Federal Financial

Unemployment Trends (1)


Region	March 2009 Unemployment			March 2010 Unemployment

United States		9.0	%	10.2	%
Kansas		6.6		6.9
Missouri		9.4		10.2
Butler County, KS		6.4		8.3
Douglas County, KS		5.9		5.6
Johnson County, KS		6.2		6.6
Lyon County, KS		6.9		6.5

RP® Financial, LC.

MARKET AREA

II. 16

Table 2.5 (continued)

Capitol Federal Financial

Unemployment Trends (1)


Region	March 2009 Unemployment		March 2010 Unemployment

Riley County, KS		4.4		4.6
Saline County, KS		5.3		5.6
Sedgwick County, KS		7.2		8.2
Shawnee County, KS		6.6		6.5
Wyandotte County, KS		9.9		10.6
Clay County, MO		7.9		9.0
Platte County, MO		7.6		8.2

(1) Unemployment rates have not been seasonally adjusted.

Source: U.S. Bureau of Labor Statistics.

Market Area Deposit Characteristics and Competition

The Company’s retail deposit base is closely tied to the eastern and central Kansas and western Missouri markets, and, in particular, the markets that are nearby to the Company’s branch locations. Table 2.6 displays deposit market trends from June 30, 2005 through June 30, 2009 for the primary market counties currently served by the Company’s branch network. Additional data is also presented for the states of Kansas and Missouri. The data indicates that total deposits maintained by commercial banks and savings institutions increased in all but one of the market area counties during the four year period, as the growth rates ranged from a decline of 1.2% in Sedgwick County to growth of 7.5% in Riley County. In comparison to the 4.6% deposit growth rate exhibited for the state of Kansas, Johnson, Riley, and Saline Counties showed higher deposit growth rates than the state of Kansas. Similar to the state of Kansas, commercial banks in Missouri maintained a larger market share of deposits than savings institutions in all of the Company’s market area counties as of June 30, 2009. During the period covered in Table 2.6, savings institutions experienced a decrease in deposit market share in all of market counties except for Clay County in Missouri.

Capitol Federal’s highest market share of deposits is in Shawnee County, where the Company maintains its main office and six branch office locations. The Company’s

RP® Financial, LC.

Market Area

Page II.17

Table 2.6

Capitol Federal Financial

Deposit Summary

	As of June 30,
	2005							2009							Deposit
			Market			Number of				Market			No. of		Growth Rate
	Deposits		Share			Branches		Deposits		Share			Branches		2005-2009
	(Dollars In Thousands)														(%)
Deposit Summary
State of Kansas	$	48,304,000		100.0	%		1,485	$	57,762,000		100.0	%		1,569		4.6	%
Commercial Banks		39,784,000		82.4	%		1,360		50,755,000		87.9	%		1,461		6.3	%
Savings Institutions		8,520,000		17.6	%		125		7,007,000		12.1	%		108		-4.8	%

Butler County, KS	$	691,076		100.0	%		35	$	863,223		100.0	%		34		7.7	%
Commercial Banks		657,038		95.1	%		33		863,223		100.0	%		34		9.5	%
Savings Institutions		34,038		4.9	%		2		0		0.0	%		0		-100.0	%
Capitol Federal		0		0.0	%		0		0		0.0	%		0	NA

Douglas County, KS	$	1,405,182		100.0	%		55	$	1,683,307		100.0	%		59		4.6	%
Commercial Banks		1,007,051		71.7	%		47		1,234,190		73.3	%		50		5.2	%
Savings Institutions		398,131		28.3	%		8		449,117		26.7	%		9		3.1	%
Capitol Federal		365,515		26.0	%		4		400,887		23.8	%		4		2.3	%

Johnson County, KS	$	11,998,658		100.0	%		218	$	14,977,513		100.0	%		252		5.7	%
Commercial Banks		9,162,416		76.4	%		179		12,830,836		85.7	%		220		8.8	%
Savings Institutions		2,836,242		23.6	%		39		2,146,677		14.3	%		32		-6.7	%
Capitol Federal		1,587,483		13.2	%		16		1,750,058		11.7	%		19		2.5	%

Lyon County, KS	$	501,326		100.0	%		19	$	554,237		100.0	%		19		2.5	%
Commercial Banks		354,528		70.7	%		18		403,731		72.8	%		18		3.3	%
Savings Institutions		146,798		29.3	%		1		150,506		27.2	%		1		0.6	%
Capitol Federal		146,798		29.3	%		1		150,506		27.2	%		1		0.6	%

Riley County, KS	$	1,042,767		100.0	%		28	$	1,391,328		100.0	%		30		7.5	%
Commercial Banks		758,790		72.8	%		24		1,199,706		86.2	%		28		12.1	%
Savings Institutions		283,977		27.2	%		4		191,622		13.8	%		2		-9.4	%
Capitol Federal		197,452		18.9	%		2		191,622		13.8	%		2		-0.7	%

Saline County, KS	$	1,086,052		100.0	%		25	$	1,329,744		100.0	%		26		5.2	%
Commercial Banks		755,444		69.6	%		24		1,030,814		77.5	%		22		8.1	%
Savings Institutions		330,608		30.4	%		1		298,930		22.5	%		4		-2.5	%
Capitol Federal		126,778		11.7	%		1		127,082		9.6	%		1		0.1	%

Sedgwick County, KS	$	8,927,172		100.0	%		199	$	8,509,222		100.0	%		81		-1.2	%
Commercial Banks		6,912,107		77.4	%		163		6,772,887		79.6	%		140		-0.5	%
Savings Institutions		2,015,065		22.6	%		36		1,736,335		20.4	%		32		-3.7	%
Capitol Federal		435,973		4.9	%		6		470,403		5.5	%		7		1.9	%

RP® Financial, LC.

Market Area

Page II.18

Table 2.6

Capitol Federal Financial

Deposit Summary


	As of June 30,
	2005							2009							Deposit
			Market			Number of				Market			No. of		Growth Rate
	Deposits		Share			Branches		Deposits		Share			Branches		2005-2009
	(Dollars In Thousands)														(%)
Shawnee County, KS	$	3,546,395		100.0	%		89	$	4,085,120		100.0	%		93		3.6	%
Commercial Banks		2,240,540		63.2	%		83		2,823,580		69.1	%		86		6.0	%
Savings Institutions		1,305,855		36.8	%		6		1,261,540		30.9	%		7		-0.9	%
Capitol Federal		1,305,855		36.8	%		6		1,261,540		30.9	%		7		-0.9	%

Wyandotte County, KS	$	2,131,995		100.0	%		45	$	2,218,614		100.0	%		45		1.0	%
Commercial Banks		1,969,841		92.4	%		39		2,064,104		93.0	%		38		1.2	%
Savings Institutions		162,154		7.6	%		6		154,510		7.0	%		7		-1.2	%
Capitol Federal		7,443		0.3	%		1		10,936		0.5	%		1		10.1	%

State of Missouri	$	92,765,000		100.0	%		2,225	$	123,851,000		100.0	%		2,447		10.1	%
Commercial Banks		88,273,000		95.2	%		2,108		114,279,000		92.3	%		2,334		9.0	%
Savings Institutions		4,492,000		4.8	%		117		9,572,000		7.7	%		113		28.7	%

Clay County, MO	$	2,500,491		100.0	%		69	$	3,279,157		100.0	%		78		9.5	%
Commercial Banks		2,144,760		85.8	%		59		2,707,804		82.6	%		67		8.1	%
Savings Institutions		355,731		14.2	%		10		571,353		17.4	%		11		17.1	%
Capitol Federal		0		0.0	%		0		0		0.0	%		0	NA

Platte County, MO	$	805,171		100.0	%		39	$	1,122,466		100.0	%		44		11.7	%
Commercial Banks		643,211		79.9	%		33		925,590		82.5	%		36		12.9	%
Savings Institutions		161,960		20.1	%		6		196,876		17.5	%		8		6.7	%
Capitol Federal		0		0.0	%		0		0		0.0	%		0	NA

Source: FDIC.

RP® Financial, LC.

MARKET AREA

II. 19

$1.3 billion of deposits at the Shawnee County branches represented a 30.9% market share of bank and thrift deposits at June 30, 2009. Johnson County, where the Company maintains its largest branch presence and highest balance of deposits, accounted for $1.8 billion of the Company’s deposits and an 11.7% market share of total Johnson County bank and thrift deposits at June 30, 2009. From June 30, 2005 through June 30, 2009, the Company experienced a decrease in deposit market share in six out of the eight counties where branches were maintained during that period. The Company’s branch locations in Butler, Clay and Platte Counties were opened subsequent to June 30, 2009.

Financial institution competitors in the Company’s primary market area include other locally based thrifts and banks, as well as regional, super regional and money center banks. From a competitive standpoint, Capitol Federal Financial has sought to emphasize its community orientation in the markets served by its branches. Table 2.7 lists the Company’s largest competitors in the counties currently served by its branches, based on deposit market share as noted parenthetically. The Company’s deposit market share and market rank have also been provided in Table 2.7. Capitol Federal Financial maintained a leading market share of deposits among bank and thrift competitors in the counties of Johnson, Shawnee, Douglas and Lyon, based on deposit market share at June 30, 2009.

Table 2.7

Capitol Federal Financial

Market Area Deposit Competitors


Location		Name

Butler County, KS		Intrust Financial Corp. (18.35%)
		Emprise Financial Corp. (15.01%)
		Rose Hill Bancorp, Inc. (14.66%)
		Bank of America Corp. (10.07%)
		Capitol Federal Financial (0.0%)

Douglas County, KS		U.S. Bancorp (15.22%)
		Kansas Natural Gas (12.52%)
		Commerce Bancshares (8.68%)
		Lawrence Financial Corp. (5.52%)
		Capitol Federal Financial (23.82%)

RP® Financial, LC.

MARKET AREA

II. 20

Table 2.7 (continued)

Capitol Federal Financial

Market Area Deposit Competitors


Location		Name

Johnson County, KS		Marshall & Isley Corp. (7.54%)
		Valley View Bancshares (6.82%)
		Hillcrest Bancshares (6.71%)
		Commerce Bancshares (5.75%)
		Capitol Federal Financial (11.70%)

Lyon County, KS		Namyaw Corp. Inc. (18.12%)
		Commerce Bank & Trust (13.90%)
		Ottawa Bancshares Inc. (11.64%)
		Bank of America Corp. (9.72
		Capitol Federal Financial (27.16%)

Riley County, KS		Manhattan Banking Corp. (38.44%)
		Commerce Bancshares (12.96%)
		Landmark Bancorp Inc. (9.93%)
		TTAC Corp. (7.97%)
		Capitol Federal Financial (14.15%)

Saline County, KS		UMB Financial Corp. (18.43%)
		Sunflower Financial Inc. (17.63%)
		Brittany Savings Corp. (12.92%)
		Berco Inc. (10.64%)
		Capitol Federal Financial (9.56%)

Sedgwick County,KS		Intrust Financial Corp. (25.29%)
		Bank of America Corp. (15.13%)
		Fidelity Financial Corp. (13.39%)
		Emprise Financial Corp. (8.17%)
		Capitol Federal Financial (5.60%)

Shawnee County, KS		Commerce Bank & Trust (18.7%)
		Bank of America Corp. (9.71%)
		Kaw Valley Bancorp (9.10%)
		Capitol City Bancshares (6.17).
		Capitol Federal Financial (30.88%)

RP® Financial, LC.

MARKET AREA

II. 21

Table 2.7 (continued)

Capitol Federal Financial

Market Area Deposit Competitors


Location		Name

Wyandotte County, KS		Intrust Financial Corp. (30.84%)
		Bank of America Corp. (15.01%)
		Brotherhood Bancshares (10.53%)
		Dickinson Financial Corp. (9.79%)
		Capitol Federal Financial (0.49%)

Clay County, MO		Bank of America Corp. (15.10%)
		Dickinson Financial Corp. II (9.49%)
		Valley View Bancshares, Inc. (8.72%)
		Commerce Bancshares, Inc. (7.66%)
		Capitol Federal Financial (0.0%)

Platte County, MO		Platte County Bancshares (15.02%)
		U.S. Bancorp (9.31%)
		Dickinson Financial Corp. II (8.27%)
		Wilson Bancshares, Inc. (7.73%)
		Capitol Federal Financial (0.0%)

Source: FDIC

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.1

III. PEER GROUP ANALYSIS

This chapter presents an analysis of Capitol Federal Financial’s operations versus a group of comparable savings institutions (the “Peer Group”) selected from the universe of all publicly-traded savings institutions in a manner consistent with the regulatory valuation guidelines. The basis of the pro forma market valuation of Capitol Federal Financial is derived from the pricing ratios of the Peer Group institutions, incorporating valuation adjustments for key differences in relation to the Peer Group. Since no Peer Group can be exactly comparable to Capitol Federal Financial, key areas examined for differences are: financial condition; profitability, growth and viability of earnings; asset growth; primary market area; dividends; liquidity of the shares; marketing of the issue; management; and effect of government regulations and regulatory reform.

Peer Group Selection

The Peer Group selection process is governed by the general parameters set forth in the regulatory valuation guidelines. Accordingly, the Peer Group is comprised of only those publicly-traded savings institutions whose common stock is either listed on a national exchange (NYSE or AMEX), or is NASDAQ listed, since their stock trading activity is regularly reported and generally more frequent than non-publicly traded and closely-held institutions. Institutions that are not listed on a national exchange or NASDAQ are inappropriate, since the trading activity for thinly-traded or closely-held stocks is typically highly irregular in terms of frequency and price and thus may not be a reliable indicator of market value. We have also excluded from the Peer Group those companies under acquisition or subject to rumored acquisition, mutual holding companies and recent conversions, since their pricing ratios are subject to unusual distortion and/or have limited trading history. A recent listing of the universe of all publicly-traded savings institutions is included as Exhibit III-1.

Ideally, the Peer Group, which must have at least 10 members to comply with the regulatory valuation guidelines, should be comprised of locally- or regionally-based

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.2

institutions with comparable resources, strategies and financial characteristics. There are approximately 144 publicly-traded institutions nationally and, thus, it is typically the case that the Peer Group will be comprised of institutions with relatively comparable characteristics. To the extent that differences exist between the converting institution and the Peer Group, valuation adjustments will be applied to account for the differences. Since Capitol Federal Financial will be a full public company upon completion of the offering, we considered only full public companies to be viable candidates for inclusion in the Peer Group. From the universe of publicly-traded thrifts, we selected ten institutions with characteristics similar to those of Capitol Federal Financial. It should be noted that other than Capitol Federal Financial, there are no publicly-traded thrifts based in Kansas. In the selection process, we applied two “screens” to the universe of all public companies that were eligible for consideration:

Screen #1 Midwest institutions with assets between $2.5 billion and $15 billion, tangible equity-to-assets ratios of greater than 6.0% and positive earnings. One company met the criteria for Screen #1 and it was included in the Peer Group: Bank Mutual Corp. of Wisconsin. Exhibit III-2 provides financial and public market pricing characteristics of all publicly-traded Midwest thrifts.

Screen #2 All U.S. institutions, except for the Midwest region, with assets between $2.5 billion and $15 billion, tangible equity-to-assets ratios of greater than 6.0% and positive earnings. Nine companies met the criteria for Screen #2 and all nine were included in the Peer Group: Brookline Bancorp of Massachusetts, Danvers Bancorp of Massachusetts, Dime Community Bancshares of New York, First Financial Holdings Inc. of South Carolina, Flushing Financial Corp. of New York, NewAlliance Bancshares of Connecticut, Provident NY Bancorp, Inc. of New York, TrustCo Bank Corp. NY of New York and Washington Federal, Inc. of Washington. Exhibit III-3 provides financial and public market pricing characteristics of all publicly-traded thrifts.

Table 3.1 shows the general characteristics of each of the 10 Peer Group companies and Exhibit III-4 provides summary demographic and deposit market share data for the primary market areas served by each of the Peer Group companies. While there are expectedly some differences between the Peer Group companies and Capitol Federal Financial, we believe that the Peer Group companies, on average, provide a good basis for valuation subject to valuation adjustments. The following sections

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.3

Table 3.1

Peer Group of Publicly-Traded Thrifts

May 28, 2010


				Operating	Total				Fiscal		Conv.		Stock		Market
Ticker	Financial Institution	Exchange	Primary Market	Strategy(1)	Assets(2)		Offices		Year		Date		Price		Value
													($)		($Mil)

WFSL	Washington Federal, Inc. of WA	NASDAQ	Seattle, WA	Thrift	$	13,803		172		09-30		11/82	$	17.28	$	1,943
NAL	NewAlliance Bancshares of CT	NYSE	New Haven, CT	Thrift	$	8,501		88		12-31		04/04	$	11.77	$	1,247
FFIC	Flushing Financial Corp. of NY	NASDAQ	Lake Success, NY	Thrift	$	4,183		19		12-31		11/95	$	13.54	$	422
DCOM	Dime Community Bancshares of NY	NASDAQ	Brooklyn, NY	Thrift	$	4,114		23		12-31		06/96	$	12.76	$	439
TRST	TrustCo Bank Corp NY of NY	NASDAQ	Glenville, NY	Thrift	$	3,719		129		12-31			$	6.23	$	478
BKMU	Bank Mutual Corp of WI	NASDAQ	Milwaukee, WI	Thrift	$	3,445		80		12-31		10/03	$	6.42	$	292
FFCH	First Financial Holdings Inc. of SC	NASDAQ	Charleston, SC	Thrift	$	3,381		65		09-30		11/83	$	14.02	$	232
PBNY	Provident NY Bancorp, Inc. of NY	NASDAQ	Montebello, NY	Thrift	$	2,936		35		09-30		01/04	$	9.09	$	353
BRKL	Brookline Bancorp, Inc. of MA	NASDAQ	Brookline, MA	Thrift	$	2,639		18		12-31		07/02	$	9.96	$	588
DNBK	Danvers Bancorp, Inc. of MA	NASDAQ	Danvers, MA	Thrift	$	2,455		26		12-31		01/08	$	15.80	$	342

NOTES:	(1) Operating strategies are: Thrift=Traditional Thrift, M.B.=Mortgage Banker, R.E.=Real Estate Developer, Div.=Diversified and Ret.=Retail Banking.
	(2) Most recent quarter end available (E=Estimated and P=Pro Forma).

Source: SNL Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.4

present a comparison of Capitol Federal Financial’s financial condition, income and expense trends, loan composition, interest rate risk and credit risk versus the Peer Group as of the most recent publicly available date.

In addition to the selection criteria used to identify the Peer Group companies, a summary description of the key comparable characteristics of each of the Peer Group companies relative to Capitol Federal Financial’s characteristics is detailed below.

Bank Mutual Corp. of Wisconsin. Selected due to second-step conversion completed in 2003, relatively low net interest margin, fairly limited earnings contribution from non-interest operating income, relatively low level of operating expenses and similar concentration of mortgage-backed securities comprising assets,

Brookline Bancorp, Inc. of Massachusetts. Selected due to second-step conversion completed in 2002, relatively high equity-to-assets ratio, comparable return on average assets, limited earnings contribution from non-interest operating income, relatively low level of operating expenses and favorable credit quality measures.

o	Danvers Bancorp, Inc. of Massachusetts. Selected due to similar interest-earning asset composition, limited earnings contribution from non-interest operating income and favorable credit quality measures.

o	Dime Community Bancshares of New York. Selected due to similar interest-bearing funding composition, limited earnings contribution from non-interest operating income, relatively low level of operating expenses and favorable credit quality measures.

o	First Financial Holdings Inc. of South Carolina. Selected due to relatively high concentration of assets maintained in mortgage-backed securities and 1-4 family permanent mortgage loans.

o	Flushing Financial Corp. of New York. Selected due to limited earnings contribution from non-interest operating income and relatively low level of operating expenses.

NewAlliance Bancshares of Connecticut. Selected due to comparable asset size, similar concentration of assets maintained in cash and investments, relatively low level of operating expenses, relatively high concentration of assets maintained in mortgage-backed securities and 1-4 family permanent mortgage loans and favorable credit quality measures.

o	Provident New York Bancorp, Inc. of New York. Selected due to second-step conversion completed in 2004, similar concentration of assets maintained in cash and investments, comparable return on average assets and favorable credit quality measures.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.5

TrustCo Bank Corp. NY of New York. Selected due to similar interest-earning asset composition, comparable return on average assets, relatively low level of operating expenses and relatively high concentration of assets maintained in mortgage-backed securities and 1-4 family permanent mortgage loans.

Washington Federal, Inc. of Washington. Selected due to similar concentration of assets maintained in loans, comparable return on average assets, relatively low level of operating expenses and relatively high concentration of assets maintained in mortgage-backed securities and 1-4 family permanent mortgage loans.

In aggregate, the Peer Group companies maintained a lower level of tangible equity than the industry average (9.8% of assets versus 11.2% for all public companies), generated higher core earnings as a percent of average assets (0.53% core ROAA versus a net loss of 0.23% for all public companies), and earned a higher core ROE (4.91% core ROE versus negative 0.77% for all public companies). Overall, the Peer Group’s average P/TB ratio and average core P/E multiple were above the respective averages for all publicly-traded thrifts.

	All Publicly-Traded			Peer Group

Financial Characteristics (Averages)
Assets ($Mil)	$	3,006		$	4,917
Market capitalization ($Mil)	$	347		$	634
Tangible equity/assets (%)		11.70	%		9.80	%
Core return on average assets (%)		(0.23	)		0.53
Core return on average equity (%)		(0.77	)		4.91

Pricing Ratios (Averages)(1)
Core price/earnings (x)		16.60	x		19.04	x
Price/tangible book (%)		85.20	%		133.93	%
Price/assets (%)		8.54			12.59

(1) Based on market prices as of May 28, 2010.

Ideally, the Peer Group companies would be comparable to Capitol Federal Financial in terms of all of the selection criteria, but the universe of publicly-traded thrifts does not provide for an appropriate number of such companies. However, in general, the companies selected for the Peer Group were fairly comparable to Capitol Federal Financial, as will be highlighted in the following comparative analysis.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.6

Financial Condition

Table 3.2 shows comparative balance sheet measures for Capitol Federal Financial and the Peer Group, reflecting the expected similarities and some differences given the selection procedures outlined above. The Company’s and the Peer Group’s ratios reflect balances as of March 31, 2010, unless indicated otherwise for the Peer Group companies. Capitol Federal Financial’s equity-to-assets ratio of 11.2% was below the Peer Group’s average net worth ratio of 12.0%. However, with the infusion of the net conversion proceeds, the Company’s pro forma equity-to-assets ratio will exceed the Peer Group’s equity-to-assets ratio. Tangible equity-to-assets ratios for the Company and the Peer Group equaled 11.2% and 9.8%, respectively. The increase in Capitol Federal Financial’s pro forma capital position will be favorable from a risk perspective and in terms of future earnings potential that could be realized through leverage and lower funding costs. At the same time, the Company’s higher pro forma capitalization will initially depress return on equity. Both Capitol Federal Financial’s and the Peer Group’s capital ratios reflected capital surpluses with respect to the regulatory capital requirements, with the Company’s ratios currently approximating or exceeding the Peer Group’s ratios. On a pro forma basis, the Company’s regulatory surpluses will become more significant than maintained by the Peer Group companies on average.

The interest-earning asset compositions for the Company and the Peer Group were somewhat similar, with loans constituting the bulk of interest-earning assets for both Capitol Federal Financial and the Peer Group. The Company’s loans-to-assets ratio of 63.4% was slightly below the comparable Peer Group ratio of 66.7%. Comparatively, the Company’s cash and investments-to-assets ratio of 34.4% exceeded the comparable ratio for the Peer Group of 26.8%. Overall, Capitol Federal Financial’s interest-earning assets amounted to 97.8% of assets, which was above the comparable Peer Group ratio of 93.5%. The Peer Group’s non-interest earning assets included bank-owned life insurance (“BOLI”) equal to 0.9% of assets and goodwill/intangibles equal to 2.2% of assets, while the Company maintained BOLI equal to 0.6% of assets and a zero balance of goodwill and intangibles.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.7

Table 3.2

Balance Sheet Composition and Growth Rates

Comparable Institution Analysis

As of March 31, 2010


		Balance Sheet as a Percent of Assets
		Cash & Equivalents			MBS & Invest			BOLI			Loans			Deposits			Borrowed Funds			Subd. Debt			Net Worth			Goodwill & Intang			Tng Net Worth

Capitol Federal Financial
March 31, 2010			0.7	%		33.7	%		0.6	%		63.4	%		50.9	%		36.6	%		0.0	%		11.2	%		0.0	%		11.2	%

All Public Companies
Averages			5.2	%		20.5	%		1.4	%		67.9	%		71.9	%		15.0	%		0.5	%		11.6	%		0.9	%		10.7	%
Medians			4.2	%		18.1	%		1.4	%		68.8	%		72.3	%		12.9	%		0.0	%		10.2	%		0.1	%		9.5	%

Comparable Group
Averages			3.4	%		23.4	%		0.9	%		66.7	%		67.8	%		18.5	%		0.6	%		12.0	%		2.2	%		9.8	%
Medians			2.7	%		21.2	%		1.3	%		67.2	%		66.3	%		19.2	%		0.2	%		11.7	%		1.5	%		9.4	%

Comparable Group
BKMU	Bank Mutual Corp. of WI		4.1	%		46.1	%		1.6	%		43.0	%		60.8	%		26.3	%		0.0	%		11.6	%		1.6	%		10.1	%
BRKL	Brookline Bancorp, Inc. of MA		2.7	%		12.8	%		0.0	%		81.2	%		62.7	%		17.6	%		0.0	%		18.6	%		1.7	%		16.9	%
DNBK	Danvers Bancorp, Inc. of MA		2.6	%		24.2	%		1.4	%		67.0	%		75.9	%		10.2	%		1.2	%		11.8	%		1.4	%		10.4	%
DCOM	Dime Community Bancshares of NY		2.9	%		7.7	%		1.2	%		84.2	%		56.2	%		30.6	%		2.3	%		7.5	%		1.4	%		6.1	%
FFCH	First Financial Holdings Inc. of SC		1.8	%		15.2	%		0.0	%		75.2	%		72.1	%		15.7	%		1.4	%		9.9	%		1.1	%		8.8	%
FFIC	Flushing Financial Corp. of NY		0.6	%		18.1	%		1.7	%		76.9	%		67.6	%		22.0	%		0.8	%		8.8	%		0.4	%		8.4	%
NAL	NewAlliance Bancshares of CT		1.9	%		31.2	%		1.6	%		55.8	%		59.5	%		22.3	%		0.2	%		17.0	%		6.6	%		10.4	%
PBNY	Provident NY Bancorp, Inc. of NY		1.3	%		32.5	%		1.7	%		55.8	%		68.4	%		16.1	%		0.0	%		14.4	%		5.6	%		8.8	%
TRST	TrustCo Bank Corp. NY of NY		9.1	%		27.5	%		0.0	%		60.5	%		89.6	%		3.1	%		0.0	%		6.7	%		0.0	%		6.7	%
WFSL	Washington Federal, Inc. of WA		6.7	%		18.3	%		0.0	%		67.5	%		65.0	%		20.8	%		0.1	%		13.2	%		1.9	%		11.3	%

		Balance Sheet Annual Growth Rates																					Regulatory Capital
		Assets			MBS, Cash & Investments			Loans			Deposits			Borrows. &Subdebt			Net Worth			Tng Net Worth			Tangible			Core			Reg.Cap.

Capitol Federal Financial
March 31, 2010			2.61	%		12.35	%		-2.59	%		4.92	%		-0.50	%		3.24	%		3.24	%		9.96	%		9.96	%		23.90	%

All Public Companies
Averages			4.01	%		12.58	%		1.40	%		9.72	%		-15.73	%		1.81	%		2.28	%		10.62	%		10.52	%		17.33	%
Medians			2.49	%		7.98	%		-0.52	%		7.36	%		-13.37	%		1.26	%		1.52	%		9.45	%		9.37	%		14.48	%

Comparable Group
Averages			6.87	%		4.71	%		4.61	%		12.85	%		-6.34	%		11.03	%		10.76	%		10.86	%		10.94	%		16.86	%
Medians			2.31	%		3.54	%		3.79	%		8.23	%		-4.12	%		7.90	%		8.91	%		10.06	%		10.70	%		16.60	%

Comparable Group
BKMU	Bank Mutual Corp. of WI		-2.09	%		11.94	%		-15.66	%		-2.70	%		-0.11	%		-0.42	%		-0.37	%		10.06	%		10.06	%		21.99	%
BRKL	Brookline Bancorp, Inc. of MA		0.58	%		-8.05	%		2.28	%		13.13	%		-28.25	%		1.21	%		1.66	%		15.70	%		15.70	%	NA
DNBK	Danvers Bancorp, Inc. of MA		41.24	%		25.44	%		44.47	%		54.35	%		-2.53	%		25.83	%		11.01	%		11.52	%		11.52	%		16.60	%
DCOM	Dime Community Bancshares of NY		1.81	%		-23.66	%		5.58	%		-0.98	%		5.32	%		10.30	%		12.86	%	NA			NA			NA
FFCH	First Financial Holdings Inc. of SC		5.44	%		-12.15	%		6.72	%		22.18	%		-37.15	%		31.77	%		35.96	%		7.74	%		7.74	%		11.10	%
FFIC	Flushing Financial Corp. of NY		2.82	%		-10.49	%		6.20	%		8.04	%		-13.91	%		19.02	%		20.38	%	NA			NA			NA
NAL	NewAlliance Bancshares of CT		0.03	%		2.83	%		-3.16	%		8.42	%		-18.21	%		3.43	%		6.81	%	Na				11.34	%		21.03	%
PBNY	Provident NY Bancorp, Inc. of NY		-0.63	%		4.24	%		-4.29	%		-0.09	%		-3.54	%		0.23	%		1.17	%		9.28	%		9.28	%	NA
TRST	TrustCo Bank Corp. NY of NY		6.95	%		8.25	%		5.29	%		7.54	%		39.71	%		5.51	%		5.52	%	Na			NA				13.60	%
WFSL	Washington Federal, Inc. of WA		12.56	%		48.78	%		-1.29	%		18.62	%		-4.70	%		13.41	%		12.60	%	NA			Na			NA

Source: SNL Financial, LC. and RP® Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.8

Capitol Federal Financial’s funding liabilities reflected a funding strategy that was somewhat similar to that of the Peer Group’s funding composition. The Company’s deposits equaled 50.9% of assets, which was below the Peer Group’s ratio of 67.8%. Comparatively, the Company maintained a higher level of borrowings than the Peer Group, as indicated by borrowings-to-assets ratios of 36.6% and 19.1% for Capitol Federal Financial and the Peer Group, respectively. Total interest-bearing liabilities maintained by the Company and the Peer Group, as a percent of assets, equaled 87.5% and 86.9%, respectively.

A key measure of balance sheet strength for a thrift institution is its IEA/IBL ratio. Presently, the Company’s IEA/IBL ratio is slightly higher than the Peer Group’s ratio, based on IEA/IBL ratios of 111.8% and 107.6%, respectively. Accordingly, the additional capital realized from stock proceeds should serve to provide Capitol Federal Financial with an IEA/IBL ratio that further exceeds the Peer Group’s ratio, as the increase in capital provided by the infusion of stock proceeds will serve to raise the level of interest-earning assets funded with equity and, thereby, reduce the ratio of interest-earning assets funded with interest-bearing liabilities as the balance of interest-bearing liabilities will initially remain relatively unchanged following the conversion.

The growth rate section of Table 3.2 shows annual growth rates for key balance sheet items. Capitol Federal Financial’s and the Peer Group’s growth rates are based on annual growth for the twelve months ended March 31, 2010, or the most recent twelve month period available for the Peer Group companies. Capitol Federal Financial recorded asset growth of 2.6%, which was less than the Peer Group’s asset growth rate of 6.9%. The Peer Group’s stronger asset growth was supported by acquisition related growth, as Danvers Bancorp, First Financial Holdings and Washington Federal completed acquisitions during the twelve month period. Asset growth for Capitol Federal Financial was sustained through a 12.4% increase in cash and investments, which was partially offset by a 2.6% decrease in loans. Asset growth for the Peer Group was sustained by a 4.7% increase in cash and investments and a 4.6% increase in loans.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.9

Asset growth for Capitol Federal Financial was funded largely through a 4.9% increase in deposits, which funded a 0.5% reduction in borrowings as well. Asset growth for the Peer Group was funded through deposit growth of 12.9%, which also funded a 6.3% reduction in the Peer Group’s borrowings. The Company’s capital increased by 3.2% during the twelve month period, versus an 11.0% increase in capital recorded by the Peer Group. The Company’s post-conversion capital growth rate will initially be constrained by maintenance of a higher pro forma capital position. Dividend payments and stock repurchases, pursuant to regulatory limitations and guidelines, could also potentially continue to slow the Company’s capital growth rate in the longer term following the stock offering.

Income and Expense Components

Table 3.3 displays statements of operations for the Company and the Peer Group. The Company’s and the Peer Group’s ratios are based on earnings for the twelve months ended March 31, 2010, unless otherwise indicated for the Peer Group companies. Capitol Federal Financial and the Peer Group reported net income to average assets ratios of 0.81% and 0.63%, respectively. Lower ratios for operating expenses and loan loss provisions supported the Company’s higher return, which was partially offset by the Peer Group’s higher ratios for net interest income and non-interest operating income. Non-operating gains and extraordinary items had a comparable impact on the Company’s and the Peer Group’s respective earnings.

The Peer Group’s stronger net interest margin was primarily realized through maintenance of a lower interest expense ratio and, to a lesser extent, a higher interest income ratio. The Peer Group’s higher interest income ratio was supported by maintaining a higher overall yield earned on interest-earning assets (5.20% versus 4.85% for the Company), which was somewhat offset by the Company’s higher concentration of assets maintained in interest-earning assets. Likewise, the Peer Group’s lower interest expense ratio was supported by a lower cost of funds (2.16% versus 2.99% for the Company), as the Company and the Peer Group maintained comparable levels of interest-bearing liabilities funding assets. Overall, Capitol Federal

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.10

Table 3.3

Income as Percent of Average Assets and Yields, Costs, Spreads

Comparable Institution Analysis

For the 12 Months Ended March 31, 2010


					Net Interest Income															Other Income
														Loss			NII												Total
		Net												Provis.			After			Loan			R.E.			Other			Other
		Income			Income			Expense			NII			on IEA			Provis.			Fees			Oper.			Income			Income

Capitol Federal Financial
March 31, 2010			0.81	%		4.73	%		2.61	%		2.11	%		0.12	%		2.00	%		0.00	%		0.00	%		0.32	%		0.32	%

All Public Companies
Averages			-0.12	%		4.83	%		1.89	%		2.94	%		0.93	%		2.02	%		0.03	%		-0.07	%		0.81	%		0.77	%
Medians			0.25	%		4.86	%		1.83	%		2.98	%		0.48	%		2.29	%		0.00	%		-0.01	%		0.57	%		0.55	%

Comparable Group
Averages			0.63	%		4.89	%		1.87	%		3.02	%		0.77	%		2.25	%		0.03	%		-0.06	%		0.72	%		0.69	%
Medians			0.73	%		5.06	%		1.81	%		3.07	%		0.37	%		2.57	%		0.01	%		-0.03	%		0.61	%		0.58	%

Comparable Group
BKMU	Bank Mutual Corp. of WI		0.25	%		4.06	%		2.26	%		1.80	%		0.36	%		1.44	%		0.02	%		-0.04	%		0.57	%		0.55	%
BRKL	Brookline Bancorp, Inc. of MA		0.87	%		5.21	%		1.81	%		3.39	%		0.31	%		3.08	%		0.00	%		0.00	%		0.10	%		0.09	%
DNBK	Danvers Bancorp, Inc. of MA		0.39	%		4.91	%		1.67	%		3.23	%		0.27	%		2.96	%		0.01	%		-0.04	%		0.50	%		0.46	%
DCOM	Dime Community Bancshares of NY		0.82	%		5.26	%		2.26	%		3.00	%		0.35	%		2.66	%		0.00	%		-0.01	%		0.26	%		0.25	%
FFCH	First Financial Holdings Inc. of SC		0.27	%		5.66	%		1.76	%		3.90	%		3.05	%		0.85	%		0.08	%		-0.04	%		1.88	%		1.91	%
FFIC	Flushing Financial Corp. of NY		0.66	%		5.59	%		2.63	%		2.96	%		0.48	%		2.48	%		0.08	%		0.00	%		0.28	%		0.37	%
NAL	NewAlliance Bancshares of CT		0.60	%		4.28	%		1.80	%		2.48	%		0.22	%		2.26	%		0.02	%		0.00	%		0.65	%		0.66	%
PBNY	Provident NY Bancorp, Inc. of NY		0.83	%		4.17	%		1.06	%		3.11	%		0.44	%		2.66	%		0.00	%		0.00	%		0.74	%		0.74	%
TRST	TrustCo Bank Corp. NY of NY		0.79	%		4.52	%		1.23	%		3.29	%		0.39	%		2.91	%		0.00	%		-0.12	%		0.73	%		0.61	%
WFSL	Washington Federal, Inc. of WA		0.83	%		5.27	%		2.24	%		3.03	%		1.87	%		1.16	%		0.07	%		-0.34	%		1.47	%		1.20	%

		G&A/Other Exp.						Non-Op. Items						Yields, Costs, and Spreads
																							MEMO:		MEMO:
		G&A			Goodwill			Net			Extrao.			Yield			Cost			Yld-Cost			Assets/		Effective
		Expense			Amort.			Gains			Items			On Assets			Of Funds			Spread			FTE Emp.		Tax Rate

Capitol Federal Financial
March 31, 2010			1.14	%		0.00	%		0.10	%		0.00	%		4.85	%		2.99	%		1.86	%	$	12,369		36.16	%

All Public Companies
Averages			2.72	%		0.09	%		-0.04	%		0.03	%		5.15	%		2.17	%		2.98	%	$	6,094		31.66	%
Medians			2.63	%		0.00	%		0.00	%		0.00	%		5.13	%		2.15	%		3.01	%	$	4,858		32.02	%

Comparable Group
Averages			2.14	%		0.03	%		0.00	%		0.08	%		5.20	%		2.16	%		3.04	%	$	7,971		28.91	%
Medians			1.92	%		0.02	%		0.00	%		0.00	%		5.28	%		2.22	%		3.07	%	$	7,340		34.37	%

Comparable Group
BKMU	Bank Mutual Corp. of WI		1.93	%		0.01	%		0.38	%		0.00	%		4.37	%		2.62	%		1.76	%	$	4,497		32.02	%
BRKL	Brookline Bancorp, Inc. of MA		1.66	%		0.05	%		0.03	%		0.00	%		5.38	%		2.25	%		3.13	%	$	11,230		39.31	%
DNBK	Danvers Bancorp, Inc. of MA		2.92	%		0.05	%		-0.01	%		0.00	%		5.17	%		1.92	%		3.25	%	$	6,599		4.06	%
DCOM	Dime Community Bancshares of NY		1.46	%		0.00	%		-0.09	%		0.00	%		5.53	%		2.52	%		3.01	%	$	10,389		36.34	%
FFCH	First Financial Holdings Inc. of SC		3.49	%		0.02	%		-0.17	%		0.84	%		6.08	%		1.97	%		4.11	%	$	3,305		44.47	%
FFIC	Flushing Financial Corp. of NY		1.56	%		0.01	%		-0.15	%		0.00	%		5.83	%		2.90	%		2.93	%	$	12,562		36.76	%
NAL	NewAlliance Bancshares of CT		1.90	%		0.10	%		0.02	%		0.00	%		4.78	%		2.20	%		2.58	%	$	8,081		34.03	%
PBNY	Provident NY Bancorp, Inc. of NY		2.68	%		0.07	%		0.51	%		0.00	%		4.63	%		1.26	%		3.37	%	$	5,478		26.35	%
TRST	TrustCo Bank Corp. NY of NY		2.23	%		0.00	%		0.00	%		0.00	%		4.64	%		1.32	%		3.31	%	$	5,080		34.71	%
WFSL	Washington Federal, Inc. of WA		1.60	%		0.01	%		-0.55	%		0.00	%		5.58	%		2.59	%		2.99	%	$	12,491		1.01	%

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.11

Financial and the Peer Group reported net interest income to average assets ratios of 2.11% and 3.02%, respectively.

The Company’s primary profitability advantage relative to the Peer Group is in its significantly lower level of operating expenses than the Peer Group. For the period covered in Table 3.3, the Company and the Peer Group reported operating expense to average assets ratios of 1.14% and 2.17%, respectively (inclusive of amortization of intangible assets). While the Peer Group’s operating expense ratio was well above the Company’s ratio, it was well below the average of all publicly-traded thrifts. In general, the Company’s lower operating expense ratio is supported by the more limited staffing needs that result from implementation of a traditional thrift operating strategy, which emphasizes originating and purchasing 1-4 family permanent mortgage loans and mortgage-backed securities for investment. The Company’s lower operating expense ratio also reflects fairly limited diversification of operations with respect to generating sources of non-interest operating income and a relatively low level of deposits funding assets which cost more to service than borrowings. Consistent with the Company’s lower operating expense ratio and less diversified operations, Capitol Federal Financial maintained a comparatively lower number of employees relative to its asset size. Assets per full time equivalent employee equaled $12.4 million for the Company, versus comparable measures of $8.0 million for the Peer Group and $6.1 million for all publicly-traded thrifts.

When viewed together, net interest income and operating expenses provide considerable insight into a thrift’s earnings strength, since those sources of income and expenses are typically the most prominent components of earnings and are generally more predictable than losses and gains realized from the sale of assets or other non-recurring activities. In this regard, as measured by their expense coverage ratios (net interest income divided by operating expenses), the Company’s earnings were more favorable than the Peer Group’s. Expense coverage ratios posted by Capitol Federal Financial and the Peer Group equaled 1.85x and 1.39x, respectively.

Sources of non-interest operating income provided a larger contribution to the Peer Group’s earnings, with such income amounting to 0.32% and 0.69% of Capitol

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.12

Federal Financial’s and the Peer Group’s average assets, respectively. The Company’s relatively low earnings contribution realized from non-interest operating income is indicative of its limited diversification into areas that generate revenues from non-interest sources. Taking non-interest operating income into account in comparing the Company’s and the Peer Group’s earnings, Capitol Federal Financial’s efficiency ratio (operating expenses, net of amortization of intangibles, as a percent of the sum of non-interest operating income and net interest income) of 46.9% was more favorable than the Peer Group’s efficiency ratio of 57.7%.

Loan loss provisions had a larger impact on the Peer Group’s earnings, with loan loss provisions established by the Company and the Peer Group equaling 0.12% and 0.77% of average assets, respectively. The lower level of loan provisions established by the Company was consistent with its more favorable credit quality measures for non-performing loans and non-performing assets.

Non-operating items, consisting of net gains and extraordinary items, equaled 0.10% and 0.08% of average assets for the Company and the Peer Group, respectively. Net gains recorded by the Company consisted of gains on the sale of securities and loans. To the extent that gains have been derived through selling fixed rate loans into the secondary market, such gains may be considered to be an ongoing activity for an institution and, therefore, warrant some consideration as a core earnings factor for an institution. However, loan sale gains are still viewed as a more volatile source of income than income generated through the net interest margin and non-interest operating income. The Peer Group’s non-operating items consisted of extraordinary items equal to 0.08% of average assets, which are not considered part of an institution’s core earnings.

Taxes had a more significant impact on the Company’s earnings, as Capitol Federal Financial and the Peer Group posted effective tax rates of 36.16% and 28.91%, respectively. As indicated in the prospectus, the Company’s effective marginal tax rate is equal to 38.32%.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.13

Loan Composition

Table 3.4 presents data related to the Company’s and the Peer Group’s loan portfolio compositions (including the investment in mortgage-backed securities). The Company’s loan portfolio composition reflected a significantly higher concentration of 1-4 family permanent mortgage loans and mortgage-backed securities compared to the Peer Group (81.1% of assets versus 41.6% for the Peer Group). The Company maintained higher concentrations of 1-4 family permanent mortgage loans and mortgage-backed securities relative to the Peer Group’s ratios. Loans serviced for others equaled 8.45% and 7.57% of the Company’s and the Peer Group’s assets, respectively, thereby indicating a fairly similar influence of loan servicing income on the Company’s and the Peer Group’s respective earnings. Likewise, loan servicing intangibles were a comparable factor on the Company’s and the Peer Group’s balance sheets, equaling 0.05% of assets for both the Company and the Peer Group.

Diversification into higher yielding and higher risk types of loans was much more significant for the Peer Group, as the Peer Group’s lending diversification was greater for all loan types. Consumer loans constituted the most significant area of lending diversification for the Company (2.3% of assets), followed by commercial real estate loans (0.8% of assets) and construction/land loans (0.4% of assets). Comparatively, commercial real estate loans comprised the most significant area of lending diversification for the Peer Group (25.9% of assets), followed by commercial business loans (5.1% of assets), construction/land loans (3.8% of assets) and consumer loans (3.6% of assets). Overall, the Peer Group’s slightly higher level of loans comprising assets, as well as significantly greater diversification into higher risk types of lending, translated into a higher risk weighted assets-to-assets ratio than maintained by the Company. The Peer Group’s risk weighted assets-to-assets ratio equaled 63.3%, versus a comparable ratio of 41.9% for Capitol Federal Financial.

Interest Rate Risk

Table 3.5 reflects various key ratios highlighting the relative interest rate risk exposure of the Company versus the Peer Group. In terms of balance sheet

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.14

Table 3.4

Loan Portfolio Composition and Related Information

Comparable Institution Analysis

As of March 31, 2010

		Portfolio Composition as a Percent of Assets
					1-4			Constr.			5+Unit			Commerc.						RWA/			Serviced		Servicing
Institution		MBS			Family			& Land			Comm RE			Business			Consumer			Assets			For Others		Assets
		(%)			(%)			(%)			(%)			(%)			(%)			(%)			($000)		($000)

Capitol Federal Financial			20.71	%		60.36	%		0.40	%		0.83	%		0.00	%		2.34	%		41.92	%	$	717,040	$	4,266


All Public Companies
Averages			12.17	%		35.01	%		5.05	%		22.17	%		4.56	%		2.28	%		65.31	%	$	606,479	$	5,873
Medians			10.58	%		35.32	%		3.90	%		21.65	%		3.39	%		0.61	%		65.20	%	$	45,390	$	140



Comparable Group
Averages			12.99	%		28.59	%		3.76	%		25.93	%		5.15	%		3.57	%		63.29	%	$	372,005	$	2,476
Medians			12.89	%		24.54	%		2.19	%		16.01	%		3.74	%		0.32	%		64.55	%	$	164,595	$	707


Comparable Group
BKMU	Bank Mutual Corp. of WI		19.54	%		24.93	%		2.18	%		13.57	%		1.60	%		0.92	%		46.50	%	$	1,017,380	$	6,759
BRKL	Brookline Bancorp, Inc. of MA		5.45	%		14.49	%		0.79	%		34.20	%		11.56	%		21.34	%		82.56	%	$	35,800	$	140
DNBK	Danvers Bancorp, Inc. of MA		12.11	%		17.10	%		4.94	%		26.35	%		14.02	%		0.16	%		72.47	%	$	108,760	$	404
DCOM	Dime Community Bancshares of NY		4.85	%		3.12	%		0.72	%		80.88	%		0.00	%		0.03	%		64.45	%	$	657,850	$	2,587
FFCH	First Financial Holdings Inc. of SC		12.84	%		40.83	%		9.30	%		12.79	%		2.60	%		11.63	%		77.37	%	$	1,273,170	$	12,279
FFIC	Flushing Financial Corp. of NY		15.55	%		24.15	%		2.21	%		44.59	%		6.39	%		0.01	%		67.60	%	$	31,900	$	11
NAL	NewAlliance Bancshares of CT		25.09	%		36.48	%		1.29	%		13.34	%		4.88	%		0.15	%		52.90	%	$	266,000	$	1,566
PBNY	Provident NY Bancorp, Inc. of NY		12.93	%		22.60	%		7.37	%		18.44	%		7.98	%		0.49	%		64.65	%	$	177,340	$	1,010
TRST	TrustCo Bank Corp. NY of NY		7.09	%		54.03	%		1.18	%		5.47	%		0.73	%		0.12	%		55.03	%	$	0	$	0
WFSL	Washington Federal, Inc. of WA		14.47	%		48.14	%		7.59	%		9.71	%		1.73	%		0.82	%		49.36	%	$	151,850	$	0

Source:	SNL Financial LC. and RP® Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but
	we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP® Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.15

Table 3.5

Interest Rate Risk Measures and Net Interest Income Volatility

Comparable Institution Analysis

As of March 31, 2010 or Most Recent Date Available

		Balance Sheet Measures
								Non-Earn.			Quarterly Change in Net Interest Income
		Equity/			IEA/			Assets/
Institution		Assets			IBL			Assets			3/31/2010		12/31/2009		9/30/2009		6/30/2009		3/31/2009		12/31/2008
		(%)			(%)			(%)			(change in net interest income is annualized in basis points)

Capitol Federal Financial			11.2	%		111.8	%		2.2	%		-11		5		-13		-2		20		5

All Public Companies			10.6	%		106.6	%		6.3	%		5		7		8		1		-4		-1

Comparable Group
Averages			9.8	%		107.7	%		6.6	%		0		12		-1		19		-3		1
Medians			9.5	%		106.7	%		6.5	%		2		9		-1		16		-3		3

Comparable Group
BKMU	Bank Mutual Corp. of WI		10.1	%		107.0	%		6.8	%		-15		2		-30		-14		-4		14
BRKL	Brookline Bancorp, Inc. of MA		16.9	%		120.4	%		3.3	%		8		14		-2		40		-18		10
DNBK	Danvers Bancorp, Inc. of MA		10.4	%		107.4	%		6.2	%		-14		44		12		6		-17		8
DCOM	Dime Community Bancshares of NY		6.1	%		106.3	%		5.2	%		-2		33		32		24		-3		-21
FFCH	First Financial Holdings Inc. of SC		8.8	%		103.4	%		7.7	%		-9		-6		-35		72		11		10
FFIC	Flushing Financial Corp. of NY		8.4	%		105.8	%		4.4	%		26		13		-2		25		19		-4
NAL	NewAlliance Bancshares of CT		10.4	%		108.5	%		11.1	%		11		10		8		5		-2		-2
PBNY	Provident NY Bancorp, Inc. of NY		8.8	%		106.2	%		10.3	%		5		1		-7		-7		-17		-3
TRST	TrustCo Bank Corp. NY of NY		6.7	%		104.6	%		3.0	%		9		8		18		28		0		-8
WFSL	Washington Federal, Inc. of WA		11.3	%		107.6	%		7.6	%		-16		0		0		8		6		10

NA=Change is greater than 100 basis points during the quarter.

Source:	SNL Financial LC. and RP® Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP® Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.16

composition, Capitol Federal Financial’s interest rate risk characteristics were considered to be more favorable relative to the comparable measures for the Peer Group. Most notably, the Company’s tangible equity-to-assets ratio and IEA/IBL ratio were above the Peer Group ratios. Additionally, the Company maintained a lower level of non-interest earning assets compared to the Peer Group. On a pro forma basis, the infusion of stock proceeds should serve to provide the Company with more significant comparative advantages over the Peer Group’s balance sheet interest rate risk characteristics, with respect to the increases that will be realized in Company’s equity-to-assets and IEA/IBL ratios.

To analyze interest rate risk associated with the net interest margin, we reviewed quarterly changes in net interest income as a percent of average assets for Capitol Federal Financial and the Peer Group. In general, the relative fluctuations in the Company’s and the Peer Group’s net interest income to average assets ratios were considered to be fairly comparable and, thus, based on the interest rate environment that prevailed during the period analyzed in Table 3.5, Capitol Federal Financial and the Peer Group were viewed as maintaining a similar degree of interest rate risk exposure in their respective net interest margins. The stability of the Company’s net interest margin should be enhanced by the infusion of stock proceeds, as the increase in capital will reduce the relative level of interest rate sensitive liabilities funding assets.

Credit Risk

Overall, based on a comparison of credit quality measures, the Company’s credit risk exposure was considered to be less significant than Peer Group’s. As shown in Table 3.6, the Company’s non-performing assets/assets and non-performing loans/loans ratios equaled 0.48% and 0.63%, respectively, versus comparable measures of 1.77% and 2.78% for the Peer Group. The Company’s and Peer Group’s loss reserves as a percent of non-performing loans equaled 43.30% and 86.27%, respectively. Loss reserves maintained as percent of net loans receivable equaled 0.27% for the Company, versus 1.49% for the Peer Group. Net loan charge-offs were

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.17

Table 3.6
Credit Risk Measures and Related Information
Comparable Institution Analysis
As of March 13, 2010 or Most Recent Date Available

					NPAs &												Rsrves/
		REO/			90+Del/			NPLs/			Rsrves/			Rsrves/			NPAs &			Net Loan		NLCs/
Institution		Assets			Assets			Loans			Loans			NPLs			90+Del			Chargoffs		Loans
		(%)			(%)			(%)			(%)			(%)			(%)			($000)		(%)

Capitol Federal Financial			0.08	%		0.48	%		0.63	%		0.27	%		43.30	%		36.04	%	$	2,640		0.05	%


All Public Companies
Averages			0.50	%		3.76	%		4.66	%		1.66	%		65.93	%		49.43	%	$	1,472		0.65	%
Medians			0.23	%		2.59	%		3.64	%		1.35	%		45.60	%		40.59	%	$	448		0.28	%



Comparable Group
Averages			0.31	%		1.77	%		2.78	%		1.49	%		86.27	%		68.91	%	$	5,454		0.81	%
Medians			0.12	%		1.27	%		1.73	%		1.34	%		80.32	%		72.47	%	$	2,158		0.27	%


Comparable Group
BKMU	Bank Mutual Corp. of WI		0.56	%		1.97	%		6.91	%		1.26	%		8.28	%		12.61	%	$	1,502		0.40	%
BRKL	Brookline Bancorp, Inc. of MA		0.05	%		0.67	%		0.55	%		1.42	%		257.62	%		174.94	%	$	1,500		0.28	%
DNBK	Danvers Bancorp, Inc. of MA		0.05	%		0.68	%		0.94	%		0.93	%		99.80	%		92.26	%	$	390		0.09	%
DCOM	Dime Community Bancshares of NY		0.03	%		0.78	%		0.88	%		0.71	%		80.56	%		77.00	%	$	769		0.09	%
FFCH	First Financial Holdings Inc. of SC		0.35	%		4.41	%		5.22	%		3.15	%		50.13	%		46.21	%	$	36,718		5.59	%
FFIC	Flushing Financial Corp. of NY		0.17	%		2.36	%		2.69	%		0.71	%		26.45	%		23.38	%	$	2,292		0.29	%
NAL	NewAlliance Bancshares of CT		0.04	%		0.86	%		1.41	%		1.13	%		80.08	%		74.06	%	$	3,099		0.26	%
PBNY	Provident NY Bancorp, Inc. of NY		0.08	%		1.04	%		1.29	%		1.82	%		140.77	%		99.63	%	$	2,023		0.48	%
TRST	TrustCo Bank Corp. NY of NY		0.24	%		1.50	%		2.05	%		1.73	%		84.21	%		70.87	%	$	2,801		0.49	%
WFSL	Washington Federal, Inc. of WA		1.48	%		3.42	%		5.88	%		2.05	%		34.80	%		18.18	%	$	3,449		0.15	%

Source:	Audited and unaudited financial statements, corporate reports and offering circulars, and RP® Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP® Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.18

less significant for the Company, as net loan charge-offs for the Company and Peer Group equaled 0.05% of loans and 0.81% of loans, respectively. Notably, the Peer Group’s average net loan charge-offs ratio was skewed upward by the significant net loan charge-offs recorded by First Financial Holdings, which equaled 5.59% of loans. Comparatively, the Peer Group’s median net loan charge-offs equaled 0.27% of loans.

Summary

Based on the above analysis, RP Financial concluded that the Peer Group forms a reasonable basis for determining the pro forma market value of the Company. Such general characteristics as asset size, capital position, interest-earning asset composition, funding composition, core earnings measures, loan composition, credit quality and exposure to interest rate risk all tend to support the reasonability of the Peer Group from a financial standpoint. Those areas where differences exist will be addressed in the form of valuation adjustments to the extent necessary.

EXHIBITS

LIST OF EXHIBITS


Exhibit Number		Description

I-1		Map of Office Locations

I-2		Audited Financial Statements

I-3		Key Operating Ratios

I-4		Investment Portfolio Composition

I-5		Yields and Costs

I-6		Loan Loss Allowance Activity

I-7		Interest Rate Risk Analysis

I-8		Fixed and Adjustable Rate Loans

I-9		Loan Portfolio Composition

I-10		Contractual Maturity by Loan Type

I-11		Loan Originations, Purchases and Repayments

I-12		Non-Performing Assets

I-13		Deposit Composition

I-14		Maturity of Time Deposits

I-15		Borrowing Activity

II-1		Historical Interest Rates

LIST OF EXHIBITS (continued)


Exhibit Number		Description

III-1		General Characteristics of Publicly-Traded Institutions

III-2		Public Market Pricing of Mid-West Thrift Institutions

III-3		Public Market Pricing of All Publicly-Traded Thrift Institutions

III-4		Peer Group Market Area Comparative Analysis

IV-1		Stock Prices: As of May 28, 2010

IV-2		Historical Stock Price Indices

IV-3		Historical Thrift Stock Indices

IV-4		Market Area Acquisition Activity

IV-5		Director and Senior Management Summary Resumes

IV-6		Pro Forma Regulatory Capital Ratios

IV-7		Pro Forma Analysis Sheet

IV-8		Pro Forma Effect of Conversion Proceeds

IV-9		Peer Group Core Earnings Analysis

V-1		Firm Qualifications Statement

EXHIBIT I-1

Capitol Federal Financial

Map of Office Locations

Exhibit I-1

Capitol Federal Financial

Map of Office Locations

EXHIBIT I-2

Capitol Federal Financial

Audited Financial Statements

[Incorporated by Reference]

EXHIBIT I-3

Capitol Federal Financial

Key Operating Ratios

Exhibit I-3

Capitol Federal Financial

Key Operating Ratios


	At or For the Six Months Ended March 31, 2010

				At and for Year Ended September 30,
				2009			2008			2007			2006			2005
Selected Performance and Financial Ratios and Other Data:

Performance Ratios:
Return on average assets		0.85	%		0.81	%		0.65	%		0.41	%		0.58	%		0.77	%
Return on average equity		7.49			7.27			5.86			3.72			5.58			7.62
Dividend payout ratio		76.91	%		66.47	%		81.30	%		133.14	%		97.41	%		62.59	%
Ratio of operating expense to average total assets		1.09			1.14			1.04			0.98			0.88			0.87
Efficiency ratio(2)		42.77			45.62			49.93			59.60			48.03			41.19
Ratio of average interest-earning assets to average interest-bearing liabilities		1.11	x		1.12	x		1.12	x		1.12	x		1.11	x		1.10	x
Interest rate spread information:
Average during period		1.84	%		1.86	%		1.35	%		0.93	%		1.19	%		1.59	%
End of period		1.83			1.89			1.70			0.89			1.07			1.46
Net interest margin		2.14			2.20			1.75			1.36			1.57			1.87
Asset Quality Ratios:
Non-performing assets to total assets		0.48			0.46			0.23			0.12			0.10			0.08
Non-performing loans to total loans		0.63			0.55			0.26			0.14			0.11			0.09
Allowance for loan losses to non-performing loans		43.30			32.83			42.37			56.87			79.03			89.14
Allowance for loan losses to loans receivable, net		0.27			0.18			0.11			0.08			0.08			0.08
Net charge-offs during the period to average loans outstanding		0.03			0.04			*			*			*			*
Capital Ratios:
Equity to total assets at end of period (3)		11.15			11.20			10.82			11.30			10.53			10.29
Average equity to average assets		11.33			11.08			11.05			10.91			10.47			10.05

Regulatory Capital Ratios of Bank:
Tangible equity		10.0			10.0			10.0			10.3			9.5			9.1
Tier 1 (core) capital		10.0			10.0			10.0			10.3			9.5			9.1
Tier 1 (core) risk-based capital		23.6			23.2			23.1			22.9			22.6			21.3
Total risk-based capital		23.9			23.3			23.0			22.8			22.5			21.3

Other Data:
Number of traditional offices		35			33			30			29			29			29
Number of in-store offices		10			9			9			9			9			8

(1)	For all periods shown, Capitol Federal Savings Bank MHC, which owns a majority of the outstanding shares of CFF common stock, waived its right to receive dividends paid on CFF common stock with the exception of the $0.50 per share dividend paid on 500,000 shares in February 2010 and 2005. Public shares exclude shares held by Capitol Federal Savings Bank MHC, as well as unallocated shares held in the employee stock ownership plan.
(2)	Non-interest expense divided by net interest and dividend income plus non-interest income.
(3)	CFF has no intangible assets.

*	Less than 0.01%

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-4

Capitol Federal Financial

Investment Portfolio Composition

Exhibit I-4

Capitol Federal Financial

Investment Portfolio Composition


	March 31,							September 30,
	2010							2009							2008							2007
	Carrying		% of			Fair		Carrying		% of			Fair		Carrying		% of			Fair		Carrying		% of			Fair
	Value		Total			Value		Value		Total			Value		Value		Total			Value		Value		Total			Value
															(Dollars in thousands)
AFS securities:
MBS	$	1,212,991		89.6	%	$	1,212,991	$	1,389,211		85.5	%	$	1,389,211	$	1,484,055		96.7	%	$	1,484,055	$	402,686		79.7	%	$	402,686
U.S. government-sponsored enterprises		136,094		10.0			136,094		229,875		14.2			229,875		44,188		2.9			44,188		99,705		19.8			99,705
Trust preferred securities		3,064		0.2			3,064		2,110		0.1			2,110		2,655		0.2			2,655		--		--			--
Municipal bonds		2,735		0.2			2,735		2,799		0.2			2,799		2,743		0.2			2,743		2,719		0.5			2,719
Total AFS securities		1,354,884		100.0			1,354,884		1,623,995		100.0			1,623,995		1,533,641		100.0			1,533,641		505,110		100.0			505,110

HTM securities:
MBS		544,319		39.7			566,397		603,256		71.0			627,829		750,284		89.0			743,764		1,011,585		70.6			995,415
U.S. government-sponsored enterprises		759,389		55.3			760,380		175,394		20.7			175,929		37,397		4.4			36,769		401,431		28.0			398,598
Municipal bonds		69,149		5.0			70,732		70,526		8.3			73,000		55,376		6.6			55,442		20,313		1.4			20,342
Total HTM securities		1,372,857		100.0	%		1,397,509		849,176		100.0	%		876,758		843,057		100.0	%		835,975		1,433,329		100.0	%		1,414,355

	$	2,727,741				$	2,752,393	$	2,473,171				$	2,500,753	$	2,376,698				$	2,369,616	$	1,938,439				$	1,919,465

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-5

Capitol Federal Financial

Yields and Costs

Exhibit I-5

Capitol Federal Financial

Yields and Costs

	Six Months Ended														Year Ended September 30,
	March 31, 2010							March 31, 2009							2009							2008							2007

	Average		Interest					Average		Interest					Average		Interest					Average		Interest					Average		Interest
	Outstanding		Earned/		Yield/			Outstanding		Earned/		Yield/			Outstanding		Earned/		Yield/			Outstanding		Earned/		Yield/			Outstanding		Earned/		Yield/
	Balance		Paid		Rate			Balance		Paid		Rate			Balance		Paid		Rate			Balance		Paid		Rate			Balance		Paid		Rate
	(Dollars in thousands)
Assets
Interest-earning assets:
Mortgage loans (1)	$	5,277,206	$	139,170		5.27	%	$	5,240,144	$	147,881		5.64	%	$	5,296,297	$	293,685		5.55	%	$	5,099,147	$	286,383		5.62	%	$	5,022,178	$	276,317		5.50	%
Other loans		202,269		5,671		5.62			211,856		6,281		5.95			208,252		12,097		5.81			216,404		15,637		7.21			222,000		18,427		8.30
Total loans receivable		5,479,475		144,841		5.29			5,452,000		154,162		5.66			5,504,549		305,782		5.56			5,315,551		302,020		5.68			5,244,178		294,744		5.62
MBS (2)		1,829,990		39,381		4.30			2,161,451		51,490		4.76			2,110,701		97,926		4.64			1,888,186		88,395		4.68			1,605,901		68,752		4.28
Investment securities (2)(3)		645,267		6,285		1.95			131,171		2,281		3.48			229,766		5,533		2.41			242,426		9,917		4.09			656,857		30,849		4.70
Capital stock of FHLB		133,570		1,986		2.98			127,735		1,558		2.45			129,716		3,344		2.58			129,216		6,921		5.36			153,478		10,017		6.53
Cash and cash equivalents		86,297		101		0.23			72,342		117		0.32			72,184		201		0.28			112,522		3,553		3.11			138,756		7,188		5.11
Total interest-earning assets		8,174,599		192,594		4.71			7,944,699		209,608		5.28			8,046,916		412,786		5.13			7,687,901		410,806		5.34			7,799,170		411,550		5.28
Other noninterest-earning assets		230,111							176,721							181,829							186,312							153,949
Total assets	$	8,404,710						$	8,121,420						$	8,228,745						$	7,874,213						$	7,953,119

Liabilities and stockholders' equity
Interest-bearing liabilities:
Checking	$	457,439		319		0.14	%	$	414,352		425		0.21	%	$	426,976		879		0.21	%	$	398,430		819		0.20	%	$	396,454		850		0.21	%
Savings		228,352		678		0.60			228,497		1,032		0.91			228,879		1,873		0.82			230,818		4,105		1.77			195,660		4,952		2.53
Money market		886,205		3,336		0.75			787,634		4,691		1.19			814,898		8,512		1.04			804,612		16,771		2.08			807,459		26,566		3.29
Certificates		2,652,159		37,548		2.84			2,501,123		45,348		3.64			2,585,560		89,207		3.45			2,507,036		111,740		4.44			2,504,069		114,911		4.59
Total deposits		4,224,155		41,881		1.99			3,931,606		51,496		2.63			4,056,313		100,471		2.48			3,940,896		133,435		3.37			3,903,642		147,279		3.77
FHLB advances (4)		2,393,945		49,118		4.11			2,465,087		56,198		4.56			2,437,978		106,551		4.36			2,552,883		125,748		4.89			3,009,538		153,363		5.03
Other borrowings		713,609		14,058		3.90			713,593		14,834		4.11			713,601		29,122		4.03			391,009		17,455		4.39			53,493		4,468		8.24
Total interest-bearing liabilities		7,331,709		105,057		2.87			7,110,286		122,528		3.45			7,207,892		236,144		3.27			6,884,788		276,638		3.99			6,966,673		305,110		4.35
Other noninterest-bearing liabilities		121,166							118,373							108,940							119,353							118,445
Stockholders' equity		951,835							892,761							911,913							870,072							868,001
Total liabilities and stockholders' equity	$	8,404,710						$	8,121,420						$	8,228,745						$	7,874,213						$	7,953,119

Net interest income			$	87,537						$	87,080						$	176,642						$	134,168						$	106,440
Net interest rate spread						1.84	%						1.83	%						1.86	%						1.35	%						0.93	%
Net interest-earning assets	$	842,890						$	834,413						$	839,024						$	803,113						$	832,497
Net interest margin						2.14	%						2.19	%						2.20	%						1.75	%						1.36	%
Ratio of interest-earning assets to interest-bearing liabilities						1.11	x						1.12	x						1.12	x						1.12	x						1.12	x

*Annualized
(1)	Calculated net of deferred loan fees, loan discounts, and loans in process. Non-accrual loans are included in the loans receivable average balance with a yield of zero percent.
(2)	MBS and investment securities classified as AFS are stated at amortized cost, adjusted for unamortized purchase premiums or discounts.
(3)	The average balance of investment securities includes an average balance of nontaxable securities of $71.9 million and $58.2 million for the periods ended March 31, 2010 and 2009 and $61.0 million, $45.9 million, and $12.0 million for the years ended September 30, 2009, 2008 and 2007, respectively.
(4)	FHLB advances are stated net of deferred gains and deferred prepayment penalties.
(5)	The average balance for other non-interest-earning assets, other non-interest-bearing liabilities, and stockholders’ equity was calculated based upon month-end balances.

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-6

Capitol Federal Financial

Loan Loss Allowance Activity

Exhibit I-6

Capitol Federal Financial

Loan Loss Allowance Activity

	Six Months Ended March 31,			Year Ended September 30,
	2010			2009			2008			2007			2006			2005
				(Dollars in thousands)

Balance at beginning of period	$	10,150		$	5,791		$	4,181		$	4,433		$	4,598		$	4,495
Charge-offs:
One- to four-family loans-originated		181			226			86			8			95			91
One- to four-family loans-purchased		1,549			1,781			321			--			--			--
Multi-family & commercial		--			--			--			--			--			--
Construction		--			--			--			--			--			--
Home equity		23			1			2			3			--			--
Other consumer		10			24			32			16			37			56
Total charge-offs		1,763			2,032			441			27			132			147
Recoveries:
One- to four-family		172			--			--			--			1			35
Multi-family & commercial		--			--			--			--			--			--
Construction		--			--			--			--			--			--
Home equity		--			--			--			--			--			--
Other consumer		--			--			--			--			--			--
Total recoveries		172			--			--			--			1			35
Net charge-offs		1,591			2,032			441			27			131			112
Allowance on loans in the loan swap transaction		(135	)		--			--			--			(281	)		--
Provision (recovery)		6,315			6,391			2,051			(225	)		247			215
Balance at end of period	$	14,739		$	10,150		$	5,791		$	4,181		$	4,433		$	4,598

Ratio of net charge-offs during the period to average loans outstanding(1)		0.03	%		0.04	%		--	%		--	%		--	%		--	%

Ratio of net charge-offs during the period to average non-performing assets		4.02	%		7.11	%		3.12	%		0.31	%		1.77	%		1.31	%

ALLL as a percentage of non-performing loans		43.30	%		32.83	%		42.37	%		56.87	%		79.03	%		89.14	%

ALLL as a percentage of total loans (end of period)		0.27	%		0.18	%		0.11	%		0.08	%		0.08	%		0.08	%

(1)	Ratios for the years ended September 30, 2008, 2007, 2006 and 2005 calculate to be less than 0.01%.

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-7

Capitol Federal Financial

Interest Rate Risk Analysis

Exhibit I-7

Capitol Federal Financial

Interest Rate Risk Analysis

Change (in Basis Points) in Interest Rates (1)
	Percentage Change in MVPE
	At March 31, 2010		At September 30, 2009
-200 bp	N/A		N/A
-100 bp	N/A		N/A
000 bp	--		--
+100 bp	-7.78	%	-4.92	%
+200 bp	-20.92	%	-18.11	%
+300 bp	-36.31	%	-34.32	%

(1)

Assumes an instantaneous, permanent and parallel change in interest rates at all maturities.

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-8

Capitol Federal Financial

Fixed and Adjustable Rate Loans

Exhibit I-8

Capitol Federal Financial

Fixed and Adjustable Rate Loans

	Fixed		Adjustable		Total
	(Dollars in thousands)
Real Estate Loans:
One- to four-family	$	4,101,312	$	1,019,031	$	5,120,343
Multi-family and commercial		59,855		2,444		62,299
Construction		15,700		730		16,430
Consumer Loans:
Home equity		51,727		134,406		186,133
Other		3,538		3,927		7,465
Total	$	4,232,132	$	1,160,538	$	5,392,670

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-9

Capitol Federal Financial

Loan Portfolio Composition

Exhibit I-9

Capitol Federal Financial

Loan Portfolio Composition


	March 31, 2010					September 30,
	March 31, 2010					2009					2008					2007					2006					2005
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
	(Dollars in thousands)
Real Estate Loans:
One- to four-family	$	5,122,227		94.4	%	$	5,321,935		94.2	%	$	5,026,358		93.4	%	$	4,992,398		93.4	%	$	4,931,505		93.8	%	$	5,189,006		94.5	%
Multi-family and commercial		70,447		1.3			80,493		1.4			56,081		1.0			60,625		1.1			56,774		1.1			49,563		0.9
Construction		34,297		0.6			39,535		0.7			85,178		1.6			74,521		1.4			45,452		0.8			45,312		0.8
Total real estate loans		5,226,971		96.3			5,441,963		96.3			5,167,617		96.0			5,127,544		95.9			5,033,731		95.7			5,283,881		96.2

Consumer Loans:
Home equity		189,959		3.5			195,557		3.5			202,956		3.8			208,642		3.9			212,938		4.1			198,135		3.6
Other		8,528		0.2			9,430		0.2			9,272		0.2			10,440		0.2			10,804		0.2			12,371		0.2
Total consumer loans		198,487		3.7			204,987		3.7			212,228		4.0			219,082		4.1			223,742		4.3			210,506		3.8
Total loans receivable		5,425,458		100.0	%		5,646,950		100.0	%		5,379,845		100.0	%		5,346,626		100.0	%		5,257,473		100.0	%		5,494,387		100.0	%

Less:
Undisbursed loan funds		18,995					20,649					43,186					42,481					22,605					14,803
Unearned loan fees and deferred costs		10,872					12,186					10,088					9,893					9,318					10,856
Allowance for losses		14,739					10,150					5,791					4,181					4,433					4,598

Total loans receivable, net	$	5,380,852				$	5,603,965				$	5,320,780				$	5,290,071				$	5,221,117				$	5,464,130

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-10

Capitol Federal Financial
Contractual Maturity by Loan Type

Exhibit I-10
Capitol Federal Financial
Contractual Maturity by Loan Type


	Real Estate															Consumer
	One- to Four-Family					Multi-family and Commercial					Construction(2)					Home Equity (3)					Other					Total
	Amount		Weighted Average Rate			Amount		Weighted Average Rate			Amount		Weighted Average Rate			Amount		Weighted Average Rate			Amount		Weighted Average Rate			Amount		Weighted Average Rate
	(Dollars in thousands)
Amounts due:
Within one year (1)	$	1,884		6.01	%	$	8,148		5.95	%	$	17,867		5.16	%	$	3,826		4.06	%	$	1,063		5.22	%	$	32,788		5.28	%

After one year:
Over one to two		5,100		5.58			168		6.24			16,430		5.05			1,493		4.79			989		8.07			24,180		5.28
Over two to three		13,612		5.34			5,126		6.26			--		--			1,912		5.15			1,142		6.49			21,792		5.60
Over three to five		35,927		5.32			182		6.03			--		--			3,394		5.34			4,981		5.22			44,484		5.31
Over five to ten		461,425		5.17			25,108		6.16			--		--			33,522		5.12			325		8.73			520,380		5.22
Over 10 to 15		878,508		4.95			20,732		6.23			--		--			57,869		4.87			28		6.50			957,137		4.97
After 15 years		3,725,771		5.21			10,983		6.27			--		--			87,943		6.38			--		--			3,824,697		5.24
Total due after one year		5,120,343		5.16			62,299		6.21			16,430		5.05			186,133		5.64			7,465		5.95			5,392,670		5.19

Total loans	$	5,122,227		5.16	%	$	70,447		6.18	%	$	34,297		5.11	%	$	189,959		5.61	%	$	8,528		5.86	%		5,425,458		5.19	%

Less:
Undisbursed loan funds																											18,995
Unearned loan fees and deferred costs																											10,872
Allowance for loanlosses																											14,739
Total loans receivable, net																										$	5,380,852

(1)	Includes demand loans, loans having no stated maturity, and overdraft loans.

(2)	Construction loans are presented based upon the term to complete construction.

(3)

For home equity loans, the maturity date calculated assumes the customer always makes the required minimum payment. The majority of interest-only home equity lines of credit assume a balloon payment of unpaid principal at 120 months. All other home equity lines of credit assume a term of 240 months.

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-11

Capitol Federal Financial
Loan Originations, Purchases and Repayments

Exhibit I-11
Capitol Federal Financial
Loan Originations, Purchases and Repayments


	Six
	Months
	Ended				Year Ended
	March 31,				September 30,
	2010				2009				2008				2007
						(Dollars in thousands)
Originations by type:
Adjustable-rate:
Real estate - one- to four-family		$	33,592			$	33,601			$	66,429			$	93,350
- multi-family and commercial			--				--				1,800				--
- construction			730				2,261				11,250				11,012
Home equity			40,533				91,053				87,614				87,022
Other consumer			1,809				4,391				1,731				--
Total adjustable-rate loans originated			76,664				131,306				168,824				191,384
Fixed-rate:
Real estate - one- to four-family			246,172				937,430				586,982				543,497
- multi-family and commercial			--				14,891				975				4,873
- construction			14,276				24,063				44,783				30,392
Home equity			2,948				10,069				14,475				25,285
Other consumer			805				1,922				4,796				8,019
Total fixed-rate loans originated			264,201				988,375				652,011				612,066
Total loans originated			340,865				1,119,681				820,835				803,450

Purchases and Participations:
Real estate - one- to four-family			90,507				332,932				116,141				125,579
- multi-family and commercial			--				--				--				--
- construction			1,000				500				3,490				18,756
Total loans purchased/participations			91,507				333,432				119,631				144,335

Transfer of modified loans to loans held for sale, net			(194,759	)			(94,672	)			--				--

Principal repayments			(451,102	)			(1,079,777	)			(899,178	)			(855,980	)

Decrease in other items, net			(8,003	)			(11,559	)			(8,069	)			(2,652	)

Net loan activity		$	(221,492	)		$	267,105			$	33,219			$	89,153

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-12

Capitol Federal Financial
Non-Performing Assets

Exhibit I-12
Capitol Federal Financial
Non-Performing Assets


						September 30,
	March 31, 2010						2009					2008					2007					2006					2005
	Number		Amount				Number		Amount			Number		Amount			Number		Amount			Number		Amount			Number		Amount
	(Dollars in thousands)
Non-performing loans:
One- to four-family:
Originated		107	$	9,892				99	$	9,248			70	$	6,488			68	$	4,941			56	$	3,534			74	$	4,471
Purchased		76		23,407				70		21,259			25		6,708			9		2,163			13		1,857			5		563
Multi-family & commercial		--		--				--		--			--		--			--		--			--		--			--		--
Construction		--		--				--		--			--		--			--		--			--		--			--		--
Consumer loans:
Home equity		41		720				22		367			19		379			13		207			12		177			11		113
Other		6		18				8		45			11		91			7		41			3		41			4		11
		230		34,037				199		30,919			125		13,666			97		7,352			84		5,609			94		5,158

Real estate owned:
One- to four-family:
Originated (1)		59		5,450				51		5,702			36		2,228			30		2,036			34		2,401			30		1,368
Purchased		8		1,411				8		1,702			12		2,918			1		61			--		--			1		245
Multi-family & commercial		--		--				--		--			--		--			--		--			--		--			--		--
Construction		--		--				--		--			--		--			--		--			--		--			--		--
Consumer loans:
Home equity		--		--				--		--			--		--			--		--			--		--			--		--
Other		--		--				--		--			--		--			--		--			1		8			1		40
		67		6,861				59		7,404			48		5,146			31		2,097			35		2,409			32		1,653

Total non-performing assets		297	$	40,898				258	$	38,323			173	$	18,812			128	$	9,449			119	$	8,018			126	$	6,811

Non-performing loans as a percentage of total loans				0.63	%					0.55	%				0.26	%				0.14	%				0.11	%				0.09	%

Non-performing assets as a percentage of total assets				0.48	%					0.46	%				0.23	%				0.12	%				0.10	%				0.08	%

(1)	Real estate related consumer loans are included in the one- to four-family category as the underlying collateral is a one- to four-family property.

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-13

Capitol Federal Financial

Deposit Composition

Exhibit I-13

Capitol Federal Financial

Deposit Composition

	At March 31,					At September 30,
	2010					2009					2008					2007
			Percent					Percent					Percent					Percent
	Amount		of Total			Amount		of Total			Amount		of Total			Amount		of Total
	(Dollars in thousands)
Non-Certificates:
Checking	$	493,929		11.4	%	$	439,975		10.4	%	$	400,461		10.2	%	$	394,109		10.1	%
Savings		239,651		5.6			226,396		5.4			232,103		5.9			237,148		6.0
Money market		934,071		21.6			848,157		20.1			772,323		19.7			790,277		20.2

Total non-certificates		1,667,651		38.6			1,514,528		35.9			1,404,887		35.8			1,421,534		36.3

Certificates (by rate):
0.00 – 0.99%		143,493		3.3			78,036		1.8			114		--			134		--
1.00 – 1.99%		712,367		16.5			254,846		6.0			7,426		0.2			--		--
2.00 – 2.99%		781,931		18.1			971,605		23.0			413,102		10.5			35,815		0.9
3.00 – 3.99%		615,619		14.3			848,991		20.1			935,470		23.8			225,162		5.7
4.00 – 4.99%		255,487		5.9			326,087		7.7			747,612		19.1			746,707		19.0
5.00 – 5.99%		141,682		3.3			233,572		5.5			414,347		10.6			1,489,706		38.0
6.00 – 6.99%		836		--			944		--			925		--			3,724		0.1

Total certificates		2,651,415		61.4			2,714,081		64.1			2,518,996		64.2			2,501,248		63.7

	$	4,319,066		100.0	%	$	4,228,609		100.0	%	$	3,923,883		100.0	%	$	3,922,782		100.0	%

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-14

Capitol Federal Financial

Maturity of Time Deposits

Exhibit I-14

Capitol Federal Financial

Maturity of Time Deposits

	At March 31, 2010
	Amount Due										Percent of
			More than		More than						Total
	One year		1 year to		2 to 3		More than				Certificates
	or less		2 years		years		3 years		Total		of Deposit
	(Dollars in thousands)

0.00 – 0.99%	$	143,414	$	39	$	40	$	--	$	143,493		5.4	%
1.00 – 1.99%		518,837		181,360		12,170		--		712,367		26.9
2.00 – 2.99%		404,990		172,205		83,761		120,975		781,931		29.5
3.00 – 3.99%		151,695		277,788		125,006		61,130		615,619		23.2
4.00 – 4.99%		158,115		78,472		17,741		1,159		255,487		9.6
5.00 – 5.99%		141,236		446		--		--		141,682		5.3
6.00 – 6.99%		836		--		--		--		836		0.1
	$	1,519,123	$	710,310	$	238,718	$	183,264	$	2,651,415		100.0	%

	Maturity
			Over		Over
	3 months		3 to 6		6 to 12		Over
	or less		months		months		12 months		Total
	(Dollars in thousands)

Certificates of deposit less than $100,000	$	302,055	$	278,901	$	460,825	$	839,283	$	1,881,064
Certificates of deposit of $100,000 or more		165,163		126,800		185,379		293,009		770,351
Total certificates of deposit	$	467,218	$	405,701	$	646,204	$	1,132,292	$	2,651,415

Source: Capitol Federal Financial’s prospectus.

EXHIBIT I-15

Capitol Federal Financial

Borrowing Activity

Exhibit I-15

Capitol Federal Financial

Borrowing Activity


	At or for the Six Months Ended March 31,						At or for the Year Ended September 30,
	2010			2009			2009			2008			2007
	(Dollars in thousands)
FHLB Advances:
Balance	$	550,000		$	320,000		$	350,000		$	620,000		$	1,125,000
Maximum balance outstanding at any month-end during the period		550,000			795,000			795,000			925,000			1,275,000
Average balance		500,000			528,333			396,250			742,500			1,118,907
Weighted average contractual interest rate during the period		4.53	%		4.52	%		4.54	%		4.31	%		3.95	%
Weighted average contractual interest rate at end of period		4.57	%		4.37	%		4.49	%		4.27	%		4.23	%

Repurchase Agreements:
Balance	$	170,000		$	--		$	45,000		$	--		$	--
Maximum balance outstanding at any month-end during the period		170,000			--			45,000			--			--
Average balance		115,833			--			11,250			--			--
Weighted average contractual interest rate during the period		3.73	%		--	%		3.05	%		--	%		--	%
Weighted average contractual interest rate at end of period		3.73	%		--	%		3.05	%		--	%		--	%

Source: Capitol Federal Financial’s prospectus.

EXHIBIT II-1

Historical Interest Rates

Exhibit II-1

Historical Interest Rates(1)

		Prime			90 Day			One Year			10 Year
Year/Qtr. Ended		Rate			T-Bill			T-Bill			T-Bond

2000:	Quarter 1		9.00	%		5.88	%		6.28	%		6.03	%
	Quarter 2		9.50	%		5.88	%		6.08	%		6.03	%
	Quarter 3		9.50	%		6.23	%		6.07	%		5.80	%
	Quarter 4		9.50	%		5.89	%		5.32	%		5.12	%

2001:	Quarter 1		8.00	%		4.30	%		4.09	%		4.93	%
	Quarter 2		6.75	%		3.65	%		3.72	%		5.42	%
	Quarter 3		6.00	%		2.40	%		2.49	%		4.60	%
	Quarter 4		4.75	%		1.74	%		2.17	%		5.07	%

2002:	Quarter 1		4.75	%		1.79	%		2.70	%		5.42	%
	Quarter 2		4.75	%		1.70	%		2.06	%		4.86	%
	Quarter 3		4.75	%		1.57	%		1.53	%		3.63	%
	Quarter 4		4.25	%		1.22	%		1.32	%		3.83	%

2003:	Quarter 1		4.25	%		1.14	%		1.19	%		3.83	%
	Quarter 2		4.00	%		0.90	%		1.09	%		3.54	%
	Quarter 3		4.00	%		0.95	%		1.15	%		3.96	%
	Quarter 4		4.00	%		0.95	%		1.26	%		4.27	%

2004:	Quarter 1		4.00	%		0.95	%		1.20	%		3.86	%
	Quarter 2		4.00	%		1.33	%		2.09	%		4.62	%
	Quarter 3		4.75	%		1.70	%		2.16	%		4.12	%
	Quarter 4		5.25	%		2.22	%		2.75	%		4.24	%

2005:	Quarter 1		5.75	%		2.80	%		3.43	%		4.51	%
	Quarter 2		6.00	%		3.12	%		3.51	%		3.98	%
	Quarter 3		6.75	%		3.55	%		4.01	%		4.34	%
	Quarter 4		7.25	%		4.08	%		4.38	%		4.39	%

2006:	Quarter 1		7.75	%		4.63	%		4.82	%		4.86	%
	Quarter 2		8.25	%		5.01	%		5.21	%		5.15	%
	Quarter 3		8.25	%		4.88	%		4.91	%		4.64	%
	Quarter 4		8.25	%		5.02	%		5.00	%		4.71	%

2007:	Quarter 1		8.25	%		5.04	%		4.90	%		4.65	%
	Quarter 2		8.25	%		4.82	%		4.91	%		5.03	%
	Quarter 3		7.75	%		3.82	%		4.05	%		4.59	%
	Quarter 4		7.25	%		3.36	%		3.34	%		3.91	%

2008:	Quarter 1		5.25	%		1.38	%		1.55	%		3.45	%
	Quarter 2		5.00	%		1.90	%		2.36	%		3.99	%
	Quarter 3		5.00	%		0.92	%		1.78	%		3.85	%
	Quarter 4		3.25	%		0.11	%		0.37	%		2.25	%

2009:	Quarter 1		3.25	%		0.21	%		0.57	%		2.71	%
	Quarter 2		3.25	%		0.19	%		0.56	%		3.53	%
	Quarter 3		3.25	%		0.14	%		0.40	%		3.31	%
	Quarter 4		3.25	%		0.06	%		0.47	%		3.85	%

2010:	Quarter 1		3.25	%		0.16	%		0.41	%		3.84	%
As of May 28, 2010			3.25	%		0.16	%		0.34	%		3.31	%

(1)	End of period data.

Sources: Federal Reserve and The Wall Street Journal.

EXHIBIT III-1

General Characteristics of Publicly-Traded Institutions

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit III-1

Characteristics of Publicly-Traded Thrifts

May 28, 2010


Ticker	Financial Institution	Exchg.	Primary Market	Operating Strat (1)	Total Assets (2)		Offices	Fiscal Year	Conv. Date	Stock Price	Market Value
					($Mil)					($)	($Mil)

California Companies

PROV	Provident Fin. Holdings of CA (3)	NASDAQ	Riverside, CA	M.B.	1,405		14	06-30	06/96	6.59	75
BOFI	Bofi Holding, Inc. Of CA (3)	NASDAQ	San Diego, CA	Thrift	1,401		1	06-30	03/05	15.99	133
FPTB	First PacTrust Bancorp of CA (3)	NASDAQ	Chula Vista, CA	Thrift	904		9	12-31	08/02	9.25	39
KFED	K-Fed Bancorp MHC of CA (33.4)	NASDAQ	Covina, CA	Thrift	893		9	06-30	03/04	10.00	133
BYFC	Broadway Financial Corp. of CA (3)	NASDAQ	Los Angeles, CA	Thrift	520	S	5	12-31	01/96	3.65	6

Florida Companies

BBX	BankAtlantic Bancorp Inc of FL (3)	NYSE	FortLauderdaleFL	M.B.	4,748		101	12-31	11/83	1.95	96
FCFL	First Community Bk Corp of FL (3)	NASDAQ	Pinellas Park FL	Thrift	550		11	12-31	05/03	2.49	14

Mid-Atlantic Companies

HCBK	Hudson City Bancorp, Inc of NJ (3)	NASDAQ	Paramus, NJ	Thrift	61,230		131	12-31	06/05	12.61	6,641
NYB	New York Community Bcrp of NY (3)	NYSE	Westbury, NY	Thrift	42,429		282	12-31	11/93	16.05	6,989
AF	Astoria Financial Corp. of NY (3)	NYSE	Lake Success, NY	Thrift	20,061		85	12-31	11/93	14.88	1,457
ISBC	Investors Bcrp MHC of NJ (43.5)	NASDAQ	Short Hills, NJ	Thrift	8,357	D	68	06-30	10/05	13.66	1,569
NWBI	Northwest Bancshares Inc of PA (3)	NASDAQ	Warren, PA	Thrift	8,084		173	06-30	12/09	11.63	1,287
PFS	Provident Fin. Serv. Inc of NJ (3)	NYSE	Jersey City, NJ	Thrift	6,836	D	82	12-31	01/03	12.36	741
BNCL	Beneficial Mut MHC of PA (44.1)	NASDAQ	Philadelphia, PA	Thrift	4,710		68	12-31	07/07	10.31	844
FFIC	Flushing Fin. Corp. of NY (3)	NASDAQ	Lake Success, NY	Thrift	4,183		19	12-31	11/95	13.54	422
DCOM	Dime Community Bancshars of NY (3)	NASDAQ	Brooklyn, NY	Thrift	4,114		23	12-31	06/96	12.76	439
WSFS	WSFS Financial Corp. of DE (3)	NASDAQ	Wilmington, DE	Div.	3,812		37	12-31	11/86	40.33	286
TRST	TrustCo Bank Corp NY of NY (3)	NASDAQ	Glenville, NY	Thrift	3,719		129	12-31	/	6.23	478
PBNY	Provident NY Bncrp, Inc. of NY (3)	NASDAQ	Montebello, NY	Thrift	2,936		35	09-30	01/04	9.09	353
KRNY	Kearny Fin Cp MHC of NJ (26.5)	NASDAQ	Fairfield, NJ	Thrift	2,252		27	06-30	02/05	8.79	605
OCFC	OceanFirst Fin. Corp of NJ (3)	NASDAQ	Toms River, NJ	Thrift	2,199		23	12-31	07/96	12.23	230
NFBK	Northfield Bcp MHC of NY (45.1)	NASDAQ	Avenel, NY	Thrift	2,098		18	12-31	11/07	14.54	636
ORIT	Oritani Fin Cp MHC of NJ (25.7)	NASDAQ	Twnship of WA NJ	Thrift	2,054		23	06-30	01/07	14.59	540
ESBF	ESB Financial Corp. of PA (3)	NASDAQ	Ellwood City, PA	Thrift	1,955		24	12-31	06/90	13.59	164
PVSA	Parkvale Financial Corp of PA (3)	NASDAQ	Monroeville, PA	Thrift	1,896		48	06-30	07/87	8.40	46
ROMA	Roma Fin Corp MHC of NJ (27.0)	NASDAQ	Robbinsville, NJ	Thrift	1,370		15	12-31	07/06	11.55	357
ABBC	Abington Bancorp, Inc. of PA (3)	NASDAQ	Jenkintown, PA	Thrift	1,267		20	12-31	06/07	8.88	185
FXCB	Fox Chase Bncp MHC of PA (41.0)	NASDAQ	Hatboro, PA	Thrift	1,156		11	12-31	10/06	10.75	146
BFED	Beacon Federal Bancorp of NY (3)	NASDAQ	East Syracuse NY	Thrift	1,073		8	12-31	10/07	9.04	59
CBNJ	Cape Bancorp, Inc. of NJ (3)	NASDAQ	Cape My Ct Hs, NJ	Thrift	1,073		20	12-31	02/08	7.13	95
CSBK	Clifton Svg Bp MHC of NJ (37.1)	NASDAQ	Clifton, NJ	Thrift	1,060	D	11	03-31	03/04	8.80	232
ESSA	ESSA Bancorp, Inc. of PA (3)	NASDAQ	Stroudsburg, PA	Thrift	1,059		14	09-30	04/07	12.54	173
SVBI	Severn Bancorp, Inc. of MD (3)	NASDAQ	Annapolis, MD	Thrift	971		4	12-31	/	5.91	59
HARL	Harleysville Svgs Fin Cp of PA (3)	NASDAQ	Harleysville, PA	Thrift	843		7	09-30	08/87	15.10	55
CARV	Carver Bancorp, Inc. of NY (3)	NASDAQ	New York, NY	Thrift	812	D	10	03-31	10/94	8.00	20
OSHC	Ocean Shore Holding Co. of NJ (3)	NASDAQ	Ocean City, NJ	Thrift	781		10	12-31	12/09	11.10	81
THRD	TF Fin. Corp. of Newtown PA (3)	NASDAQ	Newtown, PA	Thrift	716		14	12-31	07/94	20.89	56
FSBI	Fidelity Bancorp, Inc. of PA (3)	NASDAQ	Pittsburgh, PA	Thrift	708		14	09-30	06/88	7.10	22
MLVF	Malvern Fed Bncp MHC PA (45.0)	NASDAQ	Paoli, PA	Thrift	696		8	09-30	05/08	8.42	51
BCSB	BCSB Bancorp, Inc. of MD (3)	NASDAQ	Baltimore, MD	Thrift	601		18	09-30	04/08	9.99	31
ONFC	Oneida Financl MHC of NY (44.9)	NASDAQ	Oneida, NY	Thrift	596		16	12-31	12/98	8.70	68
COBK	Colonial Bank MHC of NJ (44.8)	NASDAQ	Bridgeton, NJ	Thrift	568		9	12-31	06/05	9.43	42
MGYR	Magyar Bancorp MHC of NJ (44.5)	NASDAQ	Nw Brunswick, NJ	Thrift	551		5	09-30	01/06	4.29	25
PBCI	Pamrapo Bancorp, Inc. of NJ (3)	NASDAQ	Bayonne, NJ	Thrift	549		10	12-31	11/89	7.42	37
BFSB	Brooklyn Fed MHC of NY (24.7)	NASDAQ	Brooklyn, NY	Thrift	528		5	09-30	04/05	5.60	72
NECB	NE Comm Bncrp MHC of NY (45.0)	NASDAQ	White Plains, NY	Thrift	517		8	12-31	07/06	5.76	76
PBIP	Prudential Bncp MHC PA (29.3)	NASDAQ	Philadelphia, PA	Thrift	508		7	09-30	03/05	6.50	65
ESBK	Elmira Svgs Bank, FSB of NY (3)	NASDAQ	Elmira, NY	Thrift	489		10	12-31	03/85	15.60	30
FKFS	First Keystone Fin., Inc of PA (3)	NASDAQ	Media, Pa	Thrift	488		8	09-30	01/95	13.04	32
GCBC	Green Co Bcrp MHC of NY (43.9)	NASDAQ	Catskill, NY	Thrift	479		13	06-30	12/98	15.81	65
ALLB	Alliance Bank MHC of PA (42.0)	NASDAQ	Broomall, PA	Thrift	472		9	12-31	01/07	8.30	56
WSB	WSB Holdings, Inc. of Bowie MD (3)	NASDAQ	Bowie, MD	Thrift	438		5	12-31	08/88	3.75	29
LSBK	Lake Shore Bnp MHC of NY (41.3)	NASDAQ	Dunkirk, NY	Thrift	432		9	12-31	04/06	8.00	49

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit III-1

Characteristics of Publicly-Traded Thrifts

May 28, 2010


Ticker	Financial Institution	Exchg.	Primary Market	Operating Strat (1)	Total Assets (2)		Offices	Fiscal Year	Conv. Date	Stock Price	Market Value
					($Mil)					($)	($Mil)
Mid-Atlantic Companies (continued)

OBAF	OBA Financial Serv. Inc of MD (3)	NASDAQ	Germantown, MD	Thrift	397	P	5	06-30	01/10	11.46	53
PBHC	Pathfinder BC MHC of NY (36.3)	NASDAQ	Oswego, NY	Thrift	387		14	12-31	11/95	6.30	16
WVFC	WVS Financial Corp. of PA (3)	NASDAQ	Pittsburgh, PA	Thrift	377		6	06-30	11/93	13.25	27
MSBF	MSB Fin Corp MHC of NJ (41.8)	NASDAQ	Millington, NJ	Thrift	362		5	06-30	01/07	7.94	41
FFCO	FedFirst Fin MHC of PA (42.5)	NASDAQ	Monessen, PA	Thrift	349		9	12-31	04/05	5.47	35
ROME	Rome Bancorp, Inc. of Rome NY (3)	NASDAQ	Rome, NY	Thrift	328		5	12-31	03/05	9.10	62
CMSB	CMS Bancorp Inc of W Plains NY (3)	NASDAQ	White Plains, NY	Thrift	227		6	09-30	04/07	8.35	16
IFSB	Independence FSB of DC (3)	NASDAQ	Washington, DC	Thrift	134		4	12-31	06/85	1.21	2

Mid-West Companies

FBC	Flagstar Bancorp, Inc. of MI (3)	NYSE	Troy, MI	Thrift	14,333		176	12-31	04/97	5.08	747
TFSL	TFS Fin Corp MHC of OH (26.5)	NASDAQ	Cleveland, OH	Thrift	10,739		38	09-30	04/07	13.24	4,082
CFFN	Capitol Fd Fn MHC of KS (29.6)	NASDAQ	Topeka, KS	Thrift	8,485		44	09-30	04/99	32.00	2,367
ABCW	Anchor BanCorp Wisconsin of WI (3)	NASDAQ	Madison, WI	M.B.	4,459	D	72	03-31	07/92	0.71	15
BKMU	Bank Mutual Corp of WI (3)	NASDAQ	Milwaukee, WI	Thrift	3,445		80	12-31	10/03	6.42	292
FPFC	First Place Fin. Corp. of OH (3)	NASDAQ	Warren, OH	Thrift	3,209		47	06-30	01/99	4.77	81
UCFC	United Community Fin. of OH (3)	NASDAQ	Youngstown, OH	Thrift	2,280		39	12-31	07/98	1.77	55
FDEF	First Defiance Fin. Corp of OH (3)	NASDAQ	Defiance, OH	Thrift	2,059		35	12-31	10/95	10.83	88
WSBF	Waterstone Fin MHC of WI (26.2)	NASDAQ	Wauwatosa, WI	Thrift	1,845		10	12-31	10/05	3.67	115
NASB	NASB Fin, Inc. of Grandview MO (3)	NASDAQ	Grandview, MO	Thrift	1,560	S	9	09-30	09/85	17.09	134
BFIN	BankFinancial Corp. of IL (3)	NASDAQ	Burr Ridge, IL	Thrift	1,559		18	12-31	06/05	8.53	183
MFSF	MutualFirst Fin. Inc. of IN (3)	NASDAQ	Muncie, IN	Thrift	1,487		33	12-31	12/99	7.66	54
PULB	Pulaski Fin Cp of St. Louis MO (3)	NASDAQ	St. Louis, MO	Thrift	1,434	D	12	09-30	12/98	6.70	68
HFFC	HF Financial Corp. of SD (3)	NASDAQ	Sioux Falls, SD	Thrift	1,234		33	06-30	04/92	10.10	70
CITZ	CFS Bancorp, Inc of Munster IN (3)	NASDAQ	Munster, IN	Thrift	1,092		22	12-31	07/98	5.06	55
HFBC	HopFed Bancorp, Inc. of KY (3)	NASDAQ	Hopkinsville, KY	Thrift	1,052		18	12-31	02/98	12.50	45
HMNF	HMN Financial, Inc. of MN (3)	NASDAQ	Rochester, MN	Thrift	1,028		17	12-31	06/94	5.30	23
CASH	Meta Financial Group of IA (3)	NASDAQ	Storm Lake, IA	Thrift	982		12	09-30	09/93	31.17	96
PVFC	PVF Capital Corp. of Solon OH (3)	NASDAQ	Solon, OH	R.E.	889		17	06-30	12/92	2.18	55
FCLF	First Clover Leaf Fin Cp of IL (3)	NASDAQ	Edwardsville, IL	Thrift	591		4	12-31	07/06	5.99	48
CZWI	Citizens Comm Bncorp Inc of WI (3)	NASDAQ	Eau Claire, WI	Thrift	577		27	09-30	11/06	4.13	21
FSFG	First Savings Fin. Grp. of IN (3)	NASDAQ	Clarksville, IN	Thrift	494		7	09-30	12/08	13.45	32
FCAP	First Capital, Inc. of IN (3)	NASDAQ	Corydon, IN	Thrift	463		13	12-31	01/99	14.85	41
FFFD	North Central Bancshares of IA (3)	NASDAQ	Fort Dodge, IA	Thrift	452		11	12-31	03/96	17.60	24
UCBA	United Comm Bncp MHC IN (40.8)	NASDAQ	Lawrenceburg, IN	Thrift	441		6	06-30	03/06	7.49	59
LPSB	LaPorte Bancrp MHC of IN (45.6)	NASDAQ	La Porte, IN	Thrift	420		8	12-31	10/07	7.50	34
WAYN	Wayne Savings Bancshares of OH (3)	NASDAQ	Wooster, OH	Thrift	406		11	03-31	01/03	8.25	25
RIVR	River Valley Bancorp of IN (3)	NASDAQ	Madison, IN	Thrift	395		9	12-31	12/96	14.00	21
LSBI	LSB Fin. Corp. of Lafayette IN (3)	NASDAQ	Lafayette, IN	Thrift	372		5	12-31	02/95	11.66	18
CHEV	Cheviot Fin Cp MHC of OH (38.5)	NASDAQ	Cincinnati, OH	Thrift	350		6	12-31	01/04	7.95	71
JXSB	Jcksnville Bcp MHC of IL (45.9)	NASDAQ	Jacksonville, IL	Thrift	289		7	12-31	04/95	11.52	22
CFBK	Central Federal Corp. of OH (3)	NASDAQ	Fairlawn, OH	Thrift	289		4	12-31	12/98	1.60	7
FFHS	First Franklin Corp. of OH (3)	NASDAQ	Cincinnati, OH	Thrift	288		8	12-31	01/88	10.64	18
KFFB	KY Fst Fed Bp MHC of KY (39.9)	NASDAQ	Hazard, KY	Thrift	238		4	06-30	03/05	9.91	78
FFNM	First Fed of N. Michigan of MI (3)	NASDAQ	Alpena, MI	Thrift	230		8	12-31	04/05	2.10	6
FBSI	First Bancshares, Inc. of MO (3)	NASDAQ	Mntn Grove, MO	Thrift	214		11	06-30	12/93	9.49	15
PFED	Park Bancorp of Chicago IL (3)	NASDAQ	Chicago, IL	Thrift	213		5	12-31	08/96	4.35	5
FFDF	FFD Financial Corp of Dover OH (3)	NASDAQ	Dover, OH	Thrift	199		5	06-30	04/96	15.00	15

New England Companies

PBCT	Peoples United Financial of CT (3)	NASDAQ	Bridgeport, CT	Div.	21,586		293	12-31	04/07	13.97	5,191
NAL	NewAlliance Bancshares of CT (3)	NYSE	New Haven, CT	Thrift	8,501		88	12-31	04/04	11.77	1,247
BHLB	Berkshire Hills Bancorp of MA (3)	NASDAQ	Pittsfield, MA	Thrift	2,706		43	12-31	06/00	18.24	256
BRKL	Brookline Bancorp, Inc. of MA (3)	NASDAQ	Brookline, MA	Thrift	2,639		18	12-31	07/02	9.96	588
DNBK	Danvers Bancorp, Inc. of MA (3)	NASDAQ	Danvers, MA	Thrift	2,455		26	12-31	01/08	15.80	342
EBSB	Meridian Fn Serv MHC MA (43.4)	NASDAQ	East Boston, MA	Thrift	1,719		25	12-31	01/08	11.46	259
RCKB	Rockville Fin MHC of CT (42.9)	NASDAQ	Vrn Rockville CT	Thrift	1,560		21	12-31	05/05	12.06	227
UBNK	United Financial Bncrp of MA (3)	NASDAQ	W Springfield MA	Thrift	1,513		24	12-31	12/07	13.56	227
WFD	Westfield Fin. Inc. of MA (3)	NASDAQ	Westfield, MA	Thrift	1,200		11	12-31	01/07	8.51	252

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 22201
(703) 528-1700

Exhibit III-1

Characteristics of Publicly-Traded Thrifts

May 28, 2010


Ticker	Financial Institution	Exchg.	Primary Market	Operating Strat (1)	Total Assets (2)		Offices	Fiscal Year	Conv. Date	Stock Price	Market value
					($Mil)					($)	($Mil)
New England Companies (continued)

HIFS	Hingham Inst. for Sav. of MA (3)	NASDAQ	Hingham, MA	Thrift	966		10	12-31	12/88	37.73	80
LEGC	Legacy Bancorp, Inc. of MA (3)	NASDAQ	Pittsfield, MA	Thrift	946		20	12-31	10/05	8.76	76
NHTB	NH Thrift Bancshares of NH (3)	NASDAQ	Newport, NH	Thrift	939		27	12-31	05/86	10.32	60
SIFI	SI Fin Gp Inc MHC of CT (38.2)	NASDAQ	Willimantic, CT	Thrift	882		21	12-31	10/04	6.50	77
LSBX	LSB Corp of No. Andover MA (3)	NASDAQ	North Andover, MA	Thrift	807		8	12-31	05/86	12.19	55
HBNK	Hampden Bancorp, Inc. of MA (3)	NASDAQ	Springfield, MA	Thrift	578		9	06-30	01/07	9.44	68
NVSL	Naug Vlly Fin MHC of CT (40.5)	NASDAQ	Naugatuck, CT	Thrift	564		10	12-31	10/04	6.95	49
CBNK	Chicopee Bancorp, Inc. of MA (3)	NASDAQ	Chicopee, MA	Thrift	546		8	12-31	07/06	11.70	75
CEBK	Central Bncrp of Somerville MA (3)	NASDAQ	Somerville, MA	Thrift	542		11	03-31	10/86	11.50	19
PSBH	PSB Hldgs Inc MHC of CT (42.9)	NASDAQ	Putnam, CT	Thrift	495		8	06-30	10/04	4.09	27
NFSB	Newport Bancorp, Inc. of RI (3)	NASDAQ	Newport, RI	Thrift	457		6	12-31	07/06	12.15	45
MFLR	Mayflower Bancorp, Inc. of MA (3)	NASDAQ	Middleboro, MA	Thrift	256		7	04-30	12/87	7.69	16

North-West Companies

WFSL	Washington Federal, Inc. of WA (3)	NASDAQ	Seattle, WA	Thrift	13,803		172	09-30	11/82	17.28	1,943
FFNW	First Fin NW, Inc of Renton WA (3)	NASDAQ	Renton, WA	Thrift	1,321		1	12-31	10/07	4.81	90
RVSB	Riverview Bancorp, Inc. of WA (3)	NASDAQ	Vancouver, WA	Thrift	838		18	03-31	10/97	3.00	33
TSBK	Timberland Bancorp, Inc. of WA (3)	NASDAQ	Hoquiam, WA	Thrift	725		22	09-30	01/98	4.07	29

South-East Companies

FFCH	First Fin. Holdings Inc. of SC (3)	NASDAQ	Charleston, SC	Thrift	3,381		65	09-30	11/83	14.02	232
SUPR	Superior Bancorp of AL (3)	NASDAQ	Birmingham, AL	Thrift	3,344		73	12-31	12/98	2.86	33
CSBC	Citizens South Bnkg Corp of NC (3)	NASDAQ	Gastonia, NC	Thrift	1,133		15	12-31	10/02	6.08	55
ACFC	Atl Cst Fed Cp of GA MHC (35.1)	NASDAQ	Waycross, GA	Thrift	914		11	12-31	10/04	2.95	40
TSH	Teche Hlding Cp of N Iberia LA (3)	AMEX	New Iberia, LA	Thrift	764		20	09-30	04/95	31.58	66
FFBH	First Fed. Bancshares of AR (3)	NASDAQ	Harrison, AR	Thrift	697		20	12-31	05/96	3.09	15
JFBI	Jefferson Bancshares Inc of TN (3)	NASDAQ	Morristown, TN	Thrift	663		12	06-30	07/03	4.13	28
HBOS	Heritage Fn Gp MHC of GA (24.4)	NASDAQ	Albany, GA	Thrift	574		10	12-31	06/05	12.28	128
CFFC	Community Fin. Corp. of VA (3)	NASDAQ	Staunton, VA	Thrift	541	D	11	03-31	03/88	4.25	19
HBCP	Home Bancorp Inc. Lafayette LA (3)	NASDAQ	Lafayette, LA	Thrift	525	D	11	12-31	10/08	13.64	118
FABK	First Advantage Bancorp of TN (3)	NASDAQ	Clarksville, TN	Thrift	345		5	12-31	11/07	10.82	47
LABC	Louisiana Bancorp, Inc. of LA (3)	NASDAQ	Metairie, LA	Thrift	327		3	12-31	07/07	14.57	67
GSLA	GS Financial Corp. of LA (3)	NASDAQ	Metairie, LA	Thrift	277		6	12-31	04/97	12.94	16
AFCB	Athens Bancshares, Inc. of TN (3)	NASDAQ	Athens, TN	Thrift	268	P	7	12-31	01/10	10.60	29

South-west Companies

VPFG	Viewpoint Finl MHC of TX (43.1)	NASDAQ	Plano, TX	Thrift	2,477		24	12-31	10/06	15.88	396
OABC	OmniAmerican Bancorp Inc of TX (3)	NASDAQ	Fort Worth, TX	Thrift	1,095		16	12-31	01/10	11.58	138

Western Companies (Excl CA)

UWBK	United Western Bncp, Inc of CO (3)	NASDAQ	Denver, CO	Thrift	2,610		8	12-31	10/96	1.22	36
TBNK	Territorial Bancorp, Inc of HI (3)	NASDAQ	Honolulu, HI	Thrift	1,409		25	12-31	07/09	19.74	241
HOME	Home Federal Bancorp Inc of ID (3)	NASDAQ	Nampa, ID	Thrift	852		24	09-30	12/07	15.31	255
EBMT	Eagle Bancorp Montanta of MT (3)	NASDAQ	Helena, MT	Thrift	326	P	6	06-30	04/10	10.05	41

Other Areas


NOTES:	(1)	Operating strategies are: Thrift = Traditional Thrift, M.B. = Mortgage Banker, R.E. = Real Estate Developer, Div. = Diversified/ and Ret. = Retail Banking.
	(2)	Most recent quarter end available (E = Estimated, and P = Pro Forma)

Source: SNL Financial. LC.

EXHIBIT III-2

Public Market Pricing of Mid-West Thrift Institutions

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, suite 1100
Arlington, Virginia 22201
(703) 528-1700

Exhibit III-2
Market Pricing Comparatives
Prices As of May 28, 2010

		Market		Per share Data
		Capitalization		Core	Book	Pricing Ratios (3)					Dividends (4)			Financial Characteristics (6)
		Price/	Market	12-Mth	Value/						Amount/		Payout	Total	Equity/	Tng Eq/	NPAs/	Reported		Core
Financial Institution		Share (1)	Value	EPS (2)	Share	P/E	P/B	P/A	P/TB	P/CORE	Share	Yield	Ratio (5)	Assets	Assets	Assets	Assets	ROA	ROE	ROA	ROE
		($)	($Mil)	($)	($)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)	($Mil)	(%)	(%)	(%)	(%)	(%)	(%)	(%)

All Public Companies		10.29	298.47	-0.10	12.55	18.90	84.72	9.99	92.76	17.17	0.24	2.03	35.47	2,707	11.28	10.53	3.76	-0.13	-0.36	-0.15	-0.47
Special Selection Grouping (8)		9.09	101.50	-0.50	13.07	18.41	72.58	8.01	77.49	15.00	0.24	2.20	35.91	1,624	10.73	10.13	4.40	-0.34	-2.34	-0.50	-3.88

Comparable Group

Special Comparative Group (8)
ABCW	Anchor BanCorp Wisconsin of WI (7)	0.71	15.40	-7.68	0.15	NM	NM	0.35	NM	NM	0.00	0.00	NM	4,459	1.82	1.28	10.63	-2.78	NM	-3.40	NM
BKMU	Bank Mutual Corp of WI	6.42	291.95	-0.01	8.76	33.79	73.29	8.48	84.81	NM	0.28	4.36	NM	3,445	11.64	10.25	NA	0.25	2.14	-0.01	-0.11
BFIN	BankFinancial Corp. of IL	8.53	182.68	0.04	12.31	NM	69.29	11.72	76.99	NM	0.28	3.28	NM	1,559	16.91	15.49	4.05	-0.01	-0.08	0.05	0.32
CITZ	CFS Bancorp, Inc of Munster IN	5.06	54.75	-0.06	10.28	NM	49.22	5.01	49.22	NM	0.04	0.79	NM	1,092	10.18	10.18	7.35	-0.12	-1.17	-0.06	-0.58
CFFN	Capitol Fd Fn MHC of KS (29.6) (7)	32.00	700.96	0.94	12.79	34.78	250.20	27.90	250.20	34.04	2.00	6.25	NM	8,485	11.15	11.15	0.71	0.81	7.29	0.83	7.45
CFBK	Central Federal Corp. of OH	1.60	6.56	-2.56	3.83	NM	41.78	2.27	42.22	NM	0.00	0.00	NM	289	7.88	7.83	4.93	-3.58	-37.29	-3.69	-38.50
CHEV	Cheviot Fin Cp MHC of OH (38.5)	7.95	27.13	0.14	7.79	NM	102.05	20.17	102.05	NM	0.44	5.53	NM	350	19.77	19.77	NA	0.39	1.94	0.36	1.81
CZWI	Citizens Comm Bncorp Inc of WI	4.13	21.12	0.41	10.88	NM	37.96	3.66	43.07	10.07	0.00	0.00	NM	577	9.65	8.60	NA	-0.64	-6.21	0.38	3.69
FFDF	FFD Financial Corp of Dover OH	15.00	15.17	0.70	17.89	16.48	83.85	7.62	83.85	21.43	0.68	4.53	74.73	199	9.08	9.08	NA	0.48	5.13	0.37	3.95
FBSI	First Bancshares, Inc. of MO	9.49	14.72	-0.65	15.46	NM	61.38	6.88	61.74	NM	0.00	0.00	NM	214	11.22	11.16	NA	-0.40	-3.73	-0.45	-4.17
FCAP	First Capital, Inc. of IN	14.85	41.40	0.28	16.85	NM	88.13	8.95	99.87	NM	0.72	4.85	NM	463	10.18	9.09	NA	0.21	2.08	0.17	1.67
FCLF	First Clover Leaf Fin Cp of IL	5.99	47.63	-1.09	9.72	NM	61.63	8.06	73.77	NM	0.24	4.01	NM	591	13.08	11.16	NA	-1.47	-10.95	-1.43	-10.65
FDEF	First Defiance Fin. Corp of OH	10.83	87.92	0.20	24.55	27.08	44.11	4.27	64.50	NM	0.00	0.00	0.00	2,059	11.45	8.65	2.59	0.16	1.39	0.08	0.70
FFNM	First Fed of N. Michigan of MI	2.10	6.06	-2.30	8.07	NM	26.02	2.64	26.99	NM	0.00	0.00	NM	230	10.14	9.81	NA	-2.79	-25.36	-2.78	-25.25
FFHS	First Franklin Corp. of OH	10.64	17.89	-1.88	13.25	NM	80.30	6.21	80.30	NM	0.00	0.00	NM	288	7.73	7.73	NA	-0.62	-8.13	-1.04	-13.65
FPFC	First Place Fin. Corp. of OH	4.77	80.96	-2.71	11.50	NM	41.48	2.52	43.56	NM	0.00	0.00	NM	3,209	8.26	7.98	NA	-1.07	-12.70	-1.39	-16.46
FSFG	First Savings Fin. Grp. of IN	13.45	32.48	0.87	22.39	16.40	60.07	6.57	71.24	15.46	0.00	0.00	0.00	494	10.94	9.39	NA	0.51	3.75	0.54	3.98
FBC	Flagstar Bancorp, Inc. of MI	5.08	746.80	-5.18	5.70	NM	89.12	5.21	89.12	NM	0.00	0.00	NM	14,333	7.70	7.70	NA	-3.45	NM	-4.98	NM
HFFC	HF Financial Corp. of SD	10.10	70.08	0.70	13.51	12.63	74.76	5.68	78.97	14.43	0.45	4.46	56.25	1,234	7.59	7.22	1.23	0.47	6.62	0.41	5.79
HMNF	HMN Financial, Inc. of MN	5.30	22.87	-3.07	17.10	NM	30.99	2.22	30.99	NM	0.00	0.00	NM	1,028	9.50	9.50	NA	-1.12	-11.62	-1.26	-13.06
HFBC	HopFed Bancorp, Inc. of KY	12.50	44.99	0.03	17.80	29.07	70.22	4.28	71.43	NM	0.48	3.84	NM	1,052	7.80	7.71	NA	0.15	1.92	0.01	0.13
JXSB	Jcksnville Bcp MHC of IL (45.9) (7)	11.52	10.16	0.37	13.32	15.78	86.49	7.65	96.81	31.14	0.30	2.60	41.10	289	8.84	7.97	NA	0.48	5.64	0.24	2.86
KFFB	KY Fst Fed Bp MHC of KY (39.9)	9.91	31.11	0.00	7.38	NM	134.28	32.64	180.18	NM	0.40	4.04	NM	238	24.31	19.31	1.30	0.00	0.00	0.00	0.00
LSBI	LSB Fin. Corp. of Lafayette IN	11.66	18.12	0.11	22.02	26.50	52.95	4.87	52.95	NM	0.50	4.29	NM	372	9.21	9.21	5.09	0.18	2.00	0.05	0.50
LPSB	LaPorte Bancrp MHC of IN (45.6)	7.50	15.86	0.36	10.85	12.71	69.12	8.20	84.94	20.83	0.00	0.00	0.00	420	11.87	9.88	1.62	0.68	5.57	0.42	3.40
CASH	Meta Financial Group of IA	31.17	95.79	0.56	19.89	31.48	156.71	9.75	164.05	NM	0.52	1.67	52.53	982	6.22	5.96	NA	0.34	6.18	0.19	3.50
MFSF	MutualFirst Fin. Inc. of IN	7.66	53.51	0.19	14.12	NM	54.25	3.60	57.46	NM	0.24	3.13	NM	1,487	8.76	8.42	2.44	0.06	0.70	0.09	1.02
NASB	NASB Fin, Inc. of Grandview MO	17.09	134.46	-0.38	21.15	7.18	80.80	8.62	82.12	NM	0.90	5.27	37.82	1,560	10.67	10.52	NA	1.21	11.81	-0.19	-1.89
FFFD	North Central Bancshares of IA	17.60	23.72	1.79	28.64	9.46	61.45	5.24	61.45	9.83	0.04	0.23	2.15	452	10.77	10.77	3.58	0.55	5.26	0.52	5.06
pvfc	PVF Capital Corp. of Solon OH	2.18	55.38	-0.34	3.36	NM	64.88	6.23	64.88	NM	0.00	0.00	NM	889	9.60	9.60	NA	-0.43	-6.33	-0.97	-14.35
PFED	Park Bancorp of Chicago IL	4.35	5.19	-3.56	18.96	NM	22.94	2.43	22.94	NM	0.00	0.00	NM	213	10.61	10.61	NA	-1.97	-17.68	-1.92	-17.20
PULB	Pulaski Fin Cp of St. Louis MO	6.70	68.21	-0.27	8.49	11.75	78.92	4.76	82.92	NM	0.38	5.67	66.67	1,434	8.17	7.90	5.51	0.40	5.28	-0.19	-2.50
RIVR	River Valley Bancorp of IN	14.00	21.06	0.85	17.52	12.07	79.91	5.33	80.00	16.47	0.84	6.00	72.41	395	7.93	7.92	NA	0.45	6.38	0.33	4.68
TFSL	TFS Fin Corp MHC of OH (26.5)	13.24	1083.55	-0.01	5.68	NM	233.10	38.01	234.34	NM	0.28	2.11	NM	10,739	16.31	16.24	3.36	0.09	0.53	-0.03	-0.18
UCBA	United Comm Bncp MHC IN (40.8)	7.49	23.99	0.09	7.11	NM	105.34	13.34	105.34	NM	0.44	5.87	NM	441	12.66	12.66	NA	0.19	1.41	0.17	1.27
UCFC	United Community Fin. of OH	1.77	54.69	-0.96	6.94	NM	25.50	2.40	25.58	NM	0.00	0.00	NM	2,280	9.41	9.38	8.65	-1.04	-11.07	-1.22	-12.96
WSBF	Waterstone Fin MHC of WI (26.2)	3.67	30.09	-0.44	5.45	NM	67.34	6.22	67.34	NM	0.00	0.00	NM	1,845	9.23	9.23	9.86	-0.33	-3.66	-0.73	-8.04
WAYN	Wayne Savings Bancshares of OH	8.25	24.78	0.72	12.32	11.15	66.96	6.10	71.00	11.46	0.24	2.91	32.43	406	9.12	8.64	NA	0.55	6.19	0.54	6.03

(1)	Average of High/Low or Bid/Ask price per share.
(2)	EPS (estimate core basis) is based on actual trailing twelve month data, adjusted to omit non-operating items on a tax effected basis.
(3)	P/E = Price to earnings, P/B = Price to book; P/A = Price to assets, P/TB = Price to tangible book value; and P/CORE = Price to estimated core earnings.
(4)	Indicated twelve month dividend, based on last quarterly dividend declared.
(5)	Indicated dividend as a percent of trailing twelve month estimated core earnings.
(6)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month earnings and average equity and assets balances.
(7)	Excludes from averages those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.
(8)	Includes Mid-West Companies;

Source:

SNL Financial, LC. and RP Financial, LC. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

EXHIBIT III-3

Public Market Pricing of All Publicly-Traded Thrift Institutions

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 22201
(703) 528-1700

Exhibit III-3
Market Pricing Comparatives
Prices As of May 28, 2010

		Market		Per Share Data
		Capitalization		Core	Book	Pricing Ratios (3)					Dividends (4)			Financial Characteristics (6)
		Price/	Market	12-Mth	Value/						Amount/		Payout	Total	Equity/	Tng Eq/	NPAs/	Reported		Core
Financial Institution		Share (1)	Value	EPS (2)	Share	P/E	P/B	P/A	P/TB	P/CORE	Share	Yield	Ratio (5)	Assets	Assets	Assets	Assets	ROA	ROE	ROA	ROE
		($)	($Mil)	($)	($)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)	($Mil)	(%)	(%)	(%)	(%)	(%)	(%)	(%)

All Public Companies		10.29	298.47	-0.10	12.55	18.90	84.72	9.99	92.76	17.17	0.24	2.03	35.47	2,707	11.28	10.53	3.76	-0.13	-0.36	-0.15	-0.47

ABBC	Abington Bancorp, Inc. of PA	8.88	185.25	-0.36	10.28	NM	86.38	14.62	86.38	NM	0.20	2.25	NM	1,267	16.93	16.93	4.73	-0.63	-3.48	-0.61	-3.39
ALLB	Alliance Bank MHC of PA (42.0)	8.30	23.85	0.19	7.24	NM	114.64	11.79	114.64	NM	0.12	1.45	70.59	472	10.28	10.28	NA	0.25	2.34	0.28	2.62
ABCW	Anchor BanCorp Wisconsin of WI (7)	0.71	15.40	-7.68	0.15	NM	NM	0.35	NM	NM	0.00	0.00	NM	4,459	1.82	1.28	10.63	-2.78	NM	-3.40	NM
AF	Astoria Financial Corp. of NY	14.88	1456.69	0.31	12.43	NM	119.71	7.26	141.18	NM	0.52	3.49	NM	20,061	6.07	5.19	2.55	0.15	2.60	0.15	2.52
AFCB	Athens Bancshares, Inc. of TN	10.60	29.44	0.54	17.42	19.63	60.85	10.96	60.85	19.63	0.00	0.00	0.00	268	0.00	0.00	NA	0.56	NM	0.56	NM
ACFC	Atl Cst Fed Cp of GA MHC (35.1)	2.95	13.91	-1.86	4.20	NM	70.24	4.33	70.41	NM	0.00	0.00	NM	914	6.16	6.15	6.33	-3.05	-43.03	-2.63	-37.05
BCSB	BCSB Bancorp, Inc. of MD	9.99	31.18	-0.81	15.71	NM	63.59	5.19	63.71	NM	0.00	0.00	NM	601	9.90	9.89	1.60	-0.49	-4.87	-0.43	-4.24
BKMU	Bank Mutual Corp of WI	6.42	291.95	-0.01	8.76	33.79	73.29	8.48	84.81	NM	0.28	4.36	NM	3,445	11.64	10.25	NA	0.25	2.14	-0.01	-0.11
BBX	BankAtlantic Bancorp Inc of FL	1.95	95.98	-3.43	2.42	NM	80.58	2.02	92.42	NM	0.00	0.00	NM	4,748	2.52	2.20	10.84	-3.23	NM	-3.33	NM
BFIN	BankFinancial Corp. of IL	8.53	182.68	0.04	12.31	NM	69.29	11.72	76.99	NM	0.28	3.28	NM	1,559	16.91	15.49	4.05	-0.01	-0.08	0.05	0.32
BFED	Beacon Federal Bancorp of NY	9.04	59.06	0.84	15.91	13.49	56.82	5.50	56.82	10.76	0.20	2.21	29.85	1,073	9.68	9.68	NA	0.41	4.35	0.52	5.46
BNCL	Beneficial Mut MHC of PA (44.1)	10.31	373.10	0.21	7.90	NM	130.51	17.92	163.39	NM	0.00	0.00	0.00	4,710	13.73	11.28	2.54	0.45	3.11	0.39	2.72
BHLB	Berkshire Hills Bancorp of MA	18.24	255.85	-1.06	27.47	NM	66.40	9.46	121.84	NM	0.64	3.51	NM	2,706	14.24	8.30	NA	-0.63	-4.24	-0.55	-3.72
BOFI	Bofi Holding, Inc. Of CA	15.99	132.62	1.57	11.89	6.86	134.48	9.47	134.48	10.18	0.00	0.00	0.00	1,401	7.74	7.74	NA	1.46	20.21	0.98	13.62
BYFC	Broadway Financial Corp. of CA	3.65	6.36	0.68	12.84	8.30	28.43	1.22	28.43	5.37	0.04	1.10	9.09	520	6.40	6.40	NA	0.17	2.46	0.26	3.80
BRKL	Brookline Bancorp, Inc. of MA	9.96	588.02	0.38	8.30	25.54	120.00	22.28	132.45	26.21	0.34	3.41	NM	2,639	18.64	17.19	0.67	0.87	4.71	0.85	4.59
BFSB	Brooklyn Fed MHC of NY (24.7)	5.60	17.04	-0.05	6.21	NM	90.18	13.67	90.18	NM	0.24	4.29	NM	528	15.15	15.15	11.97	-0.54	-3.38	-0.12	-0.77
CITZ	CFS Bancorp, Inc of Munster IN	5.06	54.75	-0.06	10.28	NM	49.22	5.01	49.22	NM	0.04	0.79	NM	1,092	10.18	10.18	7.35	-0.12	-1.17	-0.06	-0.58
CMSB	CMS Bancorp Inc of W Plains NY	8.35	15.56	-0.38	11.24	NM	74.29	6.85	74.29	NM	0.00	0.00	NM	227	9.22	9.22	NA	-0.17	-1.85	-0.31	-3.35
CBNJ	Cape Bancorp, Inc. of NJ	7.13	94.93	-1.02	9.71	NM	73.43	8.85	89.46	NM	0.00	0.00	NM	1,073	12.05	10.11	NA	-1.58	-12.91	-1.25	-10.21
CFFN	Capitol Fd Fn MHC of KS (29.6) (7)	32.00	700.96	0.94	12.79	34.78	250.20	27.90	250.20	34.04	2.00	6.25	NM	8,485	11.15	11.15	0.71	0.81	7.29	0.83	7.45
CARV	Carver Bancorp, Inc. of NY	8.00	19.80	0.62	18.60	16.67	43.01	2.44	43.27	12.90	0.40	5.00	NM	812	8.01	7.98	5.02	0.15	1.93	0.19	2.50
CEBK	Central Bncrp of Somerville MA	11.50	19.17	0.99	21.31	13.86	53.97	3.53	57.59	11.62	0.20	1.74	24.10	542	8.32	7.94	NA	0.25	3.23	0.30	3.86
CFBK	Central Federal Corp. of OH	1.60	6.56	-2.56	3.83	NM	41.78	2.27	42.22	NM	0.00	0.00	NM	289	7.88	7.83	4.93	-3.58	-37.29	-3.69	-38.50
CHEV	Cheviot Fin Cp MHC of OH (38.5)	7.95	27.13	0.14	7.79	NM	102.05	20.17	102.05	NM	0.44	5.53	NM	350	19.77	19.77	NA	0.39	1.94	0.36	1.81
CBNK	Chicopee Bancorp, Inc. of MA	11.70	74.63	-0.12	14.83	NM	78.89	13.67	78.89	NM	0.00	0.00	NM	546	17.33	17.33	NA	-0.33	-1.90	-0.14	-0.81
CZWI	Citizens Comm Bncorp Inc of WI	4.13	21.12	0.41	10.88	NM	37.96	3.66	43.07	10.07	0.00	0.00	NM	577	9.65	8.60	NA	-0.64	-6.21	0.38	3.69
CSBC	Citizens South Bnkg Corp of NC	6.08	55.49	-1.00	7.41	NM	82.05	4.90	84.80	NM	0.16	2.63	NM	1,133	8.51	8.34	NA	-2.39	-21.99	-1.03	-9.48
CSBK	Clifton Svg Bp MHC of NJ (37.1)	8.80	87.28	0.21	6.64	NM	132.53	21.91	132.53	NM	0.24	2.73	NM	1,060	16.53	16.53	NA	0.53	3.04	0.56	3.19
COBK	Colonial Bank MHC of NJ (44.8) (7)	9.43	18.68	0.65	10.49	21.43	89.90	7.37	89.90	14.51	0.00	0.00	0.00	568	8.20	8.20	1.32	0.35	4.42	0.51	6.53
CFFC	Community Fin. Corp. of VA	4.25	18.54	0.35	8.34	8.67	50.96	3.43	50.96	12.14	0.00	0.00	0.00	541	8.98	8.98	NA	0.41	4.52	0.29	3.23
DNBK	Danvers Bancorp, Inc. of MA	15.80	342.42	0.38	13.39	NM	118.00	13.95	133.90	NM	0.08	0.51	21.05	2,455	11.82	10.57	0.68	0.40	3.27	0.40	3.27
DCOM	Dime Community Bancshares of NY	12.76	438.75	1.02	8.97	13.43	142.25	10.67	173.37	12.51	0.56	4.39	58.95	4,114	7.50	6.24	0.78	0.82	11.22	0.88	12.04
ESBF	ESB Financial Corp. of PA	13.59	163.68	1.05	13.99	13.87	97.14	8.37	130.30	12.94	0.40	2.94	40.82	1,955	8.60	6.55	0.29	0.60	7.35	0.64	7.88
ESSA	ESSA Bancorp. Inc. of PA	12.54	172.61	0.38	13.01	30.59	96.39	16.30	96.39	33.00	0.20	1.59	48.78	1,059	16.92	16.92	NA	0.54	3.06	0.50	2.84
EBMT	Eagle Bancorp Montanta of MT	10.05	41.03	0.79	12.29	12.72	81.77	12.58	81.77	12.72	0.27	2.69	34.18	326	0.00	0.00	0.77	0.99	NM	0.99	NM
ESBK	Elmira Svgs Bank, FSB of NY	15.60	29.97	1.20	19.09	9.57	81.72	6.13	126.83	13.00	0.80	5.13	49.08	489	11.28	8.84	NA	0.63	5.82	0.46	4.29
FFDF	FFD Financial Corp of Dover OH	15.00	15.17	0.70	17.89	16.48	83.85	7.62	83.85	21.43	0.68	4.53	74.73	199	9.08	9.08	NA	0.48	5.13	0.37	3.95
FFCO	FedFirst Fin MHC of PA (42.5) (7)	5.47	14.70	0.11	6.82	NM	80.21	9.90	83.00	NM	0.00	0.00	0.00	349	12.37	12.00	0.78	0.18	1.52	0.20	1.67
FSBI	Fidelity Bancorp, Inc. of PA	7.10	21.63	-0.10	13.63	NM	52.09	3.06	55.69	NM	0.08	1.13	NM	708	6.82	6.47	2.62	-0.41	-6.18	-0.04	-0.63
FABK	First Advantage Bancorp of TN	10.82	47.18	0.10	15.78	NM	68.57	13.68	68.57	NM	0.20	1.85	NM	345	19.96	19.96	NA	0.15	0.75	0.13	0.62
FBSI	First Bancshares, Inc. of MO	9.49	14.72	-0.65	15.46	NM	61.38	6.88	61.74	NM	0.00	0.00	NM	214	11.22	11.16	NA	-0.40	-3.73	-0.45	-4.17
FCAP	First Capital, Inc. of IN	14.85	41.40	0.28	16.85	NM	88.13	8.95	99.87	NM	0.72	4.85	NM	463	10.18	9.09	NA	0.21	2.08	0.17	1.67
FCLF	First Clover Leaf Fin Cp of IL	5.99	47.63	-1.09	9.72	NM	61.63	8.06	73.77	NM	0.24	4.01	NM	591	13.08	11.16	NA	-1.47	-10.95	-1.43	-10.65
FCFL	First Community Bk Corp of FL	2.49	13.59	-1.44	5.27	NM	47.25	2.47	47.25	NM	0.00	0.00	NM	550	8.59	8.59	NA	-1.39	-17.09	-1.43	-17.58
FDEF	First Defiance Fin. Corp of OH	10.83	87.92	0.20	24.55	27.08	44.11	4.27	64.50	NM	0.00	0.00	0.00	2,059	11.45	8.65	2.59	0.16	1.39	0.08	0.70
FFNM	First Fed of N. Michigan of MI	2.10	6.06	-2.30	8.07	NM	26.02	2.64	26.99	NM	0.00	0.00	NM	230	10.14	9.81	NA	-2.79	-25.36	-2.78	-25.25
FFBH	First Fed. Bancshares of AR	3.09	14.98	-9.11	5.73	NM	53.93	2.15	53.93	NM	0.00	0.00	NM	697	6.31	6.31	NA	-5.85	NM	-5.88	NM
FFNW	First Fin NW, Inc of Renton WA	4.81	90.45	-3.21	11.17	NM	43.06	6.85	43.06	NM	0.00	0.00	NM	1,321	15.90	15.90	14.33	-4.57	-24.29	-4.63	-24.60
FFCH	First Fin. Holdings Inc. of SC	14.02	231.71	-1.19	16.34	NM	85.80	6.85	100.00	NM	0.20	1.43	62.50	3,381	9.91	8.88	NA	0.15	1.66	-0.57	-6.19
FFHS	First Franklin Corp. of OH	10.64	17.89	-1.88	13.25	NM	80.30	6.21	80.30	NM	0.00	0.00	NM	288	7.73	7.73	NA	-0.62	-8.13	-1.04	-13.65
FKFS	First Keystone Fin., Inc of PA(7)	13.04	31.73	-1.13	12.54	NM	103.99	6.49	103.99	NM	0.00	0.00	NM	488	6.26	6.26	1.72	-1.00	-15.88	-0.53	-8.46
FPTB	First PacTrust Bancorp of CA	9.25	39.26	0.46	18.70	27.21	49.47	4.34	49.47	20.11	0.20	2.16	58.82	904	10.89	10.89	NA	0.16	1.49	0.22	2.02
FPFC	First Place Fin. Corp. of OH	4.77	80.96	-2.71	11.50	NM	41.48	2.52	43.56	NM	0.00	0.00	NM	3,209	8.26	7.98	NA	-1.07	-12.70	-1.39	-16.46
FSFG	First Savings Fin. Grp. of IN	13.45	32.48	0.87	22.39	16.40	60.07	6.57	71.24	15.46	0.00	0.00	0.00	494	10.94	9.39	NA	0.51	3.75	0.54	3.98
FBC	Flagstar Bancorp, Inc. of MI	5.08	746.80	-5.18	5.70	NM	89.12	5.21	89.12	NM	0.00	0.00	NM	14,333	7.70	7.70	NA	-3.45	NM	-4.98	NM
FFIC	Flushing Fin. Corp. of NY	13.54	421.80	0.90	11.84	17.82	114.36	10.08	120.14	15.04	0.52	3.84	68.42	4,183	8.82	8.43	2.36	0.57	6.70	0.68	7.93

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 22201
(703) 528-1700

Exhibit III-3

Market Pricing Comparatives

Prices As of May 28, 2010

		Market Capitalization		Per Share Data
		Market Capitalization		Core 12-Mth EPS (2)	Book Value/ Share	Pricing Ratios (3)					Dividends (4)			Financial Characteristics (6)
		Price/ Share (1)	Market Value								Amount / Share	Yield	Payout Ratio (5)	Total Assets	Equity/ Assets	Tng Eq/ Assets	NPAs/ Assets	Reported		Core
Financial Institution		Price/ Share (1)	Market Value			P/E	P/B	P/A	P/TB	P/CORE	Amount / Share	Yield	Payout Ratio (5)	Total Assets	Equity/ Assets	Tng Eq/ Assets	NPAs/ Assets	ROA	ROE	ROA	ROE
		($)	($Mil)	($)	($)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)	($Mil)	(%)	(%)	(%)	(%)	(%)	(%)	(%)

FXCB	Fox Chase Bncp MHC of PA (41.0) (7)	10.75	60.75	-0.16	9.20	NM	116.85	12.65	116.85	NM	0.00	0.00	NM	1,156	10.83	10.83	3.01	-0.09	-0.87	-0.19	-1.74
GSLA	GS Financial Corp. of LA	12.94	16.28	-0.01	22.30	35.94	58.03	5.87	58.03	NM	0.40	3.09	NM	277	10.12	10.12	3.33	0.17	1.61	0.00	-0.04
GCBC	Green Co Bcrp MHC of NY (43.9)	15.81	28.47	1.15	10.56	13.87	149.72	13.60	149.72	13.75	0.70	4.43	61.40	479	9.08	9.08	NA	1.00	11.33	1.01	11.43
HFFC	HF Financial Corp. of SD	10.10	70.08	0.70	13.51	12.63	74.76	5.68	78.97	14.43	0.45	4.46	56.25	1,234	7.59	7.22	1.23	0.47	6.62	0.41	5.79
HMNF	HMN Financial, Inc. of MN	5.30	22.87	-3.07	17.10	NM	30.99	2.22	30.99	NM	0.00	0.00	NM	1,028	9.50	9.50	NA	-1.12	-11.62	-1.26	-13.06
HBNK	Hampden Bancorp. Inc. of MA	9.44	67.51	-0.12	13.13	NM	71.90	11.68	71.90	NM	0.12	1.27	NM	578	16.25	16.25	1.93	-0.15	-0.90	-0.15	-0.90
HARL	Harleysville Svgs Fin Cp of PA	15.10	55.28	1.30	14.12	12.28	106.94	6.56	106.94	11.62	0.76	5.03	61.79	843	6.13	6.13	NA	0.54	8.97	0.57	9.48
HBOS	Heritage Fn Gp MHC of GA (24.4) (7)	12.28	31.20	-0.17	5.93	NM	207.08	22.23	212.46	NM	0.36	2.93	NM	574	10.74	10.49	NA	-0.24	-2.01	-0.34	-2.85
HIFS	Hingham Inst. for Sav. of MA	37.73	80.14	4.12	31.56	9.11	119.55	8.29	119.55	9.16	0.92	2.44	22.22	966	6.94	6.94	NA	0.98	13.75	0.97	13.68
HBCP	Home Bancorp Inc. Lafayette LA	13.64	118.44	0.65	15.29	25.26	89.21	22.58	89.21	20.98	0.00	0.00	0.00	525	25.31	25.31	0.38	0.89	3.60	1.07	4.33
HOME	Home Federal Bancorp Inc of ID	15.31	255.49	-0.57	12.41	39.26	123.37	29.98	123.37	NM	0.22	1.44	56.41	852	24.30	24.30	NA	0.84	3.18	-1.23	-4.64
HFBC	HopFed Bancorp, Inc. of KY	12.50	44.99	0.03	17.80	29.07	70.22	4.28	71.43	NM	0.48	3.84	NM	1,052	7.80	7.71	NA	0.15	1.92	0.01	0.13
HCBK	Hudson City Bancorp, Inc of NJ	12.61	6640.68	1.00	10.25	12.13	123.02	10.85	126.73	12.61	0.60	4.76	57.69	61,230	8.82	8.58	NA	0.93	10.45	0.89	10.05
IFSB	Independence FSB of DC	1.21	1.88	-2.44	3.42	NM	35.38	1.40	35.38	NM	0.00	0.00	NM	134	3.97	3.97	NA	-2.99	NM	-2.28	NM
ISBC	Investors Bcrp MHC of NJ (43.5)	13.66	680.92	0.28	7.40	NM	184.59	18.78	190.52	NM	0.00	0.00	0.00	8,357	10.17	9.89	NA	0.45	4.43	0.41	4.00
JXSB	Jcksnvi11e Bcp MHC of IL (45.9) (7)	11.52	10.16	0.37	13.32	15.78	86.49	7.65	96.81	31.14	0.30	2.60	41.10	289	8.84	7.97	NA	0.48	5.64	0.24	2.86
JFBI	Jefferson Bancshares Inc of TN	4.13	27.60	0.04	11.98	25.81	34.47	4.16	49.58	NM	0.00	0.00	0.00	663	12.07	8.72	3.82	0.16	1.34	0.04	0.33
KFED	K-Fed Bancorp MHC of CA (33.4)	10.00	44.43	0.21	7.00	NM	142.86	14.88	149.48	NM	0.44	4.40	NM	893	10.42	10.00	3.54	0.29	2.72	0.32	3.01
KFFB	KY Fst Fed Bp MHC of KY (39.9)	9.91	31.11	0.00	7.38	NM	134.28	32.64	180.18	NM	0.40	4.04	NM	238	24.31	19.31	1.30	0.00	0.00	0.00	0.00
KRNY	Kearny Fin Cp MHC of NJ (26.5)	8.79	161.08	0.10	7.00	NM	125.57	26.87	151.29	NM	0.20	2.28	NM	2,252	21.40	18.43	NA	0.29	1.29	0.32	1.43
LSBX	LSB Corp of No. Andover MA	12.19	54.94	0.72	13.77	12.07	88.53	6.81	88.53	16.93	0.36	2.95	35.64	807	7.69	7.69	1.36	0.57	6.58	0.41	4.69
LSBI	LSB Fin. Corp. of Lafayette IN	11.66	18.12	0.11	22.02	26.50	52.95	4.87	52.95	NM	0.50	4.29	NM	372	9.21	9.21	5.09	0.18	2.00	0.05	0.50
LPSB	LaPorte Bancrp MHC of IN (45.6)	7.50	15.86	0.36	10.85	12.71	69.12	8.20	84.94	20.83	0.00	0.00	0.00	420	11.87	9.88	1.62	0.68	5.57	0.42	3.40
LSBK	Lake Shore Bnp MHC of NY (41.3)	8.00	20.46	0.42	9.14	19.51	87.53	11.27	87.53	19.05	0.24	3.00	58.54	432	12.87	12.87	NA	0.59	4.53	0.61	4.64
LEGC	Legacy Bancorp, Inc. of MA	8.76	76.39	-0.30	13.80	NM	63.48	8.07	70.30	NM	0.20	2.28	NM	946	12.72	11.63	2.06	-0.57	-6.75	-0.27	-2.13
LABC	Louisiana Bancorp, Inc. of LA	14.57	66.61	0.49	15.71	28.02	92.74	20.40	92.74	29.73	0.00	0.00	0.00	327	22.00	22.00	0.85	0.73	3.09	0.69	2.91
MSBF	MSB Fin Corp MHC of NJ (41.8)	7.94	17.63	0.10	7.67	NM	103.52	11.45	103.52	NM	0.12	1.51	NM	362	11.06	11.06	NA	0.12	1.03	0.15	1.28
MGYR	Magyar Bancorp MHC of NJ (44.5)	4.29	11.01	-0.55	6.96	NM	61.64	4.50	61.64	NM	0.00	0.00	NM	551	7.31	7.31	NA	-0.41	-5.69	-0.57	-7.82
MLVF	Malvern Fed Bncp MHC PA (45.0)	8.42	23.31	-0.18	11.16	NM	75.45	7.38	75.45	NM	0.12	1.43	NM	696	9.78	9.78	6.10	-0.16	-1.58	-0.16	-1.58
MFLR	Mayflower Bancorp, Inc. of MA	7.69	15.99	0.31	9.85	13.73	78.07	6.26	78.07	24.81	0.24	3.12	42.86	256	8.01	8.01	NA	0.47	5.82	0.26	3.22
EBSB	Meridian Fn Serv MHC MA (43.4)	11.46	111.25	0.32	9.08	33.71	126.21	15.07	134.19	35.81	0.00	0.00	0.00	1,719	11.94	11.31	2.85	0.60	3.90	0.56	3.67
CASH	Meta Financial Group of IA	31.17	95.79	0.56	19.89	31.48	156.71	9.75	164.05	NM	0.52	1.67	52.53	982	6.22	5.96	NA	0.34	6.18	0.19	3.50
MFSF	MutualFirst Fin. Inc. of IN	7.66	53.51	0.19	14.12	NM	54.25	3.60	57.46	NM	0.24	3.13	NM	1,487	8.76	8.42	2.44	0.06	0.70	0.09	1.02
NASB	NASB Fin, Inc. of Grandview MO	17.09	134.46	-0.38	21.15	7.18	80.80	8.62	82.12	NM	0.90	5.27	37.82	1,560	10.67	10.52	NA	1.21	11.81	-0.19	-1.89
NECB	NE Comm Bncrp MHC of NY (45.0)	5.76	34.28	-0.19	8.15	NM	70.67	14.73	71.91	NM	0.12	2.08	NM	517	20.84	20.56	9.54	-0.52	-2.42	-0.50	-2.30
NHTB	NH Thrift Bancshares of NH	10.32	59.57	0.57	13.73	9.21	75.16	6.35	119.03	18.11	0.52	5.04	46.43	939	9.50	6.59	NA	0.71	7.41	0.36	3.77
NVSL	Naug Vlly Fin MHC of CT (40.5) (7)	6.95	19.77	0.28	7.22	24.82	96.26	8.65	96.39	24.82	0.12	1.73	42.86	564	8.99	8.98	2.00	0.36	3.99	0.36	3.99
NYB	New York Community Bcrp of NY	16.05	6988.83	1.37	12.43	16.05	129.12	16.47	243.18	11.72	1.00	6.23	NM	42,429	12.76	7.20	NA	1.19	9.24	1.63	12.66
NAL	NewAlliance Bancshares of CT	11.77	1247.21	0.47	13.61	24.52	86.48	14.67	141.47	25.04	0.28	2.38	58.33	8,501	16.97	11.10	NA	0.60	3.58	0.59	3.50
NFSB	Newport Bancorp, Inc. of RI	12.15	45.20	0.29	13.61	NM	89.27	9.90	89.27	NM	0.00	0.00	0.00	457	11.09	11.09	0.39	0.18	1.58	0.24	2.08
FFFD	North Central Bancshares of IA	17.60	23.72	1.79	28.64	9.46	61.45	5.24	61.45	9.83	0.04	0.23	2.15	452	10.77	10.77	3.58	0.55	5.26	0.52	5.06
NFBK	Northfield Bcp MHC of NY(45.1)	14.54	294.09	0.28	9.06	NM	160.49	30.30	167.32	NM	0.20	1.38	68.97	2,098	18.88	18.25	2.88	0.65	3.23	0.63	3.11
NWBI	Northwest Bancshares Inc of PA	11.63	1287.22	0.45	11.76	38.77	98.89	15.92	114.47	25.84	0.40	3.44	NM	8,084	16.10	14.22	NA	0.44	3.67	0.67	5.50
OBAF	OBA Financial Serv. Inc of MD	11.46	53.05	-0.09	16.92	NM	67.73	13.35	67.73	NM	0.00	0.00	NM	397	0.00	0.00	NA	-0.30	NM	-0.10	NM
OSHC	Ocean Shore Holding Co. of NJ	11.10	81.12	0.72	13.49	17.62	82.28	10.38	82.28	15.42	0.24	2.16	38.10	781	12.62	12.62	NA	0.62	5.84	0.71	6.68
OCFC	OceanFirst Fin. Corp of NJ	12.23	230.19	0.66	9.94	17.23	123.04	10.47	123.04	18.53	0.48	3.92	67.61	2,199	8.51	8.51	NA	0.67	7.79	0.63	7.24
OABC	OmniAmerican Bancorp Inc of TX	11.58	137.84	-0.09	16.60	NM	69.76	12.58	69.76	NM	0.00	0.00	0.00	1,095	18.04	18.04	3.02	0.09	0.66	-0.10	-0.74
ONFC	Oneida Financl MHC of NY (44.9) (7)	8.70	30.59	0.69	7.28	18.91	119.51	11.46	211.17	12.61	0.48	5.52	NM	596	10.01	6.10	0.09	0.63	6.34	0.94	9.52
ORIT	Oritani Fin Cp MHC of NJ (25.7) (7)	14.59	139.45	0.41	6.86	38.39	212.68	26.31	212.68	35.59	0.30	2.06	NM	2,054	12.37	12.37	NA	0.72	5.72	0.78	6.17
PSBH	PSB Hldgs Inc MHC of CT (42.9)	4.09	11.45	0.35	6.78	NM	60.32	5.39	72.39	11.69	0.00	0.00	NM	495	8.94	7.56	2.63	-0.96	-11.25	0.47	5.55
PVFC	PVF Capital Corp. of Solon OH	2.18	55.38	-0.34	3.36	NM	64.88	6.23	64.88	NM	0.00	0.00	NM	889	9.60	9.60	NA	-0.43	-6.33	-0.97	-14.35
PBCI	Pamrapo Bancorp, Inc. of NJ (7)	7.42	36.63	-0.62	9.74	NM	76.18	6.67	76.18	NM	0.00	0.00	NM	549	8.75	8.75	NA	-1.27	-14.43	-0.54	-6.08
PFED	Park Bancorp of Chicago IL	4.35	5.19	-3.56	18.96	NM	22.94	2.43	22.94	NM	0.00	0.00	NM	213	10.61	10.61	NA	-1.97	-17.68	-1.92	-17.20
PVSA	Parkvale Financial Corp of PA	8.40	46.44	1.45	21.20	10.37	39.62	2.45	52.50	5.79	0.20	2.38	24.69	1,896	7.86	6.44	NA	0.23	2.98	0.42	5.33
PBHC	Pathfinder BC MHC of NY (36.3)	6.30	5.68	0.60	9.65	11.05	65.28	4.05	77.68	10.50	0.12	1.90	21.05	387	7.79	6.86	NA	0.39	5.54	0.41	5.84
PBCT	Peoples United Financial of CT	13.97	5191.25	0.24	14.74	NM	94.78	24.05	139.84	NM	0.62	4.44	NM	21,586	25.37	18.73	NA	0.44	1.79	0.42	1.72
PROV	Provident Fin. Holdings of CA	6.59	75.17	-1.20	10.90	NM	60.46	5.35	60.46	NM	0.04	0.61	NM	1,405	8.85	8.85	8.65	-0.05	-0.68	-0.92	-11.64
PFS	Provident Fin. Serv. Inc of NJ	12.36	740.60	-2.01	14.76	NM	83.74	10.83	140.14	NM	0.44	3.56	NM	6,836	12.94	8.16	1.30	-1.82	-13.43	-1.80	-13.29
PBNY	Provident NY Bncrp, Inc. of NY	9.09	353.25	0.37	10.87	14.43	83.62	12.03	137.52	24.57	0.24	2.64	38.10	2,936	14.39	9.27	1.04	0.84	5.80	0.49	3.40
PBIP	Prudential Bncp MHC PA (29.3)	6.50	19.70	0.23	5.40	38.24	120.37	12.83	120.37	28.26	0.20	3.08	NM	508	10.66	10.66	NA	0.33	2.99	0.45	4.05
PULB	Pulaski Fin Cp of St. Louis MO	6.70	68.21	-0.27	8.49	11.75	78.92	4.76	82.92	NM	0.38	5.67	66.67	1,434	8.17	7.90	5.51	0.40	5.28	-0.19	-2.50
RIVR	River Valley Bancorp of IN	14.00	21.06	0.85	17.52	12.07	79.91	5.33	80.00	16.47	0.84	6.00	72.41	395	7.93	7.92	NA	0.45	6.38	0.33	4.68
RVSB	Riverview Bancorp, Inc. of WA	3.00	32.77	-0.47	7.68	NM	39.06	3.91	56.50	NM	0.00	0.00	NM	838	10.06	7.20	NA	-0.62	-6.19	-0.58	-5.82
RCKB	Rockville Fin MHC of CT (42.9)	12.06	96.78	0.52	8.49	21.16	142.05	14.57	143.06	23.19	0.24	1.99	42.11	1,560	10.26	10.19	1.13	0.69	6.99	0.63	6.38
ROMA	Roma Fin Corp MHC of NJ (27.0)	11.55	96.42	0.16	6..98	NM	165.47	26.05	165.71	NM	0.32	2.77	NM	1,370	15.88	15.84	NA	0.27	1.58	0.39	2.30
ROME	Rome Bancorp, Inc. of Rome NY	9.10	61.75	0.51	9.00	17.50	101.11	18.84	101.11	17.84	0.36	3.96	69.23	328	18.64	18.64	NA	1.06	5.87	1.04	5.76

RP FINANCIAL, LC.
Financial Services Industry Consultants 1100 North Glebe Road, Suite 1100 Arlington, Virginia 22201 (703) 528-1700

Exhibit III-3

Market Pricing Comparatives

Prices As of May 28, 2010


		Market		Per Share Data
		Capitalization		Core	Book	Pricing Ratios (3)					Dividends (4)			Financial Characteristics (6)
		Price/	Market	12-Mth	Value/						Amount /		Payout	Total	Equity/	Tng Eq/	NPAs/	Reported		Core
Financial Institution		Share (1)	Value	EPS (2)	Share	P/E	P/B	P/A	P/TB	P/CORE	Share	Yield	Ratio (5)	Assets	Assets	Assets	Assets	ROA	ROE	ROA	ROE
		($)	($Mil)	($)	($)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)	($Mil)	(%)	(%)	(%)	(%)	(%)	(%)	(%)

SIFI	SI Fin Gp Inc MHC of CT (38.2)	6.50	29.26	0.08	6.76	NM	96.15	8.69	101.56	NM	0.12	1.85	NM	882	9.04	8.59	1.17	0.09	1.08	0.11	1.23
SVBI	Severn Bancorp, Inc. of MD	5.91	59.50	-1.60	7.82	NM	75.58	6.13	75.87	NM	0.00	0.00	NM	971	10.86	10.82	13.49	-1.64	-14.47	-1.64	-14.47
SUPR	Superior Bancorp of AL (7)	2.86	33.42	-2.16	16.01	NM	17.86	1.00	19.50	NM	0.00	0.00	NM	3,344	5.59	5.15	10.83	-0.72	-10.32	-0.78	-11.26
THRD	TF Fin. Corp. of Newtown PA	20.89	55.94	1.37	27.04	13.31	77.26	7.81	82.41	15.25	0.80	3.83	50.96	716	10.11	9.54	NA	0.59	5.93	0.51	5.18
TFSL	TFS Fin Corp MHC of OH (26.5)	13.24	1083.55	-0.01	5.68	NM	233.10	38.01	234.34	NM	0.28	2.11	NM	10.739	16.31	16.24	3.36	0.09	0.53	-0.03	-0.18
TSH	Teche Hlding Cp of N Iberia LA	31.58	66.38	3.55	34.99	9.29	90.25	8.69	95.03	8.90	1.42	4.50	41.76	764	9.63	9.19	NA	0.92	10.00	0.96	10.44
TBNK	Territorial Bancorp, Inc of HI	19.74	241.48	0.88	17.99	32.36	109.73	17.14	109.73	22.43	0.20	1.01	32.79	1.409	15.62	15.62	0.28	0.54	4.33	0.78	6.25
TSBK	Timberland Bancorp, Inc. of WA	4.07	28.67	-0.30	9.82	NM	41.45	3.96	45.58	NM	0.04	0.98	NM	725	11.71	10.93	7.82	-0.41	-3.30	-0.30	-2.42
TRST	TrustCo Bank Corp NY of NY	6.23	478.22	0.37	3.26	16.84	191.10	12.86	191.10	16.84	0.25	4.01	67.57	3,719	6.73	6.73	1.50	0.78	11.67	0.78	11.67
UCBA	United Comm Bncp MHC IN (40.8)	7.49	23.99	0.09	7.11	NM	105.34	13.34	105.34	NM	0.44	5.87	NM	441	12.66	12.66	NA	0.19	1.41	0.17	1.27
UCFC	United Community Fin. of OH	1.77	54.69	-0.96	6.94	NM	25.50	2.40	25.58	NM	0.00	0.00	NM	2,280	9.41	9.38	8.65	-1.04	-11.07	-1.22	-12.96
UBNK	United Financial Bncrp of MA	13.56	227.05	0.47	13.39	NM	101.27	15.01	105.12	28.85	0.28	2.06	NM	1,513	14.82	14.36	1.22	0.39	2.44	0.58	3.59
UWBK	United Western Bncp, Inc of CO	1.22	35.82	-1.67	4.59	NM	26.58	1.37	26.58	NM	0.00	0.00	NM	2,610	5.16	5.16	NA	-2.83	-48.48	-1.97	-33.74
VPFG	ViewPoint Finl MHC of TX (43.1) (7)	15.88	170.63	0.01	8.37	NM	189.73	15.98	190.87	NM	0.20	1.26	NM	2,477	8.42	8.38	0.61	0.18	2.10	0.01	0.12
WSB	WSB Holdings, Inc. of Bowie MD	3.75	29.46	-0.48	6.89	NM	54.43	6.73	54.43	NM	0.00	0.00	NM	438	12.36	12.36	NA	-0.88	-7.34	-0.84	-7.05
WSFS	WSFS Financial Corp. of DE	40.33	286.22	-0.37	35.85	NM	112.50	7.51	118.79	NM	0.48	1.19	NM	3,812	8.04	7.71	2.17	-0.12	-1.56	-0.07	-0.90
WVFC	WVS Financial Corp. of PA	13.25	27.31	0.52	14.13	30.11	93.77	7.24	93.77	25.48	0.64	4.83	NM	377	7.72	7.72	0.43	0.23	2.96	0.27	3.50
WFSL	Washington Federal, Inc. of WA	17.28	1943.22	1.32	16.15	18.99	107.00	14.08	124.59	13.09	0.20	1.16	21.98	13,803	13.16	11.51	NA	0.81	6.17	1.17	8.95
WSBF	Waterstone Fin MHC of WI (26.2)	3.67	30.09	-0.44	5.45	NM	67.34	6.22	67.34	NM	0.00	0.00	NM	1,845	9.23	9.23	9.86	-0.33	-3.66	-0.73	-8.04
WAYN	Wayne Savings Bancshares of OH	8.25	24.78	0.72	12.32	11.15	66.96	6.10	71.00	11.46	0.24	2.91	32.43	406	9.12	8.64	NA	0.55	6.19	0.54	6.03
WFD	Westfield Fin. Inc. of MA	8.51	251.74	0.21	8.30	NM	102.53	20.98	102.53	NM	0.20	2.35	NM	1,200	20.46	20.46	NA	0.47	2.21	0.52	2.44

(1)	Average of High/Low or Bid/Ask price per share.
(2)	EPS (estimate core basis) is based on actual trailing twelve month data, adjusted to omit non-operating items on a tax effected basis.
(3)	P/E = Price to earnings, P/B = Price to book, P/A = Price to assets; P/TB = Price to tangible book value; and P/CORE = Price to estimated core earnings.
(4)	Indicated twelve month dividend, based on last quarterly dividend declared.
(5)	Indicated dividend as a percent of trailing twelve month estimated core earnings.
(6)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month earnings and average equity and assets balances.
(7)	Excludes from averages those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.

Source:	SNL Financial, LC. and RP Financial, LC. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP Financial, LC.

EXHIBIT III-4

Peer Group Market Area Comparative Analysis

Exhibit III-4

Peer Group Market Area Comparative Analysis


						Proj.								Per Capita Income					Deposit
		Population				Pop.		2000-2009			2009-2014			2009		% State			Market
Institution	County	2000		2009		2014		% Change			% Change			Amount		Average			Share(1)
		(000)		(000)		(000)

Bank Mutual Corp. - WI	Milwaukee		940		938		948		-0.2	%		1.0	%		25,374		92.7	%		1.6	%
Brookline Bancorp - MA	Norfolk		650		662		665		1.7	%		0.5	%		45,473		130.3	%		4.5	%
Danvers Bancorp - MA	Essex		723		744		749		2.9	%		0.6	%		34,164		97.9	%		8.2	%
Dime Community Bancshares - NY	Kings		2,465		2,552		2,595		3.5	%		1.7	%		21,170		70.8	%		2.8	%
First Financial Holdings Inc. - SC	Charleston		310		349		367		12.6	%		5.2	%		28,009		115.0	%		15.7	%
Flushing Financial Corp. - NY	Nassau		1,335		1,321		1,300		-1.0	%		-1.6	%		41,631		139.3	%		2.7	%
NewAlliance Bancshares - CT	New Haven		824		849		858		3.0	%		1.0	%		30,751		85.3	%		11.7	%
Provident NY Bancorp, Inc. - NY	Rockland		287		296		299		3.2	%		1.0	%		37,574		125.7	%		17.4	%
TrustCo Bank Corp. NY - NY	Schenectady		147		151		154		3.1	%		1.6	%		27,674		92.6	%		37.4	%
Washington Federal, Inc. - WA	King		1,737		1,913		2,007		10.1	%		4.9	%		39,623		134.7	%		4.7	%

	Averages:		942		978		994		3.9	%		1.6	%		33,144		108.4	%		10.7	%
	Medians:		774		797		803		3.1	%		1.0	%		32,458		106.4	%		6.5	%

Capitol Federal Financial - KS	Shawnee		170		176		179		3.5	%		1.6	%		26,282		101.0	%		30.9	%

(1)	Total institution deposits in headquarters county as percent of total county deposits as of June 30, 2009.

Sources: SNL Financial LC, FDIC.

EXHIBIT IV-1

Stock Prices:

As of May 28, 2010

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 222011
(703) 528-1700

Exhibit IV-1
Weekly Thrift Market Line - Part One
Prices As Of May 28, 2010

																			Current Per Share Financials
	Market Capitalization						Price Change Data																		Tangible Book Value/ Share (4)
	Price/ Share (1)		Shares Outst- anding		Market Capital- ization (9)		52 Week (1)				Last Week		% Change From						Trailing 12 Mo. EPS (3)		12 Mo. Core EPS (3)		Book Value/ Share
Financial Institution	Price/ Share (1)		Shares Outst- anding		Market Capital- ization (9)		High		Low		Last Week		Last Week		52 Wks Ago (2)		MostRcnt YrEnd (2)		Trailing 12 Mo. EPS (3)		12 Mo. Core EPS (3)		Book Value/ Share				Assets/ Share
	($)		(000)		($Mil)		($)		($)		($)		(%)		(%)		(%)		($)		($)		($)		($)		($)

Market Averages. All Public Companies (no MHC)

All Public Companies (106)		10.75		29,272		346.9		13.24		8.06		10.61		11.09		10.14		14.16		-0.09		-0.15		13.90		12.77		150.08
NYSE Traded Companies (6)		10.35		149,242		1,879.4		13.97		6.93		9.39		176.86		13.77		13.17		-1.19		-1.41		10.23		7.02		115.11
AMEX Traded Companies (1)		31.58		2,102		66.4		35.75		29.30		31.11		1.51		-10.66		-0.41		3.40		3.55		34.99		33.23		363.29
NASDAQ Listed OTC Companies (99)		10.55		21,981		253.1		12.96		7.90		10.47		0.72		10.13		14.38		-0.05		-0.11		13.91		12.92		150.04
California Companies (4)		8.87		6,422		63.4		12.13		3.85		8.33		7.05		31.42		58.15		0.76		0.38		13.58		13.58		200.85
Florida Companies (2)		2.22		27,339		54.8		5.84		1.45		2.17		1.97		-42.48		26.66		-2.37		-2.44		3.85		3.69		98.62
Mid-Atlantic Companies (33)		11.68		50,603		664.1		13.46		8.50		11.57		1.14		18.26		16.26		0.11		0.22		13.47		12.05		155.31
Mid-West Companies (30)		9.25		13,351		80.7		12.52		6.61		9.07		36.17		6.81		17.96		-0.32		-0.61		14.25		13.43		167.02
New England Companies (16)		13.33		41,297		537.3		15.43		11.13		13.20		0.91		5.53		4.83		0.46		0.47		15.30		13.23		141.41
North-West Companies (4)		7.29		37,307		523.8		10.18		5.54		7.55		-3.42		-5.37		-2.91		-0.79		-0.67		11.21		9.82		93.15
South-East Companies (12)		11.43		5,936		63.0		13.68		9.69		11.30		0.55		3.29		6.08		-0.45		-0.51		15.57		14.85		144.27
South-West Companies (1)		11.58		11,903		137.8		12.35		10.12		11.67		-0.77		15.80		15.80		0.08		-0.09		16.60		16.60		92.03
Western Companies (Excl CA) (4)		11.58		15,591		143.5		14.95		7.83		11.42		2.23		27.59		-3.60		-0.15		-0.14		11.62		11.82		83.76
Thrift Strategy (100)		10.63		25,990		306.0		13.05		8.03		10.49		11.60		10.61		12.40		-0.05		-0.11		13.92		12.81		149.05
Mortgage Banker Strategy (3)		4.27		30,314		85.6		8.59		1.79		4.06		2.75		-21.84		94.38		-1.70		-2.32		6.66		6.51		109.84
Real Estate Strategy (1)		2.18		25,402		55.4		4.39		1.49		2.12		2.83		3.81		12.37		-0.15		-0.34		3.36		3.36		35.00
Diversified Strategy (2)		27.15		189,349		2,738.7		31.71		19.05		27.25		-1.14		22.24		20.50		-0.20		-0.07		25.30		21.97		297.64
Companies Issuing Dividends (67)		12.80		37,548		492.8		15.26		9.63		12.67		1.09		14.08		11.60		0.50		0.43		15.24		13.86		167.89
Companies Without Dividends (39)		6.82		13,430		67.8		9.38		5.03		6.68		30.25		2.59		19.08		-1.21		-1.26		11.32		10.70		115.99
Equity/Assets <6% (13)		3.77		23,448		92.6		7.68		2.45		3.18		99.30		-30.58		2.58		-2.53		-2.33		7.59		7.44		151.52
Equity/Assets 6-12% (60)		11.88		19,941		226.1		14.38		8.53		11.77		0.48		17.81		22.05		0.35		0.18		15.39		14.36		187.92
Equity/Assets >12% (33)		11.09		47,613		644.1		13.10		9.08		11.06		0.34		10.22		4.17		-0.05		0.00		13.38		11.76		83.09
Converted Last 3 Mths (no MHC) (1)		10.05		4,083		41.0		11.58		7.11		10.03		0.20		36.36		17.00		0.79		0.79		12.29		12.29		79.90
Actively Traded Companies (6)		18.54		27,456		465.8		20.87		12.56		18.22		1.82		42.37		16.85		1.44		1.19		19.83		18.64		257.33
Market Value Below $20 Million (18)		6.94		2,428		13.3		9.35		4.72		6.70		3.33		2.30		12.85		-1.15		-1.21		12.85		12.74		173.27
Holding Company Structure (100)		10.52		30,732		364.0		13.05		7.93		10.39		11.64		8.76		13.74		-0.14		-0.21		13.87		12.75		148.03
Assets Over $1 Billion (49)		10.94		58,048		703.9		14.05		8.13		10.83		22.27		10.46		12.78		-0.13		-0.26		13.05		11.38		137.78
Assets $500 Million-$1 Billion (30)		10.95		6,310		55.1		12.88		7.96		10.73		1.72		8.33		15.79		-0.02		0.03		14.46		13.67		173.30
Assets $250-$500 Million (21)		11.20		3,225		32.5		13.08		8.99		11.11		1.27		14.80		12.60		0.34		0.22		15.49		14.84		150.28
Assets less than $250 Million (6)		6.75		1,676		9.8		9.18		4.84		6.68		1.55		0.79		22.39		-1.51		-1.44		12.51		12.44		133.51
Goodwill Companies (60)		11.24		42,931		543.6		13.86		8.39		11.15		0.59		11.87		14.14		0.05		0.02		14.29		12.32		160.58
Non-Goodwill Companies (45)		10.07		11,422		88.5		12.45		7.57		9.88		25.38		7.70		14.18		-0.27		-0.38		13.29		13.29		137.41
Acquirors of FSLIC Cases (2)		9.25		57,004		972.6		13.13		6.47		9.52		-1.52		-3.69		-14.99		-1.14		-0.56		9.79		8.65		104.44

(1)	Average of high/low or bid/ask price per share.
(2)	Or since offering price if converted or first listed in the past 52 weeks. Percent change figures are actual year-to-date and are not annualized
(3)	EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4)	Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances.
(6)	Annualized, based on last regular quarterly cash dividend announcement.
(7)	Indicated dividend as a percent of trailing twelve month earnings.
(8)	Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
(9)	For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.

*	Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings.

Source :

SNL Financial, LC. and RP Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 222011
(703) 528-1700

Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 28, 2010

																			Current Per Share Financials
	Market Capitalization						Price Change Data																		Tangible Book Value/ Share (4)
	Price/ Share (1)		Shares Outst- anding		Market Capital- ization (9)		52 Week (1)				Last Week		% Change From						Trailing 12 Mo. EPS (3)		12 Mo. Core EPS (3)		Book Value/ Share
Financial Institution	Price/ Share (1)		Shares Outst- anding		Market Capital- ization (9)		High		Low		Last Week		Last Week		52 Wks Ago (2)		MostRcnt YrEnd (2)		Trailing 12 Mo. EPS (3)		12 Mo. Core EPS (3)		Book Value/ Share				Assets/ Share
	($)		(000)		($Mil)		($)		($)		($)		(%)		(%)		(%)		($)		($)		($)		($)		($)

Market Averages. MHC Institutions

All Public Companies (38)		8.62		31,946		121.9		10.70		6.75		8.60		0.90		1.94		11.15		0.06		0.10		7.63		7.22		66.94
NASDAQ Listed OTC Companies (38)		8.62		31,946		121.9		10.70		6.75		8.60		0.90		1.94		11.15		0.06		0.10		7.63		7.22		66.94
California Companies (1)		10.00		13,291		44.4		10.39		7.30		9.77		2.35		6.61		13.77		0.19		0.21		7.00		6.69		67.20
Mid-Atlantic Companies (21)		9.04		27,454		118.4		11.58		7.59		9.10		0.20		-7.66		-4.09		0.17		0.19		7.95		7.63		69.89
Mid-West Companies (8)		8.29		61,453		202.0		10.04		6.09		8.14		1.59		13.28		29.67		0.11		0.02		7.38		6.72		51.87
New England Companies (5)		8.53		14,947		62.2		9.89		5.66		8.39		2.21		16.82		22.67		0.07		0.32		7.78		7.26		77.36
South-East Companies (2)		2.95		13,416		13.9		4.25		1.18		2.91		1.37		23.43		95.36		-2.16		-1.86		4.20		4.19		68.13
Thrift Strategy (38)		8.62		31,946		121.9		10.70		6.75		8.60		0.90		1.94		11.15		0.06		0.10		7.63		7.22		66.94
Companies Issuing Dividends (27)		9.17		30,677		108.3		11.57		7.62		9.20		0.27		-5.70		-1.07		0.19		0.20		7.75		7.46		63.91
Companies Without Dividends (11)		7.24		35,116		155.9		8.53		4.59		7.11		2.47		21.04		41.72		-0.25		-0.17		7.33		6.64		74.50
Equity/Assets 6-12% (24)		8.09		17,355		72.7		9.77		5.94		8.07		1.03		6.80		21.97		0.03		0.09		7.79		7.40		83.73
Equity/Assets >12% (14)		9.33		51,400		187.5		11.95		7.84		9.30		0.73		-4.54		-3.27		0.10		0.11		7.42		6.99		44.55
Market Value Below $20 Million (1)		6.30		2,485		5.7		8.00		5.11		6.50		-3.08		-20.25		12.50		0.57		0.60		9.65		8.11		155.63
Holding Company Structure (35)		8.64		33,790		130.5		10.61		6.69		8.62		1.06		4.20		13.45		0.05		0.08		7.79		7.34		68.65
Assets Over $1 Billion (14)		10.81		74,765		301.5		12.60		8.35		10.83		-0.70		18.08		14.65		0.20		0.16		7.37		6.97		54.81
Assets $500 Million-$1 Billion (12)		6.25		10,816		24.1		9.41		4.90		6.10		3.83		-16.78		4.96		-0.34		-0.29		6.98		6.88		68.78
Assets $250-$500 Million (11)		8.15		5,828		19.4		9.27		6.46		8.23		-0.23		3.20		15.11		0.28		0.38		8.53		8.01		82.83
Assets less than $250 Million (1)		9.91		7,851		31.1		15.00		8.40		9.55		3.77		-21.04		-9.91		0.00		0.00		7.38		5.50		30.36
Goodwill Companies (22)		9.29		47,699		192.7		10.98		6.92		9.14		2.19		11.09		17.97		0.02		0.09		7.65		6.93		65.71
Non-Goodwill Companies (16)		7.73		10,942		27.5		10.33		6.54		7.87		-0.82		-10.26		2.07		0.12		0.11		7.61		7.61		68.57
MHC Institutions (38)		8.62		31,946		121.9		10.70		6.75		8.60		0.90		1.94		11.15		0.06		0.10		7.63		7.22		66.94

(1)	Average of high/low or bid/ask price per share.
(2)	Or since offering price if converted or first listed in the past 52 weeks. Percent change figures are actual year-to-date and are not annualized
(3)	EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4)	Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances.
(6)	Annualized, based on last regular quarterly cash dividend announcement.
(7)	Indicated dividend as a percent of trailing twelve month earnings.
(8)	Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
(9)	For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.

*	Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings.

Source:

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 222011
(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part One

Prices As Of May 28, 2010


																				Current Per Share Financials
		Market Capitalization						Price Change Data																		Tangible Book Value/ Share (4)
				Shares Outst- anding		Market Capital- ization (9)		52 Week (1)						% Change From						Trailing 12 Mo. EPS (3)		12 Mo. Core EPS (3)		Book Value/ Share				Assets/ Share
Financial Institution		Price/ Share (1)		Shares Outst- anding		Market Capital- ization (9)		High		Low		Last Week		Last Week		52 Wks Ago (2)		MostRcnt YrEnd (2)		Trailing 12 Mo. EPS (3)		12 Mo. Core EPS (3)		Book Value/ Share				Assets/ Share
		($)		(000)		($Mil)		($)		($)		($)		(%)		(%)		(%)		($)		($)		($)		($)		($)

NYSE Traded Companies
AF	Astoria Financial Corp. of NY*		14.88		97,896		1,456.7		17.55		7.31		14.90		-0.13		101.08		19.71		0.32		0.31		12.43		10.54		204.92
BBX	BankAtlantic Bancorp Inc of FL*		1.95		49,220		96.0		6.68		1.14		1.99		-2.01		-45.68		50.00		-3.33		-3.43		2.42		2.11		96.47
FBC	Flagstar Bancorp, Inc. of MI*		5.08		147,008		746.8		13.80		3.90		0.44		*.		-45.38		-15.33		-3.59		-5.18		5.70		5.70		97.50
NYB	New York Community Bcrp of NY*		16.05		435,441		6,988.8		18.20		9.98		15.39		4.29		50.42		10.61		1.00		1.37		12.43		6.60		97.44
NAL	NewAlliance Bancshares of CT*		11.77		105,965		1,247.2		13.48		10.50		11.75		0.17		-6.29		-2.00		0.48		0.47		13.61		8.32		80.22
PFS	Provident Fin. Serv. Inc of NJ*		12.36		59,919		740.6		14.10		8.72		11.85		4.30		28.48		16.06		-2.03		-2.01		14.76		8.82		114.09

AMEX Traded Companies
TSH	Teche Hlding Cp of N Iberia LA*		31.58		2,102		66.4		35.75		29.30		31.11		1.51		-10.66		-0.41		3.40		3.55		34.99		33.23		363.29

NASDAQ Listed OTC Companies
ABBC	Abington Bancorp, Inc. of PA*		8.88		20,862		185.3		10.20		6.28		9.08		-2.20		11.14		28.88		-0.37		-0.36		10.28		10.28		60.73
ALLB	Alliance Bank MHC of PA (42.0)		8.30		6,700		23.8		8.89		8.00		8.30		0.00		-0.60		-1.19		0.17		0.19		7.24		7.24		70.42
ABCW	Anchor BanCorp Wisconsin of WI (8)*		0.71		21,689		15.4		1.65		0.37		0.69		2.90		-54.19		12.70		-6.27		-7.68		0.15		-0.20		205.57
AFCB	Athens Bancshares, Inc. of TN*		10.60		2,777		29.4		11.85		10.52		10.81		-1.94		6.00		6.00		0.54		0.54		17.42		17.42		96.68
ACFC	Atl Cst Fed Cp of GA MHC (35.1)		2.95		13,416		13.9		4.25		1.18		2.91		1.37		23.43		95.36		-2.16		-1.86		4.20		4.19		68.13
BCSB	BCSB Bancorp, Inc. of MD*		9.99		3,121		31.2		10.50		7.95		9.60		4.06		19.64		11.62		-0.93		-0.81		15.71		15.68		192.49
BKMU	Bank Mutual Corp of WI*		6.42		45,475		291.9		10.15		5.95		6.65		-3.46		-27.87		-7.36		0.19		-0.01		8.76		7.57		75.75
BFIN	BankFinancial Corp. of IL*		8.53		21,416		182.7		11.04		8.28		8.73		-2.29		-1.39		-13.84		-0.01		0.04		12.31		11.08		72.78
BFED	Beacon Federal Bancorp of NY*		9.04		6,533		59.1		9.89		8.14		9.05		-0.11		-2.59		-3.83		0.67		0.84		15.91		15.91		164.29
BNCL	Beneficial Mut MHC of PA (44.1)		10.31		81,854		373.1		11.05		8.60		10.47		-1.53		12.55		4.78		0.24		0.21		7.90		6.31		57.54
BHLB	Berkshire Hills Bancorp of MA*		18.24		14,027		255.9		24.88		16.20		18.44		-1.08		-15.16		-11.80		-1.21		-1.06		27.47		14.97		192.88
BOFI	Bofi Holding, Inc. of CA*		15.99		8,294		132.6		19.27		5.51		15.25		4.85		153.41		59.90		2.33		1.57		11.89		11.89		168.93
BYFC	Broadway Financial Corp. of CA*		3.65		1,743		6.4		8.00		3.00		3.39		7.67		-51.46		-38.96		0.44		0.68		12.84		12.84		298.32
BRKL	Brookline Bancorp, Inc. of MA*		9.96		59,038		588.0		12.50		9.03		9.97		-0.10		3.21		0.50		0.39		0.38		8.30		7.52		44.70
BFSB	Brooklyn Fed MHC of NY (24.7)		5.60		12,889		17.0		14.19		4.64		5.85		-4.27		-50.92		-44.22		-0.22		-0.05		6.21		6.21		40.98
CITZ	CFS Bancorp, Inc of Munster IN*		5.06		10,820		54.7		6.25		2.93		5.17		-2.13		26.50		56.66		-0.12		-0.06		10.28		10.28		100.94
CMSB	CMS Bancorp Inc of W Plains NY*		8.35		1,863		15.6		8.65		6.76		8.26		1.09		11.33		22.61		-0.21		-0.38		11.24		11.24		121.91
CBNJ	Cape Bancorp, Inc. of NJ*		7.13		13,314		94.9		9.00		5.35		7.00		1.86		-16.71		6.10		-1.29		-1.02		9.71		7.97		80.59
CFFN	Capitol Fd Fn MHC of KS (29.6) (8)		32.00		73,983		701.0		43.19		28.19		32.57		-1.75		-23.35		1.72		0.92		0.94		12.79		12.79		114.69
CARV	Carver Bancorp, Inc. of NY*		8.00		2,475		19.8		9.66		3.98		6.51		22.89		30.08		-11.60		0.48		0.62		18.60		18.49		327.98
CEBK	Central Bncrp of Somerville MA*		11.50		1,667		19.2		11.50		5.60		10.80		6.48		58.84		38.55		0.83		0.99		21.31		19.97		325.40
CFBK	Central Federal Corp. of OH*		1.60		4,099		6.6		3.25		0.83		1.60		0.00		-43.86		6.67		-2.48		-2.56		3.83		3.79		70.41
CHEV	Cheviot Fin Cp MHC of OH (38.5)		7.95		8,869		27.1		9.80		7.00		7.96		-0.13		-11.67	7.58			0.15		0.14		7.79		7.79		39.41
CBNK	Chicopee Bancorp, Inc. of MA*		11.70		6,379		74.6		13.95		11.63		11.94		-2.01		-9.86		-6.25		-0.28		-0.12		14.83		14.83		85.56
CZWI	Citizens Comm Bncorp Inc of WI*		4.13		5,113		21.1		6.38		3.01		4.10		0.73	-32.18			21.47		-0.69		0.41		10.88		9.59		112.80
CSBC	Citizens South Bnkg Corp of NC*		6.08		9,126		55.5		7.24		4.35		5.51		10.34		21.60		32.75		-2.32		-1.00		7.41		7.17		124.11
CSBK	Clifton Svg Bp MHC of NJ (37.1)		8.80		26,398		87.3		11.65		8.30		9.01		-2.33		-12.00		-6.08		0.20		0.21		6.64		6.64		40.16
COBK	Colonial Bank MHC of NJ (44.8) (8)		9.43		4,440		18.7		10.20		5.51		9.85		-4.26		28.30		29.89		0.44		0.65		10.49		10.49		127.89
CFFC	Community Fin. Corp. of VA*		4.25		4,362		18.5		5.29		3.32		4.40		-3.41		-4.49		-2.07		0.49		0.35		8.34		8.34		124.01
DNBK	Danvers Bancorp, Inc. of MA*		15.80		21,672		342.4		17.09		12.32		15.34		3.00		10.72		21.63		0.38		0.38		13.39		11.80		113.27
DCOM	Dime Community Bancshars of NY*		12.76		34,385		438.8		14.12		7.82		12.51		2.00		52.27		8.78		0.95		1.02		8.97		7.36		119.64
ESBF	ESB Financial Corp. of PA*		13.59		12,044		163.7		15.44		10.62		13.15		3.35		-1.66		2.80		0.98		1.05		13.99		10.43		162.28
ESSA	ESSA Bancorp, Inc. of PA*		12.54		13,765		172.6		14.10		11.32		12.32		1.79		-7.79		7.18		0.41		0.38		13.01		13.01		76.91
EBMT	Eagle Bancorp Montanta of MT*		10.05		4,083		41.0		11.58		7.11		10.03		0.20		36.36		17.00		0.79		0.79		12.29		12.29		79.90
ESBK	Elmira Svgs Bank, FSB of NY*		15.60		1,921		30.0		17.20		13.00		15.85		-1.58		9.47		-6.87		1.63		1.20		19.09		12.30		254.54
FFDF	FFD Financial Corp of Dover OH*		15.00		1,011		15.2		15.90		10.36		15.00		0.00		39.53		10.46		0.91		0.70		17.89		17.89		196.95
FFCO	FedFirst Fin MHC of PA (42.5) (8)		5.47		6,326		14.7		6.95		3.05		5.45		0.37		53.22		60.88		0.10		0.11		6.82		6.59		55.23
FSBI	Fidelity Bancorp, Inc. of PA*		7.10		3,047		21.6		10.50		4.00		7.50		-5.33		-0.98		41.72		-0.98		-0.10		13.63		12.75		232.36
FABK	First Advantage Bancorp of TN*		10.82		4,360		47.2		10.98		8.96		10.66		1.50		13.89		1.98		0.12		0.10		15.78		15.78		79.07
FBSI	First Bancshares, Inc. of MO*		9.49		1,551		14.7		12.50		6.80		9.14		3.83		11.65		14.61		-0.58		-0.65		15.46		15.37		137.84
FCAP	First Capital, Inc. of IN*		14.85		2,788		41.4		18.49		13.17		15.25		-2.62		5.32		-2.24		0.35		0.28		16.85		14.87		165.97
FCLF	First Clover Leaf Fin Cp of IL*		5.99		7,952		47.6		8.60		5.69		5.89		1.70		-28.26		-18.50		-1.12		-1.09		9.72		8.12		74.34
FCFL	First Community Bk Corp of FL*		2.49		5,457		13.6		4.99		1.75		2.35		5.96		-39.27		3.32		-1.40		-1.44		5.27		5.27		100.77
FDEF	First Defiance Fin. Corp of OH*		10.83		8,118		87.9		18.93		9.20		12.07		-10.27		-22.64		-4.07		0.40		0.20		24.55		16.79		253.61
FFNM	First Fed of N. Michigan of MI*		2.10		2,884		6.1		2.49		1.02		1.95		7.69		22.81		72.13		-2.31		-2.30		8.07		7.78		79.59
FFBH	First Fed. Bancshares of AR*		3.09		4,847		15.0		4.90		2.02		3.32		-6.93		-32.24		34.93		-9.07		-9.11		5.73		5.73		143.79
FFNW	First Fin NW, Inc of Renton WA*		4.81		18,805		90.5		9.03		4.57		5.08		-5.31		-43.68		-26.56		-3.17		-3.21		11.17		11.17		70.26
FFCH	First Fin. Holdings Inc. of SC*		14.02		16,527		231.7		18.64		8.43		13.54		3.55		57.53		7.85		0.32		-1.19		16.34		14.02		204.57
FFHS	First Franklin Corp. of OH*		10.64		1,681		17.9		16.49		4.50		10.50		1.33		119.83		33.17		-1.12		-1.88		13.25		13.25		171.32
FKFS	First Keystone Fin., Inc of PA (8)*		13.04		2,433		31.7		13.84		8.05		13.49		-3.34		44.89		10.51		-2.12		-1.13		12.54		12.54		200.78

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 222011
(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part One

Prices As Of May 28, 2010


											Current Per Share Financials
		Market Capitalization			Price Change Data									Tangible Book Value/ Share (4)
			Shares Outst- anding	Market Capita1- ization (9)	52 Week (1)			% Change From			Trailing 12 Mo. EPS (3)	12 Mo. Core EPS (3)	Book Value/ Share		Assets/ Share
Financial Institution		Price/ Share (1)	Shares Outst- anding	Market Capita1- ization (9)	High	Low	Last Week	Last Week	52 Wks Ago (2)	MostRcnt YrEnd (2)	Trailing 12 Mo. EPS (3)	12 Mo. Core EPS (3)	Book Value/ Share		Assets/ Share
		($)	(000)	($Mil)	($)	($)	($)	(%)	(%)	(%)	($)	($)	($)	($)	($)

NASDAQ Listed OTC Companies (continued)
FPTB	First PacTrust Bancorp of CA*	9.25	4,244	39.3	10.76	4.44	8.55	8.19	21.71	72.90	0.34	0.46	18.70	18.70	212.96
FPFC	First Place Fin. Corp. of OH*	4.77	16,973	81.0	5.71	2.29	4.73	0.85	15.78	72.20	-2.09	-2.71	11.50	10.95	189.04
FSFG	First Savings Fin. Grp. of IN*	13.45	2,415	32.5	13.75	9.76	12.95	3.86	35.18	28.71	0.82	0.87	22.39	18.88	204.65
FFIC	Flushing Fin. Corp. of NY*	13.54	31,152	421.8	15.00	8.09	13.37	1.27	44.50	20.25	0.76	0.90	11.84	11.27	134.28
FXCB	Fox Chase Bncp MHC of PA (41.0) (8)	10.75	13,609	60.7	12.00	8.55	10.88	-1.19	8.70	12.92	-0.08	-0.16	9.20	9.20	84.97
GSLA	GS Financial Corp. of LA*	12.94	1,258	16.3	17.44	12.25	12.30	5.20	-5.89	-13.68	0.36	-0.01	22.30	22.30	220.42
GCBC	Green Co Bcrp MHC of NY (43.9)	15.81	4,119	28.5	18.00	13.01	16.70	-5.33	4.01	2.80	1.14	1.15	10.56	10.56	116.28
HFFC	HF Financial Corp. of SD*	10.10	6,939	70.1	13.25	8.05	10.61	-4.81	-19.01	3.91	0.80	0.70	13.51	12.79	177.90
HMNF	HMN Financial, Inc. of MN*	5.30	4,316	22.9	6.85	3.05	5.60	-5.36	-4.33	26.19	-2.73	-3.07	17.10	17.10	238.29
HBNK	Hampden Bancorp, Inc. of MA*	9.44	7,151	67.5	11.30	9.01	9.60	-1.67	-7.54	-11.36	-0.12	-0.12	13.13	13.13	80.81
HARL	Harleysville Svgs Fin Cp of PA*	15.10	3,661	55.3	16.22	12.02	14.94	1.07	1.55	8.95	1.23	1.30	14.12	14.12	230.29
HBOS	Heritage Fn Gp MHC of GA (24.4) (8)	12.28	10,399	31.2	13.39	6.51	11.82	3.89	38.29	69.38	-0.12	-0.17	5.93	5.78	55.23
HIFS	Hingham Inst. for Sav. of MA*	37.73	2,124	80.1	38.05	27.75	36.63	3.00	35.96	22.94	4.14	4.12	31.56	31.56	454.98
HBCP	Home Bancorp Inc. Lafayette LA*	13.64	8,683	118.4	14.49	10.76	13.38	1.94	18.61	11.89	0.54	0.65	15.29	15.29	60.42
HOME	Home Federal Bancorp Inc of ID*	15.31	16,688	255.5	16.12	9.14	14.95	2.41	63.39	15.03	0.39	-0.57	12.41	12.41	51.06
HFBC	HopFed Bancorp, Inc. of KY*	12.50	3,599	45.0	15.03	8.50	11.75	6.38	35.14	33.83	0.43	0.03	17.80	17.50	292.26
HCBK	Hudson City Bancorp, Inc of NJ*	12.61	526,620	6,640.7	14.77	12.22	12.68	-0.55	0.88	-8.16	1.04	1.00	10.25	9.95	116.27
IFSB	Independence FSB of DC*	1.21	1,552	1.9	4.61	0.97	1.21	0.00	-42.38	-19.33	-3.19	-2.44	3.42	3.42	86.13
ISBC	Investors Bcrp MHC of NJ (43.5)	13.66	114,894	680.9	14.50	8.12	13.33	2.48	64.18	24.86	0.31	0.28	7.40	7.17	72.74
JXSB	Jcksnville Bcp MHC of IL (45.9) (8)	11.52	1,921	10.2	16.00	7.84	11.52	0.00	34.74	22.55	0.73	0.37	13.32	11.90	150.67
JFBI	Jefferson Bancshares Inc of TN*	4.13	6,684	27.6	7.28	3.42	4.25	-2.82	-31.40	-12.87	0.16	0.04	11.98	8.33	99.22
KFED	K-Fed Bancorp MHC of CA (33.4)	10.00	13,291	44.4	10.39	7.30	9.77	2.35	6.61	13.77	0.19	0.21	7.00	6.69	67.20
KFFB	KY Fst Fed Bp MHC of KY (39.9)	9.91	7,851	31.1	15.00	8.40	9.55	3.77	-21.04	-9.91	0.00	0.00	7.38	5.50	30.36
KRNY	Kearny Fin Cp MHC of NJ (26.5)	8.79	68,839	161.1	12.17	8.76	9.60	-8.44	-18.00	-12.71	0.09	0.10	7.00	5.81	32.71
LSBX	LSB Corp of No. Andover MA*	12.19	4,507	54.9	14.50	9.06	12.30	-0.89	24.51	25.54	1.01	0.72	13.77	13.77	178.96
LSBI	LSB Fin. Corp. of Lafayette IN*	11.66	1,554	18.1	14.00	8.27	11.40	2.28	-3.24	18.98	0.44	0.11	22.02	22.02	239.19
LPSB	LaPorte Bancrp MHC of IN (45.6)	7.50	4,589	15.9	7.50	4.14	7.10	5.63	47.64	70.45	0.59	0.36	10.85	8.83	91.42
LSBK	Lake shore Bnp MHC of NY (41.3)	8.00	6,085	20.5	8.50	6.85	8.36	-4.31	6.52	1.78	0.41	0.42	9.14	9.14	71.00
LEGC	Legacy Bancorp, Inc. of MA*	8.76	8,720	76.4	13.46	8.56	9.00	-2.67	-15.20	-11.16	-0.95	-0.30	13.80	12.46	108.51
LABC	Louisiana Bancorp, Inc. of LA*	14.57	4,572	66.6	16.59	13.25	15.00	-2.87	3.26	0.48	0.52	0.49	15.71	15.71	71.42
MSBF	MSB Fin Corp MHC of NJ (41.8)	7.94	5,226	17.6	9.50	6.37	7.82	1.53	-11.78	0.00	0.08	0.10	7.67	7.67	69.34
MGYR	Magyar Bancorp MHC of NJ (44.5)	4.29	5,783	11.0	7.45	2.91	3.80	12.89	-31.03	7.25	-0.40	-0.55	6.96	6.96	95.25
MLVF	Malvern Fed Bncp MHC PA (45.0)	8.42	6,103	23.3	10.10	8.40	8.99	-6.34	-18.25	-12.20	-0.18	-0.18	11.16	11.16	114.09
MFLR	Mayflower Bancorp, Inc. of MA*	7.69	2,079	16.0	8.36	5.68	7.27	5.78	6.07	14.78	0.56	0.31	9.85	9.85	122.91
EBSB	Meridian Fn Serv MHC MA (43.4)	11.46	22,615	111.3	12.30	7.39	11.42	0.35	38.91	31.72	0.34	0.32	9.08	8.54	76.02
CASH	Meta Financial Group of IA*	31.17	3,073	95.8	34.09	13.99	30.10	3.55	107.80	49.14	0.99	0.56	19.89	19.00	319.53
MFSF	MutualFirst Fin. Inc. of IN*	7.66	6,985	53.5	10.50	5.51	7.83	-2.17	-13.93	28.09	0.13	0.19	14.12	13.33	212.90
NASB	NASB Fin, Inc. of Grandview MO*	17.09	7,868	134.5	33.84	16.41	16.80	1.73	-37.01	-26.62	2.38	-0.38	21.15	20.81	198.22
NECB	NE Comm Bncrp MHC of NY (45.0)	5.76	13,225	34.3	9.49	4.75	4.85	18.76	-35.79	-12.33	-0.20	-0.19	8.15	8.01	39.11
NHTB	NH Thrift Bancshares of NH*	10.32	5,772	59.6	11.93	8.75	10.34	-0.19	3.30	6.50	1.12	0.57	13.73	8.67	162.62
NVSL	Naug Vlly Fin MHC of CT (40.5) (8)	6.95	7,023	19.8	7.42	4.11	6.72	3.42	2.36	21.08	0.28	0.28	7.22	7.21	80.34
NFSB	Newport Bancorp, Inc. of RI*	12.15	3,720	45.2	12.99	10.91	12.25	-0.82	2.88	-0.82	0.22	0.29	13.61	13.61	122.74
FFFD	North Central Bancshares of IA*	17.60	1,348	23.7	19.66	13.00	17.90	-1.68	10.00	10.21	1.86	1.79	28.64	28.64	335.63
NFBK	Northfield Bcp MHC of NY (45.1)	14.54	43,723	294.1	15.30	10.45	13.95	4.23	38.61	7.54	0.29	0.28	9.06	8.69	47.98
NWBI	Northwest Bancshares Inc of PA*	11.63	110,681	1,287.2	12.79	7.82	11.67	-0.34	46.11	3.19	0.30	0.45	11.76	10.16	73.04
OBAF	OBA Financial Serv. Inc of MD*	11.46	4,629	53.0	11.50	9.95	10.80	6.11	14.60	14.60	-0.26	-0.09	16.92	16.92	85.82
OSHC	Ocean shore Holding Co. of NJ*	11.10	7,308	81.1	11.81	7.39	10.86	2.21	21.98	24.02	0.63	0.72	13.49	13.49	106.90
OCFC	OceanFirst Fin. Corp of NJ*	12.23	18,822	230.2	13.95	9.37	12.49	-2.08	-0.81	8.33	0.71	0.66	9.94	9.94	116.84
OABC	OmniAmerican Bancorp Inc of TX*	11.58	11,903	137.8	12.35	10.12	11.67	-0.77	15.80	15.80	0.08	-0.09	16.60	16.60	92.03
ONFC	Oneida Financl MHC of NY(44.9) (8)	8.70	7,853	30.6	11.75	7.06	9.30	-6.45	-8.90	-2.79	0.46	0.69	7.28	4.12	75.93
ORIT	Oritani Fin Cp MHC of NJ (25.7) (8)	14.59	37,041	139.5	17.15	12.46	14.47	0.83	9.62	6.26	0.38	0.41	6.86	6.86	55.46
PSBH	PSB Hldgs Inc MHC of CT (42.9)	4.09	6,529	11.4	5.48	2.61	4.04	1.24	-10.11	20.29	-0.71	0.35	6.78	5.65	75.84
PVFC	PVF Capital Corp. of Solon OH*	2.18	25,402	55.4	4.39	1.49	2.12	2.83	3.81	12.37	-0.15	-0.34	3.36	3.36	35.00
PBCI	Pamrapo Bancorp, Inc. of NJ (8)*	7.42	4,936	36.6	10.86	6.03	7.56	-1.85	-30.33	-6.08	-1.47	-0.62	9.74	9.74	111.31
PFED	Park Bancorp of Chicago IL*	4.35	1,192	5.2	10.95	3.14	4.50	-3.33	-38.21	33.85	-3.66	-3.56	18.96	18.96	178.66
PVSA	Parkva1e Financial Corp of PA*	8.40	5,529	46.4	12.39	6.41	10.00	-16.00	-19.54	20.86	0.81	1.45	21.20	16.00	342.96
PBHC	Pathfinder BC MHC of NY (36.3)	6.30	2,485	5.7	8.00	5.11	6.50	-3.08	-20.25	12.50	0.57	0.60	9.65	8.11	155.63
PBCT	Peoples United Financial of CT*	13.97	371,600	5,191.3	17.41	13.94	14.37	-2.78	-9.87	-16.35	0.25	0.24	14.74	9.99	58.09
PROV	Provident Fin. Holdings of CA*	6.59	11,407	75.2	10.49	2.43	6.13	7.50	2.01	138.77	-0.07	-1.20	10.90	10.90	123.20
PBNY	Provident NY Bncrp, Inc. of NY*	9.09	38,861	353.2	10.62	7.79	9.27	-1.94	12.78	7.70	0.63	0.37	10.87	6.61	75.55
PBIP	Prudential Bncp MHC PA (29.3)	6.50	10,031	19.7	12.45	6.20	6.58	-1.22	-45.19	-31.72	0.17	0.23	5.40	5.40	50.67
PULB	Pulaski Fin Cp of St. Louis MO*	6.70	10,180	68.2	8.95	5.70	6.65	0.75	-6.94	0.00	0.57	-0.27	8.49	8.08	140.87
RIVR	River Valley Bancorp of IN*	14.00	1,504	21.1	16.45	11.36	13.50	3.70	7.69	12.00	1.16	0.85	17.52	17.50	262.78
RVSB	Riverview Bancorp, Inc. of WA*	3.00	10,924	32.8	4.39	2.13	2.98	0.67	2.74	33.93	-0.50	-0.47	7.68	5.31	76.71
RCKB	Rockville Fin MHC of CT (42.9)	12.06	18,854	96.8	14.79	8.82	12.04	0.17	21.57	14.86	0.57	0.52	8.49	8.43	82.76

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 222011
(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part One

Prices As Of May 28, 2010


																				Current Per Share Financials
		Market Capitalization						Price Change Data																		Tangible
				Shares		Market		52 Week (1)						% Change From						Trailing		12 Mo.		Book		Book
		Price/		Outst-		Capital-						Last		Last		52 Wks		MostRcnt		12 Mo.		Core		Value/		Value/		Assets/
Financial Institution		Share (1)		anding		ization (9)		High		Low		Week		Week		Ago (2)		YrEnd (2)		EPS (3)		EPS (3)		Share		Share (4)		Share
		($)		(000)		($Mil)		($)		($)		($)		(%)		(%)		(%)		($)		($)		($)		($)		($)
NASDAQ Listed OTC Companies (continued)
ROMA	Roma Fin Corp MHC of NJ (27.0)		11.55		30,907		96.4		14.05		11.01		11.54		0.09		-4.70		-6.55		0.11		0.16		6.98		6.97		44.34
ROME	Rome Bancorp, Inc. of Rome NY*		9.10		6,786		61.8		9.95		7.61		9.01		1.00		0.78		14.32		0.52		0.51		9.00		9.00		48.29
SIFI	SI Fin Gp Inc MHC of CT (38.2)		6.50		11,789		29.3		7.00		3.80		6.07		7.08		16.91		23.81		0.07		0.08		6.76		6.40		74.82
SVBI	Severn Bancorp, Inc. of MD*		5.91		10,067		59.5		6.57		1.55		5.80		1.90		97.00		134.52		-1.60		-1.60		7.82		7.79		96.43
SUPR	Superior Bancorp of AL (8)*		2.86		11,687		33.4		4.50		1.50		2.95		-3.05		-16.37		-13.07		-1.98		-2.16		16.01		14.67		286.16
THRD	TF Fin. Corp. of Newtown PA*		20.89		2,678		55.9		22.65		16.50		20.25		3.16		9.66		10.12		1.57		1.37		27.04		25.35		267.34
TFSL	TFS Fin Corp MHC of OH (26.5)		13.24		308,315		1,083.5		14.46		10.25		13.16		0.61		16.96		9.06		0.03		-0.01		5.68		5.65		34.83
TBNK	Territorial Bancorp, Inc of HI*		19.74		12,233		241.5		21.23		14.00		19.52		1.13		97.40		9.36		0.61		0.88		17.99		17.99		115.17
TSBK	Timberland Bancorp, Inc. of WA*		4.07		7,045		28.7		5.63		3.51		4.33		-6.00		-15.56		-8.33		-0.41		-0.30		9.82		8.93		102.88
TRST	TrustCo Bank Corp NY of NY*		6.23		76,761		478.2		7.18		5.37		6.44		-3.26		12.66		-1.11		0.37		0.37		3.26		3.26		48.45
UCBA	United Comm Bncp MHC IN (40.8)		7.49		7,846		24.0		7.75		5.01		7.32		2.32		25.04		21.79		0.10		0.09		7.11		7.11		56.16
UCFC	United Community Fin. of OH*		1.77		30,898		54.7		2.30		0.80		1.94		-8.76		31.11		22.07		-0.82		-0.96		6.94		6.92		73.78
UBNK	United Financial Bncrp of MA*		13.56		16,744		227.0		15.16		11.31		12.98		4.47		13.66		3.43		0.32		0.47		13.39		12.90		90.34
UWBK	United Western Bncp, Inc of CO*		1.22		29,359		35.8		10.85		1.05		1.16		5.17		-86.78		-55.80		-2.40		-1.67		4.59		4.59		88.89
VPFG	ViewPoint Finl MHC of TX (43.1) (8)		15.88		24,929		170.6		17.82		12.05		15.85		0.19		13.43		10.20		0.17		0.01		8.37		8.32		99.38
WSB	WSB Holdings, Inc. of Bowie MD*		3.75		7,856		29.5		4.65		1.70		3.54		5.93		44.23		61.64		-0.50		-0.48		6.89		6.89		55.73
WSFS	WSFS Financial Corp. of DE*		40.33		7,097		286.2		46.00		24.16		40.13		0.50		54.34		57.35		-0.64		-0.37		35.85		33.95		537.18
WVFC	WVS Financial Corp. of PA*		13.25		2,061		27.3		17.45		13.25		13.25		0.00		-16.35		-7.02		0.44		0.52		14.13		14.13		183.01
WFSL	Washington Federal, Inc. of WA*		17.28		112,455		1,943.2		21.65		11.96		17.82		-3.03		35.00		-10.65		0.91		1.32		16.15		13.87		122.74
WSBF	Waterstone Fin MHC of WI (26.2)		3.67		31,250		30.1		5.71		1.75		3.77		-2.65		22.74		79.02		-0.20		-0.44		5.45		5.45		59.04
WAYN	Wayne Savings Bancshares of OH*		8.25		3,004		24.8		9.00		4.80		8.25		0.00		49.73		42.00		0.74		0.72		12.32		11.62		135.16
WFD	Westfield Fin. Inc. of MA*		8.51		29,582		251.7		10.37		7.81		8.19		3.91		-6.69		3.15		0.19		0.21		8.30		8.30		40.56

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 22201
(703) 528-1700

Exhibit IV-1

Weekly Thrift Market Line - Part Two

Prices As Of May 28, 2010


	Key Financia1 Ratios														Asset Quality Ratios						Pricing Ratios										Dividend Data (6)
	Equity/ Assets		Tang. Equity/ Assets												NPAs Assets		Resvs/ NPAs		Resvs/ Loans		Price/ Earning		Price/ Book		Price/ Assets		Price/ Tang. Book		Price/ Core Earnings		Ind. Div./ Share		Divi- dend Yield		Payout Ratio (7)
					Reported Earnings						Core Earnings
Financial Institution					ROA (5)		ROE (5)		ROI (5)		ROA (5)		ROE (5)
	(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(X)		(%)		(%)		(%)		(x)		($)		(%)		(%)

Market Averages. All Public Companies (no MHCs)

All Public Companies (106)		10.78		10.00		-0.19		-0.44		1.77		-0.23		-0.77		3.52		55.17		1.77		18.56		76.73		8.54		85.20		16.60		0.26		2.01		36.14
NYSE Traded Companies (6)		9.51		6.62		-1.09		0.50		-0.99		-1.29		1.35		4.90		47.51		2.47		20.29		98.13		9.41		141.25		18.38		0.37		2.61		58.33
AMEX Traded Companies (1)		9.63		9.19		0.92		10.00		10.77		0.96		10.44		0.00		0.00		1.37		9.29		90.25		8.69		95.03		8.90		1.42		4.50		41.76
NASDAQ Listed OTC Companies (99)		10.87		10.22		-0.15		-0.60		1.79		-0.18		-0.99		3.41		55.76		1.73		18.67		75.24		8.48		81.56		16.69		0.24		1.95		35.54
California Companies (4)		7.24		7.24		0.43		5.87		7.31		0.14		1.95		8.65		41.83		2.07		14.12		68.21		5.10		68.21		11.89		0.07		0.97		22.64
Florida Companies (2)		3.87		3.71		-2.31		-17.09		0.00		-2.38		-17.58		10.84		34.50		3.41		NM		63.91		2.25		69.83		NM		0.00		0.00		0.00
Mid-Atlantic Companies (33)		10.18		9.23		0.03		2.00		0.56		0.10		2.56		2.85		54.00		1.37		17.48		89.69		9.13		103.39		16.40		0.35		2.71		51.44
Mid-West Companies (30)		9.01		8.53		-0.44		-3.05		1.36		-0.62		-4.65		4.54		40.60		2.12		18.85		63.07		5.57		66.83		14.16		0.24		2.04		39.50
New England Companies (16)		13.58		11.95		0.27		2.66		2.63		0.30		2.68		1.19		96.52		1.18		15.43		88.02		12.19		103.14		20.09		0.31		2.34		31.33
North-West Companies (4)		12.15		10.83		-1.20		-6.90		-7.16		-1.09		-5.97		11.08		24.36		2.87		18.99		57.64		7.20		67.43		13.09		0.06		0.54		21.98
South-East Companies (12)		12.89		12.43		-0.37		0.51		5.00		-0.34		0.68		2.10		62.98		1.95		21.80		69.71		9.43		73.06		18.28		0.22		1.23		14.89
South-West Companies (1)		18.04		18.04		0.09		0.66		0.69		-0.10		-0.74		3.02		26.27		1.25		NM		69.76		12.58		69.76		NM		0.00		0.00		0.00
Western Companies (Excl CA) (4)		15.12		15.12		-0.11		-13.66		4.50		-0.36		-10.71		0.53		38.11		2.29		28.11		85.36		15.27		85.36		17.58		0.17		1.28		41.12
Thrift Strategy (100)		10.79		10.04		-0.17		-0.38		1.95		-0.19		-0.53		3.23		55.69		1.68		18.56		76.43		8.51		84.68		16.60		0.26		2.05		36.14
Mortgage Banker Strategy (3)		5.68		5.52		-1.64		-0.68		-1.06		-2.13		-11.64		9.75		38.17		4.46		NM		70.52		3.69		76.44		NM		0.02		0.30		0.00
Real Estate Strategy (1)		9.60		9.60		-0.43		-6.33		-6.88		-0.97		-14.35		0.00		0.00		4.69		NM		64.88		6.23		64.88		NM		0.00		0.00		0.00
Diversified Strategy (2)		16.02		12.54		0.16		0.12		0.10		0.18		0.41		2.17		68.95		1.70		NM		103.64		15.78		129.32		NM		0.55		2.81		0.00
Companies Issuing Dividends (67)		10.93		9.95		0.29		2.99		3.53		0.24		2.57		2.76		52.61		1.47		18.35		86.04		9.59		97.42		16.54		0.39		3.06		45.65
Companies Without Dividends (39)		10.50		10.08		-1.11		-8.25		-3.50		-1.14		-8.39		5.41		61.57		2.35		19.72		58.92		6.51		61.81		16.89		0.00		0.00		0.00
Equity/Assets <6% (13)		4.90		4.82		-2.35		-18.09		1.42		-2.20		-13.38		5.85		34.53		3.11		12.48		52.74		2.59		54.46		9.14		0.06		0.90		9.09
Equity/Assets 6-12% (60)		8.51		7.99		0.11		1.72		3.09		0.00		0.45		3.65		56.66		1.72		16.33		77.45		6.43		83.62		14.34		0.31		2.28		40.24
Equity/Assets >12% (33)		16.72		15.24		0.00		-0.50		-0.39		0.01		-0.19		2.70		58.39		1.41		24.19		83.46		14.21		98.22		21.81		0.22		1.91		28.42
Converted Last 3 Mths (no MHC) (1)		15.38		15.38		0.99		0.00		7.86		0.99		0.00		0.77		34.81		0.48		12.72		81.77		12.58		81.77		12.72		0.27		2.69		34.18
Actively Traded Companies (6)		8.47		7.85		0.55		6.28		6.80		0.45		5.00		1.36		66.21		1.61		13.51		90.97		7.91		98.05		12.70		0.38		1.94		33.29
Market Value Below $20 Million (18)		7.48		7.43		-1.03		-5.63		3.41		-1.06		-6.58		4.59		31.54		2.01		17.52		52.50		4.03		52.83		14.71		0.14		1.35		30.15
Holding Company Structure (100)		10.88		10.08		-0.20		-0.86		1.56		-0.24		-1.12		3.52		55.17		1.78		18.92		76.09		8.57		84.62		16.62		0.25		2.04		36.70
Assets Over $1 Billion (49)		10.98		9.75		-0.16		0.00		2.89		-0.22		-0.33		3.68		55.75		1.77		19.34		86.00		9.59		100.05		17.92		0.28		2.32		40.95
Assets $500 Million-$l Billion (30)		10.04		9.48		-0.22		0.05		-0.65		-0.24		0.09		4.01		49.64		2.03		17.46		69.70		7.40		74.17		13.47		0.25		1.68		33.19
Assets $250-$500 Million (21)		11.91		11.63		0.11		0.02		3.31		0.05		-0.88		2.42		60.33		1.37		18.68		72.98		8.88		76.61		17.86		0.26		2.15		27.49
Assets less than $250 Million (6)		9.04		8.98		-1.31		-8.70		-0.85		-1.23		-9.20		0.00		0.00		1.87		16.48		50.64		4.64		50.87		21.43		0.11		0.76		74.73
Goodwill Companies (60)		10.05		8.67		-0.10		-0.21		1.00		-0.10		-0.29		3.51		56.07		1.64		17.63		78.86		8.01		93.76		16.28		0.32		2.53		40.50
Non-Goodwill Companies (45)		11.56		11.56		-0.31		-0.76		3.03		-0.42		-1.47		3.53		53.70		1.97		19.87		74.07		9.13		74.07		17.04		0.17		1.37		30.54
Acquirors of FSLIC Cases (2)		8.56		7.74		-1.09		6.17		5.27		-0.56		8.95		0.00		0.00		2.86		18.99		71.19		7.74		79.98		13.09		0.10		0.58		21.98

(1)	Average of high/low or bid/ask price per share.
(2)	Or since offering price if converted or first listed in the past 52 weeks. Percent change figures are actual year-to-date and are not annualized
(3)	EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4)	Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances, ROI (return on investment) is current EPS divided by current price.
(6)	Annualized, based on last regular quarterly cash dividend announcement.
(7)	Indicated dividend as a percent of trailing twelve month earnings.
(8)	Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.

*	Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings.

Source:	SNL Financia1, LC. and RP Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP Financial, LC.

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 22201
(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part Two

Prices As Of May 28, 2010


	Key Financial Ratios														Asset Quality Ratios						Pricing Ratios										Dividend Data (6)
			Tang.																								Price/		Price/		Ind.		Divi-
	Equity/		Equity/		Reported Earnings						Core Earnings				NPAs		Resvs/		Resvs/		Price/		Price/		Price/		Tang.		Core		Div./		dend		Payout
Financial Institution	Assets		Assets		ROA (5)		ROE (5)		ROI (5)		ROA (5)		ROE (5)		Assets		NPAs		Loans		Earning		Book		Assets		Book		Earnings		Share		Yield		Ratio (7)
	(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(X)		(%)		(%)		(%)		(x)		($)		(%)		(%)

Market Averages. MHC Institutions

All Public Companies (38)		12.88		12.25		0.08		-0.09		0.67		0.14		0.54		4.45		33.38		1.29		21.46		113.83		15.31		120.31		20.39		0.19		2.08	32.27
NASDAQ Listed OTC Companies (38)		12.88		12.25		0.08		-0.09		0.67		0.14		0.54		4.45		33.38		1.29		21.46		113.83		15.31		120.31		20.39		0.19		2.08	32.27
California Companies (1)		10.42		10.00		0.29		2.72		1.90		0.32		3.01		3.54		40.59		1.67	NM			142.86		14.88		149.48	NM			0.44		4.40	0.00
Mid-Atlantic Companies (21)		13.11		12.63		0.23		1.96		1.19		0.27		2.13		6.61		24.01		1.32		20.67		114.88		15.44		120.21		17.89		0.18		2.02	40.08
Mid-West Companies (8)		15.69		14.51		0.17		0.96		0.98		0.03		-0.29		4.04		38.63		1.27		12.71		118.54		19.76		129.03		20.83		0.26		2.93	0.00
New England Companies (5)		10.04		9.42		0.10		0.18		-2.15		0.44		4.21		1.95		40.62		0.90		27.43		106.18		10.93		112.80		23.56		0.09		0.96	21.05
South-East Companies (2)		6.16		6.15		-3.05		-43.03		0.00		-2.63		-37.05		6.33		23.01		2.15	NM			70.24		4.33		70.41	NM			0.00		0.00	0.00
Thrift Strategy (38)		12.88		12.25		0.08		-0.09		0.67		0.14		0.54		4.45		33.38		1.29		21.46		113.83		15.31		120.31		20.39		0.19		2.08	32.27
Companies Issuing Dividends (27)		14.06		13.52		0.25		2.21		1.75		0.28		2.44		4.55		36.37		1.24		20.77		120.86		17.41		126.19		18.95		0.27		2.91	53.78
Companies Without Dividends (11)		9.92		9.08		-0.32		-5.83		-2.39		-0.21		-4.20		4.31		28.89		1.43		23.21		96.25		10.05		105.60		22.78		0.00		0.00	0.00
Equity/Assets 6-12% (24)		9.53		9.14		0.00		-1.08		0.56		0.07		-0.13		3.91		35.20		1.28		21.79		103.09		10.11		107.31		20.58		0.14		1.38	27.88
Equity/Assets >12% (14)		17.35		16.40		0.20		1.24		0.81		0.23		1.44		5.27		30.64		1.31		19.51		128.14		22.24		137.65		19.05		0.26		3.01	42.50
Market Value Below $20 Million (1)		6.20		5.26		0.39		5.54		9.05		0.41		5.84		0.00		0.00		1.25		11.05		65.28		4.05		77.68		10.50		0.12		1.90	21.05
Holding Company Structure (35)		12.92		12.23		0.05		-0.45		0.48		0.10		0.20		4.52		32.86		1.32		18.67		111.66		15.16		118.65		19.26		0.18		1.92	32.27
Assets Over $1 Billion (14)		14.42		13.71		0.37		2.44		1.33		0.31		1.86		3.77		35.15		1.25		27.43		146.79		21.57		154.97		29.50		0.15		1.33	22.21
Assets $500 Million-$1 Billion (12)		11.17		11.03		-0.50		-6.16		-1.90		-0.39		-5.15		6.44		27.16		1.62		38.24		90.94		10.13		92.62		28.26		0.16		2.14	0.00
Assets $250-$500 Million (11)		11.41		10.94		0.29		2.49		2.02		0.43		4.20		2.13		36.23		1.10		14.29		95.28		11.03		99.76		15.16		0.24		2.63	42.32
Assets less than $250 Million (1)		24.31		19.31		0.00		0.00		0.00		0.00		0.00		1.30		54.31		0.87	NM			134.28		32.64		180.18	NM			0.40		4.04	0.00
Goodwill Companies (22)		13.51		12.42		0.02		-1.05		1.04		0.12		0.19		3.24		36.95		1.28		19.66		123.56		17.53		134.90		20.40		0.15		1.55	18.87
Non-Goodwill Companies (16)		12.03		12.03		0.16		1.19		0.22		0.17		1.01		9.31		19.10		1.31		23.87		100.86		12.34		100.86		20.35		0.24		2.78	63.51
MHC Institutions (38)		12.88		12.25		0.08		-0.09		0.67		0.14		0.54		4.45		33.38		1.29		21.46		113.83		15.31		120.31		20.39		0.19		2.08	32.27

(1)	Average of high/low or bid/ask price per share.
(2)	Or since offering price if converted or first listed in the past 52 weeks. Percent change figures are actual year-to-date and are not annualized
(3)	EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4)	Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances, ROI (return on investment) is current EPS divided by current price.
(6)	Annualized, based on last regular quarterly cash dividend announcement.
(7)	Indicated dividend as a percent of trailing twelve month earnings.
(8)	Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.

*	Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings.

Source:

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part Two

Prices As Of May 28, 2010


		Key Financial Ratios							Asset Quality Ratios			Pricing Ratios					Dividend Data (6)
		Equity/ Assets	Tang. Equity/ Assets												Price/ Tang. Book	Price/ Core Earnings	Ind. Div./ Share	Divi- dend Yield
				Reported Earnings			Core Earnings		NPAs Assets	Resvs/ NPAs	Resvs/ Loans	Price/ Earning	Price/ Book	Price/ Assets					Payout Ratio (7)
Financial Institution				ROA (5)	ROE (5)	ROI (5)	ROA (5)	ROE (5)	NPAs Assets	Resvs/ NPAs	Resvs/ Loans	Price/ Earning	Price/ Book	Price/ Assets					Payout Ratio (7)
		(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)
NYSE Traded Companies
AF	Astoria Financial Corp, of NY*	6.07	5.19	0.15	2.60	2.15	0.15	2.52	2.55	41.14	1.35	NM	119.71	7.26	141.18	NM	0.52	3.49	NM
BBX	BankAtlantic Bancorp Inc of FL*	2.51	2.19	-3.23	NM	NM	-3.33	NM	10.84	34.50	4.81	NM	80.58	2.02	92.42	NM	0.00	0.00	NM
FBC	Flagstar Bancorp, Inc. of MI*	5.85	5.85	-3.45	NM	NM	-4.98	NM	NA	NA	5.69	NM	89.12	5.21	89.12	NM	0.00	0.00	NM
NYB	New York Community Bcrp of NY*	12.76	7.20	1.19	9.24	6.23	1.63	12.66	NA	NA	0.47	16.05	129.12	16.47	243.18	11.72	1.00	6.23	NM
NAL	NewAlliance Bancshares of CT*	16.97	11.10	0.60	3.58	4.08	0.59	3.50	NA	NA	1.13	24.52	86.48	14.67	141.47	25.04	0.28	2.38	58.33
PFS	Provident Fin. Serv. Inc of NJ*	12.94	8.16	-1.82	-13.43	-16.42	-1.80	-13.29	1.30	66.89	1.36	NM	83.74	10.83	140.14	NM	0.44	3.56	NM

AMEX Traded Companies
TSH	Teche Hlding Cp of N Iberia LA*	9.63	9.19	0.92	10.00	10.77	0.96	10.44	NA	NA	1.37	9.29	90.25	8.69	95.03	8.90	1.42	4.50	41.76

NASDAQ Listed OTC Companies
ABBC	Abington Bancorp, Inc. of PA*	16.93	16.93	-0.63	-3.48	-4.17	-0.61	-3.39	4.73	15.55	1.22	NM	86.38	14.62	86.38	NM	0.20	2.25	NM
ALLB	Alliance Bank MHC of PA (42.0)	10.28	10.28	0.25	2.34	2.05	0.28	2.62	NA	NA	1.37	NM	114.64	11.79	114.64	NM	0.12	1.45	70.59
ABCW	Anchor BanCorp Winconsin of WI (8)*	0.07	-0.10	-2.78	NM	NM	-3.40	NM	10.63	34.72	4.59	NM	NM	0.35	NM	NM	0.00	0.00	NM
AFCB	Athens Bancshares, Inc. of TN*	18.02	18.02	0.56	NM	5.09	0.56	NM	NA	NA	1.52	19.63	60.85	10.96	60.85	19.63	0.00	0.00	0.00
ACFC	Atl Cst Fed Cp of GA MHC (35.1)	6.16	6.15	-3.05	-43.03	NM	-2.63	-37.05	6.33	23.01	2.15	NM	70.24	4.33	70.41	NM	0.00	0.00	NM
BCSB	BCSB Bancorp, Inc. of MD*	8.16	8.15	-0.49	-4.87	-9.31	-0.43	-4.24	1.60	67.15	1.60	NM	63.59	5.19	63.71	NM	0.00	0.00	NM
BKMU	Bank Mutual Corp of WI*	11.56	10.15	0.25	2.14	2.96	-0.01	-0.11	NA	NA	1.26	33.79	73.29	8.48	84.81	NM	0.28	4.36	NM
BFIN	BankFinancial Corp. of IL*	16.91	15.49	-0.01	-0.08	-0.12	0.05	0.32	4.05	27.72	1.50	NM	69.29	11.72	76.99	NM	0.28	3.28	NM
BFED	Beacon Federal Bancorp of NY*	9.68	9.68	0.41	4.35	7.41	0.52	5.46	NA	NA	2.06	13.49	56.82	5.50	56.82	10.76	0.20	2.21	29.85
BNCL	Beneficial Mut MHC of PA(44.1)	13.73	11.28	0.45	3.11	2.33	0.39	2.72	2.54	38.81	1.67	NM	130.51	17.92	163.39	NM	0.00	0.00	0.00
BHLB	Berkshire Hills Bancorp of MA*	14.24	8.30	-0.63	-4.24	-6.63	-0.55	-3.72	NA	NA	1.60	NM	66.40	9.46	121.84	NM	0.64	3.51	NM
BOFI	Bofi Holdings, Inc. of CA*	7.04	7.04	1.46	20.21	14.57	0.98	13.62	NA	NA	0.74	6.86	134.48	9.47	134.48	10.18	0.00	0.00	0.00
BYFC	Broadway Financial Corp. of CA*	4.30	4.30	0.17	2.46	12.05	0.26	3.80	NA	NA	1.51	8.30	28.43	1.22	28.43	5.37	0.04	1.10	9.09
BRKL	Brookline Bancorp, Inc. of MA*	18.57	17.12	0.87	4.71	3.92	0.85	4.59	0.67	174.94	1.42	25.54	120.00	22.28	132.45	26.21	0.34	3.41	NM
BFSB	Brooklyn Fed MHC of NY (24.7)	15.15	15.15	-0.54	-3.38	-3.93	-0.12	-0.77	11.97	20.52	3.00	NM	90.18	13.67	90.18	NM	0.24	4.29	NM
CITZ	CFS Bancorp, Inc of Munster IN*	10.18	10.18	-0.12	-1.17	-2.37	-0.06	-0.58	7.35	25.42	2.67	NM	49.22	5.01	49.22	NM	0.04	0.79	NM
CMSB	CMS Bancorp Inc of W Plains NY*	9.22	9.22	-0.17	-1.85	-2.51	-0.31	-3.35	NA	NA	0.46	NM	74.29	6.85	74.29	NM	0.00	0.00	NM
CBNJ	Cape Bancorp, Inc. of NJ*	12.05	10.11	-1.58	-12.91	-18.09	-1.25	-10.21	NA	NA	1.49	NM	73.43	8.85	89.46	NM	0.00	0.00	NM
CFFN	Capitol Fd Fn MHC of KS (29.6) (8)	11.15	11.15	0.81	7.29	2.88	0.83	7.45	0.71	24.43	0.27	34.78	250.20	27.90	250.20	34.04	2.00	6.25	NM
CARV	Carver Bancorp, Inc. of NY*	5.67	5.64	0.15	1.93	6.00	0.19	2.50	5.02	21.98	1.30	16.67	43.01	2.44	43.27	12.90	0.40	5.00	NM
CEBK	Central Bncrp of Somerville MA*	6.55	6.16	0.25	3.23	7.22	0.30	3.86	NA	NA	0.66	13.86	53.97	3.53	57.59	11.62	0.20	1.74	24.10
CFBK	Central Federal Corp. of OH*	5.44	5.39	-3.58	-37.29	NM	-3.69	-38.50	4.93	52.03	3.18	NM	41.78	2.27	42.22	NM	0.00	0.00	NM
CHEV	Cheviot Fin Cp MHC of OH (38.5)	19.77	19.77	0.39	1.94	1.89	0.36	1.81	NA	NA	0.41	NM	102.05	20.17	102.05	NM	0.44	5.53	NM
CBNK	Chicopee Bancorp, Inc. of MA*	17.33	17.33	-0.33	-1.90	-2.39	-0.14	-0.81	NA	NA	1.00	NM	78.89	13.67	78.89	NM	0.00	0.00	NM
CZWI	Citizens Comm Bncorp Inc of WI*	9.65	8.60	-0.64	-6.21	-16.71	0.38	3.69	NA	NA	0.63	NM	37.96	3.66	43.07	10.07	0.00	0.00	NM
CSBC	Citizens South Bnkg Corp of NC*	5.97	5.79	-2.39	-21.99	NM	-1.03	-9.48	NA	NA	1.17	NM	82.05	4.90	84.80	NM	0.16	2.63	NM
CSBK	Clifton Svg Bp MHC of NJ (37.1)	16.53	16.53	0.53	3.04	2.27	0.56	3.19	NA	NA	0.43	NM	132.53	21.91	132.53	NM	0.24	2.73	NM
COBK	Colonial Bank MHC of NJ (44.8) (8)	8.20	8.20	0.35	4.42	4.67	0.51	6.53	1.32	40.21	0.91	21.43	89.90	7.37	89.90	14.51	0.00	0.00	0.00
CFFC	Community Fin. Corp. of VA*	6.73	6.73	0.41	4.52	11.53	0.29	3.23	NA	NA	NA	8.67	50.96	3.43	50.96	12.14	0.00	0.00	0.00
DNBK	Danvers Bancorp, Inc. of MA*	11.82	10.57	0.40	3.27	2.41	0.40	3.27	0.68	92.26	0.93	NM	118.00	13.95	133.90	NM	0.08	0.51	21.05
DCOM	Dime Community Bancshars of NY*	7.50	6.24	0.82	11.22	7.45	0.88	12.04	0.78	77.00	0.71	13.43	142.25	10.67	173.37	12.51	0.56	4.39	58.95
ESBF	ESB Financial Corp. of PA*	8.62	6.57	0.60	7.35	7.21	0.64	7.88	0.29	107.63	0.91	13.87	97.14	8.37	130.30	12.94	0.40	2.94	40.82
ESSA	ESSA Bancorp, Inc. of PA*	16.92	16.92	0.54	3.06	3.27	0.50	2.84	NA	NA	0.90	30.59	96.39	16.30	96.39	33.00	0.20	1.59	48.78
EBMT	Eagle Bancorp Montanta of MT*	15.38	15.38	0.99	NM	7.86	0.99	NM	0.77	34.81	0.48	12.72	81.77	12.58	81.77	12.72	0.27	2.69	34.18
ESBK	Elmira Svgs Bank, FSB of NY*	7.50	4.96	0.63	5.82	10.45	0.46	4.29	NA	NA	1.00	9.57	81.72	6.13	126.83	13.00	0.80	5.13	49.08
FFDF	FFD Financial Corp of Dover OH*	9.08	9.08	0.48	5.13	6.07	0.37	3.95	NA	NA	1.08	16.48	83.85	7.62	83.85	21.43	0.68	4.53	74.73
FFCO	FedFirst Fin MHC of PA (42.5) (8)	12.35	11.98	0.18	1.52	1.83	0.20	1.67	0.78	95.97	1.11	NM	80.21	9.90	83.00	NM	0.00	0.00	0.00
FSBI	Fidelity Bancorp, Inc. of PA*	5.87	5.51	-0.41	-6.18	-13.80	-0.04	-0.63	2.62	29.60	1.39	NM	52.09	3.06	55.69	NM	0.08	1.13	NM
FABK	First Advantage Bancorp of TN*	19.96	19.96	0.15	0.75	1.11	0.13	0.62	NA	NA	1.21	NM	68.57	13.68	68.57	NM	0.20	1.85	NM
FBSI	First Bancshares, Inc. of MO*	11.22	11.16	-0.40	-3.73	-6.11	-0.45	-4.17	NA	NA	1.82	NM	61.38	6.88	61.74	NM	0.00	0.00	NM
FCAP	First Capital, Inc. of IN*	10.15	9.07	0.21	2.08	2.36	0.17	1.67	NA	NA	1.60	NM	88.13	8.95	99.87	NM	0.72	4.85	NM
FCLF	First Clover Leaf Fin Cp of IL*	13.08	11.16	-1.47	-10.95	-18.70	-1.43	-10.65	NA	NA	1.54	NM	61.63	8.06	73.77	NM	0.24	4.01	NM
FCFL	First Community Bk Corp of FL*	5.23	5.23	-1.39	-17.09	NM	-1.43	-17.58	NA	NA	2.00	NM	47.25	2.47	47.25	NM	0.00	0.00	NM
FDEF	First Defiance Fin. Corp of OH*	9.68	6.83	0.16	1.39	3.69	0.08	0.70	2.59	73.05	2.45	27.08	44.11	4.27	64.50	NM	0.00	0.00	0.00
FFNM	First Fed of N. Michigan of MI*	10.14	9.81	-2.79	-25.36	NM	-2.78	-25.25	NA	NA	2.03	NM	26.02	2.64	26.99	NM	0.00	0.00	NM
FFBH	First Fed. Bancshares of AR*	3.98	3.98	-5.85	NM	NM	-5.88	NM	NA	NA	6.62	NM	53.93	2.15	53.93	NM	0.00	0.00	NM
FFNW	First Fin NW, Inc of Renton WA*	15.90	15.90	-4.57	-24.29	NM	-4.63	-24.60	14.33	19.26	3.46	NM	43.06	6.85	43.06	NM	0.00	0.00	NM
FFCH	First Fin. Holdings Inc. of SC*	7.99	6.93	0.15	1.66	2.28	-0.57	-6.19	NA	NA	3.15	NM	85.80	6.85	100.00	NM	0.20	1.43	62.50
FFHS	First Franklin Corp. of OH*	7.73	7.73	- 0.62	-8.13	-10.53	-1.04	-13.65	NA	NA	2.01	NM	80.30	6.21	80.30	NM	0.00	0.00	NM
FKFS	First Keystone Fin., Inc of PA(8)*	6.25	6.25	-1.00	-15.88	-16.26	-0.53	-8.46	1.72	79.30	2.21	NM	103.99	6.49	103.99	NM	0.00	0.00	NM
FPTB	First PackTrust Bancorp of CA*	8.78	8.78	0.16	1.49	3.68	0.22	2.02	NA	NA	1.91	27.21	49.47	4.34	49.47	20.11	0.20	2.16	58.82

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 22201
(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part Two

Prices As Of May 28, 2010


		Key Financial Ratios							Asset Quality Ratios			Pricing Ratios					Dividend Data (6)
			Tang. Equity/ Assets												Price/ Tang. Book	Price/ Core Earnings	Ind. Div./ Share	Divi- dend Yield
		Equity/ Assets		Reported Earnings			Core Earnings		NPAs Assets	Resvs/ NPAs	Resvs/ Loans	Price/ Earning	Price/ Book	Price/ Assets					Payout Ratio (7)
Financial Institution		Equity/ Assets		ROA (5)	ROE (5)	ROI (5)	ROA (5)	ROE (5)	NPAs Assets	Resvs/ NPAs	Resvs/ Loans	Price/ Earning	Price/ Book	Price/ Assets					Payout Ratio (7)
		(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)

NASDAQ Listed OTC Companies (continued)
FPFC	First Place Fin. Corp. of OH*	6.08	5.81	-1.07	-12.70	NM	-1.39	-16.46	NA	NA	1.95	NM	41.48	2.52	43.56	NM	0.00	0.00	NM
FSFG	First Savings Fin. Grp. of IN*	10.94	9.39	0.51	3.75	6.10	0.54	3.98	NA	NA	1.19	16.40	60.07	6.57	71.24	15.46	0.00	0.00	0.00
FFIC	Flushing Fin. Corp. of NY*	8.82	8.43	0.57	6.70	5.61	0.68	7.93	2.36	23.38	0.71	17.82	114.36	10.08	120.14	15.04	0.52	3.84	68.42
FXCB	Fox Chase Bncp MHC of PA (41.0) (8)	10.83	10.83	-0.09	-0.87	-0.74	-0.19	-1.74	3.01	30.81	1.63	NM	116.85	12.65	116.85	NM	0.00	0.00	NM
GSLA	GS Financial Corp. of LA*	10.12	10.12	0.17	1.61	2.78	0.00	-0.04	3.33	30.37	1.47	35.94	58.03	5.87	58.03	NM	0.40	3.09	NM
GCBC	Green Co Bcrp MHC of NY (43.9)	9.08	9.08	1.00	11.33	7.21	1.01	11.43	NA	NA	1.32	13.87	149.72	13.60	149.72	13.75	0.70	4.43	61.40
HFFC	HF Financial Corp. of SD*	7.59	7.22	0.47	6.62	7.92	0.41	5.79	1.23	59.03	1.02	12.63	74.76	5.68	78.97	14.43	0.45	4.46	56.25
HMNF	HMH Financial, Inc. of MN*	7.18	7.18	-1.12	-11.62	NM	-1.26	-13.06	NA	NA	3.63	NM	30.99	2.22	30.99	NM	0.00	0.00	NM
HBNK	Hampden Bancorp, Inc. of MA*	16.25	16.25	-0.15	-0.90	-1.27	-0.15	-0.90	1.93	54.05	1.45	NM	71.90	11.68	71.90	NM	0.12	1.27	NM
HARL	Harleysville Svgs Fin Cp of PA*	6.13	6.13	0.54	8.97	8.15	0.57	9.48	NA	NA	0.45	12.28	106.94	6.56	106.94	11.62	0.76	5.03	61.79
HBOS	Heritage Fn Gp MHC of GA (24.4) (8)	10.74	10.49	-0.24	-2.01	-0.98	-0.34	-2.85	NA	NA	1.70	NM	207.08	22.23	212.46	NM	0.36	2.93	NM
HIFS	Hingham Inst. for Sav. of MA*	6.94	6.94	0.98	13.75	10.97	0.97	13.68	NA	NA	0.83	9.11	119.55	8.29	119.55	9.16	0.92	2.44	22.22
HBCP	Home Bancorp Inc. Lafayette LA*	25.31	25.31	0.89	3.60	3.96	1.07	4.33	0.38	138.59	0.81	25.26	89.21	22.58	89.21	20.98	0.00	0.00	0.00
HOME	Home Federal Bancorp Inc of ID*	24.30	24.30	0.84	3.18	2.55	-1.23	-4.64	NA	NA	5.46	39.26	123.37	29.98	123.37	NM	0.22	1.44	56.41
HFBC	HopFed Bancorp, Inc. of KY*	6.09	5.99	0.15	1.92	3.44	0.01	0.13	NA	NA	1.33	29.07	70.22	4.28	71.43	NM	0.48	3.84	NM
HCBK	Hudson City Bancorp, Inc of NJ*	8.82	8.58	0.93	10.45	8.25	0.89	10.05	NA	NA	0.52	12.13	123.02	10.85	126.73	12.61	0.60	4.76	57.69
IFSB	Independence FSB of DC*	3.97	3.97	-2.99	NM	NM	-2.28	NM	NA	NA	3.66	NM	35.38	1.40	35.38	NM	0.00	0.00	NM
ISBC	Investors Bcrp MHC of NJ (43.5)	10.17	9.89	0.45	4.43	2.27	0.41	4.00	NA	NA	0.91	NM	184.59	18.78	190.52	NM	0.00	0.00	0.00
JXSB	Jcksnville Bcp MHC of IL (45.9) (8)	8.84	7.97	0.48	5.64	6.34	0.24	2.86	NA	NA	1.47	15.78	86.49	7.65	96.81	31.14	0.30	2.60	41.10
JFBI	Jefferson Bancshares Inc of TN*	12.07	8.72	0.16	1.34	3.87	0.04	0.33	3.82	21.39	1.19	25.81	34.47	4.16	49.58	NM	0.00	0.00	0.00
KFED	K-Fed Bancorp MHC of CA (33.4)	10.42	10.00	0.29	2.72	1.90	0.32	3.01	3.54	40.59	1.67	NM	142.86	14.88	149.48	NM	0.44	4.40	NM
KFFB	KY Fst Fed Bp MHC of KY (39.9)	24.31	19.31	0.00	0.00	0.00	0.00	0.00	1.30	54.31	0.87	NM	134.28	32.64	180.18	NM	0.40	4.04	NM
KRNY	Kearny Fin Cp MHC of NJ (26.5)	21.40	18.43	0.29	1.29	1.02	0.32	1.43	NA	NA	0.82	NM	125.57	26.87	151.29	NM	0.20	2.28	NM
LSBX	LSB Corp of No. Andover MA*	7.69	7.69	0.57	6.58	8.29	0.41	4.69	1.36	66.21	1.34	12.07	88.53	6.81	88.53	16.93	0.36	2.95	35.64
LBSI	LSB Fin. Corp. of Lafayette IN*	9.21	9.21	0.18	2.00	3.77	0.05	0.50	5.09	21.76	1.26	26.50	52.95	4.87	52.95	NM	0.50	4.29	NM
LPSB	LaPorte Bancrp MHC of IN (45.6)	11.87	9.88	0.68	5.57	7.87	0.42	3.40	1.62	53.95	1.35	12.71	69.12	8.20	84.94	20.83	0.00	0.00	0.00
LSBK	Lake Shore Bnp MHC of NY (41.3)	12.87	12.87	0.59	4.53	5.13	0.61	4.64	NA	NA	0.62	19.51	87.53	11.27	87.53	19.05	0.24	3.00	58.54
LEGC	Legacy Bancorp, Inc. of MA*	12.72	11.63	-0.87	-6.75	-10.84	-0.27	-2.13	2.06	41.59	1.25	NM	63.48	8.07	70.30	NM	0.20	2.28	NM
LABC	Louisiana Bancorp, Inc. of LA*	22.00	22.00	0.73	3.09	3.57	0.69	2.91	0.85	61.56	1.03	28.02	92.74	20.40	92.74	29.73	0.00	0.00	0.00
MSBF	MSB Fin Corp MHC of NJ (41.8)	11.06	11.06	0.12	1.03	1.01	0.15	1.28	NA	NA	0.96	NM	103.52	11.45	103.52	NM	0.12	1.51	NM
MGYR	Magyar Bancorp MHC of NJ (44.5)	7.31	7.31	-0.41	-5.69	-9.32	-0.57	-7.82	NA	NA	1.34	NM	61.64	4.50	61.64	NM	0.00	0.00	NM
MLVF	Malvern Fed Bncp MHC PA (45.0)	9.78	9.78	-0.16	-1.58	-2.14	-0.16	-1.58	6.10	19.40	1.41	NM	75.45	7.38	75.45	NM	0.12	1.43	NM
MFLR	Mayflower Bancorp, Inc. of MA*	8.01	8.01	0.47	5.82	7.28	0.26	3.22	NA	NA	0.98	13.73	78.07	6.26	78.07	24.81	0.24	3.12	42.86
EBSB	Meridian Fn Serv MHC MA (43.4)	11.94	11.31	0.60	3.90	2.97	0.56	3.67	2.85	21.70	0.92	33.71	126.21	15.07	134.19	35.81	0.00	0.00	0.00
CASH	Meta Financial Group of IA*	6.22	5.96	0.34	6.18	3.18	0.19	3.50	NA	NA	4.38	31.48	156.71	9.75	164.05	NM	0.52	1.67	52.53
MFSF	MutualFirst Fin. Inc. of IN*	6.63	6.28	0.06	0.70	1.70	0.09	1.02	2.44	45.88	1.59	NM	54.25	3.60	57.46	NM	0.24	3.13	NM
NASB	NASB Fin, Inc. of Grandview MO*	10.67	10.52	1.21	11.81	13.93	-0.19	-1.89	NA	NA	NA	7.18	80.80	8.62	82.12	NM	0 90	5.27	37.82
NECB	NE Comm Bncrp MHC of NY (45.0)	20.84	20.56	-0.52	-2.42	-3.47	-0.50	-2.30	9.54	12.92	1.62	NM	70.67	14.73	71.91	NM	0.12	2.08	NM
NHTB	NH Thrift Bancshares of NH*	8.44	5.50	0.71	7.41	10.85	0.36	3.77	NA	NA	1.62	9.21	75.16	6.35	119.03	18.11	0.52	5.04	46.43
NVSL	Naug Vlly Fin MHC of CT (40.5) (8)	8.99	8.98	0.36	3.99	4.03	0.36	3.99	2.00	42.55	0.99	24.82	96.26	8.65	96.39	24.82	0.12	1.73	42.86
NFSB	Newport Bancorp, Inc. of RI*	11.09	11.09	0.18	1.58	1.81	0.24	2.08	0.39	194.45	0.98	NM	89.27	9.90	89.27	NM	0.00	0.00	0.00
FFFD	North Central Bancshares of IA*	8.53	8.53	0.55	5.26	10.57	0.52	5.06	3.58	47.86	2.10	9.46	61.45	5.24	61.45	9.83	0.04	0.23	2.15
NFBK	Northfield Bcp MHC of NY (45.1)	18.88	18.25	0.65	3.23	1.99	0.63	3.11	2.88	28.39	2.33	NM	160.49	30.30	167.32	NM	0.20	1.38	68.97
NWBI	Northwest Bancshares Inc of PA*	16.10	14.22	0.44	3.67	2.58	0.67	5.50	NA	NA	1.38	38.77	98.89	15.92	114.47	25.84	0.40	3.44	NM
OBAF	OBA Financial Serv. Inc of MD*	19.72	19.72	-0.30	NM	-2.27	-0.10	NM	NA	NA	0.49	NM	67.73	13.35	67.73	NM	0.00	0.00	NM
OSHC	Ocean Shore Holding Co. of NJ*	12.62	12.62	0.62	5.84	5.68	0.71	6.68	NA	NA	0.54	17.62	82.28	10.38	82.28	15.42	0.24	2.16	38.10
OCFC	OceanFirst Fin. Corp of NJ*	8.51	8.51	0.67	7.79	5.81	0.63	7.24	NA	NA	0.94	17.23	123.04	10.47	123.04	18.53	0.48	3.92	67.61
OABC	OmniAmerican Bancorp Inc of TX*	18.04	18.04	0.09	0.66	0.69	-0.10	-0.74	3.02	26.27	1.25	NM	69.76	12.58	69.76	NM	0.00	0.00	0.00
ONFC	Oneida Financl MHC of NY (44.9) (8)	9.59	5.66	0.63	6.34	5.29	0.94	9.52	0.09	591.40	1.11	18.91	119.51	11.46	211.17	12.61	0.48	5.52	NM
ORIT	Oritani Fin Cp MHC of NJ (25.7) (8)	12.37	12.37	0.72	5.72	2.60	0.78	6.17	NA	NA	1.70	38.39	212.68	26.31	212.68	35.59	0.30	2.06	NM
PSBH	PSB Hldgs Inc MHC of CT (42.9)	8.94	7.56	-0.96	-11.25	-17.36	0.47	5.55	2.63	18.50	0.92	NM	60.32	5.39	72.39	11.69	0.00	0.00	NM
PVFC	PVF Capital Corp. of Solon OH*	9.60	9.60	-0.43	-6.33	-6.88	-0.97	-14.35	NA	NA	4.69	NM	64.88	6.23	64.88	NM	0.00	0.00	NM
PBCI	Pamrapo Bancorp, Inc. of NJ (8)*	8.75	8.75	-1.27	-14.43	-19.81	-0.54	-6.08	NA	NA	1.66	NM	76.18	6.67	76.18	NM	0.00	0.00	NM
PFED	Park Bancorp of Chicago IL*	10.61	10.61	-1.97	-17.68	NM	-1.92	-17.20	NA	NA	2.16	NM	22.94	2.43	22.94	NM	0.00	0.00	NM
PVSA	Parkvale Financial Corp of PA*	6.18	4.74	0.23	2.98	9.64	0.42	5.33	NA	NA	1.68	10.37	39.62	2.45	52.50	5.79	0.20	2.38	24.69
PBHC	Pathfinder BC MHC of NY (36.3)	6.20	5.26	0.39	5.54	9.05	0.41	5.84	NA	NA	1.25	11.05	65.28	4.05	77.68	10.50	0.12	1.90	21.05
PBCT	Peoples United Financial of CT*	25.37	18.73	0.44	1.79	1.79	0.42	1.72	NA	NA	1.13	NM	94.78	24.05	139.84	NM	0.62	4.44	NM
PROV	Provident Fin. Holdings of CA*	8.85	8.85	-0.05	-0.68	-1.06	-0.92	-11.64	8.65	41.83	4.10	NM	60.46	5.35	60.46	NM	0.04	0.61	NM
PBNY	Provident NY Bncrp, Inc. of NY*	14.39	9.27	0.84	5.80	6.93	0.49	3.40	1.04	99.63	1.82	14.43	83.62	12.03	137.52	24.57	0.24	2.64	38.10
PBIP	Prudential Bncp MHC PA (29.3)	10.66	10.66	0.33	2.99	2.62	0.45	4.05	NA	NA	0.95	38.24	120.37	12.83	120.37	28.26	0.20	3.08	NM
PULB	Pulaski Fin Cp of St. Louis MO*	6.03	5.75	0.40	5.28	8.51	-0.19	-2.50	5.51	29.00	1.76	11.75	78.92	4.76	82.92	NM	0.38	5.67	66.67
RIVR	River Valley Bancorp of IN*	6.67	6.66	0.45	6.38	8.29	0.33	4.68	NA	NA	1.08	12.07	79.91	5.33	80.00	16.47	0.84	6.00	72.41
RVSB	Riverview Bancorp, Inc. of WA*	10.01	7.14	-0.62	-6.19	-16.67	-0.58	-5.82	NA	NA	2.95	NM	39.06	3.91	56.50	NM	0.00	0.00	NM
RCKB	Rockville Fin MHC of CT (42.9)	10.26	10.19	0.69	6.99	4.73	0.63	6.38	1.13	75.77	0.98	21.16	142.05	14.57	143.06	23.19	0.24	1.99	42.11
ROMA	Roma Fin Corp MHC of NJ (27.0)	15.74	15.73	0.27	1.58	0.95	0.39	2.30	NA	NA	1.09	NM	165.47	26.05	165.71	NM	0.32	2.77	NM
ROME	Rome Bancorp, Inc. of Rome NY*	18.64	18.64	1.06	5.87	5.71	1.04	5.76	NA	NA	0.76	17.50	101.11	18.84	101.11	17.84	0.36	3.96	69.23

RP FINANCIAL, LC.
Financial Services Industry Consultants
1100 North Glebe Road, Suite 1100
Arlington, Virginia 22201
(703) 528-1700

Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 28, 2010

		Key Financial Ratios							Asset Quality Ratios			Pricing Ratios					Dividend Data (6)
			Tang.												Price/	Price/	Ind.	Divi-
		Equity/	Equity/	Reported Earnings			Core Earnings		NPAs	Resvs/	Resvs/	Price/	Price/	Price/	Tang.	Core	Div./	dend	Payout
Financial Institution		Assets	Assets	ROA (5)	ROE (5)	ROI (5)	ROA (5)	ROE (5)	Assets	NPAs	Loans	Earning	Book	Assets	Book	Earnings	Share	Yield	Ratio (7)
		(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)
NASDAQ Listed OTC Companies (continued)
SIFI	SI Fin Gp Inc MHC of CT (38.2)	9.04	8.59	0.09	1.08	1.08	0.11	1.23	1.17	46.51	0.79	NM	96.15	8.69	101.56	NM	0.12	1.85	NM
SVBI	Severn Bancorp, Inc. of MD*	8.11	8.08	-1.64	-14.47	-27.07	-1.64	-14.47	13.49	26.40	4.09	NM	75.58	6.13	75.87	NM	0.00	0.00	NM
SUPR	Superior Bancorp of AL(8)*	5.59	5.15	-0.72	-10.32	NM	-0.78	-11.26	10.83	11.92	1.69	NM	17.86	1.00	19.50	NM	0.00	0.00	NM
THRD	TF Fin. Corp. of Newtown PA*	10.11	9.54	0.59	5.93	7.52	0.51	5.18	NA	NA	1.16	13.31	77.26	7.81	82.41	15.25	0.80	3.83	50.96
TFSL	TFS Fin Corp MHC of OH (26.5)	16.31	16.24	0.09	0.53	0.23	-0.03	-0.18	3.36	28.88	1.12	NM	233.10	38.01	234.34	NM	0.28	2.11	NM
TBNK	Territorial Bancorp, Inc of HI*	15.62	15.62	0.54	4.33	3.09	0.78	6.25	0.28	41.41	0.27	32.36	109.73	17.14	109.73	22.43	0.20	1.01	32.79
TSBK	Timberland Bancorp, Inc. of WA*	9.55	8.76	-0.41	-3.30	-10.07	-0.30	-2.42	7.82	29.45	3.00	NM	41.45	3.96	45.58	NM	0.04	0.98	NM
TRST	TrustCo Bank Corp NY of NY*	6.73	6.73	0.78	11.67	5.94	0.78	11.67	1.50	70.87	1.73	16.84	191.10	12.86	191.10	16.84	0.25	4.01	67.57
UCBA	United Comm Bncp MHC IN (40.8)	12.66	12.66	0.19	1.41	1.34	0.17	1.27	NA	NA	1.70	NM	105.34	13.34	105.34	NM	0.44	5.87	NM
UCFC	United Community Fin. of OH*	9.41	9.38	-1.04	-11.07	NM	-1.22	-12.96	8.65	24.23	2.55	NM	25.50	2.40	25.58	NM	0.00	0.00	NM
UBNK	United Financial Bncrp of MA*	14.82	14.36	0.39	2.44	2.36	0.58	3.59	1.22	52.13	0.87	NM	101.27	15.01	105.12	28.85	0.28	2.06	NM
UWBK	United Western Bncp, Inc of CO*	5.16	5.16	-2.83	-48.48	NM	-1.97	-33.74	NA	NA	2.93	NM	26.58	1.37	26.58	NM	0.00	0.00	NM
VPFG	Viewpoint Finl MHC of TX (43.1)(8)	8.42	8.38	0.18	2.10	1.07	0.01	0.12	0.61	85.88	0.87	NM	189.73	15.98	190.87	NM	0.20	1.26	NM
WSB	WSB Holdings, Inc. of Bowie MD*	12.36	12.36	-0.88	-7.34	-13.33	-0.84	-7.05	NA	NA	2.83	NM	54.43	6.73	54.43	NM	0.00	0.00	NM
WSFS	WSFS Financial Corp. of DE*	6.67	6.34	-0.12	-1.56	-1.59	-0.07	-0.90	2.17	68.95	2.26	NM	112.50	7.51	118.79	NM	0.48	1.19	NM
WVFS	WVS Financial Corp. of PA*	7.72	7.72	0.23	2.96	3.32	0.27	3.50	0.43	39.83	1.09	30.11	93.77	7.24	93.77	25.48	0.64	4.83	NM
WFSL	Washington Federal, Inc. of WA*	13.16	11.51	0.81	6.17	5.27	1.17	8.95	NA	NA	2.05	18.99	107.00	14.08	124.59	13.09	0.20	1.16	21.98
WSBF	Waterstone Fin MHC of WI (26.2)	9.23	9.23	-0.33	-3.66	-5.45	-0.73	-8.04	9.86	17.36	2.19	NM	67.34	6.22	67.34	NM	0.00	0.00	NM
WAYN	Wayne Savings Bancshares of OH*	9.12	8.64	0.55	6.19	8.97	0.54	6.03	NA	NA	1.12	11.15	66.96	6.10	71.00	11.46	0.24	2.91	32.43
WFD	Westfield Fin. Inc. of MA*	20.46	20.46	0.47	2.21	2.23	0.52	2.44	NA	NA	1.62	NM	102.53	20.98	102.53	NM	0.20	2.35	NM

EXHIBIT IV-2

Historical Stock Price Indices

Exhibit IV-2

Historical Stock Price Indices(1)


								SNL		SNL
						NASDAQ		Thrift		Bank
Year/Qtr. Ended		DJIA		S&P 500		Composite		Index		Index

2000:	Quarter 1		10921.9		1498.6		4572.8		545.6		421.24
	Quarter 2		10447.9		1454.6		3966.1		567.8		387.37
	Quarter 3		10650.9		1436.5		3672.8		718.3		464.64
	Quarter 4		10786.9		1320.3		2470.5		874.3		479.44

2001:	Quarter 1		9878.8		1160.3		1840.3		885.2		459.24
	Quarter 2		10502.4		1224.4		2160.5		964.5		493.70
	Quarter 3		8847.6		1040.9		1498.8		953.9		436.60
	Quarter 4		10021.5		1148.1		1950.4		918.2		473.67

2002:	Quarter 1		10403.9		1147.4		1845.4		1006.7		498.30
	Quarter 2		9243.3		989.8		1463.2		1121.4		468.91
	Quarter 3		7591.9		815.3		1172.1		984.3		396.80
	Quarter 4		8341.6		879.8		1335.5		1073.2		419.10

2003:	Quarter 1		7992.1		848.2		1341.2		1096.2		401.00
	Quarter 2		8985.4		974.5		1622.8		1266.6		476.07
	Quarter 3		9275.1		996.0		1786.9		1330.9		490.90
	Quarter 4		10453.9		1112.0		2003.4		1482.3		548.60

2004:	Quarter 1		10357.7		1126.2		1994.2		1585.3		562.20
	Quarter 2		10435.5		1140.8		2047.8		1437.8		546.62
	Quarter 3		10080.3		1114.6		1896.8		1495.1		556.00
	Quarter 4		10783.0		1211.9		2175.4		1605.6		595.10

2005:	Quarter 1		10503.8		1180.6		1999.2		1516.6		551.00
	Quarter 2		10275.0		1191.3		2057.0		1577.1		563.27
	Quarter 3		10568.7		1228.8		2151.7		1527.2		546.30
	Quarter 4		10717.5		1248.3		2205.3		1616.4		582.80

2006:	Quarter 1		11109.3		1294.8		2339.8		1661.1		595.50
	Quarter 2		11150.2		1270.2		2172.1		1717.9		601.14
	Quarter 3		11679.1		1335.9		2258.4		1727.1		634.00
	Quarter 4		12463.2		1418.3		2415.3		1829.3		658.60

2007:	Quarter 1		12354.4		1420.9		2421.6		1703.6		634.40
	Quarter 2		13408.6		1503.4		2603.2		1645.9		622.63
	Quarter 3		13895.6		1526.8		2701.5		1523.3		595.80
	Quarter 4		13264.8		1468.4		2652.3		1058.0		492.85

2008:	Quarter 1		12262.9		1322.7		2279.1		1001.5		442.5
	Quarter 2		11350.0		1280.0		2293.0		822.6		332.2
	Quarter 3		10850.7		1166.4		2082.3		760.1		414.8
	Quarter 4		8776.4		903.3		1577.0		653.9		268.3

2009:	Quarter 1		7608.9		797.9		1528.6		542.8		170.1
	Quarter 2		8447.0		919.3		1835.0		538.8		227.6
	Quarter 3		9712.3		1057.1		2122.4		561.4		282.9
	Quarter 4		10428.1		1115.1		2269.2		587.0		260.8

2010:	Quarter 1		10856.6		1169.4		2398.0		626.3		301.1
As of May 28, 2010			10136.6		1089.4		2257.0		594.2		279.8

(1)	End of period data.

EXHIBIT IV-3

Historical Thrift Stock Indices

Index Values


	Index Values						Price Appreciation (%)
	05/28/10		04/30/10	12/31/09		05/29/09	1 Month		YTD	LTM
All Pub. Traded Thrifts		594.2	639.0		587.0	553.7		-7.00	1.24		7.32
MHC Index		3,178.1	3,414.2		2,962.4	3,001.5		-6.91	7.28		5.89

Stock Exchange Indexes
NYSE-Alt Thrifts		330.3	334.7		331.6	370.3		-1.31	-0.41		-10.82
NYSE Thrifts		120.1	127.7		110.2	90.5		-5.96	8.96		32.68
OTC Thrifts		1,586.6	1,711.9		1,597.4	1,558.9		-7.32	-0.68		1.78

Geographic Indexes
Mid-Atlantic Thrifts		2,513.9	2,632.4		2,420.4	2,131.1		-4.50	3.86		17.96
Midwestern Thrifts		2,182.0	2,438.8		2,084.0	2,354.4		-10.53	4.71		-7.32
New England Thrifts		1,541.0	1,685.2		1,682.2	1,653.7		-8.56	-8.39		-6.81
Southeastern Thrifts		288.0	309.6		238.6	281.5		-6.97	20.71		2.33
Southwestern Thrifts		336.3	357.6		339.0	383.0		-5.96	-0.79		-12.18
Western Thrifts		55.1	62.7		56.6	43.8		-12.13	-2.56		25.91

Asset Size Indexes
Less than $250M		789.6	787.1		810.0	878.6		0.31	-2.52		-10.14
$250M to $500M		2,483.9	2,502.6		2,247.4	2,446.3		-0.74	10.53		1.54
$500M to $1B		1,184.6	1,235.6		1,096.7	1,161.3		-4.13	8.02		2.01
$1B to $5B		1,472.9	1,574.4		1,393.3	1,433.8		-6.45	5.71		2.72
Over $5B		298.9	323.5		301.5	272.8		-7.61	-0.87		9.57

Pink Indexes
Pink Thrifts		146.4	149.3		142.1	158.6		-1.90	3.06		-7.67
Less than $75M		437.5	458.2		406.8	510.9		-4.51	7.54		-14.36
Over $75M		146.9	149.6		142.8	158.4		-1.78	2.86		-7.22

Comparative Indexes
Dow Jones Industrials		10,136.6	11,008.6		10,428.1	8,500.3		-7.92	-2.79		19.25
S&P 500		1,089.4	1,186.7		1,115.1	919.1		-8.20	-2.30		18.52

All SNL indexes are market-value weighted; i.e., an institution’s effect on an index is proportionate to that institution’s market capitalization. All SNL thrift indexes, except for the SNL MHC Index, began at 100 on March 30, 1984. The SNL MHC Index began at 201.082 on Dec.31, 1992, the level of the SNL Thrift Index on that date. On March 30, 1984, the S&P 500 closed at 159.2 and the Dow Jones Industrials stood at 1,164.9.

Mid-Atlantic: DE, DC, MD, NJ, NY, PA, PR; Midwest: IA, IL, IN, KS, KY, MI, MN, MO, ND, NE, OH, SD, WI;

New England: CT, MA, ME, MH, RI, VT; Southeast: AL, AR, FL, GA, MS, NC, SC, TN, VA, WV;

Southwest: CO, LA, NM, OK, TX, UT; West: AZ, AK, CA, HI, ID, MT, NV, OR, WA, WY

SNLFinancial

JUNE 2010

EXHIBIT IV-4

Market Area Acquisition Activity

Exhibit IV-4

Kansas Thrift Acquisitions 2005-Present

							Target Financials at Announcement														Deal Terms and Pricing at Announcement
Announce Date	Complete Date	Buyer Short Name		Target Name		Type		Total Assets ($000)	E/A (%)		TE/A (%)		ROAA (%)		ROAE (%)		NPAs/ Assets (%)		Rsrvs/ NPLs (%)		Deal Value ($M)		Value/ Share ($)		P/B (%)		P/TB (%)		P/E (x)		P/A (%)		Prem/ Cdeps (%)

09/06/2005	01/01/2006	Landmark Bancorp Inc.	KS	First Manhattan Bancorporation, Inc.	KS	Thrift		130,370		6.49		6.33		0.78		12.43		1.18		85.99		12.9		3,462.259		152.11		156.27		12.59		9.88		5.34

				Average:				130,370		6.49		6.33		0.78		12.43		1.18		85.99						152.11		156.27		12.59		9.88		5.34
				Median:				130,370		6.49		6.33		0.78		12.43		1.18		85.99						152.11		156.27		12.59		9.88		5.34

Source: SNL Financial, LC.

EXHIBIT IV-5

Capitol Federal Financial

Director and Senior Management Summary Resumes

Exhibit IV-5

Capitol Federal Financial

Director and Senior Management Summary Resumes

John B. Dicus. Mr. Dicus became Chief Executive Officer of Capitol Federal Savings Bank and CFF effective January 1, 2003 and became Chairman of the Board of Directors of Capitol Federal Savings Bank and CFF upon the retirement of John C. Dicus from the Board in January 2009. Prior to his appointment as Chief Executive Officer, he served as President and Chief Operating Officer for Capitol Federal Savings Bank since 1996 and for CFF since its inception in March 1999. Before that, he served as Executive Vice President of Corporate Services for Capitol Federal Savings Bank for four years. He has been with Capitol Federal Savings Bank in various other positions since 1985. Mr. Dicus’s many years of service in all areas of Capitol Federal Savings Bank’s operations and his duties as President and Chief Executive Officer of CFF and Capitol Federal Savings Bank bring a special knowledge of the financial, economic and regulatory challenges CFF faces and he is well suited to educating the Board on these matters. He is the son of Mr. John C. Dicus, who retired as our Chairman in January 2009 and still serves as Chairman Emeritus.

Jeffrey R. Thompson. In 2007, Mr. Thompson became Chief Executive Officer of Salina Vortex Corp., a Salina, Kansas-based manufacturing company, after having served as Chief Financial Officer of that company since 2002. From 2001 to 2002, he served as Vice President, Supply Chain, for The Coleman Company, Wichita, Kansas, a manufacturer and marketer of consumer products. From 1992 to 2001, he served in a variety of capacities for Koch Industries, Inc., Wichita, Kansas, including President of Koch Financial Services, Inc. from 1998 to 2001. From 1986 to 1992, he worked in several positions for Chrysler Capital Public Finance, Kansas City, Missouri, primarily in the areas of originating, underwriting and servicing tax-exempt municipal leases. Mr. Thompson has over 25 years of business experience, including 20 years in the financial services business and 15 years with profit and loss responsibility in manufacturing companies. He brings general business, financial and risk management skills to Capitol Federal Savings Bank, including knowledge of compensation matters, which is important to his service on our Compensation Committee. Mr. Thompson is a certified public accountant and his accounting knowledge and experience is important to his service on our Audit Committee. His participation in the Wichita, Kansas business community for over 18 years brings knowledge of the local economy and business opportunities for Capitol Federal Savings Bank.

Jeffrey M. Johnson. Mr. Johnson is President of Flint Hills National Golf Club, Andover, Kansas, a position he has held since March 2003. From March 1997 until joining Flint Hills, Mr. Johnson was an investment advisor with Raymond James Financial Services in Wichita, Kansas. Mr. Johnson’s extensive knowledge of investments and the regulated financial services industry supports the Board’s and the Audit Committee’s knowledge in those areas. Before 1997, he served in a variety of restaurant management positions with Lone Star Steakhouse & Saloon, Inc. and Coulter Enterprises, Inc. Mr. Johnson is also part-owner of several restaurants in Lawrence, Manhattan and Wichita, Kansas and parts of Texas. He brings general business, financial and risk management skills to Capitol Federal Savings Bank, including knowledge of compensation matters, which is important to his service on our Compensation Committee. His participation in the Wichita, Kansas business community and his service on local non-profit boards for over 15 years bring knowledge of the local economy and business opportunities for Capitol Federal Savings Bank.

Michael T. McCoy, M.D. Dr. McCoy has been an orthopedic surgeon in private practice for over 25 years. In his private practice, he has employed up to 15 employees and gained the accounting, financial and risk management skill necessary to operate a small business. Since October 2004, he has also served as Chief of Orthopedic Surgery at Stormont Vail Regional Medical Center in Topeka, Kansas. He previously served as Chief of Surgery at Stormont Vail from January 1987 to January 1988. His management and business experience in his private practice and these hospital positions bring knowledge and experience to his service on the Board and the Compensation and Audit Committees. Dr. McCoy is a member of the Kansas Medical Society, the Shawnee County Medical Society, the American Academy of Orthopedic Surgeons and the American Orthopedic Society for Sports Medicine.

Exhibit IV-5 (continued)

Capitol Federal Financial

Director and Senior Management Summary Resumes

Marilyn S. Ward. From 1985 until her retirement in 2004, Ms. Ward was Executive Director of ERC/Resource & Referral, a family resource center located in Topeka, Kansas, where she was responsible for financial operations, including fund-raising, budgeting and grant writing. Ms. Ward currently serves as the president of the board of the Kansas Association of Child Care Resources and Referral Agencies, a state-wide organization that oversees the Kansas network of child care resource and referral agencies, where she is involved in overseeing financial and accounting matters. Ms. Ward also serves on the board and the executive committee of the Kansas Children’s Service League which oversees numerous family services programs throughout Kansas. She brings general business, financial and accounting skills to Capitol Federal Savings Bank, including knowledge of compensation matters, which is important to her service on our Audit and Compensation Committees. She has participated in numerous training programs for financial institution directors, which enhances her service as a director.

B.B. Andersen. Mr. Andersen has had a life long career in construction, development and management companies with activities in over 14 states. He is currently involved in various real estate development projects in Colorado, Missouri and Mississippi. Mr. Andersen also owns a company that constructed and managed a conference and business center in Iraq for three years, ending in 2009. He brings general business, financial and risk management skills to Capitol Federal Savings Bank, including knowledge of compensation matters, which is important to his service on our Audit and Compensation Committees. He also brings knowledge of real estate valuation and transactions that support our lending business.

Morris J. Huey, II. Mr. Huey retired from Capitol Federal Savings Bank in January 2010. From June 2002 until his retirement, Mr. Huey served as Executive Vice President and Chief Lending Officer of Capitol Federal Savings Bank and President of Capitol Funds, Inc., a wholly owned subsidiary of Capitol Federal Savings Bank. From August 2002 until his retirement, he also served as President of CFMRC, a wholly owned subsidiary of Capitol Funds, Inc. Prior to that, he served as the Central Region Lending Officer since joining Capitol Federal Savings Bank in 1991. Mr. Huey’s many years of service in various areas of Capitol Federal Savings Bank’s operations and his duties as Executive Vice President and Chief Lending Officer of Capitol Federal Savings Bank bring a special knowledge of the financial, economic and regulatory challenges CFF faces and he is well suited to educating the Board on these matters.

Executive Officers Who Are Not Directors

Larry K. Brubaker. Mr. Brubaker has been employed with Capitol Federal Savings Bank since 1971 and currently serves as Executive Vice President for Corporate Services, a position he has held since 1997. Prior to that, he was employed by Capitol Federal Savings Bank as the Eastern Region Manager for seven years.

R. Joe Aleshire. Mr. Aleshire has been employed with Capitol Federal Savings Bank since 1973 and currently serves as Executive Vice President for Retail Operations, a position he has held since 1997. Prior to that, he was employed by Capitol Federal Savings Bank as the Wichita Area Manager for 17 years.

Kent G. Townsend. Mr. Townsend serves as Executive Vice President and Chief Financial Officer of Capitol Federal Savings Bank, its subsidiaries, and CFF. Mr. Townsend also serves as Treasurer for Capitol Funds, Inc. and CFMRC, subsidiaries of Capitol Federal Savings Bank. Mr. Townsend was promoted to Executive Vice President, Chief Financial Officer and Treasurer on September 1, 2005. Prior to that, he served as Senior Vice President, a position he held since April 1999, and Controller of CFF, a position he held since March 1999. He has served in similar positions with Capitol Federal Savings Bank since September 1995. He served as the Financial Planning and Analysis Officer with Capitol Federal Savings Bank for three years and other financial related positions since joining Capitol Federal Savings Bank in 1984.

Exhibit IV-5 (continued)

Capitol Federal Financial

Director and Senior Management Summary Resumes

Rick C. Jackson. Mr. Jackson currently serves as Executive Vice President, Chief Lending Officer and Community Development Director of Capitol Federal Savings Bank. He also serves as the President of Capitol Funds, Inc., a subsidiary of Capitol Federal Savings Bank and President of CFMRC. He has been with Capitol Federal Savings Bank since 1993 and has held the position of Community Development Director since that time. He has held the position of Chief Lending Officer since February 2010.

Tara D. Van Houweling. Ms. Van Houweling has been employed with Capitol Federal Savings Bank and CFF since May 2003 and currently serves as First Vice President, Principal Accounting Officer and Reporting Director. She has held the position of Reporting Director since May 2003.

EXHIBIT IV-6

Capitol Federal Financial

Pro Forma Regulatory Capital Ratios

Exhibit IV-6

Capitol Federal Financial

Pro Forma Regulatory Capital Ratios


	Capitol Federal Savings Bank Historical at					Pro Forma at March 31, 2010 Based Upon the Sale at $10.00 Per Share
	March 31, 2010					144,500,000 Shares						170,000,000 Shares						195,500,000 Shares
	Amount		Percent of Assets(1)			Amount			Percent of Assets(1)			Amount			Percent of Assets(1)			Amount			Percent of Assets(1)
	(Dollars in thousands)

Equity capital	$	873,053		10.27	%	$	1,481,703			16.11	%	$	1,589,638			17.05	%	$	1,697,573			17.97	%

Core (leverage) capital(2)	$	841,861		9.96	%	$	1,450,511			15.85	%	$	1,558,446			16.81	%	$	1,666,381			17.74	%
Core (leverage) requirement		422,694		5.00			457,462			5.00			463,624			5.00			469,785			5.00
Excess	$	419,167		4.96	%	$	993,049			10.85	%	$	1,094,822			11.81	%	$	1,196,596			12.74	%

Tier I risk-based capital(2)(3)	$	841,861		23.62	%	$	1,450,511			39.16	%	$	1,558,446			41.80	%	$	1,666,381			44.40	%
Tier I requirement		213,896		6.00			222,240			6.00			223,719			6.00			225,198			6.00
Excess	$	627,965		17.62	%	$	1,228,271			33.16	%	$	1,334,727			35.80	%	$	1,441,183			38.40	%

Total risk-based capital(2)(3)	$	852,065		23.90	%	$	1,460,715			39.44	%	$	1,568,650			42.07	%	$	1,676,585			44.67	%
Risk-based requirement		356,494		10.00			370,401			10.00			372,865			10.00			375,330			10.00
Excess	$	495,571		13.90	%	$	1,090,314			29.44	%	$	1,195,785			32.07	%	$	1,301,255			34.67	%

Reconciliation of capital infused into Capitol Federal Savings Bank:
Net proceeds						$	695,350					$	818,585					$	941,820
Less:
Common stock acquired by employee stock ownership plan							(57,800	)					(68,000	)					(78,200	)
Common stock acquired by stock-based incentive plan							(28,900	)					(34,000	)					(39,100	)
Pro forma increase in GAAP and regulatory capital(3)						$	608,650					$	716,585					$	824,520

(1)

Core capital levels are shown as a percentage of total adjusted assets. Risk-based capital levels are shown as a percentage of risk-weighted assets. Capital requirements of 4.0%, 5.0% and 10% for core (leverage), Tier I risk-based and Total risk-based capital reflect “well capitalized” status under prompt corrective action provisions.

(2)

Pro forma capital levels assume that we fund the stock-based incentive plans with purchases in the open market equal to 2.0% of the shares of common stock sold in the stock offering at a price equal to the price for which the shares of common stock are sold in the stock offering, and that the employee stock ownership plan purchases 4.0% of the shares of common stock sold in the stock offering with funds we lend. Pro forma GAAP and regulatory capital have been reduced by the amount required to fund both of these plans. See “Management” for a discussion of the stock-based benefit plan and employee stock ownership plan.

(3)	Pro forma amounts and percentages assume net proceeds are invested in assets that carry a 20% risk weighting.

Source: Capitol Federal Financial’s prospectus.

EXHIBIT IV-7

Capitol Federal Financial

Pro Forma Analysis Sheet

EXHIBIT IV-7

PRO FORMA ANALYSIS SHEET

Capitol Federal Financial

Prices as of May 28, 2010


		Symbol	Subject at Midpoint			Peer Group						All Public Thrifts
Valuation Midpoint Pricing Multiples		Symbol	Subject at Midpoint			Mean			Median			Mean			Median
Price-earnings multiple	=	P/E		29.34	x		20.67	x		18.40	x		18.56	x		16.40	x
Price-core earnings multiple	=	P/CE		31.27	x		19.04	x		16.84	x		16.60	x		15.25	x
Price-book ratio	=	P/B		98.04	%		112.19			110.68			76.73			76.18
Price-tangible book ratio	=	P/TB		98.04	%		133.93			133.17			85.20			80.30
Price-assets ratio	=	P/A		24.11	%		12.59			12.45			8.54			6.85

Valuation Parameters						Adjusted

Pre-Conversion Earnings (Y)	$	67,949,000		(12 Mths 03/10)	ESOP Stock (% of Offering + Foundation) (E)		4.00	%
Pre-Conversion Core Earnings (YC)	$	62,862,000		(12 Mths 03/10) (2)	Cost of ESOP Borrowings (S)		0.00	%
Pre-Conversion Book Value (B)	$	946,539,000		(2)	ESOP Amortization (T)		30.00		Years
Pre-Conv. Tang. Book Value (B)	$	946,539,000		(2)	Stock Program (% of Offering + Foundation (M)		2.00	%
Pre-Conversion Assets (A)	$	8,485,465,000		(2)	Stock Programs Vesting (N)		5.00		Years
Reinvestment Rate (R)		2.55	%		Fixed Expenses	$	5,980,000
Tax rate (TAX)		38.32	%		Variable Expenses (Blended Commission %)		3.34	%
After Tax Reinvest. Rate (R)		1.57	%		Percentage Sold (PCT)		70.5470	%
Est. Conversion Expenses (1)(X)		3.70	%		MHC Assets	$	466,000
Insider Purchases	$	2,050,000			Options as (% of Offering + Foundation) (O1)		5.00	%
Price/Share	$	10.00			Estimated Option Value (O2)		24.30	%
Foundation Cash Contribution (FC)	$	40,000,000			Option Vesting Period (O3)		5.00		Years
Foundation Stock Contribution (FS)	$	-			% of Options taxable (O4)		25.00	%
Foundation Tax Benefit (FT)	$	15,328,000

Calculation of Pro Forma Value After Conversion

1. V=	P/E * (Y - FC * R)	V=	$	2,409,742,180
	1 - P/E * PCT * ((1-X-E-M-FS)R - (1-TAX)(E/T) - (1-TAX)(M/N)-(1-TAXO4)(O1O2/O3)))

2. V=	P/Core E * (YC)	V=	$	2,409,742,180
	1 - P/Core E * PCT * ((1-X-E-M-FS)R - (1-TAX)(E/T) - (1-TAX)(M/N)-(1-TAXO4)(O1O2/O3)))

3. V=	P/B * (B-FC+FT)	V=	$	2,409,742,180
	1 - P/B * PCT * (1-X-E-M)

4. V=	P/TB * (B-FC+FT)	V=	$	2,409,742,180
	1 - P/TB * PCT * (1-X-E-M)

5. V=	P/A * (A-FC+FT)	V=	$	2,409,742,180
	1 - P/A * PCT * (1-X-E-M)

			2nd Step Exchange Shares		Full Conversion Shares		Plus: Foundation Shares		Total Market Capitalization Shares
	2nd Step Offering Shares										Exchange Ratio
Conclusion	2nd Step Offering Shares										Exchange Ratio
Maximum		195,500,000		81,620,351		277,120,351		0		277,120,351		3.7457
Midpoint		170,000,000		70,974,218		240,974,218		0		240,974,218		3.2572
Minimum		144,500,000		60,328,085		204,828,085		0		204,828,085		2.7686

Market Value

			2nd Step Exchange Shares Value		Full Conversion $ Value				Total Market Capitalization $ Value
	2nd Step Offering Value						Foundation $ Value
Conclusion	2nd Step Offering Value						Foundation $ Value
Maximum	$	1,955,000,000	$	816,203,510	$	2,771,203,510		0	$	2,771,203,510
Midpoint	$	1,700,000,000	$	709,742,180	$	2,409,742,180		0	$	2,409,742,180
Minimum	$	1,445,000,000	$	603,280,850	$	2,048,280,850		0	$	2,048,280,850

(1)	Estimated offering expenses at midpoint of the offering.
(2)	Adjusted to reflect consolidation of $466,000 of MHC net assets.

EXHIBIT IV-8

Capitol Federal Financial

Pro Forma Effect of Conversion Proceeds

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

Capitol Federal Financial

At the Minimum of the Range

1.	Fully Converted Value and Exchange Ratio
	Fully Converted Value	$	2,048,280,850
	Exchange Ratio		2.76858

	2nd Step Offering Proceeds	$	1,445,000,000
	Less: Estimated Offering Expenses		54,299,875
	2nd Step Net Conversion Proceeds (Including Foundation)	$	1,390,700,125


2.	Estimated Additional Income from Conversion Proceeds

	Net Conversion Proceeds	$	1,390,700,125
	Less: Cash Contribution to Foundation		(40,000,000	)
	Less: ESOP Stock Purchases (1)		(57,800,000	)
	Less: RRP Stock Purchases (2)		(28,900,000	)
	Net Cash Proceeds	$	1,264,000,125
	Estimated after-tax net incremental rate of return		1.57	%
	Earnings Increase	$	19,880,700
	Less: Consolidated interest cost of ESOP borrowings		0
	Less: Amortization of ESOP borrowings(3)		(1,188,368	)
	Less: RRP Vesting (3)		(3,565,104	)
	Less: Option Plan Vesting (4)		(3,174,963	)
	Net Earnings Increase	$	11,952,265

						Net Earnings Increase
				Before Conversion				After Conversion
3.	Pro Forma Earnings			Before Conversion				After Conversion

	12 Months ended March 31, 2010 (reported)			$	67,949,000	$	11,952,265	$	79,901,265
	12 Months ended March 31, 2010 (core)			$	62,862,000	$	11,952,265	$	74,814,265

		Before Conversion(5)		Net Cash Proceeds		Tax Benefit and Other		After Conversion
4.	Pro Forma Net Worth	Before Conversion(5)		Net Cash Proceeds		Tax Benefit and Other		After Conversion

	March 31, 2010	$	946,539,000	$	1,264,000,125	$	15,328,000	$	2,225,867,125
	March 31, 2010 (Tangible)	$	946,539,000	$	1,264,000,125	$	15,328,000	$	2,225,867,125

		Before Conversion(5)		Net Cash Proceeds		Tax Benefit and Other		After Conversion
5.	Pro Forma Assets	Before Conversion(5)		Net Cash Proceeds		Tax Benefit and Other		After Conversion

	March 31, 2010	$	8,485,465,000	$	1,264,000,125	$	15,328,000	$	9,764,793,125

(1)	Includes ESOP purchases of 4% of the second step offering.
(2)	Includes RRP purchases of 2% of the second step offering.
(3)	ESOP amortized over 30 years, RRP amortized over 5 years, tax effected at: 38.32%
(4)	Option valuation based on Black-Scholes model, 5 year vesting, and assuming 25% taxable.
(5)	Adjusted to include consolidated MHC assets.

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

Capitol Federal Financial

At the Midpoint of the Range

1.	Fully Converted Value and Exchange Ratio
	Fully Converted Value	$	2,409,742,180
	Exchange Ratio		3.25715

	2nd Step Offering Proceeds	$	1,700,000,000
	Less: Estimated Offering Expenses		62,829,625
	2nd Step Net Conversion Proceeds (Including Foundation)	$	1,637,170,375


2.	Estimated Additional Income from Conversion Proceeds

	Net Conversion Proceeds	$	1,637,170,375
	Less: Cash Contribution to Foundation		(40,000,000	)
	Less: ESOP Stock Purchases (1)		(68,000,000	)
	Less: RRP Stock Purchases (2)		(34,000,000	)
	Net Cash Proceeds	$	1,495,170,375
	Estimated after-tax net incremental rate of return		1.57	%
	Earnings Increase	$	23,516,638
	Less: Consolidated interest cost of ESOP borrowings		0
	Less: Amortization of ESOP borrowings(3)		(1,398,080	)
	Less: RRP Vesting (3)		(4,194,240	)
	Less: Option Plan Vesting (4)		(3,735,250	)
	Net Earnings Increase	$	14,189,068

						Net Earnings Increase
				Before Conversion				After Conversion
3.	Pro Forma Earnings			Before Conversion				After Conversion

	12 Months ended March 31, 2010 (reported)			$	67,949,000	$	14,189,068	$	82,138,068
	12 Months ended March 31, 2010 (core)			$	62,862,000	$	14,189,068	$	77,051,068

		Before Conversion (5)		Net Cash Proceeds		Tax Benefit of Foundation		After Conversion
4.	Pro Forma Net Worth	Before Conversion (5)		Net Cash Proceeds		Tax Benefit of Foundation		After Conversion

	March 31, 2010	$	946,539,000	$	1,495,170,375	$	15,328,000	$	2,457,037,375
	March 31, 2010 (Tangible)	$	946,539,000	$	1,495,170,375	$	15,328,000	$	2,457,037,375

		Before Conversion (5)		Net Cash Proceeds		Tax Benefit of Foundation		After Conversion
5.	Pro Forma Assets	Before Conversion (5)		Net Cash Proceeds		Tax Benefit of Foundation		After Conversion

	March 31, 2010	$	8,485,465,000	$	1,495,170,375	$	15,328,000	$	9,995,963,375

(1)	Includes ESOP purchases of 4% of the second step offering.
(2)	Includes RRP purchases of 2% of the second step offering.
(3)	ESOP amortized over 30 years, RRP amortized over 5 years, tax effected at: 38.32%
(4)	Option valuation based on Black-Scholes model, 5 year vesting, and assuming 25% taxable.
(5)	Adjusted to include consolidated MHC assets.

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

Capitol Federal Financial

At the Maximum of the Range

1.	Fully Converted Value and Exchange Ratio
	Fully Converted Value	$	2,771,203,510
	Exchange Ratio		3.74573

	2nd Step Offering Proceeds	$	1,955,000,000
	Less: Estimated Offering Expenses		71,359,375
	2nd Step Net Conversion Proceeds (Including Foundation)	$	1,883,640,625


2.	Estimated Additional Income from Conversion Proceeds

	Net Conversion Proceeds	$	1,883,640,625
	Less: Cash Contribution to Foundation		(40,000,000	)
	Less: ESOP Stock Purchases (1)		(78,200,000	)
	Less: RRP Stock Purchases (2)		(39,100,000	)
	Net Cash Proceeds	$	1,726,340,625
	Estimated after-tax net incremental rate of return		1.57	%
	Earnings Increase	$	27,152,576
	Less: Consolidated interest cost of ESOP borrowings		0
	Less: Amortization of ESOP borrowings(3)		(1,607,792	)
	Less: RRP Vesting (3)		(4,823,376	)
	Less: Option Plan Vesting (4)		(4,295,538	)
	Net Earnings Increase	$	16,425,870

						Net Earnings Increase
				Before Conversion				After Conversion
3.	Pro Forma Earnings			Before Conversion				After Conversion

	12 Months ended March 31, 2010 (reported)			$	67,949,000	$	16,425,870	$	84,374,870
	12 Months ended March 31, 2010 (core)			$	62,862,000	$	16,425,870	$	79,287,870

		Before Conversion (5)		Net Cash Proceeds		Tax Benefit of Foundation		After Conversion
4.	Pro Forma Net Worth	Before Conversion (5)		Net Cash Proceeds		Tax Benefit of Foundation		After Conversion

	March 31, 2010	$	946,539,000	$	1,726,340,625	$	15,328,000	$	2,688,207,625
	March 31, 2010 (Tangible)	$	946,539,000	$	1,726,340,625	$	15,328,000	$	2,688,207,625

		Before Conversion (5)		Net Cash Proceeds		Tax Benefit of Foundation		After Conversion
5.	Pro Forma Assets	Before Conversion (5)		Net Cash Proceeds		Tax Benefit of Foundation		After Conversion

	March 31, 2010	$	8,485,465,000	$	1,726,340,625	$	15,328,000	$	10,227,133,625

(1)	Includes ESOP purchases of 4% of the second step offering.
(2)	Includes RRP purchases of 2% of the second step offering.
(3)	ESOP amortized over 30 years, RRP amortized over 5 years, tax effected at: 38.32%
(4)	Option valuation based on Black-Scholes model, 5 year vesting, and assuming 25% taxable.
(5)	Adjusted to include consolidated MHC assets.

EXHIBIT IV-9

Peer Group Core Earnings Analysis

RP® Financial, LC.

Exhibit IV-9

Core Earnings Analysis

Comparable Institution Analysis

For the 12 Months Ended March 31, 2010


										Less:			Estimated
		Net Income		Less: Net			Tax Effect			Extraordinary			Core Income					Estimated
Comparable Group		to Common		Gains(Loss)			@ 34%			Items			to Common			Shares		Core EPS
		($000)		($000)			($000)			($000)			($000)			(000)		($)

BKMU	Bank Mutual Corp. of WI	$	8,640	($	13,461	)	$	4,577		$	0		($	244	)		45,475	($	0.01	)
BRKL	Brookline Bancorp, Inc. of MA	$	22,767	($	817	)	$	278		$	0		$	22,228			59,038	$	0.38
DNBK	Danvers Bancorp, Inc. of MA	$	8,177	$	149		($	51	)	$	0		$	8,275			21,672	$	0.38
DCOM	Dime Community Bancshares of NY	$	32,809	$	3,557		($	1,209	)	$	0		$	35,157			34,385	$	1.02
FFCH	First Financial Holdings Inc. of SC	$	5,366	$	5,817		($	1,978	)	($	28,857	)	($	19,652	)		16,527	($	1.19	)
FFIC	Flushing Financial Corp. of NY	$	23,745	$	6,276		($	2,134	)	$	0		$	27,887			31,152	$	0.90
NAL	NewAlliance Bancshares of CT	$	51,286	($	1,662	)	$	565		$	0		$	50,189			105,965	$	0.47
PBNY	Provident NY Bancorp, Inc. of NY	$	24,359	($	14,908	)	$	5,069		$	0		$	14,520			38,861	$	0.37
TRST	TrustCo Bank Corp. NY of NY	$	28,706	($	110	)	$	37		$	0		$	28,633			76,761	$	0.37
WFSL	Washington Federal, Inc. of WA	$	102,127	$	69,617		($	23,670	)	$	0		$	148,074			112,455	$	1.32

Source:	SNL Financial, LC. and RP® Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

EXHIBIT V-1

RP® Financial, LC.

Firm Qualifications Statement

	Respectfully submitted,
	RP® FINANCIAL, LC.

	/s/ William E. Pommerening
	William E. Pommerening
	Chief Executive Officer and Managing Director

	/s/ Gregory E. Dunn
	Gregory E. Dunn
	Director

				PAGE
DESCRIPTION				NUMBER

CHAPTER FOUR			VALUATION ANALYSIS

	Introduction				IV.1
	Appraisal Guidelines				IV.1
	RP Financial Approach to the Valuation				IV.1
	Valuation Analysis				IV.2
	1.	Financial Condition			IV.3
	2.	Profitability, Growth and Viability of Earnings			IV.4
	3.	Asset Growth			IV.6
	4.	Primary Market Area			IV.7
	5.	Dividends			IV.9
	6.	Liquidity of the Shares			IV.9
	7.	Marketing of the Issue			IV.10
		A.	The Public Market		IV.10
		B.	The New Issue Market		IV.16
		C.	The Acquisition Market		IV.18
		D.	Trading in Capitol Federal Financial’s Stock		IV.20
	8.	Management			IV.21
	9.	Effect of Government Regulation and Regulatory Reform			IV.21
	Summary of Adjustments				IV.22
	Valuation Approaches:				IV.22
	1.	Price-to-Earnings (“P/E”)			IV.24
	2.	Price-to-Book (“P/B”)			IV.25
	3.	Price-to-Assets (“P/A”)			IV.27
	Comparison to Recent Offerings				IV.27
	Valuation Conclusion				IV.28
	Establishment of the Exchange Ratio				IV.29


Key Valuation Parameters:		Valuation Adjustment

Financial Condition		Slight Upward
Profitability, Growth and Viability of Earnings		Moderate Upward
Asset Growth		No Adjustment
Primary Market Area		Slight Upward
Dividends		No Adjustment
Liquidity of the Shares		No Adjustment
Marketing of the Issue		Slight Downward
Management		No Adjustment
Effect of Govt. Regulations and Regulatory Reform		No Adjustment

	Amount
	($000)

Net income(loss)	$	67,949
Deduct: Gain on sale of loans and securities(1)		(5,087	)
Core earnings estimate	$	62,862

(1) Tax effected at 38.32%.



Washington Headquarters Three Ballston Plaza 1100 North Glebe Road, Suite 1100 Arlington, VA 22201 www.rpfinancial.com	Telephone: (703) 528-1700 Fax No.: (703) 528-1788 Toll-Free No.: (866) 723-0594 E-Mail: mail@rpfinancial.com

TABLE
NUMBER		DESCRIPTION	PAGE

	1.1	Historical Balance Sheet Data		I.7
	1.2	Historical Income Statements		I.11

	2.1	Summary Demographic Data		II.9
	2.2	Kansas Employment Sectors		II.12
	2.3	Major Corporate Headquarters in Greater Kansas City		II.13
	2.4	Major Employers in Wichita Metropolitan Area		II.14
	2.5	Unemployment Trends		II.15
	2.6	Deposit Summary		II.17
	2.7	Market Area Deposit Competitors		II.19

	3.1	Peer Group of Publicly-Traded Thrifts		III.3
	3.2	Balance Sheet Composition and Growth Rates		III.7
	3.3	Income as a Pct. of Avg. Assets and Yields, Costs, Spreads		III.10
	3.4	Loan Portfolio Composition and Related Information		III.14
	3.5	Interest Rate Risk Measures and Net Interest Income Volatility		III.15
	3.6	Credit Risk Measures and Related Information		III.17

	4.1	Market Area Unemployment Rates		IV.8
	4.2	Pricing Characteristics and After-Market Trends		IV.17
	4.3	Market Pricing Comparatives		IV.19
	4.4	Public Market Pricing		IV.26

																															9/30/05-
																															3/31/10
	At Fiscal Year Ended September 30,																									At March 31,					Annual.
	2005					2006					2007					2008					2009					2010					Growth Rate
	Amount		Pct(1)			Amount		Pct(1)			Amount		Pct(1)			Amount		Pct(1)			Amount		Pct(1)			Amount		Pct(1)			Pct
	($000)		(%)			($000)		(%)			($000)		(%)			($000)		(%)			($000)		(%)			($000)		(%)			(%)

Total Amount of:
Assets	$	8,409,687		100.00	%	$	8,199,073		100.00	%	$	7,675,886		100.00	%	$	8,055,249		100.00	%	$	8,403,680		100.00	%	$	8,485,465		100.00	%		0.20	%
Cash and cash equivalents		58,566		0.70	%		183,242		2.23	%		167,291		2.18	%		87,138		1.08	%		41,154		0.49	%		60,735		0.72	%		0.81	%
Investment securities		430,499		5.12	%		429,480		5.24	%		524,168		6.83	%		142,359		1.77	%		480,074		5.71	%		970,431		11.44	%		19.80	%
Mortgage-backed securities		2,145,254		25.51	%		2,084,786		25.43	%		1,414,271		18.42	%		2,234,339		27.74	%		1,992,467		23.71	%		1,757,310		20.71	%		-4.34	%
Loans receivable, net		5,464,130		64.97	%		5,221,117		63.68	%		5,290,071		68.92	%		5,320,780		66.05	%		5,603,965		66.68	%		5,380,852		63.41	%		-0.34	%
FHLB stock		182,259		2.17	%		165,130		2.01	%		139,661		1.82	%		124,406		1.54	%		133,064		1.58	%		135,050		1.59	%		-6.44	%
Bank owned life insurance		-		0.00	%		-		0.00	%		50,027		0.65	%		52,734		0.65	%		53,509		0.64	%		54,000		0.64	%	NM
				0
Deposits	$	3,960,297		47.09	%	$	3,900,431		47.57	%	$	3,922,782		51.11	%	$	3,923,883		48.71	%	$	4,228,609		50.32	%	$	4,319,066		50.90	%		1.95	%
Borrowings		3,479,875		41.38	%		3,322,172		40.52	%		2,732,183		35.59	%		3,160,710		39.24	%		3,106,179		36.96	%		3,109,451		36.64	%		-2.47	%

Equity	$	865,063		10.29	%	$	863,219		10.53	%	$	867,631		11.30	%	$	871,216		10.82	%	$	941,298		11.20	%	$	946,073		11.15	%		2.01	%

Loans/Deposits				137.97	%				133.86	%				134.86	%				135.60	%				132.53	%				124.58	%

Number of traditional offices		29					29					29					30					33					35
Number of in-store offices		8					9					9					9					9					10

	For the Fiscal Year Ended September 30,																														For the 12 months
	2005						2006						2007						2008						2009						Ended 3/31/10
	Amount			Pct(1)			Amount			Pct(1)			Amount			Pct(1)			Amount			Pct(1)			Amount			Pct(1)			Amount			Pct(1)
	($000)			(%)			($000)			(%)			($000)			(%)			($000)			(%)			($000)			(%)			($000)			(%)

Interest income	$	400,107			4.74	%	$	410,928			4.95	%	$	411,550			5.22	%	$	410,806			5.24	%	$	412,786			5.04	%	$	395,772			4.73	%
Interest expense		(244,201	)		-2.89	%		(283,905	)		-3.42	%		(305,110	)		-3.87	%		(276,638	)		-3.53	%		(236,144	)		-2.89	%		(218,673	)		-2.61	%
Net interest income	$	155,906			1.85	%	$	127,023			1.53	%	$	106,440			1.35	%	$	134,168			1.71	%	$	176,642			2.15	%	$	177,099			2.11	%
Provision for loan losses		(215	)		0.00	%		(247	)		0.00	%		225			0.00	%		(2,051	)		-0.03	%		(6,391	)		-0.08	%		(10,050	)		-0.12	%
Net interest income after provisions	$	155,691			1.84	%	$	126,776			1.53	%	$	106,665			1.35	%	$	132,117			1.69	%	$	170,251			2.08	%	$	167,049			2.00	%

Other operating income	$	23,315			0.28	%	$	24,191			0.29	%	$	23,979			0.30	%	$	29,198			0.37	%	$	26,423			0.32	%	$	26,435			0.32	%
Operating expense		(73,631	)		-0.87	%		(72,868	)		-0.88	%		(77,725	)		-0.99	%		(81,989	)		-1.05	%		(93,621	)		-1.14	%		(95,288	)		-1.14	%
Net operating income	$	105,375			1.25	%	$	78,099			0.94	%	$	52,919			0.67	%	$	79,326			1.01	%	$	103,053			1.26	%	$	98,196			1.17	%

Non-Operating Income
Gains(losses) on trading securities, net		-			0.00	%	$	1,076			0.01	%		34			0.00	%		-			0.00	%		-			0.00	%		-			0.00	%
Gain(losses) on securities and loans, net		-			0.00	%		(472	)		-0.01	%		(47	)		0.00	%		829			0.01	%		2,171			0.03	%		8,248			0.10	%
Net non-operating income	$	0			0.00	%	$	604			0.01	%	($	13	)		0.00	%	$	829			0.01	%	$	2,171			0.03	%	$	8,248			0.10	%

Net income before tax	$	105,375			1.25	%	$	78,703			0.95	%	$	52,906			0.67	%	$	80,155			1.02	%	$	105,224			1.29	%	$	106,444			1.27	%
Income tax provision		(40,316	)		-0.48	%		(30,586	)		-0.37	%		(20,610	)		-0.26	%		(29,201	)		-0.37	%		(38,926	)		-0.48	%		(38,495	)		-0.46	%
Net income (loss)	$	65,059			0.77	%	$	48,117			0.58	%	$	32,296			0.41	%	$	50,954			0.65	%	$	66,298			0.81	%	$	67,949			0.81	%

Adjusted Earnings
Net income	$	65,059			0.77	%	$	48,117			0.58	%	$	32,296			0.41	%	$	50,954			0.65	%	$	66,298			0.81	%	$	67,949			0.81	%
Add(Deduct): Net gain/(loss) on sale		0			0.00	%		(604	)		-0.01	%		13			0.00	%		(829	)		-0.01	%		(2,171	)		-0.03	%		(8,248	)		-0.10	%
Tax effect (2)		-			0.00	%		231			0.00	%		(5	)		0.00	%		318			0.00	%		832			0.01	%		3,161			0.04	%
Adjusted earnings	$	65,059			0.77	%	$	47,744			0.58	%	$	32,304			0.41	%	$	50,443			0.64	%	$	64,959			0.79	%	$	62,862			0.75	%

Expense Coverage Ratio (3)		2.12						1.74						1.37						1.64						1.89						1.85
Efficiency Ratio (4)		40.8	%					48.2	%					59.6	%					50.2	%					46.2	%					46.9	%

(1)	Ratios are as a percent of average assets.
(2)	Assumes a 38.32% effective tax rate.
(3)	Expense coverage ratio calculated as net interest income before provisions for loan losses divided by operating expenses.
(4)	Efficiency ratio calculated as operating expenses divided by the sum of net interest income before provisions for loan losses plus other income (excluding net gains).

Institutional Information			Pre-Conversion Data											Offering Information											Contribution to		Insider Purchases
			Financial Info.					Asset Quality																	Charitable Found.		% Off Incl. Fdn.
																											Benefit Plans												Initial Dividend
	Conver.				Equity/			NPAs/			Res.			Gross		%			% of			Exp./				% of				Recog			Stk			Mgmt. &			Initial Dividend
Institution	Date	Ticker	Assets		Assets			Assets			Cov.			Proc.		Offered			Mid.			Proc.			Form	Offering	ESOP			Plans			Option			Dirs.			Yield
			($Mil)		(%)			(%)			(%)			($Mil.)		(%)			(%)			(%)				(%)	(%)			(%)			(%)			(%)(2)			(%)

Standard Conversions

Harvard Illinois Bancorp, Inc. - IL*	4/9/10	HARI-OTCBB	$	156		7.85	%		1.78	%		62	%	$	7.9		100	%		88	%		11.0	%	N.A.	N.A.		8.0	%		4.0	%		10.0	%		6.9	%		0.00	%

Averages - Standard Conversions:			$	156		7.85	%		1.78	%		62	%	$	7.9		100	%		88	%		11.0	%	N.A.	N.A.		8.0	%		4.0	%		10.0	%		6.9	%		0.00	%
Medians - Standard Conversions:			$	156		7.85	%		1.78	%		62	%	$	7.9		100	%		88	%		11.0	%	N.A.	N.A.		8.0	%		4.0	%		10.0	%		6.9	%		0.00	%


Second Step Conversions

Eagle Bancorp Montana, MT	4/5/10	EBMT-NASDAQ	$	306		9.89	%		0.75	%		33	%	$	24.6		60	%		103	%		7.4	%	N.A.	N.A.		8.0	%		4.0	%		10.0	%		1.0	%		0.00	%

Averages - Second Step Conversions:			$	306		9.89	%		0.75	%		33	%	$	24.6		60	%		103	%		7.4	%	N.A.	N.A.		8.0	%		4.0	%		10.0	%		1.0	%		0.00	%
Medians - Second Step Conversions:			$	306		9.89	%		0.75	%		33	%	$	24.6		60	%		103	%		7.4	%	N.A.	N.A.		8.0	%		4.0	%		10.0	%		1.0	%		0.00	%


Mutual Holding Company Conversions

Averages - Mutual Holding Company Conversions:
Medians - Mutual Holding Company Conversions:


Averages - All Conversions:			$	231		8.87	%		1.27	%		47	%	$	16.3		80	%		95	%		9.2	%	NA	NA		8.0	%		4.0	%		10.0	%		4.0	%		0.00	%
Medians - All Conversions:			$	231		8.87	%		1.27	%		47	%	$	16.3		80	%		95	%		9.2	%	NA	NA		8.0	%		4.0	%		10.0	%		4.0	%		0.00	%

Institutional Information			Pro Forma Data																				Post-IPO Pricing Trends
			Pricing Ratios(3)									Financial Charac.											Closing Price:
																							First Trading Day					After First Week(4)		% Change			After First Month(5)		% Change			Thru 5/28/10		% Change
	Conver. Date					Core P/E						Core ROA						Core ROE			IPO Price				% Change
Institution	Conver. Date	Ticker	P/TB			Core P/E			P/A			Core ROA			TE/A			Core ROE			IPO Price				% Change
			(%)			(x)			(%)			(%)			(%)			(%)			($)		($)		(%)			($)		(%)			($)		(%)			($)		(%)

Standard Conversions

Harvard Illinois Bancorp, Inc. - IL*	4/9/10	HARI-OTCBB		43.1	%	NM				4.9	%		-0.4	%		11.3	%		-3.4	%	$	10.00	$	10.00		0.0	%	$	10.00		0.0	%	$	10.00		0.0	%	$	7.85	-21.5		%

Averages - Standard Conversions:				43.1	%	NM				4.9	%		-0.4	%		11.3	%		-3.4	%	$	10.00	$	10.00		0.0	%	$	10.00		0.00	%	$	10.00		0.00	%	$	7.85	-21.50		%
Medians - Standard Conversions:				43.1	%	NM				4.9	%		-0.4	%		11.3	%		-3.4	%	$	10.00	$	10.00		0.0	%	$	10.00		0.00	%	$	10.00		0.00	%	$	7.85	-21.50		%


Second Step Conversions

Eagle Bancorp Montana, MT	4/5/10	EBMT-NASDAQ		81.4	%		12.69			12.5	%		1.0	%		15.4	%		6.4	%	$	10.00	$	10.55		5.5	%	$	10.50		5.0	%	$	10.50		5.0	%	$	10.05		0.5	%

Averages - Second Step Conversions:				81.4	%		12.7	x		12.5	%		1.0	%		15.4	%		6.4	%	$	10.00	$	10.55		5.5	%	$	10.50		5.0	%	$	10.50		5.0	%	$	10.05		0.5	%
Medians - Second Step Conversions:				81.4	%		12.7	x		12.5	%		1.0	%		15.4	%		6.4	%	$	10.00	$	10.55		5.5	%	$	10.50		5.0	%	$	10.50		5.0	%	$	10.05		0.5	%


Mutual Holding Company Conversions


Averages - Mutual Holding Company Conversions:
Medians - Mutual Holding Company Conversions:


Averages - All Conversions:				62.2	%	$	12.69			8.7	%		0.3	%		13.3	%		1.5	%	$	10.00	$	10.28		2.8	%	$	10.25		2.5	%	$	10.25		2.5	%	$	8.95	-10.5		%
Medians - All Conversions:				62.2	%	$	12.69			8.7	%		0.3	%		13.3	%		1.5	%	$	10.00	$	10.28		2.8	%	$	10.25		2.5	%	$	10.25		2.5	%	$	8.95	-10.5		%


Note: * - Appraisal performed by RP Financial; BOLD=RP Financial did the Conversion Business Plan. “NT” - Not Traded; “NA” - Not Applicable, Not Available; C/S-Cash/Stock.

(1) Non-OTS regulated thrift.
(2) As a percent of MHC offering for MHC transactions.
(3) Does not take into account the adoption of SOP 93-6.
(4) Latest price if offering is less than one week old.
(5) Latest price if offering is more than one week but less than one month old.
(6) Mutual holding company pro forma data on full conversion basis.
(7) Simultaneously completed acquisition of another financial institution.
(8) Simultaneously converted to a commercial bank charter.
(9) Former credit union.
May 28, 2010

(1)	Average of High/Low or Bid/Ask price per share.
(2)	EPS (estimate core basis) is based on actual trailing 12 month data, adjusted to omit non-operating items on a tax-effected basis.
(3)	P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/Core = Price to core earnings.
(4)	Indicated 12 month dividend, based on last quarterly dividend declared.
(5)	Indicated 12 month dividend as a percent of trailing 12 month estimated core earnings.
(6)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing 12 month common earnings and average common equity and total assets balances.
(7)	Excludes from averages and medians those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.


		Dividends(4)								Financial Characteristics(6)																									2nd Step
		Amount/					Payout			Total		Equity/			Tang Eq/			NPAs/			Reported						Core						Exchange		Offering
		Share		Yield			Ratio(5)			Assets		Assets			Assets			Assets			ROA			ROE			ROA			ROE			Ratio		Amount
		($)		(%)			(%)			($Mil)		(%)			(%)			(%)			(%)			(%)			(%)			(%)					($Mil)
Capitol Federal Financial
Maximum		$	0.00		0.00	%		0.00	%		10,227		26.29	%		26.29	%		0.40	%		0.83	%		3.14	%		0.78	%		2.95	%		3.7457		1,955.000
Midpoint		$	0.00		0.00	%		0.00	%		9,996		24.58	%		24.58	%		0.41	%		0.82	%		3.34	%		0.77	%		3.14	%		3.2572		1,700.000
Minimum		$	0.00		0.00	%		0.00	%		9,765		22.79	%		22.79	%		0.42	%		0.82	%		3.59	%		0.77	%		3.36	%		2.7686		1,445.000

All Non-MHC Public Companies (7)
Averages		$	0.26		2.01	%		36.14	%	$	3,006		10.82	%		10.04	%		3.52	%		-0.19	%		-0.44	%		-0.23	%		-0.77	%
Medians		$	0.20		1.63	%		0.00	%	$	942		9.31	%		8.68	%		2.44	%		0.17	%		2.04	%		0.11	%		1.67	%

Comparable Group Averages
Averages		$	0.30		2.81	%		49.61	%	$	4,917		11.96	%		10.02	%		1.17	%		0.61	%		5.69	%		0.53	%		4.91	%
Medians		$	0.27		3.03	%		58.64	%	$	3,582		11.73	%		9.76	%		0.91	%		0.69	%		5.25	%		0.63	%		4.05	%

Comparable Group
BKMU	Bank Mutual Corp. of WI	$	0.28		4.36	%	NM			$	3,445		11.64	%		10.25	%	NA				0.25	%		2.14	%		-0.01	%		-0.11	%
BRKL	Brookline Bancorp, Inc. of MA	$	0.34		3.41	%	NM			$	2,639		18.64	%		17.19	%		0.67	%		0.87	%		4.71	%		0.85	%		4.59	%
DNBK	Danvers Bancorp, Inc. of MA	$	0.08		0.51	%		21.05	%	$	2,455		11.82	%		10.57	%		0.68	%		0.40	%		3.27	%		0.40	%		3.27	%
DCOM	Dime Community Bancshares of NY	$	0.56		4.39	%		58.95	%	$	4,114		7.50	%		6.24	%		0.78	%		0.82	%		11.22	%		0.88	%		12.04	%
FFCH	First Financial Holdings Inc. of SC	$	0.20		1.43	%		62.50	%	$	3,381		9.91	%		8.88	%	NA				0.15	%		1.66	%		-0.57	%		-6.19	%
FFIC	Flushing Financial Corp. of NY	$	0.52		3.84	%		68.42	%	$	4,183		8.82	%		8.43	%		2.36	%		0.57	%		6.70	%		0.68	%		7.93	%
NAL	NewAlliance Bancshares of CT	$	0.28		2.38	%		58.33	%	$	8,501		16.97	%		11.10	%	NA				0.60	%		3.58	%		0.59	%		3.50	%
PBNY	Provident NY Bancorp, Inc. of NY	$	0.24		2.64	%		38.10	%	$	2,936		14.39	%		9.27	%		1.04	%		0.84	%		5.80	%		0.49	%		3.40	%
TRST	TrustCo Bank Corp. NY of NY	$	0.25		4.01	%		67.57	%	$	3,719		6.73	%		6.73	%		1.50	%		0.78	%		11.67	%		0.78	%		11.67	%
WFSL	Washington Federal, Inc. of WA	$	0.20		1.16	%		21.98	%	$	13,803		13.16	%		11.51	%	NA				0.81	%		6.17	%		1.17	%		8.95	%

RP® FINANCIAL, LC.
Serving the Financial Services Industry Since 1988

Ronald S. Riggins, Managing Director (29)	(703) 647-6543	rriggins@rpfinancial.com
William E. Pommerening, Managing Director (25)	(703) 647-6546	wpommerening@rpfinancial.com
Gregory E. Dunn, Director (26)	(703) 647-6548	gdunn@rpfinancial.com
James P. Hennessey, Director (23)	(703) 647-6544	jhennessey@rpfinancial.com
James J. Oren, Director (22)	(703) 647-6549	joren@rpfinancial.com
Timothy M. Biddle, Senior Vice President (19)	(703) 647-6552	tbiddle@rpfinancial.com
Janice Hollar, Senior Vice President (24)	(703) 647-6554	jhollar@rpfinancial.com