EX-99.3

EX-99.3 19 d613439dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

1895 Bancorp of Wisconsin, Inc.

Greenfield, Wisconsin

As Of:

August 7, 2018

Prepared By:

Keller & Company, Inc.

555 Metro Place North

Suite 524

Dublin, Ohio 43017

(614) 766-1426

KELLER & COMPANY

KELLER & COMPANY, INC.

FINANCIAL INSTITUTION CONSULTANTS

555 METRO PLACE NORTH

SUITE 524

DUBLIN, OHIO 43017

(614) 766-1426 (614) 766-1459 FAX

September 5, 2018

The Boards of Directors

1895 Bancorp of Wisconsin, Inc.

PyraMax Bank, FSB

7001 West Edgerton Avenue

Greenfield, Wisconsin 53220

To the Boards:

We hereby submit an independent appraisal (“Appraisal”) of the pro forma market value of the to-be-issued stock of 1895 Bancorp of Wisconsin, Inc. (the “Corporation”), which is the mid-tier holding company of PyraMax Bank, FSB, Greenfield, Wisconsin, (“PyraMax” or the “Bank”). Such stock is to be issued in connection with the application by the Corporation to complete a minority stock offering, with 1895 Bancorp of Wisconsin, MHC, a federally chartered mutual holding company, to own approximately 55.0 percent of the shares of the Corporation, with 44.0 percent of the shares of the Corporation to be offered to the public and 1.0 percent to be issued to the new Foundation. This appraisal was prepared and provided to the Corporation in accordance with the appraisal requirements of the Federal Reserve Board.

Keller & Company, Inc. is an independent, financial institution consulting firm that serves both thrift institutions and banks. The firm is a full-service consulting organization, as described in more detail in Exhibit A, specializing in business and strategic plans, stock valuations, conversion and reorganization appraisals, market studies and fairness opinions for thrift institutions and banks. The firm has affirmed its independence in this transaction with the preparation of its Affidavit of Independence, a copy of which is included as Exhibit C.

Our appraisal is based on the assumption that the data and material provided to us by the Corporation, PyraMax and the independent auditors, Wipfli, LLP, are both accurate and complete. We did not verify the financial statements provided to us, nor did we conduct independent valuations of the Bank’s assets and liabilities. We have also used information from other public sources, but we cannot assure the accuracy of such material.

In the preparation of this appraisal, we held discussions with the management of the Corporation and the Bank, with the law firm of Luse Gorman, PC, the Bank’s conversion counsel, and with Wipfli, LLP. Further, we viewed the Corporation’s local economy and primary market area.

Boards of Directors

PyraMax Bank, FSB

1895 Bancorp of Wisconsin, Inc.

September 5, 2018

Page 2

This valuation must not be considered to be a recommendation as to the purchase of stock in the Corporation, and we can provide no guarantee or assurance that any person who purchases shares of the Corporation’s stock will be able to later sell such shares at a price equivalent to the price designated in this appraisal.

Our valuation will be updated if required and will give consideration to any new developments in the Corporation’s operation that have an impact on operations or financial condition. Further, we will give consideration to any changes in general market conditions and to specific changes in the market for publicly traded thrift institutions. Based on the material impact of any such changes on the pro forma market value of the Corporation as determined by this firm, we will make necessary adjustments to the Corporation’s appraised value in such appraisal update.

It is our opinion that as of August 7, 2018, the pro forma market value or appraised value of 1895 Bancorp of Wisconsin, Inc. was $55,000,000 at the midpoint of the valuation range, with a minority public offering of $24,200,000 or 2,420,000 shares at $10 per share and foundation shares of 55,000 shares at $10 per share or $550,000 for a combined 45.0 percent of the total value or $24,750,000 or 2,475,000 shares at $10 per share.

Very truly yours,

KELLER & COMPANY, INC.

LOGO

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

1895 Bancorp of Wisconsin, Inc.

Greenfield, Wisconsin

As Of:

August 7, 2018

TABLE OF CONTENTS


		PAGE

INTRODUCTION			1

I.	Description of PyraMax Bank, FSB
	General		4
	Performance Overview		8
	Income and Expense		10
	Yields and Costs		15
	Interest Rate Sensitivity		17
	Lending Activities		19
	Nonperforming Assets		23
	Investments		26
	Deposit Activities		26
	Borrowings		27
	Subsidiaries		27
	Office Properties		28
	Management		28

II.	Description of Primary Market Area	30

III.	Comparable Group Selection
	Introduction		37
	General Parameters
	Merger/Acquisition		38
	Trading Exchange		39
	IPO Date		39
	Geographic Location		40
	Asset Size		40
	Balance Sheet Parameters
	Introduction		42
	Cash and Investments to Assets		42
	Mortgage-Backed Securities to Assets		43
	One- to Four-Family Loans to Assets		43
	Total Net Loans to Assets		44
	Total Net Loans and Mortgage-Backed Securities to Assets		44
	Borrowed Funds to Assets		44
	Equity to Assets		45
	Performance Parameters
	Introduction		46

TABLE OF CONTENTS (cont.)


		PAGE

III.	Comparable Group Selection (cont.)
	Performance Parameters (cont.)
	Return on Average Assets		46
	Return on Average Equity		47
	Net Interest Margin		47
	Operating Expenses to Assets		48
	Noninterest Income to Assets		48
	Asset Quality Parameters
	Introduction		49
	Nonperforming Assets to Total Assets		49
	Repossessed Assets to Assets		49
	Loan Loss Reserve to Assets		50
	The Comparable Group		51

IV.	Analysis of Financial Performance	52

V.	Market Value Adjustments
	Earnings Performance		55
	Market Area		60
	Financial Condition		61
	Asset, Loan and Deposit Growth		64
	Dividend Payments		65
	Subscription Interest		66
	Liquidity/Marketability of Stock		67
	Management		68
	Marketing of the Issue		70

VI.	Valuation Methods
	Introduction		71
	Valuation Methods		71
	Valuation Range		72
	Price to Book Value Method		72
	Price to Core Earnings Method		73
	Price to Assets Method		74
	Valuation Analysis and Summary		75
	Valuation Conclusion		76

LIST OF EXHIBITS


NUMERICAL EXHIBITS		PAGE

1	Balance Sheets - At June 30, 2018 and at December 31, 2017	79
2	Balance Sheets - At December 31, 2013 through 2016	80
3	Statement of Income for the Twelve Months Ended June 30, 2018 and the Year Ended December 31, 2017	81
4	Statements of Income for the Years Ended December 31, 2013 through 2016	82
5	Selected Financial Information	83
6	Income and Expense Trends	84
7	Normalized Earnings Trend	85
8	Performance Indicators	86
9	Volume/Rate Analysis	87
10	Yield and Cost Trends	88
11	Net Portfolio Value	89
12	Loan Portfolio Composition	90
13	Loan Maturity Schedule	91
14	Delinquent Loans	92
15	Nonperforming Assets	93
16	Classified Assets	94
17	Allowance for Loan Losses	95
18	Investment Portfolio Composition	96
19	Mix of Deposits	97
20	Certificates of Deposit by Maturity	98
21	Borrowed Funds Activity	99
22	Offices of PyraMax Bank, FSB	100
23	Management of the Bank	101
24	Key Demographic Data and Trends	102
25	Key Housing Data	103
26	Major Sources of Employment	104
27	Unemployment Rates	105
28	Market Share of Deposits	106
29	National Interest Rates by Quarter	107

LIST OF EXHIBITS (cont.)


NUMERICAL EXHIBITS		PAGE
30	Thrift Share Data and Pricing Ratios	108
31	Key Financial Data and Ratios	115
32	Recently Converted Thrift Institutions	122
33	Acquisitions and Pending Acquisitions	123
34	Balance Sheets Parameters - Comparable Group Selection	124
35	Operating Performance and Asset Quality Parameters - Comparable Group Selection	126
36	Balance Sheet Ratios - Final Comparable Group	128
37	Operating Performance and Asset Quality Ratios - Final Comparable Group	129
38	Balance Sheet Totals - Final Comparable Group	130
39	Balance Sheet - Asset Composition Most Recent Quarter	131
40	Balance Sheet - Liability and Equity Most Recent Quarter	132
41	Income and Expense Comparison - Trailing Four Quarters	133
42	Income and Expense Comparison as a Percent of Average Assets	134
43	Yields, Costs and Earnings Ratios - Trailing Four Quarters	135
44	Reserves and Supplemental Data	136
45	Comparable Group Ratios - Full Conversion	137
46	Valuation Analysis and Conclusions - Full Conversion	138
47	Pro Forma Effects of Conversion Proceeds - Minimum - Full Conversion	139
48	Pro Forma Effects of Conversion Proceeds - Midpoint - Full Conversion	140
49	Pro Forma Effects of Conversion Proceeds - Maximum - Full Conversion	141
50	Pro Forma Effects of Conversion Proceeds - Maximum, as Adjusted - Full Conversion	142
51	Summary of Valuation Premium or Discount - Full Conversion	143
52	Comparable Group Ratios - Minority Offering	144
53	Valuation Analysis and Calculation - Minority Offering	145
54	Projected Effect of Conversion Proceeds - Minimum - Minority Offering	146
55	Projected Effect of Conversion Proceeds - Midpoint - Minority Offering	147
56	Projected Effect of Conversion Proceeds - Maximum - Minority Offering	148
57	Projected Effect of Conversion Proceeds - Maximum, as adjusted - Minority Offering	149
58	Summary of Valuation of Valuation Premium or Discount - Minority Offering	150


ALPHABETICAL EXHIBITS		PAGE

A	Background and Qualifications	152
B	RB 20 Certification	156
C	Affidavit of Independence	157

INTRODUCTION

Keller & Company, Inc. is an independent appraisal firm for financial institutions and has prepared this Conversion Valuation Appraisal Report (“Report”) to provide the pro forma market value of the to-be-issued common stock of 1895 Bancorp of Wisconsin, Inc. (the “Corporation”), which will be formed as a mid-tier holding company to own all of the common stock of PyraMax Bank, FSB (“PyraMax” or the “Bank”), Greenfield, Wisconsin. Under the Plan of Conversion, the Corporation will be majority owned by 1895 Bancorp of Wisconsin, MHC, a federally chartered mutual holding company, which will own 55.0 percent of the Corporation. The Corporation will sell to the public 44.0 percent of the appraised value of the Corporation as determined in this Report in a minority stock offering and will give 55,000 shares or 1.0 percent to the new foundation, 1895 Financial Community Foundation, for a combined 45.0 percent of shares to be issued with the remaining 55.0 percent of the shares outstanding held by 1895 Bancorp of Wisconsin, MHC. The shares of common stock are to be issued in connection with the Bank’s Application for Approval of a Minority Stock Offering and Reorganization from a federally chartered mutual savings and loan association to a federally chartered stock savings and loan association as a subsidiary of a mid-tier holding company.

The Application is being filed with the Federal Reserve Board (“FRB”) and the Securities and Exchange Commission (“SEC”). Such Application for Conversion has been reviewed by us, including the Prospectus and related documents, and discussed with the Bank’s management and the Bank’s conversion counsel, Luse Gorman, PC, Washington, D.C.

This conversion appraisal was prepared based on regulatory guidelines entitled “Guidelines for Appraisal Reports for the Valuation of Savings Institutions Converting from the Mutual to Stock Form of Organization,” and the Revised Guidelines for Appraisal Reports and represents a full appraisal report. The Report provides detailed exhibits based on the Revised Guidelines and a discussion on each of the factors that need to be considered. Our valuation will be updated in accordance with the Revised Guidelines and will consider any changes in market conditions for thrift institutions.

Introduction (cont.)

The pro forma market value is defined as the price at which the stock of the Corporation after conversion would change hands between a typical willing buyer and a typical willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, and with both parties having reasonable knowledge of relevant facts in an arm’s-length transaction. The appraisal assumes the Bank is a going concern and that the shares issued by the Corporation in the conversion are sold in noncontrol blocks.

As part of our appraisal procedure, we have reviewed the financial statements for the five fiscal years ended December 31, 2013, 2014, 2015, 2016 and 2017, and unaudited financial statements for the six months ended June 30, 2017 and 2018, and discussed them with PyraMax’s management and with PyraMax’s independent auditors, Wipfli, LLP, Milwaukee, Wisconsin. We have also discussed and reviewed with management other financial matters and have reviewed internal projections. We have reviewed the Corporation’s preliminary Form S-1 and the related filings and discussed them with management and with the Bank’s conversion counsel.

To gain insight into the Bank’s local market condition, we have traveled PyraMax’s market area where it operates nine offices, comprised of its main office and eight branches. The Bank’s main office is in Greenfield, Wisconsin, and the eight branches are in Franklin, Grafton, Milwaukee, Mukwonago, South Milwaukee, Third Ward, Waukesha and West Allis.

We have studied the economic and demographic characteristics of the primary market area, and analyzed the Bank’s primary market area relative to Wisconsin and the United States. We have also examined the competitive market within which PyraMax operates, giving consideration to the area’s numerous financial institution offices, mortgage banking offices, and credit union offices and other key market area characteristics, both positive and negative.

We have given consideration to the market conditions for securities in general and for publicly traded thrift stocks in particular. We have examined the performance of selected publicly traded thrift institutions and compared the performance of PyraMax to those selected institutions.

Introduction (cont.)

Our valuation is not intended to represent and must not be interpreted to be a recommendation of any kind as to the desirability of purchasing the to-be-outstanding shares of common stock of the Corporation. Giving consideration to the fact that this appraisal is based on numerous factors that can change over time, we can provide no assurance that any person who purchases the stock of the Corporation in this mutual-to-stock conversion will subsequently be able to sell such shares at prices similar to the pro forma market value of the Corporation as determined in this conversion appraisal.

I.	DESCRIPTION OF PYRAMAX BANK, FSB

GENERAL

PyraMax Bank, FSB (“PyraMax”) was organized in 1895 as a state-chartered mutual savings and loan association with the name, South Milwaukee Savings and Loan Association. The Bank later converted to a federal chartered savings bank and changed its name to PyraMax Bank, FSB in 2000.

PyraMax conducts its business from its main office in Greenfield and its eight branch offices. PyraMax has six offices in Milwaukee County, two offices in Waukesha County and one office in Ozaukee County. The Bank has entered into an agreement to sell its Milwaukee branch in Milwaukee County with an expected closing date in the fourth quarter of 2018. The Bank’s primary retail market area is focused on Milwaukee County and extends into Waukesha and Ozaukee Counties.

PyraMax’s deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (“FDIC”) in the Bank Insurance Fund (“BIF”). The Bank is also subject to certain reserve requirements of the Board of Governors of the Federal Reserve Bank (the “FRB”). PyraMax is a member of the Federal Home Loan Bank (the “FHLB”) of Chicago and is regulated by the OCC. As of June 30, 2018, PyraMax had assets of $482,617,000 deposits of $404,560,000 and equity of $37,691,000.

PyraMax has been principally engaged in the business of serving the financial needs of the public in its local communities and throughout its primary market area as a community-oriented institution. PyraMax has been actively involved in the origination of commercial real estate loans and one- to four-family mortgage loans, with commercial real estate loans representing 49.3 percent of its loan portfolio at June 30, 2018. One- to four-family mortgage loans represented a lesser 29.0 percent of its loan portfolio at June 30, 2018. The Bank’s primary sources of funds have been retail deposits from residents in its local communities and to a lesser extent, FHLB advances. The Bank is also an originator of multi-family loans, construction loans, commercial business loans, home equity loans, and consumer loans. Consumer loans include automobile loans, loans on deposit accounts and other secured and unsecured personal loans.

General (cont.)

The Bank had cash and investments of $77.3 million, or 16.0 percent of its assets, excluding FHLB stock which totaled $1,818,000 or 0.4 percent of assets at June 30, 2018. The Bank had $52.0 million of its investments in mortgage-backed and related securities representing 10.8 percent of assets. Deposits, principal payments, FHLB advances and equity have been the primary sources of funds for the Bank’s lending and investment activities.

The total amount of stock to be sold by the Corporation in the minority stock offering will be $24,200,000 or 2,420,000 shares at $10 per share, representing 44.0 percent of the midpoint fully converted appraised value of $55.0 million, with another 55,000 shares to be issued to the new foundation. The net conversion proceeds will be $22.7 million, net of conversion expenses of approximately $1,500,000. The actual cash proceeds to the Bank of $11.35 million will represent 50.0 percent of the net conversion proceeds. The ESOP will represent 8.0 percent of a 49.0 percent minority offering or 215,600 shares at $10 per share, representing $2,156,000 or 3.92 percent of the total value. The Bank’s net proceeds will be used to fund new loans and to invest in securities following their initial deployment to short term investments. The Bank may also use the proceeds to expand services, expand operations or acquire other financial service organizations, diversify into other businesses, or for any other purposes authorized by law. The Corporation will use its proceeds to fund the ESOP and to invest in short-term deposits.

The Bank has experienced a modest deposit increase over the past three fiscal years, with deposits increasing 10.3 percent from December 31, 2015, to December 31, 2017, or an average of 3.7 percent per year. From December 31, 2016, to December 31, 2017, deposits increased by $30.4 million or 9.1 percent, compared to an increase of 1.7 percent in fiscal 2016. For the six months ended June 30, 2018, deposits increased a modest 3.9 percent or 7.8 percent on an annualized basis.

General (cont.)

The Bank has experienced an increase in its loan portfolio during the past three years and in the most recent six months and has focused on monitoring its asset quality position, on controlling its net interest margin and on maintaining a reasonable equity to assets ratio. Equity to assets increased from 8.94 percent of assets at December 31, 2015, to 8.95 percent at December 31, 2017, and then decreased to 8.16 percent at June 30, 2018, impacted by the Bank’s stronger growth in assets.

The primary lending strategy of PyraMax has been to focus on the origination of commercial real estate loans, adjustable-rate and fixed-rate one-to four-family mortgage loans, the origination of home equity loans and multi-family loans, with less activity in construction loans and consumer loans.

The Bank’s share of one- to four-family mortgage loans has decreased modestly from 36.0 percent of gross loans at December 31, 2013, to 29.0 percent at June 30, 2018. Commercial real estate loans, including multi-family loans, increased from 36.6 percent to 49.3 percent of loans December 31, 2013, to June 30, 2018. Construction loans increased from 0.3 percent of loans to 0.9 percent from December 31, 2013, to June 30, 2018. One- to four-family loans and commercial loans, excluding home equity loans, as a group increased modestly from 87.9 percent of gross loans at December 31, 2013, to 87.8 percent at June 30, 2018. The increase in these loans was offset by the Bank’s decreases in home equity loans and consumer loans. The Bank’s share of consumer loans decreased from a minimal 0.7 percent to 0.6 percent during the same time period, and home equity loans decreased from 17.1 percent to 10.7 percent of gross loans.

Management’s internal strategy has also included continued emphasis on maintaining an adequate and appropriate level of allowance for loan losses relative to loans and nonperforming assets in recognition of the more stringent requirements within the industry to establish and maintain a higher level of general valuation allowances and also in recognition of the Bank’s stronger growth in loans. At December 31, 2013, PyraMax had $3,834,000 in its loan loss allowance or 1.38 percent of gross loans, and 31.63 percent of nonperforming loans with the loan loss allowance decreasing to $3,092,000 and representing a lower 0.83 percent of gross loans and a higher 104.41 percent of nonperforming loans at June 30, 2018.

General (cont.)

The basis of earnings for the Bank has been interest income from loans and investments with the net interest margin being the key determinant of net earnings with an emphasis on strengthening noninterest income and reducing noninterest expenses. With a primary dependence on net interest margin for earnings, management will focus on striving to maintain the Bank’s net interest margin without undertaking excessive credit risk combined with controlling the Bank’s interest risk position and continuing to pursue reducing noninterest expenses, control nonperforming assets, and strengthening noninterest income.

PERFORMANCE OVERVIEW

The financial position of PyraMax at fiscal year end December 31, 2013, through December 31, 2017, and at June 30, 2018, is shown in Exhibits 1 and 2, and the earnings performance of PyraMax for the fiscal years ended December 31, 2013, through 2017 and for the twelve months ended June 30, 2018, is shown in Exhibits 3 and 4. Exhibit 5 provides selected financial data at December 31, 2013 through 2017 and at June 30, 2018. PyraMax has experienced an increase in its loan portfolio, asset base, and deposits from December 31, 2013, through June 30, 2018, with a decrease in cash and investments. The most recent trend for the Bank from December 31, 2017, to June 30, 2018, was a modest increase in assets, a modest decrease in cash and investments, a moderate increase in loans with a modest increase in deposits.

With regard to the Bank’s historical financial condition, PyraMax has experienced a modest increase in assets from December 31, 2013, through June 30, 2018, with a moderate increase in loans, a moderate increase in deposits and a minimal increase in the dollar level of equity.

The Bank witnessed an increase in assets of $52.7 million or 12.3 percent for the period of December 31, 2013, to June 30, 2018, representing an average annual increase of 2.72 percent. Over the past two fiscal periods, the Bank experienced its largest dollar increase in assets of $24.5 million in 2016, due primarily to a $24.0 million increase in cash and investments, with a $1.0 million decrease in loans. During the Bank’s recent fiscal year of 2017, assets increased $18.2 million or 4.0 percent, compared to an increase of $24.5 million or 5.8 percent in 2016.

PyraMax’s net loan portfolio, which includes mortgage loans and nonmortgage loans, increased from $275.0 million at December 31, 2013, to $369.2 million at June 30, 2018, and represented a total increase of $94.2 million, or 34.3 percent. The average annual increase during that period was 7.61 percent. For the year ended December 31, 2017, net loans increased $18.4 million or 5.9 percent to $331.4 million, compared to an increase of $37.8 million or 11.4 percent to $369.2 million in the six months ended June 30, 2018.

Performance Overview (cont.)

PyraMax has obtained funds through deposits and FHLB advances with a moderate use of FHLB advances totaling $27.7 million at June 30, 2018. The Bank’s competitive rates for deposits in its local market in conjunction with its focus on service have been the sources for competing for retail deposits. Deposits increased $30.4 million or 8.5 percent from December 31, 2016 to 2017, and increased $15.3 million or 3.9 percent, or 7.8 percent, annualized, to $404.6 million at June 30, 2018, from December 31, 2017.

The Bank witnessed a slight increase in its dollar equity level from December 31, 2013 to June 30, 2018. At December 31, 2013, the Bank had an equity level of $37.5 million, representing an 8.72 percent equity to assets ratio and decreased to $37.3 million at December 31, 2016, representing a lower 8.29 percent equity to assets ratio. At December 31, 2017, equity was $39.0 million and a higher 8.33 percent of assets, and then decreased to $37.7 million and a modestly lower 7.81 percent at June 30, 2018.

The overall decrease in the equity to assets ratio from December 31, 2013, to June 30, 2018, was impacted by the Bank’s increase in assets. The dollar level of equity increased $182,000 or 0.5 percent from December 31, 2013, to June 30, 2018, representing an average annual increase of 0.1 percent.

INCOME AND EXPENSE

Exhibit 6 presents selected operating data for PyraMax. This table provides key income and expense figures in dollars for the years ended December 31, 2013, 2014, 2015, 2016 and 2017, and for the six months ended June 30, 2017 and 2018.

PyraMax witnessed a modest increase in its dollar level of interest income from 2013 to 2017. Interest income was $14.8 million in 2013 and a lower $13.9 million in 2015. Interest income then decreased in the year ended December 31, 2016, to $13.8 million or $59,000 and then increased $1.5 million to $15.3 million at December 31, 2017. In the six months ended June 30, 2018, interest income increased to $8.01 million or $16.0 million, annualized.

The Bank’s interest expense experienced a modest decrease from 2013 to 2017. Interest expense decreased from $3.8 million in 2013 to $2.6 million in 2015, representing a decrease of $1.2 million or 32.0 percent. Interest expense then increased by $129,000 or 5.0 percent in 2016 to $2.69 million and increased $676,000 or 25.2 percent in 2017 to $3.4 million. In the six months ended June 30, 2018, interest expense was $1,948,000 or a higher $3.9 million, annualized. Such increase in interest income from 2013 through June 30, 2018, notwithstanding the smaller increase in interest expense, resulted in a modest dollar increase in annual net interest income but a decrease in net interest margin. Net interest income decreased in the year ended December 31, 2015, to $11,300,000, then decreased to $11,112,000 in 2016, then increased to $11,895,000 in 2017, and then increased to $6,065,000 in the six months ended June 30, 2018, or $12,130,000, annualized.

The Bank has made no provisions for loan losses in each of the past five years of 2013 through 2017 or in the six months ended June 30, 2018, but has recognized credits to provisions in 2013 and 2015. The amounts of those credits were determined in recognition of the Bank’s levels of loans, nonperforming assets, charge-offs and repossessed assets. The loan loss credits were $600,000 in 2013 and $684,000 in 2015. The impact of these loan loss provisions and credits has been to provide PyraMax with a general valuation allowance of $3,092,000 at June 30, 2018, or 0.83 percent of gross loans and 104.43 percent of nonperforming loans.

Income and Expense (cont.)

Total other income or noninterest income indicated a decrease in dollars from 2013 to 2017 and then a slight increase in the six months ended June 30, 2018. Noninterest income was $4,421,000 or 1.03 percent of assets in 2013 and a similar $4,155,000 in 2016 or 0.92 percent of assets. In the year ended December 31, 2017, noninterest income was a lower $2,892,000, representing 0.62 percent of assets. In the six months ended June 30, 2018, noninterest income was $1,483,000 or 0.61 percent of assets, on an annualized basis. Noninterest income consists primarily of gains and losses on the sale of loans, servicing fee income, service charges and other income.

The Bank’s general and administrative expenses or noninterest expenses decreased from $14.85 million for the year of 2013 to $14.01 million for the year ended December 31, 2016, representing a decrease of 5.6 percent, then increased to $16.59 million for the year ended December 31, 2017, or an 18.4 percent increase, and then decreased to $8.07 million or $16.14 million, annualized for the six months ended June 30, 2018. On a percent of assets basis, operating expenses decreased from 3.45 percent of average assets for the year ended December 31, 2013, to 3.11 percent for the year ended December 31, 2016, then increased to 3.54 percent for the year ended December 31, 2017, and then decreased to 3.34 percent for the six months ended June 30, 2018, annualized.

The net earnings position of PyraMax has indicated volatility from 2013 through 2017. The annual net income (loss) figures for the years of 2013, 2014, 2015, 2016 and 2017 were $1,288,000, $(3,188,000), $765,000, $1,254,000 and $1,660,000, respectively, and $(323,000) for the six months ended June 30, 2018, representing returns on average assets of 0.29 percent, (0.74) percent, 0.18 percent, 0.29 percent and 0.36 percent for fiscal years 2013, 2014, 2015, 2016 and 2017, respectively, and (0.14) percent for the six months ended June 30, 2018, annualized.

Income and Expense (cont.)

Exhibit 7 provides the Bank’s normalized earnings or core earnings for the twelve months ended June 30, 2018. The Bank’s normalized earnings typically eliminate any nonrecurring income and expense items. There were two expense adjustments, resulting in the normalized income being a smaller loss than actual earnings (loss) for the twelve months ended June 30, 2018, and equal to a loss of $133,000. The core income adjustments were a reduction in provision for loan losses of $425,000 and a reduction in real estate owned losses of $234,000 with no tax credit.

The key performance indicators comprised of selected performance ratios, asset quality ratios and capital ratios are shown in Exhibit 8 to reflect the results of performance. The Bank’s return on average assets changed from 0.29 percent in 2013, to (0.74) percent in 2014, to 0.18 percent in 2015, to 0.29 percent in 2016, to 0.36 percent in 2017, and then to (0.14) percent in the six months ended June 30, 2018, with the lower earnings in 2014 due partially to the Bank’s higher noninterest expenses combined with lower noninterest income.

The Bank’s net interest rate spread decreased from 2.71 percent in 2013 to 2.70 percent in 2016, then decreased to 2.67 percent in 2017, and then decreased to 2.65 percent in the six months ended June 30, 2018. The Bank’s net interest margin indicated a somewhat similar trend, decreasing from 2.83 percent in 2013 to 2.81 percent in 2016, then decreased to 2.80 percent in 2017, and decreased to 2.79 percent in the six months ended June 30, 2018. PyraMax’s net interest rate spread decreased 1 basis point from 2013 to 2016, then decreased 3 basis points in 2017 and then increased 50 basis points in the first two quarters of 2018. The Bank’s net interest margin followed a similar overall trend, decreasing 2 basis points from 2013 to 2016, then decreasing 1 basis point from 2016 to 2017 and then decreasing 2 basis points in the first two quarters of 2018.

Income and Expense (cont.)

The Bank’s return on average equity increased from 2013 to 2017, and then decreased in the first two quarters of 2018. The return on average equity increased from 3.17 percent in 2013, to 3.26 percent in 2016, then increased to 4.03 percent in 2017, and then decreased to (1.68) percent in the first two quarters of 2018, annualized.

PyraMax’s ratio of average interest-earning assets to interest-bearing liabilities increased modestly from 112.50 percent at December 31, 2013, to 116.80 percent at December 31, 2016, then decreased to 116.31 percent at December 31, 2017, and then decreased to 114.99 percent at June 30, 2018. The Bank’s overall increase in its ratio of interest-earning assets to interest-bearing liabilities is primarily the result of the Bank’s increase in its loan share.

Another key performance ratio reflecting efficiency of operation is the ratio of noninterest expenses to noninterest income plus net interest income referred to as the “efficiency ratio.” The industry norm is 56.1 percent for all thrifts and 71.3 percent for thrifts with assets of $100.0 million to $1.0 billion, with the lower the ratio indicating higher efficiency. The Bank has been characterized with a moderately lower level of efficiency historically reflected in its higher efficiency ratio, which decreased from 96.00 percent in 2013 to 91.79 percent in 2016, increased to 112.19 percent in 2017, and then decreased to 106.86 percent in the six months ended June 30, 2018.

Earnings performance can be affected by an institution’s asset quality position. The ratio of nonperforming loans to total loans is a key indicator of asset quality. PyraMax witnessed a decrease in its nonperforming loans ratio from December 31, 2013, to June 30, 2018, and the ratio is modestly above the industry norm. Nonperforming loans, by definition, consist of loans delinquent 90 days or more, troubled debt restructurings that have not been performing for at least three months, and nonaccruing loans. PyraMax’s nonperforming loans consisted of nonaccrual loans with only $1,000 in loans accruing but past due in 2013, and no nonaccruing troubled debt restructured loans. The ratio of nonperforming loans to total loans was 0.80 percent at June 30, 2018, decreasing from 1.25 percent at December 31, 2017, and decreasing from 4.36 percent at December 31, 2013.

Income and Expense (cont.)

Two other indicators of asset quality are the Bank’s ratios of allowance for loan losses to total loans and also to nonperforming loans. The Bank’s allowance for loan losses was 1.38 percent of loans at December 31, 2013, decreased to 0.95 percent at December 31, 2016, decreased to 0.93 percent of loans at December 31, 2017, and then decreased to 0.83 percent at June 30, 2018. As a percentage of nonperforming loans, PyraMax’s allowance for loan losses to nonperforming loans was 37.40 percent at December 31, 2013, a higher 100.43 percent at December 31, 2016, a higher 163.90 percent at December 31, 2017, and a higher 167.59 percent at June 30, 2018.

Exhibit 9 provides the changes in net interest income due to rate and volume changes for the fiscal year ended December 31, 2017, and for the six months ended June 30, 2018. For the year ended December 31, 2017, net interest income increased $829,345, due to an increase in interest income of $1,505,382, decreased by a $676,037 increase in interest expense. The increase in interest income was due to an increase due to rate of $436,303, accented by an increase due to volume of $1,069,079. The increase in interest expense was due to a $338,034 increase due to rate, accented by a $338,003 increase due to volume.

For the six months ended June 30, 2018, net interest income increased $150,908, due to an increase in interest income of $508,620, reduced by an increase in interest expense of $357,712 The increase in interest income was due to an increase due to volume of $496,774, accented by an increase due to rate of $11,846. The increase in interest expense was due to an increase due to volume of $127,472, accented by an increase due to rate of $230,240.

YIELDS AND COSTS

The overview of yield and cost trends for the years ended December 31, 2015, 2016 and 2017 and for the six months ended June 30, 2018, and at June 30, 2018, can be seen in Exhibit 10, which offers a summary of key yields on interest-earning assets and costs of interest-bearing liabilities.

PyraMax’s weighted average yield on its loan portfolio increased 2 basis points from fiscal year 2015 to 2017, from 4.05 percent to 4.07 percent and then decreased 1 basis point to 4.06 percent for the six months ended June 30, 2018. The yield on securities available-for-sale increased from 2.16 percent to 2.27 percent from 2015 to 2017 or 11 basis points, and then decreased to 2.23 percent in the six months ended June 30, 2018. The yield on other interest-earning assets increased 83 basis points from 2015 to 2017, from 0.17 percent to 1.00 percent, and then decreased 40 basis points to 0.60 percent in the six months ended June 30, 2018. The combined weighted average yield on all interest-earning assets increased 2 basis points to 3.62 percent from fiscal year 2015 to 2017 and remained at 3.62 percent in the six months ended June 30, 2018, and then increased 9 basis points to 3.71 percent at June 30, 2018.

PyraMax’s weighted average cost of interest-bearing liabilities increased 15 basis points to 0.92 percent from fiscal year 2015 to 2017, which was more than the Bank’s 2 basis point increase in yield, resulting in a decrease in the Bank’s net interest rate spread of 13 basis points from 2.83 percent to 2.70 percent from 2015 to 2017. The Bank’s cost of interest-bearing liabilities then decreased 4 basis points to 0.88 percent in the six months ended June 30, 2018, which was less than the Bank’s zero basis point change in yield, resulting in an increase in the Bank’s net interest rate spread. The Bank’s interest rate spread increased 4 basis points in the six months ended June 30, 2018. The Bank’s net interest margin decreased from 2.94 percent in 2015 to 2.83 percent in fiscal year 2017, representing a decrease of 11 basis points and then increased to 2.86 percent in the six months ended June 30, 2018.

Yields and Costs (cont.)

The Bank’s ratio of average interest-earning assets to interest-bearing liabilities was 115.78 percent for the year ended December 31, 2015, and was 116.80 percent for the year ended December 31, 2016, then decreased to 116.31 percent for the year ended December 31, 2017, and then decreased to 116.08 percent at June 30, 2018.

INTEREST RATE SENSITIVITY

PyraMax has monitored its interest rate sensitivity position and focused on maintaining a reasonable level of interest rate risk exposure by maintaining higher shares of adjustable-rate residential mortgage loans, commercial real estate loans and multi-family loans and adjustable-rate home equity loans to offset its moderate share of fixed-rate residential mortgage loans. PyraMax recognizes the thrift industry’s historically higher interest rate risk exposure, which caused a negative impact on earnings and economic value of equity in the past as a result of significant fluctuations in interest rates, specifically rising rates in the past. Such exposure was due to the disparate rate of maturity and/or repricing of assets relative to liabilities commonly referred to as an institution’s “gap.” The larger an institution’s gap, the greater the risk (interest rate risk) of earnings loss due to a decrease in net interest margin and a decrease in economic value of equity or portfolio loss. In response to the potential impact of interest rate volatility and negative earnings impact, many institutions have taken steps to reduce their gap position. This frequently results in a decline in the institution’s net interest margin and overall earnings performance. PyraMax has responded to the interest rate sensitivity issue by monitoring its shares of adjustable-rate one to four family loans, commercial real estate loans and consumer loans.

The Bank measures its interest rate risk through the use of its economic value of equity (“EVE”) of the expected cash flows from interest-earning assets and interest-bearing liabilities and any off-balance sheets contracts. The EVE for the Bank is calculated on a quarterly basis by an outside firm, showing the Bank’s EVE to asset ratio, the dollar change in EVE, and the change in the EVE ratio for the Bank under rising and falling interest rates. Such changes in EVE ratio under changing rates are reflective of the Bank’s interest rate risk exposure.

There are numerous factors which have a measurable influence on interest rate sensitivity in addition to changing interest rates. Such key factors to consider when analyzing interest rate sensitivity include the loan payoff schedule, accelerated principal payments, sale of fixed-rate loans, deposit maturities, interest rate caps on adjustable-rate mortgage loans and deposit withdrawals.

Interest Rate Sensitivity (cont.)

Exhibit 11 provides the Bank’s EVE levels and ratios as of June 30, 2018, based on the most recent calculations and reflects the changes in the Bank’s EVE levels under rising and declining interest rates.

The Bank’s change in its EVE level at June 30, 2018, based on a rise in interest rates of 100 basis points was an 8.2 percent decrease, representing a dollar decrease in equity value of $4,354,000. In contrast, based on a decline in interest rates of 100 basis points, the Bank’s EVE level was estimated to decrease 4.7 percent or $2,518,000 at June 30, 2018. The Bank’s exposure increases to a 16.7 percent decrease under a 200 basis point rise in rates, representing a dollar decrease in equity of $8,885,000. The Bank’s exposure is not reasonably measurable based on a 200 basis point decrease in interest rates, due to the currently low level of interest rates.

The Bank is aware of its interest rate risk exposure under rapidly rising rates and falling rates. Due to PyraMax’s recognition of the need to control its interest rate exposure, the Bank has been moderately active in the origination of adjustable-rate loans. The Bank plans to increase its lending activity in the future and continue to maintain a moderate share of adjustable-rate loans. The Bank will also continue to focus on strengthening its EVE ratio, recognizing the planned conversion and minority stock offering will strengthen the Bank’s equity level and EVE ratio, based on any change in interest rates.

LENDING ACTIVITIES

PyraMax has focused its lending activity on the origination of conventional mortgage loans secured by one- to four-family dwellings, commercial real estate and multi-family loans, home equity loans, construction loans, other commercial business loans and consumer loans. Exhibit 12 provides a summary of PyraMax’s loan portfolio by loan type at December 31, 2013 through 2017, and at June 30, 2018.

The primary loan type for PyraMax has been commercial real estate loans, including multi-family loans, representing a strong 49.3 percent of the Bank’s gross loans as of June 30, 2018. This share of loans has seen a moderate increase from 36.6 percent at December 31, 2013. The second largest loan type as of June 30, 2018, was residential loans secured by one- to four-family dwellings, which comprised a moderate 29.0 percent of gross loans at June 30, 2018, compared to 36.0 percent as of December 31, 2013. The third largest loan type was home equity loans, which comprised a moderate 10.7 percent of gross loans at June 30, 2018, compared to a larger 17.1 percent at December 31, 2013. The fourth largest loan category was other loans, including commercial business loans, which represented 8.8 percent of gross loans at June 30, 2018, increasing from 5.6 percent at December 31, 2013. These four loan categories represented a strong 97.8 percent of gross loans at June 30, 2018, compared to a lesser 95.3 percent of gross loans at December 31, 2013.

The Bank had a minimal 0.9 percent of loans in construction loans at June 30, 2018, up from 0.3 at December 31, 2013. The Bank had a similar 0.7 percent of loans in land loans, down from 3.6 percent at December 31, 2013. The consumer loan category was the smallest loan category at June 30, 2018, and represented a minimal 0.6 percent of gross loans compared to 0.7 percent at December 31, 2013. Consumer loans were also the smallest loan category at December 31, 2013. The Bank’s consumer loans include savings account loans, automobile loans, and other secured and unsecured loans. The overall mix of loans has witnessed moderate changes from December 31, 2013, to June 30, 2018, with the Bank having decreased its share of one- to four-family loans, offset by an increase in its share of commercial real estate loans. Home equity loans have also decreased.

Lending Activities (cont.)

The emphasis of PyraMax’s lending activity is the origination of commercial real estate loans, including multi-family loans and conventional mortgage loans secured by one- to four-family residences. Such properties are located primarily in Milwaukee County and to a lesser extent in the adjacent Waukesha and Ozaukee Counties. At June 30, 2018, 49.3 percent of PyraMax’s gross loans consisted of loans secured by commercial real estate and multi-family properties, both owner-occupied and nonowner-occupied, with 29.0 percent of loans secured by conventional mortgage loans.

The Bank offers several types of adjustable-rate mortgage loans (“ARMs”), with adjustment periods of three years, five years, seven years and ten years. The interest rates on ARMs are generally indexed to the weekly average yield on U.S. Treasury rate securities adjusted to a constant maturity of one year. ARMs have a maximum rate adjustment of 2.0 percent at each adjustment period and 6.0 percent for the life of the loan. Rate adjustments are computed by adding a stated margin to the index, the U.S. Treasury securities rate. The Bank normally retains all ARMs which it originates. The majority of ARMs have terms of up to 30 years, which is the maximum term offered, with some loans having terms of 15 and 20 years.

The Bank’s one- to four-family mortgage loans remain outstanding for shorter periods than their contractual terms, because borrowers have the right to refinance or prepay. These mortgage loans contain “due on sale” clauses which permit the Bank to accelerate the indebtedness of the loan upon transfer of ownership of the mortgage property.

The Bank’s other key mortgage loan product is a fixed-rate mortgage loan with PyraMax’s fixed-rate mortgage loans having terms of 10 years to 30 years. Fixed-rate mortgage loans have a maximum term of 30 years. The Bank’s fixed-rate mortgage loans normally conform to Fannie Mae underwriting standards. The Bank also originates conforming “jumbo loans” residential mortgage loans. The Bank normally retains its jumbo fixed-rate residential mortgage loans.

Lending Activities (cont.)

The normal loan-to-value ratio for conventional mortgage loans to purchase or refinance one-to four-family dwellings generally does not exceed 80.0 percent at PyraMax, even though the Bank is permitted to make loans above 80.0 percent loan-to-value ratio. While the Bank does make loans above 80.0 percent of loan-to-value, the Bank requires private mortgage insurance for the amount in excess of the 80.0 percent loan-to-value ratio for fixed-rate loans and adjustable-rate loans. Mortgage loans originated by the Bank include due-on-sale clauses enabling the Bank to adjust rates on fixed-rate loans in the event the borrower transfers ownership. The Bank also requires an escrow account for insurance and taxes on loans with a loan-to-value ratio in excess of 80.0 percent.

PyraMax has also been an originator of adjustable-rate and fixed-rate commercial real estate loans and multi-family loans in the past and will continue to make multi-family and commercial real estate loans. The adjustable-rate loans have rate caps of 2.0 percent at each adjustment period and 6.0 percent over the life of the loan. The Bank had a total of $182.7 million in commercial real estate loans, including multi-family loans at June 30, 2018, or a combined 49.3 percent of gross loans, compared to a lesser 36.6 percent of gross loans at December 31, 2013.

The major portion of commercial real estate and multi-family loans are secured by apartment buildings, industrial buildings, warehouses, small retail establishments, restaurants, office buildings, and other owner-occupied properties used for business. Most of the multi-family and commercial real estate loans are fully amortizing with a term of up to 30 years, with rates on the adjustable-rate loans adjusting at the end of the initial term of five, seven or ten years. The maximum loan-to-value ratio is normally 80.0 percent for multi-family loans and 80.0 percent for commercial real estate loans.

The Bank also originates construction and land development loans. The Bank had $6.0 million or 1.6 percent of gross loans in construction and land development loans at June 30, 2018. The maximum loan-to-value ratio is 80.0 percent of the contract price or completed appraised value, whichever is less.

Lending Activities (cont.)

PyraMax is also an originator of commercial business loans, which totaled $2.5 million and represented a modest 8.8 percent of loans at June 30, 2018. The Bank had $15.6 million in commercial business loans at December 31, 2013, or 15.6 percent of loans. These loans are normally floating-rate and indexed to the Wall Street Journal prime rate or fixed-rate with a term of two years or term loans with terms of three to seven years.

PyraMax also offers consumer loans, with these loans totaling only $2.1 million at June 30, 2018, and representing 1.3 percent of gross loans. Consumer loans primarily include automobile loans, share loans, and other secured and unsecured loans. The Bank has also been active in home equity loans or lines of credit, which totaled $39.8 million or 10.7 percent of gross loans at June 30, 2018. The interest rate for home equity lines of credit is tied to the prevailing prime interest rate.

Exhibit 13 provides a loan maturity schedule and breakdown and a summary of PyraMax’s fixed- and adjustable-rate loans, indicating a majority of fixed-rate loans. At June 30, 2018, 72.5 percent of the Bank’s loans due after June 30, 2018, were fixed-rate and 27.5 percent were adjustable-rate. At June 30, 2018, the Bank had 54.7 percent of its loans due on or before June 30, 2023, or in five years or less. The Bank had a lesser 45.3 percent of its loans with a maturity of more than five years.

NONPERFORMING ASSETS

PyraMax understands asset quality risk and the direct relationship of such risk to delinquent loans and nonperforming assets, including real estate owned. The quality of assets has been a key concern to financial institutions throughout many regions of the country. A number of financial institutions have been confronted with higher levels of nonperforming assets over the past few years and have been forced to recognize significant losses, setting aside major valuation allowances.

A sharp increase in nonperforming assets has often been related to specific regions of the country and has frequently been associated with higher risk loans, including commercial real estate loans and multi-family loans and nonowner-occupied single-family loans. PyraMax has a modestly higher level of nonperforming assets, with nonperforming assets decreasing noticeably since 2013.

Exhibit 14 provides a summary of PyraMax’s delinquent loans at December 31, 2015, 2016, and 2017, and at June 30, 2018, indicating an overall decrease in the dollar amount of delinquent loans from December 31, 2015, to June 30, 2018, but an increase in loans delinquent 90 days or more. The Bank had $1,114,000 in loans delinquent 30 to 89 days at June 30, 2018. Loans delinquent 90 days or more totaled $1,846,000 at June 30, 2018, with these two categories representing 0.80 percent of gross loans, with most of them one- to four-family real estate loans. At December 31, 2015, delinquent loans of 30 to 89 days totaled $3,424,000 or 1.08 percent of gross loans and loans delinquent 90 days or more totaled $1,347,000 or 0.43 percent of gross loans for a combined total of $4,771,000 and a higher share of 1.51 percent of gross loans, compared to a lower $2,960,000 and a lower 0.80 percent of gross loans at June 30, 2018.

It is normal procedure for PyraMax’s board to review loans delinquent 90 days or more on a monthly basis, to assess their collectability and possibly commence foreclosure proceedings. When a loan is delinquent 15 days, the Bank sends a late notice to the borrower and also contact the borrower by a phone call. If a loan payment becomes 30 days past due, an additional late notice is mailed and a loan-specific letter is written by a collection representative. After 90 days delinquency, a demand letter is sent, and the loan is referred to foreclosure. The foreclosure process generally would begin when a loan becomes 120 days delinquent.

Nonperforming Assets (cont.)

Exhibit 15 provides a summary of PyraMax’s nonperforming assets at December 31, 2013, 2014, 2015, 2016 and 2017, and at June 30, 2018. Nonperforming assets, by definition, include loans 90 days or more past due, nonaccruing loans, troubled debt restructurings that have not performed, and repossessed assets. The Bank carried a lower dollar level of nonperforming assets at June 30, 2018, relative to December 31, 2013. PyraMax’s level of nonperforming assets was $12,642,000 at December 31, 2013, and a lower $1,845,000 at June 30, 2018, which represented 2.94 percent of assets in 2013 and 0.38 percent of assets at June 30, 2018. The Bank’s nonperforming assets included $10,737,000 in nonaccrual loans, $1,000 in loans 90 days or more past due and $1,905,000 in real estate owned for a total of $12,642,000 at December 31, 2013 or 3.68 percent of assets. At June 30, 2018, nonperforming assets were a lower $1,845,000 or a lower 0.38 percent of assets and included $1,845,000 in nonaccrual loans, no real estate owned, and no loans 90 days or more past due.

PyraMax’s levels of nonperforming assets were lower than its level of classified assets at June 30, 2018, and higher than its level of classified assets at December 31, 2013. The Bank’s ratios of classified assets to assets, excluding special mention assets, were 1.97 percent of assets at December 31, 2015, and a lower 0.46 percent at June 30, 2018 (reference Exhibit 16). The Bank’s classified assets consisted of $2,077,000 in substandard assets, with $125,000 in assets classified as doubtful and no assets classified as loss at June 30, 2018. The Bank had $134,000 in assets classified as substandard, $239,000 in assets classified as doubtful, and no assets classified as loss at December 31, 2015.

Exhibit 17 shows PyraMax’s allowance for loan losses at December 31, 2013, 2014, 2015, 2016 and 2017, and at June 30, 2018, indicating the activity and the resultant balances. PyraMax has witnessed a moderate decrease in its balance of allowance for loan losses from $3,834,000 at December 31, 2013, to $3,092,000 at June 30, 2018, in response to its ability to reduce nonperforming loans and nonperforming assets. The Bank had no provisions for loan losses in 2013, 2014, 2015, 2016, 2017 or in the six months ended June 30, 2018, but had credits of $600,000 in 2013 and $684,000 in 2015.

Nonperforming Assets (cont.)

The Bank had total charge-offs of $1,783,000 in 2013, $432,000 in 2014, $263,000 in 2015, $316,000 in 2016, $37,000 in 2017 and $34,000 in the six months ended June 30, 2018, with total recoveries of $843,000 in 2013, $339,000 in 2014, $293,000 in 2015, $237,000 in 2016, $122,000 in 2017, and $33,000 in the six months ended June 30, 2018. The Bank’s ratio of allowance for loan losses to gross loans was 1.38 percent at December 31, 2013, a lower 0.93 percent at December 31, 2017, and a lower 0.83 percent at June 30, 2018. Allowance for loan losses to nonperforming loans was 31.63 percent at December 31, 2013, and a higher 74.02 percent at December 31, 2017, and a higher 104.43 percent at June 30, 2018.

INVESTMENTS

The investment and securities portfolio, including certificates of deposit, has been comprised of asset-backed securities, municipal securities, interest-bearing deposits, mortgage-backed securities, corporate bonds and corporate collateralized mortgage obligations. Exhibit 18 provides a summary of PyraMax’s investment portfolio at December 31, 2015, 2016 and 2017, and at June 30, 2018, excluding FHLB stock. Investment securities totaled $69.3 million at June 30, 2018, based on fair value, compared to $73.0 million at December 31, 2015. The Bank had $41.4 million in mortgage-backed securities at December 31, 2015, and $52.9 million at June 30, 2018, representing 76.4 percent of investments. Mortgage-backed securities represented the largest category of the Bank’s investments at June 30, 2018, followed by municipal securities. In 2015, mortgage-backed securities was also the largest investment category followed by municipal securities.

The second key component of cash and investments at June 30, 2018, was municipal securities, totaling $11.4 million and representing 16.5 percent of total investments, excluding FHLB stock, compared to $20.1 million and a larger 27.6 percent of total investments at December 31, 2015. The Bank had $818,000 in FHLB stock at June 30, 2018. The weighted average yield on investment securities was 2.37 percent for the six months ended June 30, 2018, and a lesser 2.16 percent in 2015.

DEPOSIT ACTIVITIES

The mix of total deposits by amount at December 31, 2015, 2016 and 2017, and at June 30, 2018, is provided in Exhibit 19. There has been a moderate change in total deposits and a modest change in the deposit mix during this period. Total deposits have increased from $353.0 million at December 31, 2015, to $404.6 million at June 30, 2018, representing an increase of $51.6 million or 14.6 percent. Certificates of deposit have increased from $164.1 million at December 31, 2015, to $198.7 million at June 30, 2018, representing an increase of $34.6 million or 21.1 percent, while savings, transaction and MMDA accounts have increased $16.9 million from $188.9 million at December 31, 2015, to $205.8 million at June 30, 2018, or 8.9 percent.

Deposit Activities (cont.)

Exhibit 20 provides a breakdown of the Bank’s certificates of deposits in amounts of $100,000 or more by maturity at December 31, 2017, and at June 30, 2018. The largest category of these certificates based on maturity is certificates with a maturity of over one year to three years at June 30, 2018, which represented a strong 38.5 percent of these certificates followed by certificates with a maturity of three months or less, which represented a moderate 26.3 percent of certificates. The largest category of certificates at December 31, 2017, was certificates with a maturity of six months to twelve months, which represented a strong 47.5 percent of these certificates followed by certificates with a maturity of over twelve months, which represented a strong 38.1 percent of certificates.

BORROWINGS

PyraMax has made moderate use of FHLB advances (reference Exhibit 21) in each of the years ended December 31, 2016 and 2017, and in the six months ended June 30, 2018. The Bank had total FHLB advances of $27.7 million at June 30, 2018, with a weighted cost of 1.53 percent during the period and a balance of a larger $48.2 million at December 31, 2016, with a weighted cost of a higher 1.21 percent during the period.

SUBSIDIARIES

PyraMax has no subsidiaries.

OFFICE PROPERTIES

PyraMax had nine offices at June 30, 2018, its main office in Greenfield and eight branches in Franklin, Grafton, two in Milwaukee, Mukwonago, South Milwaukee, Waukesha and West Ellis. The Bank has entered into an agreement to sell its Mitchell Street branch in Milwaukee, which is expected to close in the fourth quarter of 2018. The Bank owns its Mitchell Street branch. The Bank owns seven of its offices and leases two offices (reference Exhibit 22). At June 30, 2018, the Bank’s total investment in fixed assets, based on depreciated cost, was $7.6 million or 1.57 percent of assets.

MANAGEMENT

Mr. Richard Hurd was appointed president and chief executive officer of PyraMax Bank in 2007. Prior to that, Mr. Hurd was the chief operating officer from 2004 to 2007. Mr. Hurd has been a board member since 2004. He joined PyraMax Bank in 2001. Prior to joining PyraMax Bank, Mr. Hurd had thirty years of banking experience at First Wisconsin National Bank, Marine Bank and Bank One Corporation. Mr. Hurd’s banking experience and knowledge of financial markets enhance the breadth of experience of the Bank’s board of directors.

Ms. Monica Baker was appointed senior vice president/chief brand officer in January 2014. Ms. Baker began with PyraMax Bank in 1993 as the vice president of marketing/human resources/savings. In August 2000, she was promoted to senior vice president of marketing/human resources and then in 2010 promoted to senior vice president of marketing/human resources/retail lending. Ms. Baker has been on the board of directors since 2006. Prior to being employed with PyraMax Bank, Ms. Baker was the human resources officer at Maritime Savings Bank. She brings over 34 years of banking experience, focused on retail banking, retail lending, human resources and marketing. Ms. Baker’s extensive experience in retail banking, retail lending, human resources and marketing are valuable to our board of directors in assessing the performance of PyraMax Bank.

Management (cont.)

Mr. Richard J. Krier joined PyraMax Bank in April 2011 as the chief financial officer. Prior to that, Mr. Krier served as the chief financial officer of Partnership Community Bancshares from 2008 until 2011. Mr. Krier has over 30 years of broad-based banking experience in the areas of financial management, operations, performance measurement and decision support. Mr. Krier is also a certified public accountant.

Mr. Chuck Mauer joined PyraMax Bank in June 2010 as the Bank’s chief credit officer. He is responsible for the overall management of the Bank’s credit administration department, including loan underwriting, loan review, lending support, loan policies, procedures and processes to ensure the overall quality of the Bank’s loan portfolio. Mr. Mauer has over 30 years of commercial, consumer and mortgage lending as well as credit administration experience. Prior to working at PyraMax Bank, he was a first vice president of credit administration at Ozaukee Bank where he also managed client relationships for over 20 years. In 2007, Ozaukee Bank was acquired by BMO Harris Bank. Mr. Mauer remained with BMO Harris Bank for three more years, serving as senior vice president-concurrence officer.

Mr. Thomas K. Peterson was appointed senior vice president, chief lending officer in January 2017. Prior to being employed by PyraMax Bank, Mr. Peterson was the commercial business segment leader for the Milwaukee-Madison markets for Associated Bank. Mr. Peterson has over 36 years of banking experience, including various commercial banking roles at Ozaukee Bank, BMO Harris Bank, and Associated Bank.

II.

DESCRIPTION OF PRIMARY MARKET AREA

PyraMax’s market area is focused on Milwaukee County along with the adjacent Ozaukee and Waukesha Counties in Wisconsin. Exhibit 24 shows the trends in population, households and income for Milwaukee County, Ozaukee County and Waukesha County, Wisconsin and the United States. Milwaukee County’s population increased slightly by 0.8 percent from 2000 to 2010, Ozaukee County’s population increased by 5.0 percent and Waukesha County’s population increased by 8.1 percent, while Wisconsin’s and the United States’ population levels increased by 6.0 percent and 9.7 percent, respectively, during the same time period. Through 2020, population is projected to increase by 0.4 percent, 4.5 percent, 5.0 percent, 3.5 percent and 7.6 percent in Milwaukee, Ozaukee and Waukesha Counties, Wisconsin and the United States respectively.

More important is the trend in households. Milwaukee County experienced a modest 1.6 percent increase in households from 2000 through 2010, compared to increases of 10.9 percent in Ozaukee County, 12.9 percent in Waukesha County, 9.4 percent in Wisconsin and 10.7 percent in the United States. All areas are projected to increase in number of households from 2010 through 2020, by a slight 1.3 percent in Milwaukee County, by 4.6 percent in Ozaukee County, by 4.7 percent in Warren County, as well as Wisconsin and the United States by 3.7 percent and 7.5 percent, respectively.

The Milwaukee County had the lowest per capita income level in both 2000 and 2010 while Ozaukee County maintained the highest per capita income level in both years. Per capita income increased in all areas from 2000 to 2010. Milwaukee County’s per capita income increased to $24,254, Ozaukee County’s per capital income level increased to $42,180 and Waukesha County’s per capita income level increased to $37,282. Wisconsin’s per capita income increased to $27,192 and the United States’ increased to $26,059. In 2000, median household income in the three counties were a lower $38,100 in Milwaukee County, higher levels of $62,745 in Ozaukee County and $62,839 in Waukesha County, with Wisconsin at $43,791 and the United States with a median household income of $41,994. Median household

Description of Primary Market Area (cont.)

income increased from 2000 to 2010 by 14.4 percent, 20.9 percent, 20.4 percent, 19.6 percent and 19.2 percent to $43,599, $75,854, $75,689, $52,374 and $50,046 in Milwaukee County, Ozaukee County, Waukesha County, Wisconsin and the United States, respectively. All areas are also projected to show increases in their median household income levels from 2010 through 2020. The median household income levels in Milwaukee, Ozaukee and Waukesha Counties, Wisconsin and the United States are projected to increase by 14.0 percent, 14.6 percent, 11.5 percent, 9.9 percent and 23.1 percent, respectively, to $49,722, $86,937, $84,386, $57,579 and $61,618, respectively, from 2010 to 2020. Milwaukee County is characterized with a noticeably lower historical and projected median household income level relative to all other regions.

Exhibit 25 provides a summary of key housing data for Milwaukee, Ozaukee and Waukesha Counties, Wisconsin and the United States. In 2000, Milwaukee County had the lowest rate of owner-occupancy at 52.6 percent, lower than Ozaukee County at 76.3 percent, Waukesha County at 76.4 percent, Wisconsin at 68.4 percent and the United States at 66.2 percent. As a result, Milwaukee County supported a higher rate of renter-occupied housing of 47.4 percent, compared to 23.7 percent in Ozaukee County, 23.6 percent Waukesha County, 31.6 percent in Wisconsin and 33.8 percent in the United States. In 2010, owner-occupied housing decreased slightly in Milwaukee County to 51.3 percent, increased slightly in Ozaukee County to 76.7 percent, increased slightly in Waukesha County to 76.8 percent, decreased in Wisconsin to 68.1 percent and in the United States to 65.4 percent. Conversely, the renter-occupied rates increased slightly in Milwaukee County to 48.7 percent, decreased slightly in Ozaukee County to 23.3 percent, in Wisconsin to 31.9 percent and in the United States to 34.6 percent. Renter-occupied percentages decreased slightly in Waukesha County to 23.2 percent.

Milwaukee County’s 2000 median housing value was $103,200, lower than all other areas’ median housing values. The other 2000 median housing values were $177,300 in Ozaukee County, $170,400 in Waukesha County, $112,200 in Wisconsin with the United States’ median housing value at $119,600. The 2000 median rent in Milwaukee County was $555,

Description of Primary Market Area (cont.)

which was lower than Ozaukee County at $642, Waukesha County at $726 and the United States at $602, with Wisconsin’s median rent level at the lowest level of $540. In 2010, median housing values had increased in Milwaukee County to $162,900, in Ozaukee to $255,600, in Waukesha County to $257,700, in Wisconsin to $169,000 and in the United States to $186,200 with Milwaukee County continuing to show the lowest median housing value. The 2010 median rent levels were $786, $819, $906, $749 and $871, in Milwaukee, Ozaukee and Waukesha Counties, Wisconsin and the United States, respectively.

In 2000, the major source of employment for all areas by industry group, based on share of employment, was the services industry. The services industry was responsible for the majority of employment in all three counties, Wisconsin and the United States with 47.6 percent, 43.1 percent, 40.6 percent, 41.5 percent and 46.7 percent of jobs (reference Exhibit 26). The manufacturing industry was the second major employer in Milwaukee, Ozaukee and Waukesha Counties and Wisconsin at 18.5 percent, 23.7 percent, 21.2 percent and 22.2 percent but was the third largest employer in the United States at 14.1 percent The wholesale/retail trade group was the third major overall employer in Milwaukee, Ozaukee and Waukesha Counties and Wisconsin at 13.6 percent, 14.5 percent, 16.6 percent, 14.8 percent, and the wholesale/retail trade group was the second major overall employer in the United States with 15.3 percent of employment. The agriculture/mining group, construction group, transportation/utilities, information and finance/insurance/real estate group combined to provide 20.3 percent of employment in Milwaukee County, 19.0 percent of employment in Ozaukee County, 21.6 percent of employment in Waukesha County, 21.5 percent of employment in Wisconsin and 23.9 percent in the United States.

In 2010, the services industry, manufacturing industry and wholesale/retail trade industry provided the first, second and third highest levels of employment, respectively, for Milwaukee, Ozaukee and Waukesha Counties and Wisconsin. In Milwaukee, Ozaukee and Waukesha Counties and Wisconsin the manufacturing sector remained the second higher employer with the wholesale/retail industry third. The services industry accounted for 54.1 percent, 49.1 percent,

Description of Primary Market Area (cont.)

45.5 percent, 46.8 percent and 53.2 percent in Milwaukee County, Ozaukee County, Waukesha County, Wisconsin and the United States, respectively. The manufacturing trade industry provided for 15.0 percent, 23.7 percent, 18.2 percent, 18.4 percent and 10.4 percent of employment in Milwaukee County, Ozaukee County, Waukesha County, Wisconsin and the United States, respectively. The wholesale/retail trade group provided 12.9 percent, 14.5 percent, 15.8 percent, 14.2 percent, and 14.5 percent of employment in Milwaukee, Ozaukee and Waukesha Counties, Wisconsin and the United States, respectively. In the 2010 Census, the agriculture/mining, construction, transportation/utilities, information, and finance/insurance/real estate sectors accounted for 18.3 percent, 18.8, 20.5 percent, 20.6 percent and 21.9 percent in Milwaukee, Ozaukee and Waukesha Counties, Wisconsin and the United States, respectively.

Some of the largest employers in Milwaukee, Ozaukee and Waukesha Counties are listed below.


Employer	Employees	Product/Service
(Waukesha County)
Anthem Blue Cross Blue Shield	2,000	Insurance
Arandall Corp.	1,000	Printing
Community Memorial Hospital	1,000 +	Healthcare
Cooper Power Systems	2,200	Energy
Fiserv, Inc.	1,000+	Data Processing
GE Healthcare Bio-Sciences Corp	6,000	Diagnosing Systems
Generac Holding	3,800	Manufacturing
Harley Davidson Motor Co.	2,700	Motorcycles/Accessories
Husco International, Inc.	530	Manufacturing
Kohl’s	7,800	Retail Sales
MetalTek International	500	Manufacturing
Milwaukee Electric Tool Corp.	600	Manufacturing
ProHealth Care	4,800	Healthcare
Quad/Graphics Inc.	7,500	Printing/Marketing
Roundy’s	2,857	Supermarkets
Target Corp.	600	Distribution
(Ozaukee County)
Allen Edmonds Corp.	400	Manufacturing Men’s Footwear
Aurora Medical Cntr.	726	Healthcare
Charter Steel	565	Manufacturing
Columbia-St. Mary’s	500-999	Healthcare
Concordia University	500-999	Education
Doral Dental USA	250-499	Dental Insurance Carrier
HP Performance Systems	250-499	Manufacturing Brake Systems

Description of Primary Market Area (cont.)


(Ozaukee County cont’d.)
Kleen Test Products	250-499	Sanitary Wiping Cloths
Leeson Electric Corp.	600	Mfg./Distrib. Electric Motors
Legett & Platt Inc.	500-999	Aluminum die-casting
Rockwell Automation	5,000	Mgr. Automation Systems & Equipment
Telsmith Inc.	250-499	Rock Crushing Equipment
(Milwaukee County)
AT & T Wisconsin	3,500	Communications
Aurora Health Care	32,000	Healthcare
BMO Harris	3,400	Financial services
Briggs & Stratton	1,358	Manufacturing small engines
Columbia St. Marys	4,500	Healthcare
FIS	2,800	Financial data
Froedtest Health	10,900	Healthcare
Medical College of Wisconsin	5,300	Medical school
Northwestern Mutual	5,585	Insurance
Potawatomi Bingo Casino	3,000	Entertainment
Rockwell Automation	1,909	Power, controls & information technology
SC Johnson	2,200	Home products, pest control
We Energies	4,300	Electricity, gas & steam utility
Wheaton Franciscan Healthcare	11,000	Healthcare

The unemployment rate is another key economic indicator. Exhibit 27 shows the unemployment rates in Milwaukee, Ozaukee and Waukesha Counties, Wisconsin and the United States in 2014 through May of 2018. Milwaukee County’s unemployment rates have been higher than the state unemployment rates, while Ozaukee and Waukesha Counties’ rates have been lower than both state and national rates. In 2014, Milwaukee County had an unemployment rate of 6.9 percent, compared to unemployment rates of 4.2 percent in Ozaukee County, 4.4 percent in Waukesha County, 5.4 percent in Wisconsin and 6.2 percent in the United States. In 2015, all areas decreased in unemployment to 5.7 percent, 3.7 percent, 3.8 percent, 4.5 percent and 5.3 percent in Milwaukee, Ozaukee and Waukesha Counties, Wisconsin and the United States, respectively. In 2016, all areas’ unemployment rates again decreased to 5.0 percent, 3.3 percent, 3.4 percent, 4.0 percent and 4.9 percent in Milwaukee, Ozaukee and Waukesha, Counties, Wisconsin and the United States, respectively. In 2017, Milwaukee County, Ozaukee County, Waukesha County, Wisconsin and the United States had decreases in unemployment to 4.0 percent, 2.8 percent, 2.9 percent, 3.3 percent and 4.4 percent, respectively. Through May of 2018, all areas again had decreases in unemployment rates to 3.2 percent in Milwaukee County, to 2.3 percent in Ozaukee County, to 2.4 percent in Waukesha County, and to 2.6 percent and 3.6 percent in Wisconsin and the United States, respectively.

Description of Primary Market Area (cont.)

Exhibit 28 provides deposit data for banks and thrifts in Milwaukee, Ozaukee and Waukesha Counties in which the Bank has its offices. PyraMax’s deposit base in Milwaukee County was approximately $277.0 million or a 10.5 percent share of the approximately $2.6 billion total thrift deposits and a 0.5 percent share of the total deposits, which were approximately $53.4 billion as of June 30, 2017. PyraMax’s deposit base in Ozaukee County was approximately $32.0 million or a 16.0 percent share of the $200.5 million total thrifts deposits and a 1.3 percent share of total deposits, which were approximately $2.5 billion as of June 30, 2017. PyraMax’s deposit base in Waukesha County was approximately $74.5 million or a 4.8 percent share of the $1.5 billion total thrift deposits and a 0.6 percent share of the total deposits, which were approximately $12.0 billion as of June 30, 2017. The total market area is dominated by banks, with bank deposits accounting for approximately 93.5 percent of deposits at June 30, 2017.

Exhibit 29 provides interest rate data for each quarter for the years 2014 through the second quarter of 2018. The interest rates tracked are the Prime Rate, as well as 90-Day, One-Year and Thirty-Year Treasury Bills. Short term interest rates were stable in 2014, increased modestly in 2015 and continued to rise in 2016, 2017 and in the first two quarters of 2018, with 30-year Treasury notes decreasing in 2014, then rising in 2015, stable in 2016, decreasing in 2017 and rising in the first two quarters of 2018.

SUMMARY

In summary, population increased minimally in Milwaukee County from 2000 to 2010, and the number of households also increased minimally. Ozaukee County’s increase in population and households was higher than that of Milwaukee County but lower than that of Waukesha County from 2000 to 2010. The 2010 per capita and median household income levels in Milwaukee County were below those of Waukesha and Ozaukee Counties and below state and

Description of Primary Market Area (cont.)

national levels. Also, Milwaukee County’s unemployment rates have been above national rates. According to the 2010 Census, median housing values in Milwaukee County were below both the state and the national median housing values, while median housing values in Waukesha and Ozaukee Counties were above the state median housing value.

The Bank holds deposits of approximately 8.8 percent of all thrift deposits in the three-county market area as of June 30, 2017, representing a minimal 0.6 percent share of the total deposit base of approximately $67.9 billion.

III.

COMPARABLE GROUP SELECTION

Introduction

Integral to the valuation of the Corporation is the selection of an appropriate group of publicly traded thrift institutions, hereinafter referred to as the “comparable group”. This section identifies the comparable group and describes each parameter used in the selection of each institution in the group, resulting in a comparable group based on such specific and detailed parameters, current financials and recent trading prices. The various characteristics of the selected comparable group provide the primary basis for making the necessary adjustments to the Corporation’s pro forma value relative to the comparable group. There is also a recognition and consideration of financial comparisons with all publicly traded, FDIC-insured thrifts in the United States and all publicly traded, FDIC-insured thrifts in the Midwest region and in Wisconsin.

Exhibits 30 and 31 present Share Data and Pricing Ratios and Key Financial Data and Ratios, respectively, both individually and in aggregate, for the universe of 122 publicly traded, FDIC-insured thrifts in the United States (“all thrifts”), and mutual holding companies, used in the selection of the comparable group and other financial comparisons. Exhibits 30 and 31 also subclassify all thrifts by region, including the 39 publicly traded Midwest thrifts (“Midwest thrifts”) and the 4 publicly traded thrifts in Wisconsin “Wisconsin thrifts”), and by trading exchange.

The selection of the comparable group was based on the establishment of both general and specific parameters using financial, operating and asset quality characteristics of the Corporation as determinants for defining those parameters. The determination of parameters was also based on the uniqueness of each parameter as a normal indicator of a thrift institution’s operating philosophy and perspective. The parameters established and defined are considered to be both reasonable and reflective of the Corporation’s basic operation.

Introduction (cont.)

The general parameter requirements for the selection of the peer group candidates included a maximum asset size limit of $950 million, a trading exchange requirement that each candidate be traded on one of the two major stock exchanges, the New York Stock Exchange or the NASDAQ, a geographic parameter that eliminates potential candidates located in the Southwest and West, a merger and acquisition parameter that eliminates any potential candidate that is involved as a seller in a merger and acquisition transaction, and a recent conversion parameter that eliminates any institution that has not been converted from mutual to stock for at least four quarters or prior to June 30, 2018. Due to the general parameter requirement related to trading on NASDAQ or one of the other two major stock exchanges, the size of the peer group institutions results in larger institutions.

Inasmuch as the comparable group must consist of at least ten institutions, the parameters relating to asset size and geographic location have been expanded as necessary in order to fulfill this requirement.

Due to limited availability, there was only one mutual holding company included as a potential comparable group candidate.

GENERAL PARAMETERS

Merger/Acquisition

The comparable group will not include any institution that is a proposed seller in a merger or acquisition as of August 7, 2018, 2018. There are no pending merger/acquisition transactions involving thrift institutions that were potential comparable group candidates in the Corporation’s city, county or market area as indicated in Exhibit 33.

Trading Exchange

It is necessary that each institution in the comparable group be listed on one of the three major stock exchanges, the New York Stock Exchange or the National Association of Securities Dealers Automated Quotation System (NASDAQ). Such a listing indicates that an institution’s stock has demonstrated trading activity and is responsive to normal market conditions, which are requirements for listing. Of the 122 publicly traded, FDIC-insured savings institutions, 3 are traded on the New York Stock Exchange and 64 are traded on NASDAQ. There were an additional 20 traded over the counter and 35 institutions are listed in the Pink Sheets, but they were not considered for the comparable group selection.

IPO Date

Another general parameter for the selection of the comparable group is the initial public offering (“IPO”) date, which must be at least four quarterly periods prior to June 30, 2018, in order to insure at least four consecutive quarters of reported data as a publicly traded institution. The resulting parameter is a required IPO of March 31, 2017, or earlier.

Geographic Location

The geographic location of an institution is a key parameter due to the impact of various economic and thrift industry conditions on the performance and trading prices of thrift institution stocks. Although geographic location and asset size are the two parameters that have been developed incrementally to fulfill the comparable group requirements, the geographic location parameter has nevertheless eliminated regions of the United States distant to the Corporation, including the Southwest and West regions.

The geographic location parameter consists of the Midwest, North Central, Southeast and Northeast regions for a total of fifteen states. To extend the geographic parameter beyond those states could result in the selection of similar thrift institutions with regard to financial conditions and operating characteristics, but with different pricing ratios due to their geographic regions. The result could then be an unrepresentative comparable group with regard to price relative to the parameters and, therefore, an inaccurate value.

Asset Size

Asset size was another key parameter used in the selection of the comparable group. The total asset size for any potential comparable group institution was $950 million or less, due to the general similarity of asset mix and operating strategies of institutions within this asset range, compared to the Corporation, with assets of approximately $483 million. Such an asset size parameter was necessary to obtain an appropriate comparable group of at least ten institutions.

In connection with asset size, we did not consider the number of offices or branches in selecting or eliminating candidates, since that characteristic is directly related to operating expenses, which are recognized as an operating performance parameter.

SUMMARY

Exhibits 34 and 35 show the 28 institutions considered as comparable group candidates after applying the general financial, geographic and merger/acquisition parameters, with the outlined institutions being those ultimately selected for the comparable group using the balance sheet, performance and asset quality parameters established in this section along with being publicly traded on one of the three major exchanges..

BALANCE SHEET PARAMETERS

Introduction

The balance sheet parameters focused on seven balance sheet ratios as determinants for selecting a comparable group, as presented in Exhibit 34. The balance sheet ratios consist of the following:

1. Cash and investments to assets

2. Mortgage-backed securities to assets

3. One- to four-family loans to assets

4. Total net loans to assets

5. Total net loans and mortgage-backed securities to assets

6. Borrowed funds to assets

7. Equity to assets

The parameters enable the identification and elimination of thrift institutions that are distinctly and functionally different from the Corporation with regard to asset mix. The balance sheet parameters also distinguish institutions with a significantly different capital position from the Corporation. The ratio of deposits to assets was not used as a parameter as it is directly related to and affected by an institution’s equity and borrowed funds ratios, which are separate parameters.

Cash and Investments to Assets

The Bank’s ratio of cash and investments to assets, excluding mortgage-backed securities, was 5.82 percent at June 30, 2018, and reflects the Corporation’s modestly lower share of investments, lower than the national and regional averages of 11.7 percent and 13.8 percent, respectively. The Bank’s investments have consisted of asset-backed securities, municipal securities, corporate bonds and interest-bearing deposits. For its recent two years ended December 31, 2016, and December 31, 2017, the Corporation’s average ratio of cash and investments to assets was a higher 8.58 percent, ranging from a high of 8.70 percent in 2017 to a low of 7.45 percent at June 30, 2018.

Cash and Investments to Assets (cont.)

The parameter range for cash and investments is has been defined as 20.0 percent or less of assets, with a midpoint of 10.0 percent.

Mortgage-Backed Securities to Assets

At June 30, 2018, the Corporation’s ratio of mortgage-backed securities to assets was 10.77 percent, modestly higher than the national average of 7.1 percent and the regional average of 7.6 percent for publicly traded thrifts.

Inasmuch as many institutions purchase mortgage-backed securities as an alternative to both lending, relative to cyclical loan demand and prevailing interest rates, and other investment vehicles, this parameter is also fairly broad at 16.0 percent or less of assets and a midpoint of 8.0 percent.

One- to Four-Family Loans to Assets

The Corporation’s lending activity is focused on the origination of residential mortgage loans secured by one- to four-family dwellings. One- to four-family loans, including construction loans and excluding home equity loans, represented 25.8 percent of the Corporation’s assets at June 30, 2018, which is higher than its ratio of 24.5 percent at December 31, 2017, and similar to its ratio of 26.0 percent at December 31, 2016. The parameter for this characteristic is 72.00 percent of assets or less in one- to four-family loans with a midpoint of 36.00 percent.

Total Net Loans to Assets

At June 30, 2018, the Corporation had a 76.50 percent ratio of total net loans to assets and a lower two fiscal year average of 71.12 percent, compared to the national average of 74.0 percent and the regional average of 70.1 percent for publicly traded thrifts. The Corporation’s ratio of total net loans to assets changed from 70.46 percent of total assets at December 31, 2016, to 71.77 percent at December 31, 2017, to 76.50 percent at June 30, 2018.

The parameter for the selection of the comparable group is from 60.0 percent to 88.0 percent with a midpoint of 74.0 percent. The lower end of the parameter range relates to the fact that, as the referenced national and regional averages indicate, many institutions hold greater volumes of investment securities and/or mortgage-backed securities as cyclical alternatives to lending, but may otherwise be similar to the Corporation.

Total Net Loans and Mortgage-Backed Securities to Assets

As discussed previously, the Corporation’s shares of mortgage-backed securities to assets and total net loans to assets were 10.77 percent and 76.50 percent, respectively, for a combined share of 87.27 percent. Recognizing the industry and regional ratios of 81.1 percent and 77.7 percent, respectively, the parameter range for the comparable group in this category is 70.0 percent to 90.0 percent, with a midpoint of 80.0 percent.

Borrowed Funds to Assets

The Corporation had borrowed funds of $27.7 million or 5.73 percent of assets at June 30, 2018, which is lower than current industry averages.

Borrowed Funds to Assets (cont.)

The use of borrowed funds by some institutions indicates an alternative to retail deposits and may provide a source of longer term funds. The federal insurance premium on deposits has also increased the attractiveness of borrowed funds. The institutional demand for borrowed funds has increased recently, due to the rise in rates paid on deposits. Additionally, many thrifts are now aggressively seeking deposits, since quality lending opportunities have increased in the current economic environment.

The parameter range of borrowed funds to assets is 22.0 percent or less with a midpoint of 11.0 percent.

Equity to Assets

The Corporation’s equity to assets ratio was 7.81 percent at June 30, 2018, 8.33 percent at December 31, 2017 and 8.29 percent at December 31, 2016, averaging 8.3 percent for the two fiscal years ended December 31, 2017. The Bank’s equity increased in 2016, increased in 2017, and then decreased in the six months ended June 30, 2018. After conversion, based on the midpoint value of $50.0 million, with a 44.0 percent minority offering, with 50.0 percent of the net proceeds of the public offering going to the Bank, its equity is projected to increase to 9.9 percent of assets, with the Corporation at 11.4 percent of assets.

Based on those equity ratios, we have defined the equity ratio parameter to be 7.0 percent to 26.0 percent with a midpoint ratio of 16.5 percent.

PERFORMANCE PARAMETERS

Introduction

Exhibit 35 presents five parameters identified as key indicators of the Corporation’s earnings performance and the basis for such performance both historically and the six months ended June 30, 2018. The primary performance indicator is the Corporation’s core return on average assets (ROAA). The second performance indicator is the Corporation’s core return on average equity (ROAE). To measure the Corporation’s ability to generate net interest income, we have used net interest margin. The supplemental source of income for the Corporation is noninterest income, and the parameter used to measure this factor is the ratio of noninterest income to average assets. The final performance indicator is the Corporation’s ratio of operating expenses or noninterest expenses to average assets, a key factor in distinguishing different types of operations, particularly institutions that are aggressive in secondary market activities, which often results in much higher operating costs and overhead ratios.

Return on Average Assets

The key performance parameter is core ROAA. For the twelve months ended June 30, 2018, the Corporation’s core ROAA was 0.09 percent based on a core income of $438,000, as detailed in Item I of this Report. The net ROAA for the year ended December 31, 2017, was 0.36 percent. The Corporation’s ROAAs in its most recent three fiscal years ended December 31, 2017, were 0.18 percent, 0.29 percent, and 0.36 percent, respectively, with a three fiscal year average ROAA of 0.28 percent.

Considering the historical and current earnings performance of the Corporation, the range for the ROAA parameter based on core income has been defined as 1.00 percent or less with a midpoint of 0.50 percent.

Return on Average Equity

The ROAE has been used as a secondary parameter to eliminate any institutions with an unusually high or low ROAE that is inconsistent with the Corporation’s position. This parameter does not provide as much meaning for a newly converted thrift institution as it does for established stock institutions, due to the unseasoned nature of the capital structure of the newly converted thrift and the inability to accurately reflect a mature ROAE for the newly converted thrift relative to other stock institutions.

The Corporation’s core ROAE for the twelve months ended June 30, 2018, was 1.08 percent based on its core income and 4.03 percent in the fiscal year ended December 31, 2017.

The parameter range for ROAE for the comparable group, based on core income, is 8.00 percent or less with a midpoint of 4.00 percent.

Net Interest Margin

The Corporation had a net interest margin of 3.13 percent for the twelve months ended June 30, 2018, representing net interest income as a percentage of average interest-earning assets. The Corporation’s net interest margin levels in its three fiscal years of 2015 through 2017 were 2.94 percent, 2.81 percent, and 2.80 percent, respectively, averaging 2.85 percent.

The parameter range for the selection of the comparable group is from a low of 2.70 percent to a high of 4.20 percent with a midpoint of 3.45 percent.

Operating Expenses to Assets

For the twelve months ended June 30, 2018, the Corporation had a 3.77 percent ratio of operating expense to average assets. In its three fiscal years ended December 31, 2017, the Corporation’s expense ratio averaged 3.36 percent, from a low of 3.31 percent in fiscal year 2016 to a high of 3.42 percent in fiscal year 2015.

The operating expense to assets parameter for the selection of the comparable group is from a low of 1.50 percent to a high of 4.50 percent with a midpoint of 3.00 percent.

Noninterest Income to Assets

Compared to publicly traded thrifts, the Corporation has experienced a lower level of noninterest income as a source of additional income. The Corporation’s ratio of noninterest income to average assets was 0.62 percent for the twelve months ended June 30, 2018. For its three years ended December 31, 2015 through 2017 the Corporation’s ratio of noninterest income to average assets was 0.71 percent, 0.96 percent and 0.38 percent, respectively, for an average of 0.68 percent.

The range for this parameter for the selection of the comparable group is 1.50 percent of average assets or less, with a midpoint of 0.75 percent.

ASSET QUALITY PARAMETERS

Introduction

The final set of financial parameters used in the selection of the comparable group are asset quality parameters, also shown in Exhibit 35. The purpose of these parameters is to insure that any thrift institution in the comparable group has an asset quality position similar to that of the Corporation. The three defined asset quality parameters are the ratios of nonperforming assets to total assets, repossessed assets to total assets and loan loss reserves to total assets at the end of the most recent period.

Nonperforming Assets to Total Assets

The Corporation’s ratio of nonperforming assets to assets was 0.38 percent at June 30, 2018, which was lower than the national average of 0.65 percent for publicly traded thrifts and the average of 0.67 percent for Midwest thrifts. The Corporation’s ratio of nonperforming assets to total assets averaged 0.72 for its most recent three fiscal years ended December 31, 2017, from a high of 1.10 percent in 2015, to a low of 0.40 percent 2017.

The comparable group parameter for nonperforming assets is 2.25 percent or less of total assets, with a midpoint of 1.13 percent.

Repossessed Assets to Assets

The Corporation had no repossessed assets at June 30, 2018, representing a ratio to total assets of zero percent, following ratios of repossessed assets to total assets of zero percent at December 31, 2017, and December 31, 2016, respectively. National and regional averages were 0.12 percent and 0.13 percent, respectively, for publicly traded thrift institutions.

Repossessed Assets to Assets (cont.)

The range for the repossessed assets to total assets parameter is 0.12 percent of assets or less with a midpoint of 0.06 percent.

Loans Loss Reserves to Assets

The Corporation had an allowance for loan losses of $3,092,000, representing a loan loss allowance to total assets ratio of 0.64 percent at June 30, 2018, which was similar to its 0.66 percent ratio at December 31, 2017, and lower than its 0.67 percent ratio at December 31, 2016.

The loan loss allowance to assets parameter range used for the selection of the comparable group required a minimum ratio of 0.40 percent of assets.

THE COMPARABLE GROUP

With the application of the parameters previously identified and applied, the final comparable group represents ten institutions identified in Exhibits 35, 36 and 37. The comparable group institutions range in size from $132.2 million to $944.3 million with an average asset size of $521.0 million and have an average of 6.0 offices per institution. Two of the comparable group institutions are in Maryland, two are in New York, and one each in Illinois, Nebraska, Pennsylvania, Ohio, Minnesota and Ohio, and all ten were traded on NASDAQ.

The comparable group institutions as a unit have a ratio of equity to assets of 13.84 percent, which is 9.8 percent higher than all publicly traded thrift institutions in the United States; and for the most recent four quarters indicated a core return on average assets of 0.54 percent, lower than all publicly traded thrifts at 0.87 percent and publicly traded Wisconsin thrifts at 1.07 percent.

IV.

ANALYSIS OF FINANCIAL PERFORMANCE

This section reviews and compares the financial performance of the Corporation to all publicly traded thrifts, to publicly traded thrifts in the Midwest region and to Wisconsin thrifts, as well as to the ten institutions constituting the Corporation’s comparable group, as selected and described in the previous section. The comparative analysis focuses on financial condition, earning performance and pertinent ratios as presented in Exhibits 38 through 43.

As presented in Exhibits 39 and 40, at June 30, 2018, the Corporation’s total equity of 7.81 percent of assets was lower than the comparable group at 13.84 percent, all thrifts at 12.60 percent, Midwest thrifts at 12.58 percent and Wisconsin thrifts at 15.26 percent. The Corporation had a 76.50 percent share of net loans in its asset mix, lower than the comparable group at 77.85 percent, but higher than all thrifts at 74.00 percent, Wisconsin thrifts at 75.58 percent and higher than Midwest thrifts at 70.13 percent. The Corporation’s lower share of net loans and lower 5.82 percent share of cash and investments is primarily the result of its higher 10.77 percent share of mortgage-backed securities. The comparable group had a higher 9.89 percent share of cash and investments and a lower 5.48 percent share of mortgage-backed securities. All thrifts had 7.13 percent of assets in mortgage-backed securities and 11.66 percent in cash and investments. The Corporation’s 83.83 percent share of deposits was higher than the comparable group, all thrifts and Midwest thrifts and higher than Wisconsin thrifts, reflecting the Corporation’s lower share of borrowed funds of 5.73 percent and lower share of equity of 7.81 percent. As ratios to assets, the comparable group had deposits of 78.69 percent and borrowings of 7.87 percent. All thrifts averaged a 77.83 percent share of deposits and 9.27 percent of borrowed funds, while Midwest thrifts had a 79.03 percent share of deposits and an 8.05 percent share of borrowed funds. Wisconsin thrifts averaged a 74.37 percent share of deposits and a higher 10.67 percent share of borrowed funds. The Corporation had no goodwill, compared to 0.55 percent for the comparable group, 0.60 percent for all thrifts, 0.28 percent for Midwest thrifts and 0.02 percent for Wisconsin thrifts.

Analysis of Financial Performance (cont.)

Operating performance indicators are summarized in Exhibits 41, 42 and 43 and provide a synopsis of key sources of income and key expense items for the Corporation in comparison to the comparable group, all thrifts, and regional thrifts for the trailing four quarters.

As shown in Exhibit 43, for the twelve months ended June 30, 2018, the Corporation had a yield on average interest-earning assets lower than the comparable group and similar to all thrifts, higher than Midwest thrifts and lower than Wisconsin thrifts. The Corporation’s yield on interest-earning assets was 4.09 percent compared to the comparable group at 4.12 percent, all thrifts at 4.07 percent, Midwest thrifts at 3.75 percent and Wisconsin thrifts at 4.03 percent.

The Corporation’s cost of funds for the twelve months ended June 30, 2018, was higher than the comparable group, Midwest thrifts and all thrifts and lower than Wisconsin thrifts. The Corporation had an average cost of interest-bearing liabilities of 0.96 percent compared to 0.88 percent for the comparable group, 0.86 percent for all thrifts, 0.81 percent for Midwest thrifts and 0.90 percent for Wisconsin thrifts. The Corporation’s yield on interest-earning assets and interest cost resulted in a net interest spread of 3.13 percent, which was lower than the comparable group at 3.24 percent, lower than all thrifts at 3.22 percent, higher than Midwest thrifts at 2.98 percent and lower than Wisconsin thrifts at 3.41 percent. The Corporation generated a net interest margin of 3.13 percent for the twelve months ended June 30, 2018, based on its ratio of net interest income to average interest-earning assets, which was lower than the comparable group ratio of 3.39 percent. All thrifts averaged a higher 3.37 percent net interest margin for the trailing four quarters, with Midwest thrifts at 3.09 percent and Wisconsin thrifts at a higher 3.30 percent.

The Corporation’s major source of earnings is interest income, as indicated by the operations ratios presented in Exhibit 42. The Corporation had no provision for loan losses during the twelve months ended June 30, 2018, representing zero percent of average assets. The average provision for loan losses for the comparable group was 0.14 percent, with all thrifts at 0.08 percent, Midwest thrifts at 0.06 percent and Wisconsin thrifts at (0.12) percent.

Analysis of Financial Performance (cont.)

The Corporation’s total noninterest income was $2,921,000 or 0.62 percent of average assets for the twelve months ended June 30, 2018. Such a ratio of noninterest income to average assets was lower than the comparable group at 0.83 percent, and lower than all thrifts at 0.84 percent, Midwest thrifts at 0.87 percent and Wisconsin thrifts at 0.57 percent. For the twelve months ended June 30, 2018, the Corporation’s operating expense ratio was 3.77 percent of average assets, higher than the comparable group at 3.11 percent, all thrifts at 2.81 percent, Midwest thrifts at 3.10 percent, and Wisconsin thrifts at 3.66 percent.

The overall impact of the Corporation’s income and expense ratios is reflected in its net income and return on assets. For the twelve months ended June 30, 2018, the Corporation had a net ROAA of (0.79) percent and core ROAA of 0.09 percent. For its most recent four quarters, the comparable group had a higher net ROAA of 0.42 percent and a core ROAA of 0.51 percent. All publicly traded thrifts averaged a higher net ROAA of 0.84 percent and 0.87 percent core ROAA, with Midwest thrifts a 0.78 percent net ROAA and a 1.03 percent core ROAA. The twelve month net ROAA for the 4 Wisconsin thrifts was 0.96 percent and their core ROAA was 1.07 percent.

V.	MARKET VALUE ADJUSTMENTS

This is a conclusive section where adjustments are made to determine the pro forma market value or appraised value of the Corporation based on a comparison of PyraMax with the comparable group. These adjustments will take into consideration such key items as earnings performance, primary market area, financial condition, asset and deposit growth, dividend payments, subscription interest, liquidity of the stock to be issued, management, and market conditions or marketing of the issue. It must be noted that all of the institutions in the comparable group have their differences among themselves and relative to the Bank, and, as a result, such adjustments become necessary.

EARNINGS PERFORMANCE

In analyzing earnings performance, consideration was given to net interest income, the amount and volatility of interest income and interest expense relative to changes in market area conditions and to changes in overall interest rates, the quality of assets as it relates to the presence of problem assets which may result in adjustments to earnings due to provisions for loan losses, the balance of current and historical nonperforming assets and real estate owned, the balance of valuation allowances to support any problem assets or nonperforming assets, the amount and volatility of noninterest income, and the amount and ratio of noninterest expenses. The earnings performance analysis was based on the Bank’s respective net and core earnings for the twelve months ended June 30, 2018, with comparisons to the core earnings of the comparable group, all thrifts and other geographical subdivisions.

As discussed earlier, the Bank has experienced increases in its assets and loans in three of the past four fiscal years and increases in the six months ended June 30, 2018, with deposits indicating growth in all periods. The Bank has experienced lower earnings in four of the past five years with a loss in the year ended December 31, 2014, and is focused on reducing operating expenses, monitoring and controlling its balance of nonperforming assets; monitoring and

Earnings Performance (cont.)

strengthening its ratio of interest sensitive assets relative to interest sensitive liabilities, thereby maintaining its overall interest rate risk; and strengthening its net interest margin. Historically, the Bank has been characterized with a slightly higher yield on earning assets but a higher cost of funds, resulting in a lower net interest margin, which has been modestly below industry averages, and lower than its comparable group, with the trend experiencing a minimal decrease over the past two years and its 3.13 percent net interest margin for the twelve months ended June 30, 2018, was lower than the industry average of 3.37 percent and lower than the comparable group average of 3.46 percent. During its past two years ended December 31, 2017, PyraMax’s ratio of interest expense to interest-bearing liabilities has increased noticeably from 0.79 percent in 2016 to 0.91 percent in 2017, and then to 0.96 percent in the twelve months ended June 30, 2018 The Bank’s ratio was higher than the average of 0.86 percent for the comparable group and higher than the average of 0.86 percent for all thrifts. Following the conversion, the Bank will strive to control its operating expenses, strive to increase its net interest margin, increase its noninterest income, gradually increase its net income, increase its return on assets, continue to control its balance of nonperforming and classified assets, and closely monitor its interest rate risk.

From December 31, 2013, to December 31, 2017, five of the seven categories of loans experienced increases in their balances, with commercial real estate and multi-family loans increasing the most in dollars. Commercial real estate and multi-family loans increased by $81.2 million or 80.0 percent, from December 31, 2013, to December 31, 2017. Other commercial business loans increased by $16.9 million or 108.4 percent from December 31, 2013, to December 31, 2017, one- to four-family loans increased $7.6 million or 7.6 percent, construction loans increased $2.4 million or 26.5 percent and consumer loans increased $93,000 or 4.5 percent. All other loan categories experienced decreases in their balances. Overall, the Bank’s lending activities resulted in a total loan increase of $56.4 million or 20.3 percent and a net loan increase of $57.2 million or 20.9 percent from December 31, 2013, to December 31, 2017. In the six months ended June 30, 2018, loans increased $36.9 million or 11.0 percent.

Earnings Performance (cont.)

The impact of PyraMax’s primary lending efforts has been to generate a yield on average interest-earning assets of 4.09 percent for the twelve months ended June 30, 2018, compared to a higher 4.12 percent for the comparable group, 4.07 percent for all thrifts and a similar 4.03 percent for Wisconsin thrifts. The Bank’s ratio of interest income to average assets was 3.35 percent for the twelve months ended June 30, 2018, lower than the comparable group at 3.81 percent, all thrifts at 3.74 percent and lower than Wisconsin thrifts at 4.01 percent.

PyraMax’s 0.96 percent cost of interest-bearing liabilities for the twelve months ended June 30, 2018, was modestly higher than the comparable group at 0.88 percent, higher than all thrifts at 0.86 percent, higher than Midwest thrifts at 0.81 percent and higher than Wisconsin thrifts at 0.90 percent. The Bank’s resulting net interest spread of 3.13 percent for the twelve months ended June 30, 2018, was lower than the comparable group at 3.24 percent, lower than all thrifts at 3.22 percent, higher than Midwest thrifts at 2.98 percent and lower than Wisconsin thrifts at 3.41 percent. The Bank’s net interest margin of 3.13 percent, based on average interest-earning assets for the twelve months ended June 30, 2018, was lower than the comparable group at 3.39 percent, lower than all thrifts at 3.37 percent, higher than Midwest thrifts at 3.09 percent and lower than Wisconsin thrifts at 3.30 percent.

The Bank’s ratio of noninterest income to average assets was 0.62 percent for the twelve months ended June 30, 2018, which was moderately lower than the comparable group at 0.83 percent, lower than all thrifts at 0.84 percent, Midwest thrifts at 0.87 percent and higher than Wisconsin thrifts at 0.57 percent.

The Bank’s operating expenses were higher than the comparable group, all thrifts, Midwest thrifts, and Wisconsin thrifts. For the twelve months ended June 30, 2018, PyraMax had an operating expenses to assets ratio of 3.77 percent compared to 3.11 percent for the comparable group, 2.81 percent for all thrifts, 3.10 percent for Midwest thrifts and 3.66 percent for Wisconsin thrifts. PyraMax had a higher 109.5 percent efficiency ratio for the twelve months ended June 30, 2018, compared to the comparable group with an efficiency ratio of 74.1 percent. The efficiency ratio for all publicly traded thrifts was 60.7 percent for the most recent twelve months.

Earnings Performance (cont.)

For the twelve months ended June 30, 2018, PyraMax generated a lower ratio of noninterest income, a higher ratio of noninterest expenses and a modestly lower net interest margin relative to its comparable group. The Bank had a zero percent provision for loan losses during the twelve months ended June 30, 2018, compared to the comparable group at 0.14 percent of assets, all thrifts at 0.08 percent and Midwest thrifts at 0.06 percent. The Bank’s allowance for loan losses to total loans of 0.83 percent was lower than the comparable group and lower than all thrifts. The Bank’s 167.59 percent ratio of reserves to nonperforming assets was higher than the comparable group at 107.08 percent, higher than all thrifts at 124.74 percent and higher than Midwest thrifts at 119.42 percent.

As a result of its operations, the Bank’s net and core income for the twelve months ended June 30, 2018, were lower than the comparable group. Based on a modest loss, the Bank had a return on average assets of (0.79) percent for the twelve months ended June 30, 2018, and a return on average assets of 0.36 percent and 0.29 percent in 2017 and 2016, respectively. The Bank’s core return on average assets was a higher 0.09 percent for the twelve months ended June 30, 2018, as detailed in Exhibit 7. For their most recent four quarters, the comparable group had a moderately higher net ROAA of 0.42 percent and a higher core ROAA of 0.51 percent, while all thrifts indicated a higher net ROAA and higher core ROAA of 0.84 percent and 0.87 percent, respectively. Midwest thrifts indicated a net ROAA of 0.78 percent and a core ROAA of 1.03 percent.

Following its conversion, PyraMax’s earnings will continue to be dependent on a combination of the overall trends in interest rates, the consistency, reliability and variation of its noninterest income, overhead expenses and its asset quality and its future needs for provisions for loan losses. Earnings are projected to represent a lower 0.13 percent ROAA in fiscal 2019 followed by earnings based on an ROAA of 0.27 percent in 2020 and 0.32 percent in 2021.

Earnings Performance (cont.)

In recognition of the foregoing earnings related factors, considering PyraMax’s historical and current performance measures, as well as Business Plan projections, a moderate downward adjustment has been made to the Corporation’s pro forma market value for earnings performance.

MARKET AREA

PyraMax’s market area is focused on Milwaukee, Ozaukee and Waukesha Counties, Wisconsin. Population increased minimally in Milwaukee County from 2000 to 2010, and the number of households also increased minimally. Ozaukee County’s increase in population and households was higher than that of Milwaukee County but lower than that of Waukesha County from 2000 to 2010. The per capita and median household income levels in Milwaukee County were below those of Waukesha County. The 2010 per capita income and median household income levels in Ozaukee and Waukesha Counties were above state and national levels. Milwaukee County’s unemployment rates have been above national rates. Ozaukee and Waukesha Counties’ unemployment rates have been lower than state and national rates. According to the 2010 Census, Milwaukee County’s median housing value was below both the state and the national median housing value, but median housing values in Waukesha County and Ozaukee County were above the state and national median levels.

The Bank holds deposits of approximately 6.5 percent of all thrift deposits in the three-county market area as of June 30, 2017, representing a minimal 0.4 percent share of the total deposit base of approximately $68.4 billion.

In recognition of the foregoing factors, we believe that a downward adjustment is warranted for the Bank’s market area.

FINANCIAL CONDITION

The financial condition of PyraMax is discussed in Section I and shown in Exhibits 1, 2, 5, and 12 through 21, and is compared to the comparable group in Exhibits 38, 39, and 40. The Bank’s ratio of total equity to total assets was 7.81 percent at June 30, 2018, which was moderately lower than the comparable group at 13.88 percent, all thrifts at 12.60 percent and Midwest thrifts at 12.58 percent. Based on the minority offering completed at the midpoint of the valuation range, the Corporation’s pro forma equity to assets ratio will increase to 11.39 percent and the Bank’s pro forma equity to assets ratio will increase to 9.93 percent.

The Bank’s mix of assets and liabilities indicates both similarities to and variations from its comparable group. PyraMax had a slightly lower 76.5 percent ratio of net loans to total assets at June 30, 2018, compared to the comparable group at 77.9 percent. All thrifts indicated a lower 74.0 percent, with Midwest thrifts at a lower 70.1 percent. The Bank’s 5.82 percent share of cash and investments was lower than the comparable group at 9.89 percent, while all thrifts were at 11.66 percent and Midwest thrifts were at 13.78 percent. PyraMax’s 10.77 percent ratio of mortgage-backed securities to total assets was higher than the comparable group at 5.48 percent and higher than all thrifts at 7.13 percent and higher than Midwest thrifts at 7.61 percent.

The Bank’s 83.83 percent ratio of deposits to total assets was higher than the comparable group at 78.69 percent, higher than all thrifts at 77.83 percent and higher than Midwest thrifts at 79.03 percent. PyraMax’s higher ratio of deposits was due to its lower share of equity. PyraMax had a lower equity to asset ratio of 7.81 percent, compared to the comparable group at 13.84 percent of total assets, with all thrifts at 12.60 percent and Midwest thrifts at 12.58 percent. PyraMax had a lower share of borrowed funds to assets of 5.73 percent at June 30, 2018, lower than the comparable group at 7.87 percent and lower than all thrifts at 9.27 percent and Midwest thrifts at 8.05 percent.

Financial Condition (cont.)

PyraMax had no goodwill and had a lower share of repossessed real estate at June 30, 2018. The Bank had no repossessed real estate at June 30, 2018. This compares to ratios of 0.55 percent for goodwill and intangible assets and 0.04 percent for real estate owned, for the comparable group. All thrifts had a goodwill and intangible assets ratio of 0.60 percent and a real estate owned ratio of 0.12 percent.

The financial condition of PyraMax has not been significantly impacted by its balance of nonperforming assets of $1,845,000 or a lower 0.38 percent of total assets at June 30, 2018, compared to a higher 1.05 percent for the comparable group, 0.65 percent for all thrifts, 0.67 percent for Midwest thrifts and 0.27 percent for Wisconsin thrifts. The Bank’s ratio of nonperforming assets to total assets was a higher 0.89 percent at December 31, 2016, and a higher 1.10 percent at December 31, 2017.

At June 30, 2018, PyraMax had $3,092,000 of allowances for loan losses, which represented 0.64 percent of assets and 0.83 percent of total loans. The comparable group indicated higher allowance ratios, relative to assets and relative to loans, equal to 0.93 percent of assets and a higher 1.15 percent of total loans, while all thrifts had allowances relative to assets and loans that averaged a higher 0.77 percent of assets and a higher 1.01 percent of total loans. Also of major importance is an institution’s ratio of allowances for loan losses to nonperforming assets, since a portion of nonperforming assets might eventually be charged off. PyraMax’s $3,092,000 of allowances for loan losses represented a higher 167.59 percent of nonperforming assets at June 30, 2018, compared to the comparable group’s 107.08 percent, with all thrifts at 124.74 percent, Midwest thrifts at a lower 119.42 percent and Wisconsin thrifts at a lower 138.83 percent. PyraMax’s ratio of net charge-offs to average total loans was zero percent for the twelve months ended June 30, 2018, compared to a higher 0.39 percent for the comparable group, 0.16 percent for all thrifts and 0.21 percent for Midwest thrifts.

Financial Condition (cont.)

PyraMax has a modest level of interest rate risk. The change in the Bank’s EVE level at June 30, 2018, reflecting the most current information available, based on a rise in interest rates of 100 basis points was an 8.2 percent decrease, representing a dollar decrease in equity value of $4,354,000. The Bank’s exposure increases to a 16.7 percent decrease in its EVE level under a 200 basis point rise in rates, representing a dollar decrease in equity of $8,885,000.

Compared to the comparable group, with particular attention to the Bank’s lower level of total equity and lower share of risk-based capital, level and share of nonperforming assets and asset and liability mix and lower share of allowance for loan loss to loans but higher share to nonperforming assets, we believe that a downward adjustment is warranted for PyraMax’s current financial condition, due to the Bank’s lower share of total equity and risk-based capital, lower share of allowance to loans, higher share of allowance for loan losses to nonperforming assets, higher share of nonperforming assets, historically, and recently lower share currently.

ASSET, LOAN AND DEPOSIT GROWTH

During its most recent two fiscal years, PyraMax has been characterized by a modest changes in assets, loans and deposits. The Bank’s average annual asset change from December 31, 2015, to December 31, 2017, was a 4.1 percent increase. This rate compares to a 3.9 percent increase for the comparable group, a lower 3.7 percent for all thrifts, and a lower 3.4 percent for Midwest thrifts. The Bank’s modest change in assets is less than its increase in total net loans during the period of an average annual 4.6 percent with an average annual increase in cash and investments of 2.8 percent. PyraMax’s deposits indicate an average annual increase of 3.5 percent from December 31, 2015, to December 31, 2017, compared to average growth rates of 3.4 percent for the comparable group, 2.5 percent for all thrifts and 2.7 percent for Midwest thrifts.

PyraMax’s deposits indicated an increase of 8.1 percent from December 31, 2016 to 2017. Annual deposit change was growth rates of 3.8 percent for the comparable group, 3.2 percent for all thrifts and 2.9 percent for Midwest thrifts. The Bank had $27.8 million in borrowed funds or 5.7 percent of assets at June 30, 2018, compared to the comparable group at 7.2 percent and had a higher $34.7 million in borrowed funds at December 31, 2017, or 7.4 percent of assets.

In spite of its minimal deposit increase, historically, the Bank grew moderately in 2017, and considering the demographics, competition and deposit base trends in its market area, the Bank’s ability to increase its asset, loan and deposit bases in the future is significantly dependent on its capital position combined with its ability to increase its market share by competitively pricing its loan and deposit products, maintaining a high quality of service to its customers and strengthening its loan origination activity, all impacted by the Bank’s performance by the senior management team. PyraMax’s primary market area county experienced minimal increases in population and households in Milwaukee County between 2000 and 2010, while the surrounding market area counties experienced a higher increase. The Bank’s primary market area county also indicated 2010 per capita income lower than Wisconsin’s and that of the United States, and the median household income level in Milwaukee County was also below the state and the national levels. In 2010, the median housing value in Milwaukee County was lower than that of Wisconsin and also above that of the United States, and the median rent level was also below both state and national levels.

Asset, Loan and Deposit Growth (cont.)

The total deposit base in the three market area counties increased by 9.5 percent from June 30, 2016, to June 30, 2017; and during that period, the number of financial institution offices in the market area counties decreased by three offices. From June 30, 2016, to June 30, 2017, PyraMax’s deposit market share in Waukesha County was 0.6 percent in 2016 and 0.6 percent in 2017.

Based on the foregoing factors, we have concluded that no adjustment to the Corporation’s pro forma value is warranted for asset, loan and deposit growth.

DIVIDEND PAYMENTS

Due to the mid-tier holding company structure of the Corporation, the Corporation will not have the normal structure to pay dividends directly to shareholders, unlike a standard conversion. The payment of cash dividends will not occur in the future based on the current presence of an MHC. Four of the ten institutions in the comparable group paid cash dividends during the most recent year for an average dividend yield of 0.84 percent and an average payout ratio of 18.75 percent. During that twelve month period, the average dividend yield for all thrifts was a higher 1.38 percent with a payout ratio of 21.78 percent.

In our opinion, a minimal downward adjustment to the pro forma market value of the Corporation is warranted related to dividend payments.

SUBSCRIPTION INTEREST

In 2017 and year-to-date 2018, investors’ interest in new issues has improved. Such interest is possibly related to the improved performance of financial institutions overall, which could be challenged in the future due to the compression of net interest margin. The selective and conservative reaction of IPO investors appears generally to be related to a number of analytical, economic and market-related factors, including the financial performance and condition of the converting thrift institution, the strength of the local economy, housing market conditions, general market conditions for financial institution stocks and stocks overall, aftermarket price trends and the expectation of increased merger/acquisition activity in the thrift industry and their higher pricing multiples.

PyraMax will direct its offering initially to depositors and residents in its market area. The board of directors and officers anticipate purchasing $460,000 or 1.9 percent of the stock offered to the public based on the appraised midpoint valuation and the 44.0 percent minority offering with 1.0 percent issued to the Foundation. The Bank will form an ESOP, which plans to purchase 3.92 percent of the total shares issued in the conversion.

The Bank has secured the services of Keefe Bruyette & Woods, Inc., Chicago, Illinois, to assist in the marketing and sale of the conversion stock.

Based on the size of the offering, recent banking conditions, current market conditions, historical local market interest, the terms of the offering, and recent subscription levels for conversions, we believe that no adjustment is warranted for the Bank’s anticipated subscription interest.

LIQUIDITY/MARKETABILITY OF THE STOCK

The Corporation will offer its shares through a subscription and community offering with the assistance of Keefe Bruyette & Woods, Inc., A Stifel Company. The stock of the Corporation will be traded on the NASDAQ Capital Market.

The Bank’s total public offering is considerably smaller in size than the average market value of the comparable group. The comparable group has an average market value of $72.7 million for the stock outstanding compared to a midpoint public offering of $24.2 million for the Corporation, less the ESOP and the estimated 46,000 shares to be purchased by officers and directors, resulting in shares sold of just 2,374,000 or $23.7 million. The Corporation’s public market capitalization will be approximately 42.7 percent of the size of the public market capitalization of the comparable group. Of the ten institutions in the comparable group, all trade on Nasdaq with those ten institutions indicating an average daily trading volume of over 6,210 shares during the last four quarters.

The comparable group has an average of 4,803,580 shares outstanding compared to 2,420,000 shares outstanding for the Corporation based on the midpoint valuation, the minority offering structure, and the Foundation shares.

In addition, as a minority offering of an MHC, such structure reduces the marketability of the stock. As a group, MHCs indicate a lower ROAA and a lower ROAE compared to all publicly traded thrifts and a much lower median number of shares outstanding, recognizing the presence of two much larger publicly traded MHCs which inflates the average number of shares outstanding for MHCs. The average trading volume for MHCs is also lower as a group. Due to their control by the MHC, the positive influence of merger and acquisition activity in the overall market of publicly traded thrifts has not been paralleled for publicly traded MHCs.

Based on the higher average market capitalization, shares outstanding and daily trading volume relative to the Corporation, we have concluded that a downward adjustment to the Corporation’s pro forma market value is warranted relative to the liquidity of its stock.

MANAGEMENT

Management (cont.)

to working at PyraMax Bank, he was a first vice president of credit administration at Ozaukee Bank where he also managed client relationships for over 20 years. In 2007, Ozaukee Bank was acquired by BMO Harris Bank. Mr. Mauer remained with BMO Harris Bank for three more years, serving as senior vice president-concurrence officer.

During its most recent fiscal year, PyraMax has experienced a slight decrease in its net interest margin in contrast to the industry, experienced a decrease in its noninterest income and had a slight increase in its noninterest expenses to assets. The Bank experienced modest earnings in 2017 due to a tax credit and then modest losses in the first two quarters of 2018. The Bank’s asset quality position experienced significant change from December 31, 2013, to December 31, 2017, with nonperforming assets decreasing from 3.26 percent in 2013 to 0.89 percent in 2017 and then decreasing to 0.38 percent at June 30, 2018. The Bank’s management team is confident that the Bank is positioned for continued loan growth and a return to modest profitability following its conversion and minority offering.

Overall, we believe the Bank to be professionally and knowledgeably managed, as are the comparable group institutions. It is our opinion that no adjustment to the pro forma market value of the Corporation is warranted for management.

MARKETING OF THE ISSUE

The necessity to build a new issue discount into the stock price of a new conversion continues to be a closely examined issue in recognition of uncertainty among investors as a result of the thrift industry’s continued high level of competition, dependence on interest rate trends, volatility in the stock market, speculation on future changes, current proposed regulation related to the capital requirements of financial institutions and their restrictions on generating selected income.

We believe that a new issue discount applied to the price to book valuation approach is appropriate and necessary in this offering, recognizing the Bank’s weak and volatile earnings. In our opinion, such dependence on earnings and its volatility cause us to conclude that a modest new issue discount is warranted in the case of this offering. Consequently, at this time we have made a modest downward adjustment to the Corporation’s pro forma market value related to a new issue discount.

VI.

VALUATION METHODS

Introduction

As indicated in Section III of this Appraisal, in order to moderate the differences among the ten comparable group companies, we will derive their pricing ratios on a fully converted basis by applying pro forma second stage conversion assumptions to their current financial structure. Our application to the Corporation of the market value adjustments relative to the comparable group determined in Section IV will be the basis for the pro forma market value of the Corporation on a fully converted basis, pursuant to regulatory guidelines.

Valuation Methods

Historically, the method most frequently used by this firm to determine the pro forma market value of common stock for thrift institutions has been the price to book value ratio method, due to the volatility of earnings in the thrift industry. As earnings in the thrift industry have stabilized and improved in 2016 and 2017, additional attention has been given to the price to core earnings method, particularly considering increases in stock prices during those years. During the past few years, however, as fluctuating earnings have continued and recently rising interest rates have had varying effects on the earnings of individual institutions, depending on the nature of their operations, the price to book value method has continued to be the valuation focus and more meaningful to the objective of discerning commonality and comparability among institutions. In our opinion, the price to book value method is the appropriate method upon which to place primary emphasis in determining the pro forma market value of the Corporation. Additional analytical and correlative attention will be given to the price to core earnings method and the price to assets method.

Valuation Methods (cont.)

In applying each of the valuation methods, consideration was given to the adjustments to the Corporation’s pro forma market value discussed in Section V. Downward adjustments were made for the Bank’s earnings, financial condition, market area, dividends, stock liquidity, and for the marketing of the issue. No adjustments were made for subscription interest, management, and balance sheet growth.

Valuation Range

In addition to the pro forma market value, we have defined a valuation range recognizing the 44.0 percent public offering, 1.0 percent share allocation to the Foundation, and the 55.0 percent interest in the Corporation to be retained by 1895 Bancorp of Wisconsin, MHC, the parent of the Corporation. The pro forma market value or appraised value will also be referred to as the “midpoint value,” with the remaining points in the valuation range based on the number of shares offered to the public. The number of public shares at the minimum will be 15 percent less than at the midpoint; increasing at the maximum to 15 percent over the midpoint; and further increasing at the maximum, as adjusted, commonly referred to as the supermaximum, to 15 percent over the maximum.

Price to Book Value Method

In the valuation of thrift institutions, the price to book value method focuses on an institution’s financial condition. Exhibit 44 shows the average and median price to book value ratios for the comparable group, which were 108.65 percent and 110.18 percent, respectively. The comparable group indicated a moderate range, from a low of 94.93 percent to a high of 131.47 percent. The comparable group had modestly higher average and median price to tangible book value ratios of 116.40 percent and 114.70 percent, respectively, with a range of 95.89 percent to 138.55 percent. Excluding the low and the high in the group, the comparable group’s price to book value range narrowed moderately from a low of 95.89 percent to a high of 114.57; and the comparable group’s price to tangible book value range narrowed modestly from a low of 106.96 percent to a high of 127.33 percent.

Price to Book Value Method (cont.)

The Corporation’s book value was $37,691,000 and its tangible book value was an identical $37,691,000 at June 30, 2018. Considering the foregoing factors in conjunction with the adjustments made in Section V, we have determined a fully converted pro forma price to book value ratio of 65.42 percent and a corresponding fully converted price to tangible book value ratio of 65.42 percent at the midpoint. The fully converted price to book value ratio increases from 60.81 percent at the minimum to 73.07 percent at the maximum, as adjusted, while the fully converted price to tangible book value ratio increases from 60.81 percent at the minimum to 73.07 percent at the maximum, as adjusted.

The Corporation’s fully converted pro forma price to book value ratio of 65.42 percent at the midpoint, as calculated using the prescribed formulary computation indicated in Exhibit 45, is influenced by the Bank’s capitalization and local markets, subscription interest in thrift stocks and overall market and economic conditions. Further, the Corporation’s ratio of equity to assets after the completion of the minority public offering at the midpoint of the valuation range will be approximately 15.91 percent compared to 13.84 percent for the comparable group.

Price to Core Earnings Method

The foundation of the price to core earnings method is the determination of the core earnings base to be used, followed by the calculation of an appropriate price to core earnings multiple. The Corporation’s after tax core earnings for the twelve months ended June 30, 2018, was $438,000 (reference Exhibit 7) and its net earnings was a loss of $3,691,000 for that period. To opine the pro forma market value of the Corporation using the price to core earnings method, we applied the core earnings base of $438,000.

Price to Core Earnings Method (cont.)

In determining the fully converted price to core earnings multiple, we reviewed the ranges of the price to core earnings and price to net earnings multiples for the comparable group and all publicly-traded thrifts. As indicated in Exhibit 44, the average price to core earnings multiple for the comparable group was 37.49, while the median was a lower 29.15. The average price to net earnings multiple was 37.56, and the median multiple was 31.53. The range of the price to core earnings multiple for the comparable group was from a low of 15.83 to a high of 92.58. The range in the price to core earnings multiple for the comparable group, excluding the high and low ranges, was from a low multiple of 17.03 to a high of 65.40 times earnings for eight of the ten institutions in the group, indicating a moderate narrowing of the range.

Consideration was given to the adjustments to the Corporation’s pro forma market value discussed in Section V combined with the Corporation’s negative actual earnings and minimal core earnings for the twelve months ended June 30, 2018. Due to the Bank’s minimal core resulting in an extremely high price to core earnings multiple exceeding 100, these ratios were deemed not meaningful. In recognition of these factors, the price to core earnings could not be used as a meaningful approach.

Price to Assets Method

The final valuation method is the price to assets method. This method is not frequently used, since the calculation incorporates neither an institution’s equity position nor its earnings performance. Additionally, the prescribed formulary computation of value using the pro forma price to net assets method does not recognize the runoff of deposits concurrently allocated to the purchase of conversion stock or incorporate any adjustment for intangible assets, returning a pro forma price to assets ratio below its true ratio following conversion.

Price to Assets Method (cont.)

Exhibit 44 indicates that the average price to assets ratio of the comparable group was 15.04 percent, and the median was 12.88 percent. The range in the price to assets ratios for the comparable group varied from a low of 9.76 percent to a high of 28.63 percent. The range narrows moderately with the elimination of the two extremes in the group to a low of 10.18 percent and a high of 19.95 percent.

Consistent with the previously noted adjustments, it is our opinion that an appropriate price to assets ratio for the Corporation is 10.40 percent at the midpoint, which ranges from a low of 8.96 percent at the minimum to 13.36 percent at the maximum, as adjusted.

Valuation Analysis and Summary

Exhibits 45 through 49 present the pro forma valuation analysis and conclusions, pricing ratios, use of offering proceeds and a summary of the valuation premiums or discounts relative to the three valuation approaches based on the Corporation as fully converted.

Exhibit 49 presents the discounts or premiums of the Corporation’s fully converted pricing ratios relative to those of the comparable group. Based on the Corporation’s fully converted price to book value ratio and its equity of $37,691,000 at June 30, 2018, the Bank’s price to book value ratio of 65.42 percent represents a midpoint discount relative to the comparable group of 39.79 percent. The Corporation’s fully converted price to core earnings multiple was not meaningful due to minimal earnings. Recognizing the Corporation’s June 30, 2018, asset base of $482,617,000, the Corporation’s price to assets ratio of 10.40 percent represents a midpoint discount relative to the comparable group of 30.85 percent.

Exhibits 50 through 55 present the pro forma valuation analysis and conclusions, pricing ratios, use of offering proceeds and a summary of the valuation premiums or discounts relative to the three valuation approaches based on the Corporation’s minority offering and the reported pricing ratios of the comparable group.

Valuation Analysis and Summary (cont.)

Exhibit 55 presents the discounts or premiums of the Corporation’s minority offering pricing ratios relative to the comparable group. At the midpoint, the Corporation’s minority offering price to book value ratio of 93.34 percent represents a discount of 11.33 percent relative to the comparable group. The price to core earnings multiple was not meaningful for the Corporation at the midpoint or any other of the ranges due to minimal earnings. The Corporation’s price to assets ratio of 10.95 percent at the midpoint represents a discount of 27.19 percent.

Valuation Conclusion

As presented in Exhibit 43, the fully converted pro forma valuation range of the Corporation is from a minimum of $46,750,000 or 4,675,000 shares at $10.00 per share to a maximum of $63,250,000 or 6,325,000 shares at $10.00 per share, with a maximum, as adjusted, of $72,737,500 or 7,273,750 shares at $10.00 per share. Exhibit 43 also presents in detail the total number of shares to be issued at each valuation range and the respective number of shares issued to the mutual holding company, the public and the foundation.

It is our opinion that, as of August 7, 2018, the pro forma market value of the Corporation was $55,000,000 at the midpoint, representing a total of 5,500,000 shares at $10.00 per share, including 2,420,000 shares or 44.0 percent of the total shares offered to the public, 55,000 shares or 1.0 percent of the shares given to the newly formed foundation, and 3,025,000 shares or 55.00 percent of the total shares issued to 1895 Bancorp of Wisconsin, MHC, the mutual holding company.

EXHIBITS

NUMERICAL

EXHIBITS

EXHIBIT 1

PYRAMAX BANK, FSB

GREENFIELD, WISCONSIN

Balance Sheet

At June 30, 2018 and at December 31, 2017


	At June 30, 2018			At December 31, 2017
	(In thousands)
ASSETS
Cash and due from banks	$	7,995		$	12,497
Securities available-for-sale		69,296			88,955
Loans held-for-sale		1,170			217
Loans, net		368,021			331,206
Premises and equipment, net		7,601			7,661
Mortgage servicing rights, net		2,163			2,270
Federal Home Loan Bank (FHLB) stock		1,818			1,436
Accrued interest receivable		1,144			1,214
Cash value of life insurance		13,931			13,732
Other assets		9,478			9,173

Total assets	$	482,617		$	468,361

LIABILITIES AND EQUITY

LIABILITIES
Deposits	$	404,560		$	389,291
Advance payments by borrowers for taxes and insurance		7,367			385
FHLB advances		27,677			34,693
Accrued interest payable		346			340
Other liabilities		4,977			4,658

Total liabilities		444,927			429,367

EQUITY
Undivided profits		39,459			39,782
Accumulated other comprehensive income (loss)		(1,769	)		(788	)

Total equity		37,690			38,994

Total liabilities and equity	$	482,617		$	468,361

Source: PyraMax Bank, FSB’s unaudited and audited financial statements

EXHIBIT 2

PYRAMAX BANK, FSB

GREENFIELD, WISCONSIN

Balance Sheets

At December 31, 2016, 2015, 2014 and 2013


	December 31,
	2016			2015		2014		2013
ASSETS
Cash and due from banks	$	7,466,637		$	6,575,640	$	7,420,197	$	12,274,804
Federal funds sold		312,365			616,634		2,369,720		722,652

Cash and cash equivalents		7,779,002			7,192,274		9,789,917		12,997,456
Securities available-for-sale		96,458,236			73,009,742		83,885,327		106,712,035
Loans held-for-sale		478,600			338,905		246,225		952,595
Loans, net		312,523,462			313,999,934		288,794,433		274,018,330
Premises and equipment, net		8,924,793			9,115,033		9,490,691		10,694,657
Mortgage servicing rights, net		2,421,110			2,476,472		2,672,889		2,454,081
Federal Home Loan Bank (FHLB) stock		2,170,098			1,719,800		2,091,193		2,091,193
Accrued interest receivable		1,163,350			1,160,133		1,218,724		1,362,281
Foreclosed assets, net		—			5,150		162,200		1,904,648
Cash value of life insurance		13,320,529			12,872,331		12,426,429		11,991,356
Other assets		4,934,186			3,784,143		3,669,783		4,748,741

Total assets	$	450,173,366		$	425,673,917	$	414,447,811	$	429,927,373


LIABILITIES AND RETAINED EARNINGS

LIABILITIES
Deposits
Demand deposits	$	84,328,366		$	77,149,982	$	72,482,244	$	69,797,623
Savings deposits		117,357,432			111,741,082		121,720,047		111,224,108
Time deposits		157,196,169			164,088,155		156,372,658		164,375,837

Total deposits		358,881,967			352,979,219		350,574,949		345,397,568
Advance payments by borrowers for taxes and insurance		1,296,804			604,730		697,715		440,014
FHLB borrowings		48,224,396			31,452,032		22,795,025		41,819,916
Accrued interest payable		276,361			208,169		173,331		332,896
Other liabilities		4,153,611			3,596,721		4,125,498		4,428,093

Total liabilities		412,833,139			388,840,871		378,366,518		392,418,487


STOCKHOLDERS’ EQUITY
Undivided profits		37,993,562			36,739,627		35,974,491		39,162,723
Accumulated other comprehensive income (loss)		(653,335	)		93,419		106,802		(1,653,837	)

Total stockholders’ equity		37,340,227			36,833,046		36,081,293		37,508,886

Total liabilities and equity	$	450,173,366		$	425,673,917	$	414,447,811	$	429,927,373

Source: PyraMax Bank, FSB’s financial statements

EXHIBIT 3

PYRAMAX BANK, FSB

GREENFIELD, WISCONSIN

Statement of Operations

For the Year Ended December 31, 2017 and the Twelve Months Ended June 30, 2018


	Twelve Months Ended June 30, 2018			Year Ended December 31, 2017
Interest and dividend income:
Loans, including fees	$	13,701,752		$	13,075,887
Securities
Taxable		1,961,800			2,101,835
Tax exempt		—			—
Other		101,554			78,767

Total interest and dividend income		15,765,106			15,256,489
Interest expense:
Deposits		3,225,346			2,892,660
Advance payments by borrowers for taxes and insurance		166			225
FHLB borrowings		493,265			468,174

Total interest expense		3,718,777			3,361,059
Net interest income before provision for loan losses		12,046,329			11,895,430
Provision for loan losses		—			—

Net interest income after provision for loan losses		12,046,329			11,895,430
Noninterest income:
Service fees		844,834			867,135
Net gain on sale of loans		696,479			778,535
Net gain on sale of securities		849,694			772,225
Other		530,310			473,808

Total noninterest income		2,921,317			2,891,703
Noninterest expense:
Salaries and employee benefits		9,711,982			8,647,708
Advertising and promotions		236,763			182,237
Occupancy		1,609,563			1,635,223
Computer services		949,329			1,030,241
Other		5,218,536			5,094,351

Total noninterest expense		17,726,173			16,589,760

Income before income taxes		(2,758,527	)		(1,802,627	)
Income tax (benefit)		931,957			(3,462,156	)

Net income	$	(3,690,484	)	$	1,659,529

Source: PyraMax Bank, FSB’s unaudited and audited financial statements

EXHIBIT 4

PYRAMAX BANK, FSB

GREENFIELD, WISCONSIN

Statements of Operations

Years Ended December 31, 2013, 2014, 2015 and 2016


	December 31 ,
	2016			2015			2014			2013
Interest and dividend income:
Loans, including fees	$	11,999,734		$	12,159,979		$	12,530,206		$	12,328,214
Securities
Taxable		1,745,773			1,662,321			2,058,877			2,419,811
Tax exempt		10,077			22,973			23,561			37,313
Other		40,972			10,611			41,170			22,848

Total interest and dividend income		13,796,556			13,855,884			14,653,814			14,808,186
Interest expense:
Deposits		2,409,341			2,064,718			1,863,911			2,169,532
Advance payments by borrowers for taxes and insurance		379			648			1,059			1,861
FHLB borrowings		275,293			490,301			1,274,030			1,589,400

Total interest expense		2,685,013			2,555,667			3,139,000			3,760,793
Net interest income before provision for (recovery of) loan losses		11,111,543			11 ,300,217			11,514,814			11 ,047,393
Provision for (recovery of) loan losses		—			(683,851	)		—			(600,000	)

Net interest income after provision for loan losses		11,111,543			11,984,068			11,514,814			11,647,393
Noninterest income:
Service fees		860,997			818,545			929,482			941,619
Loan servicing income		933,525			814,953			1,261,836			1,129,006
Net gain on sale of loans		1,712,817			870,219			352,806			864,674
Net gain (loss) on sale of securities		158,982			34,865			(430,264	)		1,103,227
Increase in cash value of life insurance		448,197			445,902			435,073			440,836
Net loss on sale of premises and equipment		—			(455	)		(350,245	)		(82,622	)
Other		40,771			19,985			44,282			23,838

Total noninterest income		4,155,289			3,004,014			2,242,970			4,420,578
Noninterest expense:
Salaries and employee benefits		7,801,681			7,281,943			6,921,165			6,615,117
Foreclosed assets, net		(64,008	)		32,196			188,324			550,862
Advertising and promotions		321,115			328,662			347,424			385,238
Occupancy		1,575,889			1,564,873			1,861,720			1,847,132
Computer services		1,014,523			970,075			1,292,272			1,371,048
FHLB prepayment penalty		—			683,851			3,097,940			—
FDIC assessment		253,199			338,299			609,454			567,523
Other		3,110,498			3,023,047			2,627,717			3,512,771

Total noninterest expense		14,012,897			14,222,946			16,946,016			14,849,691

Net income before income taxes		1,253,935			765,136			(3,188,232	)		1,218,280
Provision (benefit) for income taxes		—			—			—			—

Net income	$	1,253,935		$	765,136		$	(3,188,232	)	$	1,218,280

Source: PyraMax Bank, FSB’s financial statements

EXHIBIT 5

Selected Financial Information

At June 30, 2018 and At December 31, 2013, 2014, 2015, 2016 and 2017


	At June 30 2018		At December 31,
	At June 30 2018		2017		2016		2015		2014		2013
	(In thousands)
Selected Financial Condition Data:
Total assets	$	482,617	$	468,361	$	450,173	$	425,674	$	414,448	$	429,927
Cash and cash equivalents		7,995		12,497		7,779		7,192		9,790		12,997
Securities available-for-sale		69,296		88,956		96,458		73,010		83,885		106,712
Loans held-for-sale		1,170		217		479		339		246		953
Loans receivable, net		368,021		331,206		312,523		314,000		288,794		274,018
Premises and equipment, net		7,601		7,661		8,925		9,115		9,491		10,695
Mortgage servicing rights, net		2,163		2,270		2,421		2,476		2,673		2,454
Federal Home Loan Bank stock		1,818		1,436		2,170		1,720		2,091		2,091
Accrued interest receivable		1,144		1,214		1,163		1,160		1,219		1,362
Bank-owned life insurance		13,931		13,732		13,321		12,872		12,426		11,991
Other assets		9,479		9,172		4,934		3,790		3,833		6,653
		444,927		429,367		412,833		388,841		378,367		392,418
Deposits		404,560		389,291		358,882		352,979		350,575		345,398
Federal Home Loan Bank advances		27,677		34,693		48,224		31,452		22,796		41,820
Accrued interest receivable		346		340		276		208		173		333
Other liabilities		12,344		5,043		5,451		4,202		4,824		4,868
Total stockholders’ equity		37,691		38,994		37,340		36,833		36,081		37,509

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 6

Income and Expense Trends

For the Six Months Ended June 30, 2017 and 2018, and the Years Ended December 31, 2013, 2014, 2015, 2016 and 2017


	For the Six Months Ended June 30,						For the Years Ended December 31,
	2018			2017			2017			2016		2015			2014			2013
	(In thousands)
Selected Operating Data:
Interest and dividend income	$	8,013		$	7,500		$	15,256		$	13,797	$	13,856		$	14,654		$	14,808
Interest expense		1,948			1,591			3,361			2,685		2,556			3,139			3,761

Net interest income		6,065			5,909			11,895			11,112		11,300			11,515			11,047
Provision for loan losses		0			0			0			0		(684	)		0			(600	)

Net interest income after provision for loan losses		6,065			5,909			11,895			11,112		11,984			11,515			11,647
Noninterest income		1,483			1,465			2,892			4,155		3,004			2,243			4,421
Noninterest expense		8,065			6,936			16,590			14,013		14,223			16,946			14,850

Income (loss) before income tax expense (benefit)		(517	)		438			(1,803	)		1,254		765			(3,188	)		1,218
Income tax expense (benefit)		(194	)		(4,588	)		(3,463	)		0		0			0			0

Net income (loss)	$	(323	)	$	5,026		$	1,660		$	1,254	$	765		$	(3,188	)	$	1,218

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 7

PyraMax Bank, FSB

Normalized Earnings Trends

Twelve Months Ended June 30, 2018


	Twelve Months Ended June 30, 2018
	(In thousands)
Net income before taxes	$	(2,759	)
Adjustments:
One-time tax expense		1,041
Losses on sales of assets		1,095
One-time expenses		1,178

Normalized earnings before taxes		555
Taxes		117	⁽¹⁾

Normalized earnings after taxes	$	438

⁽¹⁾	Based on normal tax rate of 21.0%

Source: PyraMax Bank’s audited and unaudited financial statements

EXHIBIT 8

Performance Indicators

At or for the Six Months Ended June 30, 2017 and 2018 and

At or for the Years Ended December 31, 2013, 2014, 2015, 2016 and 2017


	At or for the Six Months Ended June 30,						At or for the Years Ended December 31,
	2018			2017			2017			2016			2015			2014			2013
Performance Ratios:⁽¹⁾
Return on average assets ⁽²⁾		(0.14	)%		2.22	%		0.36	%		0.29	%		0.18	%		(0.74	)%		0.29	%
Return on average equity ⁽³⁾		(1.68	)%		25.41	%		4.03	%		3.26	%		2.06	%		(8.33	)%		3.14	%
Interest rate spread ⁽⁴⁾		2.65	%		2.71	%		2.67	%		2.70	%		2.83	%		2.79	%		2.71	%
Net interest margin ⁽⁵⁾		2.79	%		2.83	%		2.80	%		2.81	%		2.94	%		2.89	%		2.83	%
Efficiency ratio ⁽⁶⁾		106.86	%		94.06	%		112.19	%		91.79	%		99.43	%		123.17	%		96.00	%
Average interest-earning assets to average interest-bearing liabilities		114.99	%		116.08	%		116.31	%		116.80	%		115.78	%		113.48	%		112.50	%
Loans to deposits		90.05	%		84.77	%		85.85	%		87.74	%		89.78	%		83.38	%		80.62	%
Equity to assets ⁽⁷⁾		8.16	%		8.75	%		8.95	%		9.02	%		8.94	%		8.86	%		9.13	%

Capital Ratios:
Tier 1 capital (to adjusted total assets)		7.46	%		8.52	%		7.52	%		8.41	%		8.50	%		8.40	%		8.79	%
Tier 1 capital (to risk-weighted assets)		9.70	%		12.27	%		11.02	%		11.31	%		11.53	%		10.98	%		11.90	%
Total capital (to risk-weighted assets)		10.55	%		13.24	%		11.98	%		12.22	%		12.52	%		12.16	%		13.11	%
Common equity Tier 1 capital (to risk-weighted assets)		9.70	%		12.27	%		11.02	%		11.31	%		11.53	%		10.98	%		11.90	%

Asset Quality Ratios:
Allowance for loan losses as a percent of total loans		0.83	%		0.95	%		0.93	%		0.95	%		0.97	%		1.28	%		1.38	%
Allowance for loan losses as a percent of nonperforming loans		167.59	%		143.98	%		163.90	%		100.43	%		66.35	%		74.71	%		37.40	%
Net charge-offs to average outstanding loans during the period		0.00	%		0.01	%		0.03	%		(0.03	)%		0.01	%		(0.03	)%		(0.35	)%
Nonperforming loans as a percent of total loans		0.50	%		0.66	%		0.56	%		0.95	%		1.47	%		1.71	%		3.68	%
Nonperforming assets as a percent of total assets		0.38	%		0.46	%		0.40	%		0.67	%		1.09	%		1.21	%		2.82	%

⁽¹⁾	Performance ratios for the six months ended June 30, 2018 and 2017 are annualized.

⁽²⁾	Represents net income divided by average total assets

⁽³⁾	Represents net income divided by average equity.

⁽⁴⁾

Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost on average interest-bearing liabilities Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 29% for 2018 and 42% for the previous periods.

⁽⁵⁾	Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 29% for 2018 and 42% for the previous periods.

⁽⁶⁾	Represents noninterest expense divided by the sum of net interest income and noninterest income.

⁽⁷⁾	Represents average equity dividend by average total assets.

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 9

Volume/Rate Analysis

For the Six Months Ended June 30, 2017 and 2018 and the Years Ended December 31, 2016 and 2017


	Six Months Ended June 30, 2018 vs. 2017									Year Ended December 31, 2017 vs. 2016
	Increase (Decrease) Due to									Increase (Decrease) Due to
	Volume			Rate			Total			Volume			Rate			Total
	(Dollars in thousands)									(Dollars in thousands)
Interest-earning assets:
Loans	$	725,783		$	(77,132	)	$	648,651		$	791,158		$	330,450		$	1,121,608
Securities		(228,672	)		75,968			(152,704	)		284,904			61,075			345,979
Other		(337	)		13,010			12,673			(6,983	)		44,778			37,795

Total interest-earning assets	$	496,774		$	11,846		$	508,620		$	1,069,079		$	436,303		$	1,505,382

Interest-bearing liabilities:
NOW	$	(920	)	$	(5,007	)	$	(5,927	)	$	1,636		$	14,705		$	16,341
Money market accounts		(3,987	)		(80,522	)		(84,509	)		(1,830	)		(51,462	)		(53,292	)
Savings		684			(6,497	)		(5,813	)		(1,463	)		30,912			29,449
Certificates of deposits		(141,815	)		(94,618	)		(236,433	)		(168,952	)		(306,857	)		(475,809	)

Total interest-bearing deposits	$	(146,038	)	$	(186,644	)	$	(332,682	)	$	(170,609	)	$	(312,702	)	$	(483,311	)

Borrowings		18,576			(43,667	)		(25,091	)		(167,387	)		(25,492	)		(192,879	)
Other		(10	)		71			61			(7	)		160			153

Total interest-bearing liabilities		(127,472	)		(230,240	)		(357,712	)		(338,003	)		(338,034	)		(676,037	)

Change in net interest income	$	369,302		$	(218,394	)	$	150,908		$	731,076		$	98,269		$	829,345

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 10

Yield and Cost Trends

At June 30, 2018, For the Six Months Ended June 30, 2016 and 2017, and

For the Years Ended December 31, 2015, 2016 and 2017


	At June 30, 2018			For the Six Months Ended June 30,						For the Years Ended December 31,
	At June 30, 2018			2018			2017			2017			2016			2015
	Yield/ Rate⁽¹⁾			Yield/ Rate			Yield/ Rate			Yield/ Rate			Yield/ Rate			Yield/ Rate
Interest-earning assets:
Loans		4.01	%		4.06	%		4.02	%		4.07	%		3.96	%		4.05	%
Securities available-for-sale		2.37	%		2.23	%		2.37	%		2.27	%		2.20	%		2.16	%
Other interest-earning assets		1.63	%		0.60	%		1.61	%		1.00	%		0.40	%		0.17	%
Total interest-earning assets		3.71	%		3.62	%		3.72	%		3.62	%		3.51	%		3.60	%
Total assets		3.43	%		3.34	%		3.43	%		3.34	%		3.25	%		3.33	%
Interest-bearing liabilities:
NOW accounts		0.16	%		0.12	%		0.15	%		0.12	%		0.17	%		0.18	%
Money market accounts		0.54	%		0.28	%		0.54	%		0.30	%		0.22	%		0.19	%
Savings accounts		0.12	%		0.10	%		0.12	%		0.10	%		0.15	%		0.16	%
Certificates of deposit		1.57	%		1.46	%		1.56	%		1.51	%		1.33	%		1.11	%
Total interest-bearing deposits		1.01	%		0.86	%		1.00	%		0.91	%		0.79	%		0.67	%
Federal Home Loan Bank advances		1.37	%		1.14	%		1.36	%		1.21	%		1.12	%		2.71	%
Other interest-bearing liabilities		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%
Total interest-bearing liabilities		1.03	%		0.88	%		1.03	%		0.92	%		0.79	%		0.77	%
Interest rate spread⁽²⁾		2.68	%		2.74	%		2.69	%		2.70	%		2.72	%		2.83	%
Net interest margin ⁽³⁾		2.82	%		2.86	%		2.82	%		2.83	%		2.83	%		2.94	%

Average interest-earning assets to interest-bearing liabilities		115.11	%		116.08	%		115.09	%		116.31	%		116.80	%		115.78	%

⁽¹⁾	Annualized

⁽²⁾	Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

⁽³⁾	Net interest margin represents net interest income divided by average total interest-earning assets.

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 11

Net Portfolio Value

At June 30, 2018


Change in Interest Rates (Basis Points)⁽¹⁾	Estimated EVE ⁽²⁾		Estimated Increase (Decrease) in EVE
Change in Interest Rates (Basis Points)⁽¹⁾	Estimated EVE ⁽²⁾		$ Amount ⁽²⁾			% Change
(Dollars in thousands)
+400	$	37,219	$	(16,092	)		(30.2	)%
+300		40,353		(12,958	)		(24.3	)%
+200		44,426		(8,885	)		(16.7	)%
+100		48,957		(4,354	)		(8.2	)%
—		53,311		0			—
-100		55,829		2,518			(4.7	)%

⁽¹⁾	Assumes an instantaneous uniform change in interest rates at all maturities.

⁽²⁾	EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 12

Loan Portfolio Composition

At June 30, 2018, and,

At December 31, 2013, 2014, 2015, 2016 and 2017

(Dollars in thousands)


							At December 31,
	At June 30, 2018						2017						2016						2015						2014						2013
	Amount			Percent			Amount			Percent			Amount			Percent			Amount			Percent			Amount			Percent			Amount			Percent
Residential real estate loans:
First mortgages	$	107,433			29.0	%	$	106,120			31.8	%	$	103,900			33.0	%	$	114,077			36.0	%	$	90,325			30.9	%	$	99,883			36.0	%
Construction		4,959			0.9	%		3,358			1.0	%		4,619			1.5	%		3,276			1.0	%		3,508			1.2	%		919			0.3	%
Commercial loans:
Real estate		182,695			49.3	%		156,991			47.0	%		144,093			45.7	%		137,292			43.4	%		130,928			44.8	%		101,524			36.6	%
Land		2,638			0.7	%		2,687			0.9	%		1,508			0.5	%		2,340			0.8	%		5,544			1.9	%		9,925			3.6	%
Other		32,540			8.8	%		19,715			5.9	%		14,505			4.6	%		11,397			3.6	%		10,997			3.8	%		15,614			5.6	%

Total		330,265			88.7	%		288,871			86.6	%		268,625			85.3	%		268,382			84.8	%		241,302			82.6	%		227,865			82.1	%
Consumer loans:
Home equity lines of credit		39,770			10.7	%		42,344			12.7	%		45,162			14.3	%		46,928			14.8	%		49,455			16.9	%		47,423			17.1	%
Other consumer		2,140			0.6	%		2,495			0.7	%		1,225			0.4	%		1,301			0.4	%		1,361			0.5	%		2,047			0.7	%

Total loans receivable		372,175			100.0	%		333,710			100.0	%		315,012			100.0	%		316,611			100.0	%		292,118			100.0	%		277,335			100.0	%

Less: net deferred loan origination fees		540						589						519						476						418						517
Less: allowance for loan losses		(3,092	)					(3,093	)					(3,008	)					(3,087	)					(3,741	)					(3,834	)

Loans receivable, net	$	369,623					$	331,206					$	312,523					$	314,000					$	288,795					$	274,018

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 13

Loan Maturity Schedule

At June 30, 2018 and December 31, 2017


	At June 30, 2018								At December 31, 2017
Amounts due in:	Residential Real Estate Loans		Commercial Loans		Consumer Loans		Total		Residential Real Estate Loans		Commercial Loans		Consumer Loans		Total
	(Dollars in thousands)								(Dollars in thousands)
One year or less	$	5,115	$	32,022	$	8,511	$	45,648	$	14,157	$	48,281	$	8,726	$	71,164
More than one year through five years		17,075		110,976		28,910		156,961		19,908		92,278		16,596		128,782
More than five years		88,601		74,875		4,489		167,965		75,413		38,834		19,517		133,764

Total	$	110,791	$	217,873	$	41,910	$	370,574	$	109,478	$	179,393	$	44,839	$	333,710

Fixed and Adjustable-Rate Loan Schedule



	Due After June 30, 2019
	Fixed		Adjustable		Total
	(Dollars in thousands)
Residential real estate loans	$	80,479	$	29,231	$	109,710
Commercial loans		152,687		44,059		196,746
Consumer loans		13,900		20,563		34,463

Total	$	247,066	$	93,853	$	340,919


	Due after December 31, 2018
	Fixed		Adjustable		Total
	(Dollars in thousands)
Residential real estate loans	$	87,304	$	21,974	$	109,278
Commercial loans		112,922		32,514		145,436
Consumer loans		31,628		1,179		32,807

Total	$	231,854	$	55,667	$	287,521

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 14

Loans Delinquencies For

At June 30, 2018, and at December 31, 2015, 2016 and 2017


	Loans Delinquent For
	30-89 Days				90 Days or More
	Number		Amount		Number		Amount
	(Dollars in thousands)
At June 30, 2018

Residential real estate loans		7	$	906		12	$	1,145
Commercial real estate loans		1		152		7		328
Commercial loans		—		—		—		—
Consumer loans		10		56		12		373

Total		18	$	1,114		31	$	1,846


At December 31, 2017

Residential real estate loans		22	$	2,156		5	$	56
Commercial real estate loans		1		6		2		303
Commercial loans		—		—		—		—
Consumer loans		22		528		5		125

Total		45	$	2,690		12	$	484


At December 31, 2016

Residential real estate loans		14	$	1,789		4	$	398
Commercial real estate loans		1		369		2		479
Commercial loans		—		—		—		—
Consumer loans		12		336		2		35

Total		27	$	2,494		8	$	912


At December 31, 2015

Residential real estate loans		18	$	2,618		3	$	208
Commercial real estate loans		1		280		3		1,062
Commercial loans		1		13		—		—
Consumer loans		15		513		1		77

Total		35	$	3,424		7	$	1,347

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 15

Nonperforming Assets

At June 30, 2018, and at December 31, 2013, 2014, 2015, 2016 and 2017


	At June 30, 2018			At December 31,
	At June 30, 2018			2017			2016			2015			2014			2013
	(Dollars in thousands)
Nonaccrual loans:
Residential real estate loans	$	1,145		$	1,128		$	1,681		$	3,136		$	2,820		$	4,162
Commercial loans		328			335			827			1,510			1,514			5,458
Consumer		372			423			488			7			675			1,117

Total	$	1,845		$	1,886		$	2,996		$	4,653		$	5,009		$	10,737

Accruing loans 90 days or more past due:
Residential real estate loans	$	—		$	—		$	—		$	—		$	—		$	1
Consumer		—			—			—			—			—			—

Total	$	0		$	0		$	0		$	0		$	0		$	1

Total nonperforming loans	$	1,845		$	1,886		$	2,996		$	4,653		$	5,009		$	10,738

Other real estate owned	$	—		$	—		$	—		$	5		$	162		$	1,905
Other nonperforming assets		—			—			—			—			—			—

Total nonperforming assets	$	1,845		$	1,886		$	2,996		$	4,658		$	5,171		$	12,643
Troubled debt restructurings (accruing):
Residential real estate loans	$	337		$	483		$	395		$	403		$	411		$	421
Commercial loans		242			246			427			441			271			302
Consumer		—			—			—			—			—			—

Total	$	579		$	729		$	822		$	844		$	682		$	723

Troubled debt restructurings (accruing) and total nonperforming assets	$	2,424		$	2,615		$	3,818		$	5,502		$	5,853		$	13,366

Ratios:
Total nonperforming loans to total loans		0.50	%		0.56	%		0.95	%		1.47	%		1.71	%		3.68	%
Total nonperforming loans to total assets		0.38	%		0.40	%		0.67	%		1.09	%		1.21	%		2.82	%
Total nonperforming assets and troubled debt restructurings (accruing) to total assets		0.50	%		0.56	%		0.85	%		1.29	%		1.41	%		3.11	%

Source: 1895 Bancorp of Wisconsin Inc.’s Prospectus

EXHIBIT 16

Classified Assets

At June 30, 2018, and at December 31, 2015, 2016 and 2017

(Dollars in thousands)


	At June 30, 2018		At December 31,
	At June 30, 2018		2017		2016		2015
Classification of assets:
Watch and special mention	$	14,406	$	14,964	$	18,315	$	12,871
Substandard		2,077		3,440		6,421		8,134
Doubtful		125		137		163		239
Loss		0		0		0		0

Total classified assets	$	16,608	$	18,541	$	24,899	$	21,244

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 17

Allowance for Loan Losses

At for the Six Months Ended June 30, 2017 and 2018, and

For the Years Ended December 31, 2013, 2014, 2015, 2016 and 2017


	Six Months Ended June 30,						Years Ended December 31,
	2018			2017			2017			2016			2015			2014			2013
	(Dollars in thousands)
Allowance for loan losses at beginning of period	$	3,093		$	3,008		$	3,008		$	3,087		$	3,741		$	3,834		$	5,374
Provision (credit) for loan losses		—			—			—			—			(684	)		—			(600	)

Charge-offs:
Residential real estate loans		—			—			—			89			218			110			356
Commercial loans		—			—			—			114			—			209			677
Consumer loans		34			8			37			113			45			113			750

Total charge-offs		34			8			37			316			263			432			1,783


Recoveries:
Residential real estate loans		3			5			21			51			10			36			89
Commercial loans		12			11			24			45			119			207			644
Consumer loans		18			32			77			141			164			96			110

Total recoveries		33			48			122			237			293			339			843

Net charge-offs (recoveries)		(1	)		40			85			(79	)		30			(93	)		(940	)

Allowance for loan losses at end of period	$	3,092		$	3,048		$	3,093		$	3,008		$	3,087		$	3,741		$	3,834

Ratios:
Allowance for loan losses to nonperforming loans at end of period		104.43	%		83.30	%		74.02	%		60.95	%		44.22	%		50.21	%		31.63	%
Allowance for loan losses to total loans outstanding at end of period		0.83	%		0.95	%		0.93	%		0.95	%		0.97	%		1.28	%		1.38	%
Net charge-offs (recoveries) to average loans outstanding during period		0.00	%		0.01	%		0.03	%		(0.03	)%		0.01	%		(0.03	)%		(0.35	)%

Source: 1895 Bancorp of Wisconsin Inc.’s Prospectus

EXHIBIT 18

Investment Portfolio Composition

At June 30, 2018 and at December 31, 2015, 2016 and 2017


	At June 30, 2018				At December 31,
	At June 30, 2018				2017				2016				2015
Security Type	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
					(In thousands)
Obligations of states and political subdivisions	$	11,683	$	11,431	$	20,545	$	20,630	$	21,873	$	21,964	$	19,706	$	20,130
Government-sponsored mortgage-backed securities		55,090		52,914		61,218		60,024		66,041		64,949		41,526		41,414
Corporate collateralized mortgage obligations		503		505		696		702		1,254		1,254		1,914		1,918
Asset-backed securities		4,193		4,205		4,835		4,832		5,623		5,524		6,976		6,820
Corporate bonds		—		—		1,496		1,517		1,495		1,498		1,494		1,493
Certificates of deposit		249		245		1,246		1,251		1,244		1,269		1,242		1,235

Total	$	71,718	$	69,300	$	90,036	$	88,956	$	97,530	$	96,458	$	72,858	$	73,010

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 19

Mix of Total Deposit Accounts

At June 30, 2018 and At December 31, 2015, 2016 and 2017


									At December 31,
	At June 30, 2018								2017								2016								2015
	(Dollars in thousands)
Deposit type:	Average Balance		Percent			Rate			Average Balance		Percent			Rate			Average Balance		Percent			Rate			Average Balance		Percent			Rate
Noninterest-bearing demand accounts	$	56,851		14.05	%		0.00	%	$	62,817		16.14	%		0.00	%	$	57,092		15.91	%		0.00	%	$	47,555		13.47	%		0.00	%
NOW accounts		27,042		6.68	%		0.16	%		26,649		6.85	%		0.12	%		27,236		7.59	%		0.17	%		29,595		8.38	%		0.18	%
Money market accounts		64,670		15.99	%		0.52	%		55,016		14.13	%		0.30	%		57,587		16.05	%		0.22	%		58,456		16.56	%		0.19	%
Savings accounts		57,266		14.16	%		0.13	%		58,566		15.04	%		0.10	%		59,770		16.65	%		0.15	%		53,285		15.10	%		0.16	%
Certificates of deposit		198,731		49.12	%		1.46	%		186,243		47.84	%		1.51	%		157,196		43.80	%		1.33	%		164,088		46.49	%		1.11	%

Total deposits	$	404,560		100.00	%		0.83	%	$	389,291		100.00	%		0.79	%	$	358,881		100.00	%		0.66	%	$	352,979		100.00	%		0.59	%

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 20

Certificates of Deposit By Maturity

At June 30, 2018 and at December 31, 2017


	At June 30, 2018		At December 31, 2017
	(In thousands)
Three months or less	$	16,799	$	4,509
Over three months through six months		14,608		5,088
Over six months through twelve months		7,913		31,455
Over twelve months		24,618		25,238

Total	$	63,938	$	66,290

Source:

1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 21

Borrowed Funds

At or for the Six Months Ended June 30, 2017 and 2018, and

At or for the Years Ended December 31, 2016 and 2017


	At or for the Six Months Ended June 30,						At or for the Years Ended December 31,
	2018			2017			2017			2016
	(Dollars in thousands)
Maximum balance outstanding at any month-end during period	$	50,388		$	64,922		$	64,922		$	48,224
Average balance outstanding during period	$	40,391		$	44,298		$	38,635		$	24,675
Weighted average interest rate during period		1.37	%		1.14	%		1.21	%		1.12	%
Balance outstanding at end of period	$	27,677		$	29,709		$	34,693		$	48,224
Weighted average interest rate at end of period		1.53	%		1.22	%		1.31	%		1.21	%

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

EXHIBIT 22

OFFICES OF PYRAMAX BANK, FSB

GREENFIELD, WISCONSIN

As of June 30, 2018


Location	Year Opened		Square Footage		Owned or Leased		Lease Expiration Date		Net Book Value at June 30, 2018
*Corporate Office:*
7001 West Edgerton Avenue Greenfield, Wisconsin 53220		1980		21,186		Owned		N/A	$	1,403,356

*Branch Offices:*

9000 West Drexel Avenue Franklin, Wisconsin 53132		2004		3,930		Owned		N/A		794,201

1150 Washington Street Grafton, Wisconsin 53024		2016		N/A		Leased		4/1/2019		536

1605 West Mitchell Street Milwaukee, Wisconsin 53204		1967		4,242		Owned		N/A		688,196

318 North Water Street Milwaukee, Wisconsin 53202		2005		4,677		Leased		12/31/2019		520

405 Rivercrest Court Mukwonago, Wisconsin 53149		1999		3,097		Owned		N/A		484,122

1015 Marquette Avenue South Milwaukee, Wisconsin 53172		1972		3,942		Owned		N/A	$	569,509

1500 East Moreland Avenue Waukesha, Wisconsin 53186		1969		4,546		Owned		N/A	$	1,466,090

8001 West National Avenue West Allis, Wisconsin 53214		2008		4,238		Owned		N/A	$	806,755

Total									$	6,213,285

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

100

EXHIBIT 23

DIRECTORS AND MANAGEMENT OF THE BANK

At June 30, 2018


Name	Position	Age		Director Since		Term Expires
Monica Baker	Sr. Vice President/Chief Brand Officer, Director		49		2006		2019
Darrell Francis	Chairman of the Board		66		1986		2020
Richard Hurd	President and Chief Executive Officer, Director		66		2004		2020
Joseph Murphy	Director		70		2005		2021
James Spiegelberg	Director		59		2006		2019
John Talsky	Director		69		2001		2020
Gary Zenobi	Director		72		1992		2021


Richard J. Krier	Chief Financial Officer		—		—		—
Chuck Mauer	Chief Credit Officer		—		—		—
Thomas K. Peterson	Sr. Vice President/Chief Lending Officer		—		—		—

Source: 1895 Bancorp of Wisconsin, Inc.’s Prospectus

101

EXHIBIT 24

Key Demographic Data and Trends

Milwaukee, Ozaukee and Waukesha Counties,

Wisconsin and the United States

2000, 2010 and 2020


	2000		2010		% Change			2020		% Change
Population
Milwaukee County		940,164		947,735		0.8	%		951,408		0.4	%
Ozaukee County		82,317		86,395		5.0	%		90,247		4.5	%
Waukesha County		360,767		389,891		8.1	%		409,364		5.0	%
Wisconsin		5,363,675		5,686,986		6.0	%		5,887,190		3.5	%
United States		281,421,906		308,745,538		9.7	%		332,139,637		7.6	%

Households
Milwaukee County		377,729		383,591		1.6	%		388,428		1.3	%
Ozaukee County		30,857		34,228		10.9	%		35,806		4.6	%
Waukesha County		135,229		152,663		12.9	%		159,863		4.7	%
Wisconsin		2,084,544		2,279,768		9.4	%		2,363,096		3.7	%
United States		105,480,101		116,716,292		10.7	%		125,527,510		7.5	%

Per Capita Income
Milwaukee County	$	19,939	$	24,254		21.6	%		—		—
Ozaukee County		31,947		42,180		32.0	%		—		—
Waukesha County		29,164		37,282		27.8	%		—		—
Wisconsin		21,271		27,192		27.8	%		—		—
United States		22,162		26,059		17.6	%		—		—

Median Household Income
Milwaukee County	$	38,100	$	43,599		14.4	%	$	49,722		14.0	%
Ozaukee County		62,745		75,854		20.9	%		86,937		14.6	%
Waukesha County		62,839		75,689		20.4	%		84,386		11.5	%
Wisconsin		43,791		52,374		19.6	%		57,579		9.9	%
United States		41,994		50,046		19.2	%		61,618		23.1	%

Source: U.S. Census and Business Decision

102

EXHIBIT 25

Key Housing Data

Milwaukee, Ozaukee and Waukesha Counties,

Wisconsin and the United States

2000 & 2010


		2000			2010
Occupied Housing Units
Milwaukee County			377,729			383,591
Ozaukee County			30,857			34,228
Waukesha County			135,229			152,663
Wisconsin			2,084,544			2,279,768
United States			105,480,101			116,716,292

Occupancy Rate
Milwaukee County
	Owner-Occupied		52.6	%		51.3	%
	Renter-Occupied		47.4	%		48.7	%
Ozaukee County
	Owner-Occupied		76.3	%		76.7	%
	Renter-Occupied		23.7	%		23.3	%
Waukesha County
	Owner-Occupied		76.4	%		76.8	%
	Renter-Occupied		23.6	%		23.2	%
Wisconsin
	Owner-Occupied		68.4	%		68.1	%
	Renter-Occupied		31.6	%		31.9	%
United States
	Owner-Occupied		66.2	%		65.4	%
	Renter-Occupied		33.8	%		34.6	%

Median Housing Values
Milwaukee County		$	103,200		$	162,900
Ozaukee County			177,300			255,600
Waukesha County			170,400			257,700
Wisconsin			112,200			169,000
United States			119,600			186,200

Median Rent
Milwaukee County		$	555		$	786
Ozaukee County			642			819
Waukesha County			726			906
Wisconsin			540			749
United States			602			871

Source: U.S. Census Bureau

103

EXHIBIT 26

Major Sources of Employment by Industry Group

Milwaukee, Ozaukee and Waukesha Counties

Wisconsin and the United States

2000 and 2010


	2000
Industry Group	Milwaukee County			Ozaukee County			Waukesha County			Wisconsin			United States
Agriculture/Mining		0.3	%		1.0	%		0.4	%		2.8	%		1.9	%
Construction		4.0	%		4.3	%		6.3	%		5.9	%		6.8	%
Manufacturing		18.5	%		23.7	%		21.2	%		22.2	%		14.1	%
Wholesale/Retail		13.6	%		14.5	%		16.6	%		14.8	%		15.3	%
Transportation/Utilities		5.3	%		2.9	%		4.1	%		4.5	%		5.2	%
Information		3.0	%		2.5	%		3.1	%		2.2	%		3.1	%
Finance, Insurance & Real Estate		7.7	%		8.0	%		7.7	%		6.1	%		6.9	%
Services		47.6	%		43.1	%		40.6	%		41.5	%		46.7	%


	2010
	Milwaukee County			Ozaukee County			Waukesha County			Wisconsin			United States
Agriculture/Mining		0.6	%		1.4	%		0.5	%		2.4	%		1.9	%
Construction		3.6	%		4.4	%		5.6	%		5.6	%		6.2	%
Manufacturing		15.0	%		18.9	%		18.2	%		18.4	%		10.4	%
Wholesale/Retail		12.9	%		13.2	%		15.8	%		14.2	%		14.5	%
Transportation/Utilities		4.6	%		2.6	%		3.9	%		4.5	%		4.9	%
Information		2.2	%		1.9	%		1.9	%		1.8	%		2.2	%
Finance, Insurance & Real Estate		7.3	%		8.5	%		8.6	%		6.3	%		6.7	%
Services		54.1	%		49.1	%		45.5	%		46.8	%		53.2	%

Source: Bureau of the Census

104

EXHIBIT 27

Unemployment Rates

Milwaukee Ozaukee and Waukesha Counties,

Wisconsin and the United States

For the Years 2014 through May of 2018


Location	2014			2015			2016			2017			May 2018
Milwaukee County		6.9	%		5.7	%		5.0	%		4.0	%		3.2	%
Ozaukee County		4.2	%		3.7	%		3.3	%		2.8	%		2.3	%
Waukesha County		4.4	%		3.8	%		3.4	%		2.9	%		2.4	%
Wisconsin		5.4	%		4.5	%		4.0	%		3.3	%		2.6	%
United States		6.2	%		5.3	%		4.9	%		4.4	%		3.6	%

Source: Local Area Unemployment Statistics—U.S. Bureau of Labor Statistics

105

EXHIBIT 28

Market Share of Deposits

Milwaukee, Ozaukee and Waukesha Counties

June 30, 2017


	Milwaukee County Deposits ($000)		Pyramax’s Deposits ($000)		Pyramax’s Share (%)
Banks	$	50,731,896		—		—
Thrifts		2,636,079	$	277,017		10.5	%

Total	$	53,367,975	$	277,017		0.5	%

	Ozaukee County Deposits ($000)		Pyramax’s Deposits ($000)		Pyramax’s Share (%)
Banks	$	2,342,678		—		—
Thrifts		200,451	$	31,972		16.0	%

Total	$	2,543,129	$	31,972		1.3	%

	Waukesha County Deposits ($000)		Pyramax’s Deposits ($000)		Pyramax’s Share (%)
Banks	$	10,419,566		—		—
Thrifts		1,544,580	$	74,463		4.8	%

Total	$	11,964,146	$	74,463		0.6	%

	Total Deposits ($000)		Pyramax’s Deposits ($000)		Pyramax’s Share (%)
Banks	$	63,494,140		—		—
Thrifts		4,381,110	$	383,452		8.8	%

Total	$	67,875,250	$	383,452		0.6	%

Source: FDIC

106

EXHIBIT 29

National Interest Rates by Quarter

2014 - 2nd Quarter of 2018


	1st Qtr. 2014			2nd Qtr. 2014			3rd Qtr. 2014			4th Qtr. 2014
Prime Rate		3.25	%		3.25	%		3.25	%		3.25	%
90-Day Treasury Bills		0.05	%		0.04	%		0.13	%		0.07	%
1-Year Treasury Bills		0.13	%		0.11	%		0.14	%		0.13	%
30-Year Treasury Notes		3.56	%		3.34	%		3.07	%		2.75	%

	1st Qtr. 2015			2nd Qtr. 2015			3rd Qtr. 2015			4th Qtr. 2015
Prime Rate		3.25	%		3.25	%		3.25	%		3.50	%
90-Day Treasury Bills		0.03	%		0.01	%		0.01	%		0.16	%
1-Year Treasury Bills		0.26	%		0.28	%		0.32	%		0.62	%
30-Year Treasury Notes		2.54	%		3.20	%		2.87	%		3.01	%

	1st Qtr. 2016			2nd Qtr. 2016			3rd Qtr. 2016			4th Qtr. 2016
Prime Rate		3.50	%		3.50	%		3.50	%		3.75	%
90-Day Treasury Bills		0.24	%		0.30	%		0.32	%		0.51	%
1-Year Treasury Bills		0.53	%		0.58	%		0.57	%		0.81	%
30-Year Treasury Notes		2.61	%		2.26	%		2.40	%		2.97	%

	1st Qtr. 2017			2nd Qtr. 2017			3rd Qtr. 2017			4th Qtr. 2017
Prime Rate		4.00	%		4.25	%		4.25	%		4.50	%
90-Day Treasury Bills		0.92	%		1.01	%		1.04	%		1.37	%
1-Year Treasury Bills		1.17	%		1.24	%		1.31	%		1.76	%
30-Year Treasury Notes		2.92	%		2.84	%		2.86	%		2.74	%

	1st Qtr. 2018			2nd Qtr. 2018
Prime Rate		4.75	%		5.00	%
90-Day Treasury Bills		1.74	%		1.89	%
1-Year Treasury Bills		2.09	%		2.33	%
30-Year Treasury Notes		2.97	%		2.98	%

Source: The Wall Street Journal

107

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 30

Page 1

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF JUNE 30, 2018

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


		State	Exchange	PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)		Price/Core Earnings (X)		Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (X)
SZBI	SOUTHFIRST BANCSHARES	AL	OTC PINK		4.95		(1.4	)		0.37			125.38		0.00		13.38		9.90		35.69		35.69		3.95
BOFI	BOFI HOLDING	CA	NASDAQ		40.91		72.5			2.36			159.58		0.00		17.33		34.67		277.73		280.78		25.64
BYFC	BROADWAY FINANCIAL CORP	CA	NASDAQ		2.20		4.3			0.07			14.57		0.00		31.43		31.43		127.17		127.17		15.10
MLGF	MALAGA FINANCIAL CORPORATION	CA	OTC BB		31.25		20.2			2.30			165.37		1.00		13.59		14.33		153.56		153.56		18.90
PROV	PROVIDENT FINANCIAL HOLDINGS	CA	NASDAQ		19.08		(0.9	)		0.23			157.70		0.55		82.96		48.92		118.07		118.95		12.10
FBNK	FIRST CONNECTICUT BANCORP	CT	NASDAQ		30.60		19.3			1.07			196.31		0.57		28.60		21.40		176.67		180.21		15.59
SIFI	SI FINANCIAL GROUP	CT	NASDAQ		14.75		(8.4	)		0.45			130.55		0.21		32.78		23.05		106.88		119.43		11.30
UBNK	UNITED FINANCIAL BANCORP	CT	NASDAQ		17.52		5.0			1.11			139.05		0.36		15.78		14.60		128.92		159.42		12.60
WSFS	WSFS FINANCIAL CORP	DE	NASDAQ		53.30		17.5			2.15			218.35		0.32		24.79		19.96		228.56		305.44		24.41
ABCB	AMERIS BANCORP	GA	NASDAQ		53.35		10.7			2.06			209.33		0.40		25.90		21.51		235.33		319.08		25.49
CHFN	CHARTER FINANCIAL CORP	GA	NASDAQ		24.15		34.2			1.04			109.65		0.28		23.22		22.78		164.96		206.23		22.02
CFBI	COMM FIRST BANCSHARES	GA	NASDAQ		11.11		NM			0.01			38.80		0.00		NM		92.58		110.66		110.66		28.63
TBNK	TERRITORIAL BANCORP	HI	NASDAQ		31.00		(0.6	)		1.59			211.19		1.20		19.50		19.38		129.87		129.98		14.68
WCFB	WCF BANCORP	IA	NASDAQ		9.00		NM			0.09			48.57		0.20		100.00		NM		82.19		82.42		18.53
AJSB	AJS BANCORP	IL	OTC BB		14.05		(4.4	)		0.05			90.18		0.20		NM		48.45		103.77		103.77		15.58
AFBA	ALLIED FIRST BANCORP	IL	OTC BB		1.35		(10.0	)		(0.19	)		61.54		0.00		NM		2.76		NM		NM		2.19
BFFI	BEN FRANKLIN FINANCIAL	IL	OTC BB		8.25		(29.8	)		(0.47	)		79.96		0.00		NM		NM		101.10		101.10		10.32
BTHT	BEST HOMETOWN BANCORP	IL	OTC PINK		13.50		NM			(0.39	)		130.66		0.00		NM		NM		91.53		91.53		10.33
GTPS	GREAT AMERICAN BANCORP	IL	OTC BB		31.85		8.9			1.49			412.87		0.42		21.38		16.09		81.56		87.60		7.71
IROQ	IF BANCORP	IL	NASDAQ		23.90		21.5			0.48			159.15		0.10		49.79		44.26		113.97		115.07		15.02
JXSB	JACKSONVILLE BANCORP	IL	NASDAQ		33.65		7.0			1.61			178.23		0.40		20.90		16.83		127.80		137.23		18.88
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL	OTC PINK		24.00		26.1			0.25			315.57		0.16		96.00		70.59		82.36		82.36		7.61
OTTW	OTTAWA SAVINGS BANCORP	IL	OTC BB		13.88		0.8			0.29			78.35		0.24		47.86		25.24		92.47		95.00		17.72

108

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 2

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF JUNE 30, 2018

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


		State	Exchange	PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)		Price/Core Earnings (X)		Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (X)
RYFL	ROYAL FINANCIAL	IL	OTC BB		17.45		46.3			1.15			171.47		0.00		15.17		10.71		96.78		103.68		10.18
SUGR	SUGAR CREEK FINANCIAL CORP	IL	OTC BB		12.60		(10.0	)		0.19			115.70		0.00		66.32		74.12		95.09		95.09		10.89
FDLB	FIDELITY FEDERAL BANCORP	IN	OTC PINK		25.00		NM			20.40			842.48		0.00		1.23		2.54		NM		NM		2.97
FCAP	FIRST CAPITAL	IN	NASDAQ		41.55		33.4			2.21			228.00		0.88		18.80		18.07		175.32		193.71		18.22
NWIN	NORTHWEST INDIANA BANCORP	IN	OTC BB		42.95		6.0			3.15			320.86		1.15		13.63		15.18		139.72		144.95		13.39
TDCB	THIRD CENTURY BANCORP	IN	OTC BB		13.95		13.4			0.45			107.52		0.22		31.00		25.83		128.69		130.37		12.97
UCBA	UNITED COMMUNITY BANCORP	IN	NASDAQ		27.20		43.5			0.85			130.00		0.39		32.00		27.47		161.14		169.47		20.92
WEIN	WEST END INDIANA BANCSHARES	IN	OTC BB		29.00		(0.2	)		0.66			289.03		0.21		43.94		23.20		109.27		112.45		10.03
CFFN	CAPITOL FEDERAL FINANCIAL	KS	NASDAQ		13.16		(7.4	)		0.70			66.06		0.89		18.80		21.57		133.33		133.33		19.92
PBSK	POAGE BANKSHARES	KY	NASDAQ		19.66		3.2			(0.72	)		128.62		0.24		NM		NM		112.92		118.29		15.29
CTUY	CENTURY NEXT FINANCIAL CORP	LA	OTC BB		34.00		17.2			2.48			276.01		0.14		13.71		11.81		133.54		133.54		12.32
FPBF	FPB FINANCIAL CORP	LA	OTC PINK		19.75		7.6			0.93			137.68		0.21		21.24		19.36		144.90		145.22		14.34
HRGG	HERITAGE NOLA BANCORP	LA	OTC PINK		12.48		NM			0.33			68.05		0.00		37.82		36.71		85.13		86.31		18.34
HIBE	HIBERNIA BANCORP	LA	OTC BB		31.90		71.5			0.17			126.03		0.00		NM		NM		176.05		176.05		25.31
HFBL	HOME FED BANCORP OF LOUISIANA	LA	NASDAQ		31.45		16.7			1.93			216.37		0.45		16.30		13.79		129.32		129.80		14.54
BHBK	BLUE HILLS BANCORP	MA	NASDAQ		22.20		24.0			0.58			99.43		0.90		38.28		33.64		150.82		155.14		22.33
BLMT	BSB BANCORP INC.	MA	NASDAQ		34.40		17.6			1.72			282.09		0.00		20.00		16.78		181.53		182.59		12.19
HONE	HARBORONE BANCORP	MA	NASDAQ		18.94		(5.1	)		0.34			82.66		0.00		55.71		61.10		179.19		200.42		22.91
HIFS	HINGHAM INSTITUTION FOR SAVINGS	MA	NASDAQ		219.70		20.8			13.39			1,050.38		1.00		16.41		16.17		251.69		251.69		20.92
EBSB	MERIDIAN BANCORP	MA	NASDAQ		19.15		13.3			0.85			101.00		0.18		22.53		22.01		157.87		163.68		18.96
PLRM	PILGRIM BANCSHARES	MA	OTC BB		20.15		8.9			0.58			116.00		0.30		34.74		28.38		134.69		134.69		17.37
PVBC	PROVIDENT BANCORP	MA	NASDAQ		26.20		16.4			0.84			92.51		0.00		31.19		39.10		214.93		214.93		28.32
RNDB	RANDOLPH BANCORP	MA	NASDAQ		16.80		5.7			(0.37	)		88.48		0.00		NM		NM		126.79		138.39		18.99

109

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 3

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF JUNE 30, 2018

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


		State	Exchange	PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/ Net Earnings (X)		Price/Core Earnings (X)		Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (X)
WEBK	WELLESLEY BANCORP	MA	NASDAQ		33.83		22.1			1.98			326.98		0.20		17.09		14.04		141.08		141.31		10.35
WNEB	WESTERN NEW ENGLAND BANCORP	MA	NASDAQ		11.00		8.4			0.36			69.20		0.13		30.56		21.57		136.65		146.86		15.90
IFSB	COLOMBO BANK	MD	OTC PINK		0.10		(75.0	)		0.80			125.42		0.00		0.13		0.12		NM		NM		0.08
HBK	HAMILTON BANCORP	MD	NASDAQ		15.70		4.7			(0.18	)		154.29		0.00		NM		31.40		104.53		127.33		10.18
MBCQ	MB BANCORP	MD	OTC BB		16.60		10.3			0.01			7.65		0.00		NM		NM		NM		NM		NM
SVBI	SEVERN BANCORP	MD	NASDAQ		8.65		19.3			0.31			65.42		0.03		27.90		17.65		114.57		116.73		13.22
FBC	FLAGSTAR BANCORP	Ml	NYSE		34.26		11.2			1.33			308.99		0.00		25.76		12.32		137.81		176.14		11.09
NWBB	NEW BANCORP	Ml	OTC BB		19.50		38.4			1.79			168.95		0.00		10.89		10.54		90.82		97.60		11.54
SBT	STERLING BANCORP	Ml	NASDAQ		13.36		NM			0.81			57.31		0.06		16.49		14.68		245.59		253.03		23.31
STBI	STURGIS BANCORP	Ml	OTC BB		19.10		15.8			1.44			182.13		0.50		13.26		14.15		117.25		143.29		10.49
HMNF	HMN FINANCIAL	MN	NASDAQ		20.10		14.5			1.12			160.31		0.00		17.95		15.83		110.32		114.33		12.54
REDW	REDWOOD FINANCIAL	MN	OTC PINK		54.00		20.0			7.39			673.00		0.45		7.31		8.49		68.01		81.30		8.02
CCFC	CCSB FINANCIAL CORP	MO	OTC PINK		13.20		9.1			0.53			107.56		0.10		24.91		24.91		112.82		113.50		12.27
CFDB	CENTRAL FEDERAL S&L ASSN OF ROLLA	MO	OTC PINK		14.40		8.7			0.07			40.54		0.00		NM		NM		92.72		92.72		35.52
NASB	NASB FINANCIAL	MO	OTC BB		41.19		13.6			3.66			258.71		1.46		11.25		11.22		135.81		146.12		15.92
QRRY	QUARRY CITY S&L ASSN	MO	OTC BB		15.50		5.1			0.67			131.58		0.00		23.13		20.13		72.60		74.95		11.78
KSBI	KS BANCORP	NC	OTC BB		28.00		18.4			1.92			286.67		0.17		14.58		10.89		105.26		105.26		9.77
LSFG	LIFESTORE FINANCIAL GROUP	NC	OTC PINK		26.00		18.2			1.83			272.02		0.00		14.21		12.32		95.80		98.75		9.56
UBNC	UNION BANK	NC	OTC PINK		16.40		NM			0.60			121.63		0.09		27.33		19.76		129.85		166.16		13.48
EQFN	EQUITABLE FINANCIAL CORP	NE	NASDAQ		10.76		5.0			0.34			92.12		0.00		31.65		26.90		100.09		106.96		11.68
MCBK	MADISON COUNTY FINANCIAL	NE	OTC PINK		26.00		13.0			1.24			122.58		0.40		20.97		16.15		119.43		124.58		21.21
ISBC	INVESTORS BANCORP	NJ	NASDAQ		12.79		(4.8	)		0.46			83.61		0.34		27.80		20.30		124.78		129.06		15.30
KRNY	KEARNY FINANCIAL CORP	NJ	NASDAQ		13.45		(9.4	)		0.21			62.64		0.24		64.05		56.04		106.92		120.09		21.47

110

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 4

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PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF JUNE 30, 2018

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


		State	Exchange	PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/ Net Earnings (X)		Price/Core Earnings (X)		Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (X)
MGYR	MAGYAR BANCORP	NJ	NASDAQ		12.88		(1.8	)		0.28			104.42		0.00		46.00		33.03		149.94		149.94		12.33
MSBF	MB BANCORP	NJ	NASDAQ		21.50		23.2			0.60			102.09		0.43		35.83		27.92		170.23		170.23		21.06
NFBK	NORTHFIELD BANCORP	NJ	NASDAQ		16.62		(3.1	)		0.51			82.83		0.36		32.59		22.46		126.97		135.34		20.07
OCFC	OCEANFIRST FINANCIAL CORP	NJ	NASDAQ		29.96		10.5			0.75			155.93		0.60		39.95		33.29		143.08		221.76		19.21
ORIT	ORITANI FINANCIAL CORP	NJ	NASDAQ		16.20		(5.0	)		0.69			88.89		1.23		23.48		17.80		136.13		136.13		18.22
PFS	PROVIDENT FINANCIAL SERVICES	NJ	NYSE		27.53		8.5			1.47			145.88		0.94		18.73		17.88		140.75		207.46		18.87
BCTF	BANCORP 34	NM	NASDAQ		15.45		10.0			0.35			100.58		0.00		44.14		15.45		105.53		106.40		15.36
CARV	CARVER BANCORP	NY	NASDAQ		4.63		36.2			2.66			187.71		0.00		1.74		NM		NM		NM		2.47
DCOM	DIME COMMUNITY BANCSHARES	NY	NASDAQ		19.50		(0.5	)		1.48			168.76		0.56		13.18		15.35		120.22		132.74		11.55
ESBK	ELMIRA SAVINGS BANK	NY	NASDAQ		20.43		0.6			1.85			209.33		0.46		11.04		17.03		94.93		125.18		9.76
FSBC	FSB COMMUNITY BANKSHARES	NY	NASDAQ		17.75		20.3			0.37			161.16		0.00		47.97		43.29		110.04		113.27		11.01
NYCB	NEW YORK COMMUNITY BANCORP	NY	NYSE		11.04		(15.9	)		0.96			101.26		0.68		11.50		13.97		79.83		124.75		10.90
PCSB	PCSB FINANCIAL CORP	NY	NASDAQ		19.87		NM			0.22			80.19		0.00		90.32		64.10		126.80		129.78		24.78
PDLB	PDL COMMUNITY BANCORP	NY	NASDAQ		15.71		NM			0.08			51.34		0.00		NM		NM		174.94		174.94		30.60
SNNF	SENECA FIN CORP	NY	OTC PINK		8.55		NM			0.29			92.13		0.00		29.48		21.38		92.23		92.23		9.28
SNNY	SUNNYSIDE BANCORP	NY	OTC BB		16.12		19.0			(0.40	)		106.37		0.00		NM		NM		123.24		123.24		15.15
TRST	TRUSTCO BANK CORP NY	NY	NASDAQ		8.90		14.8			0.49			51.17		0.26		18.16		16.48		185.42		185.80		17.39
CNNB	CINCINNATI BANCORP	OH	OTC BB		12.85		31.8			0.58			99.86		0.00		22.16		32.13		115.35		121.80		12.87
CCSB	COMM SAVINGS BANCORP	OH	OTC BB		14.60		NM			(0.21	)		118.20		0.00		NM		NM		71.53		71.53		12.35
CIBN	COMMUNITY INVESTORS BANCORP	OH	OTC PINK		15.50		2.3			1.89			274.54		0.30		8.20		10.62		62.70		65.65		5.65
EFBI	EAGLE FIN BANCORP	OH	NASDAQ		16.35		NM			0.41			81.94		0.00		39.88		65.40		95.89		95.89		19.95
FDEF	FIRST DEFIANCE FINANCIAL CORP	OH	NASDAQ		67.06		27.3			3.82			296.90		1.05		17.55		17.19		180.08		257.23		22.59
FNFI	FIRST NILES FINANCIAL	OH	OTC PINK		9.75		(2.5	)		0.36			89.64		0.18		27.08		21.67		97.01		97.01		10.88

111

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 5

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF JUNE 30, 2018

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


		State	Exchange	PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)		Price/Core Earnings (X)		Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (X)
HCFL	HOME CITY FINANCIAL CORP	OH	OTC PINK		28.90		12.5			2.99			205.23		1.00		9.67		9.60		120.62		120.62		14.08
HLFN	HOME LOAN FINANCIAL CORP	OH	OTC BB		29.00		5.5			2.08			134.16		1.40		13.94		13.94		176.72		177.70		21.62
MWBC	MW BANCORP INC	OH	OTC BB		29.17		45.9			(0.23	)		183.17		0.61		NM		51.18		161.52		162.96		15.93
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH	OTC PINK		10.10		12.2			0.45			83.37		0.32		22.44		21.96		94.30		94.30		12.11
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH	OTC PINK		29.24		9.5			2.22			159.91		1.17		13.17		12.39		101.39		101.39		18.29
UCFC	UNITED COMMUNITY FINANCIAL CORP	OH	NASDAQ		10.99		32.3			0.58			54.03		0.14		18.95		18.02		185.02		206.58		20.34
VERF	VERSAILLES FINANCIAL CORP	OH	OTC BB		24.25		9.7			0.62			145.75		0.00		39.11		25.26		88.76		88.76		16.64
WAYN	WAYNE SAVINGS BANCSHARES	OH	OTC BB		18.90		7.9			1.45			163.29		0.28		13.03		12.04		128.05		135.48		11.57
BNCL	BENEFICIAL MUTUAL BANCORP	PA	NASDAQ		16.20		8.0			0.34			76.96		0.49		47.65		30.00		119.91		144.77		21.05
ESSA	ESSA BANCORP	PA	NASDAQ		15.83		7.5			0.40			155.21		0.36		39.58		24.35		104.70		114.79		10.20
HARL	HARLEYSVILLE SAVINGS FINANCIAL	PA	OTC PINK		22.63		1.0			1.74			205.45		0.89		13.01		12.93		121.34		121.34		11.01
NWBI	NORTHWEST BANCSHARES	PA	NASDAQ		17.39		11.4			0.99			93.58		0.65		17.57		22.88		146.88		202.68		18.58
PBIP	PRUDENTIAL BANCORP	PA	NASDAQ		19.30		6.3			0.76			104.95		0.31		25.39		20.53		131.47		138.55		18.39
QNTO	QUAINT OAK BANCORP	PA	OTC PINK		13.35		1.3			0.83			128.06		0.20		16.08		13.22		116.09		121.36		10.42
STND	STANDARD FINANCIAL CORP	PA	OTC BB		30.26		7.1			1.25			203.64		1.43		24.21		20.31		108.89		139.70		14.86
CWAY	COASTWAY BANCORP	RI	NASDAQ		27.70		35.1			0.66			177.82		0.00		41.97		36.45		169.11		169.21		15.58
FSGB	FIRST FEDERAL OF SOUTH CAROLINA	SC	OTC PINK		10.00		146.9			0.05			3.51		0.00		NM		NM		NM		NM		NM
CASH	META FINANCIAL GROUP	SD	NASDAQ		97.40		9.4			4.91			443.49		0.52		19.84		17.58		212.94		315.72		21.96
AFCB	ATHENS BANCSHARES CORP	TN	OTC BB		52.15		44.5			2.72			266.30		0.20		19.17		17.62		194.44		206.94		19.58
SFBK	SFB BANCORP	TN	OTC PINK		32.00		(1.8	)		0.88			168.78		0.90		36.36		32.65		126.98		129.19		18.96
UNTN	UNITED TENNESSEE BANKSHARES	TN	OTC PINK		22.06		4.8			1.60			248.80		0.54		13.79		10.98		88.38		88.38		8.87
BAFI	BANCAFFILIATED	TX	OTC PINK		109.00		45.3			21.49			2,409.52		0.00		5.07		4.49		46.46		48.70		4.52
TBK	TRIUMPH BANCORP	TX	NASDAQ		40.75		66.0			1.82			163.51		0.00		22.39		19.59		210.59		250.31		24.92

112

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 6

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF JUNE 30, 2018

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


		State	Exchange	PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)		Price/Core Earnings (X)		Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (X)
ANCB	ANCHOR BANCORP	WA	NASDAQ		26.15		4.4			1.07			193.14		0.00		24.44		13.69		98.05		98.42		13.54
FSBW	FS BANCORP	WA	NASDAQ		63.25		44.5			4.43			282.29		0.42		14.28		15.69		186.36		204.36		22.41
RVSB	RIVERVIEW BANCORP	WA	NASDAQ		8.44		27.1			0.45			51.02		0.03		18.76		15.07		162.93		215.86		16.54
TSBK	TIMBERLAND BANCORP	WA	NASDAQ		37.34		47.8			2.13			135.48		0.54		17.53		17.37		234.11		250.27		27.56
FFBW	FFBW, INC	WI	NASDAQ		11.09		NM			(0.01	)		39.41		0.00		NM		NM		124.19		124.47		28.14
HWIS	HOME BANCORP WISCONSIN	WI	OTC PINK		14.00		15.2			(0.07	)		159.82		0.00		NM		NM		117.45		117.45		8.76
WSBF	WATERSTONE FINANCIAL	WI	NASDAQ		17.05		(9.5	)		0.90			62.62		1.48		18.94		17.58		125.83		126.30		27.23
WBBW	WESTBURY BANCORP	WI	OTC BB		22.33		NM			0.87			208.12		0.00		25.67		20.30		115.46		116.54		10.73

113

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 7

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF JUNE 30, 2018

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


	PER SHARE												PRICING RATIOS
	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)		Price/Core Earnings (X)		Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (X)
ALL INSTITUTIONS
AVERAGE		24.77		14.09			1.46			182.99		0.32		26.78		23.61		131.40		142.77		15.68
HIGH		219.70		146.90			21.49			2,409.52		1.48		100.00		92.58		277.73		319.08		35.52
LOW		0.10		(75.00	)		(0.72	)		3.51		0.00		0.13		0.12		35.69		35.69		0.08
AVERAGE FOR STATE
WI		16.12		2.85			0.42			117.49		0.37		22.31		18.94		120.73		121.19		18.72
AVERAGE BY REGION
MID-ATLANTIC		19.01		1.88			0.72			118.26		0.44		26.24		22.10		119.79		140.14		14.95
MIDWEST		21.53		10.53			1.39			177.94		0.33		20.36		20.56		114.17		120.84		14.16
NORTH CENTRAL		28.61		8.27			1.88			194.96		0.37		25.07		14.80		112.75		125.99		17.21
NORTHEAST		27.31		10.73			1.32			173.41		0.24		25.38		22.50		140.19		148.33		16.09
SOUTHEAST		25.47		24.95			1.19			168.26		0.23		17.09		22.82		117.03		133.30		14.57
SOUTHWEST		36.85		29.29			3.69			437.22		0.10		20.08		15.15		128.94		134.54		16.21
WEST		28.85		24.37			1.63			152.26		0.42		26.65		23.39		165.32		175.48		18.50
AVERAGE BY EXCHANGE
NYSE		24.28		1.27			1.25			185.38		0.54		18.66		14.72		119.46		169.45		13.62
NASDAQ		26.66		13.23			1.19			149.46		0.32		27.59		24.33		147.19		162.44		18.29
OTC BB		23.07		13.73			1.02			169.18		0.33		17.72		18.53		111.73		116.13		13.19
OTC PINK		22.11		10.50			2.66			281.21		0.27		17.65		15.11		86.28		89.07		11.17

114

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 31

Page 1

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstanding		Mkt. Value of Shares ($000)
SZBI	SOUTHFIRST BANCSHARES	AL		88,014		9,739		9,739		0.29			0.39			2.62			3.55		OTC PINK		702,000		3,475
BOFI	BOFI HOLDING	CA		9,982,320		921,653		911,425		1.64			0.82			16.91			8.47		NASDAQ		62,552,868		2,559,038
BYFC	BROADWAY FINANCIAL CORP	CA		399,433		47,445		47,426		0.43			0.43			3.81			3.83		NASDAQ		27,418,798		60,321
MLGF	MALAGA FINANCIAL CORPORATION	CA		1,046,819		128,832		128,832		1.41			1.33			10.97			10.39		OTC BB		6,330,000		197,813
PROV	PROVIDENT FINANCIAL HOLDINGS	CA		1,176,602		120,600		119,706		0.14			0.25			1.37			2.37		NASDAQ		7,460,804		142,352
FBNK	FIRST CONNECTICUT BANCORP	CT		3,137,949		276,861		271,455		0.56			0.75			6.27			8.37		NASDAQ		15,984,932		489,139
SIFI	SI FINANCIAL GROUP	CT		1,598,222		168,919		151,197		0.35			0.49			3.26			4.63		NASDAQ		12,242,434		180,576
UBNK	UNITED FINANCIAL BANCORP	CT		7,088,214		693,000		560,232		0.81			0.87			8.22			8.89		NASDAQ		50,976,667		893,111
WSFS	WSFS FINANCIAL CORP	DE		6,987,931		746,279		558,489		0.99			1.23			9.36			11.63		NASDAQ		32,003,414		1,705,782
ABCB	AMERIS BANCORP	GA		8,022,828		868,944		640,968		1.02			1.23			9.71			11.69		NASDAQ		38,327,081		2,044,750
CHFN	CHARTER FINANCIAL CORP	GA		1,659,791		221,587		177,328		0.98			1.00			7.26			7.41		NASDAQ		15,137,631		365,574
CFBI	COMM FIRST BANCSHARES	GA		292,476		75,649		75,649		0.02			0.31			0.09			1.22		NASDAQ		7,538,250		83,750
TBNK	TERRITORIAL BANCORP	HI		2,055,724		232,372		232,121		0.78			0.79			6.58			6.64		NASDAQ		9,733,830		301,749
WCFB	WCF BANCORP	IA		124,421		28,040		27,980		0.20			0.06			0.82			0.24		NASDAQ		2,561,542		23,054
AJSB	AJS BANCORP	IL		193,870		29,115		29,113		0.06			0.31			0.37			2.09		OTC BB		2,149,860		30,206
AFBA	ALLIED FIRST BANCORP	IL		83,191		9,839		9,839		(0.28	)		0.72			(2.58	)		6.55		OTC BB		1,351,892		1,825
BFFI	BEN FRANKLIN FINANCIAL	IL		101,544		10,357		10,357		(0.60	)		(0.65	)		(7.52	)		(8.13	)	OTC BB		1,270,000		10,478
BTHT	BEST HOMETOWN BANCORP	IL		107,949		12,186		12,186		(0.29	)		(0.24	)		(2.66	)		(2.26	)	OTC PINK		826,208		11,154
GTPS	GREAT AMERICAN BANCORP	IL		180,924		17,111		15,931		0.37			0.49			3.83			5.08		OTC BB		438,206		13,957
IROQ	IF BANCORP	IL		619,310		81,613		80,822		0.31			0.34			2.25			2.51		NASDAQ		3,891,408		93,005
JXSB	JACKSONVILLE BANCORP	IL		323,400		47,769		44,499		0.89			1.10			6.49			8.03		NASDAQ		1,814,467		61,057
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL		117,583		10,859		10,859		0.08			0.11			0.84			1.15		OTC PINK		372,600		8,942
OTTW	OTTAWA SAVINGS BANCORP	IL		267,587		51,256		49,899		0.40			0.75			1.91			3.60		OTC BB		3,415,490		47,407

115

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 2

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstanding		Mkt. Value of Shares ($000)
RYFL	ROYAL FINANCIAL	IL		429,887		45,207		42,201		0.76			1.07			7.06			9.99		OTC BB		2,507,112		43,749
SUGR	SUGAR CREEK FINANCIAL CORP	IL		93,119		10,665		10,665		0.16			0.14			1.44			1.27		OTC BB		804,807		10,141
FDLB	FIDELITY FEDERAL BANCORP	IN		711,698		85,222		83,297		2.64			1.27			22.13			10.68		OTC PINK		844,763		21,119
FCAP	FIRST CAPITAL	IN		765,381		79,561		72,013		0.98			1.02			9.19			9.57		NASDAQ		3,356,964		139,482
NWIN	NORTHWEST INDIANA BANCORP	IN		938,508		89,903		86,664		1.00			0.90			10.18			9.15		OTC BB		2,924,978		125,628
TDCB	THIRD CENTURY BANCORP	IN		152,674		15,390		15,189		0.43			0.51			4.22			4.98		OTC BB		1,420,000		19,809
UCBA	UNITED COMMUNITY BANCORP	IN		548,302		71,175		67,681		0.66			0.78			5.02			5.85		NASDAQ		4,217,619		114,719
WEIN	WEST END INDIANA BANCSHARES	IN		308,356		28,315		27,510		0.23			0.44			2.45			4.67		OTC BB		1,066,858		30,939
CFFN	CAPITOL FEDERAL FINANCIAL	KS		9,133,171		1,364,740		1,364,272		1.07			0.93			7.14			6.22		NASDAQ		138,250,235		1,819,373
PBSK	POAGE BANKSHARES	KY		450,159		60,937		58,150		(0.56	)		(0.61	)		(3.95	)		(4.36	)	NASDAQ		3,499,846		68,807
CTUY	CENTURY NEXT FINANCIAL CORP	LA		289,806		26,734		26,734		0.94			1.09			10.12			11.74		OTC BB		1,050,000		35,700
FPBF	FPB FINANCIAL CORP	LA		364,858		36,122		36,044		0.71			0.78			7.60			8.31		OTC PINK		2,650,000		52,338
HRGG	HERITAGE NOLA BANCORP	LA		112,497		24,239		23,898		0.48			0.50			2.66			2.77		OTC PINK		1,653,125		20,631
HIBE	HIBERNIA BANCORP	LA		130,147		18,708		18,708		0.13			0.24			0.91			1.67		OTC BB		1,032,667		32,942
HFBL	HOME FED BANCORP OF LOUISIANA	LA		412,960		46,410		46,242		0.88			1.04			7.98			9.43		NASDAQ		1,908,581		60,025
BHBK	BLUE HILLS BANCORP	MA		2,670,738		395,444		384,280		0.60			0.68			4.08			4.61		NASDAQ		26,861,521		596,326
BLMT	BSB BANCORP INC.	MA		2,747,954		184,565		183,512		0.65			0.77			9.45			11.27		NASDAQ		9,741,471		335,107
HONE	HARBORONE BANCORP	MA		2,696,517		344,857		308,399		0.42			0.39			3.23			3.00		NASDAQ		32,622,695		617,874
HIFS	HINGHAM INSTITUTION FOR SAVINGS	MA		2,240,198		186,158		186,158		1.29			1.31			15.76			15.99		NASDAQ		2,132,750		468,565
EBSB	MERIDIAN BANCORP	MA		5,460,900		655,607		632,505		0.89			0.91			7.11			7.32		NASDAQ		54,068,874		1,035,419
PLRM	PILGRIM BANCSHARES	MA		262,741		33,890		33,890		0.50			0.61			3.89			4.74		OTC BB		2,264,950		45,639
PVBC	PROVIDENT BANCORP	MA		890,772		117,330		117,330		0.90			0.72			7.00			5.56		NASDAQ		9,628,496		252,267
RNDB	RANDOLPH BANCORP	MA		533,539		79,871		73,190		(0.43	)		(0.48	)		(2.72	)		(3.06	)	NASDAQ		6,029,776		101.300

116

KELLER & COMPANY

Dublin, Ohio

614-766-1426

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KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstanding		Mkt. Value of Shares ($000)
WEBK	WELLESLEY BANCORP	MA		819,586		60,103		60,002		0.64			0.77			8.41			10.23		NASDAQ		2,506,532		84,796
WNEB	WESTERN NEW ENGLAND BANCORP	MA		2,085,531		242,623		225,832		0.52			0.75			4.32			6.25		NASDAQ		30,138,083		331,519
IFSB	COLOMBO BANK	MD		194,655		21,367		21,367		0.62			0.63			5.90			6.03		OTC PINK		1,552,000		155
HBK	HAMILTON BANCORP	MD		526,310		51,228		42,052		(0.12	)		0.33			(1.03	)		2.92		NASDAQ		3,411,075		53,554
MBCQ	MB BANCORP	MD		148,391		30,128		30,128		0.17			(0.40	)		0.80			(1.88	)	OTC BB		19,400,200		322,043
SVBI	SEVERN BANCORP	MD		801,183		92,417		90,814		0.47			0.75			4.38			6.92		NASDAQ		12,247,626		105,942
FBC	FLAGSTAR BANCORP	MI		17,735,862		1,427,000		1,116,713		0.45			0.95			5.37			11.24		NYSE		57,399,993		1,966,524
NWBB	NEW BANCORP	MI		121,562		15,447		14,373		1.04			1.07			8.47			8.73		OTC BB		719,531		14,031
SBT	STERLING BANCORP	MI		3,037,848		288,512		279,944		1.55			1.74			18.58			20.91		NASDAQ		53,002,963		708,120
STBI	STURGIS BANCORP	MI		444,409		39,742		32,519		0.84			0.79			9.11			8.49		OTC BB		2,440,000		46,604
HMNF	HMN FINANCIAL	MN		722,080		82,056		79,200		0.70			0.79			6.28			7.09		NASDAQ		4,504,234		90,535
REDW	REDWOOD FINANCIAL	MN		295,144		34,822		29,127		1.12			0.96			9.56			8.23		OTC PINK		438,551		23,682
CCFC	CCSB FINANCIAL CORP	MO		98,629		10,733		10,668		0.50			0.50			4.59			4.57		OTC PINK		917,000		12,104
CFDB	CENTRAL FEDERAL S&L ASSN OF ROLLA	MO		67,707		25,936		25,936		0.17			0.17			0.43			0.43		OTC PINK		1,670,220		24,051
NASB	NASB FINANCIAL	MO		1,910,516		223,978		208,163		1.34			1.35			11.75			11.77		OTC BB		7,384,851		304,182
QRRY	QUARRY CITY S&L ASSN	MO		53,646		8,703		8,433		0.51			0.59			3.17			3.68		OTC BB		407,691		6,319
KSBI	KS BANCORP	NC		375,395		34,827		34,827		0.68			0.91			7.04			9.42		OTC BB		1,309,500		36,666
LSFG	LIFESTORE FINANCIAL GROUP	NC		285,617		28,495		27,650		0.69			0.79			6.71			7.74		OTC PINK		1,050,000		27,300
UBNC	UNION BANK	NC		707,429		73,441		57,389		0.56			0.77			5.38			7.49		OTC PINK		5,816,138		95,385
EQFN	EQUITABLE FINANCIAL CORP	NE		305,633		35,659		33,360		0.41			0.49			3.13			3.72		NASDAQ		3,317,670		35,698
MCBK	MADISON COUNTY FINANCIAL	NE		384,889		68,360		65,526		1.02			1.32			5.77			7.51		OTC PINK		3,140,000		81,640
ISBC	INVESTORS BANCORP	NJ		25,232,421		3,092,081		2,990,473		0.56			0.76			4.43			6.03		NASDAQ		301,796,438		3,859,976
KRNY	KEARNY FINANCIAL CORP	NJ		4,933,700		991,201		882,037		0.34			0.38			1.61			1.83		NASDAQ		78,765,003		1,059,389

117

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Dublin, Ohio

614-766-1426

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KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang, Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstanding		Mkt. Value of Shares ($000)
MGYR	MAGYAR BANCORP	NJ		607,831		50,027		49,974		0.27			0.38			3.28			4.59		NASDAQ		5,820,746		74,971
MSBF	MB BANCORP	NJ		563,980		69,759		69,759		0.61			0.79			4.84			6.19		NASDAQ		5,524,095		118,768
NFBK	NORTHFIELD BANCORP	NJ		4,069,209		642,926		603,110		0.63			0.92			3.94			5.68		NASDAQ		49,126,879		816,489
OCFC	OCEANFIRST FINANCIAL CORP	NJ		7,501,048		1,007,460		649,856		0.61			0.73			5.14			6.18		NASDAQ		48,105,623		1,441,244
ORIT	ORITANI FINANCIAL CORP	NJ		4,142,777		554,691		554,691		0.78			1.02			5.80			7.59		NASDAQ		46,604,276		754,989
PFS	PROVIDENT FINANCIAL SERVICES	NJ		9,734,242		1,305,035		885,315		1.02			1.07			7.58			7.94		NYSE		66,729,095		1,837,052
BCTF	BANCORP 34	NM		340,840		49,618		49,216		0.34			0.99			2.33			6.69		NASDAQ		3,388,601		52,354
CARV	CARVER BANCORP	NY		694,186		55,589		55,408		1.47			(0.64	)		20.22			(8.81	)	NASDAQ		3,698,247		17,123
DCOM	DIME COMMUNITY BANCSHARES	NY		6,325,917		607,957		550,812		0.87			0.75			9.35			8.05		NASDAQ		37,484,270		730,943
ESBK	ELMIRA SAVINGS BANK	NY		553,389		56,886		43,134		0.87			0.57			8.03			5.21		NASDAQ		2,643,652		54,010
FSBC	FSB COMMUNITY BANKSHARES	NY		312,853		31,315		30,421		0.24			0.26			2.28			2.51		NASDAQ		1,941,253		34,457
NYCB	NEW YORK COMMUNITY BANCORP	NY		49,654,874		6,780,717		4,339,399		0.96			0.79			6.93			5.74		NYSE		490,379,532		5,413,790
PCSB	PCSB FINANCIAL CORP	NY		1,456,724		284,680		278,111		0.28			0.39			1.43			1.97		NASDAQ		18,165,110		360,941
PDLB	PDL COMMUNITY BANCORP	NY		947,938		165,714		165,714		0.16			0.28			0.99			1.69		NASDAQ		18,463,028		290,054
SNNF	SENECA FIN CORP	NY		182,328		18,338		18,338		0.32			0.45			3.78			5.26		OTC PINK		1,978,923		16,920
SNNY	SUNNYSIDE BANCORP	NY		84,406		10,382		10,382		(0.37	)		(0.04	)		(2.93	)		(0.30	)	OTC BB		793,500		12,791
TRST	TRUSTCO BANK CORP NY	NY		4,930,915		462,097		461,544		0.96			1.06			10.32			11.38		NASDAQ		96,358,600		857,592
CNNB	CINCINNATI BANCORP	OH		175,051		19,527		18,490		0.60			0.42			5.33			3.66		OTC BB		1,752,947		22,525
CCSB	COMM SAVINGS BANCORP	OH		52,160		9,006		9,006		(0.18	)		(0.35	)		(1.05	)		(2.02	)	OTC BB		441,290		6,443
CIBN	COMMUNITY INVESTORS BANCORP	OH		144,133		12,980		12,397		0.69			0.53			7.76			6.00		OTC PINK		525,000		8,138
EFBI	EAGLE FIN BANCORP	OH		132,160		27,491		27,491		0.51			0.31			2.79			1.68		NASDAQ		1,612,808		26,369
FDEF	FIRST DEFIANCE FINANCIAL CORP	OH		3,022,984		379,214		265,439		1.31			1.34			10.49			10.71		NASDAQ		10,181,899		682,798
FNFI	FIRST NILES FINANCIAL	OH		99,784		11,186		11,186		0.41			0.52			3.34			4.25		OTC PINK		1,113,172		10,853

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614-766-1426

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KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY										CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)		ROAE (%)			Core ROAE (%)		Exchange	Number of Shares Outstanding		Mkt. Value of Shares ($000)
HCFL	HOME CITY FINANCIAL CORP	OH		167,636		19,575		19,575		1.47			1.48		12.91			12.99	OTC PINK		816,818		23,606
HLFN	HOME LOAN FINANCIAL CORP	OH		201,246		24,610		24,482		1.49			1.49		13.27			13.28	OTC BB		1,500,000		43,500
MWBC	MW BANCORP INC	OH		163,242		16,091		15,956		(0.13	)		0.33		(1.22	)		3.05	OTC BB		891,209		25,997
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH		113,378		14,565		14,565		0.55			0.57		4.13			4.22	OTC PINK		1,360,000		13,736
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH		394,980		71,248		71,248		1.39			1.48		7.84			8.34	OTC PINK		2,470,032		72,224
UCFC	UNITED COMMUNITY FINANCIAL CORP	OH		2,695,178		296,195		265,250		1.10			1.15		9.87			10.39	NASDAQ		49,882,491		548,209
VERF	VERSAILLES FINANCIAL CORP	OH		56,530		10,598		10,598		0.43			0.67		2.30			3.53	OTC BB		387,867		9,406
WAYN	WAYNE SAVINGS BANCSHARES	OH		454,254		41,060		38,799		0.90			0.98		9.66			10.49	OTC BB		2,781,839		52,577
BNCL	BENEFICIAL MUTUAL BANCORP	PA		5,792,663		1,016,636		842,514		0.44			0.70		2.46			3.95	NASDAQ		75,264,135		1,219,279
ESSA	ESSA BANCORP	PA		1,820,924		177,378		161,792		0.26			0.43		2.63			4.26	NASDAQ		11,732,222		185,721
HARL	HARLEYSVILLE SAVINGS FINANCIAL	PA		774,997		70,366		70,366		0.85			0.85		9.46			9.54	OTC PINK		3,772,166		85,364
NWBI	NORTHWEST BANCSHARES	PA		9,601,600		1,215,254		880,496		1.07			0.82		8.43			6.47	NASDAQ		102,599,662		1,784,208
PBIP	PRUDENTIAL BANCORP	PA		944,329		132,060		125,319		0.75			0.93		5.11			6.33	NASDAQ		8,998,235		173,666
QNTO	QUAINT OAK BANCORP	PA		250,300		22,485		21,502		0.68			0.84		7.30			8.97	OTC PINK		1,954,571		26,094
STND	STANDARD FINANCIAL CORP	PA		976,781		133,310		103,915		0.61			0.73		4.50			5.38	OTC BB		4,796,643		145,146
CWAY	COASTWAY BANCORP	RI		779,976		71,868		71,815		0.40			0.46		4.07			4.68	NASDAQ		4,386,351		121,502
FSGB	FIRST FEDERAL OF SOUTH CAROLINA	SC		84,378		6,039		5,659		1.30			1.35		18.54			19.26	OTC PINK		24,066,545		240,665
CASH	META FINANCIAL GROUP	SD		4,301,708		443,703		299,256		1.00			1.13		10.91			12.30	NASDAQ		9,699,591		944,740
AFCB	ATHENS BANCSHARES CORP	TN		482,009		48,553		45,613		1.05			1.15		10.00			10.92	OTC BB		1,810,000		94,392
SFBK	SFB BANCORP	TN		67,005		10,006		9,832		0.54			0.60		3.49			3.87	OTC PINK		397,000		12,704
UNTN	UNITED TENNESSEE BANKSHARES	TN		205,755		20,645		20,645		0.65			0.81		6.28			7.87	OTC PINK		827,000		18,244
BAFI	BANCAFFILIATED	TX		670,930		65,325		62,329		0.95			1.07		9.36			10.57	OTC PINK		278,450		30,351
TBK	TRIUMPH BANCORP	TX		3,405,010		402,944		339,021		1.20			1.37		10.14			11.61	NASDAQ		20,824,509		848,599

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KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstanding		Mkt. Value of Shares ($000)
ANCB	ANCHOR BANCORP	WA		479,755		66,253		65,996		0.57			1.01			4.03			7.18		NASDAQ		2,484,030		64,957
FSBW	FS BANCORP	WA		1,043,205		125,442		114,374		1.66			1.51			14.40			13.10		NASDAQ		3,695,552		233,744
RVSB	RIVERVIEW BANCORP	WA		1,151,535		116,901		88,334		0.90			1.12			8.82			10.96		NASDAQ		22,570,179		190,492
TSBK	TIMBERLAND BANCORP	WA		1,001,201		117,843		110,283		1.63			1.64			13.97			14.10		NASDAQ		7,390,227		275,951
FFBW	FFBW, INC	WI		260,573		59,039		58,940		(0.02	)		0.07			(0.13	)		0.41		NASDAQ		6,612,500		73,333
HWIS	HOME BANCORP WISCONSIN	WI		143,707		10,715		10,715		(0.04	)		(0.05	)		(0.59	)		(0.61	)	OTC PINK		899,190		12,589
WSBF	WATERSTONE FINANCIAL	WI		1,836,338		397,419		395,839		1.43			1.54			6.47			6.97		NASDAQ		29,323,807		499,971
WBBW	WESTBURY BANCORP	WI		801,259		74,453		73,748		0.42			0.53			4.37			5.57		OTC BB		3,850,000		85,971

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Dublin, Ohio

614-766-1426

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KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS


	ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstanding		Mkt. Value of Shares ($000)
ALL INSTITUTIONS
AVERAGE		2,245,051		273,993		227,960		0.84			0.87			6.82			7.06				20,565,278		377,766
MEDIAN		548,302		66,253		62,329		0.61			0.75			5.33			6.19				3,499,846		83,750
HIGH		49,654,874		6,780,717		4,339,399		2.64			1.74			22.13			20.91				490,379,532		5,413,790
LOW		52,160		6,039		5,659		(0.60	)		(0.65	)		(7.52	)		(8.81	)			278,450		155
AVERAGE FOR STATE
WI		760,469		135,407		134,811		0.97			1.07			5.46			6.05				10,171,374		167,966
AVERAGE BY REGION
MID-ATLANTIC		4,280,264		571,104		481,698		0.69			0.82			5.18			6.12				44,010,205		788,492
MIDWEST		966,193		100,554		87,854		0.77			1.01			7.24			9.56				6,653,461		145,149
NORTH CENTRAL		1,581,595		211,521		195,629		1.04			1.01			8.03			7.82				15,662,871		305,943
NORTHEAST		4,089,849		499,365		383,878		0.85			0.77			6.86			6.25				38,812,152		555,907
SOUTHEAST		1,115,518		127,084		100,482		0.94			1.11			8.33			9.90				8,816,468		274,810
SOUTHWEST		715,881		83,763		75,274		1.00			1.19			8.63			10.20				4,098,242		141,618
WEST		2,037,399		208,593		202,055		1.32			0.91			12.43			8.59				16,626,254		447,380
AVERAGE BY EXCHANGE
NYSE		25,708,326		3,170,917		2,113,809		0.85			0.86			6.78			6.87				204,836,207		3,072,455
NASDAQ		2,831,254		345,900		308,604		0.83			0.87			6.77			7.09				27,722,424		537,805
OTC		366,001		41,858		39,499		0.83			0.89			7.14			7.70				2,623,130		62,494
OTC PINK		262,922		30,577		29,309		0.94			0.88			8.12			7.60				2,388,134		36,672

121

EXHIBIT 32

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RECENT STANDARD CONVERSIONS

PRICE CHANGES FROM IPO DATE

January 1, 2017 through August 7, 2018


					Percentage Price Change From Initial Trading Date
Company Name	Ticker	Conversion Date		Exchange	One Day			One Week			One Month			Through 8/07/2018
Community Savings Bancorp	CCSB		1/10/2017	OTC MKT		30.00			30.00			30.00			50.00
HV Bancorp, Inc.	HVBC		1/12/2017	NASDAQ		36.70			41.30			39.90			51.50
PCSB Financial Corp.	PCSB		4/21/2017	NASDAQ		64.60			63.50			63.60			100.10
Community First Bancshares	CFBI		4/28/2017	NASDAQ		17.40			33.70			31.50			16.40
Eagle Financial Bancorp	EFBI		7/21/2017	NASDAQ		14.92			60.80			60.00			60.00
FFBW, Inc.	FFBW		10/11/2017	NASDAQ		15.30			11.00			11.00			12.50
Heritage NOLA Bancorp	HRGG		7/13/2017	OTC MKT		15.00			13.50			13.50			23.50
Seneca Financial	SNNF		10/12/2017	OTC MKT		18.00			(8.50	)		(10.00	)		(9.50	)
SSB Bancorp	SSPB		1/26/2018	OTC MKT		(5.50	)		(7.50	)		(4.00	)		(5.00	)
Columbia Financial	CLBK		4/20/2018	NASDAQ		54.20			66.30			70.70			68.40
			AVERAGE			26.06	%		30.41	%		30.62	%		36.79	%
			MEDIAN			17.70			48.35			30.75			73.50
			HIGH			64.60			66.50			70.70			100.10
			LOW			(5.50	)		(8.50	)		(10.00	)		(9.50	)

122

EXHIBIT 33

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RECENT ACQUISITIONS AND PENDING ACQUISITIONS

COUNTY, CITY OR MARKET AREA OF PYRAMAX BANK

NONE

(that were potential comparable group candidates)

123

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

EXHIBIT 34

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter

General Parameters:

Regions: Mid-Atlantic, Midwest, North Central, Northeast, Southeast

Asset Size: < $950 Million

Stock trades on: NASDAQ or NYSE

No Recent Acquisition Activity


			Total Assets ($000)		Cash & Securities/ Assets (%)		MBS/ Assets (%)		1-4 Fam. Loans/ Assets (%)		Total Net Loans/ Assets (%)		Total Net Loans & MBS/ Assets (%)		Borrowed Funds/ Assets (%)		Equity/ Assets (%)
	PYRAMAX F.S.B.	WI		482,617		5.82		10.77		25.77		76.50		87.27		5.73		7.81
	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 950,000		< 20.00		<16.00		<72.00		60.00 - 88.00		70.00 - 90.00		< 22.00		7.00 - 26.00
SIFI	SI FINANCIAL GROUP	CT		1,598,222		9.70		4.60		27.05		79.04		83.64		10.87		10.57
CHFN	CHARTER FINANCIAL CORP	GA		1,659,791		13.85		7.78		21.93		69.51		77.29		3.62		13.35
CFBI	COMM FIRST BANCSHARES	GA		292,476		10.33		4.54		52.69		77.66		82.20		3.55		25.87
WCFB	WCF BANCORP	IA		124,421		16.17		21.38		46.62		53.65		75.03		12.28		22.54
IROQ	IF BANCORP	IL		619,310		6.35		15.20		22.39		73.78		88.98		8.81		13.18
FCAP	FIRST CAPITAL	IN		765,381		24.13		16.33		16.91		53.21		69.54		0.01		10.39
UCBA	UNITED COMMUNITY BANCORP	IN		548,302		23.20		16.15		27.98		54.13		70.28		1.43		12.98
PBSK	POAGE BANKSHARES	KY		450,159		12.99		7.70		37.16		72.71		80.41		2.01		13.54
PVBC	PROVIDENT BANCORP	MA		890,772		5.53		3.40		12.50		85.31		88.71		5.08		13.17
RNDB	RANDOLPH BANCORP	MA		533,539		4.95		8.42		48.76		76.34		84.76		10.36		14.97
WEBK	WELLESLEY BANCORP	MA		819,586		12.72		1.76		53.89		82.91		84.67		12.87		7.33
HBK	HAMILTON BANCORP	MD		526,310		5.89		10.70		37.78		73.56		84.26		11.95		9.73
SVBI	SEVERN BANCORP	MD		801,183		7.50		3.61		39.58		82.61		86.22		12.04		11.54
HMNF	HMN FINANCIAL	MN		722,080		13.64		1.31		20.30		81.95		83.26		0.00		11.36
EQFN	EQUITABLE FINANCIAL CORP	NE		305,633		12.28		0.15		19.97		83.52		83.67		2.01		11.67
MGYR	MAGYAR BANCORP	NJ		607,831		4.63		8.23		30.81		79.57		87.80		5.65		8.23
MSBF	MB BANCORP	NJ		563,980		5.41		4.12		30.04		85.25		89.37		10.66		12.37
CARV	CARVER BANCORP	NY		694,186		23.77		6.18		19.68		68.16		74.34		3.60		8.01
ESBK	ELMIRA SAVINGS BANK	NY		553,389		6.49		2.07		52.87		80.82		82.89		6.32		10.28
FSBC	FSB COMMUNITY BANKSHARES	NY		312,853		7.15		2.51		70.37		85.20		87.71		20.63		10.01
PCSB	PCSB FINANCIAL CORP	NY		1,456,724		18.51		16.94		17.87		60.36		77.30		4.73		19.54
PDLB	PDL COMMUNITY BANCORP	NY		947,938		8.80		0.42		40.75		86.82		87.24		2.82		17.48

124

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter

General Parameters:

Regions: Mid-Atlantic, Midwest, North Central, Northeast, Southeast

Asset Size: < $950 Million

Stock trades on: NASDAQ or NYSE

No Recent Acquisition Activity


			Total Assets ($000)		Cash & Securities/ Assets (%)		MBS/ Assets (%)		1-4 Fam. Loans/ Assets (%)		Total Net Loans/ Assets (%)		Total Net Loans & MBS/Assets (%)		Borrowed Funds/ Assets (%)		Equity/ Assets (%)
	PYRAMAX F.S.B.	WI		482,617		5.82		10.77		25.77		76.50		87.27		5.73		7.81
	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 950,000		< 20.00		<16.00		<72.00		60.00 - 88.00		70.00 - 90.00		< 22.00		7.00 - 26.00
EFBI	EAGLE FIN BANCORP	OH		132,160		12.00		0.00		54.57		77.51		77.51		0.00		20.80
ESSA	ESSA BANCORP	PA		1,820,924		9.11		13.55		35.83		70.91		84.46		20.91		9.74
PBIP	PRUDENTIAL BANCORP	PA		944,329		17.30		14.66		35.54		61.88		76.54		13.38		13.98
CWAY	COASTWAY BANCORP	RI		779,976		6.25		0.00		49.83		84.90		84.90		27.29		9.21
FFBW	FFBW, INC	WI		260,573		9.00		15.01		28.98		67.73		82.74		4.89		22.66
WSBF	WATERSTONE FINANCIAL	WI		1,836,338		8.14		5.95		32.26		70.87		76.82		23.65		21.64

125

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

EXHIBIT 35

COMPARABLE GROUP SELECTION

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters

General Parameters:

Regions: Mid-Atlantic, Midwest, North Central, Northeast, Southeast

Asset Size: < $950 Million

Stock trades on: NASDAQ or NYSE

No Recent Acquisition Activity


					OPERATING PERFORMANCE												ASSET QUALITY
			Total Assets ($000)		Core ROAA (%)			Core ROAE (%)			Net Interest Margin ⁽²⁾ (%)		Operating Expenses/ Assets (%)		Noninterest Income/ Assets (%)		NPA/ Assets (%)		REO/ Assets (%)		Reserves/ Assets (%)
	PYRAMAX F.S.B.	WI		482,617		0.09			1.08			3.13		3.77		0.62		0.38		0.00		0.64
	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 950,000		< 1.00			< 8.00			2.70- 4.20		1.50- 4.50		< 1.50		< 2.25		< 0.12		> 0.40
SIFI	SI FINANCIAL GROUP	CT		1,598,222		0.49			4.63			2.93		2.47		0.69		0.56		0.07		0.81
CHFN	CHARTER FINANCIAL CORP	GA		1,659,791		1.00			7.41			3.84		3.02		1.21		0.10		0.02		0.67
CFBI	COMM FIRST BANCSHARES	GA		292,476		0.31			1.22			4.15		4.06		0.54		2.19		0.00		1.43
WCFB	WCF BANCORP	IA		124,421		0.06			0.24			2.84		2.95		0.84		0.62		0.05		0.45
IROQ	IF BANCORP	IL		619,310		0.34			2.51			3.07		2.54		0.78		1.34		0.05		0.92
FCAP	FIRST CAPITAL	IN		765,381		1.02			9.57			3.61		2.66		0.88		0.88		0.50		0.47
UCBA	UNITED COMMUNITY BANCORP	IN		548,302		0.78			5.85			2.95		2.73		0.82		0.13		0.01		0.69
PBSK	POAGE BANKSHARES	KY		450,159		(0.61	)		(4.36	)		3.76		4.02		0.59		1.80		0.10		1.10
PVBC	PROVIDENT BANCORP	MA		890,772		0.72			5.56			4.16		2.75		1.06		1.08		0.00		1.15
RNDB	RANDOLPH BANCORP	MA		533,539		(0.48	)		(3.06	)		3.25		5.56		2.24		0.57		0.04		0.72
WEBK	WELLESLEY BANCORP	MA		819,586		0.77			10.23			3.20		2.13		0.25		0.15		0.00		0.76
HBK	HAMILTON BANCORP	MD		526,310		0.33			2.92			3.08		2.44		0.39		1.45		0.09		0.54
SVBI	SEVERN BANCORP	MD		801,183		0.75			6.92			3.49		2.89		0.72		0.76		0.03		1.02
HMNF	HMN FINANCIAL	MN		722,080		0.79			7.09			3.89		3.53		1.05		0.55		0.10		1.26
EQFN	EQUITABLE FINANCIAL CORP	NE		305,633		0.49			3.72			3.68		2.86		0.81		1.48		0.07		1.50
MGYR	MAGYAR BANCORP	NJ		607,831		0.38			4.59			3.45		2.81		0.35		1.88		1.67		0.62
MSBF	MB BANCORP	NJ		563,980		0.79			6.19			3.42		0.26		0.15		0.85		0.00		0.98
CARV	CARVER BANCORP	NY		694,186		(0.64	)		(8.81	)		2.95		4.20		2.68		1.16		0.16		0.74
ESBK	ELMIRA SAVINGS BANK	NY		553,389		0.57			5.21			3.38		2.88		0.97		0.57		0.01		0.80
FSBC	FSB COMMUNITY BANKSHARES	NY		312,853		0.26			2.51			2.90		3.41		1.15		0.03		0.00		0.43
PCSB	PCSB FINANCIAL CORP	NY		1,456,724		0.39			1.97			2.90		2.52		0.18		0.65		0.01		0.32
PDLB	PDL COMMUNITY BANCORP	NY		947,938		0.28			1.69			3.98		3.98		0.34		0.98		0.00		1.20

126

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters

General Parameters:

Regions: Mid-Atlantic, Midwest, North Central, Northeast, Southeast

Asset Size: < $950 Million

Stock trades on: NASDAQ or NYSE

No Recent Acquisition Activity


					OPERATING PERFORMANCE										ASSET QUALITY
			Total Assets ($000)		Core ROAA (%)		Core ROAE (%)		Net Interest Margin ⁽²⁾ (%)		Operating Expenses/ Assets (%)		Noninterest Income/ Assets (%)		NPA/ Assets (%)		REO / Assets (%)		Reserves/ Assets (%)
	PYRAMAX F.S.B.	WI		482,617		0.09		1.08		3.13		3.77		0.62		0.38		0.00		0.64
	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 950,000		< 1.00		< 8.00		2.70- 4.20		1.50- 4.50		< 1.50		< 2.25		< 0.12		> 0.40
EFBI	EAGLE FIN BANCORP	OH		132,160		0.31		1.68		3.29		4.20		1.48		0.59		0.00		0.90
ESSA	ESSA BANCORP	PA		1,820,924		0.43		4.26		2.79		2.24		0.47		0.83		0.07		0.58
PBIP	PRUDENTIAL BANCORP	PA		944,329		0.93		6.33		2.94		1.59		0.24		1.49		0.01		0.51
CWAY	COASTWAY BANCORP	RI		779,976		0.46		4.68		3.16		2.84		0.94		1.07		0.54		0.41
FFBW	FFBW, INC	WI		260,573		0.07		0.41		4.74		4.41		0.50		0.48		0.12		0.69
WSBF	WATERSTONE FINANCIAL	Wl		1,836,338		1.54		6.97		3.20		7.24		6.73		0.54		0.18		0.72

127

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

EXHIBIT 36

FINAL COMPARABLE GROUP

BALANCE SHEET RATIOS

Most Recent Quarter


			Total Assets ($000)		Cash & Securities/ Assets (%)		MBS/ Assets (%)		1-4 Fam. Loans/ Assets (%)		Total Net Loans/ Assets (%)		Total Net Loans & MBS/ Assets (%)		Borrowed Funds/ Assets (%)		Equity/ Assets (%)
	PYRAMAX F.S.B.	WI		482,617		5.82		10.77		25.77		76.50		87.27		5.73		7.81
	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 950,000		< 20.00		<16.00		<72.00		60.00 - 88.00		70.00 - 90.00		< 22.00		7.00 - 26.00
EFBI	EAGLE FIN BANCORP	OH		132,160		12.00		0.00		54.57		77.51		77.51		0.00		20.80
CFBI	COMM FIRST BANCSHARES	GA		292,476		10.33		4.54		52.69		77.66		82.20		3.55		25.87
EQFN	EQUITABLE FINANCIAL CORP	NE		305,633		12.28		0.15		19.97		83.52		83.67		2.01		11.67
FSBC	FSB COMMUNITY BANKSHARES	NY		312,853		7.15		2.51		70.37		85.20		87.71		20.63		10.01
HBK	HAMILTON BANCORP	MD		526,310		5.89		10.70		37.78		73.56		84.26		11.95		9.73
ESBK	ELMIRA SAVINGS BANK	NY		553,389		6.49		2.07		52.87		80.82		82.89		6.32		10.28
IROQ	IF BANCORP	IL		619,310		6.35		15.20		22.39		73.78		88.98		8.81		13.18
HMNF	HMN FINANCIAL	MN		722,080		13.64		1.31		20.30		81.95		83.26		0.00		11.36
SVBI	SEVERN BANCORP	MD		801,183		7.50		3.61		39.58		82.61		86.22		12.04		11.54
PBIP	PRUDENTIAL BANCORP	PA		944,329		17.30		14.66		35.54		61.88		76.54		13.38		13.98
		AVERAGE		520,972		9.89		5.48		40.60		77.85		83.32		7.87		13.84
		MEDIAN		539,850		8.92		3.06		38.68		79.24		83.47		7.57		11.61
		HIGH		944,329		17.30		15.20		70.37		85.20		88.98		20.63		25.87
		LOW		132,160		5.89		0.00		19.97		61.88		76.54		0.00		9.73

128

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

EXHIBIT 37

FINAL COMPARABLE GROUP

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters


					OPERATING PERFORMANCE										ASSET QUALITY
			Total Assets ($000)		Core ROAA (%)		Core ROAE (%)		Net Interest Margin (%)		Operating Expenses/ Assets (%)		Noninterest Income/ Assets (%)		NPA/ Assets (%)		REO / Assets (%)		Reserves/ Assets (%)
	PYRAMAX F.S.B.	WI		482,617		0.09		1.08		3.13		3.77		0.62		0.38		0.00		0.64
	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 950,000		< 1.00		< 8.00		2.70- 4.20		1.50- 4.50		< 1.50		< 2.25		< 0.12		> 40
EFBI	EAGLE FIN BANCORP	OH		132,160		0.31		1.68		3.29		4.20		1.48		0.59		0.00		0.90
CFBI	COMM FIRST BANCSHARES	GA		292,476		0.31		1.22		4.15		4.06		0.54		2.19		0.00		1.43
EQFN	EQUITABLE FINANCIAL CORP	NE		305,633		0.49		3.72		3.68		2.86		0.81		1.48		0.07		1.50
FSBC	FSB COMMUNITY BANKSHARES	NY		312,853		0.26		2.51		2.90		3.41		1.15		0.03		0.00		0.43
HBK	HAMILTON BANCORP	MD		526,310		0.33		2.92		3.08		2.44		0.39		1.45		0.09		0.54
ESBK	ELMIRA SAVINGS BANK	NY		553,389		0.57		5.21		3.38		2.88		0.97		0.57		0.01		0.80
IROQ	IF BANCORP	IL		619,310		0.34		2.51		3.07		2.54		0.78		1.34		0.05		0.92
HMNF	HMN FINANCIAL	MN		722,080		0.79		7.09		3.89		3.53		1.05		0.55		0.10		1.26
SVBI	SEVERN BANCORP	MD		801,183		0.75		6.92		3.49		2.89		0.72		0.76		0.03		1.02
PBIP	PRUDENTIAL BANCORP	PA		944,329		0.93		6.33		2.94		1.59		0.24		1.49		0.01		0.51
		AVERAGE		520,972		0.51		4.01		3.39		3.04		0.81		1.05		0.04		0.93
		MEDIAN		539,850		0.42		3.32		3.34		2.89		0.80		1.05		0.02		0.91
		HIGH		944,329		0.93		7.09		4.15		4.20		1.48		2.19		0.10		1.50
		LOW		132,160		0.26		1.22		2.90		1.59		0.24		0.03		0.00		0.43

129

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 38

COMPARABLE GROUP CHARACTERISTICS AND BALANCE SHEET TOTALS


							Most Recent Quarter
				Number of Offices		Exchange	Total Assets ($000)		Int. Earning Assets ($000)		Total Net Loans ($000)		Goodwill and Intang. ($000)		Total Deposits ($000)		Total Equity ($000)
SUBJECT
PYRAMAX F.S.B.		GREENFIELD	WI		9	—		482,617		445,564		368,021		0		404,560		37,691
COMPARABLE GROUP
CFBI	COMM FIRST BANCSHARES	COVINGTON	GA		3	NASDAQ		292,476		279,906		227,140		0		216,730		75,649
EFBI	EAGLE FIN BANCORP	CINCINNATI	OH		3	NASDAQ		132,160		114,245		102,434		0		108,781		27,491
ESBK	ELMIRA SAVINGS BANK	ELMIRA	NY		13	NASDAQ		553,389		489,968		447,261		13,752		456,851		56,886
EQFN	EQUITABLE FINANCIAL CORP	GRAND ISLAND	NE		6	NASDAQ		305,633		256,175		255,260		2,299		266,300		35,659
FSBC	FSB COMMUNITY BANKSHARES	FAIRPORT	NY		5	NASDAQ		312,853		282,830		266,546		894		216,761		31,315
HBK	HAMILTON BANCORP	TOWSON	MD		5	NASDAQ		526,310		468,272		387,165		9,176		408,703		51,228
HMNF	HMN FINANCIAL	ROCHESTER	MN		13	NASDAQ		722,080		676,749		591,779		2,856		640,821		82,056
IROQ	IF BANCORP	WATSEKA	IL		6	NASDAQ		619,310		572,062		456,942		791		489,708		81,613
PBIP	PRUDENTIAL BANCORP	PHILADELPHIA	PA		6	NASDAQ		944,329		833,008		584,380		6,741		683,286		132,060
SVBI	SEVERN BANCORP	ANNAPOLIS	MD		4	NASDAQ		801,183		744,408		661,840		1,603		590,013		92,417
	Average				6			520,972		471,762		398,075		3,811		407,795		66,637
	Median				6			539,850		479,120		417,213		1,951		432,777		66,268
	High				13			944,329		833,008		661,840		13,752		683,286		132,060
	Low				3			132,160		114,245		102,434		0		108,781		27,491

130

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 39

BALANCE SHEET

ASSET COMPOSITION—MOST RECENT QUARTER


				As a Percent of Total Assets
		Total Assets ($000)		Cash & Invest. (%)		MBS (%)		Net Loans (%)		Loan Loss Reserves (%)		Repo- sessed Assets (%)		Goodwill & Intang. (%)		Non-Perf. Assets (%)		Interest Earning Assets (%)		Interest Bearing Liabilities (%)		Capitalized Loan Servicing (%)
SUBJECT
PYRAMAX BANK F.S.B.			482,617		5.82		10.77		76.50		0.64		0.00		0.00		0.38		92.23		89.56		0.45
COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		132,160		12.00		0.00		77.51		0.90		0.00		0.00		0.59		91.26		78.70		0.00
CFBI	COMM FIRST BANCSHARES		292,476		10.33		4.54		77.66		1.43		0.00		0.00		2.19		91.14		63.78		0.00
EQFN	EQUITABLE FINANCIAL CORP		305,633		12.28		0.15		83.52		1.50		0.07		0.47		1.48		93.74		75.40		0.28
FSBC	FSB COMMUNITY BANKSHARES		312,853		7.15		2.51		85.20		0.43		0.00		0.00		0.03		95.10		87.31		0.29
HBK	HAMILTON BANCORP		526,310		5.89		10.70		73.56		0.54		0.09		1.74		1.45		90.62		83.23		0.00
ESBK	ELMIRA SAVINGS BANK		553,389		6.49		2.07		80.82		0.80		0.01		2.23		0.57		88.12		75.50		0.26
IROQ	IF BANCORP		619,310		6.35		15.20		73.78		0.92		0.05		0.00		1.34		94.86		82.21		0.13
HMNF	HMN FINANCIAL		722,080		13.64		1.31		81.95		1.26		0.10		0.16		0.55		96.74		66.18		0.24
SVBI	SEVERN BANCORP		801,183		7.50		3.61		82.61		1.02		0.03		0.14		0.76		94.16		76.49		0.06
PBIP	PRUDENTIAL BANCORP		944,329		17.30		14.66		61.88		0.51		0.01		0.71		1.49		93.56		84.48		0.00
	Average		520,972		9.89		5.48		77.85		0.93		0.04		0.55		1.05		92.93		77.33		0.13
	Median		539,850		8.92		3.06		79.24		0.91		0.02		0.15		1.05		93.65		77.60		0.10
	High		944,329		17.30		15.20		85.20		1.50		0.10		2.23		2.19		96.74		87.31		0.29
	Low		132,160		5.89		0.00		61.88		0.43		0.00		0.00		0.03		88.12		63.78		0.00
ALL THRIFTS (122)
	Average		2,259,729		11.66		7.13		74.00		0.77		0.12		0.60		0.65		92.84		74.93		0.12
MIDWEST THRIFTS (39)
	Average		979,320		13.78		7.61		70.13		0.76		0.13		0.28		0.67		92.20		74.83		0.16
WISCONSIN THRIFTS (4)
	Average		760,469		7.60		7.82		75.58		0.79		0.08		0.02		0.27		92.49		57.59		0.04

131

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 40

BALANCE SHEET COMPARISON

LIABILITIES AND EQUITY—MOST RECENT QUARTER


						As a Percent of Assets
		Total Liabilities ($000)		Total Equity ($000)		Total Deposits (%)		Total Borrowings (%)		Other Liabilities (%)			Preferred Equity (%)		Common Equity (%)		Acc. Other Compr. Income (%)			Retained Earnings (%)		Total Equity (%)		Tier 1 Capital (%)		Total Risk-Based Capital (%)
SUBJECT
PYRAMAX BANK F.S.B.			444,926		37,691		83.83		5.73		2.63			0.00		7.81		(0.33	)		8.18		7.81		7.46		10.55
COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		104,669		27,491		82.31		0.00		(3.11	)		0.00		20.80		0.00			10.87		20.80		15.65		17.50
CFBI	COMM FIRST BANCSHARES		216,827		75,649		74.10		3.55		(3.52	)		0.00		25.87		(0.18	)		15.71		25.87		20.58		30.76
EQFN	EQUITABLE FINANCIAL CORP		269,974		35,659		87.13		2.01		(0.81	)		0.00		11.67		(0.01	)		4.93		11.67		9.99		12.18
FSBC	FSB COMMUNITY BANKSHARES		281,538		31,315		69.29		20.63		0.08			0.00		10.01		(0.08	)		6.02		10.01		9.45		16.32
HBK	HAMILTON BANCORP		475,082		51,228		77.65		11.95		0.66			0.00		9.73		(0.32	)		6.18		9.73		8.07		11.66
ESBK	ELMIRA SAVINGS BANK		496,503		56,886		82.56		6.32		0.84			0.00		10.28		(0.05	)		1.06		10.28		8.65		13.70
IROQ	IF BANCORP		537,697		81,613		79.07		8.81		(1.06	)		0.00		13.18		(0.47	)		8.28		13.18		11.70		16.83
HMNF	HMN FINANCIAL		640,024		82,056		88.75		0.00		(0.11	)		0.00		11.36		(0.19	)		3.33		11.36		10.97		13.93
SVBI	SEVERN BANCORP		708,766		92,417		73.64		12.04		0.20			0.00		11.53		(0.01	)		3.41		11.54		10.27		14.98
PBIP	PRUDENTIAL BANCORP		812,269		132,060		72.36		13.38		0.28			0.00		13.98		(0.47	)		2.91		13.98		13.09		21.05
	Average		454,335		66,637		78.69		7.87		(0.65	)		0.00		13.84		(0.18	)		6.27		13.84		11.84		16.89
	Median		485,793		66,268		78.36		7.57		(0.02	)		0.00		11.60		(0.13	)		5.47		11.60		10.62		15.65
	High		812,269		132,060		88.75		20.63		0.84			0.00		25.87		0.00			15.71		25.87		20.58		30.76
	Low		104,669		27,491		69.29		0.00		(3.52	)		0.00		9.73		(0.47	)		1.06		9.73		8.07		11.66
ALL THRIFTS (122)
	Average		1,983,827		275,902		77.83		9.27		0.14			0.06		12.54		(0.26	)		6.35		12.60		11.79		18.88
MIDWEST THRIFTS (39)
	Average		877,240		102,079		79.03		8.05		0.28			0.00		12.58		(0.26	)		6.64		12.58		11.92		20.30
WISCONSIN THRIFTS (4)
	Average		625,063		135,407		74.37		10.67		(0.29	)		0.00		15.26		(0.19	)		6.78		15.26		14.50		20.52

132

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 41

INCOME AND EXPENSE COMPARISON

TRAILING FOUR QUARTERS

($000)


		Interest Income		Interest Expense		Net Interest Income		Provision for Loss			Gain (Loss) on Sale			Total Non-Int. Income		Total Non-Int. Expense		Net Income Before Taxes			Income Taxes			Net Income			Core Income
SUBJECT
PYRAMAX BANK F.S.B.			15,765		3,719		12,046		0			850			2,921		17,726		(2,759	)		932			(3,690	)		438
COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		4,427		670		3,757		92			0			1,950		5,545		620			(48	)		668			401
CFBI	COMM FIRST BANCSHARES		12,961		1,338		11,623		52			0			1,593		11,882		1,443			1,377			66			875
EQFN	EQUITABLE FINANCIAL CORP		11,026		1,608		9,418		1,263			0			2,482		8,730		2,170			1,051			1,119			1,330
FSBC	FSB COMMUNITY BANKSHARES		11,242		3,031		8,211		294			0			3,608		10,659		1,217			498			719			790
HBK	HAMILTON BANCORP		18,013		3,613		14,400		1,575			(2	)		2,054		12,863		2,070			2,668			(598	)		1,698
ESBK	ELMIRA SAVINGS BANK		20,546		3,996		16,550		897			0			5,360		15,958		5,055			147			4,903			3,181
IROQ	IF BANCORP		22,140		4,585		17,555		1,964			800			4,832		15,751		4,725			2,846			1,879			2,092
HMNF	HMN FINANCIAL		28,178		1,860		26,318		(378	)		0			7,549		25,461		9,714			4,659			5,055			5,712
SVBI	SEVERN BANCORP		33,544		7,552		25,992		(375	)		2			5,749		23,190		8,927			5,149			3,778			5,977
PBIP	PRUDENTIAL BANCORP		31,558		7,064		24,494		800			235			2,304		14,995		11,692			4,842			6,850			8,482
	Average		19,364		3,532		15,832		618			104			3,748		14,503		4,763			2,319			2,444			3,054
	Median		19,280		3,322		15,475		547			0			3,045		13,929		3,448			2,023			1,499			1,895
	High		33,544		7,552		26,318		1,964			800			7,549		25,461		11,692			5,149			6,850			8,482
	Low		4,427		670		3,757		(378	)		(2	)		1,593		5,545		620			(48	)		(598	)		401
ALL THRIFTS (122)
	Average		76,684		15,104		61,580		1,687			487			19,731		43,761		29,215			11,371			18,455			19,107
MIDWEST THRIFTS (39)
	Average		33,502		7,217		26,286		539			204			20,789		34,048		13,363			6,165			7,197			9,525
WISCONSIN THRIFTS (4)
	Average		28,614		5,968		22,646		(440	)		(16	)		32,888		43,203		12,454			5,066			7,388			8,190

133

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 42

INCOME AND EXPENSE COMPARISON

AS A PERCENTAGE OF AVERAGE ASSETS


		Interest Income		Interest Expense		Net Interest Income		Provision for Loss			Gain (Loss) on Sale			Total Non-Int. Income		Total Non-Int. Expense		Net Income Before Taxes			Income Taxes			Net Income			Core Income
SUBJECT
PYRAMAX BANK F.S.B.			3.35		0.79		2.56		0.00			0.18			0.62		3.77		(0.59	)		0.20			(0.79	)		0.09
COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		3.40		0.51		2.88		0.07			0.00			1.50		4.25		0.48			(0.04	)		0.51			0.31
CFBI	COMM FIRST BANCSHARES		4.55		0.47		4.08		0.02			0.00			0.56		4.18		0.51			0.48			0.02			0.31
EQFN	EQUITABLE FINANCIAL CORP		4.04		0.59		3.45		0.46			0.00			0.91		3.20		0.79			0.38			0.41			0.49
FSBC	FSB COMMUNITY BANKSHARES		3.70		1.00		2.70		0.10			0.00			1.19		3.50		0.40			0.16			0.24			0.26
HBK	HAMILTON BANCORP		3.49		0.70		2.79		0.31			(0.00	)		0.40		2.49		0.40			0.52			(0.12	)		0.33
ESBK	ELMIRA SAVINGS BANK		3.66		0.71		2.95		0.16			0.00			0.95		2.84		0.90			0.03			0.87			0.57
IROQ	IF BANCORP		3.65		0.76		2.89		0.32			0.13			0.80		2.59		0.78			0.47			0.31			0.34
HMNF	HMN FINANCIAL		3.91		0.26		3.65		(0.05	)		0.00			1.05		3.53		1.35			0.65			0.70			0.79
SVBI	SEVERN BANCORP		4.22		0.95		3.27		(0.05	)		0.00			0.72		2.91		1.12			0.65			0.47			0.75
PBIP	PRUDENTIAL BANCORP		3.46		0.77		2.68		0.09			0.03			0.25		1.64		1.28			0.53			0.75			0.93
	Average		3.81		0.67		3.13		0.14			0.02			0.83		3.11		0.80			0.38			0.42			0.51
	Median		3.68		0.71		2.92		0.09			0.00			0.85		3.06		0.79			0.48			0.44			0.42
	High		4.55		1.00		4.08		0.46			0.13			1.50		4.25		1.35			0.65			0.87			0.93
	Low		3.40		0.26		2.68		(0.05	)		(0.00	)		0.25		1.64		0.40			(0.04	)		(0.12	)		0.26
ALL THRIFTS (122)
	Average		3.74		0.64		3.09		0.08			0.01			0.84		2.81		1.03			0.40			0.84			0.87
MIDWEST THRIFTS (39)
	Average		3.47		0.62		2.86		0.06			0.01			0.87		3.10		0.90			0.32			0.78			1.03
WISCONSIN THRIFTS (4)
	Average		4.01		0.75		3.26		(0.12	)		0.00			0.57		3.66		0.79			0.35			0.96			1.06

134

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 43

YIELDS, COSTS AND EARNINGS RATIOS

TRAILING FOUR QUARTERS


		Yield on Int. Earning Assets (%)		Cost of Int. Bearing Liabilities (%)		Net Interest Spread (%)		Net Interest Margin * (%)		ROAA (%)			ROAE (%)			Core ROAA (%)		Core ROAE (%)
SUBJECT
PYRAMAX BANK F.S.B.			4.09		0.96		3.13		3.13		(0.79	)		(9.14	)		0.09		1.08
COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		3.88		0.63		3.24		3.29		0.51			2.79			0.31		1.68
CFBI	COMM FIRST BANCSHARES		4.63		0.56		4.07		4.15		0.02			0.09			0.31		1.22
EQFN	EQUITABLE FINANCIAL CORP		4.30		0.68		3.63		3.68		0.41			3.13			0.49		3.72
FSBC	FSB COMMUNITY BANKSHARES		3.97		1.50		2.47		2.90		0.24			2.28			0.26		2.51
HBK	HAMILTON BANCORP		3.85		0.88		2.97		3.08		(0.12	)		(1.03	)		0.33		2.92
ESBK	ELMIRA SAVINGS BANK		4.19		0.88		3.31		3.38		0.87			8.03			0.57		5.21
IROQ	IF BANCORP		3.87		0.98		2.89		3.07		0.31			2.25			0.34		2.51
HMNF	HMN FINANCIAL		4.16		0.30		3.86		3.89		0.70			6.28			0.79		7.09
SVBI	SEVERN BANCORP		4.51		1.28		3.23		3.49		0.47			4.38			0.75		6.92
PBIP	PRUDENTIAL BANCORP		3.79		1.09		2.70		2.94		0.75			5.11			0.93		6.33
	Average		4.12		0.88		3.24		3.39		0.42			3.33			0.51		4.01
	Median		4.07		0.88		3.24		3.33		0.44			2.96			0.42		3.32
	High		4.63		1.50		4.07		4.15		0.87			8.03			0.93		7.09
	Low		3.79		0.30		2.47		2.90		(0.12	)		(1.03	)		0.26		1.22
ALL THRIFTS (122)
	Average		4.07		0.86		3.22		3.37		0.84			6.84			0.87		7.08
MIDWEST THRIFTS (39)
	Average		3.75		0.81		2.98		3.09		0.78			7.40			1.03		9.73
WISCONSIN THRIFTS (4)
	Average		4.03		0.90		3.41		3.30		0.97			5.46			1.07		6.05

*	Based on average interest-earning assets.

135

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 44

RESERVES AND SUPPLEMENTAL DATA


		RESERVES AND SUPPLEMENTAL DATA
		Reserves/ Gross Loans (%)		Reserves/ NPA (%)		Net Chargeoffs/ Average Loans (%)			Provisions/ Net Chargeoffs (%)			Effective Tax Rate (%)
SUBJECT
PYRAMAX BANK F.S.B.			0.83		167.59		0.00			0.00			NM
COMPARABLE GROUP
PBIP	PRUDENTIAL BANCORP		0.81		34.32		0.91			NM			37.11
SVBI	SEVERN BANCORP		1.18		135.05		0.17			0.00			48.26
HMNF	HMN FINANCIAL		1.49		229.78		0.00			(219.30	)		43.11
IROQ	IF BANCORP		1.21		68.54		0.50			30.63			45.40
ESBK	ELMIRA SAVINGS BANK		0.97		140.15		0.24			82.35			21.52
HBK	HAMILTON BANCORP		0.72		37.00		1.96			128.90			NM
FSBC	FSB COMMUNITY BANKSHARES		0.49		NM		0.00			0.00			30.14
EQFN	EQUITABLE FINANCIAL CORP		1.73		101.86		(0.01	)		NM			41.08
CFBI	COMM FIRST BANCSHARES		1.78		65.45		(0.03	)		2.39			52.53
EFBI	EAGLE FIN BANCORP		1.07		151.53		0.11			0.00			19.22
	Average		1.15		107.08		0.39			3.12			37.60
	Median		1.13		101.86		0.14			1.20			41.08
	High		1.78		229.78		1.96			128.90			52.53
	Low		0.49		34.32		(0.03	)		(219.30	)		19.22
ALL THRIFTS (122)
	Average		1.01		124.74		0.16			(851.87	)		33.03
MIDWEST THRIFTS (39)
	Average		1.02		119.42		0.21			(1,419.52	)		31.24
WISCONSIN THRIFTS (4)
	Average		0.97		138.83		0.11			(3,090.23	)		29.66

136

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 45

FULL CONVERSION

COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS

STOCK PRICES AS OF AUGUST 7, 2018

FINANCIAL DATA/ALL RATIOS MOST RECENT FOUR QUARTERS


		Market Data									Pricing Ratios										Dividends						Financial Ratios
		Market Value ($M)		Price/ Share ($)		12 Mo. EPS ($)			Bk. Value /Share ($)		Price/ Earnings (X)		Price/ Book Value (%)		Price/ Assets (%)		Price/ Tang. Bk. Val. (%)		Price/ Core Earnings (X)		12 Mo. Div./ Share ($)		Dividend Yield (%)		Payout Ratio (%)		Equity/ Assets (%)		Core ROAA (%)		Core ROAE (%)
PYRAMAX BANK, F.S.B.
	Appraised value—midpoint		55,000		10.00		0.08			15.29		NM		65.42		10.40		64.07		NM		0.00		0.00		0.00		15.89		0.16		0.99
	Minimum		46,750		10.00		0.08			16.45		NM		60.81		8.96		59.44		NM		0.00		0.00		0.00		14.73		0.15		1.00
	Maximum		63,250		10.00		0.08			14.43		NM		69.30		11.80		67.98		NM		0.00		0.00		0.00		17.02		0.17		0.99
	Maximum, as adjusted		72,738		10.00		0.08			13.69		NM		73.07		13.36		71.79		NM		0.00		0.00		0.00		18.28		0.18		0.98
ALL THRIFTS (122)
	Average		380,431		24.81		1.46			20.54		26.92		131.43		15.71		142.83		23.72		0.32		1.38		21.78		12.60		0.80		6.52
	Median		84,273		19.23		0.73			15.60		22.28		124.48		15.22		129.49		19.59		0.20		0.76		9.79		11.65		0.75		6.19
WISCONSIN THRIFTS (4)
	Average		167,966		16.12		0.42			13.44		22.31		120.73		18.72		121.19		18.94		0.37		2.17		0.00		15.26		0.96		8.11
	Median		79,652		15.53		0.43			12.74		22.31		120.82		18.98		120.96		18.94		0.00		0.00		0.00		15.47		0.30		2.99
COMPARABLE GROUP (10)
	Average		75,099		16.41		0.55			15.19		37.56		108.65		15.04		116.40		37.49		0.17		0.84		18.75		13.84		0.51		4.01
	Median		68,880		17.05		0.39			15.58		31.53		110.18		12.88		114.70		29.15		0.00		0.00		0.00		11.61		0.42		3.32
COMPARABLE GROUP
CFBI	COMM FIRST BANCSHARES		83,750		11.11		0.01			10.04		92.58		110.66		28.63		110.66		92.58		0.00		0.00		0.00		25.87		0.31		1.22
EFBI	EAGLE FIN BANCORP		26,369		16.35		0.41			17.05		39.88		95.89		19.95		95.89		65.40		0.00		0.00		0.00		20.80		0.31		1.68
ESBK	ELMIRA SAVINGS BANK		54,010		20.43		1.85			21.52		11.04		94.93		9.76		125.18		17.03		0.92		4.50		49.73		10.28		0.57		5.21
EQFN	EQUITABLE FINANCIAL CORP		35,698		10.76		0.34			10.75		31.65		100.09		11.68		106.96		26.90		0.00		0.00		0.00		11.67		0.49		3.72
FSBC	FSB COMMUNITY BANKSHARES		34,457		17.75		0.37			16.13		47.97		110.04		11.01		113.27		43.29		0.00		0.00		0.00		10.01		0.26		2.51
HBK	HAMILTON BANCORP		53,554		15.70		(0.18	)		15.02		31.40		104.53		10.18		127.33		31.40		0.00		0.00		0.00		9.73		0.33		2.92
HMNF	HMN FINANCIAL		90,535		20.10		1.12			18.22		17.95		110.32		12.54		114.33		15.83		0.00		0.00		0.00		11.36		0.79		7.09
IROQ	IF BANCORP		93,005		23.90		0.48			20.97		49.79		113.97		15.02		115.07		44.26		0.36		1.51		75.00		13.18		0.34		2.51
PBIP	PRUDENTIAL BANCORP		173,666		19.30		0.76			14.68		25.39		131.47		18.39		138.55		20.53		0.33		1.71		43.42		13.98		0.93		6.33
SVBI	SEVERN BANCORP		105,942		8.65		0.31			7.55		27.90		114.57		13.22		116.73		17.65		0.06		0.69		19.35		11.54		0.75		6.92

137

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 46

VALUATION ANALYSIS AND CALCULATION—FULL CONVERSION

PYRAMAX BANK, F.S.B.

Pricing ratios and parameters:


	Symbol	Midpoint Ratios			Comparable Group					All Thrifts
Pro Forma	Symbol	Midpoint Ratios			Average		Median			Average		Median
Price to earnings	P/E		NM			37.56		31.53			26.92		22.28
Price to core earnings	P/CE		NM			37.49		29.15			23.72		19.59
Price to book value	P/B		65.42			108.65		110.18			131.43		124.48
Price to tangible book value	P/TB		64.07			116.40		114.70			142.83		129.49
Price to assets	P/A		10.40			15.04		12.88			15.71		15.22
Pre conversion earnings	(Y)	$	(3,691,000	)
Pre conversion core earnings	(CY)	$	438,000
Pre conversion book value	(B)	$	37,690,000
Pre conversion tang. book value	(TB)	$	39,459,000
Pre conversion assets	(A)	$	482,617,000
Conversion expense	(X)		2.73	%		Percent sold		(PCT	)				99.00	%
ESOP stock purchase	(E)		8.00	%		Option % granted		(OP	)				10.00	%
ESOP cost of borrowings, net	(S)		0.00	%		Est. option value		(OV	)				29.95	%
ESOP term (yrs.)	(T)		25			Option maturity		(OM	)				10
RRP amount	(M)		4.00	%		Option % taxable		(OT	)				25.00	%
RRP term (yrs.)	(N)		5			Price per share		(P	)			$	10.00
Tax rate	(TAX)		21.00	%
Investment rate of return, pretax			2.85	%
Investment rate of return, net	(RR)		2.25	%

Formulae to indicate value after conversion:


1. P/CE method:	Value =	P/CE*CY	=	$55,000,000
((1-P/CE(PCT)((1-X-E-M)(RR(1-TAX))-((1-TAX)E/T)-((1-TAX)M/N)-((1-TAX)OT)(OP*OV)/OM)))

2. P/B method:	Value =	P/B*(B)	=	$55,000,000
		(1-PB(PCT)(1-X-E-M))

3. P/A method:	Value =	P/A*(A)	=	$55,000,000
		(1-PA(PCT)(1-X-E-M))

VALUATION CORRELATION AND CONCLUSIONS:


	Foundation Shares Issued		Public Shares Sold		Gross Proceeds of Public Offering		MHC Shares Issued		Total Shares Issued		TOTAL VALUE
Midpoint		55,000		5,445,000	$	54,450,000		0		5,500,000	$	55,000,000
Minimum		46,750		4,628,250	$	46,282,500		0		4,675,000	$	46,750,000
Maximum		63,250		6,261,750	$	62,617,500		0		6,325,000	$	63,250,000
Maximum, as adjusted		72,738		7,201,013	$	72,010,125		0		7,273,750	$	72,737,500

138

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 47

PROJECTED EFFECT OF CONVERSION PROCEEDS

PYRAMAX BANK, F.S.B.

Minority Offering at the MINIMUM


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	46,282,500
Less: Estimated offering expenses		1,500,000

Net offering proceeds	$	44,782,500

2. Generation of Additional Income
Net offering proceeds	$	44,782,500
Less: Stock-based benefit plans ⁽²⁾		5,610,000
Less: Cash contribution to foundation		100,000

Net offering proceeds invested	$	39,072,500
Investment rate, after taxes		2.25	%
Earnings increase—return on proceeds invested	$	879,717
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		118,184
Less: Stock-based incentive plan expense, net of taxes		295,460
Less: Option expense, net of applicable taxes		132,887

Net earnings increase (decrease)	$	333,186

3. Comparative Pro Forma Earnings
	Net			Core
Before conversion—12 months ended 6/30/18	$	(3,691,000	)	$	438,000
Net earnings increase (decrease)		333,186			333,186

After conversion	$	(3,357,814	)	$	771,186

4. Comparative Pro Forma Net Worth ⁽³⁾
	Total			Tangible
Before conversion—6/30/18	$	37,690,000		$	39,459,000
Net cash conversion proceeds		39,072,500			39,072,500
Tax benefit of foundation contribution		119,175			119,175

After conversion	$	76,881,675		$	78,650,675

5. Comparative Pro Forma Assets
Before conversion—6/30/18	$	482,617,000
Net cash conversion proceeds		39,072,500
Tax benefit of foundation contribution		119,175

After conversion	$	521,808,675

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth.

139

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 48

PROJECTED EFFECT OF CONVERSION PROCEEDS

PYRAMAX BANK, F.S.B.

Minority Offering at the MIDPOINT


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	54,450,000
Less: Estimated offering expenses		1,500,000

Net offering proceeds	$	52,950,000

2. Generation of Additional Income
Net offering proceeds	$	52,950,000
Less: Stock-based benefit plans ⁽²⁾		6,600,000
Less: Cash contribution to foundation		100,000

Net offering proceeds invested	$	46,250,000
Investment rate, after taxes		2.25	%
Earnings increase—return on proceeds invested	$	1,041,319
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		139,040
Less: Stock-based incentive plan expense, net of taxes		347,600
Less: Option expense, net of applicable taxes		156,338

Net earnings increase (decrease)	$	398,341

3. Comparative Pro Forma Earnings
	Regular			Core
Before conversion—12 months ended 6/30/18	$	(3,691,000	)	$	438,000
Net earnings increase		398,341			398,341

After conversion	$	(3,292,659	)	$	836,341

4. Comparative Pro Forma Net Worth ⁽³⁾
	Total			Tangible
Before conversion—6/30/18	$	37,690,000		$	39,459,000
Net cash conversion proceeds		46,250,000			46,250,000
Tax benefit of foundation contribution		136,500			136,500

After conversion	$	84,076,500		$	85,845,500

5. Comparative Pro Forma Assets
Before conversion—6/30/18	$	482,617,000
Net cash conversion proceeds		46,250,000
Tax benefit of foundation contribution		136,500

After conversion	$	529,003,500

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth.

140

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 49

PROJECTED EFFECT OF CONVERSION PROCEEDS

PYRAMAX BANK, F.S.B.

Minority Offering at the MAXIMUM


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	62,617,500
Less: Estimated offering expenses		1,500,000

Net offering proceeds	$	61,117,500

2. Generation of Additional Income
Net offering proceeds	$	61,117,500
Less: Stock-based benefit plans ⁽²⁾		7,590,000
Less: Cash contribution to foundation		100,000

Net offering proceeds invested	$	53,427,500
Investment rate, after taxes		2.25	%
Earnings increase—return on proceeds invested	$	1,202,920
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		159,896
Less: Stock-based incentive plan expense, net of taxes		399,740
Less: Option expense, net of applicable taxes		179,788

Net earnings increase (decrease)	$	463,496

3. Comparative Pro Forma Earnings
	Regular			Core
Before conversion—12 months ended 6/30/18	$	(3,691,000	)	$	438,000
Net earnings increase		463,496			463,496

After conversion	$	(3,227,504	)	$	901,496

4. Comparative Pro Forma Net Worth ⁽³⁾
	Total			Tangible
Before conversion—6/30/18	$	37,690,000		$	39,459,000
Net cash conversion proceeds		53,427,500			53,427,500
Tax benefit of foundation contribution		153,825			153,825

After conversion	$	91,271,325		$	93,040,325

5. Comparative Pro Forma Assets
Before conversion—6/30/18	$	482,617,000
Net cash conversion proceeds		53,427,500
Tax benefit of foundation contribution		153,825

After conversion	$	536,198,325

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth.

141

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 50

PROJECTED EFFECT OF CONVERSION PROCEEDS

PYRAMAX BANK, F.S.B.

Minority Offering at the Maximum, as adjusted


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	72,010,125
Less: Estimated offering expenses		1,500,000

Net offering proceeds	$	70,510,125

2. Generation of Additional Income
Net offering proceeds	$	70,510,125
Less: Stock-based benefit plans ⁽²⁾		8,728,500
Less: Cash contribution to foundation		100,000

Net offering proceeds invested	$	61,681,625
Investment rate, after taxes		2.25	%
Earnings increase—return on proceeds invested	$	1,388,762
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		183,880
Less: Stock-based incentive plan expense, net of taxes		459,701
Less: Option expense, net of applicable taxes		206,756

Net earnings increase (decrease)	$	538,424

3. Comparative Pro Forma Earnings
	Regular			Core
Before conversion—12 months ended 6/30/18	$	(3,691,000	)	$	438,000
Net earnings increase		538,424			538,424

After conversion	$	(3,152,576	)	$	976,424

4. Comparative Pro Forma Net Worth ⁽³⁾
	Total			Tangible
Before conversion—6/30/18	$	37,690,000		$	39,459,000
Net cash conversion proceeds		61,681,625			61,681,625
Tax benefit of foundation contribution		173,749			173,749

After conversion	$	99,545,374		$	101,314,374

5. Comparative Pro Forma Assets
Before conversion—6/30/18	$	482,617,000
Net cash conversion proceeds		61,681,625
Tax benefit of foundation contribution		173,749

After conversion	$	544,472,374

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth.

142

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 51

MINORITY OFFERING SUMMARY OF VALUATION PREMIUM OR DISCOUNT

PYRAMAX BANK, F.S.B.


				Premium or (discount) from comparable group.
	Pyramax Bank, F.S.B.			Averaqe			Median
Midpoint:
Price/earnings		NM x			NM			NM
Price/book value		65.42	% *		-39.79	%		-40.63	%
Price/assets		10.40	%		-30.86	%		-19.28	%
Price/tangible book value		64.07	%		-44.96	%		-44.14	%
Price/core earnings		NM x			NM			NM
Minimum of range:
Price/earnings		NM x			NM			NM
Price/book value		60.81	% *		-44.03	%		-44.81	%
Price/assets		8.96	%		-40.42	%		-30.44	%
Price/tangible book value		59.44	%		-48.93	%		-48.18	%
Price/core earnings		NM x			NM			NM
Maximum of range:
Price/earnings		NM x			NM			NM
Price/book value		69.30	% *		-36.22	%		-37.10	%
Price/assets		11.80	%		-21.56	%		-8.42	%
Price/tangible book value		67.98	%		-41.60	%		-40.73	%
Price/core earnings		NM x			NM			NM
Super maximum of range:
Price/earnings		NM x			NM			NM
Price/book value		73.07	% *		-32.75	%		-33.68	%
Price/assets		13.36	%		-11.16	%		3.72	%
Price/tangible book value		71.79	%		-38.32	%		-37.41	%
Price/core earnings		NM x			NM			NM

*	Represents pricing ratio associated with primary valuation method.

143

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 52

STAGE ONE MHC CONVERSION

COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS

STOCK PRICES AS OF AUGUST 7, 2018

FINANCIAL DATA/ALL RATIOS MOST RECENT FOUR QUARTERS


		Market Data									Pricing Ratios										Dividends						Financial Ratios
		Market Value ($M)		Price/ Share ($)		12 Mo. EPS ($)			Bk. Value /Share ($)		Price/ Earnings (X)		Price/ Book Value (%)		Price/ Assets (%)		Price/ Tang. Bk. Val. (%)		Price/ Core Earnings (X)		12 Mo. Div./ Share ($)		Dividend Yield (%)		Payout Ratio (%)		Equity/ Assets (%)		Core ROAA (%)		Core ROAE (%)
PYRAMAX BANK, F.S.B.
	Appraised value—midpoint		55,000		10.00		0.02			10.38		NM		96.34		10.96		96.25		NM		0.00		0.00		0.00		11.37		0.11		0.98
	Minimum		46,750		10.00		0.02			11.54		NM		86.73		9.37		86.58		NM		0.00		0.00		0.00		10.81		0.11		0.99
	Maximum		63,250		10.00		0.02			9.53		NM		105.04		12.52		104.93		NM		0.00		0.00		0.00		11.93		0.11		0.96
	Maximum, as adjusted		72,738		10.00		0.02			8.78		NM		113.90		14.30		113.77		NM		0.00		0.00		0.00		12.56		0.12		0.95
ALL THRIFTS (122)
	Average		380,431		24.81		1.46			20.54		26.92		131.43		15.71		142.83		23.72		0.32		1.38		21.78		12.60		0.80		6.52
	Median		84,273		19.23		0.73			15.60		22.28		124.48		15.22		129.49		19.59		0.20		0.76		9.79		11.65		0.75		6.19
WISCONSIN THRIFTS (4)
	Average		167,966		16.12		0.42			13.44		22.31		120.73		18.72		121.19		18.94		0.37		2.17		0.00		15.26		0.96		8.11
	Median		79,652		15.53		0.43			12.74		22.31		120.82		18.98		120.96		18.94		0.00		0.00		0.00		15.47		0.30		2.99
COMPARABLE GROUP (10)
	Average		75,099		16.41		0.55			15.19		37.56		108.65		15.04		116.40		37.49		0.17		0.84		18.75		13.84		0.51		4.01
	Median		68,880		17.05		0.39			15.58		31.53		110.18		12.88		114.70		29.15		0.00		0.00		0.00		11.61		0.42		3.32
COMPARABLE GROUP
CFBI	COMM FIRST BANCSHARES		83,750		11.11		0.01			10.04		92.58		110.66		28.63		110.66		92.58		0.00		0.00		0.00		25.87		0.31		1.22
EFBI	EAGLE FIN BANCORP		26,369		16.35		0.41			17.05		39.88		95.89		19.95		95.89		65.40		0.00		0.00		0.00		20.80		0.31		1.68
ESBK	ELMIRA SAVINGS BANK		54,010		20.43		1.85			21.52		11.04		94.93		9.76		125.18		17.03		0.92		4.50		49.73		10.28		0.57		5.21
EQFN	EQUITABLE FINANCIAL CORP		35,698		10.76		0.34			10.75		31.65		100.09		11.68		106.96		26.90		0.00		0.00		0.00		11.67		0.49		3.72
FSBC	FSB COMMUNITY BANKSHARES		34,457		17.75		0.37			16.13		47.97		110.04		11.01		113.27		43.29		0.00		0.00		0.00		10.01		0.26		2.51
HBK	HAMILTON BANCORP		53,554		15.70		(0.18	)		15.02		31.40		104.53		10.18		127.33		31.40		0.00		0.00		0.00		9.73		0.33		2.92
HMNF	HMN FINANCIAL		90,535		20.10		1.12			18.22		17.95		110.32		12.54		114.33		15.83		0.00		0.00		0.00		11.36		0.79		7.09
IROQ	IF BANCORP		93,005		23.90		0.48			20.97		49.79		113.97		15.02		115.07		44.26		0.36		1.51		75.00		13.18		0.34		2.51
PBIP	PRUDENTIAL BANCORP		173,666		19.30		0.76			14.68		25.39		131.47		18.39		138.55		20.53		0.33		1.71		43.42		13.98		0.93		6.33
SVBI	SEVERN BANCORP		105,942		8.65		0.31			7.55		27.90		114.57		13.22		116.73		17.65		0.06		0.69		19.35		11.54		0.75		6.92

144

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 53

VALUATION ANALYSIS AND CALCULATION—FIRST STAGE MHC OFFERING

PYRAMAX BANK, F.S.B.

Pricing ratios and parameters:


		Midpoint Ratios			Comparable Group					All Thrifts
Pro Forma	Symbol	Midpoint Ratios			Average	Median	Average					Median
Price to earnings	P/E		NM		37.56	31.53					26.92		22.28
Price to core earnings	P/CE		NM		37.49	29.15					23.72		19.59
Price to book value	P/B		96.34		108.65	110.18					131.43		124.48
Price to tangible book value	P/TB		96.25		116.40	114.70					142.83		129.49
Price to assets	P/A		10.96		15.04	12.88					15.71		15.22
Pre conversion earnings	(Y)	$	(3,691,000	)
Pre conversion core earnings	(CY)	$	438,000
Pre conversion book value	(B)	$	37,690,000
Pre conversion tang. book value	(TB)	$	39,459,000
Pre conversion assets	(A)	$	482,617,000
Conversion expense	(X)		2.73	%	Percent sold			(PCT	)				44.00	%
ESOP stock purchase	(E)		3.92	%	Option % granted			(OP	)				4.90	%
ESOP cost of borrowings, net	(S)		0.00	%	Est. option value			(OV	)				29.95	%
ESOP term (yrs.)	(T)		25		Option maturity			(OM	)				10
RRP amount	(M)		1.96	%	Option % taxable			(OT	)				25.00	%
RRP term (yrs.)	(N)		5		Price per share			(P	)			$	10.00
Tax rate	(TAX)		21.00	%
Investment rate of return, pretax			2.85	%
Investment rate of return, net	(RR)		2.25	%

Formulae to indicate value after conversion:

P/CE method:

Value

P/CE*CY

55,000,000

((1-P/CE*(PCT)*((1-X-E-M)*(RR*(1-TAX))-((1-TAX)*E/T)-((1-TAX)*M/N)-((1-TAX)*OT)*(OP*OV)/OM)))

P/B method:

Value

P/B*(B)

55,000,000

(1-PB*(PCT)*(1-X-E-M))

P/A method:

Value

P/A*(A)

55,000,000

(1-PA*(PCT)*(1-X-E-M))

VALUATION CORRELATION AND CONCLUSIONS:


	Foundation Shares Issued		Public Shares Sold		Gross Proceeds of Public Offering		MHC Shares Issued		Total Shares Issued		TOTAL VALUE
Midpoint		55,000		2,420,000	$	24,200,000		3,025,000		5,500,000	$	55,000,000
Minimum		46,750		2,057,000	$	20,570,000		2,571,250		4,675,000	$	46,750,000
Maximum		63,250		2,783,000	$	27,830,000		3,478,750		6,325,000	$	63,250,000
Maximum, as adjusted		72,738		3,200,450	$	32,004,500		4,000,563		7,273,750	$	72,737,500

145

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 54

PROJECTED EFFECT OF CONVERSION PROCEEDS

PYRAMAX BANK, F.S.B.

Minority Offering at the MINIMUM


1. Gross Offering Proceeds
Offering proceeds (1)	$	20,570,000
Less: Estimated offering expenses		1,500,000

Net offering proceeds	$	19,070,000

2. Generation of Additional Income
Net offering proceeds	$	19,070,000
Less: Stock-based benefit plans (2)		2,748,900
Less: Cash contribution to foundation		100,000
Less: MHC capitalization		100,000

Net offering proceeds invested	$	16,121,100
Investment rate, after taxes		2.25	%
Earnings increase—return on proceeds invested	$	362,967
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		57,910
Less: Stock-based incentive plan expense, net of taxes		144,775
Less: Option expense, net of applicable taxes		65,115

Net earnings increase (decrease)	$	95,166

3. Comparative Pro Forma Earnings
	Net			Core
Before conversion -12 months ended 6/30/18	$	(3,691,000	)	$	438,000
Net earnings increase (decrease)		95,166			95,166

After conversion	$	(3,595,834	)	$	533,166

4. Comparative Pro Forma Net Worth ⁽³⁾
	Total			Tangible
Before conversion—6/30/18	$	37,690,000		$	39,459,000
Net cash conversion proceeds		16,121,100			16,121,100
Tax benefit of foundation contribution		119,175			119,175

After conversion	$	53,930,275		$	55,699,275

5. Comparative Pro Forma Assets
Before conversion—6/30/18	$	482,617,000
Net cash conversion proceeds		16,121,100
Tax benefit of foundation contribution		119,175

After conversion	$	498,857,275

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth.

146

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 55

PROJECTED EFFECT OF CONVERSION PROCEEDS

PYRAMAX BANK, F.S.B.

Minority Offering at the MIDPOINT


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	24,200,000
Less: Estimated offering expenses		1,500,000

Net offering proceeds	$	22,700,000

2. Generation of Additional Income
Net offering proceeds	$	22,700,000
Less: Stock-based benefit plans ⁽²⁾		3,234,000
Less: Cash contribution to foundation		100,000
Less: MHC capitalization		100,000

Net offering proceeds invested	$	19,266,000
Investment rate, after taxes		2.25	%
Earnings increase—return on proceeds invested	$	433,774
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		68,130
Less: Stock-based incentive plan expense, net of taxes		170,324
Less: Option expense, net of applicable taxes		76,605

Net earnings increase (decrease)	$	118,715

3. Comparative Pro Forma Earnings
	Regular			Core
Before conversion—12 months ended 6/30/18	$	(3,691,000	)	$	438,000
Net earnings increase		118,715			118,715

After conversion	$	(3,572,285	)	$	556,715

4. Comparative Pro Forma Net Worth ⁽³⁾
	Total			Tangible
Before conversion—6/30/18	$	37,690,000		$	39,459,000
Net cash conversion proceeds		19,266,000			19,266,000
Tax benefit of foundation contribution		136,500			136,500

After conversion	$	57,092,500		$	58,861,500

5. Comparative Pro Forma Assets
Before conversion—6/30/18	$	482,617,000
Net cash conversion proceeds		19,266,000
Tax benefit of foundation contribution		136,500

After conversion	$	502,019,500

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth.

147

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 56

PROJECTED EFFECT OF CONVERSION PROCEEDS

PYRAMAX BANK, F.S.B.

Minority Offering at the MAXIMUM


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	27,830,000
Less: Estimated offering expenses		1,500,000

Net offering proceeds	$	26,330,000

2. Generation of Additional Income
Net offering proceeds	$	26,330,000
Less: Stock-based benefit plans ⁽²⁾		3,719,100
Less: Cash contribution to foundation		100,000
Less: MHC capitalization		100,000

Net offering proceeds invested	$	22,410,900
Investment rate, after taxes		2.25	%
Earnings increase—return on proceeds invested	$	504,581
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		78,349
Less: Stock-based incentive plan expense, net of taxes		195,873
Less: Option expense, net of applicable taxes		88,096

Net earnings increase (decrease)	$	142,264

3. Comparative Pro Forma Earnings
	Regular			Core
Before conversion—12 months ended 6/30/18	$	(3,691,000	)	$	438,000
Net earnings increase		142,264			142,264

After conversion	$	(3,548,736	)	$	580,264

4. Comparative Pro Forma Net Worth ⁽³⁾
	Total			Tangible
Before conversion—6/30/18	$	37,690,000		$	39,459,000
Net cash conversion proceeds		22,410,900			22,410,900
Tax benefit of foundation contribution		153,825			153,825

After conversion	$	60,254,725		$	62,023,725

5. Comparative Pro Forma Assets
Before conversion—6/30/18	$	482,617,000
Net cash conversion proceeds		22,410,900
Tax benefit of foundation contribution		153,825

After conversion	$	505,181,725

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth.

148

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 57

PROJECTED EFFECT OF CONVERSION PROCEEDS

PYRAMAX BANK, F.S.B.

Minority Offering at the Maximum, as adjusted


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	32,004,500
Less: Estimated offering expenses		1,500,000

Net offering proceeds	$	30,504,500

2. Generation of Additional Income
Net offering proceeds	$	30,504,500
Less: Stock-based benefit plans ⁽²⁾		4,276,965
Less: Stock-based incentive plan expense, net of taxes		100,000
Less: Option expense, net of applicable taxes		100,000

Net offering proceeds invested	$	26,027,535
Investment rate, after taxes		2.25	%
Earnings increase—return on proceeds invested	$	586,010
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		90,101
Less: Stock-based incentive plan expense, net of taxes		225,253
Less: Option expense, net of applicable taxes		101,311

Net earnings increase (decrease)	$	169,344

3. Comparative Pro Forma Earnings
	Regular			Core
Before conversion—12 months ended 6/30/18	$	(3,691,000	)	$	438,000
Net earnings increase		169,344			169,344

After conversion	$	(3,521,656	)	$	607,344

4. Comparative Pro Forma Net Worth ⁽³⁾
	Total			Tangible
Before conversion—6/30/18	$	37,690,000		$	39,459,000
Net cash conversion proceeds		26,027,535			26,027,535
Tax benefit of foundation contribution		173,749			173,749

After conversion	$	63,891,284		$	65,660,284

5. Comparative Pro Forma Assets
Before conversion—6/30/18	$	482,617,000
Net cash conversion proceeds		26,027,535
Tax benefit of foundation contribution		173,749

After conversion	$	508,818,284

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth .

149

KELLER & COMPANY

Columbus, Ohio

614-766-1426

EXHIBIT 58

MINORITY OFFERING SUMMARY OF VALUATION PREMIUM OR DISCOUNT

PYRAMAX BANK, F.S.B.


				Premium or (discount) from comparable group.
	Pyramax Bank. F.S.B.			Average			Median
Midpoint:
Price/earnings		NM	x		NM			NM
Price/book value		96.25	% *		-11.41	%		-12.64	%
Price/assets		10.96	%		-27.15	%		-14.94	%
Price/tangible book value		96.25	%		-17.31	%		-16.09	%
Price/core earnings		NM	x		NM			NM
Minimum of range:
Price/earnings		NM	x		NM			NM
Price/book value		86.58	% *		-20.31	%		-21.42	%
Price/assets		9.37	%		-37.68	%		-27.24	%
Price/tangible book value		86.58	%		-25.62	%		-24.52	%
Price/core earnings		NM	x		NM			NM
Maximum of range:
Price/earnings		NM	x		NM			NM
Price/book value		104.93	% *		-3.42	%		-4.77	%
Price/assets		12.52	%		-16.74	%		-2.79	%
Price/tangible book value		104.93	%		-9.85	%		-8.52	%
Price/core earnings		NM	x		NM			NM
Super maximum of range:
Price/earnings		NM	x		NM			NM
Price/book value		113.77	% *		4.71	%		3.26	%
Price/assets		14.30	%		-4.94	%		10.99	%
Price/tangible book value		113.77	%		-2.26	%		-0.81	%
Price/core earnings		NM	x		NM			NM

*	Represents pricing ratio associated with primary valuation method.

150

ALPHABETICAL

EXHIBITS

EXHIBIT A

KELLER & COMPANY, INC.

Financial Institution Consultants

555 Metro Place North, Suite 524

Dublin, Ohio 43017

614-766-1426

(fax) 614-766-1459

PROFILE OF THE FIRM

KELLER & COMPANY, INC. is a national consulting firm to financial institutions, serving clients throughout the United States from its office in Dublin, Ohio. Since our inception in 1985, we have provided a wide range of consulting services to over 250 financial institutions including banks, thrifts, mortgage companies, insurance companies and holding companies from Oregon to Maine.

Services offered by Keller & Company include the preparation of stock and ESOP valuations, fairness opinions, business and strategic plans, capital plans, financial models and projections, market studies, de novo charter and deposit insurance applications, incentive compensation plans, compliance policies, lending, underwriting and investment criteria, and responses to regulatory comments. Keller & Company also serves as advisor in merger/acquisition, deregistration, going private, secondary offering and branch purchase/sale transactions. Keller & Company is additionally active in loan review, director and management review, product analysis and development, performance analysis, compensation review, policy development, charter conversion, data processing, information technology systems, and conference planning and facilitation.

Keller & Company is one of the leading firms in the U.S. with regard to the completion of ESOP valuations for financial institutions and prepares over 25 ESOP valuations a year. Keller is also one of the leading conversion appraisal firms in the United States.

Keller has on-line access to current and historical financial, organizational and demographic data for every financial institution and financial institution holding company in the United States as well as daily pricing data and ratios for all publicly traded financial institutions.

Keller & Company is an experienced appraiser of financial institutions for filing conversion appraisals with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Federal Reserve Board and numerous state government agencies, and is also approved by the Internal Revenue Service as an expert in financial institution stock valuations.

Each of the firm’s senior consultants has over thirty years of front line experience and accomplishment in various areas of the financial institution, regulatory and real estate sectors, offering clients distinct and diverse areas of expertise. It is the goal of Keller & Company to provide specific and ongoing relationship-based services that are pertinent, focused and responsive to the needs of the individual client institution within the changing industry environment, and to offer those services at reasonable fees on a timely basis. In recent years, Keller & Company has become one of the leading and most recognized financial institution consulting firms in the nation.

152

CONSULTANTS IN THE FIRM

MICHAEL R. KELLER has over thirty years experience as a consultant to the financial institution industry. Immediately following his graduation from college, Mr. Keller took a position as an examiner of financial institutions in northeastern Ohio with a focus on Cleveland area institutions. After working two years as an examiner, Mr. Keller entered Ohio State University full time to obtain his M.B.A. in Finance.

Mr. Keller then worked as an associate for a management consulting firm specializing in services to financial institutions immediately after receiving his M.B.A. During his eight years with the firm, he specialized in mergers and acquisitions, branch acquisitions and sales, branch feasibility studies, stock valuations, charter applications, and site selection analyses. By the time of his departure, he had attained the position of vice president, with experience in almost all facets of banking operations.

Prior to forming Keller & Company, Mr. Keller also worked as a senior consultant in a larger consulting firm. In that position, he broadened his activities and experience, becoming more involved with institutional operations, business and strategic planning, regulatory policies and procedures, performance analysis, conversion appraisals, and fairness opinions. Mr. Keller established Keller & Company in November 1985 to better serve the needs of the financial institution industry.

Mr. Keller graduated from the College of Wooster with a B.A. in Economics in 1972, and later received an M.B.A. in Finance in 1976 from the Ohio State University where he took numerous courses in corporate stock valuations.

153

Consultants in the Firm (cont.)

SUSAN H. O’DONNELL has twenty years of experience in the finance and accounting areas of the banking industry.

At the start of her career, Ms. O’Donnell worked in public accounting for Coopers & Lybrand in Cincinnati and earned her CPA. Her clients consisted primarily of financial institutions and health care companies.

Ms. O’Donnell then joined Empire Bank of America in Buffalo, New York. During her five years with Empire, Ms. O’Donnell progressed to the level of Vice President and was responsible for SEC, FHLB and internal financial reporting. She also coordinated the offering circular for its initial offering of common stock.

Ms. O’Donnell later joined Banc One Corporation where she worked for eleven years. She began her career at Banc One in the Corporate Accounting Department where she was responsible for SEC, Federal Reserve and investor relations reporting and coordinated the offering documents for stock and debt offerings. She also performed acquisition work including regulatory applications and due diligence and established accounting policies and procedures for all affiliates. Ms. O’Donnell later moved within Banc One to the position of chief financial officer of the Personal Trust business responsible for $225 million in revenue. She then provided leadership as the Director of Personal Trust Integration responsible for various savings and revenue enhancements related to the Bank One/First Chicago merger.

Ms. O’Donnell graduated from Miami University with a B.S. in Business. She also completed the Leading Strategic Change Program at The Darden School of Business and the Banc One Leadership Development Program.

154

Consultants in the Firm (cont.)

JOHN A. SHAFFER has over thirty years experience in banking, finance, real estate lending, and development.

Following his university studies, Mr. Shaffer served as a lending officer for a large real estate investment trust, specializing in construction and development loans. Having gained experience in loan underwriting, management and workout, he later joined Chemical Bank of New York and was appointed Vice President for Loan Administration of Chemical Mortgage Company in Columbus, Ohio. At Chemical, he managed all commercial and residential loan servicing, administering a portfolio in excess of $2 billion. His responsibilities also included the analysis, management and workout of problem commercial real estate loans and equity holdings, and the structuring, negotiation, acquisition and sale of loan servicing, mortgage and equity securities and real estate projects. Mr. Shaffer later formed and managed an independent real estate and financial consulting firm, serving corporate and institutional clients, and also investing in and developing real estate.

Mr. Shaffer’s primary activities and responsibilities have included financial analysis, projection and modeling, asset and liability management, real estate finance and development, loan management and workout, organizational and financial administration, budgeting, cash flow management and project design.

Mr. Shaffer graduated from Syracuse University with a B.S. in Business Administration, later receiving an M.B.A. in Finance and a Ph.D. in Economics from New York University.

155

EXHIBIT B

RB 20

CERTIFICATION

I hereby certify that I have not been the subject of any criminal, civil or administrative judgments, consents, undertakings or orders, or any past administrative proceedings (excluding routine or customary audits, inspections and investigation) issued by any federal or state court, any department, agency, or commission of the U.S. Government, any state or municipality, any self-regulatory trade or professional organization, or any foreign government or governmental entity, which involve:

(i)	commission of a felony, fraud, moral turpitude, dishonesty or breach of trust;

(ii)	violation of securities or commodities laws or regulations;

(iii)

violation of depository institution laws or regulations;

(iv)	violation of housing authority laws or regulations;

(v)	violation of the rules, regulations, codes or conduct or ethics of a self-regulatory trade or professional organization;

(vi)	adjudication of bankruptcy or insolvency or appointment of a receiver, conservator, trustee, referee, or guardian.

I hereby certify that the statements I have made herein are true, complete and correct to the best of my knowledge and belief.


				Conversion Appraiser
8/13/2018
Date				Michael R. Keller

156

EXHIBIT C

AFFIDAVIT OF INDEPENDENCE

STATE OF OHIO,

COUNTY OF FRANKLIN, ss:

I, Michael R. Keller, being first duly sworn hereby depose and say that:

The fee which I received directly from the applicant, PyraMax Bank, FSB, in the amount of $39,000 for the performance of my appraisal was not related to the value determined in the appraisal and that the undersigned appraiser is independent and has fully disclosed any relationships which may have a material bearing upon the question of my independence; and that any indemnity agreement with the applicant has been fully disclosed.

Further, affiant sayeth naught.




		MICHAEL R. KELLER

Sworn to before me and subscribed in my presence this 14^th day of August 2018.



		NOTARY PUBLIC

157