ASSUMPTIONS

Investment Securities
Loans Receivable
FHLB Stock
Accrued interest receivable
Prepaid Expenses and other assets
Depreciation
Advances from the Federal Home Loan Bank
Other Liabilities
Assets Growth Rate
Deposit Growth Rate

Loans Receivables
Loans Receivable - Interest
Loans receivables interest %
Investment Securities
Investment Securities - Interest
Investment securities interest %

Deposits
Deposits - Interest
Interest %
Borrowings
Borrowings - Interest paid
Interest %
Inflation rate
employee growth rate
Office premises and equipment(net)
Occupancy and Equipment
Interest %
Data processing
Provision For Loans
Loan Service Fees
Gain On Sale of securities, loans and other assets
Other
Other Operating
Assumed Tax Rate
Dividend Payout Ratio

Total Equity/Total Liabilities

Total Liabilities
Required Equity
Equity Excl. Common Stock
Common Stock
Total No. Of Shares
Growth Rate
WACC
Rf (risk free rate)
Risk Premium
Beta
Unlevered beta
beta for ever trust
Cost of equity
Kd
WACC

ASSUMPTIONS
2001
71661
483,911.0
4,652.0
3,847.0
6,407.0

2002
54858
575,271.0
5,946.0
3,638.0
6,734.0

2003
37967
604,955.0
6,334.0
3,280.0
7,294.0

80344
4270

129338
4036

100984
5215

483911
40173
8.30%

575271
43021
7.48%

604955
42798
7.07%

71661
6299
8.79%

54858
4012
7.31%

37967
3138
8.27%

397643
19169
4.82%

449611
16219
3.61%

508269
13581
2.67%

84614.0
3879
4.58%

133374.0
5114
3.83%

106199.0
5702
5.37%

11%

9.80%
12.60%

5%
10%

growth assumed equal to deposit growth

Provision of Loans Receivable in 2005 budget
Growth Assumed to be equal to Loans Receivable

Average of previous 4 years

9542.0
10196.0
9074.0
2618
2925
3103
27.4365961 28.68772067 34.19660569
12.6%
0.075%
11.046%
9%
1,459.0
1,615.0
2,271.0
4,432.0
4,376.0
5,503.0
34%
41.000%

87%
13.18%
823,922.4
108,576.1
80,192.2
28,383.9
6890160
9%
5.40%
10 year treasury bond rate 2004

4%

Assumed
levered of omparable company

7%
1.3
0.35
2.7

Debt / equity - 87:13

22.90%
4.37%
5.484911881

921,375.6
121,418.4
88,677.2
32,741.2

1,030,655.5
135,819.2
98,033.3
37,786.0

2004
2005
69878
89000
662,642.0 707,000.0
6,650.0
7,491.2
3,301.0
3,322.0
5,400.0
5,100.8
128531
4574

107347
4680

-0.84%
11.05%
12.65%
-4.97%
-5.54%
7.51%
2.32%

662642
40588
6.13%

7.24%

69878
2586
3.70%

7.02%

546388
11929
2.18%

3.32%

133105.0
4902
3.68%

4.37%

7206.0
2958
41.04912573

32.84251

2,431.0
4,388.0

18.55%
-0.33%

1,153,218.8
151,970.6
108,312.0
43,658.5

Income Statement
2001

2002

2003

2004

Total Interest Income

40,173.0
6,299.0
46,472.0

43,021.0
4,012.0
47,033.0

42,798.0
3,138.0
45,936.0

40,588.0
2,586.0
43,174.0

Total Interest Expenses

19,169.0
3,879.0
23,048.0

16,219.0
5,114.0
21,333.0

13,581.0
5,702.0
19,283.0

11,929.0
4,902.0
16,831.0

Net Interest Income

Provision for loan losses

17,125.0
1,005.0

21,688.0
1,500.0

23,515.0
390.0

23,757.0
525.0

Net Interest Income After Provision

22,419.0

24,200.0

26,263.0

25,818.0

Noninterest income
Loan Service Fees
Gain On Sale of securities, loans and other assets
Other
Total Noninterest income

742.0
431.0
1,459.0
2,632.0

1,257.0
471.0
1,615.0
3,343.0

2,401.0
1,075.0
2,271.0
5,747.0

2,431.0
1,412.0
2,431.0
6,274.0

General, administrative and other expenses

Employee compensation and benefits
Occupancy and Equipment
Data processing
Other Operating
Total Noninterest Expenses

9,391.0
2,618.0
962.0
4,432.0
17,403.0

10,965.0
2,925.0
1,103.0
4,376.0
19,369.0

12,406.0
3,103.0
1,455.0
5,503.0
22,467.0

11,691.0
2,958.0
1,491.0
4,388.0
20,528.0

Income before taxes

7,648.0

8,174.0

9,543.0

11,564.0

Income tax expenses

2,291.0

2,595.0

2,702.0

4,518.0

5,357.0
10887365
0.47

5,579.0
7755854
0.65

6,841.0
7252169
0.96

7,046.0
6890160
1.01

0.47

0.63

0.9

0.95

Interest Income
Loans Receivable
Investment Securities

Interest Expenses
Deposits
Borrowings

Net Income(loss)
No. Of Shares Outstanding
Basic earnings per common share
Diluted earnings per common share
Cash Dividends Per Share
Retained Earnings
Tax Rate

ement
2005

2006

2007

2008

2009

40,142.5
2,836.0
42,978.5

56,880.1
6,193.2
63,073.3

63,163.3
6,141.4
69,304.7

70,140.6
6,090.0
76,230.6

77,888.6
6,039.1
83,927.7

11,365.8
4,358.2
15,724.0

23,370.2
5,248.7
28,618.9

26,314.9
5,632.2
31,947.1

29,630.5
6,044.3
35,674.9

33,364.0
6,487.1
39,851.1

24,418.5
530.0

34,454.3
588.8

37,357.6
653.9

40,555.7
726.1

44,076.6
806.3

26,724.5

33,865.5

36,703.7

39,829.6

43,270.3

3,460.4
1,179.6
3,316.5
7,956.5

3,842.6
1,285.8
3,931.8
9,060.2

4,267.1
1,401.5
4,661.2
10,329.8

4,738.5
1,527.6
5,526.0
11,792.1

5,261.9
1,665.1
6,551.2
13,478.2

11,110.4
3,058.8
1,566.7
5,085.8
20,821.7

12,832.5
1,671.9
1,764.1
5,068.9
21,337.5

14,821.6
1,488.0
1,986.4
5,052.1
23,348.0

17,118.9
1,324.3
2,236.7
5,035.3
25,715.2

19,772.3
1,178.7
2,518.5
5,018.6
28,488.1

13,859.3

21,588.2

23,685.5

25,906.5

28,260.4

4,766.6

7,340.0

8,053.1

8,808.2

9,608.5

9,092.7
6890160
1.32

14,248.2
6890160
2.07

15,632.4
6890160
2.27

17,098.3
6890160
2.48

18,651.9
6890160
2.71

3728
5,364.7
0.34

5842
8,406.5
0.34

6409
9,223.1
0.34

7010
10,088.0
0.34

7647
11,004.6
0.34

Balance Sheet
2001
Assets
Cash and cash equivalents
Investment Securities(AFS)
Investment Securities(HTM)
Loans Receivable
Office premises and equipment(net)
FHLB Stock
Accrued interest receivable
Prepaid Expenses and other assets

Liabilities
Deposits
Advances from the Federal Home Loan Bank
Other Liabilities

2002

2003

22,383.0 19,166.0 37,259.0

63,299.0 49,903.0 34,167.0
8,362.0
4,955.0
3,800.0
483,911.0 575,271.0 604,955.0
9,542.0 10,196.0
9,074.0
4,652.0
5,946.0
6,334.0
3,847.0
3,638.0
3,280.0
6,407.0
6,734.0
7,294.0
Total Assets 602,403.0 675,809.0 706,163.0

397,643.0 449,611.0 508,269.0

80,344.0 129,338.0 100,984.0
4,270.0
4,036.0
5,215.0
Total Liabilities 482,257.0 582,985.0 614,468.0

Shareholders Equity
Common Stock
68,940.0
Employee Stock Ownership Plan Debt
-1,188.0
Retained Earnings
55,033.0
Accumulated other comprehensive Income
395.0
Shares held in trust for stock-related compensation plan
-3,034.0
Total shareholders' equity 120,146.0

37,390.0
-792.0
58,019.0
374.0
-2,167.0
92,824.0

30,613.0
-396.0
62,542.0
237.0
-1,301.0
91,695.0

Total Liabilities and shareholders' equity 602,403.0 675,809.0 706,163.0

Book Value Per Share
Market Price
Earnings Per Share
Price To Book Value
Price To Earnings

e Sheet
2004

2005

2006

2007

2008

2009

14,995.0
67,567.0
2,311.0
662,642.0
7,206.0
6,650.0
3,301.0
5,400.0
770,072.0

7,366.0

37,640.2

61,865.4

89,670.3

121,636.5

89,000.0

88,255.7

86,785.6

86,059.8

707,000.0 785,098.1 871,823.1 968,128.2 1,075,071.5

5,720.0
5,090.8
4,530.8
4,032.4
3,588.9
7,491.2
8,438.7
9,506.1
10,708.6
12,063.1
3,322.0
3,156.8
2,999.7
2,850.5
2,708.7
5,100.8
4,818.2
4,551.3
4,299.1
4,060.9
825,000.0 932,498.4 1,042,794.0 1,166,474.7 1,305,189.4

546,388.0
128,531.0
4,574.0
679,493.0

625,000.0 703,750.0
107,347.0 115,411.5
4,653.0
4,760.9
737,000.0 823,922.4

23,819.0
0.0
66,738.0
431.0
-409.0
90,579.0

15,469.9 28,383.9
0.0
0.0
72,102.7 80,509.2
427.4
-316.9
0.0
0.0
88,000.0 108,576.1

770,072.0

87,517.5

792,422.5 892,267.7 1,004,693.5

124,081.8 133,403.5 143,425.5
4,871.3
4,984.3
5,099.9
921,375.6 1,030,655.5 1,153,218.8

32,741.2
0.0
89,732.3
-1,055.1
0.0
121,418.4

37,786.0
0.0
99,820.3
-1,787.0
0.0
135,819.2

43,658.5
0.0
110,824.9
-2,512.8
0.0
151,970.6

825,000.0 932,498.4 1,042,794.0 1,166,474.8 1,305,189.4

12.8
17.9
1.32
1.4
13.56

15.8

17.6

19.7

22.1

2.07

2.27

2.48

2.71

Cash Flow Statemen

2005

2006

2007

2008

Opening Balance Of Cash

Cash From Operations

14,995.0

7,366.0

37,640.2

61,865.4

Funds From Operations

Accrued interest receivable
Prepaid Expenses and other assets
Deposits
Total Cash From Operations

10,578.7 14,877.4 16,192.4 17,596.7

-21.0
165.2
157.0
149.2
299.2
282.6
266.9
252.2
78612
78750 88672.5 99845.23
89,468.9 94,075.3 105,288.9 117,843.3

Cash From Investing Activities

Increase in Loans Receivable
Increase in FHLB Stock
Investments Purchased
Total Cash From Investing

-44,358.0 -78,098.1 -86,725.1 -96,305.1

-841.2
-947.6 -1,067.4
-1,202.4
-18716.6
-63,915.8 -79,045.6 -87,792.5 -97,507.5

Cash From Financing Activities

Advances from the Federal Home Loan Bank
Other Liabilities
Dividends Paid
Common Stock
Total Cash From Financing
Closing Cash
Free Cash Flow To Firm
Free Cash Flow To Equity
No.Of Years
Cost Of Equity
Total Equity Value
No.Of Shares
Share Value

-21,184.0
79.0
-3,728.0
-8,349.1
-33,182.1
-7,629.0
7,366.0
35,869.2
25553.12
25553.12
1
22.90%
20,791.80
121,462.33
121,462,331.45
6890160
Rs. 17.63

8,064.5
107.9
-5,841.8
12,913.9
15,244.6
30,274.2
37,640.2

8,670.3
110.4
-6,409.3
4,357.3
6,728.8
24,225.2
61,865.4

9,321.7
113.0
-7,010.3
5,044.8
7,469.1
27,804.9
89,670.3

33,918.2 38,581.5
15029.67 17496.39
15029.67 17496.39
2
3
22.90%
22.90%
9,950.52 9,425.25

43,881.2
20335.79
20335.79
4
22.90%
8,913.61

Flow Statement
Funds From
Operation

2009
89,670.3

Net Income
Depreciation
Funds From
Operations

19,095.4
141.8
238.2
112425.735
131,901.2

-106,943.3
-1,354.5
-108,297.9

10,022.0
115.6
-7,647.3
5,872.5
8,362.8
31,966.2
121,636.5
49,905.0
202948.08
23603.31
5
22.90%
8,418.09

103797.7083
179344.77
5
22.90%
63,963.07

2005

2006

2007

2008

2009

9,092.7 14,248.2 15,632.4 17,098.3 18,651.9

1,486.0
629.2
560.0
498.4
443.6
10,578.7 14,877.4 16,192.4 17,596.7 19,095.4