2nd Quarter 2003 Bank and Thrift Pricing Review

Transaction volume for both Texas and the nation was down two transactions from the year-ago period. Price/Earnings and Price/Assets multiples for Texas transactions continued to improve, while Price/Deposits declined slightly from the previous quarter. National pricing multiples, with the exception of Price/Earnings, showed little change from the previous quarter and, with the exception of Price/Earnings, outpaced Texas deal ratios.