CAMERON FINANCIAL CORPORATION




                                      1999



                                     ANNUAL



                                     REPORT






                               [GRAPHIC-CFC LOGO]

<PAGE>







                                Table of Contents



                                                                            Page

President's Message                                                           1

General Information                                                           2

Selected Consolidated Financial Information and Other Data of the Company     3

Management's Discussion and Analysis of Financial Condition and
     Results of Operations                                                    5

Consolidated Financial Statements                                            18

Stockholder Information                                                      43

Corporate Information                                                        44



<PAGE>
                   [LETTERHEAD CAMERON FINANCIAL CORPORATION]
        Holding Company for The Cameron Savings & Loan Association, F.A.
--------------------------------------------------------------------------------
                                                               December 28, 1999

     To Our Stockholders:


     The  Board  of  Directors,  management,  and  staff  of  Cameron  Financial
     Corporation  and its wholly owned  subsidiary,  The Cameron  Savings & Loan
     Association, F.A., are pleased to present our fifth annual report.

     The fiscal year ended  September  30, 1999 was  eventful.  The  Association
     completed  its second full year in the new home office  building in Cameron
     and its first full year in the new  full-service  branch office in Liberty,
     Missouri.  The Cameron Savings and Loan Service  Corporation's  Specialized
     Investments  Division, a full-service  brokerage office, also completed its
     first year.  These events have positioned the Association for future growth
     opportunities.

     The 1999 fiscal year was also filled with  challenges.  Declining  interest
     rates with narrowing spreads,  the related mortgage  refinancing  activity,
     the  additional  overhead  of a new  office,  the  startup  costs  of a new
     venture,  preparation  for the Year  2000  event,  and  conversion  from an
     out-sourced  data  processing to an in-house  system all  contributed  to a
     reduction of net  earnings to $1.9  million from $2.3 million  reported the
     previous year.  Diluted  earnings per share were $0.95 for both fiscal 1999
     and  fiscal  1998.  During  the  fiscal  year,  298,553  shares of  Cameron
     Financial  Corporation  common stock were repurchased.  Growth  accelerated
     during the year.  Assets increased $40 million to nearly $262 million,  net
     loans  receivable  increased  more than $37 million to nearly $222 million,
     and deposits increased over $7 million to nearly $144 million.

     The  Association  has  made its  preparation  for Year  2000.  Y2K  mission
     critical  areas were tested and  renovated  or  replaced.  Y2K and disaster
     contingency  plans were  updated  and  tested.  Testing  and  updating  are
     scheduled to continue through critical dates of the new millennium.

     Your Board and management  remain committed to building strong  shareholder
     value. The additional products and facilities that have been installed have
     come at a cost, but have also positioned the Association for  opportunities
     in the future.  We continue to be a financial  institution  that emphasizes
     financial  relationships,  and we are committed to our customers and to the
     communities we serve.

     Thank you for your  investment  in Cameron  Financial  Corporation.  We are
     looking forward to a long and prosperous relationship.

                                                                Sincerely,

                                                                /s/David G. Just
                                                                ----------------
                                                                David G. Just
                                                                President
--------------------------------------------------------------------------------
                               1304 North Walnut
                                  P.O. Box 555
                               Cameron, MO 64429
                                 (816) 632-2154
<PAGE>
                               GENERAL INFORMATION




Cameron Financial Corporation (the "Company") is a Delaware  Corporation,  which
is the holding  company for The Cameron  Savings & Loan  Association,  F.A. (the
"Association").  The Company was organized by the Association for the purpose of
acquiring all of the capital  stock of the  Association  in connection  with the
conversion of the Association  from mutual to stock form, which was completed on
March 31, 1995 (the  "Conversion").  The only significant  assets of the Company
are the capital  stock of the  Association,  the  Company's  loan to an employee
stock  ownership  plan,  the branch office  building in Liberty,  Missouri,  and
investment  securities  in United  States  government  agency  obligations.  The
business of the Company initially consists of the business of the Association.

The Association,  which was originally  chartered in 1887 as a  Missouri-charted
mutual savings and loan association,  is headquartered in Cameron, Missouri. The
Association  amended its mutual  charter to become a federal  mutual savings and
loan  association  in 1994. The Federal  Deposit  Insurance  Corporation  (FDIC)
insures its deposits up to the maximum allowable amount.  The Association serves
the financial needs of its customers  throughout  northwestern  Missouri through
its main  office  located at 1304 North  Walnut,  Cameron,  Missouri,  and three
branch offices located in Liberty, Maryville, and Mound City.

The  Association  has been, and intends to continue to be, a  community-oriented
financial  institution  offering  financial  services  to meet the  needs of the
market area it serves. The Association attracts deposits from the general public
and uses such funds  together  with  Federal  Home Loan Bank (FHLB)  advances to
originate loans secured by first mortgages on owner-occupied one- to four-family
residences and  construction  loans in its market area. To a lesser extent,  the
Association originates land, commercial real estate,  multifamily,  and consumer
loans in its market area.


                                       2
<PAGE>
                   SELECTED CONSOLIDATED FINANCIAL INFORMATION
                          AND OTHER DATA OF THE COMPANY




Set forth  below  are  selected  consolidated  financial  and other  data of the
Company.  The  financial  data is derived  in part  from,  and should be read in
conjunction  with,  the  consolidated  financial  statements  and notes  thereto
presented elsewhere in the Annual Report.
<TABLE>
<CAPTION>
                                                                               At September 30,
                                                     ---------------------------------------------------------------------
                                                        1999          1998           1997           1996          1995
                                                     -----------   -----------    -----------    -----------   -----------
                                                                                (In thousands)
<S>                                                <C>                <C>            <C>            <C>           <C>
Selected financial condition data:
    Total assets                                   $    261,553       221,521        212,504        186,346       173,077
    Loans receivable, net                               221,909       184,605        176,790        154,444       129,740
    Investment securities                                18,543        16,309         13,882         18,310        26,490
    Cash and cash equivalents                             4,900         3,319          2,909          3,783         3,315
    Certificates of deposit in other financial
      institutions                                        1,200         4,400          7,600          2,500         8,611
    Savings deposits                                    143,737       136,622        128,771        123,108       121,280
    FHLB advances                                        71,101        37,250         35,250         12,250            --
    Total stockholders' equity                           40,624        43,473         44,667         46,815        48,727
                                                     ===========   ===========    ===========    ===========   ===========

</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                                                                           Year ended September 30,
                                                     ---------------------------------------------------------------------
                                                        1999          1998           1997           1996          1995
                                                     -----------   -----------    -----------    -----------   -----------
                                                                     (In thousands, except share information)
<S>                                                <C>                <C>            <C>            <C>           <C>
Selected operations data:
    Total interest income                          $     17,643        17,057         15,989         13,921        12,289
    Total interest expense                                9,992         9,404          8,179          6,679         6,317
                                                     -----------   -----------    -----------    -----------   -----------

             Net interest income                          7,651         7,653          7,810          7,242         5,972

Provision for loan losses                                    86           (76)           285            368           120
                                                     -----------   -----------    -----------    -----------   -----------

             Net income after provision
               for loan losses                            7,565         7,729          7,525          6,874         5,852
                                                     -----------   -----------    -----------    -----------   -----------

Loan fees and deposit service charges                       341           235            162            130           131
Gain (loss) on sales of investment
    securities                                                5            --             --             --            (4)
Other income                                                140           107             57             92           100
                                                     -----------   -----------    -----------    -----------   -----------

             Total noninterest income                       486           342            219            222           227
                                                     -----------   -----------    -----------    -----------   -----------

Total noninterest expense                                 4,909         4,390          3,670          3,772         2,503

             Earnings before income taxes                 3,142         3,681          4,074          3,324         3,576

Income taxes                                              1,205         1,384          1,564          1,214         1,272
                                                     -----------   -----------    -----------    -----------   -----------

             Net earnings                          $      1,937         2,297          2,510          2,110         2,304
                                                     ===========   ===========    ===========    ===========   ===========

Net earnings per share:
    Basic                                          $       0.95          0.97           0.99           0.77          0.83
    Diluted                                                0.95          0.95           0.98           0.77          0.83
                                                     ===========   ===========    ===========    ===========   ===========
</TABLE>

(Footnotes on the following page)

                                       3
<PAGE>
<TABLE>
<CAPTION>
                                                                  As of and for the year ended September 30,
                                                     ---------------------------------------------------------------------
                                                        1999          1998           1997           1996          1995
                                                     -----------   -----------    -----------    -----------   -----------
<S>                                                   <C>           <C>            <C>            <C>           <C>
Selected financial ratios and other data:
    Performance ratios:
    Return on total assets (ratio of earnings
      to average total assets)                             0.83 %        1.05           1.25           1.20          1.45
    Return on equity (ratio of earnings to
      average equity)                                      4.71          5.11           5.48           4.43          6.62
    Interest rate spread (1):
      Average during period                                2.66          2.70           2.93           2.78          2.71
      End of period                                        2.46          2.57           2.62           2.71          2.35
    Net interest margin (2)                                3.46          3.69           4.08           4.23          3.84
    Dividend payout ratio                                 41.05         29.47          28.87          36.36          8.43
    Ratio of noninterest expense to average
      total assets                                         2.10          2.02           1.83           2.14          1.57
    Ratio of noninterest income to average
      total assets                                         0.21          0.16           0.11           0.13          0.14
    Ratio of average interest-earning assets
      to average interest-bearing liabilities            117.72        121.97         126.82         137.06        127.79
    Efficiency ratio (5)                                  60.37         54.91          45.71          50.54         40.35
                                                     ===========   ===========    ===========    ===========   ===========

Asset quality ratios:
    Nonperforming loans to total loans
      receivable at end of period                          0.10          1.52           0.58           0.84          0.92
    Allowance for loan losses to non-
      performing loans                                   628.24         48.50         139.04          91.54         74.46
    Allowance for loan losses to total loans
      receivable                                           0.65          0.74           0.81           0.77          0.69
    Nonperforming assets to total assets at
      end of period                                        0.10          1.42           0.56           0.83          0.77
    Classified assets to total assets (3)                  3.08          5.32           5.06           4.15          2.26
    Ratio of net charge-offs to average
      loans receivable                                    0.002         0.015          0.008          0.006         0.002
                                                     ===========   ===========    ===========    ===========   ===========

Capital ratios (4):
    Equity to total assets at end of period               15.53         19.59          21.03          25.12         28.15
    Average equity to average assets                      17.61         20.61          22.88          27.06         21.96
                                                     ===========   ===========    ===========    ===========   ===========

Other data:
    Number of full-service offices                            4             4              4              3             3
    Number of loan production offices                        --            --              1              1             1
    Real estate loan originations (in
      thousands)                                   $    123,602       105,220         95,088         92,606        64,257
                                                     ===========   ===========    ===========    ===========   ===========
</TABLE>
<PAGE>
(1) Interest rate spread  represents the  difference  between  weighted  average
yield  on  interest   earning   assets  and  the   weighted   average   rate  on
interest-bearing liabilities.
(2) Net  interest  margin  represents  net interest  income as a  percentage  of
average interest-earning assets.
(3) Includes assets designated as Special Mention.
(4)  For a  discussion  of the  Association's  regulatory  capital  ratios,  see
"Management's  Discussion  and  Analysis of Financial  Condition  and Results of
Operations - Liquidity and Capital Resources."
(5) The efficiency  ratio represents  total  noninterest  expense divided by net
interest  income  and  total  noninterest  income,  excluding  gain  on  sale of
investments.

                                       4
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS




This Annual Report on Form 10-K may contain certain  forward-looking  statements
consisting  of estimates  with respect to the  financial  condition,  results of
operations,  and  business  of the Company  that are subject to various  factors
which could cause  actual  results to differ  materially  from these  estimates.
These factors  include,  but are not limited to,  general  economic  conditions,
changes in interest rates,  deposit flows, loan demand,  real estate values, and
competition;  changes in accounting principles, policies, or guidelines; changes
in legislation or regulations;  and other economic,  competitive,  governmental,
regulatory,  and technical factors affecting the Company's  operations  pricing,
products, and services.

General

Cameron Financial Corporation ("Cameron Financial" and, with its subsidiary, the
"Company")  was  formed  in  December  1994  by  The  Cameron   Savings  &  Loan
Association,  F.A.  (the  "Association")  to become the  holding  company of the
Association.  The  acquisition  of the  Association  by  Cameron  Financial  was
consummated on March 31, 1995 in connection  with the  Association's  conversion
from the mutual to stock form (the "Conversion").  All references to the Company
prior  to  March  31,  1995,  except  where  otherwise  indicated,  are  to  the
Association and its subsidiary on a consolidated basis.

The  Company's  results  of  operations  depend  primarily  on its  level of net
interest   income,   which  is  the  difference   between   interest  earned  on
interest-earning  assets,  consisting  primarily  of  mortgage  loans  and other
investments, and the interest paid on interest-bearing  liabilities,  consisting
primarily of deposits and FHLB  advances.  Net interest  income is a function of
the  Company's  "interest  rate  spread,"  which is the  difference  between the
average  yield  earned on  interest-earning  assets and the average rate paid on
interest-bearing   liabilities.   The  interest   rate  spread  is  affected  by
regulatory,  economic,  and competitive  factors that influence  interest rates,
loan demand, and deposit flows. The Company, like other financial  institutions,
is subject to interest-rate risk to the degree that its interest-earning  assets
mature  or  reprice  at  different  times,  or on a  different  basis,  than its
interest-bearing  liabilities. The Company's operating results are also affected
by the amount of its noninterest income, including loan fees and service charges
and other income,  which includes  commissions  from sales by the  Association's
service  corporation.  In September 1988, the Association's  service corporation
started a full service  brokerage  service.  This will allow the  Association to
compete more effectively with other financial  services  companies.  Noninterest
expense consists primarily of employee  compensation,  occupancy  expense,  data
processing,   federal  insurance   premiums,   advertising,   real  estate-owned
operations,   and  other   expenses.   The  Company's   operating   results  are
significantly  affected  by general  economic  and  competitive  conditions,  in
particular,  changes in market interest rates,  government policies, and actions
by regulatory authorities.

Financial Condition

Total assets increased $40.0 million,  or 18.07%, to $261.6 million at September
30, 1999 from $221.5  million at September 30, 1998.  The increase was primarily
due to an increase of $37.3 million in net loans  receivable and an $1.5 million
increase  in FHLB stock,  which was funded by an  increase  in FHLB  advances of
$33.9 million and an increase of $7.1 million in savings deposits.
<PAGE>
Net loans receivable increased by $37.3 million, or 20.21%, to $221.9 million at
September 30, 1999 from $184.6  million at September 30, 1998 primarily due to a
$26.4 million  increase in one- to  four-family  permanent  mortgage loans and a
$7.2 million increase in consumer loans,  net of loans in process.  The increase
in mortgage  loans  reflects  $30.0  million and the increase in consumer  loans
reflects $7.2 million.

Investment securities, certificates of deposits in other financial institutions,
and cash equivalents increased $615,000, or 2.56%, to $24.6 million at September
30, 1999 from $24.0 million at September 30, 1998.


                                       5
<PAGE>
Savings  deposits  increased  $7.1  million,  or  5.21%,  to $143.7  million  at
September  30, 1999 from  $136.6  million at  September  30,  1998.  Of the $7.1
million  increase in  deposits,  $5.9  million,  or 83.10%,  occurred at the new
branch office located in Liberty,  Missouri,  which opened in August 1998.  FHLB
advances  increased $33.9 million,  or 90.88%, to $71.1 million at September 30,
1999 from $37.3 million at September 30, 1998.

Total stockholders' equity decreased by $2.8 million, or 6.55%, to $40.6 million
at September 30, 1999 from $43.5 million at September 30, 1998. Earnings for the
year  provided a $1.9  million  increase,  which was offset by the  purchase  of
298,553 shares of treasury stock for $4.6 million,  the declaration of dividends
of $772,000,  and the  amortization  of the Recognition and Retention Plan (RRP)
and unearned employee stock ownership plan (ESOP) shares, aggregating $631,000.

The Association's  capital level exceeds all of the capital requirements imposed
by federal law. The Office of Thrift  Supervision  (OTS)  regulations  generally
provide that an  institution  before and after a proposed  capital  distribution
remains  well-capitalized  and, like the  Association has not been notified of a
need for more than normal  supervision,  could,  after prior notice, but without
approval by OTS,  make capital  distributions  during the calendar year of up to
100% of its net income to date during the calendar year plus retained net income
for the two prior years. Any additional capital distribution would require prior
regulatory approval.

The  Association  declared and paid  dividends to the Company of  $1,837,000  in
fiscal year 1999. The  Association  has also notified OTS of its plan to declare
an additional  $364,000  dividend to Cameron  Financial in December 1999.  Those
dividends  approximate  the  Association's  net income from July 1, 1998 through
September  30,  1999.  Those funds will be  available  to the Company to use for
stock  repurchases,  dividends  to the  Company's  shareholders,  and for  other
corporate purposes.

Results of Operations

The  Company's  results  of  operations  depend  primarily  on the  level of net
interest income and noninterest income and its control of operating expense. Net
interest  income  depends  upon  the  volume  of  interest-earning   assets  and
interest-bearing liabilities and the interest rates earned or paid on them.

The Company's  noninterest  income consists  primarily of  underwriting  fees on
loans,  fees charged on  transaction  accounts,  and fees charged for delinquent
payments  received on mortgage and  consumer  loans.  In  addition,  noninterest
income is derived from activities of the Association's  wholly owned subsidiary,
which engages in the sale of various insurance and other investment products.

The schedule on the following  page  presents,  for the periods  indicated,  the
total dollar amount of interest income from average  interest-earning assets and
the resultant  yields, as well as the total dollar amount of interest expense on
average  interest-bearing  liabilities and resultant  rates.  The average yields
include loan fees,  which are  considered  adjustments  to yield.  The amount of
interest income resulting from recognition of loan fees was $400,000,  $516,000,
and  $490,000  for  the  years  ended   September  30,  1999,   1998  and  1997,
respectively.  No tax-equivalent adjustments were made. All average balances are
monthly  average  balances.  Management does not believe that the use of monthly
balances  instead of daily  balances  has caused a  material  difference  in the
information presented.  Nonaccruing loans have been included as loans carrying a
zero yield.


                                       6
<PAGE>
<TABLE>
<CAPTION>
                                                                                    Years ended September 30,
                                                         ---------------------------------------------------------------------------
                                                                          1999                                  1998
                                                         ---------------------------------       -----------------------------------
                                                           Average     Interest   Interest         Average     Interest    Interest
                                                         outstanding    earned/     yield/       outstanding    earned/     yield/
                                                           balance       paid        rate          balance       paid        rate
                                                           -------       ----        ----          -------       ----        ----
                                                                                      (Dollars in thousands)
<S>                                                       <C>            <C>        <C>           <C>           <C>          <C>

Interest-earning assets:
     Loans receivable (1)                                 $ 197,639      16,355       8.28 %      $ 180,671     15,523       8.59 %
     Investment securities                                   16,858         983       5.83           15,553        951       6.11
     Certificates of deposit                                  2,338         118       5.05            6,430        356       5.54
     Other interest bearing deposits                          2,147          35       1.63            2,531         97       3.83
     FHLB stock                                               2,393         152       6.35            1,936        130       6.71
                                                            --------    --------                   ---------   -------

                    Total interest-earning assets (1)       221,375      17,643       7.97          207,121     17,057       8.24
                                                                        --------    ------                     -------      -----

Noninterest earning assets                                   12,058                                  11,115
                                                          ---------                               ---------

                    Total average assets                  $ 233,433                               $ 218,236
                                                          =========                               =========

Passbook accounts                                         $  11,251         367       3.26        $  10,437        347       3.32
NOW and money market accounts                                20,070         707       3.52           14,234        465       3.27
Certificates                                                109,727       6,189       5.64          107,814      6,342       5.88
FHLB advances                                                47,005       2,729       5.81           37,327      2,250       6.03
                                                          ---------     -------                   ---------   --------

                    Total interest-bearing liabilities      188,053       9,992       5.31          169,812      9,404       5.54
                                                                        --------    ------                     --------     -----

Noninterest bearing liabilities                               4,262                                   3,141
                                                          ---------                               ---------

                    Total average liabilities             $ 192,315                               $ 172,953
                                                          =========                               =========

Net interest income                                                     $  7,651                               $  7,653
                                                                        ========                               ========
Net interest rate spread (2)                                                          2.66 %                                 2.70 %
                                                                                    =======                                 =====

Net interest-earning assets                               $  33,322                               $  37,309
                                                          =========                               =========
Net interest margin (3)                                                               3.46 %                                 3.69 %
                                                                                    =======                                ======
Average interest-earning assets to
     average interest-bearing liabilities                                117.72 %                                          121.97 %
                                                                        =======                                           =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                            ------------------------------------
                                                                           1997
                                                            ------------------------------------
                                                              Average     Interest      Interest
                                                            outstanding    earned/       yield/
                                                              balance       paid          rate
                                                              -------       ----          ----
<S>                                                          <C>          <C>            <C>
Interest-earning assets:
     Loans receivable (1)                                     $ 167,051    14,535         8.70
     Investment securities                                       15,707       976         6.21
     Certificates of deposit                                      5,036       285         5.66
     Other interest bearing deposits                              2,382        92         3.86
     FHLB stock                                                   1,454       101         6.95
                                                               ---------   -------

                    Total interest-earning assets (1)           191,630    15,989         8.34
                                                                           -------      -------

Noninterest earning assets                                        8,659
                                                              ---------

                    Total average assets                      $ 200,289
                                                              =========

Passbook accounts                                             $  10,834       346         3.19
NOW and money market accounts                                    12,498       348         2.78
Certificates                                                    101,596     5,889         5.80
FHLB advances                                                    26,173     1,596         6.10
                                                              ---------   -------

                    Total interest-bearing liabilities          151,101     8,179         5.41
                                                                          -------      -------

Noninterest bearing liabilities                                   3,356
                                                              ---------

                    Total average liabilities                 $ 154,457
                                                              =========

Net interest income                                                       $ 7,810
                                                                          =======
Net interest rate spread (2)                                                              2.93
                                                                                          ====

Net interest-earning assets                                  $   40,529
                                                             ==========
Net interest margin (3)                                                                   4.08
                                                                                         =====
Average interest-earning assets to
     average interest-bearing liabilities                                 126.82%
                                                                          ======
</TABLE>
(1) Calculated net of deferred loan fees and  discounts,  loans in process,  and
loss reserves.
(2) Net interest rate spread represents the difference between the average yield
on interest earning assets and the average rate on interest-bearing liabilities.
(3) Net  interest  margin  represents  net  interest  income  divided by average
interest-earning assets.

                                       7
<PAGE>
The following  schedule  presents the weighted  average  yields earned on loans,
investments,  and other interest-earning  assets, and the weighted average rates
paid on deposits and FHLB advances and the resultant interest-rate spread at the
dates indicated.
<TABLE>
<CAPTION>
                                                                                  At September 30,
                                                                -----------------------------------------------
                                                                    1999                 1998             1997
                                                                    ----                 ----             ----
<S>                                                                 <C>                  <C>              <C>
Weighted average yield on:
     Loans receivable                                               7.80 %               8.35             8.54
     Investment securities                                          5.93                 6.04             6.07
     Certificates of deposit in other financial
         institution                                                5.45                 5.80             6.15
     Other interest-bearing deposits                                2.24                 4.89             4.95
     FHLB stock                                                     6.35                 6.75             7.00
                                                                    ----                 ----             ----
     Combined weighted average yield on
         interest-earning assets                                    7.68                 8.06             8.22
                                                                    ----                 ----             ----

Weighted average rate paid on:
     Passbook accounts                                              3.25                 3.26             3.25
     NOW and money market accounts                                  3.39                 3.58             3.16
     Certificates                                                   5.56                 5.87             5.96
     FHLB advances                                                  5.61                 5.88             6.02
                                                                    ----                 ----             ----
     Combined weighted average rate paid
         on interest-bearing liabilities                            5.22                 5.49             5.60
                                                                    ----                 ----             ----

                    Spread                                          2.46 %               2.57             2.62
                                                                    ====                 ====             ====
</TABLE>

Rate/Volume Analysis

The schedule on the  following  page  presents  the dollar  amount of changes in
interest income and interest  expense for major  components of  interest-earning
assets and interest-bearing liabilities. It distinguishes between the change due
to changes in outstanding  balances and those due to changes in interest  rates.
For each category of interest-earning  assets and interest-bearing  liabilities,
information is provided on changes  attributable to (i) changes in volume (i.e.,
changes in volume  multiplied by prior  interest  rate) and (ii) changes in rate
(i.e.,  changes in rate multiplied by prior volume). For purposes of this table,
changes attributable to both rate and volume,  which cannot be segregated,  have
been allocated  proportionately to the changes due to volume and the changes due
to rate.


                                       8
<PAGE>
<TABLE>
<CAPTION>
                                                                             Year ended September 30,
                                                       --------------------------------------------------------------------
                                                         1999 vs.1998                         1999 vs.1998
                                                           increase                             increase
                                                          (decrease)                           (decrease)
                                                            due to            Total              due to              Total
                                                       -----------------     increase      ------------------      increase
                                                      Volume       Rate     (decrease)     Volume        Rate     (decrease)
                                                      ------       ----     ----------     ------        ----     ----------
                                                                           (Dollars in thousands)
<S>                                                   <C>           <C>          <C>       <C>          <C>          <C>
Interest-earning assets
     Loans receivable ...........................     $1,352        (520)        832       1,174        (186)        988
     Investment securities ......................         71         (39)         32         (10)        (15)        (25)
     Certificates of deposit in other ...........       (209)        (29)       (238)         77          (6)         71
     Other interest-bearing deposits ............        (12)        (50)        (62)          6          (1)          5
     FHLB stock .................................         28          (6)         22          32          (3)         29
                                                      ------      ------      ------      ------      ------      ------

                    Total interest-earning assets      1,230        (644)        586       1,279        (211)      1,068
                                                      ------      ------      ------      ------      ------      ------

Interest-bearing liabilities
     Passbook accounts ..........................         26          (6)         20         (13)         14           1
     NOW and money market accounts ..............        205          37         242          52          65         117
     Certificates ...............................        117        (270)       (153)        370          83         453
     FHLB advances ..............................        558         (79)        479         671         (17)        654
                                                      ------      ------      ------      ------      ------      ------

                    Total interest-bearing
                        liabilities .............        906        (318)        588       1,080         145       1,225
                                                      ------      ------      ------      ------      ------      ------

                    Net interest income .........     $  324        (326)         (2)        199        (356)       (157)
                                                      ======      ======      ======      ======      ======      ======
</TABLE>
Comparison of Operating Results for the Years Ended September 30, 1999 and 1998

General.  Net  earnings  for the year ended  September  30,  1999  decreased  by
$360,000,  or 15.67%,  to $1.9 million,  or $0.95 per diluted  share,  from $2.3
million,  or $0.95 per diluted share, for the year ended September 30, 1998. The
decrease  was  primarily  due to a $2,000  decrease in net  interest  income,  a
$162,000  increase in the provision for loan losses,  and a $519,000 increase in
noninterest  expense offset by a $144,000  increase in noninterest  income and a
decrease of $179,000 in income tax expense.  For the years ended  September  30,
1999 and 1998, the return on average  assets was 0.83% and 1.05%,  respectively,
while the return on average equity was 4.71% and 5.11%, respectively.

Net Interest Income.  Net interest income was unchanged at $7.6 million for both
years ended  September 30, 1999 and 1998.  This reflects an increase of $586,000
in total interest  income to $17.6 million from $17.1 million and an increase of
$588,000  in total  interest  expense to $9.9 in fiscal 1999  million  from $9.4
million in fiscal 1998. The increase in interest  income was primarily due to an
increase in the average balance of interest-earning assets offsetting a decrease
in average yields on  interest-earning  assets. The increase in interest expense
was due to an increase in the average  balance of  interest-bearing  liabilities
offsetting   the  decrease  in  the  average  rates  paid  on   interest-bearing
liabilities.
<PAGE>
Interest Income. Interest income for the year ended September 30, 1999 increased
$586,000 to $17.6 million from $17.1 million in 1998. Increased average balances
of interest-earning assets generally offset decreased yields on those assets.

Interest income on loans increased $832,000,  or 5.36%, to $16.4 million for the
year ended  September 30, 1999 from $15.5  million for the prior year.  Interest
income  on   investment   securities,   certificates   of  deposit,   and  other
interest-bearing  deposits decreased  $246,000,  or 16.04%, to $1.3 million from
$1.5 million for the year ended  September  30, 1998.  Interest  income on loans
increased  due to  increased  balances  in loans  offsetting  decreased  average
yields.  Interest income on investment securities,  certificates of deposit, and
other interest-bearing  deposits decreased due to decreased average balances and
decreased yields on those items.


                                       9
<PAGE>
Interest  Expense.  Interest  expense  for the year  ended  September  30,  1999
increased  $588,000  to $9.9  million  from  $9.4  million  for the  year  ended
September  30,  1998.  The  increase  was  due  to  increased  average  balances
outstanding on  interest-bearing  liabilities  offsetting lower average rates on
those  items.  Interest  expense  on FHLB  advances  and  other  borrowed  money
increased  to $2.7  million  for the year  ended  September  30,  1999 from $2.3
million for the prior year.  Average balances  outstanding of FHLB advances were
$47.0 million in fiscal 1999 compared to $37.3 million in fiscal 1998.

Provision for Loan Losses. The Association  maintains a program for establishing
general  loan  loss  reserves  by  classifying  various  components  of the loan
portfolio by potential  risk.  Management  reviews the  composition  of the loan
portfolio monthly and adjusts the valuation allowance. In addition, the Internal
Auditor reviews the general valuation allowance on a quarterly basis and reports
the  findings to the Board of  Directors.  During the year ended  September  30,
1999, the Association  charged $86,000 against  earnings as a provision for loan
losses  compared to a credit to earnings with a $76,000  negative  provision for
loan losses during the year ended September 30, 1998. The credit to earnings for
fiscal 1998 was primarily due to a decrease in speculative  construction  loans.
During fiscal 1998,  speculative  construction  loans  decreased $9.9 million to
$30.3 million. During fiscal 1999, speculative construction loans decreased $6.1
million to $24.2 million.  During fiscal 1999, land  acquisition and development
loans  increased to $8.6 million  from $3.3  million at September  30, 1998.  In
addition,  the total loan portfolio increased to $246.0 million at September 30,
1999 from $206.6 million at September 30, 1998. The Association's  allowance for
loan losses were $1.6 million,  or 0.65%, of total loans receivable at September
30, 1999 compared to 0.74% of total loans  receivable at September 30, 1998. The
fiscal 1999  charge-offs  totaled $5,000 and the net charge-offs for fiscal 1998
were $27,000.

The Association had $2.2 million in loans  classified as substandard,  doubtful,
or loss at September  30, 1999  compared to $3.5 million at September  30, 1998.
The decrease was primarily due to a decrease in  delinquent  construction  loans
and increased collection efforts throughout the year.

Management  will  continue  to monitor  its  allowance  for loan losses and make
future  adjustments  to the  allowance  through  provisions  for loan  losses as
economic  conditions dictate.  Although the Association  maintains its allowance
for loan losses at a level which it considers  adequate to provide for potential
losses,  there can be no assurances that future losses will not exceed estimated
amounts or that  additional  provisions  for loan losses will not be required in
future periods.

Noninterest  income.  For the year ended September 30, 1999,  noninterest income
was $486,000,  an increase of $144,000,  or 42.1%,  compared to $342,000 for the
year ended  September 30, 1998.  Loan fees and deposit  service  charges,  which
consist  primarily  of late  charges  on loans  receivable,  underwriting  fees,
service  charges  on  transaction  accounts,  and ATM fees,  were  $341,000  and
$235,000 in fiscal 1999 and 1998,  respectively.  Underwriting fees were $52,000
in  fiscal  1999  compared  to  $25,000  in  fiscal  1998.  Service  charges  on
transaction  accounts  were  $156,000  and  $108,000  in  fiscal  1999 and 1998,
respectively.  The increase is primarily due to increased checking accounts that
pay a flat monthly fee and increased  number of items returned on accounts.  ATM
fees were $17,000 and $9,000 in fiscal 1999 and 1998,  respectively.  Two of the

<PAGE>
Association's  five ATMs were  installed  during 1998 and one was  installed  in
1999. Late charges on loans were $85,000 for fiscal 1999 compared to $83,000 for
fiscal 1998.  For the year ended  September 30, 1999,  other income was $145,000
compared to $107,000 for the year ended September 30, 1998. The increase was due
to  $34,000  of  commissions  for  the  sale  of  investment   products  by  the
Association's  service  corporation  for fiscal 1999. No such  commissions  were
earned in fiscal 1998.


                                       10
<PAGE>
Noninterest expense.  Noninterest expense increased $519,000 to $4.9 million for
the year  ended  September  30,  1999 from  $4.4  million  for the  prior  year.
Compensation,  payroll taxes, and fringe benefits expense increased  $222,000 in
fiscal  1999 to $2.8  million  compared  to $2.6  million in fiscal  1998.  Cash
compensation increased $343,000 in fiscal 1999 to $2.0 million from $1.7 million
in 1998.  The  increase  was due to an increase in the number of  employees  and
salary increases to existing employees. During the Association's conversion to a
new core data processing system, the Association incurred  approximately $38,000
in overtime  expense for training and  conversion.  The  Association had seventy
full-time  equivalent employees at September 30, 1999 compared to sixty-seven at
September 30, 1998. Eight employees were hired in connection with the new branch
office  opened in August  1998.  Payroll  taxes and  fringe  benefits  increased
$54,000 due to the increased  number of employees  and  increased  compensation.
ESOP expenses  decreased  $159,000 to $369,000 for fiscal 1999 from $528,000 for
fiscal 1998, due to a lower average monthly price of the Company's  common stock
in fiscal 1999 compared to fiscal 1998.  Occupancy expense increased $143,000 in
fiscal 1999 to $765,000 from $622,000 in 1998. The increase was primarily due to
increased depreciation and taxes on the new branch office opened in August 1998.
Depreciation  also increased due to additional data processing  equipment.  Data
processing  expenses  increased  $71,000 to $263,000 for fiscal 1999 compared to
$192,000 for fiscal 1998.  The increase was primarily  due to the  Association's
conversion to a new core data processing system in June 1999.  Federal insurance
premiums  increased  to $94,000  in fiscal  1999 from  $82,000  in fiscal  1998.
Advertising  expense  increased  $2,000 to $150,000 for fiscal 1999  compared to
$148,000 for fiscal 1998.  Other  operating  expenses  increased to $854,000 for
fiscal 1999 compared to $789,000 for fiscal 1998. The increase was primarily due
to increased loan expenses due to increased lending volume;  telephone  expenses
due to communication lines between offices;  travel and training expenses due to
the data processing  conversion;  and checking  account expense due to increased
new accounts.

Income Taxes.  Income taxes  decreased to $1.2 million for fiscal 1999 from $1.4
million for fiscal 1998.  The  decrease was due to a decrease in taxable  income
for 1999 compared to 1998. The effective tax rate for 1999 was 38.4% compared to
37.6% for 1998.

Comparison of Operating Results for the Years Ended September 30, 1998 and 1997

General.  Net  earnings  for the year ended  September  30,  1998  decreased  by
$213,000,  or 8.49%,  to $2.3  million,  or $0.95 per diluted  share,  from $2.5
million,  or $0.98 per diluted share, for the year ended September 30, 1997. The
decrease was primarily due to the combined effects of a $157,000 decrease in net
interest  income and a $720,000  increase  in  noninterest  expense  offset by a
$361,000  decrease in the  provision  for loan  losses,  a $123,000  increase in
noninterest income and a $180,000 decrease in income tax expense.
For the years ended  September 30, 1998 and 1997,  the return on average  assets
was 1.05% and 1.25%, respectively,  while the return on average equity was 5.11%
and 5.48%, respectively.

Net Interest Income.  For the year ended September 30, 1998, net interest income
decreased by $157,000 to $7.7 million from $7.8 million in 1997.  This  reflects
an  increase  of $1.1  million in interest  income to $17.1  million  from $16.0
million and an increase of $1.2 million in interest expense to $9.4 million from
$8.2 million.  The increase in interest  income was primarily due to an increase
in total  interest-earning  assets  offsetting  a decrease in average  yields on
interest-earning  assets.  The increase in interest expense was due to increased
interest-bearing  liabilities  and the  average  rate  paid on  interest-bearing
liabilities.
<PAGE>
Interest Income. Interest income for the year ended September 30, 1998 increased
to $1.1 million to $17.1 million from $16.0 million for the year ended September
30, 1997. The $15.5 million increase in average interest-earning assets resulted
in an increase in interest income of $1.3 million. The decrease in average yield
on interest-earning assets decreased interest income by $211,000 in fiscal 1998.

Interest  income on loans  increased  $988,000,  or 6.80%, to $15.5 million from
$14.5  million  for the year  ended  September  30,  1997.  Interest  income  on
investment  securities,  certificates  of  deposit,  and other  interest-bearing
deposits  increased  $80,000,  or 5.50%, to $1.53 million from $1.45 million for
the year ended  September 30, 1997.  Interest  income on loans  increased due to
increased  average  balances  in  loans  offsetting  decreased  average  yields.
Increases in average balances of investment securities, certificates of deposit,
and other interest-bearing deposits offset decreased yields on those items.


                                       11
<PAGE>
Interest  Expense.  Interest  expense  for the year  ended  September  30,  1998
increased  $1.2  million to $9.4  million  from $8.2  million for the year ended
September  30,  1997.  The  increase  was  due  to  increased  average  balances
outstanding on  interest-bearing  liabilities  and slightly higher average rates
paid on those  liabilities.  Interest expense on FHLB advances increased to $2.3
million for the year ended  September  30, 1998 from $1.6  million for the prior
year. The  Association  borrowed $15.0 million and repaid  maturing  advances of
$13.0  million in fiscal 1998 that resulted in FHLB advances of $37.3 million at
September 30, 1998 compared to $35.3 million at September 30, 1997.

Provision for Loan Losses. The Association  maintains a program for establishing
general  loan  loss  reserves  by  classifying  various  components  of the loan
portfolio by potential  risk.  Management  reviews the  composition  of the loan
portfolio monthly and adjusts the valuation allowance. In addition, the Internal
Auditor reviews the general valuation allowance on a quarterly basis and reports
the findings to the Board of Directors. At September 30, 1998, the Association's
speculative construction loans of $30.3 million represented 14.7% of total loans
receivable.  At September 30, 1997, the Association's  speculative  construction
loans  of  $40.2  million  represented  20.1% of  total  loans  receivable.  The
reduction of $9.9 million,  or 24.6%, in speculative  construction  loans during
fiscal 1998  reduced  considerably  the risk profile of the  Association's  loan
portfolio.  This  reduction  in risk in the overall loan  portfolio  allowed the
Association to credit earnings with a $76,000 negative provision for loan losses
during  fiscal 1998 that  compared  to a charge of  $285,000  for the year ended
September  30,  1997.  This  resulted  in an  allowance  for loan losses of $1.5
million,  or 0.74%, of total loans  receivable at September 30, 1998 compared to
0.81% of total loans  receivable  at  September  30,  1997.  The fiscal 1998 net
charge-offs  totaled  $27,000  and the net  charge-offs  for  fiscal  1997  were
$14,000.

The Association had $3.5 million in loans  classified as substandard,  doubtful,
or loss at September  30, 1998  compared to $2.1 million at September  30, 1997.
The increase was almost  entirely due to an increase in delinquent  construction
loans.  During fiscal 1998, the loan service officer was transferred to the loan
origination department and a new loan service officer was hired. In August 1998,
the new loan service officer resigned  unexpectedly.  A replacement was not able
to start until early November  1998.  Due to the absence of qualified  personnel
during that time period, loan delinquencies increased. One construction loan was
substandard at September 30, 1997, compared to eleven at September 30, 1998.

Management  will  continue  to monitor  its  allowance  for loan losses and make
future  adjustments  to the  allowance  through  provision  for loan  losses  as
economic  conditions dictate.  Although the Association  maintains its allowance
for loan  losses at a level  which it  considers  to be  adequate to provide for
potential  losses,  there can be no assurance that future losses will not exceed
estimated  amounts or that  additional  provisions  for loan  losses will not be
required in future periods.

Noninterest  Income.  For the year ended September 30, 1998,  noninterest income
was $342,000  compared to $219,000 for the year ended  September 30, 1997.  Loan
fees and deposit  service  charges,  which consist  primarily of late charges on
loans receivable,  underwriting fees,  service charges on transaction  accounts,
and ATM fees, were $235,000 and $162,000 for fiscal 1998 and 1997, respectively.
Underwriting fees were $25,000 in fiscal 1998 with no similar fees in 1997. Late
charges on loans were  $83,000  for fiscal  1998  compared to $76,000 for fiscal
1997.  The  increase  is  primarily  due to the  increase in the number of loans

<PAGE>
outstanding.  Service charges on transaction  accounts were $108,000 and $74,000
for fiscal 1998 and 1997.  The  increase is due to increased  checking  accounts
that pay a flat monthly fee and increased  number of items returned on accounts.
ATM fees were  $9,000 and $2,000 for  fiscal  1998 and 1997,  respectively.  The
Association's first two ATMs were installed in June 1997. At September 30, 1998,
there were four installed.  Gains on the sale of loans  originated for sale were
$73,000 and $23,000 for fiscal 1998 and 1997,  respectively.  The  increase  was
primarily due to the increased numbers of loans sold in the current year.


                                       12
<PAGE>
Noninterest Expense. Noninterest expense increased $720,000, to $4.4 million for
the year  ended  September  30,  1998 from  $3.7  million  for the  prior  year.
Compensation,  payroll taxes, and fringe benefit expense  increased  $385,000 in
fiscal 1998 compared to 1997.  Cash  compensation  increased  $240,000 in fiscal
1998 to $1.7  million  from $1.5  million in 1997.  The  increase  was due to an
increase in the number of employees and raises to existing employees. There were
sixty-seven  full time  equivalent  employees at September  30, 1998 compared to
fifty-five  at September  30,  1997.  Payroll  taxes and other  fringe  benefits
increased  $86,000  due to the  increased  number  of  employees  and  increased
compensation.  ESOP  expenses  increased to $528,000 for fiscal 1998 compared to
$465,000  for 1997.  The increase was due to higher  average  monthly  price for
shares of the  Company's  common  stock in fiscal 1998  compared to fiscal 1997.
Occupancy expense increased $204,000 in fiscal 1998 to $622,000 from $418,000 in
1997.  The increase was  primarily due to increased  depreciation  and increased
taxes on the new home  office  opened  in June  1997 and the new  branch  office
opened in August 1998.  Depreciation also increased due to new equipment for the
new home and branch offices. Although occupancy expenses increased significantly
as a result of the two new offices,  the deposits  attributed to the new offices
also increased  substantially.  Data processing  expenses  increased  $24,000 to
$192,000 for fiscal 1998 compared to $168,000 for fiscal 1997.  The increase was
due to an  increased  number of accounts  processed  and  increased  charges for
additional on-line workstations. Federal insurance premiums decreased $35,000 to
$82,000 for fiscal 1998  compared to $117,000 for fiscal  1997.  The decrease is
primarily  due  to  reduced  premiums  after  the  special  Savings  Association
Insurance Fund ("SAIF")  assessment paid in 1997.  Advertising expense increased
$2,000 to $148,000 for fiscal 1998  compared to $146,000 in fiscal  1997.  Other
operating  expense increased to $787,000 for fiscal 1998 compared to $649,000 in
fiscal 1997.  The increase was  primarily  due to increased  expenses for office
supplies, telephones, new checking accounts, and loan expense.

Income Taxes.  Income taxes  decreased to $1.4 million for fiscal 1998 from $1.6
million for fiscal 1997.  The  decrease was due to a decrease in taxable  income
for 1998 compared to 1997.  The effective tax rate for 1998 was 37.6%,  compared
to 38.4% for 1997.

Asset and Liability Management - Interest Rate Sensitivity Analysis

The matching of assets and  liabilities  may be analyzed by examining the extent
to  which  such  assets  are  interest  rate  sensitive  and  by  monitoring  an
institution's  interest rate sensitivity "gap." An asset or liability is said to
be interest  rate  sensitive  within a specific time period if it will mature or
reprice within that time period. The interest rate sensitivity gap is defined as
the   difference   between   the   amount   of   interest-earning   assets   and
interest-bearing  liabilities  maturing  or  repricing  within a  specific  time
period. A gap is considered  positive when the amount of interest rate sensitive
assets  exceeds  the amount of interest  rate  sensitive  liabilities.  A gap is
considered  negative  when the amount of  interest  rate  sensitive  liabilities
exceeds the amount of interest rate sensitive assets.

During a period of rising interest rates, a negative gap would tend to adversely
affect net interest income while a positive gap would tend to positively  affect
net interest  income.  During a period of falling interest rates, a negative gap
would tend to positively  affect net interest  income while a positive gap would
tend to negatively affect net interest income.
<PAGE>
The  Association's  strategy in recent  years has been to reduce its exposure to
interest rate risk by better  matching the maturities or repricing  schedules of
its interest  rate  sensitive  assets and  liabilities.  This  strategy has been
implemented by originating adjustable rate loans, short-term construction loans,
and other variable rate or short-term loans, as well as by purchasing short-term
investments. The Association seeks to lengthen the maturities of its deposits by
promoting   longer-term   certificates  with  substantial  penalties  for  early
withdrawal.  Maturities of new FHLB  advances are  scheduled to  compliment  the
current gap position.  The  Association  does not solicit  negotiated  high-rate
jumbo certificates of deposit or brokered deposits.

At September 30, 1999, the Company's total interest-bearing liabilities maturing
or  repricing  within one year  exceeded  interest-earning  assets  maturing  or
repricing  in the  same  period  by $34.0  million,  representing  a  cumulative
negative  one-year  gap  ratio of 13.0% to total  assets.  The  Association  has
established  an   Asset-Liability   Management   Committee   ("ALCO")  which  is
responsible for reviewing the Association's  asset-liability  policies. The ALCO
meets  monthly and reports to the Board of Directors on interest  rate risks and
trends, as well as liquidity and capital ratios and requirements.


                                       13
<PAGE>
Market Risk Management

Market risk is the risk of loss arising from  adverse  changes in market  prices
and rates. The Association's market risk is comprised primarily of interest rate
risk resulting from its core banking  activities of lending and deposit  taking.
Interest  rate risk is the risk that  changes  in market  interest  rates  might
adversely affect the  Association's net interest income or the economic value of
its  portfolio  of  assets,   liabilities,   and  off-balance  sheet  contracts.
Management  continually  develops and applies  strategies to mitigate this risk.
Management does not believe that the Association's primary market risk exposures
and how those  exposures  are  managed  in fiscal  year 1999 have  changed  when
compared to fiscal year 1998.  Market risk limits have been  established  by the
Board of Directors based on the Association's tolerance for risk.

The Association primarily relies on the OTS Net Portfolio Value ("NPV") model to
measure its  susceptibility  to  interest  rate  changes.  NPV is defined as the
present value of expected net cash flows from existing  assets minus the present
value of expected  net cash flows from  existing  liabilities  plus or minus the
present  value of net  expected  cash  flows  from  existing  off-balance  sheet
contracts  after  various  assumed  instantaneous  parallel  shifts in the yield
curve, both upward and downward.

The NPV model uses an option-based pricing approach to value one- to four-family
mortgages,  mortgages  serviced by or for others,  and firm  commitments to buy,
sell,  or  originate  mortgages.  This  approach  makes use of an interest  rate
simulation  program to generate  random interest rate paths that, in conjunction
with a prepayment  model, are used to estimate  mortgage cash flows.  Prepayment
options  and   interest   rate  caps  and  floors   contained  in  mortgage  and
mortgage-related  securities introduce significant uncertainty in estimating the
timing  of  cash  flows  for  these  instruments  that  warrant  the use of this
sophisticated methodology.

All other financial  instruments are valued using a static  discounted cash flow
method. Under this approach,  the present value is determined by discounting the
cash flows the instrument is expected to generate by yields currently  available
to investors from instruments of comparable risk and duration.

The following table sets forth the present value estimates for major  categories
of financial instruments of the Association at September 30, 1999, as calculated
by the OTS NPV model. The table shows the present value of the instruments under
rate shock  scenarios of -300 basis points to +300 basis points in increments of
100 basis points.


                                       14
<PAGE>
<TABLE>
<CAPTION>
                                                           Present Value Estimates by Interest Rate Scenario
                                                                    Calculated at September 30, 1999

                                           -300        -200          -100        0           +100          +200         +300
                                           basis       basis         basis       basis       basis         basis        basis
                                           points      points        points      points      points        points       points
                                          ---------    ---------    ---------   ---------   ---------    ---------    ---------
                                                                           (Dollars in thousands)
<S>                                       <C>            <C>          <C>         <C>         <C>          <C>          <C>
Mortgage loans and securities             $ 223,842      220,386      216,747     212,140     206,516      200,359      194,034
Nonmortgage loans                            11,068       10,862       10,664      10,473      10,290       10,113        9,943
Cash, deposits, and securities               22,870       22,744       22,610      22,067      21,641       21,088       20,559
Other assets                                 11,880       12,161       12,723      13,594      14,441       15,238       15,985
                                          ---------    ---------    ---------   ---------   ---------    ---------    ---------

                    Total assets            269,660      266,153      262,744     258,274     252,888      246,798      240,521
                                          ---------    ---------    ---------   ---------   ---------    ---------    ---------

Deposits                                    152,649      149,812      147,130     144,587     142,180      139,899      137,736
Borrowings                                   75,758       74,117       72,544      71,034      69,586       68,195       66,859
Other liabilities                             3,719        3,718        3,717       3,716       3,715        3,714        3,714
                                          ---------    ---------    ---------   ---------   ---------    ---------    ---------

                    Total liabilities .     232,126      227,647      223,391     219,337     215,481      211,808      208,309
                                          ---------    ---------    ---------   ---------   ---------    ---------    ---------

Off-balance sheet positions                     434          296          170          30        (141)        (335)        (541)
                                          ---------    ---------    ---------   ---------   ---------    ---------    ---------

                    Net portfolio value   $  37,968       38,802       39,523      38,967      37,266       34,655       31,671
                                          =========    =========    =========   =========   =========    =========    =========

$ change from base                        $    (999)        (165)         556        --        (1,701)      (4,312)      (7,296)
                                          =========    =========    =========   =========   =========    =========    =========

NPV ratio                                   14.08 %        14.58        15.04       15.09       14.74        14.04        13.17
                                          =========    =========    =========   =========   =========    =========    =========

Board NPV ratio limits                      12.00 %        13.00        14.00         N/A       14.00        13.50        13.00
                                          =========    =========    =========   =========   =========    =========    =========
</TABLE>
Computation of  prospective  effects of  hypothetical  interest rate changes are
based on numerous  assumptions,  including  relative  levels of market  interest
rates, loan prepayments,  and deposit runoffs,  and should not be relied upon as
indicative of actual results.  Further,  the computations do not contemplate any
actions the Association may undertake in response to changes in interest rates.

Certain  shortcomings  are inherent in the method of analysis  presented in both
the  computation  of NPV and in an analysis of the  maturing  and  repricing  of
interest-earning  assets  and  interest-bearing  liabilities.  Although  certain
assets and  liabilities  may have  similar  maturities  or periods in which they
reprice,  they may  react  differently  to  changes  in market  interest  rates.
Additionally,  adjustable-rate  mortgages have features that restrict changes in
interest  rates in a  short-term  basis  and over  the  life of the  asset.  The
<PAGE>
proportion  of  adjustable-rate  loans could reduce in future  periods if market
interest rates would decrease and remain at lower levels for a sustained period,
due to  increased  refinance  activity.  Further,  in the  event of a change  in
interest  rates,  prepayment  and early  withdrawal  levels would likely deviate
significantly  from those  assumed in the table.  Finally,  the  ability of many
borrowers to service their  adjustable-rate  debt may decrease in the event of a
sustained interest rate increase.

Liquidity and Capital Resources

The Association's primary sources of funds are deposits,  repayments on and sale
of loans,  FHLB advances,  the maturity of investment  securities,  and interest
income.  Although  maturity and scheduled  amortization  of loans are relatively
predictable  sources  of  funds,  deposit  flows  and  prepayments  on loans are
influenced  significantly by general interest rates,  economic  conditions,  and
competition.


                                       15
<PAGE>
The primary investing activity of the Association is the origination of loans to
be held for investment.  For the fiscal years ended September 30, 1999 and 1998,
the Association  originated loans for portfolio in the amounts of $132.4 million
and $102.6  million,  respectively.  Purchases  of loans during the fiscal years
ended  September 30, 1999 and 1998 were $40,000 and $66,000,  respectively.  The
Association also originates loans for sale. For the fiscal years ended September
30, 1999 and 1998,  the  Association  originated  $5.5 million and $7.9 million,
respectively,  of mortgage loans for sale. For the fiscal years ended  September
30,  1999  and  1998,  these  activities  were  funded  primarily  by  principal
repayments of $108.5 million and $96.0 million, respectively,  proceeds from the
sale of loans of $5.9 million and $8.0 million,  respectively, and FHLB advances
of $67.7 million and $15.0 million, respectively.

The  Association  is required to maintain  minimum levels of liquid assets under
OTS regulations.  Savings institutions are required to maintain an average daily
balance  of liquid  assets  (including  cash,  certain  time  deposits,  certain
banker's  acceptances,  certain  corporate  debt  securities  and  highly  rated
commercial  paper,  securities  of certain  mutual  funds,  and  specific  U. S.
government,  state, or federal agency  obligations) of not less than 4.0% of its
average daily balance of net withdrawable  accounts plus short-term  borrowings.
It is the Association's  policy to maintain its liquidity portfolio in excess of
regulatory requirements.  The Association's eligible liquidity ratios were 11.9%
and 15.0%, respectively, at September 30, 1999 and 1998.

The Company's  most liquid assets are cash and cash  equivalents,  which include
short-term  investments.  The  levels  of  those  assets  are  dependent  on the
operating,  financing,  lending,  and  investment  activities  during  any given
period.  At September  30, 1999 and 1998,  cash and cash  equivalents  were $4.9
million  and  $3.3  million,   respectively.  The  increase  in  cash  and  cash
equivalents  in 1999  compared to 1998  results  primarily  from sources of cash
receipts  and  the use of cash to fund  loans  and  investments.  The  principal
components of cash provided during the fiscal year ended September 30, 1999 were
FHLB advances and loan repayments.  Additional sources of cash included maturing
investments, sales of loans, and deposit activity.

Liquidity  management for the Company is both an ongoing and long-term  function
of the asset/liability  management strategy.  Excess Association funds generally
are invested in overnight deposits at the FHLB of Des Moines. If the Association
requires  funds  beyond its  ability to  generate  them  internally,  additional
sources  of  funds  are  available  through  FHLB of Des  Moines  advances.  The
Association  borrowed $67.7 million in FHLB advances and repaid $33.8 million of
maturing  advances in fiscal year 1999.  During 1998, the  Association  borrowed
$15.0  million in FHLB  advances  and repaid  $13.0  million  in  maturing  FHLB
advances. During the last several years, loan originations have exceeded savings
inflows, loan repayments, and cash provided by operations. To maintain liquidity
above the required  minimum,  it is anticipated that FHLB advances will continue
to supplement  projected  savings  inflows and loan repayments to fund continued
loan demand.

At September 30, 1999, the Association had outstanding  loan commitments of $4.4
million,  unused  lines of  credit of $5.0  million,  and  undisbursed  loans in
process of approximately $21.9 million. The Association anticipates it will have
sufficient  funds  available  to meet its current  loan  commitments,  including
applications  received  and in process  prior to issuance  of firm  commitments.
Certificates  of  deposit  that are  scheduled  to mature in one year or less at
September 30, 1999 were $57.4  million.  Management  believes that a significant
portion of such deposits will remain with the Association.
<PAGE>
At September 30, 1999, the Association had tangible capital of $35.4 million, or
13.8%, of total adjusted assets,  which is approximately $31.6 million above the
minimum requirement of 1.5% of adjusted total assets in effect on that date. The
Association  had core  capital of $35.4  million,  or 13.8%,  of adjusted  total
assets,  which is $25.1  million  above the  minimum  leverage  ratio of 3.0% in
effect on that  date.  The  Association  had total  risk-based  capital of $37.0
million and total  risk-weighted  assets of $170.5 million,  or total capital of
21.7% of risk-weighted assets. This was $23.4 million above the 8.0% requirement
in effect on that date.

The Year 2000 Issue

The Association  has an ongoing program  designed to ensure that its operational
and  financial  systems  will not be  adversely  affected by Year 2000  software
failures,  due to processing  calculations  using the Year 2000 date. Should the
Company's mission critical systems fail in the Year 2000, the Company would have
difficulty  in processing  transactions  for loan and deposit  customers,  which
could   cause   significant   damage  to  the   Company's   important   customer
relationships.


                                       16
<PAGE>
As of September 30, 1999, the Association had successfully  completed testing of
all  mission  critical   computer   systems.   The  renovation,   testing,   and
implementation  of all nonmission  critical  applications  are also  approaching
completion  with only the  Association's  voice mail  system  requiring  further
attention.

The  Association  is  requiring  its computer  systems and  software  vendors to
represent  that  the  products  are,  or will be,  Year  2000  compliant.  Major
suppliers and vendors have been requested to provide the Association  with their
progress in becoming Year 2000 compliant.  Responses and progress of vendors are
being monitored.

The  Association  has an ongoing  program to inform  customers  of the Year 2000
problem  and the  progress  the  Association  is  making in  becoming  Year 2000
compliant.  The Association  has reviewed  customer  relationships  and does not
believe potential Year 2000 problems of customers will have a material affect on
the  Association.  The  Association  has  developed a cash and currency  plan to
ensure that the Association has adequate funds on hand to meet cash requirements
of customers during late 1999 and early 2000.

For the year ended September 30, 1999, Year 2000 costs did not exceed  $100,000.
This  estimate  to become  Year 2000  compliant  is  exclusive  of the  $425,000
necessary to purchase the new core processing system and related hardware.

The Association  has prepared a contingency  plan that focuses on the courses of
action required under different failure scenarios ranging from system failure to
telecommunications  failure. The plan details who are responsible for initiating
action in each scenario and the required action to be pursued. The plan includes
operating  procedures  for all  departments  if the  core  applications  are not
available.  Some  testing  of the  plan has  occurred.  Additional  testing  and
training is scheduled. Testing of the contingency plan to date has not disclosed
any material concerns.

Impact of Recently Issued Accounting Standards

The Financial  Accounting Standards Board (FASB) issued SFAS No. 133, Accounting
for Derivative  Instruments and Hedging Activities,  in June 1998. SFAS No. 133,
as amended by SFAS No. 137,  Accounting for Derivative  Instruments  and Hedging
Activities  -  Deferral  of the  Effective  Date  of  FASB  Statement  No.  133,
establishes  accounting  and  reporting  standards for  derivative  instruments,
including certain derivative  instruments  embedded in other contracts,  and for
hedging  activities.  It requires that an entity  recognize all  derivatives  as
either assets or liabilities in the statement of financial  position and measure
those  instruments  at fair value.  This  statement is effective  for all fiscal
quarters of fiscal years beginning after June 15, 2000.

Management  believes that the adoption of these  accounting  standards  will not
significantly affect the Company's consolidated financial statements.


                                       17
<PAGE>
[LETTERHEAD KPMG]
     1000 Walnut, Suite 1600
     P.O. Box 13127
     Kansas City, MO 64199


                          Independent Auditors' Report



        The Board of Directors
        Cameron Financial Corporation:


        We have audited the accompanying  consolidated balance sheets of Cameron
        Financial  Corporation  and subsidiary (the Company) as of September 30,
        1999 and 1998  and the  related  consolidated  statements  of  earnings,
        stockholders'  equity,  and  cash  flows  for  each of the  years in the
        three-year period ended September 30, 1999. These consolidated financial
        statements  are the  responsibility  of the  Company's  management.  Our
        responsibility is to express an opinion on these consolidated  financial
        statements based on our audits.

        We conducted our audits in accordance with generally  accepted  auditing
        standards.  Those standards  require that we plan and perform the audits
        to obtain  reasonable  assurance about whether the financial  statements
        are free of material  misstatement.  An audit includes  examining,  on a
        test basis,  evidence  supporting  the amounts  and  disclosures  in the
        financial  statements.  An audit also includes  assessing the accounting
        principles used and significant estimates made by management, as well as
        evaluating the overall consolidated financial statement presentation. We
        believe that our audits provide a reasonable basis for our opinion.

        In our opinion, the consolidated  financial statements referred to above
        present  fairly,  in all material  respects,  the financial  position of
        Cameron  Financial  Corporation  and subsidiary as of September 30, 1999
        and 1998 and the  results of their  operations  and their cash flows for
        each of the years in the three-year  period ended September 30, 1999, in
        conformity with generally accepted accounting principles.


                                                                     /s/KPMG LLP
                                                                     -----------
                                                                     KPMG LLP
        November 12, 1999
        Kansas City, Missouri


                                       18
<PAGE>
<TABLE>
<CAPTION>
                                      CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                                               Consolidated Balance Sheets

                                               September 30, 1999 and 1998




                                        Assets                                               1999             1998
                                                                                         -------------    -------------
<S>                                                                                    <C>                <C>
Cash and cash equivalents                                                              $    4,900,000        3,319,000
Certificates of deposit in other financial institutions                                     1,200,000        4,400,000
Investment securities held-to-maturity (estimated fair value of
    $18,186,000 in 1999 and $16,467,000 in 1998) (notes 3 and 6)                           18,538,000       16,302,000
Mortgage-backed securities held-to-maturity                                                     5,000            7,000
Loans receivable, net (notes 4 and 7)                                                     221,909,000      184,605,000
Accrued interest receivable:
    Loans and mortgage-backed securities                                                    1,523,000        1,346,000
    Investment securities                                                                     268,000          229,000
Office properties and equipment, net (note 5)                                               7,748,000        7,861,000
Stock in Federal Home Loan Bank (FHLB) of Des Moines, at cost                               3,556,000        2,013,000
Deferred income taxes (note 8)                                                                 74,000          155,000
Other assets (note 9)                                                                       1,832,000        1,284,000
                                                                                       --------------    -------------

                                                                                       $  261,553,000      221,521,000
                                                                                       ==============    =============

                         Liabilities and Stockholders' Equity

Liabilities:
    Savings deposits (note 6)                                                          $  143,737,000      136,622,000
    Borrowings from the FHLB (note 7)                                                      71,101,000       37,250,000
    Advance payments by borrowers for property taxes and insurance                          2,244,000        1,903,000
    Accrued interest payable on savings deposits                                              158,000          180,000
    Accrued expenses and other liabilities                                                  3,491,000        1,901,000
    Current income taxes payable                                                              198,000          192,000
                                                                                       --------------    -------------

            Total liabilities                                                             220,929,000      178,048,000
                                                                                       --------------    -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                                    <C>                <C>
Stockholders' equity (notes 1 and 2):
    Serial preferred stock, $.01 par; 2,000,000 shares authorized; none issued
      or outstanding                                                                               --               --
    Common stock, $.01 par; 10,000,000 shares authorized; 3,026,928 shares
      issued                                                                                   30,000           30,000
    Additional paid-in capital                                                             30,163,000       30,058,000
    Retained earnings, substantially restricted (note 8)                                   27,385,000       26,220,000
    Unearned employee benefits (note 9)                                                    (1,483,000)      (1,947,000)
    Treasury stock; 944,749 shares in 1999 and 646,196 shares in 1998
      of common stock at cost                                                             (15,471,000)     (10,888,000)
                                                                                       --------------    -------------

            Total stockholders' equity                                                     40,624,000       43,473,000

Commitments (notes 4 and 11)
                                                                                       --------------    -------------

                                                                                       $  261,553,000      221,521,000
                                                                                       ==============    =============

</TABLE>

See accompanying notes to consolidated financial statements.

                                                           19
<PAGE>
<TABLE>
<CAPTION>
                                      CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                                          Consolidated Statements of Earnings

                                     Years ended September 30, 1999, 1998, and 1997


                                                                                 1999          1998           1997
                                                                            -------------    ----------     ----------

<S>                                                                         <C>              <C>            <C>
Interest income:
    Loans                                                                   $  16,355,000    15,523,000     14,535,000
    Investment securities                                                         983,000       950,000        975,000
    Mortgage-backed securities                                                         --         1,000          1,000
    Certificates of deposit and other                                             305,000       583,000        478,000
                                                                            -------------    ----------     ----------

            Total interest income                                              17,643,000    17,057,000     15,989,000
                                                                            -------------    ----------     ----------

Interest expense:
    Savings deposits (note 6)                                                   7,263,000     7,154,000      6,583,000
    Borrowed money                                                              2,729,000     2,250,000      1,596,000
                                                                            -------------    ----------     ----------

            Total interest expense                                              9,992,000     9,404,000      8,179,000
                                                                            -------------    ----------     ----------

            Net interest income                                                 7,651,000     7,653,000      7,810,000

Provision for loan losses (note 4)                                                 86,000       (76,000)       285,000
                                                                            -------------    ----------     ----------

            Net interest income after provision for loan losses                 7,565,000     7,729,000      7,525,000
                                                                            -------------    ----------     ----------

Noninterest income:
    Loan and deposit service charges                                              341,000       235,000        162,000
    Other income                                                                  145,000       107,000         57,000
                                                                            -------------    ----------     ----------

            Total noninterest income                                              486,000       342,000        219,000
                                                                            -------------    ----------     ----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                         <C>              <C>            <C>
Noninterest expense:
    Compensation, payroll taxes, and fringe benefits (note 9)                   2,779,000     2,557,000      2,172,000
    Occupancy expense                                                             765,000       622,000        418,000
    Data processing                                                               263,000       192,000        168,000
    Federal deposit insurance premiums                                             94,000        82,000        117,000
    Advertising                                                                   150,000       148,000        146,000
    Other operating expenses                                                      858,000       789,000        649,000
                                                                            -------------    ----------     ----------

            Total noninterest expense                                           4,909,000     4,390,000      3,670,000
                                                                            -------------    ----------     ----------

            Earnings before income taxes                                        3,142,000     3,681,000      4,074,000

Income taxes (note 8)                                                           1,205,000     1,384,000      1,564,000
                                                                            -------------    ----------     ----------

            Net earnings                                                    $   1,937,000     2,297,000      2,510,000
                                                                            =============   ===========    ===========

Earnings per share:
    Basic                                                                   $        0.95          0.97           0.99
                                                                            =============   ===========    ===========

    Diluted                                                                 $        0.95          0.95           0.98
                                                                            =============   ===========    ===========

</TABLE>

See accompanying notes to consolidated financial statements.

                                       20

<PAGE>
<TABLE>
<CAPTION>
                                            CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                                           Consolidated Statements of Stockholders' Equity

                                           Years ended September 30, 1999, 1998, and 1997

                                                            Additional                      Unearned
                                                Common        paid-in       Retained        employee       Treasury
                                                 stock        capital       earnings        benefits         stock         Total
                                              -----------   -----------    -----------    -----------    -----------    -----------
<S>                                           <C>            <C>            <C>            <C>            <C>            <C>
Balance at September 30, 1996                 $    30,000    29,622,000     22,756,000     (3,082,000)    (2,511,000)    46,815,000
                                              -----------   -----------    -----------    -----------    -----------    -----------

Amortization of Recognition and
   Retention Plan (RRP), net of forfeitures          --            --             --          274,000           --          274,000
Net earnings                                         --            --        2,510,000           --             --        2,510,000
Dividend declared ($.28 per share)                   --            --         (699,000)          --             --         (699,000)
Allocation of employee stock ownership
   plan (ESOP) shares                                --         182,000           --          284,000           --          466,000
Purchase 287,602 shares of treasury stock            --            --             --             --       (4,699,000)    (4,699,000)
                                              -----------   -----------    -----------    -----------    -----------    -----------

Balance at September 30, 1997                      30,000    29,804,000     24,567,000     (2,524,000)    (7,210,000)    44,667,000

Amortization of RRP, net of forfeitures              --            --             --          309,000        (89,000)       220,000
Net earnings                                         --            --        2,297,000           --             --        2,297,000
Dividend declared ($.28 per share)                   --            --         (644,000)          --             --         (644,000)
Allocation of ESOP shares                            --         259,000           --          268,000           --          527,000
Purchase 181,346 shares of treasury stock            --            --             --             --       (3,667,000)    (3,667,000)
Exercise of stock options to acquire
   5,027 shares of common  stock                     --          (5,000)          --             --           78,000         73,000
                                              -----------   -----------    -----------    -----------    -----------    -----------

Balance at September 30, 1998                      30,000    30,058,000     26,220,000     (1,947,000)   (10,888,000)    43,473,000

Amortization of RRP, net of forfeitures              --            --             --          300,000        (38,000)       262,000
Net earnings                                         --            --        1,937,000           --             --        1,937,000
Dividend declared ($.39 per share)                   --            --         (772,000)          --             --         (772,000)
Allocation of ESOP shares                            --         117,000           --          252,000           --          369,000
Purchase 298,553 shares of treasury stock            --            --             --             --       (4,645,000)    (4,645,000)
Award of RRP (note 9)                                --         (12,000)          --          (88,000)       100,000           --
                                              -----------   -----------    -----------    -----------    -----------    -----------

Balance at September 30, 1999                 $    30,000    30,163,000     27,385,000     (1,483,000)   (15,471,000)    40,624,000
                                              ===========   ===========    ===========    ===========    ===========    ===========

</TABLE>

See accompanying notes to consolidated financial statements.


                                       21
<PAGE>
<TABLE>
<CAPTION>
                                      CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                                         Consolidated Statements of Cash Flows

                                     Years ended September 30, 1999, 1998, and 1997


                                                                          1999              1998             1997
                                                                     ---------------   ---------------  ---------------
<S>                                                                <C>                      <C>              <C>
Cash flows from operating activities:
    Net earnings                                                   $      1,937,000         2,297,000        2,510,000
    Adjustments to reconcile net earnings to cash
      provided by operating activities:
        Depreciation and amortization                                       406,000           309,000          137,000
        Provision for loan losses                                            86,000           (76,000)         285,000
        Provision for losses on real estate owned                             1,000                --            3,000
        Amortization of RRP and allocation of
           ESOP shares                                                      631,000           747,000          740,000
        Deferred income taxes                                                81,000           381,000           75,000
        Gain on sales of real estate owned                                   (2,000)           (8,000)          (4,000)
        Loss on sale of properties and equipment                              1,000                --               --
        Amortization of deferred loan fees                                 (402,000)         (499,000)        (490,000)
        Proceeds from sales of loans held for sale                        5,943,000         7,989,000        2,693,000
        Origination of loans held for sale                               (5,491,000)       (7,976,000)      (3,137,000)
        Gain on sale of loans held for sale                                 (72,000)          (73,000)         (23,000)
        Changes in assets and liabilities:
           Accrued interest receivable                                     (216,000)         (157,000)        (122,000)
           Other assets                                                    (525,000)          (83,000)          68,000
           Accrued interest payable                                         (22,000)           43,000           (4,000)
           Accrued expenses and other liabilities                         1,488,000           417,000         (483,000)
           Current income taxes payable                                       6,000          (209,000)          87,000
                                                                     ---------------   ---------------  ---------------

             Net cash provided by operating activities                    3,850,000         3,102,000        2,335,000
                                                                     ---------------   ---------------  ---------------

Cash flows from investing activities:
    Net increase in loans receivable                                    (37,645,000)       (7,107,000)     (21,673,000)
    Purchase of loans receivable                                            (40,000)          (66,000)              --
    Mortgage-backed securities principal repayments                           2,000             3,000            3,000
    Maturities of investment securities held-to-maturity                  9,769,000        11,595,000        6,456,000
    Purchase of investment securities held-to-maturity                  (11,999,000)      (13,996,000)      (2,000,000)
    Purchase of FHLB stock                                               (1,543,000)         (251,000)        (503,000)
    Net proceeds from sales of real estate owned                            297,000                --               --
    Additions and improvements to real estate owned                          (2,000)               --               --
    Purchase of office properties and equipment, net                       (300,000)       (1,793,000)      (3,700,000)
                                                                     ---------------   ---------------  ---------------

             Net cash used in investing activities                 $    (41,461,000)      (11,615,000)     (21,417,000)
                                                                     ---------------   ---------------  ---------------
</TABLE>

                                                                     (Continued)
                                       22
<PAGE>
<TABLE>
<CAPTION>
                                       CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                                     Consolidated Statements of Cash Flows, Continued

                                      Years ended September 30, 1999, 1998, and 1997


                                                                             1999              1998              1997
                                                                         ------------      ------------      ------------
<S>                                                                      <C>                  <C>              <C>
Cash flows from financing activities:
    Net increase (decrease) in NOW, passbook, and
      money market demand amounts                                        $  6,241,000         5,076,000        (1,712,000)
    Net increase in certificate accounts                                      874,000         2,775,000         7,375,000
    Net increase in advance payments by borrowers
      for taxes and insurance                                                 341,000           131,000            43,000
    Proceeds from FHLB advances                                            67,700,000        15,000,000        26,000,000
    Repayment of FHLB advances                                            (33,849,000)      (13,000,000)       (3,000,000)
    Dividends paid                                                           (670,000)         (665,000)         (699,000)
    Issuance of common stock under stock option plan                             --              73,000              --
    Purchase of treasury stock                                             (4,645,000)       (3,667,000)       (4,699,000)
                                                                         ------------      ------------      ------------

             Net cash provided by financing activities                     35,992,000         5,723,000        23,308,000
                                                                         ------------      ------------      ------------

             Net (decrease) increase in cash                               (1,619,000)       (2,790,000)        4,226,000

Cash and cash equivalents at beginning of year                              7,719,000        10,509,000         6,283,000
                                                                         ------------      ------------      ------------

Cash and cash equivalents at end of year                                 $  6,100,000         7,719,000        10,509,000
                                                                         ============      ============      ============

Supplemental disclosure of cash flow information:
    Cash paid during the year for income taxes                           $  1,118,000         1,216,000         1,401,000
                                                                         ============      ============      ============

    Cash paid during the year for interest                               $ 10,014,000         9,361,000         8,168,000
                                                                         ============      ============      ============

Supplemental schedule of noncash investing and financing activities:
      Conversion of loans to real estate owned                           $    488,000           244,000              --
                                                                         ============      ============      ============

      Conversion of real estate owned to loans                           $    171,000           487,000            51,000
                                                                         ============      ============      ============

      Dividends declared and payable                                     $    247,000           150,000           168,000
                                                                         ============      ============      ============

      Issuance of unearned RRP shares                                    $     88,000              --                --
                                                                         ============      ============      ============
</TABLE>
See accompanying notes to consolidated financial statements.

                                                            23
<PAGE>
                  CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998

    (1)      Conversion and Acquisition of the Association by the Company

             Cameron  Financial  Corporation (the "Company") was incorporated in
             December  1994 for the  purpose of  becoming  the  savings and loan
             holding  company of The Cameron  Savings & Loan  Association,  F.A.
             (the "Association") in connection with the Association's conversion
             from a federally  chartered  mutual savings and loan to a federally
             chartered  stock  savings  and  loan.   Pursuant  to  its  Plan  of
             Conversion,  on  March  31,  1995,  the  Company  issued  and  sold
             3,026,928  shares  of  its  common  stock,  in a  subscription  and
             community  offering to the Association's  depositors and borrowers,
             the  Company's  employee  stock  ownership  plan,  and the  general
             public.  The  Company  utilized  a portion of the net  proceeds  to
             acquire  all of the  common  stock  issued  by the  Association  in
             connection with its conversion.  The acquisition of the Association
             by the  Company  was  accounted  for  in a  manner  similar  to the
             pooling-of-interests  method. Accordingly,  the accounting basis of
             the assets,  liabilities,  and equity  accounts of the  Association
             remained the same as prior to the  conversion and  acquisition  and
             were not adjusted to their fair values, and no purchase  accounting
             adjustments   were   recorded.   All   intercompany   accounts  and
             transactions are eliminated in consolidation.

             In order to grant priority to eligible account holders in the event
             of future liquidation,  the Association, at the time of conversion,
             established  a  liquidation  account  in the  amount  equal  to the
             Association's  capital as of September 30, 1994  ($19,291,000).  In
             the event of the future  liquidation of the  Association,  eligible
             account  holders  and  supplemental  eligible  account  holders who
             continue to maintain  their deposit  accounts  shall be entitled to
             receive a  distribution  from the  liquidation  account.  The total
             amount of the liquidation  account will be decreased as the balance
             of the eligible account holders and  supplemental  eligible account
             holders is reduced subsequent to the conversion, based on an annual
             determination of such balances.  The Association may not declare or
             pay a cash  dividend to the Company on, or  repurchase  any of, its
             common  stock  if the  effect  thereof  would  cause  the  retained
             earnings of the Association to be reduced below the amount required
             for the  liquidation  account.  Except for such  restrictions,  the
             existence of the  liquidation  account does not restrict the use or
             application of the Association's retained earnings.

    (2)      Summary of Significant Accounting Policies

             (a)      Cash and Cash Equivalents

                      For purposes of the consolidated statements of cash flows,
                      all short-term investments with a maturity of three months
                      or  less  at  date  of  purchase   are   considered   cash
                      equivalents.  Cash and cash  equivalents  reflected on the
                      consolidated   balance  sheets  include  interest  earning
                      deposits of  $3,610,000  and  $2,483,000  at September 30,
                      1999 and 1998, respectively.
<PAGE>
             (b)      Investment Securities

                      The Company and the Association  classify their investment
                      securities  as  held-to-maturity,  available-for-sale,  or
                      trading.   Held-to-maturity  securities  are  recorded  at
                      amortized cost adjusted for  amortization  of premiums and
                      accretion of discounts that are recognized in income using
                      the   interest   method  over  the  period  to   maturity.
                      Available-for-sale  and trading securities are recorded at
                      fair  value.  Adjustments  to  record   available-for-sale
                      securities  at fair value are  reflected,  net of tax,  in
                      stockholders'  equity. At September 30, 1999 and 1998, all
                      of  the  Company's  and   Association's   investment   and
                      mortgage-backed     securities     are    classified    as
                      held-to-maturity.


                                       24                            (Continued)
<PAGE>
                  CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998



                      Gain or loss on the sale of securities is recognized using
                      the specific identification method.

             (c)      Provisions for Losses on Loans and Interest Receivable

                      Provision  for losses on loans  receivable  are based upon
                      management's  estimate of the amount  required to maintain
                      an adequate allowance for losses, relative to the risks in
                      the loan  portfolio.  The  estimate is based on reviews of
                      the portfolio,  including assessment of the carrying value
                      of the loans to the estimated net realizable  value of the
                      related  underlying  collateral,   considering  past  loss
                      experience,  current economic  conditions,  and such other
                      factors  which,  in the  opinion  of  management,  deserve
                      current  recognition.  The  Association  is subject to the
                      regulations  of certain  federal  agencies  and  undergoes
                      periodic examinations by those regulatory authorities.  As
                      an  integral  part  of  those  examinations,  the  various
                      regulatory agencies  periodically review the Association's
                      allowance  for loan losses.  Such agencies may require the
                      Association to recognize changes to the allowance based on
                      their judgments about information available to them at the
                      time of their examination.

                      Accrual of interest  income on loans is  discontinued  for
                      those loans with interest more than ninety days delinquent
                      or sooner if  management  believes  collectibility  of the
                      interest  is  not  probable.  Management's  assessment  of
                      collectibility  is primarily  based on a comparison of the
                      estimated  value of  underlying  collateral to the related
                      loan and accrued interest receivable balances.

                      A loan  is  considered  impaired  when  it is  probable  a
                      creditor  will be unable to collect all amounts  due--both
                      principal and interest--according to the contractual terms
                      of the loan  agreement.  When  measuring  impairment,  the
                      expected  future  cash  flows  of  an  impaired  loan  are
                      required to be discounted at the loan's effective interest
                      rate.  Impairment  may also be measured by reference to an
                      observable  market price, if one exists, or the fair value
                      of  the  collateral  for  a   collateral-dependent   loan.
                      Regardless of the historical  measurement method used, the
                      Association measures impairment based on the fair value of
                      the collateral when the creditor determines foreclosure is
                      probable. Additionally,  impairment of a restructured loan
                      is measured by discounting  the total expected future cash
                      flows at the loan's  effective  rate of interest as stated
                      in the original loan agreement.
<PAGE>
                      The  Association  applies the methods  described  above to
                      multifamily  real  estate  loans,  commercial  real estate
                      loans,   and   restructured   loans.    Smaller   balance,
                      homogeneous    loans,     including     one-to-four-family
                      residential and construction loans and consumer loans, are
                      collectively evaluated for impairment.

             (d)      Deferred Loan Fees and Costs

                      Mortgage loan  origination  fees and direct  mortgage loan
                      origination costs are deferred, and the net fee or cost is
                      recognized in earnings using the interest  method over the
                      contractual  life of the  loan.  Direct  loan  origination
                      costs for other loans are expensed,  as such costs are not
                      material in amount.


                                       25                            (Continued)
<PAGE>
                  CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998



             (e)      Loans Held for Sale

                      Mortgage  loans  originated  and  intended for sale in the
                      secondary  market are carried at the lower of cost or fair
                      value.  Net  unrealized  losses are  recognized  through a
                      valuation allowance by charges to income. At September 30,
                      1999 and 1998,  loans held for sale  totaled  $146,000 and
                      $526,000, respectively.

             (f)      Real Estate Owned

                      Real estate owned includes real estate  acquired  through,
                      or in lieu of,  loan  foreclosure,  and is  carried at the
                      lower of cost or estimated  fair value less estimated cost
                      to sell.  Revenue and  expenses  from  operations  and the
                      provision  for losses on real estate owned are included in
                      other operating  expense in the accompanying  consolidated
                      statements of earnings.

             (g)      Office Properties and Equipment

                      Office properties and equipment are recorded at cost, less
                      accumulated  depreciation.  Depreciation  is  provided  on
                      office  properties and equipment  using the  straight-line
                      method  over the  estimated  useful  lives of the  related
                      assets.

             (h)      Stock in Federal Home Loan Bank (FHLB)

                      The  Association  is a  member  of the FHLB  system.  As a
                      member,  the  Association is required to purchase and hold
                      stock in the FHLB of Des Moines in an amount  equal to the
                      greater  of  (a) 1% of  unpaid  residential  loans  at the
                      beginning of each year,  (b) 5% of FHLB  advances,  or (c)
                      .3% of total assets. The Association's  investment in such
                      stock is recorded at cost.

             (i)      Income Taxes

                      Deferred tax assets and liabilities are recognized for the
                      future tax  consequences  attributable  to the  difference
                      between  the  consolidated  financial  statement  carrying
                      amounts  of  existing  assets  and  liabilities  and their
                      respective tax bases.  Deferred tax assets and liabilities
                      are measured  using enacted tax rates expected to apply to
                      taxable  income  in the  years  in which  those  temporary
                      differences  are expected to be recovered or settled.  The
                      effect on deferred tax assets and  liabilities of a change
                      in tax rates is  recognized  in income in the period  that
                      includes the enactment date.
<PAGE>
             (j)      Earnings Per Share

                      The Company presents basic and diluted earnings per share.
                      Basic earnings per share excludes dilution and is computed
                      by dividing net income by the weighted  average  number of
                      common  shares  outstanding.  Diluted  earnings  per share
                      reflects  the  potential  dilution  that  could  occur  if
                      securities  or other  contracts to issue common stock were
                      exercised or converted into common stock.

                                       26                            (Continued)
<PAGE>
                  CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998



                      The shares  used in the  calculation  of basic and diluted
                      earnings per share are shown below:

<TABLE>
<CAPTION>
                                                       For the years ended
                                                          September 30,
                                              --------------------------------------
                                                 1999         1998           1997
                                              ---------     ---------     ---------
<S>                                           <C>           <C>           <C>
Average basic common shares outstanding       2,032,793     2,370,540     2,534,098
Common stock equivalents - stock options           --          45,021        20,564
                                              ---------     ---------     ---------

Average diluted common shares outstanding     2,032,793     2,415,561     2,554,662
                                              =========     =========     =========
</TABLE>

             (k)      Use of Estimates

                      Management  of  the  Association  has  made  a  number  of
                      estimates  and  assumptions  relating to the  reporting of
                      assets and  liabilities  and the  disclosure of contingent
                      assets  and  liabilities  to  prepare  these  consolidated
                      financial statements in conformity with generally accepted
                      accounting  principles.  Actual  results could differ from
                      those estimates.

             (l)      New Accounting Pronouncements

                      The  Financial  Accounting  Standards  Board (FASB) issued
                      Statement of  Financial  Accounting  Standards  (SFAS) No.
                      133,  Accounting  for Derivative  Instruments  and Hedging
                      Activities, in June 1998. SFAS No. 133, as amended by SFAS
                      No. 137, Accounting for Derivative Instruments and Hedging
                      Activities  -  Deferral  of the  Effective  Date  of  FASB
                      Statement No. 133,  establishes  accounting  and reporting
                      standards for derivative  instruments,  including  certain
                      derivative  instruments  embedded in other contracts,  and
                      for  hedging  activities.   It  requires  that  an  entity
                      recognize all  derivatives as either assets or liabilities
                      in the  statement of financial  position and measure those
                      instruments at fair value. This statement is effective for
                      all fiscal  quarters of fiscal years  beginning after June
                      15, 2000.

                      Management  believes that the adoption of these accounting
                      standards  will not  significantly  affect  the  Company's
                      consolidated financial statements.


                                       27                            (Continued)
<PAGE>
                  CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998



    (3)      Investment Securities

             A  summary,   by   maturity   dates,   of   investment   securities
             held-to-maturity at September 30, 1999 follows:


<TABLE>
<CAPTION>

                                                            Gross           Gross          Estimated
                                          Amortized       unrealized      unrealized          fair
                                            cost            gains           losses            value
                                         -----------     -----------     -----------      -----------
<S>                                      <C>                   <C>        <C>              <C>
United States government and
     agency obligations maturing
     in less than one year               $   998,000           5,000            --          1,003,000
United States government and
     agency obligations maturing
     after one year but within five
     years                                15,500,000           2,000        (349,000)      15,153,000
United States government and
     agency obligations maturing
     after five years but within ten
     years                                 1,500,000            --           (10,000)       1,490,000
Privately issued bonds maturing
     in 2002                                 540,000            --              --            540,000
                                         -----------     -----------     -----------      -----------

                    Total                $18,538,000           7,000        (359,000)      18,186,000
                                         ===========     ===========     ===========      ===========
</TABLE>
<PAGE>
             A  summary,   by   maturity   dates,   of   investment   securities
             held-to-maturity at September 30, 1998 follows:
<TABLE>
<CAPTION>
                                                            Gross           Gross          Estimated
                                          Amortized       unrealized      unrealized          fair
                                            cost            gains           losses            value
                                         -----------     -----------     -----------      -----------
<S>                                      <C>              <C>               <C>            <C>
United States government and
    agency obligations maturing
    in less than one year               $ 4,994,000          29,000           --            5,023,000
United States government and
    agency obligations maturing
    after one year but within five
    years                                 8,995,000         100,000           --            9,095,000
United States government and
    agency obligations maturing
    after five years but within ten
    years                                 1,500,000           6,000           --            1,506,000
Privately issued bonds maturing
    in 2002                                 813,000          30,000           --              843,000
                                        -----------     -----------        -----          -----------

             Total                      $16,302,000         165,000           --           16,467,000
                                        ===========     ===========        =====          ===========
</TABLE>
                                       28                            (Continued)
<PAGE>
                  CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998


  (4)   Loans Receivable

        Loans receivable at September 30 are summarized as follows:
<TABLE>
<CAPTION>

                                                      1999              1998
                                                   ------------      -----------
<S>                                                <C>               <C>
Residential real estate loans:
    One-to-four family                             $160,642,000      133,890,000
    Multifamily                                       7,360,000        2,943,000
    Held for sale                                       146,000          526,000
Construction loans, primarily single family          40,302,000       45,654,000
Land                                                 14,660,000       11,059,000
Commercial real estate                                6,398,000        3,243,000
Consumer loans                                       16,459,000        9,241,000
                                                   ------------     ------------

             Total loans receivable                 245,967,000      206,556,000

Less:
    Loans in process                                 21,926,000       19,730,000
    Deferred loans fees, net                            530,000          700,000
    Allowance for loan losses                         1,602,000        1,521,000
                                                   ------------     ------------

                                                   $221,909,000      184,605,000
                                                   ============     ============
</TABLE>
        The Association  grants residential and commercial real estate and other
        consumer and commercial  loans primarily in its lending  territory which
        includes Clay,  Platte,  and Clinton counties in Missouri and contiguous
        counties.  Although the Association has a diversified loan portfolio,  a
        substantial  portion of its  borrowers'  ability to repay their loans is
        dependent  upon  economic   conditions  in  the  Association's   lending
        territory.

        The Association makes contractual commitments to extend credit which are
        subject to the Association's credit monitoring procedures.  At September
        30, 1999, the Association  was committed to originate  loans  receivable
        aggregating   approximately   $4,407,000,   including   fixed-rate  loan
        commitments  of  approximately  $1,727,200,  with interest rates ranging
        from 7.75% to 9.26%.  At September 30, 1999,  commitments  to sell loans
        were $59,000. There were no commitments to buy loans.
<PAGE>
        At September 30, 1999 and 1998,  the  Association  had loans of $584,000
        and $597,000,  respectively,  to various directors,  officers, and their
        families.  During 1999,  $140,000 of new loans were made and  repayments
        totaled  $153,000.  These  loans are made  subject to the same  interest
        rates  and  underwriting  standards  used to  originate  loans  to other
        borrowers of the Association.


                                       29                            (Continued)
<PAGE>
                  CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998



        The  following is a summary of activity in the allowance for loan losses
for the years ended September 30:
<TABLE>
<CAPTION>
                                      1999               1998            1997
                                   -----------      -----------      -----------
<S>                                <C>                <C>              <C>
Balance at beginning of year       $ 1,521,000        1,624,000        1,353,000
Provision for loan losses               86,000          (76,000)         285,000
Charge-offs, net of recoveries          (5,000)         (27,000)         (14,000)
                                   -----------      -----------      -----------

Balance at end of year             $ 1,602,000        1,521,000        1,624,000
                                   ===========      ===========      ===========
</TABLE>

        Loans delinquent ninety days or more at September 30, 1999 and 1998 were
        approximately   $247,000   and   $3,136,000,   respectively,   including
        nonaccrual loans of approximately $247,000 and $1,799,000, respectively.
        Interest that would have been recognized on nonaccrual loans under their
        original terms but for which an allowance has been established  amounted
        to $24,000 and $92,000 at September 30, 1999 and 1998, respectively. The
        amount that was  included in income on such loans was $7,000 and $62,000
        for the years ended September 30, 1999 and 1998, respectively.  Impaired
        loans, exclusive of nonaccrual loans, were insignificant in amount, and,
        accordingly,  the  disclosures  required by SFAS No. 114,  Accounting by
        Creditors  for  Impairment  of a Loan,  as  amended,  are not  presented
        herein.

(5)     Office Properties and Equipment

        At  September  30,  1999  and  1998,  office  properties  and  equipment
        consisted of the following:
<TABLE>
<CAPTION>
                                                       1999              1998
                                                    ----------        ----------
<S>                                                 <C>                <C>
Land                                                $1,270,000         1,270,000
Buildings and improvements                           5,677,000         5,655,000
Furniture, fixtures, and equipment                   1,734,000         1,479,000
                                                    ----------        ----------

                                                     8,681,000         8,404,000

Less accumulated depreciation                          933,000           543,000
                                                    ----------        ----------

                                                    $7,748,000         7,861,000
                                                    ==========        ==========
</TABLE>
                                       30                            (Continued)

<PAGE>
                 CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998

(6)          Savings Deposits

             Savings  deposits at September 30, 1999 and 1998 are  summarized as
             follows:
<TABLE>
<CAPTION>
                                                                           1999                           1998
                                                                 ----------------------          ----------------------
                                                  Rate           Amount         Percent          Amount         Percent
                                                  ----           ------         -------          ------         -------
<S>                                             <C>          <C>                  <C>         <C>                  <C>
Balance by interest rate:
    NOW and super NOW accounts                  0-2.75%      $ 11,525,000           8.0 %     $  7,583,000           5.5 %
    Passbook accounts                            3.25%          9,410,000           6.5         10,777,000           7.9
    Money market demand accounts               3.00-4.89%      12,637,000           8.8          8,971,000           6.6
                                                             ------------         -----        -----------         -----

                                                               33,572,000          23.3         27,331,000          20.0
                                                             ------------         -----        -----------         -----

    Certificate accounts                        0-3.99%             5,000            --              5,000            --
                                               4.00-4.99%      33,915,000          23.6            153,000           0.1
                                               5.00-5.99%      39,938,000          27.8         68,591,000          50.3
                                               6.00-6.99%      29,538,000          20.6         33,201,000          24.3
                                               7.00-7.99%       5,067,000           3.5          5,329,000           3.9
                                               8.00-8.99%       1,602,000           1.1          1,834,000           1.3
                                                 9.00%            100,000           0.1            178,000           0.1
                                                             ------------         -----        -----------         -----

                                                              110,165,000          76.7        109,291,000          80.0
                                                             ------------         -----       ------------         -----

                                                             $143,737,000         100.0 %     $136,622,000         100.0 %
                                                             ============         ======      ============         =======

Weighted average interest rate on
    savings deposits at September 30                                               5.03 %                           5.35 %
                                                                                 ========                          =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                              1999                         1998
                                                  -------------------------      ----------------------
                                                      Amount      Percent          Amount       Percent
                                                      ------      -------          ------       -------
<S>                                               <C>                <C>         <C>              <C>
Contractual maturity of certificate accounts:
       Under 12 months                            $ 57,422,000       52.1 %      $ 57,496,000     52.6 %
       12 to 24 months                              13,564,000       12.3          13,452,000       12.3
       24 to 36 months                               6,375,000        5.8           6,495,000        6.0
       36 to 48 months                               6,583,000        6.0           4,059,000        3.7
       48 to 60 months                               6,387,000        5.8           6,274,000        5.7
       Over 60 months                               19,834,000       18.0          21,515,000       19.7
                                                  ------------      -----        ------------      -----

                                                  $110,165,000      100.0 %      $109,291,000      100.0 %
                                                  ============      =====        ============      =====
</TABLE>
                                       31                            (Continued)
<PAGE>
                 CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998

             The  components  of  interest  expense on savings  deposits  are as
             follows for the years ended September 30:
<TABLE>
<CAPTION>

                                                  1999           1998           1997
                                               ----------     ----------     ----------
<S>                                            <C>               <C>            <C>
NOW, super NOW, passbook, and money market     $1,074,000        810,000        696,000
Certificate accounts                            6,189,000      6,344,000      5,887,000
                                               ----------     ----------     ----------

                                               $7,263,000      7,154,000      6,583,000
                                               ==========     ==========     ==========
</TABLE>

        The  aggregate   amount  of  certificates  of  deposit  with  a  minimum
        denomination of $100,000 was  approximately  $16,811,000 and $13,804,000
        at  September  30,  1999 and  1998,  respectively.  The  amount by which
        individual  certificates  of deposit exceed  $100,000 are not insured by
        the Federal Deposit Insurance  Corporation  (FDIC).  The Association has
        pledged  investment  securities with an amortized cost of  approximately
        $7,740,000 and $5,090,000 at September 30, 1999 and 1998,  respectively,
        as additional security on certain certificate accounts.


                                       32                            (Continued)
<PAGE>
                 CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998

  (7)   FHLB Advances

             The Association had the following debt outstanding from the FHLB of
             Des Moines at September 30, 1999:

$2,000,000 advance, interest at 5.36%, due October 1999             $  2,000,000
$2,000,000 advance, interest at 6.19%, due January 2000                2,000,000
$5,000,000 advance, interest at 5.55%, due June 2000                   5,000,000
$10,000,000 advance, interest at 5.433%, due September 2000           10,000,000
$1,000,000 advance, interest at 6.46%, due October 2000                1,000,000
$1,250,000 advance, interest at 5.79%, due December 2000               1,250,000
$1,000,000 advance, interest at 6.36%, due January 2001                1,000,000
$1,000,000 advance, interest at 7.01%, due July 2001                   1,000,000
$2,000,000 advance, interest at 6.49%, due December 2001               2,000,000
$1,000,000 advance, interest at 6.43%, due January 2002                1,000,000
$1,000,000 advance, interest at 6.61%, due October 2002                1,000,000
$1,000,000 advance, interest at 6.57%, due December 2002               1,000,000
$8,000,000 advance, interest at 5.42%, due January 2008,
    callable January 2003                                              8,000,000
$2,000,000 advance, interest at 5.13%, due April 2008,
    callable April 1999                                                2,000,000
$2,000,000 advance, interest at 5.40%, due April 2008,
    callable April 2001                                                2,000,000
$3,000,000 advance, interest at 5.63%, due April 2008,
    callable April 2003                                                3,000,000
$3,000,000 advance, interest at 4.83%, due January 2009,
    callable January 2004                                              3,000,000
$3,000,000 advance, interest at 5.29%, due March 2009,
    callable March 2004                                                3,000,000
$1,000,000 advance, interest at 5.00%, due June 2009,
    callable June 2000                                                 1,000,000
$4,000,000 advance, interest at 5.71%, due June 2009,
    callable June 2002                                                 4,000,000
$3,000,000 advance, interest at 5.99%, due July 2009,
    callable July 2004                                                 3,000,000
$3,000,000 advance, interest at 5.60%, due July 2009,
    callable July 2002                                                 3,000,000
$5,000,000 advance, interest at 5.03%, due July 2009,
    callable July 2000                                                 5,000,000
$3,000,000 advance, interest at 5.66%, due January 2014                2,913,000
$3,000,000 advance, interest at 6.10%, due March 2014                  2,938,000
                                                                    ------------

                                                                    $ 71,101,000
                                                                    ============

        The advances from the FHLB are collateralized by first mortgage loans.


                                       33                            (Continued)
<PAGE>
                 CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998


        Scheduled maturities of FHLB advances are as follows:



                        Year ending
                       September 30,
                       -------------

                            2000          $    21,250,000
                            2001                4,000,000
                            2002                3,000,000
                            2003                       --
                            2004                       --
                         Thereafter            42,851,000
                                          ---------------

                                          $    71,101,000
(8)Income Taxes                           ===============

        The components of income tax expense are as follows:

<TABLE>
<CAPTION>
                                         Federal        State         Total
                                        ----------     -----------   -----------
<S>                                     <C>            <C>           <C>
Year ended September 30, 1999:
    Current                             $1,000,000        124,000      1,124,000
    Deferred                                67,000         14,000         81,000
                                        ----------     ----------     ----------

                                        $1,067,000        138,000      1,205,000
                                        ==========     ==========     ==========

Year ended September 30, 1998:
    Current                             $  890,000        113,000      1,003,000
    Deferred                               338,000         43,000        381,000
                                        ----------     ----------     ----------

                                        $1,228,000        156,000      1,384,000
                                        ==========     ==========     ==========

Year ended September 30, 1997:
    Current                             $1,355,000        134,000      1,489,000
    Deferred                                42,000         33,000         75,000
                                        ----------     ----------     ----------

                                        $1,397,000        167,000      1,564,000
                                        ==========     ==========     ==========
</TABLE>
                                       34                            (Continued)
<PAGE>
                CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998


        The reasons for the differences  between the effective tax rates and the
expected federal income tax rate of 34% are as follows:
<TABLE>
<CAPTION>

                                                     Percentage of
                                                    earnings before
                                                     income taxes
                                             ------------------------------
                                              1999         1998     1997
                                             -------      -------  --------

<S>                                            <C>          <C>       <C>
Expected federal income tax rate               34.0 %       34.0      34.0
State taxes, net of federal tax benefit         2.9          2.7       2.6
Other, net                                      1.5          0.9       1.8
                                             -------      -------  --------

             Effective income tax rate         38.4 %       37.6      38.4
                                             =======      =======  ========
</TABLE>

        Temporary  differences  which  give  rise to a  significant  portion  of
deferred  tax assets  and  liabilities  at  September  30,  1999 and 1998 are as
follows:
<TABLE>
<CAPTION>
                                                                          1999            1998
                                                                       ---------        -------
<S>                                                                    <C>              <C>
Accrued compensation                                                   $ 337,000        298,000
Allowance for loan losses                                                559,000        506,000
Other                                                                     15,000         53,000
                                                                       ---------      ---------

             Deferred income tax asset                                   911,000        857,000
                                                                       ---------      ---------

Loan origination fees, net of deferred costs                            (209,000)      (209,000)
FHLB dividends                                                          (186,000)      (186,000)
Accrued and prepaid expenses                                              (6,000)       (20,000)
Federal and state taxes related to reversing temporary differences        (8,000)        (8,000)
Accrued interest on loans originated prior to September 25, 1985          (9,000)       (14,000)
Depreciation of fixed assets                                            (419,000)      (265,000)
                                                                       ---------      ---------

             Deferred income tax liability                              (837,000)      (702,000)
                                                                       ---------      ---------

             Net deferred income tax asset, included in other
               assets                                                  $  74,000        155,000
                                                                       =========      =========
</TABLE>
<PAGE>

        There was no  valuation  allowance  for deferred tax assets at September
        30, 1999 or 1998.  Management  believes  that it is more likely than not
        that the results of future operations will generate  sufficient  taxable
        income to realize the deferred tax assets.


                                       35                            (Continued)

<PAGE>
                CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998

        Prior to 1996, savings  institutions that met certain definitional tests
        and  other  conditions  prescribed  by the  Internal  Revenue  Code were
        allowed to deduct, within limitations, a bad debt deduction under either
        of two  alternative  methods:  (i) a deduction  based on a percentage of
        taxable income (most recently 8%), or (ii) a deduction based upon actual
        loan loss experience (the  Experience  Method).  On August 20, 1996, the
        President  signed the Small  Business Job  Protection Act (the Act) into
        law. The Act repealed the bad debt  deduction  based on a percentage  of
        taxable income  effective for taxable years beginning after December 31,
        1995. The Association,  therefore, will be limited to the use of the bad
        debt deduction  computed under the Experience  Method for its year ended
        September  30,  1998,  the  first  period   affected  by  the  Act.  The
        Association's  base year tax bad debt reserve  balance of  approximately
        $4.6 million as of September 30, 1998 will, in future years,  be subject
        to recapture in whole or in part upon the occurrence of certain  events,
        such as a distribution to  stockholders  in excess of the  Association's
        current and accumulated earnings and profits, a redemption of shares, or
        upon  a  partial  or  complete  liquidation  of  the  Association.   The
        Association does not intend to make  distributions to stockholders  that
        would  result  in  recapture  of any  portion  of its base year bad debt
        reserve.  Since  management  intends  to use the  reserve  only  for the
        purpose  for  which  it  was  intended,  a  deferred  tax  liability  of
        approximately $1.6 million has not been recorded.

  (9)   Benefit Plans

        Pension and Retirement Plans

        The Association has a supplemental retirement plan to provide members of
        the Board of Directors with  supplemental  retirement,  disability,  and
        death  benefits.  The Plan  provides  benefits  for  directors  or their
        beneficiaries after they have completed service to the Association.  The
        annual benefits are equal to the number of years of service on the board
        times $500,  paid monthly for ten years  following  retirement.  Expense
        under the plan for the years ended  September 30, 1999,  1998,  and 1997
        amounted to $39,000, $40,000, and $32,000, respectively. The Association
        purchased life insurance policies to fund its obligations under the plan
        in October 1994, which are included in other assets.  The cash surrender
        value of such policies at September 30, 1999 and 1998 was $1,186,000 and
        $1,141,000, respectively.

        Employee Stock Ownership Plan (ESOP)

        All  employees  meeting age and  service  requirements  are  eligible to
        participate in the ESOP. Under the terms of the ESOP,  contributions are
        allocated  to  participants  using a formula  based  upon  compensation.
        Participants vest over five years.
<PAGE>
        In  connection  with  the  conversion  described  in  note 1,  the  ESOP
        purchased   242,154  shares  of  Company  common  stock.  The  remaining
        unamortized  cost of such  shares  purchased  is  reflected  as unearned
        employee benefits in the accompanying  consolidated  balance sheets. For
        the years ended September 30, 1999, 1998, and 1997, 25,504,  27,226, and
        28,215 shares were  allocated to  participants,  respectively.  The fair
        value of such shares,  $369,000,  $527,000, and $466,000,  respectively,
        were  charged  to  expense.  The  fair  value of the  remaining  106,238
        unallocated shares at September 30, 1999 aggregated $1,368,000.


                                       36                            (Continued)
<PAGE>
                CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998


        Recognition and Retention Plan (RRP) and Stock Option Plan

        Under the RRP, common stock aggregating 121,077 shares may be awarded to
        certain  officers and  directors of the Company or the  Association.  In
        January  1996 and January  1999,  the Company  awarded  95,675 and 6,053
        shares with a market  value of  $1,399,000  and  $88,000,  respectively.
        These shares have been  reflected as unearned  employee  benefits in the
        accompanying  consolidated  balance sheets.  Participants vest over five
        years.  As the awards  vest,  the cost of such  shares are  included  in
        compensation  expense.  The  amortization of the RRP awards during 1999,
        1998, and 1997 was $300,000, $309,000, and $274,000,  respectively.  The
        unamortized  cost of the RRP awards at  September  30, 1999 and 1998 was
        $411,000 and $623,000, respectively.

        Under the stock option plan,  options to acquire  302,692  shares of the
        Company's  common stock may be granted to certain officers and directors
        of the Company or the Association. In January 1996 and January 1999, the
        Company  awarded  options to acquire 186,323 and 15,134 shares of stock,
        respectively.  The options enable the recipients to purchase stock at an
        exercise  price equal to the fair market  value of the stock at the date
        of the grant ($14.56 and $14.54).  During 1998, options to acquire 5,027
        shares were  exercised.  The options vest over the five years  following
        the  date  of  grant.  At  September  30,  1999,  100,184  options  were
        exercisable.

        The Company applies Accounting Principles Board (APB) No. 25 and related
        interpretations in accounting for the stock option plan. Accordingly, no
        compensation   expense   has  been   recognized   in  the   accompanying
        consolidated  financial  statements.  SFAS No.  123  requires  pro forma
        disclosures  for  companies  that do not adopt its fair value  method of
        accounting  for  stock-based  employee  compensation.  Accordingly,  the
        following  pro forma  information  presents  net income and earnings per
        share as if the fair value method required by SFAS No. 123 had been used
        to measure compensation cost for stock options granted:

<TABLE>
<CAPTION>
                                                     1999               1998
                                                 -------------     -------------
<S>                                             <C>                <C>
Net income - as reported                        $    1,937,000         2,297,000
                                                ==============      ============

Net income - pro forma                          $    1,887,000         2,247,000
                                                ==============      ============

Basic earnings per share - as reported          $         0.95              0.97
                                                ==============      ============

Basic earnings per share - pro forma            $         0.93              0.95
                                                ==============      ============
</TABLE>
<PAGE>

        The fair  value of  options  granted  of $2.20 was  estimated  using the
        following weighted average information: risk-free interest rate of 5.5%,
        expected life of four years,  expected  volatility of stock price of 6%,
        and expected dividends of 1.5% per year.


                                      37                             (Continued)
<PAGE>
                CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998



 (10)   Regulatory Capital Requirements

        The Financial  Institution Reform,  Recovery and Enforcement Act of 1989
        (FIRREA) and the capital  regulations of the OTS promulgated  thereunder
        require institutions to have a minimum regulatory tangible capital equal
        to 1.5% of total  assets,  a minimum 4% leverage  capital  ratio,  and a
        minimum 8% risk-based  capital ratio.  These capital standards set forth
        in the capital  regulations must generally be no less stringent than the
        capital  standards  applicable to national banks.  FIRREA also specifies
        the required  ratio of  housing-related  assets in order to qualify as a
        savings institution.

        The  Federal  Deposit  Insurance  Corporation  Improvement  Act of  1991
        (FDICIA)  established  additional  capital  requirements  which  require
        regulatory  action  against  depository   institutions  in  one  of  the
        undercapitalized   categories   defined  in  implementing   regulations.
        Institutions   such  as  the   Association,   which   are   defined   as
        well-capitalized, must generally have a leverage (core) capital ratio of
        at least 5%, a Tier 1  risk-based  capital  ratio of at least 6%,  and a
        total risk-based capital ratio of at least 10%. FDICIA also provides for
        increased   supervision  by  federal  regulatory   agencies,   increased
        reporting  requirements for insured depository  institutions,  and other
        changes in the legal and regulatory environment for such institutions.

        The Association met all regulatory capital requirements at September 30,
        1999,  1998, and 1997.  The  Association's  actual and required  capital
        amounts and ratios as of September 30, 1999 were as follows:

<TABLE>
<CAPTION>
                                                                                                             To be well-
                                                                                                          capitalized under
                                                                               For capital                prompt corrective
                                                  Actual                    adequacy purposes             action provisions
                                               -----------------            ------------------            ------------------
                                               Amount      Ratio            Amount       Ratio            Amount      Ratio
                                               ------      -----            ------       -----            ------      -----
<S>                                      <C>               <C>        <C>                <C>        <C>               <C>
Tangible capital
    (to tangible assets)                 $     35,411      13.76 %    $       3,861      1.50 %     $         --         -- %
Tier 1 leverage (core) capital
    (to adjusted tangible assets)              35,411      13.76             10,296      4.00             12,869       0.50
Risk-based capital
    (to risk-weighted assets)                  37,005      21.70             13,641      8.00             17,051      10.00
Tier 1 leverage risk-based capital
    (to risk-weighted assets)                  35,411      20.77                 --        --             10,230       6.00
</TABLE>
<PAGE>
(11)    Fair Value of Financial Instruments

        SFAS No. 107, Disclosures About Fair Value of Financial Instruments, and
        SFAS No. 119,  Disclosures  About Derivative  Financial  Instruments and
        Fair Value of Financial  Instruments,  require  disclosure  of estimated
        fair  values of  financial  instruments,  both  assets  and  liabilities
        recognized and not recognized in the consolidated  financial statements.
        Fair value  estimates  have been made as of September  30, 1999 based on
        then current economic  conditions,  risk  characteristics of the various
        financial instruments, and other subjective factors.


                                     38                              (Continued)
<PAGE>
                CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998


        The  following  methods and  assumptions  were used to estimate the fair
        value of each class of financial  instrument for which it is practicable
        to estimate that value:

               o    Cash and cash  equivalents and certificates of deposit - The
                    carrying amounts approximate fair value because of the short
                    maturity of these instruments.

               o    Investment  securities and mortgage-backed  securities - The
                    fair values of  investment  securities  and  mortgage-backed
                    securities  are  estimated  based on published bid prices or
                    bid quotations received from securities dealers.

               o    Certificates  of deposit in other  financial  institutions -
                    The fair values of  certificates  of deposit  are  estimated
                    based on the  static  discounted  cash flow  approach  using
                    rates  currently  offered for deposits of similar  remaining
                    maturities.

               o    Loans  receivable - The fair values of loans  receivable are
                    estimated  using  the  option-based  approach.   Cash  flows
                    consist  of  scheduled  principal,   interest,  and  prepaid
                    principal.   Loans   with   similar   characteristics   were
                    aggregated for purposes of these calculations.

               o    Accrued  interest - The carrying amount of accrued  interest
                    is  assumed  to  be  its  carrying   value  because  of  the
                    short-term nature of these items.

               o    Stock in the FHLB - The  carrying  amount  of such  stock is
                    estimated to approximate fair value.

               o    Deposits  - The  fair  values  of  deposits  with no  stated
                    maturity are deemed to be equivalent  to amounts  payable on
                    demand.  The fair  values of  certificates  of  deposit  are
                    estimated based on the static  discounted cash flow approach
                    using  rates  currently  offered  for  deposits  of  similar
                    remaining maturities.

               o    FHLB  advances  - The  fair  values  of  FHLB  advances  are
                    estimated  based on discounted  values of  contractual  cash
                    flows using the rates currently available to the Association
                    for advances of similar remaining  maturities.  The carrying
                    amount of the advances under the line of credit approximates
                    fair value due to the short maturity.


                                     39                              (Continued)
<PAGE>
               CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998



        Fair value estimates of the  Association's  financial  instruments as of
        September 30, 1999 are set forth below:
<TABLE>
<CAPTION>
                                                            Carrying         Estimated
                                                             amount          fair value
                                                          ------------    -------------
<S>                                                       <C>              <C>
Cash and cash equivalents and certificates of deposit     $  6,100,000        6,100,000
                                                          ============     ============

Investment securities                                     $ 18,538,000       18,186,000
                                                          ============     ============

Mortgage-backed securities                                $      5,000            5,000
                                                          ============     ============

Loans receivable, net of loans in process                 $221,909,000      220,490,000
                                                          ============     ============

Accrued interest receivable                               $  1,791,000        1,791,000
                                                          ============     ============

Stock in the FHLB                                         $  3,556,000        3,556,000
                                                          ============     ============

Deposits:
    Money market and NOW deposits                         $ 24,162,000       24,162,000
    Passbook accounts                                        9,410,000        9,410,000
    Certificate accounts                                   110,165,000      108,796,000
                                                          ------------     ------------

             Total deposits                               $143,737,000      142,368,000
                                                          ============     ============

FHLB advances                                             $ 71,101,000       71,034,000
                                                          ============     ============

Accrued interest payable                                  $    158,000          158,000
                                                          ============     ============
</TABLE>

        Limitations

        Fair  value  estimates  are made at a specific  point in time,  based on
        relevant  market   information  and  information   about  the  financial
        instruments. These estimates do not reflect any premium or discount that
        could result from offering for sale at one time the Association's entire

<PAGE>
        holdings of a particular financial instrument.  Because no market exists
        for a significant  portion of the Association's  financial  instruments,
        fair  value  estimates  are based on  judgments  regarding  future  loss
        experience, current economic conditions, risk characteristics of various
        financial instruments, and other factors. These estimates are subjective
        in nature and involve  uncertainties and matters of significant judgment
        and,  therefore,  cannot  be  determined  with  precision.   Changes  in
        assumptions  could  significantly  affect  the  estimates.   Fair  value
        estimates  are based on existing  balance  sheet  financial  instruments
        without  attempting to estimate the value of anticipated future business
        and the  value  of  assets  and  liabilities  that  are  not  considered
        financial instruments.


                                     40                              (Continued)
<PAGE>
               CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998


(12)    Parent Company Condensed Financial Statements
<TABLE>
<CAPTION>
                                Condensed Balance Sheets
                              September 30, 1999 and 1998

                                                                1999              1998
                                                            ------------      ------------
<S>                                                         <C>               <C>
Cash and cash equivalents                                   $  1,325,000         2,924,000
Investment securities held-to-maturity                           998,000         2,990,000
Investment in Association                                     35,411,000        34,826,000
ESOP loan receivable                                           1,211,000         1,453,000
Office properties and equipment, net                           1,970,000         1,993,000
Accrued interest receivable                                       17,000            27,000
Other                                                            (37,000)          (42,000)
                                                            ------------      ------------

             Total assets                                   $ 40,895,000        44,171,000
                                                            ============      ============

Dividends payable                                                260,000           150,000
Other liabilities                                                 11,000           548,000
                                                            ------------      ------------

             Total liabilities                                   271,000           698,000

Stockholders' equity                                          40,624,000        43,473,000
                                                            ------------      ------------

             Total liabilities and stockholders' equity     $ 40,895,000        44,171,000
                                                            ============      ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                              Condensed Income Statements
                        Years ended September 30, 1999 and 1998

                                                           1999               1998
                                                        -----------      -----------
<S>                                                     <C>               <C>
Dividend income                                         $ 1,837,000        2,128,000
Interest income                                             286,000          565,000
Expense                                                    (279,000)        (293,000)
                                                        -----------      -----------

             Income before equity in undistributed
               earnings of the Association                1,844,000        2,400,000

Equity in undistributed earnings of the Association          93,000         (103,000)
                                                        -----------      -----------

             Net income                                 $ 1,937,000        2,297,000
                                                        ===========      ===========

</TABLE>
                                     41                              (Continued)
<PAGE>
               CAMERON FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                          September 30, 1999 and 1998
<TABLE>
<CAPTION>
                            Condensed Statements of Cash Flows
                         Years ended September 30, 1999 and 1998

                                                                1999             1998
                                                             -----------      -----------
<S>                                                          <C>                <C>
Cash provided by operations:
    Net earnings                                             $ 1,937,000        2,297,000
    Depreciation and amortization                                (21,000)         (29,000)
    Change in accrued interest receivable                         10,000           22,000
    Change in other assets                                        (5,000)          57,000
    Change in other liabilities                                 (537,000)         469,000
    Undistributed earnings of subsidiary, net                     93,000          103,000
                                                             -----------      -----------

             Cash provided by operations                       1,477,000        2,919,000
                                                             -----------      -----------

Cash used by investing activities:
    Proceeds from ESOP note receivable                           242,000          242,000
    Purchase of office properties and equipment                     --         (1,121,000)
    Maturities of investment securities held-to-maturity       1,997,000        3,000,000
                                                             -----------      -----------

             Cash provided by investing activities             2,239,000        2,121,000
                                                             -----------      -----------

Cash used in financing activities:
    Purchase of treasury stock                                (4,645,000)      (3,667,000)
    Dividends paid                                              (670,000)        (665,000)
    Issuance of common stock under stock option plan                --             73,000
                                                             -----------      -----------

             Cash used in financing activities                (5,315,000)      (4,259,000)
                                                             -----------      -----------

             Net (decrease) increase in cash                  (1,599,000)         781,000

Cash and cash equivalents at beginning of period               2,924,000        2,143,000
                                                             -----------      -----------

Cash and cash equivalents at end of period                   $ 1,325,000        2,924,000
                                                             ===========      ===========
</TABLE>

       Dividends paid by the Company are primarily provided through  Association
       dividends  paid to the Company.  At September  30, 1999,  the Company had
       declared  dividends  of $260,000  which had not been paid as of year-end.
       During 1999, the Association paid dividends of $1,837,000 to the Company.


                                       42
<PAGE>
                             STOCKHOLDER INFORMATION




Annual Meeting

The Annual Meeting of Stockholders will be held at 4:00 p.m., Cameron,  Missouri
time, on January 24, 2000, in the Community  Room of The Cameron  Savings & Loan
Association, F.A., 1304 North Walnut Street, Cameron, Missouri 64429.

Stock Listing

Cameron Financial Corporation common stock is traded on the National Association
of Securities Dealers, Inc. National Market under the symbol "CMRN."

Price Range of Common Stock

The per share price range of the common  stock and  dividends  declared for each
quarter during the last three years was as follows:

   Fiscal Year 1997            High           Low         Dividends
   ----------------            ----           ---         ---------

First Quarter             $    16.2500        14.500             0.070
Second Quarter                 17.0000        15.500             0.070
Third Quarter                  18.0000        15.500             0.070
Fourth Quarter                 19.5000        17.000             0.070
                          ============        ======             =====

   Fiscal Year 1998
   ----------------

First Quarter             $    21.2500        18.500             0.070
Second Quarter                 21.0000        19.130             0.070
Third Quarter                  23.0000        18.630             0.070
Fourth Quarter                 17.7500        15.250             0.070
                          ============        ======             =====

   Fiscal Year 1999
   ----------------

First Quarter             $    17.1250        14.500             0.070
Second Quarter                 16.0000        13.500             0.070
Third Quarter                  14.1250        11.875             0.125
Fourth Quarter                 14.3125        12.875             0.125
                          ============        ======             =====

A $.125 per share  dividend  was declared by the Board of Directors on September
16, 1999, payable October 25, 1999 to stockholders of record on October 8, 1999.
The stock price  information  set forth in the table  above was  provided by the
National Association of Securities Dealers, Inc., Automated Quotation System.

At  December  10,  1999,  there  were  2,079,779  shares  of  Cameron  Financial
Corporation  common stock issued and  outstanding  (including  unallocated  ESOP
shares) and there were 441 registered holders of record.
<PAGE>
          Shareholders and
          general inquiries                        Transfer agent
------------------------------            ---------------------------

David G. Just, President                  Registrar and Transfer Co.
Cameron Financial Corporation             10 Commerce Drive
1304 North Walnut Street                  Cranford, New Jersey 07016
Cameron, Missouri 64429
(816) 632-2154



                                       43
<PAGE>
Annual and Other Reports

A copy of Cameron  Financial  Corporation's  Annual  Report on Form 10-K for the
year ended  September  30,  1999,  as filed  with the  Securities  and  Exchange
Commission,  may be  obtained  without  charge  by  contacting  David  G.  Just,
President and Chief Executive Officer, Cameron Financial Corporation, 1304 North
Walnut Street, Cameron, Missouri 64429.



                              CORPORATE INFORMATION

Company and Association Address

1304 North Walnut Street                              Telephone:  (816) 632-2154
Cameron, Missouri 64429                               Fax:  (816) 632-2157

                             Directors of the Board

Harold D. Lee
      Chairman of Cameron Financial
         Corporation, and
      The Cameron Savings and Loan
         Association, F.A.
      Retired Owner, Lee Auto & Tractor
         NAPA Dealership

David G. Just
      President of Cameron Financial
         Corporation and
      The Cameron Savings & Loan
         Association, F.A.

Kennith R. Baker
      Agent, State Farm Insurance

 William J. Heavner
      Owner, Red X Motors

 Jon N. Crouch
      Manager, Cameron Memorial Airport
      Owner, Crouch Aviation
      Retired Frontier and Continental
         Airlines Captain

 William F. Barker, DDS
      Owner, Barker Dental Clinic

 Dennis E. Marshall
      Farmer


                Cameron Financial Corporation Executive Officers

David G. Just
      President and Chief Executive Officer

Ronald W. Hill
      Vice President and Treasurer
<PAGE>
        The Cameron Savings & Loan Association, F.A. Executive Officers

David G. Just
      President and Chief Executive Officer

Stephen D. Hayward
      Vice-President, Manager,
         Liberty Branch Office

 Ronald W. Hill
      Vice President and Treasurer


Independent Auditors

KPMG LLP
1000 Walnut, Suite 1600
Post Office Box 13127
Kansas City, Missouri 64199


Special Counsel

Luse, Lehman, Gorman, Pomerenk & Schick, PC
5335 Wisconsin Avenue, N.W.
Suite 400
Washington, D.C. 20015



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