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CMRB
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| CMRB |
Aug. 22 2021, 01:34 AM ET |
by littlefish (view profile) |
rating: Buy |
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| CMRB performance: |
Price near date of rating (08/23/2021): 5.42
Recent price (09/29/2023): 6.18
Price change: +0.76
Dividends collected: 0.51
Gain/Loss over 771 days: +1.27 +23.43%
Annualized Gain/Loss: +11.09%
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Buying dollars for $0.76 in Bergen, Ocean & Monmouth counties?
Trading at 76% of TBV and 7.1x MRQ (no yield). $124M cap and $1.1B assets, HQ in Lakewood with deposit share mostly in Bergen, Ocean and Monmouth Counties in NJ. It’s another stock that traded higher for most of the past 5 years and doesn’t seem to have much of any institutional following, which is fine by me. I can wait.
The bank lags peers in Non-Interest Income and NPAs and Restructured are a little high at 1.64% (of assets), but I put some faith in the 22%+ insider-held to navigate those credit issues smartly, and supported by the strong LLR. A few years ago, CMRB had higher NPAs and not nearly as attractive of a deposit mix, but even then it was trading at higher multiples, and they’ve improved on those issues quite a bit since then.
It's when you spend some time reviewing all the bank operating metrics that I think the compelling story is told -- see full BI board notes for details.
Disclosure: As of this posting, I own shares of First Commerce Bank (CMRB) and may subsequently either dispose of them or purchase more.
Caveat emptor: These are only personal perspectives and observations that may be erroneous and self-serving, and certainly NOT investment advice.
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HVBC
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| HVBC |
Aug. 22 2021, 01:35 AM ET |
by littlefish (view profile) |
rating: Buy |
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| HVBC performance: |
Price near date of rating (08/23/2021): 22.00
Recent price (06/16/2023): 34.60
Gain/Loss over 771 days: +12.60 +57.27%
Annualized Gain/Loss: +27.11%
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Huntingdon Valley Bank is $549M in assets and $47.5M mkt cap, with 5 primary bank branches, plus a business banking office in Phili, and 5 residential mortgage offices. It’s a former conversion trading just less than $22 which puts it at 1.15 of TBV, and 6.6x LTM earnings [8.7x MRQ]. No dividend. It trades NASDAQ, but thin volume.
The bank’s 13.37% ROE puts them ahead of 87% of their state peers.
TCE growth has been 38.2%, beating 95% of state peers.
You can read the board notes for more detail, but this is one of those holdings that I put in the category of: operating performance that reward the stockholder for owning it as a standalone, but it also seems likely there will be a takeout at some point that adds icing on the cake?
Disclosure: As of this posting, I own shares of HV Bancorp (HVBC) and may subsequently either dispose of them or purchase more.
Caveat emptor: These are only personal perspectives and observations that may be erroneous and self-serving, and certainly NOT investment advice.
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2
said yes (of 2 -- 100.00%)
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