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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