Sorry, MCsweet, I'm buried under tons of stuff, so somewhat short answer.
I'm not looking for just cheap banks. I am looking for cheap and good banks, where good is somewhat defined by growth.
Looking back, JPM has grown book value per share 10% annually in last 10 years - and that includes the big dip. WFC managed to do 12%. These might not be repeatable, but if I'm buying a small bank that does not have scale advantage, I'd like to see at least comparable performance. (And I can also point to Munger shortcut: if any stock is worse than WFC, why buy it? Buy WFC instead. :))
GRBS - drop in BV per share - perhaps some restructuring, did not check yet.
ASRV - no growth at all
BOCH, PCLB, FRAF, LOGN have grown book per share 4% annually.
BCBP - 6%
FCBN - could not find recent financial statements, will look more.
Aside: FMBL book growth per share was about 6% annually.
I will look more at BCBP and FCBN as well as at Spek's list when I have time. So far nothing interesting to me.
Disclosure: large position in JPM, medium-small in FMBL. |
