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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (20935)	3/23/2005 11:36:55 PM
From: blankmind	Read Replies (1) \| Respond to of 78476

Spek, - good luck - per the Keeley article P. Senior just linked to - there's some mutual fund interest in these bank conversions - but given the depressed prices - a lot of selling - need to give these some time & wait for the dividends to materialize - CSBK is now paying .20/div per share on a $11.50 stock - about 1.8% - the others are too new - but should beging paying dividends withing 6-12 months - I think patience is key on these - good luck

To: Spekulatius who wrote (20935)	4/23/2005 6:59:52 PM
From: Spekulatius	Respond to of 78476

Bought another bank stock today - BVFL. Dinky little thrift conversion with around 100M$ in assets only. Stock is at 8.5$ after being issued at 10$ recently. "Pro forma" book value of 13$ and pro forma earnings of around .45$ ( I calculate "pro forma " book value for 1st step conversion based on the assumption that 100% were converted at 10$ and earnings /share based on actually issued shares (sans those issued to the MHC holding company). Why BVFL? They have had strong deposit growth (14% annually) during the last 3 years. Located in Baltimore sounds bad but their home is in them fast growing suburbs. I bet on BVFL's growth to continue and hope that this will be reflected in the stock price some day. Right now it looks like it could take a while...

To: Spekulatius who wrote (20935)	4/27/2005 10:53:13 PM
From: Spekulatius	Read Replies (4) \| Respond to of 78476

re OSHC - first earnings out. 9c/share for the quarter fully diluted which counts the shares at the MHC (55%) as well. if one were to count only the issued shares (45%) then earnings are 20c/share or 80c annualized. This is a PE of 12.5 for a stock with an "effective" book value of around 13$. As i mentioned before, OSHC is one of the better mutual thrifts in that it gives you more bank for the money: 500M$ in assets for 8.7M shares is less than most comparative conversions which issue about 12M shares at a comparative size. Seems like a good start, now OSHC needs to deploy their excessive capital - they intend to grow their branches from 6 to 8 - seems OK to me. FWIW, i sold my small position in BVFL for a small gain. Thinking about adding to OSHC or starting BFSB which appears OK on some metric and also is below IPO price.