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

To: Spekulatius who wrote (21012)	4/2/2005 4:32:36 AM
From: blankmind	Respond to of 78476

Spek - thanks for the site - looks really good

To: Spekulatius who wrote (21012)	4/2/2005 4:53:13 AM
From: blankmind	Read Replies (2) \| Respond to of 78476

Spek - I think your site is #1 for bank info - i like how you have to pay to join & still may not get in - but on Clifton & the other converted thrifts - they're showing book value as if they've done their 2nd step conversions - which they haven't - for instance - CSBK - Clifton Savings - shows book value of $6.65 - but $14.49 is GAAP book value if you exclude the treasury-like shares - so here's my 4 bank picks for investors willing to hold for the long haul - & i'm down on all 4 at the moment: · #1 - CSBK - Clfiton Savings Bank - closed at $11.10 - net inc for latest quarter was $.10 diluted; about $.40/eps annualized - but earnings keep growing as ipo proceeds deployed - sitting on several branch offices acquired decades ago & now worth $millions more than reflected on balance sheet - Equity $202.9 mill/14 mill shs = $14.49 book value - but real book value much higher - pays a $.20/annual dividend or almost 2% - just announced a 5% share buyback · #2 - KRNY - Kearny Bank - closed at $11.10 - book value is $23.16 - just de-mutualized so real earnings and dividends not exactly clear but both should be good when they do come out · #3 - ABBC - Abbington Community Bank - closed at $12.69 - on track to do about $.79/eps for year but should be higher as ipo proceeds deployed - $17.34 in book value - actually - this bank is in Bucks County, PA - which borders NJ · #4 - OSHC - Ocean Shore Bank - closed at $10.65 - also too new to determine earnings - but book value is $15.97