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

To: Spekulatius who wrote (21194)	4/28/2005 10:43:25 AM
From: Cressidaadr	Read Replies (1) \| Respond to of 78476

The Q1 release for OSHC is showing Stk. Equity of $60 million with 8.44 million shares outstanding. That is a book value of around $7.1/share. I'm wondering why the difference with your effective $13 book number? Perhaps it is something with the MHC conversion - but it would seem if there was a need to account for that much difference the management would at least make mention of it in yesterdays PR to help the investing public evaluate their company?

To: Spekulatius who wrote (21194)	5/2/2005 6:52:29 PM
From: blankmind	Respond to of 78476

Spek - i'm also still holding OSHC - thanks for explaining how the MHC shares work

To: Spekulatius who wrote (21194)	7/2/2009 9:40:52 PM
From: Spekulatius	Respond to of 78476

BFSB is a mutual thrift that converted in 2005 and seems like a good value. it's a 2 step conversion and they only issued 3/12.6M shares. Balance sheet is bullet proof with tangible equity at more than 15% and their credit quality is excellent. they have been raising their quite rapidly dividend to 10c/quarter (the MHC conversions are really good for dividends since they are paid only on the floated shares and on the MHC's), Most importantly BFSB management has proven themselves over the years by growing their franchise without compromising efficiency or credit quality. A stock to own for a conservative investor that is interested in rising dividends, IMO.

To: Spekulatius who wrote (21194)	9/18/2009 9:38:20 AM
From: Spekulatius	Read Replies (3) \| Respond to of 78476

Bought some OSHC (6.9$) and SSBI (6.3$) - regional banks. The OSHC position was acquired over time. OSHC has been discussed here before it's a demutualization play - they did their 1step in 2004 and management wanted to do the 2nd step in 2008/2009 which busted. Still it's a solid small little bank trading far below tangible book. Writeoffs are small (albeit growing) but so is their allowance for losses. Balance sheet is very solid with a 9% tangible equity ratio (without the 2nd step shares being converted). SSBI is a Dale Baker pick and hasn't moved much. 5* safety rating and they are local for me.