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

To: MCsweet who wrote (52450)	10/1/2013 10:26:20 PM
From: Spekulatius	Read Replies (1) \| Respond to of 78733

I second PCLB. I looked at it a while ago and it somehow inched away from me. i do think it meets the <1.1x book value threshold and is certainly profitable. Another on in that NE bank list if FRAF. What turned me off a while ago was that they had quite a bunch if construction loans, but it appears that those have not blown up the bank in the past, so they won't do it now either, after RE has turned, imo.

To: MCsweet who wrote (52450)	10/2/2013 1:47:11 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78733

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.